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Subject:  CCL: Employee Stock Options - Part I Date:  1/4/2004  11:37 AM
Author:  FoolishCop Number:  27154 of 46903

I wanted to take a look at how Carnival used or abused stock options, and what effect that might have on the company's performance. Interestingly, the form on which option grants are disclosed, a DEF-14A, was not filed for 2003, though there had been such forms filed previously each year going all the way back to 1995,