Document:

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                                                                  Exhibit 10.21

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                   EMPLOYMENT AND NON-COMPETITION AGREEMENT

           ---------------------------------------------------------

                                By and Between

                          Vsource (Malaysia) Sdn Bhd

                                      and

                             John Gerard Cantillon

                       Dated as of January 1/st/ , 2003

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This EMPLOYMENT AND NON-COMPETITION AGREEMENT dated as of January 1st, 2003
(the "Effective Date"), by and between Vsource (Malaysia) Sdn Bhd (Company No.
502982-W), a Malaysia company (the "Company"), and John Gerard Cantillon
("Employee").

   In consideration of Employee's continued employment by the Company, the
parties hereto agree as follows:

1.  Employment.  Subject to earlier termination in accordance with Sections
contained within, this Agreement shall be an at-will agreement commencing as of
the Effective Date.

   a.  Duties. The Company agrees to employ Employee and Employee agrees to
serve the Company, as its Chief Operating Officer, subject to the direction of
the Chief Executive Officer and the Board of Directors of the Company (the
"Board"), and to have such authority and duties relative to the operation of
the Company as may be determined by the Chief Executive Officer and the Board.

   b.  Term. The initial term of this Agreement shall be from the Effective
Date hereof until the day that is two years after the Effective Date (the
"Initial Term"). This Agreement shall renew automatically for additional one
(1) year terms unless either party gives notice of termination not less than 90
days prior to the end of the existing term.

   c.  Best Efforts. During the term of his employment under this Agreement,
Employee shall devote his full business time, attention, skill, and efforts to
the faithful performance of his duties hereunder, and will use his best efforts
to advance the interests of the Company, the Company's parent company and any
subsidiaries thereof (the "Vsource Companies").

   d.  Eligibility. This Agreement and the benefits contained herein are
contingent upon Employee's being authorized to work and reside in the country
in which the Company elects to base Employee (the "Host Country"), which may or
may not be the country of incorporation of the Company. If Employee loses his
authorization to work in the Host Country at any time, for any reason during
the life of this Agreement, the Company will consider Employee's circumstances,
but may, at its sole discretion, consider all, or any portion of this Agreement
void.

   e.  Statutory Benefits. Employee understands and agrees that the
differential payments and adjustments described below as well as any other
allowances or gratuities provided by the Company under this Agreement are, at
the election of the Company, in substitution for the statutory benefits
required under the laws of the Host Country to compensate employees who are not
entitled to receive these contractual benefits.

2.  Compensation.  The Company shall pay to Employee, as consideration for the
services to be rendered by Employee hereunder, a salary of RM350,360 per year
(the "Salary") to be paid on a monthly basis in Malaysian Ringgit. Employee
shall not be eligible for a 13/th/ month bonus or incentive bonus.

3.  Stock Options, Restricted Stock and Similar Types of Compensation
Benefits.  Stock option grants, participation in restricted stock programs or
deferred compensation programs and other similar types of compensation plans
will be decided by the Board of Directors of Vsource but in any event will be
on generally the same terms and conditions made available to other members of
senior management of the Vsource Companies.

4.  Expenses.  Upon presentation of proper vouchers, receipts or other proof,
Employee shall be reimbursed promptly by the Company for all reasonable travel
and other expenses incurred by Employee in connection with performing his
employment obligations.

5.  Annual Leave.  Annual leave accrues at the rate of 15 days per annum.
Employee will be eligible for the leave as per Company policy and practice,
which currently exists or may be adopted in the future. Leave shall be

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taken at such times as shall be mutually agreed upon by Employee and the Chief
Executive Officer, having regard to the Company's business needs and Employee's
responsibilities. Employee shall be entitled to observe all local country
holidays as designated by the Company's annual holiday schedule.

6.  Benefits.  Employee is entitled to participate in the benefits programs
provided by the Company, based on Employee's eligibility as per Company policy
and practice, which currently exists or may be adopted in the future.

7.  Termination of Employment.

   a.  By the Employee. Employee's employment may be terminated by Employee,
without cause (a "Voluntary Termination") (i) during the Initial Term, at any
time during the period comprised of the last 90 days of the Initial Term, and
(ii) at any time after the Initial Term, in each case upon 90 days written
notice to the Company.

   b.  By the Company. Employee's employment may be terminated by the Company:

       i. immediately, in the event that (1) Employee is convicted or pleads
          guilty or nolo contendere to a felony or a crime of moral turpitude,
          (2) the Board determines in good faith that Employee has been grossly
          negligent or acted dishonestly to the material detriment of the
          Company, (3) Employee willfully disobeys the instructions or mandates
          of the Board and such disobedience continues after Employee is
          afforded a reasonable opportunity to cure such disobedience, or (4)
          the Board makes a good faith determination that Employee has engaged
          in actions amounting to willful misconduct or failed to perform his
          duties hereunder and such failure continues after Employee is
          afforded reasonable opportunity to cure such failure (each of (1),
          (2), (3) or (4), refereed to herein as a "Termination for Actual
          Cause"); or

      ii. immediately, in the event that Employee is indicted or otherwise
          formally charged with a felony or a crime of moral turpitude, in
          which case the Board may, upon three (3) days written notice, suspend
          Employee's employment by the Company. Thereafter, all payments of
          salary and bonuses, if any, to which Employee otherwise would be
          entitled under this Agreement shall be paid into an interest bearing
          escrow account. In the event that Employee shall be acquitted of such
          charges or such charges shall otherwise be dismissed, Employee shall
          be reinstated as an employee, and all salary and accrued bonuses paid
          into escrow, plus accrued interest, shall be paid to Employee. In the
          event Employee shall be convicted or pleads guilty or nolo contendere
          to such charges and his employment is terminated hereunder; all
          salary and accrued bonuses paid into escrow plus accrued interest,
          shall be paid over to the Company, and for purposes of this
          Agreement, Employee's employment shall be deemed to have terminated
          as of the date of his suspension.

