SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported) December 18, 2003


       Carnival Corporation                            Carnival plc
       --------------------                            ------------
     (Exact name of registrant                   (Exact name of registrant
      as specified in its charter)              as specified in its charter)


         Republic of Panama                          England and Wales
    ---------------------------                 ----------------------------
    (State or other jurisdiction               (State or other jurisdiction
       of incorporation)                          of incorporation)


              1-9610                                      1-15136
     ----------------------------               ----------------------------
       (Commission File No.)                        (Commission File No.)


             59-1562976                                     None
    ---------------------------                ----------------------------
         (I.R.S. Employer                            (I.R.S. Employer
          Identification No.)                        Identification No.)


     3655 N.W. 87th Avenue                Carnival House, 5 Gainsford Street,
     Miami, Florida  33178-2428             London SE1 2NE, United Kingdom
  -------------------------------             -----------------------------
 (Address of principal executive             (Address of principal executive
             offices)                                   offices)
           (zip code)                                 (zip code)


         (305) 599-2600                             011 44 20 7940 5381
  --------------------------------          --------------------------------
   (Registrant's telephone number,           (Registrant's telephone number,
        including area code)                      including area code)


             None                                         None
 -------------------------------             --------------------------------
(Former name and former address,            (Former name and former address,
 if changed since last report)                if changed since last report)



ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
- -------------------------------------------------------

         On December 18, 2003 Carnival Corporation & plc issued a press release
entitled "Carnival Corporation & plc Reports Fourth Quarter And Full Year
Earnings in Line With Previous Guidance," which is set forth below.

         All the information contained in this Item 12 is being furnished solely
for informational purposes and Carnival Corporation and Carnival plc do not
intend for any of this information to be incorporated by reference into filings
under the Securities Act of 1933 or the Securities Exchange Act of 1934.




- -----------------------Press Release, dated December 18, 2003-------------------

                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------


              CARNIVAL CORPORATION & PLC REPORTS FOURTH QUARTER AND
              -----------------------------------------------------
                FULL YEAR EARNINGS IN LINE WITH PREVIOUS GUIDANCE
                -------------------------------------------------

         MIAMI (12/18/03) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:
CUK) reported net income of $205 million, or $0.26 Diluted EPS, on revenues of
$1.82 billion for its fourth quarter ended November 30, 2003. This was in line
with the company's previous fourth quarter earnings per share guidance of $0.24
to $0.28. Net income for the fourth quarter of 2002 was $191 million, or $0.33
Diluted EPS (pro forma Diluted EPS of $0.29), on revenues of $1.04 billion.
Earnings for last year's fourth quarter included $0.03 per share ($0.02 pro
forma) from a nonrecurring income tax benefit from the company's Costa Cruises
unit.

         Net income for the year ended November 30, 2003 was $1.19 billion
($1.66 Diluted EPS) on revenues of $6.72 billion, compared to net income of
$1.02 billion ($1.73 Diluted EPS) on revenues of $4.38 billion for the same
period in 2002.

         Carnival Corporation and P&O Princess entered into a dual listed
company ("DLC") structure on April 17, 2003, which effectively made Carnival
Corporation and P&O Princess a single economic entity ("Carnival Corporation &
plc" or the "company"). Also on that date, P&O Princess changed its name to
Carnival plc. For reporting purposes, Carnival Corporation has accounted for the
DLC transaction as an acquisition of Carnival plc. Consolidated financial
results for the company for the fourth quarter of 2003 include the results of
Carnival Corporation and Carnival plc for the entire quarter. The twelve month
results include Carnival Corporation for the entire period and Carnival plc from
April 17, 2003.

