Carnival Corp & plc Announces Dividend Exchange Rate!

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Carnival Corporation & plc Announces Exchange Rate For Quarterly
Dividend

MIAMI, Dec. 1
On Oct. 29, 2003, Carnival Corporation & plc (NYSE: CCL; LSE)(NYSE:
CUK - News) announced a quarterly cash dividend of 12.5 (U.S.) cents
per share. The dividend is payable on Dec. 12, 2003 to shareholders of
record on Nov. 21, 2003.

Holders of Carnival Corporation common stock or Carnival plc ADSs will
receive a dividend payable in U.S. dollars. The dividend for Carnival
plc ordinary shares will be payable in sterling unless shareholders
elected to receive the dividend in U.S. dollars by Nov. 27, 2003.

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 Dec. 1, 2003 (US$1 = 58.02820 pence). Accordingly, the dividend
payable in sterling on Dec. 12, 2003, will be approximately 7.25353
pence per share.

Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of 13 cruise brands in North America, Europe
and Australia, comprised of 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.

Together, these brands operate 70 ships totaling more than 110,600
lower berths with 13 new ships scheduled for delivery between now and
mid-2006. Carnival Corporation & plc 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 group in the world to be included in both the S&P 500
and the FTSE 100 indices.