     iii. if the Board of Directors, in its discretion, resolves to terminate
          Employee's employment for any reason other than those set forth in
          sub-sections b(i) or b(ii) above, upon 90 days notice to Employee.

   c.  Death of Employee. In the event of Employee's death during the term of
his employment, Employee's employment pursuant to this Agreement shall be
deemed to have terminated on the last day of the calendar month during which
Employee's death occurred.

   d.  Disability. In the event Employee is unable to perform his normal duties
by reason of disability, then at the sole discretion of the Board, Employee's
employment pursuant to this Agreement may be treated as having been terminated
on the last day of the calendar month during which Employee shall have been
deemed disabled. For purposes of this Section, "disability" shall mean the
inability of Employee to perform his normal duties under this Agreement for a
cumulative period in excess of six (6) months within any twelve (12) month
period due to illness, injury, incapacity or other disability, either physical
or mental.

                                      -2-

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8.  Severance.

   a.  Voluntary Termination, Termination for Actual Cause or Termination
Without Cause. In the event of Voluntary Termination, Termination for Actual
Cause or a termination by the Company of Employee's employment without cause,
the Company shall pay to Employee, in full discharge of its obligations
hereunder, Salary through the date specified in the applicable notice as the
termination date (the "Termination Date") of his employment; provided, that in
the case of a Voluntary Termination, if the Company permits Employee to
terminate employment on a date earlier than the Termination Date, then the
Company shall only be obligated to pay Employee's Salary through such earlier
date; and provided, further, that in the case of termination by the Company of
Employee's employment without cause, the Company may, at its option, elect to
pay Employee the Salary payable Employee through the Termination Date, and
require Employee to leave the Company's offices immediately or any other time
designated by the Company prior to the Termination Date.

   b. Death or Disability. In event Employee's employment by the Company
terminates on account of Employee's death or disability, the Company shall pay
to Employee (or his estate), in full discharge of its obligations hereunder,
Employee's Salary through the Termination Date.

9.  Non-Competition.

   Employee covenants and agrees that during the term of Employee's employment
with the Company and for a period (the "Non-Compete Period") commencing on the
Termination Date and ending on the date which is one (1) year from the date of
the final payment by the Company to Employee pursuant to this Agreement, Employ
will refrain from: (i) directly or indirectly (as a director, officer,
employee, manager, consultant, independent contractor, advisor or otherwise)
engaging in competition with, or owning any interest in, performing any
services for, participating in or being connected with any business or
organization which engages in competition with any of the Vsource Companies in
the Asia-Pacific region, (ii) soliciting directly or indirectly the patronage
of any person with whom Employee has had personal contact or dealings on behalf
of any of the Vsource Companies during the twelve (12) month period immediately
preceding the Termination Date, or (iii) directly or indirectly employing,
soliciting for employment, or advising or recommending to any other person that
they employ or solicit for employment, any employee of any of the Vsource
Companies.

   In connection with the foregoing provisions of this Section 9, Employee
represents that his experience, capabilities and circumstances are such that
the provisions of these Sections will not prevent him from earning a livelihood
and that the limitations set forth herein are reasonable and properly required
for the adequate protection of the Company.

10.  Confidential Information.

   a.  Non-Disclosure. Employee agrees not to use other than for the benefit of
the Vsource Companies and to keep confidential, during the term of Employee's
employment with the Company and for at least two (2) years thereafter, all
information about the Vsource Companies which the Vsource Companies treat as
confidential, including, but not limited to, information about customers,
marketing plans, marketing techniques, technical information, and possible new
products or services, except that Employee will not be required to keep
particular items of information confidential after those items of information
become generally available to the public without a breach by Employee of
Employee's obligations under this Section. Employee covenants and agrees that
except in the performance of his duties hereunder, he will not, at any time,
directly or indirectly, without the prior written consent of the Company, use
or disclose to any person any confidential or proprietary information
("Confidential Information") obtained or developed by him while employed by the
Company relating to the business of the Vsource Companies, except information
which at the time (i) is available to others in the business or generally known
to the public other than as a result of disclosure by him not permitted
hereunder, (ii) is lawfully acquired from a third party who is not obligated to
a Vsource Company to maintain such information in confidence or (iii) is used
in any dispute or proceedings between the parties and/or Employee is legally
compelled to disclose such information; provided, however, that prior to any
such compelled disclosure,

                                      -3-

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Employee will (a) assert the privileged and confidential nature of the
Confidential Information against the third party seeking disclosure and (b)
cooperate fully with the Company or any other Vsource Company in protecting
against any such disclosure and/or obtaining a protective order narrowing the
scope of such disclosure and/or use of the Confidential Information. In the
event that such protection against disclosure is not obtained, Employee will be
entitled to disclose the Confidential Information, but only as and to the
extent necessary to legally comply with such compelled disclosure.

   b.  Disclosure to the Company. Employee shall disclose promptly to the
Company all new discoveries, ideas, formulae, products, methods, processes,
designs, trade secrets, copyrightable material, patentable inventions, or other
useful technical information or know-how and all improvements, modifications or
alterations of existing discoveries made, discovered, or developed by him,
either alone or in conjunction with any other person during the term of his
employment by the Company, or using the Vsource Companies' materials or
facilities, which discoveries or developments are based on, derived from, or
make use of any information directly related to the business disclosed to, or
otherwise acquired by, Employee from any of the Vsource Companies during his
employment by the Company. Employee agrees that any copyright, patent,
trademark, or other proprietary rights in any such discoveries shall be the
sole and exclusive property of the Company, and none of the Vsource Companies
need account to Employee for any revenue or profit derived therefrom. If by
operation of law or otherwise, any or all of the items set forth in this
Section 10, or any component or element thereof, is considered to be the
intellectual property right of Employee, Employee hereby agrees to irrevocably
assign to the Company, its successor and assigns, ownership of all United
States and international copyrights and all other intellectual property rights
available with respect to each such element or item. Employee shall be deemed
to have granted the Company an irrevocable power of attorney to execute as
Employee's agent any and all documents (including copyright registrations)
deemed necessary by the Company to perfect the Company's intellectual properly
rights in and to each of the items set forth in this Section.