         Consolidated revenues for the fourth quarter of 2003 increased by $777
million compared to the fourth quarter of 2002 primarily due to the inclusion of
$675 million of Carnival plc revenues, an 18.0 percent increase in Carnival
Corporation standalone capacity, and a weaker U.S. dollar, partially offset by
lower cruise ticket prices. Operating costs and selling, general and
administrative expenses increased by $622 million compared to the fourth quarter
of 2002. Approximately $532 million of the increase was due to the inclusion of
Carnival plc, and the remainder was primarily due to increased capacity and the
weaker U.S. dollar.

         In the cruise industry, most companies, including Carnival Corporation
& plc, generally consider net revenue yields and net cruise costs (net operating
costs and selling, general and administrative expenses) per available lower
berth day to be the most meaningful measures of operating performance. Given
that the company's reported results for 2003 include the results of Carnival plc
for only a portion of this year and none of last year, the company believes that
the most meaningful presentation of these measures is on a pro forma basis,
which reflects the results of both Carnival Corporation and Carnival plc for the
entirety of both periods. The company has also presented these measures on a
gross and as reported basis.

PRO FORMA RESULTS
- -----------------

         Pro forma net revenue yields for the fourth quarter of 2003 declined
4.1 percent compared to the prior year, which was in line with the company's
previous guidance in September of a decrease of between 4 and 6 percent. Pro



forma gross revenue yields declined 4.6 percent. Pro forma yields declined
primarily because of lower cruise ticket prices.

         Pro forma net cruise costs per available lower berth day for the fourth
quarter of 2003 were down 3.5 percent compared to the same period last year and
in line with the company's previous guidance. Pro forma gross cruise costs per
available lower berth day decreased 4.3 percent compared to the prior year.
During the fourth quarter of 2003, the company realized synergies from the
combination with P&O Princess, as well as scale benefits from its 2003 capacity
increase.

REPORTED RESULTS
- ----------------

         Reported net revenue yields declined 4.3 percent for the fourth quarter
of 2003 compared to the same quarter of 2002. Reported gross revenue yields
declined 2.0 percent. The decline in reported yields was primarily due to lower
cruise ticket prices. Net cruise costs per available lower berth day increased
1.4 percent (3.3 percent gross) compared to the fourth quarter of 2002 primarily
because of the higher operating costs of the Carnival plc brands.

         "This year has been one of the most exciting in the company's history.
We emerge from 2003 a much different and stronger company than when we began
this year, despite it being one of the more challenging years for the leisure
industry. We completed a historic transaction through the merger with P&O
Princess, creating a true global vacation company. We are confident that this
merger will provide greater value for shareholders of our combined company,"
said Carnival Corporation & plc Chairman and CEO Micky Arison.

         Arison also noted that the company introduced a record number of cruise
ships during the year, with seven new ships entering service in 2003,
unprecedented in the cruise industry. He also pointed out that the company
increased its regular quarterly dividend in the fourth quarter by 19 percent to
12.5 U.S. cents per share.

         Earlier this month, the company completed the previously announced sale
of its A'ROSA brand name and the three A'ROSA riverboats to Arkona AG, a
German-based leisure travel supplier.

2004 OUTLOOK
- ------------

         Looking forward to next year, Arison said, "I believe 2004 will be a
transforming year for our company. Our new ship deliveries line up extremely
well and are across five of our strongest brands. We recently took delivery of
the Costa Fortuna, the largest ship totally dedicated to the European market.
Cunard's Queen Mary 2 is expected to enter service in mid-January 2004, and the
Carnival Miracle, Holland America Line's Westerdam, and Princess' Diamond
Princess, Caribbean Princess and Sapphire Princess are expected to enter service
later in the winter and spring, which should help bolster our seasonally strong
summer cruise programs."

         Arison noted that at this time, occupancy percentages for 2004 advance
bookings are slightly behind last year at this time because of the closer-in
booking curve, with pricing at about the same levels as last year. However, over
the period of the last six weeks, company wide booking levels have been running
33 percent higher than during the same period last year and pricing during this
period is running slightly ahead of last year's levels. Given the strengthening
booking trends, and assuming a more stable geo-political environment, the
company presently expects pro forma net revenue yields for the full year 2004 to
increase in the range of 2 to 4 percent, which includes some benefit from the
currently weaker U.S. dollar.

