Document:

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                                                                     Exhibit 4.2

                        P&O Princess Special Voting Trust

                                Voting Trust Deed

                                     Between

                              Carnival Corporation

                                       and

              The Law Debenture Trust Corporation (Cayman) Limited,
                                   as Trustee,

                              Dated April 17, 2003

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                                TABLE OF CONTENTS

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                                                                       Page
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ARTICLE I     DEFINITIONS; CONSTRUCTION ................................  2

    Section 1.01  Definitions ..........................................  2
    Section 1.02  Rules of Construction ................................  5
    Section 1.03  Article and Section References .......................  6

ARTICLE II    DECLARATION OF TRUST; ISSUANCE OF SHARES .................  6

    Section 2.01  Creation and Declaration of Trust; Acceptance
                  by Trustee ...........................................  6
    Section 2.02  Covenants of Other Parties ...........................  6

ARTICLE III   TRUST POWERS; ADMINISTRATION OF THE TRUST PROPERTY .......  7

    Section 3.01  Administration of the Trust ..........................  7
    Section 3.02  P&O Princess Special Voting Share ....................  8
    Section 3.03  Required Compliance with Securities Laws and
                  Stock Exchange Regulations ...........................  8
    Section 3.04  Tax Status of the Trust ..............................  9

ARTICLE IV    DISTRIBUTIONS AND REPORTS ................................  9

    Section 4.01  Distributions ........................................  9
    Section 4.02  Compliance with Information Reporting and
                  Withholding Requirements .............................  9

ARTICLE V     THE SHARES ...............................................  9

    Section 5.01  The Shares ...........................................  9
    Section 5.02  No Voting Rights ..................................... 10
    Section 5.03  Issuance of the Shares ............................... 10
    Section 5.04  Form of the Shares ................................... 10
    Section 5.05  Transfer and Exchange ................................ 11
    Section 5.06  Adjustments to Shares ................................ 11
    Section 5.07  Mutilated, Destroyed, Lost and Stolen Certificates ... 12
    Section 5.08  Distributions in Respect of Shares ................... 12
    Section 5.09  Persons Deemed Owners ................................ 12

ARTICLE VI    CARNIVAL ................................................. 12

    Section 6.01  Limitation on Liability of Carnival .................. 12
    Section 6.02  Carnival May Purchase Shares ......................... 13

ARTICLE VII   CONCERNING THE TRUSTEE ................................... 13

    Section 7.01  Duties of Trustee .................................... 13
</TABLE>

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<S>                                                                      <C>
    Section 7.02  Certain Matters Affecting the Trustee ................ 14
    Section 7.03  Limitation on Liability of Trustee ................... 16
    Section 7.04  Trustee Fees and Expenses; Indemnification ........... 16
    Section 7.05  Limitation of Powers and Duties ...................... 17
    Section 7.06  Resignation or Removal of the Trustee ................ 18
    Section 7.07  Successor Trustee .................................... 19
    Section 7.08  Merger or Consolidation of Trustee ................... 20

ARTICLE VIII  TERM AND TERMINATION ..................................... 20

    Section 8.01  Term ................................................. 20
    Section 8.02  Termination .......................................... 20

ARTICLE IX    MISCELLANEOUS TERMS ...................................... 20

    Section 9.01  Amendment ............................................ 20
    Section 9.02  Counterparts ......................................... 21
    Section 9.03  Limitation on Rights of Shareholders ................. 21
    Section 9.04  Governing Law ........................................ 21
    Section 9.05  Notices .............................................. 23
    Section 9.06  Severability of Terms ................................ 23
    Section 9.07  No Recourse .......................................... 23
    Section 9.08  Intent of the Parties ................................ 23
    Section 9.09  Voting Trust Deed Binding on Shareholders ............ 24
</TABLE>

Schedule A:       Incorporated Powers

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                                VOTING TRUST DEED

     This Voting Trust Deed (this "Voting Trust Deed") is dated April 17, 2003,
and is made by and between The Law Debenture Trust Corporation (Cayman) Limited
(the "Trust Company," and in its capacity as Trustee hereunder and any successor
thereto appointed hereunder, the "Trustee"), as Trustee, and Carnival
Corporation, a Panamanian corporation ("Carnival"), as depositor, and is being
entered into for the purpose of forming the P&O Princess Special Voting Trust, a
trust established under the laws of the Cayman Islands (the "Trust"), and
providing for the issuance of shares of beneficial interest in the Trust (each a
"Share" and together the "Shares").

