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News from the world of cruising ~
February 8, 2002

Carnival Corporation:
Response to P&O Princess and Update of Shareholders' Voting Intentions

The Board of P&O Princess has now recognized that Carnival's Increased Offer is at a realistic level. Given this, Carnival believes that the interests of P&O Shareholders will be best served by their voting for an adjournment of the EGM, thus allowing the regulatory process to run its course.

Following the P&O Princess' Board rejection, Carnival has received further support for an adjournment of the EGM.

Accordingly, Carnival announces that P&O Princess Shareholders controlling more than 29 per cent of the issued ordinary share capital of P&O Princess have confirmed to Carnival that they intend to vote in favor of a resolution to adjourn the P&O Princess EGM.

Micky Arison, the Chairman and Chief Executive of Carnival, said:

"We are delighted with the growing level of support for an adjournment. We urge all P&O Princess shareholders to vote to adjourn the meeting, or, in the event the meeting is not adjourned, to vote against the Royal Caribbean proposal."

As stated above, P&O Princess Shareholders controlling more than 29 per cent of P&O Princess issued ordinary share capital have confirmed that they intend to vote to adjourn the EGM and request that such meeting be reconvened to a date no earlier than the date on which the regulatory reviews of both transactions are completed, but in any event no later than November 15, 2002. These indications are not legally binding and apply only at the date at which they are given. P&O Princess Shareholders who have given such indications are not restricted from dealing and therefore the number of shares they have given indications for may change in the future. The P&O Princess Shareholders who have made these statements of intent may include shareholders who have publicly indicated their support for an adjournment and /or their likely voting intentions for the EGM.

SOURCE Carnival Corporation

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