         Costs per available lower berth day for 2004 are expected to be flat,
compared to 2003 pro



forma costs. Anticipated annual synergies of $100 million from the P&O Princess
combination are expected to be achieved for the full year 2004. However, also
affecting these costs are the weaker U.S. dollar and higher ship introductory
costs.

         The company also plans to make several significant investments in 2004,
which will benefit future years, including Holland America's highly acclaimed
Signature of Excellence program, and a significantly expanded television
advertising campaign for the company's Carnival Cruise Lines brand.

         Based on current internal forecasts, the company is comfortable with
current consensus estimates for the year 2004.

         Turning to the first quarter of 2004, the company expects that pro
forma net revenue yields will increase approximately 1 to 2 percent compared to
last year, partially due to the weaker U.S. dollar. Pro forma net cruise costs
per available lower berth day in the first quarter of 2004 are expected to
increase approximately 1 to 3 percent also because of the weaker U.S. dollar,
higher ship introductory costs associated with the introduction of six new ships
in the first half of the year, and higher fuel costs. These increases are
expected to be partially offset by synergies from the combination with P&O
Princess. Based on these estimates, first quarter 2004 earnings per share are
expected to be in the range of $0.17 to $0.20 versus 2003 pro forma first
quarter nonrecurring earnings per share of $0.16 ($0.18 less a $0.02
nonrecurring gain from insurance settlements).

         Also during the first quarter of 2004, the company will launch Cunard
Line's much-heralded Queen Mary 2, which at 150,000 tons will be the largest
passenger vessel ever constructed and already has become the most aspirational
ship in the world. Her Majesty The Queen will name the ship at ceremonies in
Southampton, England, on Jan. 8, 2004.

         "This is a unique, one-of-a-kind vessel that will create tremendous
excitement in the cruise industry and should increase awareness of cruise
vacations, helping to spur demand," Arison said.

         Carnival has scheduled a conference call with analysts at 10 a.m. EST
(15.00 London time) today to discuss its 2003 fourth quarter and full year
earnings. This call can be listened to live, and additional information can be
obtained, via Carnival Corporation & plc's Web sites at WWW.CARNIVALCORP.COM and
WWW.CARNIVALPLC.COM.

         Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of 12 cruise brands in North America, Europe and
Australia, comprised of Carnival Cruise Lines, Holland America Line, Princess
Cruises, Seabourn Cruise Line, Windstar Cruises, AIDA, Costa Cruises, Cunard
Line, Ocean Village, P&O Cruises, Swan Hellenic, and P&O Cruises Australia.

         Together, these brands operate 71 ships totaling more than 113,000
lower berths with 12 new ships scheduled for delivery between now and mid-2006.
Carnival Corporation & plc also operates 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.



