Carnival Corporation Orders Fourth 'Conquest-class' Vessel for Carnival Cruise Lines Unit

July 29, 2002

First in New Series to Debut in New Orleans in November

MIAMI, Jul 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- Carnival Corporation (NYSE: CCL) today announced that it has reached an agreement with the Italian shipyard Cantieri Navali Italiani S.p.A. for the construction of a new 110,000-ton "Conquest-class" vessel for its Carnival Cruise Lines unit.

The as-yet-unnamed 2,974-passenger vessel, to be built at an approximate all-in cost of $450-460 million (U.S.), is scheduled for delivery in late fall 2005, approximately 14 months after the delivery of the third "Conquest-class" vessel, .

The agreement with Fincantieri for a fourth "Conquest-class" vessel comes just days after Carnival Corporation Chairman and CEO Micky Arison toured the , currently in the final stages of construction at the Italian shipyard and slated to debut from New Orleans in November 2002. The attractive price offered by Fincantieri played a key role in the decision to add a fourth vessel to the series.

"The Carnival Conquest is simply stunning. Joe Farcus has done an outstanding job designing the ship's elegant Impressionist-inspired interiors and there is no question in my mind that we have successfully taken the very best of Carnival's 'Spirit-' and 'Destiny-class' to create a new class of vessel that will set a new standard in cruise vacations," Arison said. "We're so confident in the success of these ships that we have committed a $2 billion investment in 'Conquest-class' alone," he added.

Commented Fincantieri Executive Chairman Corrado Antonini, "We are very proud that Carnival has chosen Fincantieri to construct its magnificent new 'Conquest-class.' Fincantieri has built 13 cruise ships for Carnival Corporation and we are building 12 more which will usher in an exciting new era for our industry."

Added Fincantieri Chief Executive Officer Giuseppe Bono, "This order is particularly significant for Fincantieri, not only because it further strengthens our relationship with Carnival but it is also a clear signal that the market has recovered from the impact of the tragic events of Sept. 11. Thanks to Fincantieri's 'cutting edge' expertise in shipbuilding technology, today the company has reaffirmed its position as a world leader in the cruise sector."

Representing a brand new series, Carnival's "Conquest-class" ships will be the largest in the "Fun Ship" fleet. Each will feature Farcus' inventive, award-winning interior design and offer a number of expanded amenities and facilities, including the widest variety of entertainment and dining choices in keeping with "Today's Carnival" theme.

Stretching more than three football fields in length (U.S.), the 952-foot- long vessels will house an unprecedented 22 lounges, nightspots and bars, everything from pulsating dance clubs and three-deck-high, 1,500-seat theaters showcasing lavish Las Vegas-style revues to piano bars, jazz clubs, sports bars, wine and caviar bars, cigar bars and a host of live music venues.

Additionally, 917 of the vessels' 1,487 spacious staterooms will offer an ocean view with 556 of those featuring private balconies. Outside cabins will measure a generous 220 square feet with 42 suites boasting 340 square feet of living space while 10 penthouse suites will offer 430 square feet of luxury.

Other amenities featured within the "Conquest-class" include four swimming pools -- one with a 214-foot-long cascading water slide and another with a retractable dome in the event of inclement weather -- an elaborate 15,000- square-foot health and fitness facility with the latest exercise equipment, workout facilities and private massage/treatment rooms, jogging track, Internet cafe and expansive meeting/conference facilities. A comprehensive on- board golf program featuring professional instruction aboard ship and during golf excursions, along with netted "driving ranges" and state-of-the-art teaching computers, will be available, as well.

The vessels will also house a 3,300-square-foot children's play area -- part of the line's top-rated "Camp Carnival" program -- along with a teen coffee bar/dance club and an outdoor recreation area featuring basketball and volleyball courts.

As part of Carnival's Total Choice Dining(SM), cruising's most comprehensive dining program offering the widest variety of culinary choices at sea, dining options on the "Conquest-class" will be unparalleled in the industry. A pair of two-level full-service restaurants with extensive menus and wine lists will provide traditional dining for breakfast, lunch and dinner.

As an alternative, an expansive two-deck-high poolside eatery with full breakfast, lunch and dinner buffets, elaborate salad and dessert bars, pasta and meat-carving stations, and specialty venues, including "Taste of the Nation" with traditional cuisine from a different country each day, a New York-style deli, a rotisserie serving broiled chicken and steak, and stations featuring traditional English-style fish and chips and Asian and American favorites, will offer extended hours to accommodate anytime dining. A 24- hour pizzeria will offer seven kinds of pies, calzone, Caesar salad and garlic bread.

A patisserie featuring specialty coffees and sweets, a sushi bar, and a reservations-only "steakhouse-style" supper club serving hand-cut U.S.D.A. prime aged beef, along with crab claws from Miami Beach's world famous Joe's Stone Crab Restaurant, round out "Conquest-class" wide-ranging dining options.

"The Carnival product is constantly evolving and with the new 'Conquest- class' we've taken everything we've learned during our 30-plus years in business to create what we believe is the ultimate in 'Fun Ship' cruising," said Carnival President Bob Dickinson.

In addition to the Carnival Conquest and the fourth "Conquest-class" ship announced today, Carnival has two other 110,000-ton ships currently under construction, including , scheduled to launch year-round seven- day service from , Fla., July 19, 2003, and Carnival Valor, set to debut in 2004 (itinerary yet to be announced).

"The introduction of the four new 'Conquest-class' vessels, combined with the wide range of cruise options and itinerary choices within the 'Fun Ship' fleet, will assure that Carnival continues to lead the industry in the development of innovative cruise ships and programs for our guests," Dickinson said.

