Debenture Closes

FOR IMMEDIATE RELEASE

                          CARNIVAL CORPORATION CLOSES                          
                     CONVERTIBLE SENIOR DEBENTURE OFFERING                     

MIAMI (04/30/03) - Carnival Corporation (NYSE:CCL) today announced the
completion of the previously announced private placement of its convertible
senior debentures due 2033, which resulted in gross proceeds to the company of
$500 million.

In connection with the offering, the initial purchaser has not yet exercised
its over-allotment option to purchase additional convertible senior debentures
due 2033, which would, if exercised in full, result in additional gross
proceeds to the company of $75 million.

The debentures and the Carnival plc (LSE: CCL, NYSE: CUK) (formerly P&O
Princess Cruises plc) guarantee provided therewith were issued in an offering
exempt from registration under the Securities Act of 1933. Net proceeds from
the offering will be used for general corporate purposes, including financing
Carnival Corporation's shipbuilding program and other capital commitments.

None of the convertible senior debentures, the Carnival plc guarantee or the
shares of common stock issuable upon conversion of the debentures have been
registered under the Securities Act, and such securities may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements of the Securities Act.

This communication is directed only at persons outside the United Kingdom and
may not be acted upon by persons in the United Kingdom.

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NOTE: Cautionary note concerning factors that may affect future results

Certain statements in this announcement are "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Carnival Corporation & plc have tried, wherever possible, to identify such
statements by using words such as "will," "may," "anticipate," "estimates,"
"assume," "believe," "expect," "forecast," "future," "intend," "plans" and
words and terms of similar substance in connection with any discussion of
future operating or financial performance. Because forward-looking statements,
including those which may impact the forecasting of Carnival Corporation's &
plc's net revenue yields, booking levels, pricing, occupancy, operating,
financing and tax costs, estimates of ship depreciable lives and residual
values, or business prospects, involve risks and uncertainties, there are many
factors that could cause Carnival Corporation's & plc's actual results,
performance or achievements to differ materially from those expressed or
implied by such forward-looking statements. Such factors include, among others,
the following: general economic and business conditions, which may impact
levels of disposable income of consumers and the net revenue yields for
Carnival Corporation's & plc's cruise brands; conditions in the cruise and
land-based vacation industries, including vacation industry competition and
increases in capacity offered by cruise ship and land-based vacation
alternatives; effects on consumer demand of the international political and
economic climate, and armed conflict, terrorist attacks, adverse publicity and
the availability of air service; continued availability of attractive port
destinations; changes in environmental, health, safety, security and other
regulatory regimes under which Carnival operates; Carnival Corporation's &
plc's ability to obtain financing on terms that are favorable or consistent
with their expectations; Carnival Corporation's & plc's financial and
contractual counterparties' ability to perform; Carnival Corporation's & plc's
ability to implement their shipbuilding programs and brand strategies and to
continue to expand their businesses worldwide; Carnival Corporation's & plc's
ability to attract and retain shipboard crew and maintain good relations with
employee unions; the impact of changes in operating and financing costs,
including changes in foreign currency and interest rates and increases in food,
fuel, insurance and security costs; weather patterns and natural disasters;
accidents and other incidents at sea affecting the health, safety, security and
vacation satisfaction of passengers; Carnival Corporation's & plc's ability to
successfully implement cost improvement plans and to integrate business
acquisitions; the continuing financial viability of Carnival Corporation's &
plc's travel agent distribution system; and the ability of a small group of
shareholders effectively to control the outcome of shareholder voting.
Forward-looking statements should not be relied upon as a prediction of actual
results. Subject to any continuing obligations under applicable laws, Carnival
Corporation & plc expressly disclaim any obligation to disseminate any updates
or revisions to any such forward-looking statements to reflect any change in
expectations or events, conditions or circumstances on which any such
statements are based.

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MEDIA CONTACTS:

US

Carnival Corporation & plc

Tim Gallagher

305 599 2600, ext. 16000

UK

Brunswick Group

Sophie Fitton/Sarah Tovey

44 20 7404 5959

INVESTOR RELATIONS CONTACTS:

Carnival Corporation & plc

US

Beth Roberts

305 406 4832

UK

Bronwen Griffiths

44 23 80 52 52 31

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