   c.  Trade Secrets. Employee agrees, in order to effectuate the intent of the
parties hereunder with respect to confidentiality of the trade secrets of the
Vsource Companies, to return to the Vsource Companies forthwith upon the
request of a Vsource Company or the termination of his employment or promptly
thereafter, all documents, materials, photographs, memorandums, and all copies
or reproductions hereof, or any property of a similar or different nature
containing information relating to the business or other Confidential
Information, whether such material was furnished by a Vsource Company, or
otherwise. Employee further agrees to use his best efforts and to exercise
utmost diligence to protect and guard and keep secret and confidential all
Confidential Information that shall come into his possession by reason of his
employment by the Company.

   d.  Company Property. Employee agrees to return to the Vsource Companies
forthwith upon the request of any Vsource Company or the termination of his
employment or promptly thereafter, all other properly belonging to the Vsource
Companies.

11.  Damages.

   Employee acknowledges that the Company may suffer irreparable harm, which
cannot readily be measured by monetary terms, if Employee breaches his
obligations under Section 9 or 10, or any other section. Employee agrees and
acknowledges that, in the event of any such breach, the Company shall be
entitled to cancel any and all shares, and/or options or rights to purchase
shares, of its or any Vsource Company's capital stock received by the Employee
and/or cancel Employee's rights to receive additional compensation pursuant to
Section 2 or 3 as compensation for services rendered. Employee further
acknowledges and agrees that the Company may obtain injunctive or other
equitable relief against Employee to prevent or restrain such breach causing
such harm; provided, however, that where such breach involves subject matter
that is susceptible of being cured, Employee will cure such breach as promptly
as practicable upon notice of such breach to Employee. Such injunctive relief
shall be in addition to any other remedies the Company might have under this
Agreement or at law.

                                      -4-

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12.  Miscellaneous.

   a.  Notice. Any notices or other communications to Employee or to the
Company under or relating to this Agreement must be in writing and will be
deemed given when delivered in person or sent by facsimile transmission to the
Company or Employee, as the case may be, at the Company's principal offices, or
on the third day after the day on which mailed to the Company or Employee, as
the case may be, by first class mail addressed to the Company or Employee at
the Company's principal offices, except that after the term of this Agreement
terminates, any notice or other communication to Employee will be deemed given
when delivered in person or sent by facsimile transmission, or on the third day
after the day on which mailed by first class mail, to Employee at an address
specified by Employee to the Company in the manner provided in this Section
(or, if Employee does not specify an address, at the Company's principal
offices).

   b.  No Duplication. The payments and benefits received by Employee hereunder
are in addition to, and not duplicative of, payments and benefits received by
Employee under Employee's employment and non-competition agreement with Vsource
(CI) Ltd dated as of the same date hereof (the "CI Agreement").

   c.  Entire Agreement; Amendment. This Agreement, together with the CI
Agreement, represents the entire understanding of the parties with respect to
the subject matter hereof and thereof, and replaces in its entirety the
employment agreement dated April 4, 2001 between Employee and the Company,
which Employee agrees is cancelled and terminated as of the Effective Date,
except that Employee shall be credited hereunder with all benefits that have
accrued thereunder through the Effective Date, including without limitation
accrued vacation and employee stock options that have previously been granted.
No termination, revocation, waiver, modification, amendment or supplement to
this Agreement shall be binding unless consented to in writing by Employee and
the Company.

   d.  Governing Law. This Agreement shall be interpreted and construed in
accordance with the laws of Malaysia, without giving effect to the conflict of
laws provisions thereof.

   e.  Interpretation. As used in this Agreement, the masculine gender shall
include the feminine or neuter gender and the plural shall include the singular
wherever appropriate. The titles of the paragraphs and sections have been
inserted as a matter of convenience of reference only and shall not control or
affect the meaning or construction of any of the terms or provisions hereof.
Nothing herein shall be construed against or more favorably toward any party by
reason of any party having drafted this Agreement or any portion hereof.

   f.  Severability. Any provision of this Agreement that is invalid, illegal
or unenforceable in any jurisdiction shall be automatically reformed and
construed so as to be valid, operative and enforceable to the maximum extent
permitted by law, or if no reformation is permissible, shall be ineffective to
the extent of such invalidity, illegality or unenforceability without
invalidating or rendering unenforceable the remaining provisions of this
Agreement, and any such invalidity, illegality or unenforceability shall not,
of itself, affect the validity, legality or enforceability of such provision in
any other jurisdiction.

   g.  Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall constitute one and the same instrument.

   h.  No Waiver. No failure or delay on the part of either party is exercising
any right or power hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power preclude any other right
or power.

13.  Data Privacy Consent.

   Employee authorizes and consents to the transfer by the Company of various
personnel and employment data concerning and relating to Employee (via
electronic mail or fax) to the Vsource Companies or third parties assisting the
Company in implementation, administration and management of employee programmes.

                                      -5-

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   IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as
of the date first above written.