                              PRELIMINARY STATEMENT

     P&O Princess Cruises plc ("P&O Princess") and Carnival are parties to an
Offer and Implementation Agreement, dated as of January 8, 2003 (the "Offer and
Implementation Agreement") pursuant to which, among other things, P&O Princess
and Carnival are establishing a dual listed company structure (the "DLC
Transaction") and creating certain rights for the holders (the "Carnival
Stockholders") of Carnival's common stock, par value $0.01 per share (including
any security into which such common stock is reclassified or converted, the
"Carnival Common Stock") and the holders of P&O Princess ordinary shares.

     Pursuant to the Offer and Implementation Agreement and immediately prior to
the execution and delivery of this Voting Trust Deed, P&O Princess has issued
the Initial Property to Carnival, and Carnival has transferred to the Trustee,
on behalf of and for the benefit of the Shareholders and without recourse, all
the right, title and interest of Carnival, in, to and under the Initial Property
(the "Deposit") to be held by the Trustee on the terms and conditions set out
herein. The Pairing Agreement and the SVE Special Voting Deed are being entered
into by the parties thereto at the same time that this Voting Trust Deed is
being entered into by the parties hereto.

     Pursuant hereto, Carnival and the Trust Company are forming this Trust in
accordance with the laws of the Cayman Islands.

     Pursuant to the Offer and Implementation Agreement, and promptly after
receiving the Shares, Carnival shall convey any and all of its interest in the
Shares to Carnival Stockholders.

     The Trust Company is willing to act as Trustee hereunder and to hold the
Trust Property upon and subject to the trusts, powers and provisions of this
Voting Trust Deed.

     The parties hereto intend that the Trust be classified for United States
federal income tax purposes as an "investment trust" under the Code and United
States Treasury Regulation 301.7701-4(c) and, without limitation, a "grantor
trust" under Subpart E, Part I of Subchapter J of the Code pursuant to which the
Shareholders will be

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considered to own the Trust Property 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.

     NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree and declare as follows:

                                   ARTICLE I

                            DEFINITIONS; CONSTRUCTION

     Section 1.01 Definitions. Except as otherwise specified herein or as the
context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Voting Trust Deed:

     "Affiliate": With respect to any specified Person, any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
"control", when used with respect to any specified Person, means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

     "Applicable Regulations": As defined in the SVE Special Voting Deed.

     "Business Day": Any day other than a Saturday, Sunday or day on which
banking institutions in the City of New York, London or the Cayman Islands are
authorized or obligated by law or executive order to close in the United States,
England or the Cayman Islands (or on which such banking institutions are open
solely for trading in euros).

     "Carnival Constitution": The articles of incorporation and by-laws of
Carnival in effect immediately following the closing of the DLC Transaction.

     "Certificate": A certificate representing shares of Carnival Common Stock
and Shares pursuant to the Pairing Agreement, which may include a copy of the
"Summary of Terms" attached thereto pursuant to Section 3 of the Pairing
Agreement (provided that such certificate alone shall represent Carnival Common
Stock and the Shares even if the "Summary of Terms" is not attached thereto).

     "Class Rights Action": As defined in the P&O Princess Articles.

     "Closing Date": As defined in the Offer and Implementation Agreement.

     "Code": The United States Internal Revenue Code of 1986, as amended, and
Treasury Regulations promulgated thereunder.

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     "Commission": The United States Securities and Exchange Commission or any
successor agency.

     "Corporate Trust Office": The office of the Trustee as the Trustee may
designate from time to time by written notice to Carnival. Initially, the
Corporate Trust Office shall be PO Box 1034 GT, Harbour Place, 4th Floor, 103
South Church Street, Grand Cayman, Cayman Islands.

     "Deal": In relation to Trust Property or an interest in Trust Property or
the rights attaching to Trust Property, to transfer, assign (by operation of law
or otherwise), convey, create an Encumbrance over or otherwise deal (or agree to
do any of those things) with such Trust Property or interest or rights in any
way whatsoever and "Dealing" shall be construed accordingly.

     "Encumbrance": An interest or power (i) reserved in or over any interest in
any asset (including shares) including any retention of title or (ii) created or
otherwise arising in or over any interest in any asset (including shares) under
a bill of sale, mortgage, charge, lien, pledge, trust or power, by way of
security for the payment of debt or any other monetary obligation or the
performance of any other obligation and whether existing or agreed to be granted
or created.

     "Equalization Agreement": The Equalization and Governance Agreement, of
even date herewith, between Carnival and P&O Princess.

     "Exchange Act": The United States Securities Exchange Act of 1934 and the
rules and regulations promulgated thereunder.

