16 April 2003

  P&O PRINCESS CRUISES PLC AND CARNIVAL CORPORATION   
                                                      
 RESULT OF P&O PRINCESS EXTRAORDINARY GENERAL MEETING 

P&O Princess Cruises plc ("P&O Princess") and Carnival Corporation ("Carnival")
announce that at the P&O Princess EGM held earlier today, the resolution set
out in the P&O Princess shareholder circular dated 17 March 2003 relating to,
inter alia, the DLC transaction with Carnival was passed on a show of hands.

Proxy votes announced at the EGM were 408,679,183 votes cast in favour,
representing 99.7 per cent. of shares voted, and 1,118,826 votes cast against,
representing 0.3 per cent. of shares voted. There were 3,854,706 votes
refrained or abstained.

The DLC transaction has now received all necessary shareholder and regulatory
approvals and is expected to close on 17 April 2003.

The DLC structure will allow P&O Princess shareholders to retain their shares
with their exposure to the cruise industry and its significant growth potential
in North America, Europe and the rest of the world.

Combining P&O Princess and Carnival creates the world's largest cruise vacation
group, with a wide range of complementary and well known cruise brands. The
portfolio of 13 brands will cover all sectors of the cruise vacation market and
is among the strongest in the industry with Carnival Cruise Lines and Princess,
as well as Holland America, being the three top lines in North America; P&O
Cruises and Cunard Line the leading brands in the UK; Costa Cruises the best
known brand in Southern Europe; Aida the leader in Germany; and P&O Australia
the leader in Australia.

The Combined Group will have 66 ships with a further 17 on order equating to
100,000 berths and 42,300 berths respectively. In addition, the Combined Group
will have substantial financial flexibility, with strong operating cash flow,
low leverage and a strong balance sheet. The pro forma combined revenue for the
group for the year ended November 2002 was $6,891million with net income of
$1,333 million. In total 4.7 million passengers were carried during this
period.

Under the DLC structure, the Combined Group is expected to remain in both the S
&P 500 and the FTSE 100 indices.

Lord Sterling of Plaistow, who is to retire as Chairman of P&O Princess on
completion of the DLC Transaction, said:

"I am pleased that the shareholders of P&O Princess and Carnival have decided
to combine their two great companies. As I retire as Chairman of P&O Princess,
I have the pleasure of knowing that our people, both at sea and on shore, will
have a tremendous future working together with their Carnival colleagues in
this new global cruising enterprise"

Micky Arison, who will become Chairman and Chief Executive of the Combined
Group, said:

"Such an overwhelming vote in favour of the DLC transaction demonstrates the
logic of combining our two companies. Our primary focus will now be on organic
growth and extracting the benefits of the combination for shareholders and
customers alike. Carnival and P&O together are in the best position to ride the
current geo-political uncertainties and benefit from the positive long term
prospects for the cruising industry.

"In virtually every market in the world where cruise vacations have established
a foothold in the overall leisure travel business, Carnival Corporation & P&O
Princess are leaders. In addition these brands offer very different experiences
allowing us to cater to virtually every lifestyle and budget. We offer, quite
literally, something for everyone."

Enquiries:

P&O Princess Cruises plc Telephone: +44 20 7404 5959

Sophie Fitton (Brunswick)

Sarah Tovey

Carnival Telephone: +44 20 7831 3113

Nic Bennett (Financial Dynamics)

Notes to Editors

Timetable to completion

Carnival and P&O Princess shareholders have each voted to approve the DLC
transaction at shareholder meetings held this week in New York and London.
Completion of the DLC Transaction is expected to occur on Thursday 17 April
2003. On completion of the DLC Transaction, P&O Princess Cruises plc will be
renamed Carnival plc.

Following completion, trading will commence on the London Stock Exchange in
Carnival plc shares on Tuesday 22 April 2003 under the ticker symbol CCL. The
Carnival plc ADS programme will continue to be traded on the NYSE under the
ticker symbol CUK.

Terms used in this announcement have the same meaning as in the announcement
dated 8 January 2003.

The directors of P&O Princess accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
directors of P&O Princess (who have taken all reasonable care to ensure such is
the case), the information contained herein for which they accept
responsibility is in accordance with the facts and does not omit anything
likely to affect the import of such information.

Merrill Lynch International and UBS Warburg Ltd., a subsidiary of UBS AG, are
acting as joint financial advisors and joint corporate brokers exclusively to
Carnival and no one else in connection with the Carnival DLC transaction and
the Partial Share Offer and will not be responsible to anyone other than
Carnival for providing the protections afforded to clients respectively of
Merrill Lynch International and UBS Warburg Ltd. as the case may be or for
providing advice in relation to the Carnival DLC transaction and the Partial
Share Offer.

Citigroup Global Markets Limited ("Citigroup") and Credit Suisse First Boston
(Europe) Limited are acting for P&O Princess and no one else in connection with
the matters referred to herein and will not be responsible to any other person
for providing the protections afforded to clients of Citigroup or Credit Suisse
First Boston (Europe) Limited or for providing advice in relation to the
matters referred to herein.

About Carnival Corporation and Carnival plc

On completion, Carnival Corporation and Carnival plc will be the largest cruise
vacation company in the world, with a portfolio of 13 distinct brands comprised
of the leading cruise operators in both North America and Europe. The brands of
Carnival Cruise Lines, Holland America Line, Windstar Cruises, Seabourn Cruise
Line, Cunard Line, Costa Cruises, Princess Cruises, P&O Cruises, Ocean Village,
Swan Hellenic, AIDA, A'ROSA, and P&O Cruises Australia are all included in the
Combined Group.

Together, these brands operate 66 ships totaling more than 100,000 lower berths
with 17 new ships scheduled for delivery between now and mid-2006. They also
operate three riverboats on Europe's Danube River and the leading tour
companies in Alaska and the Canadian Yukon, Holland America Tours and Princess
Tours. Traded on both the New York and London Stock Exchanges, Carnival
Corporation & Carnival plc will be the only group in the world to be included
in both the S&P 500 and the FTSE 100 indices.



END