Agreement to Mark the Start of Long-Term Global Alliance
Between Carnival and Star
Creates Satisfactory Outcome to Ownership Structure of NCL
For Shareholders of All Three Organizations
NCL to Benefit From Experience and Resources of
Two of the World's Most Successful Cruise Operators

MIAMI, Feb. 2 -- Carnival Corporation (NYSE: CCL) and Star
Cruises PLC (SES: STRC) today announced a joint venture agreement to pursue
the acquisition of NCL Holding ASA (OSE: NCL). Under the agreement, Carnival
will acquire a 40 percent stake in Arrasas Limited, Star's wholly owned
subsidiary previously established to acquire NCL. Star will retain a 60
percent ownership of Arrasas.

As a result of the agreement, Carnival's previously announced intention to
purchase NCL shares at NOK 40 per share subject to the delivery to Carnival of
a controlling interest in NCL by its board of directors is withdrawn.

Carnival Corporation's cost to acquire the 40 percent stake in Arrasas will
be based on a proportionate total of the costs resulting from Star's mandatory
tender offer of NOK 35 per share for NCL. That offer will expire February 10,
2000, as scheduled.

"We are delighted with this partnership which we anticipate will mark the
start of a long-term global alliance between Carnival Corporation and Star
Cruises," said Micky Arison, chairman and CEO of Carnival Corporation. "This
agreement effectively creates an outcome to the ownership structure of NCL
that should prove satisfactory to the shareholders of Carnival, Star and NCL,"
he added.

Mr. K.T. Lim, chairman of Star Cruises, stated, "Star Cruises, 'the leading
cruise line in Asia-Pacific,' is extremely pleased to be collaborating with
Carnival Corporation, the world's largest, most successful cruise operator, on
both the acquisition of NCL and, in the future, on a larger, global scale."

Both parties anticipate that during the NCL extraordinary shareholders
meeting scheduled for Feb. 4, 2000, in Oslo, Star will be successful in
obtaining the required number of votes to elect its chosen board of directors
and, therefore, gain control of the NCL board.

Completion of the agreement is conditioned upon receipt of all corporate,
regulatory and government approvals, including the expiration or termination
of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976. No assurances can be given that the foregoing conditions will be
satisfied or that the transaction will be finalized.

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.

Star Cruises is the "leading cruise line in Asia-Pacific" with a fleet of
nine ships operating in Singapore, Malaysia, Thailand, Hong Kong, China,
Vietnam, Taiwan, Japan and Korea.

NOTE: Statements in this press release relating to matters that are not
historical facts are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performances or achievements of Carnival
Corporation to be materially different from any future results, performances
or achievements expressed or implied by such forward-looking statements. Such
factors include general economic and business conditions; increases in cruise
industry capacity and competition; changes in tax and other laws and
regulations affecting Carnival and other factors which are described in
further detail in Carnival's filings with the Securities and Exchange
Commission.