Filing under Rule 425 under
                                                      the Securities Act of 1933
                                               and deemed filed under Rule 14d-2
                                          of the Securities Exchange Act of 1934
                                                 Filing by: Carnival Corporation
                                      Subject Company: P&O Princess Cruises plc.
                                             SEC File No. of Princess: 001-15136


Miami (2/12/02) - Carnival Corporation (NYSE:CCL) reported today that its net
bookings during the first five weeks of "Wave Season" have increased 8% over the
same period last year, compared to a 3% capacity increase for the first nine
months of 2002. Pricing has also recovered from the significantly discounted
prices experienced after the events of September 11, with pricing during recent
weeks almost equal to last year's levels.

Micky Arison, Carnival Corporation's Chairman and CEO, said: "I am extremely
pleased to see the strong rebound across all of our six cruise brands following
the slowdown in travel after September 11. The fact that our three largest
brands, Carnival Cruise Lines, Holland America Line and Costa Cruises, have all
reported record booking days during this year's `Wave Season' demonstrates the
fundamental strength in the demand for our vacation products, as well as our
ability to manage that demand to an optimal level."

Because of the improved booking levels and pricing, the Company now estimates
that net revenue yields for the first quarter of 2002 will be down approximately
8%. This compares to our most recent guidance for the first quarter of a
decrease in net yields of between 10% and 15%.

While cumulative advance booking levels and prices for the second through fourth
quarters of 2002 are still below last year's levels, Carnival expects that net
revenue yields for the remainder of 2002 should continue to improve compared to
the first quarter. "Although the booking curve continues to be very close-in, I
am very pleased to see that the close-in pricing is above last year's levels.
This gives me a great deal of optimism for the remainder of 2002, especially as
we see the booking curve starting to move toward more historical patterns,"
Arison said.

Because of the Company's current offer to purchase P&O Princess Cruises plc and
the UK market regulations, the Company is limited in the amount of forward
guidance that it can give and consequently, has not scheduled a conference call
to discuss bookings at this time.

Carnival Corporation is comprised of Carnival Cruise Lines, the world's largest
cruise line based on passengers carried, Holland America Line, Costa Cruises,
Cunard Line, Seabourn Cruise Line and Windstar Cruises. Carnival Corporation's
various brands operate 43 ships in the Caribbean, Alaska, Europe, Mexican
Riviera, South America and other worldwide destinations.

Additional information can be obtained via Carnival Corporation's web site at

Special note regarding forward-looking statements

Certain statements in this announcement constitute "forward-looking statements"
within the meaning of the US Private Securities Litigation Reform Act of 1995.
Carnival has tried, wherever possible, to identify such statements by using
words such as "anticipate," "assume," "believe," "expect," "intend," "plan" and
words and terms of similar substance in connection with any discussion of future
operating or financial performance. These forward-looking statements, including
those which may impact the forecasting of Carnival's annual cost savings that
underlie estimates of synergies and one time costs to implement synergies, net
revenue yields, booking levels, price, occupancy or business prospects, involve
known and unknown risks, uncertainties and other factors, which may cause
Carnival's actual results, performances or achievements to be materially
different from any future results, performances or achievements expressed or
implied by such forward-looking statements. Such factors include, among others,
the following: general economic and business conditions which may impact levels
of disposable income of consumers and the net revenue yields for Carnival's
cruise products; consumer demand for cruises and other vacation options; other
vacation industry competition; effects on consumer demand of armed conflicts,
political instability, terrorism, the availability of air service and adverse
media publicity; increases in cruise industry and vacation industry capacity;
continued availability of attractive port destinations; changes in tax laws and
regulations; Carnival's ability to implement its brand strategy, Carnival's
ability to implement its shipbuilding program and to continue to expand its
business outside the North American market; Carnival's ability to attract and
retain shipboard crew; changes in foreign currency rates, security expenses,
food, fuel, insurance and commodity prices and interest rates; delivery of new
ships on schedule and at the contracted prices; weather patterns; unscheduled
ship repairs and dry-docking; incidents involving cruise ships; impact of
pending or threatened litigation; and changes in laws and regulations applicable
to Carnival.

Carnival cautions the reader that these risks may not be exhaustive. Carnival
operates in a continually changing business environment, and new risks emerge
from time to time. Carnival cannot predict such risks nor can it assess the
impact, if any, of such risks on its business or the extent to which any risk,
or combination of risks may cause actual results to differ from those projected
in any forward-looking statements. Accordingly, forward-looking statements
should not be relied upon as a prediction of actual results. Carnival undertakes
no obligation publicly to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

Carnival plans to file a registration statement on form s-4 and a statement on
schedule to with the US Securities and Exchange Commission in connection with
commencement of the increased offer. The form s-4 will contain a prospectus and
other documents relating to the increased offer. Carnival plans to mail the
prospectus contained in the form s-4 to shareholders of P&O princess when the
form s-4 is filed with the sec. The form s-4, the prospectus and the schedule to
will contain important information about carnival, P&O princess, the increased
offer and related matters. Investors and stockholders should read the form s-4,
the prospectus, the schedule to and the other documents filed with the sec in
connection with the increased offer carefully before they make any decision with
respect to the increased offer. The form s-4, the prospectus, the schedule to
and all other documents filed with the sec in connection with the increased
offer will be available when filed free of charge at the sec's web site, at In addition, the prospectus and all other documents filed with the
sec in connection with the increased offer will be made available to investors
free of charge by writing to Tim Gallagher at carnival corporation, carnival
place, 3655 N.W. 87 avenue, miami, florida, 33178-2428, us.

In addition to the form s-4, prospectus, the schedule to and the other documents
filed with the sec in connection with the increased offer, carnival is obligated
to file annual, quarterly and current reports, proxy statements and other
information with the sec. Persons may read and copy any reports, statements and
other information filed with the sec at the sec's public reference room at 450
fifth street, N.W., Washington, D.C. 20549. Please call the sec at
1-800-sec-0330 for further information on the public reference room. Filings
with the sec also are available to the public from commercial document-retrieval
services and at the web site maintained by the sec at

For investor inquiries, please contact Beth Roberts, Tel: (011) 44 771 0945 361.
For press inquiries, please contact Tim Gallagher, Tel: 1-305-599-2600, ext.
16000, Carnival Corporation, Carnival Place, 3655 N.W. 87 Avenue, Miami, Florida