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Monday 16 June, 2003

Carnival Corporation

Carnival Corporation & plc Announce

   Carnival Corporation & plc Announce Commencement of Consent Solicitation 
Relating to Carnival plc's 7.30% Notes Due 2007 and 7.875% Debentures Due 2027 
    MIAMI, June 16 /PRNewswire/ --  
Carnival Corporation & plc (NYSE: CCL; LSE) (NYSE: CUK) announced today that 
it has commenced the previously announced consent solicitation of holders of 
Carnival plc's $284,750,000 7.30% Notes due 2007 and $192,000,000 7.875% 
Debentures due 2027 to proposed amendments to the terms of the notes and 
debentures.  The proposed amendments modify some of the covenants and events 
of default in the indenture governing the securities to reflect the 
implementation of a dual listed company, or "DLC," structure between Carnival 
Corporation and Carnival plc (formerly known as P&O Princess Cruises plc) on 
April 17, 2003. 
    In return for the consents to the proposed amendments, Carnival 
Corporation is offering a guarantee of Carnival plc's obligations under the 
Indenture and the securities on an unsubordinated, unsecured basis.  The 
guarantee will be issued if the required consents -- not less than a majority 
of the principal amount of each series of securities -- are received and if 
some other conditions are met.  Please refer to the prospectus relating to the 
consent solicitation for further information. 
    The consent solicitation will expire at 5:00 p.m., New York City time, on 
Tuesday, July 15, 2003, unless extended or terminated. Only security holders 
as of 5:00 p.m. the record date, Wednesday, June 11, 2003, are eligible to 
execute a consent to the proposed amendments.  
    The detailed terms and conditions of the consent solicitation are 
contained in the prospectus dated June 16, 2003. The solicitation agents for 
the consent solicitation are Merrill Lynch & Co. and UBS Securities LLC.  
Questions concerning the procedures for consenting or requests for the 
prospectus or other solicitation material may be directed to the information 
agent D.F. King & Co., at 800-487-4870 (toll free) or 1-212-269-5550 (banks 
and brokerage firms) located at 48 Wall Street, 22nd Floor, New York,  
New York, 10005. 
    A copy of the prospectus will be available shortly in the UK for 
inspection at the Document Viewing Facility of the Financial Services 
Authority at 25 The North Colonnade, London E14 5HS, telephone:  44 (0) 20 
7676 1000. 
    Carnival Corporation & plc is the largest cruise vacation group in the 
world, with a portfolio of 13 distinct brands comprised of the leading cruise 
operators in both North America and Europe.  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 are all included in this group. 
    Together, these brands operate 67 ships totaling more than 103,000 lower 
berths with 16 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-                             06/16/2003 
    /CONTACT:  Investors, US or UK, Beth Roberts, +1-305-406-4832, or  
44-0-79-5643-6104, or UK, Bronwen Griffiths, 44-0-23-8052-5231, both of 
Carnival Corporation & plc/ 
    /Web site: /