 ******************************************************************************

CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS

Some of the statements contained in this earnings release are "forward-looking
statements" that involve risks, uncertainties and assumptions with respect to
Carnival Corporation & plc, including some statements concerning future results,
plans, outlook, goals and other events which have not yet occurred. You can find
many, but not all, of these statements by looking for words like "will," "may,"
"believes," "expects," "anticipates," "forecast," "future," "intends," "plans,"
and "estimates" and for similar expressions. Because forward-looking statements
involve risks and uncertainties, there are many factors that could cause
Carnival Corporation & plc's actual results, performance or achievements to
differ materially from those expressed or implied in this announcement.
Forward-looking statements include those statements which may impact the
forecasting of earnings per share, net revenue yields, booking levels, pricing,
occupancy, operating, financing and tax costs, costs per available lower berth
day, estimates of ship depreciable lives and residual values, outlook or
business prospects. These factors include, but are not limited to, the
following: achievement of expected benefits from the DLC transaction; risks
associated with the DLC structure; risks associated with the uncertainty of the
tax status of the DLC structure; general economic and business conditions, which
may impact levels of disposable income of consumers and the net revenue yields
for cruise brands of Carnival Corporation & plc; conditions in the cruise and
land-based vacation industries, including competition from other cruise ship
operators and providers of other vacation alternatives and increases in capacity
offered by cruise ship and land-based vacation alternatives; the impact of
operating internationally; the international political and economic climate,
armed conflicts, terrorist attacks, availability of air service and other world
events and adverse publicity, and their impact on the demand for cruises;
accidents and other incidents at sea affecting the health, safety, security and
vacation satisfaction of passengers; the ability of Carnival Corporation & plc
to implement its shipbuilding programs and brand strategies and to continue to
expand its businesses worldwide; the ability of Carnival Corporation & plc to
attract and retain shipboard crew and maintain good relations with employee
unions; the ability to obtain financing on terms that are favorable or
consistent with Carnival Corporation & plc's expectations; the impact of changes
in operating and financing costs, including changes in foreign currency and
interest rates and fuel, food, payroll, insurance and security costs; changes in
the tax, environmental, health, safety, security and other regulatory regimes
under which Carnival Corporation & plc operates; continued availability of
attractive port destinations; the ability to successfully implement cost
improvement plans and to integrate business acquisitions; continuing financial
viability of Carnival Corporation & plc's travel agent distribution system;
weather patterns or natural disasters; and the ability of a small group of
shareholders to effectively control the outcome of shareholder voting.

Forward-looking statements should not be relied upon as a prediction of actual
results. Subject to any continuing obligations under applicable law or any
relevant listing rules, Carnival Corporation & plc expressly disclaims any
obligation to disseminate, after the date of this announcement, any updates or
revisions to any such forward-looking statements to reflect any change in
expectations or events, conditions or circumstances on which any such statements
are based.


MEDIA CONTACTS:                         INVESTOR RELATIONS CONTACTS:
US                                      US/UK
Carnival Corporation & plc              Carnival Corporation & plc
Tim Gallagher                           Beth Roberts
1 305 599 2600, ext. 16000              1 305 406 4832

UK                                      UK
Brunswick Group                         Bronwen Griffiths
Sophie Fitton                           44 (0) 23 8052 5231
44 (0) 20 7404 5959





                                                    CARNIVAL CORPORATION & PLC
                                              CONSOLIDATED STATEMENTS OF OPERATIONS

                                                        THREE MONTHS ENDED                       TWELVE MONTHS ENDED
                                                            NOVEMBER 30,                              NOVEMBER 30,
                                                            ------------                              ------------
                                                      2003 (1)   2002 (2)                       2003 (1)   2002 (2)
                                                      ----       ----                           ----       ----
                                               (in millions, except per share data)     (in millions, except per share data)

                                                                                               
REVENUES
     Cruise
       Passenger tickets                              $ 1,368    $   793                        $ 5,039    $ 3,346
       Onboard and other                                  417        233                          1,420        898
     Other                                                 32         14                            259        139
                                                      -------    -------                        -------    -------
                                                        1,817      1,040                          6,718      4,383
                                                      -------    -------                        -------    -------

COSTS AND EXPENSES
     Operating
          Cruise
            Passenger tickets                             274        149                          1,021        658
            Onboard and other                              74         31                            229        116
            Payroll and related                           224        118                            744        458
            Food                                          117         67                            393        256
            Other ship operating                          373        206                          1,237        734
          Other                                            28         12                            194        108
                                                      -------    -------                        -------    -------
     Total                                              1,090        583                          3,818      2,330
     Selling and administrative                           284        169                            932        609
     Depreciation and amortization                        169        101                            585        382
     Impairment charge                                                                                          20
                                                      -------    -------                        -------    -------
                                                        1,543        853                          5,335      3,341
                                                      -------    -------                        -------    -------

