MIAMI, Feb. 22 -- Carnival Corporation (NYSE: CCL) today
announced that it had reached an agreement with the British tour company
Airtours Plc (LONDON: AIR) to take a 29.6 percent interest in that company for
approximately $310 million U.S. (201.6 million British Pounds) payable in cash
and Carnival Corporation Class A common stock. Approximately $155 million U.S.
will be used to purchase newly issued Airtours common shares with such new
capital expected to be used to fund Airtours' further expansion in Europe and
North America. The remaining approximately $155 million U.S. will be used to
purchase shares from existing shareholders, who will have the opportunity of
choosing cash or shares of Carnival Class A common stock.

Airtours is the second largest tour operator in the UK and the largest in
Scandinavia. For the 12 months ended September 30, 1995, Airtours' revenues
were 1.32 billion British Pounds (approximately $2.1 billion U.S.) with net
income of 43 million British Pounds (approximately $67 million U.S.). The
proposed transaction is expected to be non-dilutive to Carnival's earnings per
share.

Airtours is a large leisure travel group operating in over 70 countries and
employing over 10,000 people. The group comprises UK, Scandinavian and
Canadian tour operators, a charter airline, retail outlets in the UK and
Scandinavia, 16 hotels and two cruise ships. Last week, Airtours announced
that it had agreed to acquire Simon Spies Holding, a leading Danish tour
operator for $15 million U.S. in cash which will give Airtours a preeminent
market position in Scandinavia. As part of the same transaction, Airtours will
acquire aviation assets for an additional $75 million U.S.

"After reviewing a number of opportunities in Europe, we have come to the
conclusion that Airtours' strengths in the European market are an excellent
fit and consistent with Carnival's investment strategy. I believe that this
investment will provide all of the Carnival Corporation companies -- Carnival
Cruise Lines, Holland America Line, Westours, Windstar Cruises and Seabourn
Cruise Line -- with greater access to these significant markets," said Micky
Arison, Carnival's chairman and CEO.

In 1995, Airtours handled four million vacationers through its various
travel products in the UK and Scandinavia. In the UK, its tour operations
have a 21 percent market share. Airtours has more than 700 travel agencies
operating under the name "Going Places" located throughout the United Kingdom.
It has two cruise ships and a UK-based airline fleet of 18 modern jet
aircraft used to carry its own tour passengers to destinations throughout the
world. With the Simon Spies acquisition, Airtours will be the largest tour
operator in Scandinavia having approximately 48 percent of the holiday market
in Denmark, Norway and Sweden.

In August of 1995, Airtours acquired one of Canada's leading tour operators,
Sunquest Vacations, which operates to destinations in the U.S., Caribbean and
Mexico.

"Airtours is a well-managed, dynamic travel company with a sound record of
profitability. We are delighted that David Crossland, chairman of Airtours,
will join Carnival's board of directors. We have every confidence that David
Crossland and his very talented management team will continue to expand
Airtours' travel businesses throughout Europe and North America," Arison said.

David Crossland said, "The proposals give Airtours additional equity capital
to continue our strategy of vertical integration and geographic
diversification. Carnival has shown considerable skill and commitment in
building one of the most successful businesses in the U.S. holiday market and
through the appointment of two of Carnival's key directors, Micky Arison and
Howard Frank, Carnival's vice chairman, to the board, Airtours will benefit
from Carnival's expertise and knowledge of the U.S. market."

The proposed transaction is subject to a number of conditions including
Airtours shareholder approval and certain regulatory approvals.

Carnival Corporation is comprised of Carnival Cruise Lines, the world's
largest cruise line based on number of passengers carried, Holland America
Line, Windstar Cruises and Seabourn Cruise Line, which combined operate 23
ships in the Caribbean, Alaska and other worldwide destinations. The combined
group introduced two new ships in 1994, one in 1995, and has seven more ships
slated to begin service over the next four years. Carnival Cruise Lines has
three 70,000-ton vessels under construction. The first of those, the
Inspiration, is scheduled to begin service in March 1996. Two more
as-yet-unnamed 70,000-ton vessels are slated for delivery in February and
November of 1998. It also has under construction the Carnival Destiny, which
will be the largest passenger ship ever built when it is introduced in
November 1996. A sister to the Carnival Destiny will enter service in 1999.
Holland America has contracted for an additional 1,266-passenger ship, the
Veendam, scheduled for delivery in the spring of 1996. Another ship, at
62,000 gross registered tons, will begin a new class of vessel for Holland
America Line when delivered in the fall of 1997.