MIAMI, Jan. 12 -- Carnival Corporation (NYSE: CCL) estimates
that Wednesday's fire aboard Carnival Cruise Lines' Celebration will reduce
its first quarter 2000 earnings by approximately one to two cents per share.

The Celebration arrived today at 1:30 p.m. (EST) in Montego Bay, Jamaica,
following a fire in the ship's auxiliary generator. Guests have disembarked
the vessel and are being flown back home using a combination of scheduled and
charter flights, which are expected to arrive later this evening. In the
event that some guests are not able to return home tonight, Carnival is
providing complimentary hotel accommodations, meals and beverages.

All guests aboard the Celebration will receive a full refund, as well as a
free future seven-day Carnival cruise.

"We sincerely apologize for this inconvenience but are extremely grateful
that there were no injuries to our guests and crew," said Bob Dickinson,
president of Carnival Cruise Lines. "We're sorry for the disruption of our
guests' vacations and sincerely hope they will allow us to redeem ourselves by
taking us up on our offer to sail free with Carnival again," he added.

An investigative team, consisting of Carnival's marine operations personnel
and various maritime specialists, including Burgoyne Incorporated, a widely
respected fire and casualty investigation company, have already boarded the
vessel to begin an investigation into the fire. The ship's classification
society, Lloyd's Registry of Shipping, is also expected to join in the
investigation.

The fire aboard the Celebration occurred at approximately midnight on
Wednesday, January 12, while the ship was about 100 miles northwest of Montego
Bay. The fire was quickly extinguished by the vessel's automated Halon fire
suppression system and there were no injuries to guests or crew.

The Celebration, which was carrying 1,586 guests and 667 crew, departed New
Orleans on Sunday, January 9, on a seven-day western Caribbean cruise to
Montego Bay, Grand Cayman and Playa del Carmen/Cozumel.

Carnival will cancel the Celebration's January 16 departure from New
Orleans. Guests on that voyage will receive a full refund and a 50 percent
discount on a future Carnival cruise.

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, which operates the Cunard and Seabourn
cruise brands, 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
and Carnival Cruise Lines' Web site at
www.carnival.com.