Carnival Corporation is a global vacation and leisure travel provider that operates Carnival Cruise Lines, the world's largest cruise line based on passengers carried, Costa Cruises, Cunard Line, Holland America Line, Seabourn Cruise Line, Windstar Cruises and Holland America Tours.

Carnival Corporation's six cruise brands operate 43 ships in the Caribbean, Alaska, Europe, Mexican Riviera, South America and other worldwide destinations, and have 16 new ships scheduled for delivery during the next four years.

Special note regarding forward-looking statements

Certain statements in this announcement constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Carnival Corporation has tried, wherever possible, to identify such statements by using words such as "anticipate," "assume," "believe," "expect," "forecast," "future," "intend," "plan" and words and terms of similar substance in connection with any discussion of future operating or financial performance. These forward-looking statements, including those which may impact the forecasting of Carnival's net revenue yields, booking levels, pricing, occupancy or business prospects, involve known and unknown risks, uncertainties and other factors, which may cause Carnival's actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which may impact levels of disposable income of consumers and the net revenue yields for Carnival's cruise products; consumer demand for cruises and other vacation options; other vacation industry competition; effects on consumer demand of armed conflicts, political instability, terrorism, adverse media publicity and the availability of air service; shifts in consumer booking patterns; increases in cruise industry and vacation industry capacity; continued availability of attractive port destinations; changes in tax laws and regulations; changes and disruptions in financial and equity markets; Carnival's ability to implement its brand strategy, Carnival's ability to implement its shipbuilding program and to continue to expand its business worldwide; Carnival's ability to attract and retain shipboard crew; changes in foreign currency rates, security expenses, food, fuel, insurance and commodity prices and interest rates; delivery of new ships on schedule and at the contracted prices; weather patterns and natural disasters; unscheduled ship repairs and drydocking incidents involving cruise ships; impact of pending or threatened litigation; Carnival's ability to successfully implement cost improvement plans; the continuing financial viability of Carnival's travel agent distribution system; and changes in laws and regulations applicable to Carnival.

FACT SHEET CONQUEST-CLASS CARNIVAL CRUISE LINES

SHIPS/SCHEDULED TO ENTER SERVICE: Carnival Conquest - Nov. 15, 2002 Carnival Glory - July 19, 2003 Carnival Valor - Fall 2004 Unnamed - Fall 2005

APPROXIMATE COST PER SHIP: $500 Million SHIPYARD: Fincantieri Cantieri Navali Italiani, S.p.A. MONFALCONE, ITALY

COUNTRY OF REGISTRY: PANAMA

SPEED: 22.5 Knots

APPROXIMATE CREW SIZE: 1,160

NATIONALITY OF CREW: OFFICERS ITALIAN HOTEL STAFF INTERNATIONAL CRUISE STAFF INTERNATIONAL

SIZE/CAPACITY: GROSS REGISTERED TONNAGE: 110,000 LENGTH 952 Feet BEAM 116 Feet BEAM AT POOLDECKS 125 Feet MAXIMUM DRAFT 27 Feet

TOTAL GUEST CAPACITY (INCLUDING UPPERS) 3,700

NORMAL CRUISE CAPACITY (BASIS 2) 2,974

NUMBER OF GUEST DECKS: 13

SPACE RATIO: 37

ACCOMMODATIONS: PENTHOUSE SUITES 10 SUITES 42 OCEAN VIEW WITH BALCONY 504 OCEAN VIEW WITHOUT BALCONY 343 OCEAN VIEW WITH GLASS WALL 18 INTERIOR CABINS 570

TOTAL: 1,487

FACT SHEET - CONQUEST-CLASS

PUBLIC ROOMS & CAPACITIES

NAME CAPACITY MAIN SHOW LOUNGE 1,400 LIDO RESTAURANT 1,236 AFT DINING ROOM 1,061 FORWARD DINING ROOM 744 CASINO 484 AFT LOUNGE 425 DANCE CLUB 211 JAZZ BAR 81 SUPPER CLUB (Reservations-Only Restaurant) 108 PORT RESTAURANT ANNEX 28 STARBOARD RESTAURANT ANNEX 36 PROMENADE BAR 23 LOBBY BAR 10 PIANO BAR 100 SPORTS BAR 33 LIBRARY 17 WINE BAR 30 GRAND BAR 147 CLUB LOUNGE 100

SPA, HEALTH CLUB AND BEAUTY SALON 15,000 SQ. FT.

FACILITIES EQUIPMENT

BARS & LOUNGES (22) PHOTO STUDIO STABILIZERS BEAUTY SHOP SHUFFLEBOARD BOW THRUSTERS (3) DUTY-FREE SHOPS JOGGING TRACK STERN THRUSTERS (3) FULL CASINO CLOSED-CIRCUIT TV TWIN RUDDERS (Individually Controlled) DINING ROOMS (2) SWIMMING POOLS (4) DIESEL ELECTRIC TOUR OFFICE WHIRLPOOLS (7) PROPULSION SYSTEM TEEN DANCE CLUB GAME ROOM 6 Medium-Speed Engines Developing Approx. BOUTIQUE ELEVATORS (18) 84,933 hp INFIRMARY CHILDREN'S PLAYROOM INTERNET CAFE FULLY EQUIPPED SPA & HEALTH CLUB SUSHI BAR PATISSERIE SPECIALTY DINING STATIONS (6)

SOURCE Carnival Corporation

CONTACT: Tim Gallagher of Carnival Corporation, +1-800-438-6744 or +1-305-599-2600 URL: http://www.carnival.com