                                              VSOURCE (MALAYSIA) SDN BHD

                                              By:   /s/
                                                  -----------------------------
                                                              Name:
                                                             Title:

                                              By:   /s/
                                                  -----------------------------
                                                      John Gerard Cantillon

Nationality: Republic of Ireland

                                      -6-<PAGE>

                                                                     Exhibit 4.1

                                PAIRING AGREEMENT

     PAIRING AGREEMENT (hereinafter called this "Agreement") dated as of April
17, 2003, among Carnival Corporation, a corporation organized under the laws of
the Republic of Panama ("Carnival"), The Law Debenture Trust Corporation
(Cayman) Limited (the "Trustee"), as trustee of the P&O Princess Special Voting
Trust, a trust formed under the laws of the Cayman Islands (the "Trust") and
SunTrust Bank (the "Transfer Agent").

     WHEREAS, Carnival and P&O Princess Cruises plc, a public limited company
incorporated under the laws of England and Wales ("P&O Princess"), on the date
hereof, pursuant to an Offer and Implementation Agreement dated as of January 8,
2003, between Carnival and P&O Princess (the "Offer and Implementation
Agreement"), are establishing a dual listed company structure for the purposes
of (i) conducting their business together, (ii) treating their shareholders as
if they owned an interest in a combined enterprise and (iii) creating certain
rights for their respective shareholders in respect of their indirect interests
in the combined voting enterprise;

     WHEREAS, in connection with the closing (the "Closing") of the transactions
contemplated by the Offer and Implementation Agreement, (i) concurrently with
the Closing, P&O Princess is issuing to Carnival, pursuant to the Offer and
Implementation Agreement, one Special Voting Share (the "Special Voting Share");
(ii) immediately after such issuance, Carnival is transferring the Special
Voting Share to the Trustee (the "Deposit"); (iii) immediately after the
Deposit, the Trustee is entering into a Special Voting Trust Deed, between the
Trustee and Carnival (the "Trust Deed"), which will, among other things,
establish the P&O Princess Special Voting Trust in accordance with the laws of
the Cayman Islands, and a SVE Special Voting Deed (the "SVE Special Voting
Deed") among the Trustee, DLC SVC Limited, a company incorporated in England and
Wales, Carnival, P&O Princess and, The Law Debenture Trust Corporation p.l.c., a
company incorporated in England and Wales, which will, among other things, set
forth the obligations of the Trustee with respect to the Special Voting Share;
(iv) in respect of the Deposit, the Trustee is issuing to Carnival one share of
beneficial interest (a "Trust Share") in the Trust for each outstanding share of
common stock, par value $0.01 per share, of Carnival (including any security
into which such common stock is reclassified or converted, the "Carnival Common
Stock"); and (v) immediately after receiving the Trust Shares, Carnival is
distributing (the "Distribution") a dividend to the holders of Carnival Common
Stock of one Trust Share for each share of Carnival Common Stock held as of the
record date for such dividend (the "Record Date");

     WHEREAS, Carnival and the Trustee intend that (i) the Special Voting Share
be listed on the New York Stock Exchange or another national stock exchange or
automated quotation system (the "Applicable Exchange") and be publicly traded;
(ii) each Trust Share is paired with and is transferable only with one share of
Carnival Common Stock, subject to equitable adjustment in accordance with
Section 6 hereof; and (iii) one Trust Share be issued to Carnival by the Trust
for each share of Carnival Common Stock subsequently issued by Carnival, to be
represented by the certificates

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representing such Carnival Common Stock and to be paired with and transferable
only with such Carnival Common Stock; and

     WHEREAS, the Transfer Agent is the transfer agent and registrar for the
Carnival Common Stock and has agreed to be transfer agent and registrar for the
Trust Shares, which are to be represented by the certificates representing
shares of Carnival Common Stock in accordance with the terms hereof and of the
Trust Deed.

     NOW, THEREFORE, in consideration of the mutual promises contained herein,
the parties agree:

     1. On and after the date hereof (the "Effective Date"), which date shall be
promptly communicated in writing to the Transfer Agent by Carnival, and for so
long as the Trust Shares and shares of Carnival Common Stock remain outstanding:

        (a) each Trust Share shall, immediately following the transfer from
Carnival to the holders of shares of Carnival Common Stock by Distribution or
otherwise, be paired with one share of Carnival Common Stock;

        (b) if a share of Carnival Common Stock is transferred, one Trust Share
shall be transferred along with such share of Carnival Common Stock, and the
Transfer Agent shall cause such transfer of each security to be recorded in
Carnival's share register;

        (c) each share of Carnival Common Stock shall not be transferred without
the corresponding Trust Share, and each Trust Share shall not be transferred
without the corresponding share of Carnival Common Stock;

        (d) the Trust Shares and the shares of Carnival Common Stock shall not
be represented by separate instruments but shall be represented by certificates
representing the shares of Carnival Common Stock, which shall also represent the
Trust Shares, including existing certificates of Carnival Common Stock;

        (e) the Transfer Agent and Carnival shall not transfer, agree to
transfer or recognize the transfer of shares of Carnival Common Stock in
registered form which do not bear the legend referenced in Section 2(b) hereof
unless the Transfer Agent has received from the transferor, either endorsed on
the certificate representing the shares of Carnival Common Stock or otherwise, a
duly completed and signed stock transfer form or stock power in writing which
shall include an agreement by such transferor that such stock transfer form or
stock power shall transfer the paired Trust Shares as well as the shares of
Carnival Common Stock and which is signed by the transferor (and not by any
agent on behalf of such transferor);

        (f) the Trustee shall not issue any Trust Shares except as required
under this Agreement or the Trust Deed; and

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        (g) the Trustee shall not declare or pay any distribution consisting in
whole or in part of Trust Shares, or retire, cancel, subdivide or combine such
Trust Shares, except in accordance with Sections 3, 4, 5, 6 and 7 hereof.