OPERATING INCOME                                          274        187                          1,383      1,042

NONOPERATING (EXPENSE) INCOME
     Interest income                                        7          7                             27         32
     Interest expense, net of capitalized  interest       (67)       (24)                          (195)      (111)
     Other income (expense), net                                       1                              8         (4)
                                                      -------    -------                        -------    -------
                                                          (60)       (16)                          (160)       (83)
                                                      -------    -------                        -------    -------

INCOME BEFORE INCOME TAXES                                214        171                          1,223        959

INCOME TAX (EXPENSE) BENEFIT, NET                          (9)        20 (3)                        (29)        57 (3)
                                                      -------    -------                        -------    -------
NET INCOME                                            $   205    $   191                        $ 1,194    $ 1,016
                                                      =======    =======                        =======    =======
EARNINGS PER SHARE
  Basic                                               $  0.26    $  0.33                        $  1.66    $  1.73
                                                      =======    =======                        =======    =======
  Diluted                                             $  0.26    $  0.33                        $  1.66    $  1.73
                                                      =======    =======                        =======    =======

DIVIDENDS PER SHARE                                   $ 0.125    $ 0.105                        $  0.44    $  0.42
                                                      =======    =======                        =======    =======

WEIGHTED-AVERAGE SHARES OUTSTANDING - BASIC               798        587                            718        587
WEIGHTED-AVERAGE SHARES OUTSTANDING - DILUTED             802        588                            724        588


(1)  Commencing on April 17, 2003, the company's consolidated statements of operations include Carnival plc's results of
     operations.

(2)  Reclassifications have been made to certain 2002 amounts to conform to the current period presentation.

(3)  Includes a $17 million and $51 million income tax benefit in the three and twelve months ended November 30, 2002,
     respectively, from Costa Cruises resulting from an Italian investment tax law.




2003 Fourth Quarter Earnings -



                                                      CARNIVAL CORPORATION & PLC
                                             SELECTED STATISTICAL AND SEGMENT INFORMATION

                                                     THREE MONTHS ENDED                       TWELVE MONTHS ENDED
                                                        NOVEMBER 30,                              NOVEMBER 30,
                                                        ------------                              ------------
                                                      2003 (1)   2002 (2)                       2003 (1)   2002 (2)
                                                      ----       ----                           ----       ----
                                     (in millions, except statistical information) (in millions, except statistical information)
                                                                                          
STATISTICAL INFORMATION
  Passengers carried                              1,386,530          909,492                5,155,987    3,549,019
  Available lower berth days                      9,929,108        5,593,687               33,309,785   21,435,828
  Occupancy percentage                                101.1%           102.1%                   103.4%       105.2%

SEGMENT INFORMATION
  Revenues
    Cruise                                     $      1,785     $      1,026             $      6,459 $      4,244
    Other (3)                                            42               17                      345          176
    Intersegment elimination                            (10)              (3)                     (86)         (37)
                                               ------------     ------------             ------------     --------
                                               $      1,817     $      1,040             $      6,718 $      4,383
                                               ============     ============             ============     ========
  Operating expenses
    Cruise                                     $      1,062     $        571             $      3,624 $      2,222
    Other (3)                                            38               15                      280          145
    Intersegment elimination                            (10)              (3)                     (86)         (37)
                                               ------------     ------------             ------------     --------
                                               $      1,090     $        583             $      3,818     $  2,330
                                               ============     ============             ============     ========

  Selling and administrative expenses
    Cruise                                     $        274     $        158             $        896     $    577
    Other (3)                                            10               11                       36           32
                                               ------------     ------------             ------------     --------
                                               $        284     $        169             $        932     $    609
                                               ============     ============             ============     ========

  Operating income (loss)
    Cruise, excluding impairment charge        $        286     $        199             $      1,371     $  1,075
    Cruise - impairment charge                                                                                 (20)
    Other                                               (12)             (12)                      12          (13)
                                               ------------     ------------             ------------     --------
                                               $        274     $        187             $      1,383     $  1,042
                                               ============     ============             ============     ========

(1)  Commencing on April 17, 2003, the company's statistical and segment information include Carnival plc's data.

