RNS Number:9296L
Peninsular & Oriental Steam Nav Co
4 June 2003



                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY
THE PENINSULAR AND ORIENTAL STEAM NAVIGATION COMPANY


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST
FRANKLIN RESOURCES, INC


3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18



4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.
SEE BELOW


5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class


7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class


9)   Class of security
DEFERRED STOCK


10)  Date of transaction



11)  Date company informed
4 JUNE 2003


12)  Total holding following this notification
27,045,490

               
13)  Total percentage holding of issued class following this notification
3.96%


14)  Any additional information



15)  Name of contact and telephone number for queries
SANDRA SCOTT
020 7930 4343


16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification    4 JUNE 2003


                              SCHEDULE 

          PENINSULAR & ORIENTAL STEAM NAVIGATION COMPANY (THE)

                                        Outstanding Shares       682,190,956

Registered Holder                         No. of Shares           % of Class

Chase Nominees Ltd                            662,227               0.0971%

Bank of New York Nominees                  26,374,413               3.8661%
 
HSBC Bank                                       8,850               0.0013%


TOTAL                                      27,045,490               3.9645%




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

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