August 27, 2003

Arisons to sell up to 4% of Carnival
Carnival Corporation & plc (NYSE: CCL; LSE)(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. This 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.