     2. Carnival shall procure that each certificate representing shares of
Carnival Common Stock issued after the Effective Date shall:

        (a) subject to the other provisions of this Section 2, take the form of
the certificate representing shares of Carnival Common Stock as of immediately
prior to the Effective Date;

        (b) bear the following legend:

     "THIS CERTIFICATE ALSO REPRESENTS A NUMBER OF SHARES OF BENEFICIAL INTEREST
("TRUST SHARES") IN THE P&O PRINCESS SPECIAL VOTING TRUST ("P&O PRINCESS
TRUST"), EQUAL TO THE NUMBER OF SHARES OF COMMON STOCK OF CARNIVAL CORPORATION
(THE "CARNIVAL COMMON STOCK") REPRESENTED BY THIS CERTIFICATE. THE TRUST SHARES
EACH REPRESENT AN EQUAL, ABSOLUTE, IDENTICAL, UNDIVIDED INTEREST IN THE TRUST
PROPERTY (INCLUDING A SPECIAL VOTING SHARE ISSUED BY P&O PRINCESS CRUISES PLC)
THAT IS HELD BY THE LAW DEBENTURE TRUST CORPORATION (CAYMAN) LIMITED OR ANY
SUCCESSOR THERETO, AS TRUSTEE OF THE P&O PRINCESS TRUST (THE "P&O PRINCESS
TRUSTEE"). THE TRUST SHARES ARE REPRESENTED BY THIS CERTIFICATE PURSUANT TO THE
TERMS OF A SPECIAL VOTING TRUST DEED ESTABLISHING P&O PRINCESS TRUST BETWEEN
CARNIVAL CORPORATION AND THE P&O PRINCESS TRUSTEE (THE "SPECIAL VOTING TRUST
DEED") AND A PAIRING AGREEMENT AMONG CARNIVAL CORPORATION, THE P&O PRINCESS
TRUSTEE AND SUNTRUST BANK OR ANY SUCCESSOR THERETO (THE "PAIRING AGREEMENT"),
AND THE TRUST SHARES REPRESENTED BY THIS CERTIFICATE MAY ONLY BE TRANSFERRED
TOGETHER WITH THE CARNIVAL COMMON STOCK PURSUANT TO THE PAIRING AGREEMENT. THE
P&O PRINCESS TRUST AND THE TRUST SHARES ARE SUBJECT TO AND THE TRUST SHARES ARE
ISSUED PURSUANT TO, THE SPECIAL VOTING TRUST DEED. BY ACCEPTING THE TRUST SHARES
REPRESENTED BY THIS CERTIFICATE, THE HOLDER OF THIS CERTIFICATE AGREES TO BE
BOUND BY THE PROVISIONS OF THE SPECIAL VOTING TRUST DEED. COPIES OF THE PAIRING
AGREEMENT AND THE SPECIAL VOTING TRUST DEED MAY BE OBTAINED FROM CARNIVAL
CORPORATION BY CONTACTING THE INVESTOR RELATIONS DEPARTMENT AT CARNIVAL
CORPORATION'S HEADQUARTERS LOCATED AT 3655 N.W. 87 AVENUE, MIAMI, FLORIDA
33178."; and

        (c) be in a form that is in compliance with all applicable rules and
regulations of the Applicable Exchange.

                                       3

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     3. (a) On the Effective Date, the Trustee shall authorize and issue to
Carnival one Trust Share for each issued and outstanding share of Carnival
Common Stock. Carnival shall, immediately thereafter, declare a dividend of the
Trust Shares to the holders of the Carnival Common Stock (at a rate of one Trust
Share for each share of Carnival Common Stock held on the Record Date) and
promptly thereafter, make the Distribution. With respect to certificates for
shares of Carnival Common Stock outstanding as of the Record Date, the Trust
Shares shall be evidenced by such certificates registered in the names of the
holders thereof together with a copy of a summary of the terms of this Agreement
substantially in the form attached hereto as Exhibit A (the "Summary of Terms")
(provided that the certificates alone shall represent such Trust Shares if the
Summary of Terms is not attached thereto). The surrender for transfer of any
certificate representing shares of Carnival Common Stock outstanding on the
Record Date, with or without a copy of the Summary of Terms attached thereto,
shall also constitute the surrender for transfer of the Trust Shares represented
thereby.

        (b) After the Effective Date, upon each issuance of additional shares of
Carnival Common Stock by Carnival, the Trustee shall authorize and issue to
Carnival a number of additional Trust Shares equal to the number of shares of
Carnival Common Stock issued by Carnival. Carnival shall thereupon immediately
transfer such additional Trust Shares to the holders of the Carnival Common
Stock arising from such issuance of additional shares of Carnival Common Stock
(at a rate of one Trust Share for each share of Carnival Common Stock arising
from such issuance of additional shares of Carnival Common Stock) and shall
issue to the holder of the Carnival Common Stock arising from such issuance a
certificate or certificates representing the number of shares of Carnival Common
Stock that such holder is entitled to receive upon such issue, which certificate
or certificates shall also represent an equivalent number of Trust Shares in
accordance with the terms hereof and of the Trust Deed.

     4. On the Effective Date, the Trustee shall authorize for issuance Trust
Shares to be issued upon the conversion or exercise of any securities
convertible into shares of Carnival Common Stock or any rights, options or
warrants to purchase shares of Carnival Common Stock (collectively, "Carnival
Derivative Securities"), which were issued by Carnival prior to the Effective
Date and which have not been previously converted or exercised. Upon the
conversion or exercise of such Carnival Derivative Securities, such number of
Trust Shares equal to the number of shares of Carnival Common Stock the
exercising or converting holder of such Carnival Derivative Securities is
entitled to receive upon such exercise or conversion shall be issued to
Carnival. Carnival shall thereupon immediately transfer such additional Trust
Shares to the holders of the Carnival Common Stock arising from the conversion
or exercise of the Carnival Derivative Securities (at a rate of one Trust Share
for each share of Carnival Common Stock arising from such conversion or
exercise) and shall issue to the exercising or converting holder of such
Carnival Derivative Securities a certificate or certificates representing the
number of shares of Carnival Common Stock that such holder is entitled to
receive upon such exercise or conversion, which certificate or certificates
shall also represent an equivalent number of Trust Shares in accordance with the
terms hereof and of the Trust Deed.

