Director Shareholding

FOR IMMEDIATE RELEASE

                            DIRECTORS SHAREHOLDING                             

MIAMI (August 4, 2003) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
announced that in accordance with the Executive Long-Term Compensation
Agreement between Carnival Corporation and Robert H. Dickinson, president and
CEO of Carnival Cruise Lines and a member of Carnival Corporation & plc's
boards of directors, dated January 16, 1998, the following grants have been
made to Mr. Dickinson on August 1, 2003: (i) 40,000 shares of Carnival
Corporation common stock (the "Restricted Stock") and (ii) 80,000 stock options
to purchase Carnival Corporation common stock (the "Stock Options")
(collectively, the "Stock Awards"). The Stock Awards were issued pursuant to
the Carnival Corporation 2002 Stock Plan (the "2002 Plan").

No consideration was paid by Mr. Dickinson for the Stock Awards. Subject to the
terms of the Compensation Agreement and the 2002 Plan, the Restricted Stock
vests on August 1, 2008.

The Stock Options will vest and become exercisable in five equal portions on
August 1, 2004, 2005, 2006, 2007 and 2008 and will expire on August 1, 2013.
The exercise price for each share of Carnival Corporation common stock is
$34.25 (USD), the average of the high and low prices on the NYSE on August 1,
2003.

In addition, on August 1, 2003, Carnival Corporation & plc was notified that on
August 1, 2003, Mr. Dickinson had disposed of 57,071 shares of Carnival
Corporation common stock which he held directly or indirectly at an average
price of $34.25 (USD). As a result of these transactions, Mr. Dickinson now
owns 406,001 shares of Carnival Corporation common stock directly or indirectly
and 164,000 options to purchase Carnival Corporation common stock.

Further details and a copy of the Form 4, Statement of Changes in Beneficial
Ownership of Securities, filed [August 4, 2003] by Robert H. Dickinson with the
U.S. Securities & Exchange Commission, can be found at the SEC web site, 
www.sec.gov, and the Carnival Corporation & plc web sites, www.carnivalcorp.com
and www.carnivalplc.com.

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Directors Shareholdings - 2

Notes To Editors

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 totalling more than 110,800 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.

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