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May 8, 2002

Carnival charters former Patriot to Cyprus operator
A cruise ship that briefly flew the U.S.-flag as part of American Classic Voyages attempts to expand the Hawaiian cruise market will soon be serving the U.K. cruise market.

Carnival Corporation today announced that its Holland America Line brand has entered into a long- term agreement to charter the cruise ship m/s Nieuw Amsterdam to Cyprus-based Louis Cruises, which will subcharter the vessel to Thomson Holidays in the U.K. where it will be marketed as the Thomson Spirit.

Holland America sold the vessel to a subsidiary of American Classic Voyages in 2000. American Classic had gotten permission to reflag the ship as American and operate in the restricted Hawaiian trade as a piece of the "Project America" deal that also saw it order two cruise ships at Ingalls Shipbuilding. American Classic painted the ship red, white and blue and operated it as the Patriot. However, after American Classic went bankrupt, it was transferred out of the U.S.-flag and reclaimed by Holland America in foreclosure proceedings earlier this year.

The charter to Louis became effective yesterday.

Carnival Corporation will account for this charter as a sale which, including related expenses, is expected to result in a charge to earnings of approximately $9 million in its second fiscal quarter of 2002.

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