(2)  Reclassifications have been made to certain 2002 amounts to conform to the current period presentation.

(3)  Other includes the company's tour operations (Holland America Tours and Princess Tours) and its business-to-business
     travel agency (P&O Travel Ltd.).




2003 Fourth Quarter Earnings -



                                CARNIVAL CORPORATION & PLC
                   HISTORICAL AND PRO FORMA GAAP RECONCILING INFORMATION

Historical and pro forma gross and net revenue yields were computed as follows (1):

                                                    HISTORICAL                   PRO FORMA (2)
                                           --------------------------           ---------------
                                                      THREE MONTHS ENDED NOVEMBER 30,
                                                 2003           2002                 2002
                                                 ----           ----                 ----
                                                 (in millions, except ALBDs and Yields)
                                                                       
Cruise revenues
  Passenger tickets                        $     1,368    $       793           $    1,222
  Onboard and other                                417            233                  345
                                           -----------    -----------           ----------
Gross cruise revenues                            1,785          1,026                1,567
Less cruise costs
  Passenger tickets                               (274)          (149)                (251)
  Onboard and other                                (74)           (31)                 (61)
                                           -----------    -----------           ----------
Net cruise revenues                        $     1,437    $       846           $    1,255
                                           ===========    ===========           ==========

Available lower berth days ("ALBDs") (3)     9,929,108      5,593,687            8,313,267
                                           ===========    ===========           ==========
Gross revenue yields (4)                   $    179.77    $    183.44           $   188.47
                                           ===========    ===========           ==========
Net revenue yields (5)                     $    144.72    $    151.25           $   150.98
                                           ===========    ===========           ==========






Historical and pro forma gross and net cruise costs per ALBD were computed as follows (1):

                                                    HISTORICAL                   PRO FORMA (2)
                                           --------------------------           ---------------
                                                      THREE MONTHS ENDED NOVEMBER 30,
                                                 2003           2002                 2002
                                                 ----           ----                 ----
                                             (in millions, except ALBDs and costs per ALBD)
                                                                       
Cruise operating expenses                  $     1,062    $       571           $      914
Cruise selling and administrative expenses         274            158                  254
                                           -----------    -----------           ----------
Gross cruise costs                               1,336            729                1,168
Less cruise costs included in net revenues
  Passenger tickets                               (274)          (149)                (251)
  Onboard and other                                (74)           (31)                 (61)
                                           -----------    -----------           ----------
Net cruise costs                           $       988    $       549           $      856
                                           ===========    ===========           ==========

ALBDs  (3)                                   9,929,108      5,593,687            8,313,267
                                           ===========    ===========           ==========
Gross cruise costs per ALBD (6)            $    134.49    $    130.24           $   140.50
                                           ===========    ===========           ==========
Net cruise costs per ALBD (7)              $     99.44    $     98.05           $   103.01
                                           ===========    ===========           ==========




2003 Fourth Quarter Earnings -

         NOTES TO HISTORICAL AND PRO FORMA GAAP RECONCILING INFORMATION

(1)  Carnival Corporation & plc uses net cruise revenues per ALBD ("net revenue
yields"), and net cruise costs per ALBD as significant non-GAAP financial
measures of its cruise segment financial performance. Carnival Corporation & plc
believes that net revenue yields are commonly used in the cruise industry to
measure a company's pricing performance. This measure is also used for revenue
management purposes. In calculating net revenue yields, the company uses net
cruise revenues rather than gross cruise revenues. Carnival Corporation & plc
believes that "net cruise revenues" is a more meaningful measure in determining
revenue yield than gross cruise revenues because it reflects the cruise revenues
earned by the company net of its most significant variable costs (travel agent
commissions, cost of air transportation and certain other variable direct costs
associated with onboard revenues). Substantially all of the remaining cruise
costs are largely fixed once the company's ship capacity levels have been
determined.

