Carnival PLC to sell Swan Hellenic to Lord Stirling

Carnival plc has reached agreement with Lord Stirling, former Chairman of The Peninsular & Oriental Steam Navigation Company (“P&O”) and Life President of P&O Cruises, for the sale of the assets of Swan Hellenic including its trademarks, and marketing database. Carnival will cease its operation of Swan Hellenic, its British discovery cruise division, on 7 April 2007, when it will transfer the current Swan Hellenic ship to Princess Cruises.

David Dingle, Managing Director of Carnival UK commented, “Swan Hellenic is an excellent brand, famous for providing discovery cruises to discerning passengers in civilised and comfortable surroundings. The sale of Swan Hellenic is in line with Carnival’s strategy of moving away from smaller niche brands, and I am delighted that we are able to pass the stewardship of the Swan name and traditions to Lord Stirling.” Lord Stirling said, “Through P&O I have been involved with Swan Hellenic for some 25 years and it will give me great pleasure to enable this famous and unique brand of some 50 years to continue.”

“We are actively seeking a replacement ship and it is our desire to continue our voyages throughout the same regions of past years, together with new areas of interest. We are keenly aware of and grateful for the long-standing loyalty of so many Swan passengers and renowned guest speakers, and we look forward to renewing acquaintances in the not too distant future.

“We shall continue the culture and ethos with which this distinguished British brand is associated throughout the cruising world.”