Dividend Conversion Rate

Carnival PLC
04 June 2003


Carnival plc (the Company)

On 2 May 2003, the Company announced a dividend of 10.5 US cents per ordinary
share payable in cash in US dollars or sterling on 13 June 2003 to shareholders
on the register at close of business on 23 May 2003. In the absence of
instructions or elections to the contrary, holders of ordinary shares on the
register will automatically receive dividends in sterling. Holders of the
Company's ADRs will receive a dividend of 10.5 US cents per ADR, payable in US
dollars.

Dividends payable in sterling will be converted from US dollars at the exchange
rate quoted by the Bank of England in London at 11.00 am on 4 June 2003 (£1 =
US$1.6323). Accordingly, the amount payable in sterling on 13 June 2003 will be
approximately 6.43264 pence per share.




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