MIAMI, March 20 -- Carnival Corporation (NYSE: CCL) reported
net income of $77.1 million ($0.27 EPS) on revenues of $448.8 million for the
first quarter ended February 29, 1996, compared to net income of $67.6 million
($0.24 EPS) on revenues of $419.8 million for the same quarter in 1995.

For the first quarter of 1996, revenues increased 6.9 percent over the
comparable quarter in 1995 primarily due to the additional capacity provided
by Carnival Cruise Lines' Imagination which entered service in July 1995. Net
income increased 14.1 percent for the first quarter of 1996, marking the
seventeenth consecutive quarter in which Carnival has reported year-over-year
earnings improvement.

Commenting on the results, Carnival Corporation Chairman Micky Arison said,
"In spite of the soft pricing environment affecting the cruise industry, our
strategy of building distinct individual brands combined with the introduction
of exciting new ships designed for specific market segments has enabled us to
continue to grow our passenger volumes and profits." For the three months
ended February 29, 1996, the company achieved an average occupancy level of
107.1 percent carrying 408,000 passengers compared to 343,000 passengers for
an average occupancy level of 99.9 percent for the first quarter of 1995.
Increased occupancies for both Carnival Cruise Lines and Holland America Line
had the effect of offsetting the impact of softer pricing and resulted in the
stabilization of net revenue yields for the quarter. "I was especially
pleased to see that the strategies undertaken by Holland America have
significantly improved its revenue yields during its Caribbean season,
traditionally its most challenging period," Arison added. During the first
quarter of 1996, shoreside selling and administrative expenses were ramped up
in anticipation of the delivery of three new cruise ships. Arison noted that
he expected to see the benefit of this ramp up during the remainder of the
year as the three ships enter service. This week Carnival Cruise Lines'
Inspiration begins its inaugural cruise, Holland America Line's Veendam is
scheduled to enter service in June and the Carnival Destiny, the world's first
100,000-plus-ton cruise vessel, is expected to be introduced later this year.

Looking forward to the remainder of 1996, Arison indicated he was encouraged
by the booking activity since the beginning of January. "Should these booking
trends continue, we expect that revenue yields will strengthen over the
remainder of the year. I'm certainly more optimistic now about pricing than I
was a few months ago," he concluded.

Also, as previously announced this month, Carnival Corporation reached an
agreement to purchase up to 29.6 percent of Airtours plc, a vertically
integrated tour company with significant operations in the UK, Scandinavia and
Canada, for approximately $310 million payable in cash and Carnival
Corporation Class A common stock. This transaction is expected to be
completed during the second quarter and to be non- dilutive to Carnival's
earnings per share. Carnival expects to account for Airtours' earnings using
the equity method of accounting commencing in Carnival's quarter ending August
31, in which it would record Airtours' operating results for its quarter
ending June 30. 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' 70,000-ton SuperLiner, the Inspiration, will begin service on
March 22. Two more 70,000-ton SuperLiners, the Elation and the Paradise, are
under construction and slated for delivery in February and November 1998
respectively. Carnival also has under construction the Carnival Destiny, which
will be the largest passenger ship ever built when it is introduced in late
1996. A sister ship, the Carnival Triumph, 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. The Rotterdam VI, at
62,000 gross registered tons, will begin a new class of vessel for Holland
America Line when delivered in the fall of 1997.

CARNIVAL CORPORATION

THREE MONTHS ENDED

FEBRUARY 29, 1996 FEBRUARY 28, 1995

Revenues $448.8 $419.8

(millions)

Net Income $77.1 $67.6

(millions)

Earnings Per

Share $0.27 $0.24

Passengers

Carried 408,000 343,000

Passenger

Cruise Days 2,454,000 2,107,000

Percentage of

Total Capacity 107.1% 99.9%

Weighted

Average Shares

Outstanding 285,389,000 282,826,000