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October 9, 2002

Princess, MHI to continue with construction
of Diamond Princess
Mitsubishi Heavy Industries and P&O Princess Cruises have agreed to continue construction of the 2,670 passenger Diamond Princess, which suffered a major fire earlier this month at Mitsubishi's Nagasaki shipyard.

Following a preliminary assessment of the damage, both parties confirm that they wish to continue with the construction of the ship although there will be a significant delay to the scheduled delivery date.

Princess Cruises will today be announcing the cancellation of the cruise program of the Diamond Princess for the period to February 28, 2004. It will take the yard several weeks to complete the examination of the ship and to determine the full extent of the damage and agree a final delivery date.

P&O Princess says it has contractual arrangements with the yard and insurance policies that it believes will be sufficient to ensure that there will be no significant economic impact on the group nor any adverse impact on its 2003 earnings.

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