Sale of Convertible Securities

CONTACT:                                                  FOR IMMEDIATE RELEASE
                                                                               
Sophie Fitton/Sarah Tovey                                                      
                                                                               
Brunswick Group                                                                
                                                                               
44 20 7404 5959                                                                

CARNIVAL CORPORATION TO RAISE $500 MILLION FROM SALE OF CONVERTIBLE SECURITIES

MIAMI (04/22/03) - Carnival Corporation (NYSE:CCL) today announced that it will
raise $500 million through an offering of convertible securities. The
convertible securities are to be guaranteed by Carnival plc (LSE: CCL, NYSE:
CUK) (formerly P&O Princess Cruises plc, which was combined with Carnival
Corporation under a dual listed company transaction completed April 17, 2003).
Carnival Corporation may raise up to an additional $75 million upon exercise of
an over-allotment option in connection with the offering. Carnival Corporation
expects to use the proceeds of the offering for general corporate purposes,
including financing Carnival Corporation's shipbuilding program and other
capital commitments.

Neither the convertible securities, the Carnival plc guarantee nor the shares
issuable upon conversion have been registered under the Securities Act of 1933
or any state securities laws and, until so registered, may not be offered or
sold in the United States or any state absent registration or an applicable
exemption from registration requirements.

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NOTE: Certain statements in this press release constitute 'forward-looking
statements' within the meaning of the US Private Securities Litigation Reform
Act of 1995. Carnival Corporation and Carnival plc have tried, wherever
possible, to identify such statements by using words such as 'anticipate',
'assume', 'believe', 'expect', 'forecast', 'future', 'intent', 'plan' and words
of similar substance in connection with any discussion of future results,
plans, goals and other events which have not yet occurred. All forward-looking
statements, including those which may impact the forecasting of Carnival
Corporation's or Carnival plc's net revenue yields, involve known and unknown
risks, uncertainties and other factors, which may cause the actual results,
performances or achievements of Carnival Corporation and Carnival plc to be
materially different from any future results, performances or achievements
expressed or implied by such forward-looking statements. Such factors include
general economic and business conditions; increases in cruise industry capacity
and competition; the ability of Carnival Corporation and Carnival plc to
implement their shipbuilding program and to continue to expand their business
outside the North American market; incidents involving cruise ships; impact of
pending or threatened litigation; changes in tax and other laws and regulations
affecting Carnival Corporation and Carnival plc and other factors which are
described in further detail in their filings with the Securities and Exchange
Commission.

These risks may not be exhaustive. Carnival Corporation and Carnival plc
operate in a continually changing business environment, and new risks emerge
from time to time. Carnival Corporation and Carnival plc cannot predict such
risks nor can they assess the impact, if any, of such risks on their business
or the extent to which any risk, or combination of risks may cause actual
results to differ from those projected in any forward-looking statements.
Accordingly, forward-looking statements should not be relied upon as a
prediction of actual results. Carnival Corporation and Carnival plc undertake
no obligation publicly to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

For investor relations, please contact Beth Roberts, Tel: [phone], ext.
19066, and for media inquiries, please contact Tim Gallagher, Tel: [phone]-
2600, ext. 16000, Carnival Corporation, Carnival Place, 3655 N.W. 87 Avenue,
Miami, Florida 33178-2428.