News Release

Carnival Corporation & plc Declares Dividend

DLC's Second Dividend for Both U.S. and UK Shareholders

MIAMI, Jun 26, 2003 /PRNewswire-FirstCall via COMTEX/ -- Carnival Corporation & plc (NYSE CCL; LSE)(NYSE: CUK) announced today that its Boards of Directors declared a quarterly cash dividend of 10.5 U.S. cents per share for the second quarter of 2003. The dividend is payable on September 12, 2003, to shareholders of record on August 22, 2003.

Holders of Carnival Corporation common stock or Carnival plc ADSs will receive the dividend payable in U.S. dollars. The dividend for Carnival plc ordinary shares will be payable in U.S. dollars or sterling. In the absence of instructions or elections to the contrary, holders of Carnival plc ordinary shares will automatically receive the dividend in sterling. Dividends payable in sterling will be converted from U.S. dollars at the exchange rate quoted by the Bank of England in London at 11 a.m. on September 1, 2003. Holders of Carnival plc ordinary shares wishing to receive their dividend in U.S. dollars must elect to do so by August 28, 2003.

Carnival Corporation & plc is the largest cruise vacation group in the world, with a portfolio of 13 cruise brands in North America, Europe and Australia, comprised of Carnival Cruise Lines, Princess Cruises, Holland America Line, Costa Cruises, P&O Cruises, Cunard Line, Windstar Cruises, Seabourn Cruise Line, Ocean Village, Swan Hellenic, AIDA, A'ROSA, and P&O Cruises Australia.

Together, these brands operate 68 ships totaling more than 105,800 lower berths with 15 new ships scheduled for delivery between now and mid-2006. Carnival Corporation & plc also operates three riverboats on Europe's Danube River and the leading tour companies in Alaska and the Canadian Yukon, Holland America Tours and Princess Tours. Traded on both the New York and London Stock Exchanges, Carnival Corporation & plc is the only group in the world to be included in both the S&P 500 and the FTSE 100 indices.

Additional information can be obtained via Carnival Corporation & plc's Web sites at and

SOURCE Carnival Corporation & plc

Media, in the US, Tim Gallagher, Carnival Corporation & plc, +1-305-599-2600, ext. 16000; or in the UK, Sophie Fitton or Sarah Tovey, both of Brunswick Group, +011-44-0-20-7404-5959, for Carnival; or Investors, in the US and UK, Beth Roberts, Carnival Corporation & plc, +1-305-406-4832, or +011-44-0-79-5643-6104, or in the UK, Bronwen Griffiths, +011-44-0-23-8052-5231, for Carnival