MIAMI, Jan. 30, 2002 -- In response to a "revised pre-conditional offer" by Carnival Corporation for P & O Princess, Royal Caribbean re-affirms its confidence that its proposed merger with P & O Princess offers its shareholders a clearly superior deal in terms both of economic value and deliverability.

Royal Caribbean notes that the "revised pre-conditional offer" from Carnival contains no additional value relative to the pre-conditional offer announced on January 17th, except insofar as Carnival's share price has marginally appreciated since that date.

Richard Fain, Chairman and Chief Executive of Royal Caribbean, said: "This latest in a series of repackaged pre-conditional offers from Carnival was only too predictable. They have rearranged the small print but made no real difference to the big picture."