                                       4

<PAGE>

     5. After the Effective Date, if Carnival notifies the Trustee that it
intends to issue Carnival Derivative Securities, the Trustee shall take such
action (including, without limitation, the authorization of the issuance of
additional Trust Shares to Carnival) as is required to be taken by it to
authorize the issuance of Trust Shares as contemplated herein, and Carnival
shall take all actions as may be necessary to permit the Trustee to effect such
action. Trust Shares shall be issued to Carnival upon the conversion or exercise
of such Carnival Derivative Securities, which Trust Shares shall be represented
by the certificates representing the shares of Carnival Common Stock issuable
upon conversion or exercise of such Carnival Derivative Securities, and Carnival
thereupon shall (i) immediately transfer the Trust Shares to the holders of the
Carnival Common Stock arising from the conversion or exercise of the Carnival
Derivative Securities (at a rate of one Trust Share for each share of Carnival
Common Stock held on the relevant record date), and (ii) issue to the exercising
or converting holder of such Carnival Derivative Securities a certificate or
certificates representing the number of shares of Carnival Common Stock that
such holder is entitled to receive upon such exercise or conversion, which
certificate or certificates shall also represent an equivalent number of Trust
Shares in accordance with the terms hereof and of the Trust Deed.

     6. After the Effective Date:

        (a) if Carnival declares or pays any distribution or dividend
consisting in whole or in part of shares of Carnival Common Stock, or subdivides
or combines such shares of Carnival Common Stock, then the Trustee shall effect
such corresponding issues, subdivisions or combinations of Trust Shares as are
necessary to maintain the pairing relationship of one share of Carnival Common
Stock to each Trust Share, and Carnival shall take all actions as may be
necessary to permit the Trustee to effect such corresponding issues,
subdivisions or combinations of Trust Shares;

        (b) if Carnival otherwise reclassifies the shares of Carnival Common
Stock, then the Trustee shall effect such transactions as are necessary to
maintain the pairing relationship of the securities into which one share of
Carnival Common Stock was so reclassified to each Trust Share, and Carnival
shall take all actions as may be necessary to permit the Trustee to effect such
transactions; and

        (c) if Carnival cancels or retires any shares of Carnival Common Stock,
then the Trustee shall cancel or retire the Trust Shares that correspond to such
cancelled or retired shares of Carnival Common Stock.

     7. (a) Carnival shall procure that the number of Trust Shares to be
authorized and issued by the Trustee to Carnival from time to time under
Sections 3, 4, 5 and 6 and the time(s) at which they are to be so authorized and
issued hereof is certified in writing by a duly authorized officer of Carnival
to the Trustee prior to the time the Trust Shares to be issued are authorized
for issuance by the Trustee. The Trustee shall have no obligation to authorize
or issue Trust Shares under Sections 3, 4, 5 or 6 unless and until it has
received a certificate in accordance with this Section 7(a). The Trustee shall
rely on and act in accordance with any certificate delivered or purporting to be
delivered under this Section 7(a) without any further inquiry whatsoever and
shall not be

                                       5

<PAGE>

responsible for any losses, liabilities, costs, damages, actions, demands or
expenses of any person or for any breach of any of the provisions of this
Agreement that may be occasioned by it acting in accordance with any such
certificate. Sections 3, 4, 5 and 6 are subject to this Section 7(a).

        (b) Carnival shall procure that:

            (i)   the manner in which Trust Shares should be subdivided or
combined from time to time under Sections 6(a) and the time(s) at which they are
to be so subdivided or combined;

            (ii)  the manner in which the transaction to be carried out from
time to time under Section 6(b) and the time(s) at which such transaction should
be carried out; and

            (iii) and the number of Trust Shares to be cancelled or retired from
time to time under Section 6(c) and the time at which they are to be so
cancelled or retired,

shall be certified in writing by a duly authorized officer of Carnival to the
Trustee prior to the time at which (as applicable) they are to be so subdivided,
combined, reclassified, cancelled or retired by the Trustee or at which
transactions under Section 6(b) are to be carried out. The Trustee shall have no
obligation to subdivide, combine, reclassify, cancel or retire Trust Shares
under Section 6 or carry out a transaction in accordance with Section 6(b)
unless and until it has received a certificate in accordance with this Section
7(b). The Trustee shall rely on and act in accordance with any certificate
delivered or purporting to be delivered under this Section 7(b) without any
further enquiry whatsoever and shall not be responsible for any losses,
liabilities, costs, damages, actions, demands or expenses of any person or for
any breach of any of the provisions of this Agreement that may be occasioned by
it acting in accordance with any such certificate. Section 6 is subject to this
Section 7(b).

