Investor Relations

News Release

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DIRECTORS SHAREHOLDING

MIAMI (May 7, 2004) – On May 6, 2004, Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) was notified that on May 6, 2004, Ambassador Richard G. Capen, Jr., a member of Carnival Corporation & plc's boards of directors, sold 10,000 shares of Carnival Corporation common stock held indirectly by the Capen Trust at an average price of $42.7993 (USD). Following this transaction, Capen continues to hold directly or indirectly 7,802 common shares and 44,000 options to acquire shares of Carnival Corporation common stock.

Further details and a copy of the Form 4, Statement of Changes in Beneficial Ownership of Securities, filed today by Capen 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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