Letter of Intent Signed

Carnival Corporation & plc Enters Into Definitive Agreement to Sell Windstar 
               Cruises Unit to Ambassadors International, Inc. 
      
    MIAMI, Feb. 22 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
today announced that it has signed a definitive agreement to sell its Windstar 
Cruises brand to Ambassadors International Inc. (Nasdaq: AMIE).  Windstar 
Cruises, which operates three sailing vessels, is a wholly owned subsidiary of 
Holland America Line, a unit of Carnival Corporation & plc. 
    Under the terms of the agreement, Windstar will be sold for $100 million, 
$40 million of which is payable in cash and assumption of liabilities, and 
Carnival will provide mortgage financing for $60 million.  The loan will be 
payable over 10 years at seven percent interest, collateralized by the three 
Windstar ships.  
    "Windstar is an outstanding and unique cruise product and has garnered an 
extremely loyal following, however, Carnival Corporation & plc's growth 
strategy is focused on expanding our core growth brands and opening new 
markets," said Micky Arison, Carnival Corporation & plc chairman and CEO.  "We 
made the decision to exit from the niche cruise business some time ago and the 
sale of Windstar is in line with that strategy.  Last year we made a decision 
to cease operation of UK's Swan Hellenic and transfer its one ship to the 
Princess Cruises brand.  Both of these are excellent products but simply do 
not fit into our future growth plans," he explained.   
    Added Stein Kruse, president and chief executive officer, Holland America 
Line, "We are pleased to have a committed buyer like Ambassadors International 
to take over Windstar. The transaction has been structured to ensure a smooth 
transition for all parties.  Holland America Line will continue to operate the 
company through a transitional services agreement in the short term which 
includes vessel, reservations and other operational functions."  
    Windstar Cruises' three ships include the 312-passenger Wind Surf and the 
148-passenger Wind Star and Wind Spirit. 
    Carnival expects the transaction to close in the second quarter of 2007, 
subject to any applicable regulatory requirements, and to be neutral to 
earnings on an annualized basis for the 12-month period following closing. 
 
    About Carnival Corporation & plc  
    Carnival Corporation & plc is the largest cruise vacation group in the 
world, with a portfolio of cruise brands in North America, Europe and 
Australia, comprised of Carnival Cruise Lines, Holland America Line, Princess 
Cruises, Seabourn Cruise Line, Windstar Cruises, AIDA Cruises, Costa Cruises, 
Cunard Line, Ocean Village, P&O Cruises, Swan Hellenic, and P&O Cruises 
Australia. 
    Together, these brands operate 81 ships totaling 144,000 lower berths with 
20 new ships scheduled to enter service between March 2007 and spring 2011. 
Carnival Corporation & plc also operates Holland America Tours and Princess 
Tours, the leading tour companies in Alaska and the Canadian Yukon. Traded on 
both the New York and London Stock Exchanges, Carnival Corporation & plc is 
the only group in the world to be included in both the S&P 500 and the FTSE 
100 indices. 
 
    About Ambassadors International, Inc. 
    Ambassadors International, Inc. is a cruise, marine, and travel and event 
company. Through Ambassadors Cruise Group, the company operates Majestic 
America Line, North America's premier river and coastal cruising company.  The 
company is also a global leader in providing construction and consulting 
services to marina owners through its Ambassadors Marine Group subsidiary.   
    In addition, the Company provides travel and event services through its 
Ambassadors Travel and Events division.  
    For more information on Windstar Cruises visit www.windstarcruises.com. 
 
SOURCE  Carnival Corporation & plc 
    -0-                             02/22/2007 
    /CONTACT:  Media: Tim Gallagher of Carnival Corporation & plc in the US, 
[phone], ext. 16000, or Rose Abello for Holland America Line,  
[phone], or Richard Jacques or Sophie Fitton, both of Brunswick Group, 
44 (0) 20 7404 5959, for Carnival Corporation & plc in the UK; Investor 
Relations: Beth Roberts of Carnival Corporation & plc, [phone] / 
    /Web site:  http://www.carnivalcorp.com/ 
    (CCL CUK AMIE)