Carnival Wins Adjournment

February 15, 2002

After a wild and wacky day, in which the span between voting for adjournment and tallying the count was delayed for some 14 hours, P&O Princess shareholders have voted for adjournment: estimates are 253 million in favor of adjournment, 152 million against.

Yesterday's long scheduled meeting was originally intended for shareholders to vote yea -- or nea -- for P&O Princess' planned merger with Royal Caribbean. But Carnival's offer, late in the game, muddied the waters and yesterday's vote instead centered around whether or not shareholders would elect to delay the merger decision -- in order to have more time to study Carnival's bid.

The 14 hour delay between the vote for adjournment and the ultimate tallying of results occurred because of a higher-than-anticipated volume of votes cast.

P&O Princess executives say that despite today's setback they are still committed to pursuing the merger with Royal Caribbean.

On his part, Richard Fain, Royal Caribbean's chairman and CEO admitted to disappointment at the outcome of the meeting and said, in a statement, "We will need to consult with our advisors to determine the implication of the votes and their impact on the merger."

As would seem obvious, the Royal Caribbean shareholders gathered yesterday (and hoped to meet today) to vote on the merger have also adjourned.