Royal Caribbean Reaffirm Commitment to P&O Princess Cruises Merger

Royal Caribbean Cruises, Ltd. today reaffirmed its commitment to the merger it has signed with P&O Princess Cruises plc that was announced on November 20, 2001. Richard Fain, Chairman and Chief Executive Officer of Royal Caribbean said, "Royal Caribbean supports P&O Princess' decision to postpone their EGM, in order to give its shareholders time to fully consider their alternatives. “I am convinced that the merger we have agreed with P&O Princess will provide both sets of shareholders the greatest long-term value going forward, and that P&O Princess shareholders will recognize that the transaction with Royal Caribbean is superior in all respects to the takeover proposal from Carnival."