Dividend Declaration

FOR IMMEDIATE RELEASE

                 CARNIVAL CORPORATION & PLC DECLARES DIVIDEND                  

            DLC's first dividend for both U.S. and UK shareholders             

MIAMI (05/02/03) - Carnival Corporation & plc (NYSE; LSE: CCL) announced today
that its Board of Directors declared its first regular quarterly cash dividend
of 10.5 U.S. cents per share for the first quarter 2003. The dividend is
payable on June 13, 2003, to shareholders of record on May 23, 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 June 4, 2003. Holders of Carnival
plc ordinary shares wishing to receive their dividend in U.S. dollars must
elect to do so by May 30, 2003

Carnival Corporation & plc is the largest cruise vacation company in the world,
with a portfolio of 13 distinct brands comprised of the leading cruise
operators in both North America and Europe. 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 are all included in this group.

Together, these brands operate 66 ships totaling more than 100,000 lower berths
with 17 new ships scheduled for delivery between now and mid-2006. It 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 company 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
site at www.carnivalcorp.com.

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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