Carnival Corporation Cruise Bookings Update

Carnival Corporation (NYSE:CCL) reported today that its
net bookings during the first five weeks of “wave season” have increased 8
percent over the same period last year, compared to a 3 percent capacity
increase for the first nine months of 2002. 
Pricing has also recovered from
the significantly discounted prices experienced after the events of
September 11, with pricing during recent weeks almost equal to last year`s

Carnival Corporation Chairman and CEO Micky Arison said, “I am extremely
pleased to see the strong rebound across all of our six cruise brands
following the slowdown in travel after September 11.  The fact that our
three largest brands - Carnival Cruise Lines, Holland America Line and Costa
Cruises - have all reported record booking days during this year`s `wave
season` demonstrates the fundamental strength in the demand for our vacation
products, as well as our ability to manage that demand to an optimal level.”
Because of the improved booking levels and pricing, the company now
estimates that net revenue yields for the first quarter of 2002 will be down
approximately 8 percent.  This compares to the company`s most recent
guidance for the first quarter of a decrease in net yields of between 10
percent and 15 percent.

While cumulative advance booking levels and prices for the second through
fourth quarters of 2002 are still below last year`s levels, Carnival expects
that net revenue yields for the remainder of 2002 should continue to improve
compared to the first quarter.  “Although the booking curve continues to be
very close-in, I am very pleased to see that the close-in pricing is above
last year`s levels,” Arison said.  “This gives me a great deal of optimism
for the remainder of 2002, especially as we see the booking curve starting
to move toward more historical patterns.”

Because of the company`s current offer to purchase P&O Princess Cruises plc
and the U.K. market regulations, the company is limited in the amount of
forward guidance that it can give and consequently, has not scheduled a
conference call to discuss bookings at this time.