     8. Immediately following the Distribution, the Transfer Agent shall be the
transfer agent and registrar for shares of Carnival Common Stock and the Trust
Shares. Carnival may, by written notice to the Transfer Agent, replace the
Transfer Agent, and upon such written notice, the Transfer Agent shall assign
its rights and obligations under this Agreement to the successor Transfer Agent,
and all references to "Transfer Agent" in this Agreement shall refer to such
successor Transfer Agent. The Transfer Agent may resign as transfer agent for
shares of Carnival Common Stock and the Trust Shares at any time with 60 days
written notice. A resigning Transfer Agent shall assign its rights and
obligations under this Agreement to any successor Transfer Agent notified to it
by Carnival with effect from the time of its resignation. Carnival shall procure
that a successor Transfer Agent shall be appointed upon the resignation of a
Transfer Agent and that the resigning Transfer Agent's rights and obligations
under this Agreement are assigned to the successor Transfer Agent upon the
resignation of the resigning Transfer Agent. If a successor Transfer Agent is
not so appointed upon the resignation of the Transfer Agent, Carnival undertakes
to the Trustee to perform all of the

                                       6

<PAGE>

obligations agreed to be undertaken by the Transfer Agent under this Agreement.
So long as shares of Carnival Common Stock and Trust Shares are outstanding, the
transfer agent and registrar with respect to the Trust Shares shall be the same
bank or trust company as Carnival may appoint, from time to time, for the shares
of Carnival Common Stock.

     9.  (a) Notwithstanding any other provision of this Agreement, the parties
agree that all action required to be taken by the Trustee for the purposes of
(i) issuing any Trust Shares or otherwise with respect to subdivisions,
combinations of, or the cancellation or retirement of any Trust Shares, or (ii)
any transactions to be carried out in accordance with Section 6(b) under this
Agreement shall be effected by the Transfer Agent and the Trustee shall have no
liability whatsoever for supervising or otherwise with respect to, any actions
(or omissions) of the Transfer Agent with respect to such matters or to take any
such actions if the Transfer Agent fails to do so.

         (b) The Transfer Agent, as registrar and transfer agent for the Trust
Shares, is hereby instructed by the Trustee (i) to cause, from time to time,
such number of Trust Shares as are required to be issued under Sections 3, 4, 5
and 6 of this Agreement and as specified in an instruction from Carnival to the
Transfer Agent (a "Carnival Instruction") to be issued and registered in the
names and denominations as specified in such Carnival Instruction and (ii) to
deliver, from time to time, such Trust Shares in the manner set forth in a
Carnival Instruction.

         (c) The Transfer Agent, as registrar and transfer agent for the Trust
Shares, is hereby instructed by the Trustee to cause, from time to time, the
Trust Shares to be subdivided, combined, reclassified, cancelled or retired as
required under Section 6 or to carry out such other transactions as are
necessary under Section 6(b) in respect of the Trust Shares as specified in a
Carnival Instruction.

     10. Upon appointment of a successor Trustee as provided in Section 7.06 of
the Trust Deed, the predecessor Trustee shall novate its rights and obligations
under this Agreement to such successor Trustee.

     11. Carnival and the Trustee intend that the P&O Princess Special Voting
Trust shall at all times be classified for U.S. federal, state and local income
tax purposes as an "investment trust" under the U.S. Internal Revenue Code of
1986, as amended, and Treasury Regulations promulgated thereunder (the "Code")
and Treasury Regulation 301.7701-4(c) and, without limitation, as a grantor
trust under Subpart E, Part I of Subchapter J of the Code pursuant to which the
Shareholders (as defined in the Trust Deed) will be considered to own the Trust
Property (as defined in the Trust Deed) for U.S. federal, state and local income
tax purposes, and not as a trust or association taxable as a corporation or as a
partnership. Notwithstanding any other provision herein, the provisions of this
Agreement shall be interpreted to further this intention and powers granted as
well as obligations undertaken pursuant to this Agreement shall be construed so
as to further such intent. No provision of this Agreement shall be of any force
or effect if such provision would result in the P&O Princess Special Voting
Trust being

                                       7

<PAGE>

treated in a manner inconsistent with the intention of Carnival and the Trustee
as set forth in this Section 11.

     12. This Agreement may be amended only by written consent of Carnival and
the Trustee, provided that any amendment which changes the duties of the
Transfer Agent will require the consent of the Transfer Agent prior to becoming
effective. This Agreement shall only terminate upon the termination of (i) the
Equalization and Governance Agreement, dated as of April 17, 2003, between
Carnival and P&O Princess, (ii) the SVE Special Voting Deed or (iii) the Trust
Deed, each in accordance with the terms thereof.

     13. This Agreement is not intended to confer upon any person other than the
parties hereto any rights or remedies hereunder.

     14. This Agreement, the SVE Special Voting Deed and the Trust Deed
constitute the entire agreement among the parties hereto with respect to the
subject matter hereof, and supersedes all other prior agreements or undertakings
with respect thereto, both written and oral.

     15. All notices, requests, claims, demands or other communications
hereunder shall be in writing and shall be deemed given when delivered
personally, upon receipt of a transmission confirmation if sent by telecopy or
like transmission and on the next business day when sent by Federal Express,
Express Mail or other reputable overnight courier service to the parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

if to the Trustee of the Trust:

   The Law Debenture Trust Corporation (Cayman) Limited
   c/o Close Brothers (Cayman) Limited
   PO Box 1034 GT
   Harbour Place
   4th Floor, 103 South Church Street
   Grand Cayman, Cayman Islands
   Attention:  Edel Gannon, Manager-Fund Services and Client Accounting
   Facsimile:  +345 949 8499

with a copy (in order to constitute notice) to:

   The Law Debenture Trust Corporation p.l.c.
   Fifth Floor, 100 Wood Street
   London EC2V 7EX
   United Kingdom
   Attention:  Company Secretarial Dept. (IKB/ST)
   Facsimile:  +44(0) 20 7696 5243/7606 0643

                                       8

<PAGE>

if to Carnival:

   Carnival Corporation
   3655 N.W. 87/th/ Avenue
   Miami, Florida 33178-2428
   Attention:  General Counsel
   Facsimile:  (305) 599-2600

with a copy to:

   Paul, Weiss, Rifkind, Wharton & Garrison LLP
   1285 Avenue of the Americas
   New York, New York 10019-6064
   Attention:  James M. Dubin
   Facsimile:  (212) 757-3990

if to the Transfer Agent:

   SunTrust Bank
   58 Edgewood Avenue
   Room 225
   Atlanta, GA 30303
   Attention:  Bryan Echols
   Facsimile:  (404) 332 3875

or to such other Persons on addresses as may be designated in writing by the
party to receive such notice as provided above.

