CONTACT:  Tim Gallagher                                    FOR IMMEDIATE RELEASE
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                         CARNIVAL CORPORATION COMPLETES
                         CONVERTIBLE DEBENTURE OFFERING

         MIAMI (04/25/01) - Carnival Corporation (NYSE: CCL) today announced the
completion of the previously announced private placement of $600 million
aggregate principal amount of its 2 percent convertible senior debentures due
2021. This amount includes $100 million principal amount sold pursuant to an
over-allotment option granted by the company. Proceeds will be used for general
corporate purposes, including the repayment of short-term indebtedness.

         The debentures were issued in an offering exempt from registration
under the Securities Act of 1933. The debentures have not been registered under
the Securities Act and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act.

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NOTE: Statements in this press release relating to matters that are not
historical facts are forward-looking statements. All forward-looking statements,
including those which may impact the forecasting of Carnival Corporation's net
revenue yields, 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; the ability of the
company to implement its shipbuilding program and to continue to expand its
business outside the North American market; incidents involving cruise ships;
impact of pending or threatened litigation; 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.


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