Tahitian Princess Debuts with Year-Round French Polynesia Cruises; Ship Christened Today in Papeete by First Lady of French Polynesia.

Business Editors & Travel Writers

SANTA CLARITA, Calif.--(BUSINESS WIRE)--Dec. 20, 2002

Princess' newest addition to its worldwide fleet, Tahitian Princess, was christened today in Papeete by Madame Tonita Flosse, wife of the President of the Government of French Polynesia Mr. Gaston Flosse.

In a dramatic dockside ceremony and under sunny skies, the ship was given its new name during a colorful Tahitian celebration which included a choir and orchestra, Tahitian drums, a performance by a ballet troupe, and a quay festooned with tropical flowers and palm fronds. Presided over by President Gaston Flosse, the naming was attended by more than 300 government ministers, local dignitaries and special guests.

Standing with P&O Princess Cruises' Chairman, The Rt. Hon. The Lord Sterling of Plaistow, the First Lady swung the champagne bottle on cue and broke it against the hull of the ship, officially giving Tahitian Princess her new name.

Beginning with a holiday cruise next week on December 24, 2002, Tahitian Princes will set sail on the company's first ever schedule of year-round cruises in Tahiti and the South Pacific, including the region's only 10-day sailings.

The newly acquired ship will debut with an inaugural season of 50 departures on three unique itineraries, each sailing roundtrip from Papeete, Tahiti, and including visits to Raiatea, Bora Bora and Moorea.

"We are so pleased that Tonita Flosse has become the godmother of Tahitian Princess, because this symbolizes the close ties Princess feels with the Government and people of French Polynesia," said Phil Kleweno, president of Princess Cruises. "Tahitian Princess is an exciting addition to our fleet; it complements our larger vessels and is an important component of our commitment to providing passengers with exotic itineraries, certainly none more spectacular than the islands of French Polynesia."

Itineraries

The vessel's primary itinerary will be a French Polynesia/Cook Islands route featured on 34 departures. With overnight stays in Papeete, Bora Bora and Raiatea, this cruise gives passengers the opportunity to explore ports such as Huahine, Rarotonga, and Moorea, as well as scenic cruising of Tahaa.

Passengers can also choose one of eight French Polynesia/Marquesas voyages, with calls in the Marquesas islands ports of Nuku Hiva and Hiva Oa as well as scenic cruising of the Tuamotu Atolls.

Additionally, Tahitian Princess will offer eight French Polynesia/Samoa cruises on which passengers can take in the beauty of Apia and Pago Pago.

Princess Cruises, part of P&O Princess (NYSE:POC), is a global cruise and tour company. Its current fleet of 10 ships sail on approximately 150 itineraries to 260 ports around the world, and a further five ships will be added by 2004. Additional information is available by calling 1-800-PRINCESS.

Note: An electronic copy of this release, and access to Princess' online newsroom containing past news releases, background information and photography, is available at www.princess.com/news.