Newbuilding Schedule

28 April 2003                                             FOR IMMEDIATE RELEASE

  CARNIVAL CORPORATION & PLC, IN COOPERATION WITH FINCANTIERI, STRETCHES OUT   
                             NEWBUILDING SCHEDULE                              

Princess Cruises To Get Additional 116,000-ton Ship

MIAMI (04/28/03) - Carnival Corporation & plc (NYSE; LSE: CCL) announced today
an agreement for Princess Cruises to construct a new 116,000-ton cruise ship, a
sister to the Caribbean Princess, to be built at Fincantieri's Monfalcone yard.
Built at an approximate all-in cost of $500 million (U.S.), the new vessel is
expected to be delivered in May 2006. By utilising an existing hedge against
the euro, the new Princess vessel will be built at approximately 92 cents
(U.S.) to the euro versus the current exchange, which is approximately $1.10
(U.S.) today.

In addition, the company has reduced the number of Holland America's
"Vista-class" vessels from five to four. Holland America's Vista-class includes
the Zuiderdam, introduced last year, along with three other newbuilds scheduled
to enter service through early 2006.

The company has also stretched out the delivery of three cruise ships being
constructed at Italy's Fincantieri shipyard. The vessels with adjusted
deliveries include: Carnival Cruise Lines' Carnival Valor - delivery adjusted
from Sept. 2004 to Dec. 2004; Cunard Line's Queen Victoria - delivery adjusted
from Jan. 2005 to March 2005; and Holland America Line's fourth "Vista-class"
vessel - delivery adjusted from Oct. 2005 to Jan. 2006.

This realigned newbuilding schedule further demonstrates Carnival's
flexibility, allowing it to maximize its newbuilding program especially when it
encompasses multiple companies building ships at the same yard.

Commenting on the announcement, Micky Arison, Chairman and CEO of Carnival
Corporation & plc said:

"We're less than two weeks into the new Carnival/P&O Princess combination and
we are already working on optimizing asset utilization to benefit the brands
and maximize returns for the group.

"The addition of Holland America's four `Vista-class' vessels will result in a
59 percent capacity increase over a three-and-a-half-year period, which is a
more rational growth rate for an up-market premium brand.

"The reality is that we would have scheduled our deliveries differently had we
been making decisions for this portfolio of brands two years ago. Slowing down
the delivery schedule gives us a more rational and efficient timetable to
absorb additional capacity.

"It is also a testament to our excellent relationship with Fincantieri, which
has shown incredible flexibility in working with us in accommodating this new
schedule. Eleven of our 17 newbuilds are under contract with Fincantieri and
the level of cooperation they have demonstrated only serves to further
strengthen our business partnership."

Commenting on the new order, Fincantieri's Chief Executive Officer Giuseppe
Bono, said:

"Carnival, Holland America and Princess, along with Costa Crociere and Cunard
Line, are among our best customers. We are very pleased to work with Carnival
Corporation & plc in adjusting its delivery schedule and look forward to
continuing to deliver state-of-the-art vessels that will define the group's
brands while providing excellent holidays for its guests."

Media Enquiries

US

Carnival Corporation & plc

Tim Gallagher + 1 305 406 5464

UK

Carnival Corporation & plc

Peter Ratcliffe [phone]

Brunswick

Sophie Fitton [phone]

Investor Relations Enquiries

Carnival Corporation & plc

US

Beth Roberts [phone]

UK

Bronwen Griffiths [phone]

Note To Editors

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.

              CARNIVAL CORP. & PLC ADJUSTED NEWBUILDING SCHEDULE               

Brand            Ship Name          Service      Begins      Basis Two Shipyard
                                                 Revenue                       
                                                 Capacity                      
                                                                               
______________   ________________   __________   ________    _______________   
                                                                               
Costa            Costa Mediterranea June 2003    2,114       Kvaerner          
                                                             Masa-Yards        
                                                                               
Princess         Island Princess    July 2003    1,970       Chantiers de      
                                                             l'Atlantique      
                                                                               
Carnival         Carnival Glory     July 2003    2,974       Fincantieri       
                                                                               
Holland America  Oosterdam          Aug. 2003    1,848       Fincantieri       
                                                                               
Costa            Costa Fortuna      Dec. 2003    2,720       Fincantieri       
                                                                               
Cunard           Queen Mary 2       Jan. 2004    2,620       Chantiers de      
                                                             l'Atlantique      
                                                                               
Carnival         Carnival Miracle   March 2004   2,124       Kvaerner          
                                                             Masa-Yards        
                                                                               
Princess         Diamond Princess   March 2004   2,670       Mitsubishi        
                                                                               
                                                             Heavy Industries  
                                                                               
Princess         Caribbean Princess April 2004   3,110       Fincantieri       
                                                                               
Holland America  Westerdam          May 2004     1,848       Fincantieri       
                                                                               
Princess         Sapphire Princess  June 2004    2,670       Mitsubishi Heavy  
                                                             Industries        
                                                                               
Costa            Costa Magica       Nov. 2004    2,720       Fincantieri       
                                                                               
Carnival         Carnival Valor     Dec. 2004    2,974       Fincantieri       
                                                                               
Cunard           Queen Victoria     April 2005   1,968       Fincantieri       
                                                                               
Carnival         Carnival Liberty   Aug. 2005    2,974       Fincantieri       
                                                                               
Holland America  Unnamed            Feb. 2006    1,848       Fincantieri       
                                                                               
Princess         Unnamed            June 2006    3,110       Fincantieri       

TOTAL: 17 Vessels                                           42,262 Lower Berths

Based on the above newbuilding schedule, Carnival Corporation & plc's estimated
weighted average capacity increase, on a pro forma basis to reflect the
inclusion of Carnival plc for a full year in 2003, is as follows:

2004 - 18.4 percent

2005 - 10.1 percent

2006 - 4.3 percent

2007 - 1.4 percent