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February 15, 2002

Princess shareholders veer towards Carnival
P&O Princess Cruises shareholders yesterday ignored the advice of their board. They voted 253,019,846 to 151,781,075 to adjourn yesterday's Extraordinary General Meeting. The EGM, which was to have voted on the proposed merger of Princess and Royal Caribbean, has therefore been adjourned for an indefinite period.

Shareholders will be given at least fourteen days notice of the date of the adjourned meeting. That gives them more time to consider Carnival Corporation's offer for Princess. .

Carnival chairman and CEO Micky Arison, said he was "delighted" with the adjournment of the P&O Princess EGM

"We are committed to giving P&O Princess shareholders the opportunity to accept our increased offer and we will focus all our efforts on securing regulatory clearance." he said. "We believe that shareholders have effectively asked to maintain the adjournment until the regulatory processes for both Carnival and Royal Caribbean have been completed; we trust the Chairman will respect that mandate. We would like to thank the P&O Princess shareholders for their support throughout this process, and look forward to welcoming them as shareholders of the enlarged Carnival group in the future.":