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DIRECTORS SHAREHOLDING

MIAMI (February 20, 2004) - On February 19, 2004, Carnival Corporation & plc(NYSE/LSE: CCL; NYSE: CUK) was notified that on February 19, 2004, Pier LuigiFoschi, Chairman and CEO of Costa Crociere S.p.A. and a member of CarnivalCorporation & plc's boards of directors, exercised 200,000 options to purchaseCarnival Corporation common stock (50,000 at US$29.8125 per share, 50,000 atUS$22.57 per share, 50,000 at US$28.61737 and 50,000 at US$34.45 per share) andsold such shares at an average price of US$45.2111. Following this transaction,Foschi continues to hold 10,000 shares of Carnival Corporation common stock.

Effective February 25, 2004, Costa Crociere employees will no longerparticipate in the Carnival Corporation 1992 Stock Option Plan and the CarnivalCorporation 2002 Stock Plan (the 'Plans'). As a result of a recentrestructuring of Carnival Corporation & plc, it was determined that continuedparticipation may cause those Costa employees that are subject to Italian taxlaw ('Costa Employees') to suffer significant negative tax consequences. Thecompany's Compensation Committee approved the acceleration of vesting andexpiry for all unvested stock options for the Costa Employees to mitigate thesetax consequences. Any unexercised stock options will expire on February 25,2004. It is anticipated that the Costa Employees will receive an award ofCarnival plc options over ordinary shares to replace the Carnival Corporationstock options lost due to the accelerated expiry.

Further details and a copy of the Form 4, Statement of Changes in BeneficialOwnership of Securities, filed today by Foschi with the U.S. Securities &Exchange Commission, can be found at the SEC web site, www.sec.gov, and theCarnival Corporation & plc web sites, www.carnivalcorp.com and www.carnivalplc.com.

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