     16. This Agreement shall be deemed to be made in, and in all respects shall
be interpreted, construed and governed by and in accordance with the laws of
Panama.

     17. The parties hereto irrevocably submit to the exclusive jurisdiction of
any state or federal court sitting in the County of New York, in the State of
New York, over any suit, action or proceeding arising out of or in connection
with this Agreement. To the fullest extent they may effectively do so under
applicable law, the parties hereto irrevocably waive and agree not to assert, by
way of motion, as a defense or otherwise, any claim that they are not subject to
the jurisdiction of any such court, any objection that they may now or hereafter
have to the laying of the venue of any such suit, action or proceeding brought
in any such court and any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum. The parties
irrevocably consent to service of process or any other documents in connection
with proceedings in any court by facsimile transmission, personal service,
delivery at any address specified in this Agreement or any other usual address,
mail or in any other manner permitted by New York law, the law of the place of
service or the law of the jurisdiction where proceedings are instituted.

                                       9

<PAGE>

     18. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction or other authority to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be effected, impaired or invalidated so long as the legal substance of
the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such a determination, the parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the
transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible.

     19. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, with the same effect as if the
signature, thereto and hereto were upon the same instrument.

     20. Each party hereto shall execute and deliver such further instruments
and do such further acts and things as may be required to carry out the intent
and purpose of this Agreement.

     21. This Agreement shall not be assignable by operation of law or
otherwise, and any purported assignment in violation of this provision shall be
void.

                  [Remainder of Page Intentionally Left Blank]

                                       10

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed as of the day and year first above written.

The Corporate Seal of
CARNIVAL CORPORATION,
was hereunto affixed in the presence of

_____________________________________
Name:   Howard S. Frank
Title:  Vice-Chairman and Chief Operating Officer

The Common Seal of
THE LAW DEBENTURE TRUST CORPORATION (CAYMAN) LIMITED,
as Trustee, was hereunto affixed in the presence of

_____________________________________
Name:
Title:

The Corporate Seal of
SUNTRUST BANK, was hereunto
affixed in the presence of

By:
      _______________________________
Name:
Title:

                                       11

<PAGE>

                                                                       Exhibit A

       Summary of terms of Pairing Agreement and Special Voting Trust Deed

     On April 17, 2003, Carnival Corporation ("Carnival") and P&O Princess
Cruises plc ("P&O Princess") established a dual listed company structure (the
"DLC Structure") under an Offer and Implementation Agreement (the "Offer and
Implementation Agreement") between Carnival and P&O Princess, dated as of
January 8, 2003. In connection with the establishment of the DLC Structure, P&O
Princess issued a Special Voting Share to Carnival. Carnival then transferred
the Special Voting Share to The Law Debenture Trust Corporation (Cayman) Limited
(the "Trustee") as trustee of the P&O Princess Special Voting Trust, a
newly-formed Cayman Islands trust (the "Trust"), and the Trust issued to
Carnival one share of beneficial interest (each, a "Trust Share" and together
the "Trust Shares") for each outstanding share of common stock, par value $0.01
per share, of Carnival (the "Carnival Common Stock"). The Trust Shares represent
an equal, absolute, identical, undivided interest in the property of the Trust,
including the Special Voting Share.

     The Trust Shares have been distributed by Carnival as a dividend to holders
of record of the Carnival Common Stock as of April 17, 2003, in accordance with
the Offer and Implementation Agreement and the Pairing Agreement (the "Pairing
Agreement") between Carnival and the Trustee, dated as of April 17, 2003, at a
rate of one Trust Share for each share of Carnival Common Stock.

     Under the Pairing Agreement:

     .    each Trust Share is represented by and is attached permanently to a
          share of Carnival Common Stock;

     .    the Carnival Common Stock and the Trust Shares will trade together as
          a unit on the New York Stock Exchange under Carnival's existing
          symbol, "CCL";

     .    the certificates representing shares of Carnival Common Stock will
          also represent an equivalent number of Trust Shares; and

     .    the transfer agent for both the Carnival Common Stock and the Trust
          Shares will be SunTrust Bank and will be required to register
          transfers in accordance with the Pairing Agreement.

     Therefore, do not send in any certificates representing shares of Common
Stock. You do not need to send in stock certificates in order to receive the
Trust Shares. All certificates representing shares of Carnival Common Stock
issued after April 17, 2003 will bear a legend stating that those certificates
also represent Trust Shares.

     The issuance of the Trust Shares will have no effect on reported earnings
per share or any other per share operating measures of Carnival. Although there
is no U.S. federal income tax authority addressing the tax consequences of a
dual listed

<PAGE>

company transaction, Carnival believes that the distribution of the Trust Shares
should not give rise to taxable income or gain for U.S. federal income tax
purposes for U.S. holders of Carnival Common Stock. However, the Internal
Revenue Service may assert that U.S. holders of Carnival Common Stock received
taxable income as a result of the various voting and equalisation provisions
necessary to implement the DLC structure. Carnival believes that such voting and
other rights, if any, received by shareholders are expected to have only nominal
value and, therefore, the receipt of such rights by U.S. Carnival shareholders
would only result in a nominal amount of income. It is possible, however, that
the Internal Revenue Service may disagree with this conclusion. The distribution
of the Trust Shares will not change the way in which you can presently trade the
shares of Carnival Common Stock.

                                       13

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