Carnival Arison Ownership

FOR IMMEDIATE RELEASE

                        ARISONS TO REDUCE OWNERSHIP OF                         

                    CARNIVAL CORPORATION & PLC BY UP TO 4%                     

MIAMI (Aug. 26, 2003) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
announced today that members of the Arison family and certain related entities,
including a charitable trust organized by members of the Arison family, have
advised Carnival Corporation that they plan to sell up to 32 million shares of
Carnival Corporation Common Stock over the next two years in market sales,
representing up to approximately 4% of the total combined voting rights of
Carnival Corporation & plc.

Of the shares planned for sale, up to 17 million shares are held either
directly or indirectly by Micky Arison, the company's Chairman and Chief
Executive Officer. If all the shares covered by the sales plan are sold, the
Arison family and related entities will remain beneficial owners of
approximately 246 million shares, constituting approximately 31% of the total
combined voting rights of Carnival Corporation & plc.

The sellers have advised Carnival Corporation that they are selling for tax
planning, estate planning and diversification purposes. The charitable trust is
also selling for tax related reasons. In connection with the sales, the sellers
are expected to enter into one or more sales plans under Rule 10b5-1. Rule
10b5-1 permits the creation of written plans for buying or selling stock at a
time when insiders are not in possession of material non-public information.
Once a plan is established, the insider does not retain or exercise any
discretion over sales of stock under the plan and the pre-planned trades can be
executed at later dates as set forth in the plan, without regard to any
subsequent material non-public information that the insider might receive.

MEDIA CONTACTS:

US

Carnival Corporation & plc

Tim Gallagher

305 599 2600, ext. 16000

UK

Brunswick Group

Sarah Tovey

Mark Antelme

44 (0) 20 7404 5959

INVESTOR RELATIONS CONTACTS:

US/UK

Carnival Corporation & plc

Beth Roberts

305 406 4832

UK

Bronwen Griffiths

44 (0) 23 8052 5231

Note 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 totaling 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.