P&O Princess Cruises plc (the Company)
On  25  April  2002,  the  Company announced  a  recommended
dividend of 3 US cents per ordinary share payable in cash in
US  dollars  or sterling on 17 June 2002 to shareholders  on
the  register  at close of business on 17 May 2002.  In  the
absence  of  instructions  or  elections  to  the  contrary,
holders   of   ordinary   shares  on   the   register   will
automatically receive dividends in sterling.  Holders of the
Companys  ADRs will receive a dividend of 12 US  cents  per
ADR, payable in US dollars.
Dividends  payable  in sterling will be  converted  from  US
dollars  at the exchange rate quoted by the Bank of  England
in  London  at  11.00 am on 30 May 2002  (GBP1  =  US$1.4652).
Accordingly, the amount payable in sterling on 17 June  2002
will be approximately 2.04750 pence per share.

P&O Princess
P&O  Princess Cruises plc is a leading international  cruise
company  with  some of the strongest cruising  brand  names:
Princess  Cruises  in  North  America;  P&O  Cruises,   Swan
Hellenic  and  Ocean Village in the UK; AIDA and  AROSA  in
Germany;  and  P&O Cruises in Australia.  It  is  a  leading
provider  of  cruises to Alaska, the Caribbean, Europe,  the
Panama  Canal  and other Exotic destinations.   The  current
complement of 18 ships offering 29,460 berths is set to grow
in  the  next three years with seven new ocean cruise  ships
and three river cruise vessels on order.

P&O  Princess  Cruises  has approximately  19,500  employees
worldwide and carried over one million passengers  in  2001,
generating   a   revenue  of  approximately   $2.5   billion
(approximately GBP1.7 billion). Headquartered in  London,  P&O
Princess  Cruises ordinary shares are quoted on the  London
Stock  Exchange  and as ADRs on the New York Stock  Exchange
(under the symbol POC).