SANTA CLARITA, Calif. -- May 30, 2003 -- Princess has a new "Love Boat" and is introducing the latest Pacific Princess to her new summer home of San Francisco. The vessel is a modern, 670-guest boutique ship that takes on the name of the ship featured prominently in "The Love Boat" television series, after the original vessel was retired from the Princess fleet last fall.

Although the vessel is relatively small, she incorporates many of the dining and entertainment options available on today's larger cruise vessels with two specialty restaurants in addition to a main dining room and casual Lido.

The ship, which originally entered service in 1999 as R3 for Renaissance Cruises, began sailing for Princess just last month. The vessel spends its winter season in Australia and the South Pacific with sister company P&O Cruises Australia.

"The name Pacific Princess is synonymous with 'The Love Boat' and cruising," said Dean Brown, Princess' executive vice president of customer service and sales. "We couldn't be more delighted to welcome this ship into our fleet, and base it in a city with which we've had a long history and successful relationship."

As teh ship arrived, even "Captain Stubing" himself, actor Gavin MacLeod, was on the bridge to greet officials and press as the ship prepared to begin its season of Alaska cruises from the city tomorrow.

Pacific Princess' Alaska season will offer 10 departures between May 29 and September 5, 2003 on a 11-day Inside Passage itinerary roundtrip from San Francisco that includes calls at Victoria or Vancouver, Ketchikan or Sitka, Skagway and Juneau, plus sailing through the dramatic glaciers, rock walls and waterfalls of Tracy Arm and the twin Sawyer Glaciers.

In addition, the vessel will offer Princess passengers a selection of South Pacific voyages before the ship returns to the P&O Australia fleet in the fall. Among the featured offerings are a 16-day cruise from San Francisco to Papeete, a series of four roundtrip French Polynesia cruises from the Tahitian capital, and a final 16-day voyage between Papeete and Sydney.

The new Pacific Princess is well suited to offer many of the onboard options that have become Princess trademarks. Passengers will find a wide variety of dining experiences with four onboard restaurants, including alternative dining options such as Princess' renowned Sabatini's trattoria and the premium Sterling Steakhouse. The ship also offers a full spa and fitness center, casino, a variety of entertainment lounges and bars, an Internet cafe, fully stocked library, two duty-free boutiques and a jogging track. And, with 92 percent outside staterooms - with over two-thirds of these including a private balcony - the vessel provides the perfect venues for watching Alaska's dramatic glaciers, or the tropical paradises of the South Pacific.

Princess describes itself as follows:

One of the best-known names in North American cruising, Princess Cruises is a global cruise and tour company. Part of Carnival Corporation (NYSE:CCL), its current fleet of 10 ships sail on approximately 150 different itineraries around the globe, calling at more than 260 ports on all seven continents. By 2006 a further five ships will be introduced.

Princess Cruises is a proud member of World's Leading Cruise Lines. Our exclusive alliance also includes Carnival Cruise Lines, Holland America, Cunard Line, Costa Cruises, Windstar Cruises and The Yachts of Seabourn. Sharing a passion to please each guest, and a commitment to quality and value, our member lines appeal to a wide range of lifestyles and budgets. Together we offer exciting and enriching cruise vacations to the world's most desirable destinations.