Directors Shareholding

Directors Shareholding 
 
    MIAMI, July 4 -- On July 2, 2003, Carnival Corporation & plc 
(NYSE: CCL; LSE) (NYSE: CUK) was notified that on July 1, 2003, Howard S. 
Frank, vice chairman of Carnival Corporation & plc, had disposed of 463,602 
shares (400,000 of which were acquired through the exercise of stock options) 
of Carnival Corporation common stock which he held directly or indirectly at 
an average price of $32.30 (USD). 
    Further details and a copy of the Form 4, Statement of Changes in 
Beneficial Ownership of Securities, filed today by Howard S. Frank 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. 
  
    Enquiries 
    INVESTOR RELATIONS CONTACTS:    
    US/UK 
    Carnival Corporation & plc 
    Beth Roberts 
    305 406 4832 
     
    UK 
    Bronwen Griffiths 
    44 (0) 23 8052 5231 
                          
    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 69 ships totalling more than 108,700 lower 
berths with 14 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.  
 
SOURCE  Carnival Corporation & plc 
    -0-                             07/04/2003 
    /CONTACT:  Investor Relations, Beth Roberts, Carnival Corporation & plc, 
[phone], or UK, Bronwen Griffiths, [phone]/ 
    /Web site:  http://www.carnivalcorp.com/ 
    (CCL CUK)