MIAMI, Fla., Oct. 19, 1999 -- Carnival Corporation (NYSE: CCL), the
world's largest cruise operator, announced today that it has exercised its
option to purchase the 32 percent minority interest in Cunard Line Limited.
Carnival acquired a 68 percent interest in Cunard Line Limited in May 1998.
With the purchase of the 32 percent minority interest, Carnival will own 100
percent of Cunard.

Under its option, Carnival has the right to purchase the minority interest
for shares of Carnival common stock. In exercising its option, Carnival also
offered the minority shareholders a cash alternative of $39.50 per Carnival
share. Based on responses from the minority shareholders, Carnival will
purchase the 32 percent interest effective November 15, 1999, in exchange for
approximately 3.2 million shares of Carnival stock and $76.5 million in cash,
for a total value of approximately $205 million.

Cunard Line Limited owns two luxury cruise lines -- Cunard Line and Seabourn
Cruise Line, which together operate eight luxury ships, including the
world-renowned Queen Elizabeth 2.

In May 1998, Carnival, along with a group of Norwegian investors led by
Christiania Markets, purchased Cunard Line for $500 million (U.S.) from
Norwegian shipbuilder Kvaerner ASA. Simultaneous with the purchase, Seabourn
was merged with Cunard to form Cunard Line Limited, the industry's largest
luxury cruise operator.

According to Carnival Corporation Chairman and CEO Micky Arison, the
purchase of the remaining 32 percent of Cunard is being made in anticipation
of the future expansion of the brand. "Considering the strength of the Cunard
brand and its plans to build the largest ocean liner in the world to
complement the Queen Elizabeth 2, it simply makes sense for Carnival to own
100 percent of Cunard," Arison said.

Carnival Corporation is comprised of Carnival Cruise Lines, the world's
largest cruise line based on passengers carried, Holland America Line,
Windstar Cruises, Cunard Line Limited, and interests in Costa Cruises and
Airtours plc. Combined, Carnival Corporation's various brands operate 45
ships in the Caribbean, Alaska, Europe and other worldwide destinations.

Additional information can be obtained via Carnival Corporation's Web site
at
www.carnivalcorp.com.