Net cruise costs per ALBD are the most significant measure used by the company
to monitor its ability to control costs. In calculating this measure, the
company deducts the same variable costs as described above, which are included
in the calculation of net cruise revenues. This is done to avoid duplicating
these variable costs in the non-GAAP financial measures described above because
these variable costs are directly associated with the revenues earned by the
company.

(2)  The pro forma information gives pro forma effect to the DLC transaction
between Carnival Corporation and Carnival plc, which was completed on April 17,
2003. Management has prepared the pro forma information based upon the
companies' historical financial information and, accordingly, the above
information should be read in conjunction with the companies' historical
financial statements, as well as pro forma information included in the
companies' joint Current Reports on Form 8-K filed on May 29, 2003 and September
18, 2003.

     The DLC transaction has been accounted for as an acquisition of Carnival
plc by Carnival Corporation, using the purchase method of accounting. The
Carnival plc accounting policies have been conformed to Carnival Corporation's
policies. Carnival plc's reporting period has been changed to the Carnival
Corporation reporting period and the information presented above covers the same
periods of time for both companies.

     The above pro forma information has been prepared as if the DLC transaction
had occurred on December 1, 2001 and has not been adjusted to reflect any net
transaction benefits. In addition, it excludes the costs related to the
terminated Royal Caribbean transaction and the completion of the DLC transaction
with Carnival Corporation, which were expensed by Carnival plc prior to April
17, 2003. Finally, the pro forma information does not purport to represent what
the results of operations actually could have been if the DLC transaction had
occurred on December 1, 2001 or what those results will be for any future
periods.

(3)  Represents the total passenger capacity for the period, assuming two
passengers per cabin, that the company offers for sale, which is computed by
multiplying passenger capacity by revenue-producing ship operating days in the
period.

(4)  Represent gross cruise revenues divided by ALBDs.

(5)  Represent net cruise revenues divided by ALBDs.

(6)  Represent gross cruise costs divided by ALBDs.

(7)  Represent net cruise costs divided by ALBDs.

(8)  In this earnings release, Carnival Corporation & plc has not provided
future gross revenue yields or gross cruise costs per ALBD because it is unable
to provide reconciliations of forecasted net cruise revenues to forecasted gross
cruise revenues or forecasted net cruise costs to forecasted cruise operating
expenses without unreasonable effort. The reconciliations would require Carnival
Corporation & plc to forecast, with reasonable accuracy, the amount of air and
other transportation costs that its forecasted cruise passengers would elect to
purchase from the company (the "air/sea mix"). Since the forecasting of future
air/sea mix involves several significant variables and the revenues from the
sale of air and other transportation approximate the costs of providing that
transportation, management focuses primarily on forecasts of net cruise revenues
and costs rather than gross cruise revenues and costs. This does not impact, in
any material respect, the company's ability to forecast its future results, as
any variation in the air/sea mix has no material impact on the company's
forecasted net cruise revenues or forecasted net cruise costs.

                                       ##

- --------------------End Press Release, dated December 18, 2003------------------



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
each of the registrants has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


CARNIVAL CORPORATION                        CARNIVAL PLC

By:  /s/ Gerald R. Cahill                   By:  /s/ Gerald R. Cahill
     ------------------------                    -------------------------
     Name:  Gerald R. Cahill                     Name:  Gerald R. Cahill
     Title: Executive Vice President             Title: Executive Vice President
            and Chief Financial and                     and Chief Financial and
            Accounting Officer                          Accounting Officer

Date:    December 18, 2003                  Date:  December 18, 2003