Carnival's Jubilee to Be Transferred To P&O Au

Carnival Cruise Lines' 1,486-Passenger Jubilee to Be Transferred  
                   To P&O Cruises Australia in Autumn 2004 
 
    MIAMI, June 23 -- At its annual general meeting for 
shareholders held in Southampton, England, today, Carnival Corporation & plc 
(NYSE: CCL; LSE) (NYSE: CUK) announced that Carnival Cruise Lines'  
1,486-passenger Jubilee will be transferred to P&O Cruises Australia in Autumn 
2004, more than doubling the size of the brand's operations in the region.  
    The 47,262-ton Jubilee, which will be renamed, will be the largest cruise 
ship based year-round in Australia. She will join the Pacific Sky that is also 
based year round in Australia and together both ships will deliver a fun, 
easygoing holiday experience to their passengers. 
    The Jubilee and Pacific Sky will sail year-round on seven to 14 day 
cruises to the South Pacific islands of New Caledonia, Fiji, Vanuata and Tonga 
as well as to New Zealand and Australia, including a schedule from Brisbane 
for part of the year, opening up a new market for P&O Cruises Australia. The 
opportunity of the arrival of the Jubilee will also be taken to extend the 
seasonal deployment of the Pacific Sky in New Zealand, supporting the further 
growth of this market. 
    These two Australian fun ships will join the premium cruise ship Pacific 
Princess, which is also deployed in the Australian market for part of the 
year. Upon the completion of its service for Carnival Cruise Lines, the 
Jubilee will undergo a multi-million-dollar refurbishment to assume the 
characteristics of a typical P&O Cruises Australian fun ship. 
    While no immediate timetable has been finalised, the Jubilee will be 
deployed in Australia in time for the 2004 summer cruise season, which begins 
in November. 
 
    Carnival Corp. & plc Chairman and CEO Micky Arison said: 
    "We are continually exploring opportunities to take advantage of the 
synergies that exist within the various Carnival Corp. & plc brands. The 
transfer of the Jubilee to P&O Cruises Australia is yet another example of 
optimizing asset utilization to benefit our brands and maximize returns for 
the group." 
    P&O Princess Cruises Chief Executive Officer Peter Ratcliffe said: 
    "We are very pleased that the Jubilee will begin sailing under the P&O 
Cruises Australia banner next year. Australia and New Zealand are rapidly 
growing cruise markets and the addition of the Jubilee significantly expands 
our presence in the region while enabling P&O Cruises Australia to upgrade its 
product offerings with amenities and facilities desired by today's consumers. 
P&O Cruises Australia carries approximately 61,000 passengers a year and the 
addition of the Jubilee is expected to increase the brand's annual passenger 
counts to more than 150,000." 
 
    Note to Editors: 
    The Swedish-built Jubilee, which entered service in May 1986, currently 
operates four- and five-day Mexico sailings from Galveston, Texas, and will 
begin a seven-day Caribbean cruise program from San Juan in September. Its 
eight passenger decks house three restaurants, a health and fitness facility, 
and 10 bars and lounges, including a 1,000-seat multi-level theater.  Other 
features include three swimming pools - one with a 115-foot-long water  
slide -- a casino, a library, an Internet cafe and a children's play room. 
 
    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. 
 
SOURCE  Carnival Corporation & plc 
    -0-                             06/23/2003 
    /CONTACT:  Investor Relations, US - UK, Beth Roberts, [phone], or 
[phone], or in UK, Bronwen Griffiths, [phone], both for 
Carnival Corporation & plc; or Media, in the US, Tim Gallagher, or Jennifer de 
la Cruz, [phone], both of Carnival Corporation & plc; or in UK, Peter 
Ratcliffe of Brunswick, [phone], for Carnival Corporation & plc/  
    /Web site:  http://www.carnivalcorp.com / 
    (CCL CUK)