RNS Number:8415O
Peninsular & Oriental Steam Nav Co
19 August 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.

HOLDING NO LONGER NOTIFIABLE


5)   Number of shares/amount of stock acquired.



6)   (  %) of issued Class

7)   Number of shares/amount of stock disposed



8)   (  %) of issued Class

9)   Class of security

DEFERRED STOCK


10)  Date of transaction



11)  Date company informed

19 AUGUST 2003


12)  Total holding following this notification

N/A

               
13)  Total percentage holding of issued class following this notification

N/A


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 ........................19 AUGUST 2003


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

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