     "Final Distribution": Either (i) a distribution by the Trustee of all
remaining Trust Property (if any), together with all income thereof accrued but
not yet collected or collected but still on hand, to the Shareholders pro rata
in respect of their Shares or (ii) the setting aside in trust of all remaining
Trust Property (if any) for distribution to the Shareholders pro rata in respect
of their Shares, in each case, in connection with the termination of this Voting
Trust Deed.

     "Incorporated Powers": The powers and provisions (i) listed in Schedule A
hereto, or (ii) provided under applicable law.

     "Indemnified Party": As defined in Section 7.04.

     "Initial Property": The P&O Princess Special Voting Share and any
associated rights.

     "Investment Company Act": The United States Investment Company Act of 1940
and the rules and regulations promulgated thereunder.

     "Joint Electorate Action": As defined in the P&O Princess Articles.

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     "Liability": Any loss, damage, cost, charge, claim, demand, expense,
judgment, action, proceeding or other liability whatsoever (including, without
limitation, in respect of taxes, duties, levies, imposts and other charges) and
including any value added tax or similar tax charged or chargeable in respect
thereof and legal fees and expenses on a full indemnity basis.

     "Opinion of Counsel": A written opinion of counsel, who may, except as
otherwise expressly provided in this Voting Trust Deed, be counsel for Carnival,
reasonably acceptable to the Trustee.

     "P&O Princess Articles": The Articles of Association of P&O Princess.

     "P&O Princess Special Voting Share": The Special Voting Share, nominal
value of(pound)1 in the capital of P&O Princess.

     "Pairing Agreement": The Pairing Agreement among the Trustee, Carnival and
the Transfer Agent, of even date herewith, which will, among other things,
provide for the pairing of the Shares with the shares of Carnival Common Stock.

     "Person": Any individual, corporation, partnership, limited liability
company, joint venture, association, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government or any agency or
political subdivision thereof.

     "Permitted Activities of the Trustee": To accept delivery of the P&O
Princess Special Voting Share; to perform its obligations and to exercise its
rights under this Voting Trust Deed, the SVE Special Voting Deed, the Pairing
Agreement and the P&O Princess Articles; to cause the issuance of the Shares; to
vote the P&O Princess Special Voting Share in accordance with this Voting Trust
Deed, the SVE Special Voting Deed and the P&O Princess Articles; to make
distributions pursuant to Article IV; and to engage in such other activities as
are necessary or expedient in order for the Trustee to perform its obligations
and exercise its rights, powers, authorities and discretions pursuant to this
Voting Trust Deed, the SVE Special Voting Deed, the Pairing Agreement and the
P&O Princess Articles and to take all steps as it may reasonably consider
appropriate to enforce the performance by each of Carnival and P&O Princess of
its obligations under them.

     "Perpetuities Period": (i) If this Voting Trust Deed is governed by the
laws of the Cayman Islands, the 150th anniversary of the date hereof; and (ii)
if the situs of the Trust is changed under Section 9.04(b), the perpetuities
period (if any) of the governing law of the situs of the Trust (provided that
such perpetuities period is equal to or less than the period set out in (i)
above, otherwise the period in (i) above shall continue to apply).

     "Proceeding": Any suit in equity, action at law or other judicial or
administrative action or proceeding.

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     "Responsible Officer": With respect to the Trustee, as the context
requires, any director of the Trustee or any other officer of the Trustee
customarily performing functions similar to those performed by directors of the
Trustee and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer's knowledge of and familiarity
with the particular subject.

     "Securities Act": The United States Securities Act of 1933 and the rules
and regulations promulgated thereunder.

     "Share Register": The register for the Shares, which shall be the share
register of Carnival relating to the holders of Carnival Common Stock.

     "Shareholder": At any relevant time, the holder of a Share in accordance
with the Pairing Agreement.

     "SVE Special Voting Deed": The SVE Special Voting Deed among DLC SVC
Limited, a company incorporated in England and Wales, Carnival, P&O Princess,
The Law Debenture Trust Corporation p.l.c., a company incorporated in England
and Wales, and the Trustee, of even date herewith, which will, among other
things, set forth the obligations of the Trustee with respect to the P&O
Princess Special Voting Share.

     "State": Any one of the 50 states of the United States or the District of
Columbia.

     "Termination Date": The earlier of (i) the Business Day immediately
preceding the end of the Perpetuities Period and (ii) the date on which either
the SVE Special Voting Deed or the Equalization Agreement terminates in
accordance with their respective terms.

     "Transfer Agent": As defined in the Pairing Agreement.

     "Treasury Regulations": The final, temporary or proposed regulations that
have been issued by the U.S. Department of Treasury pursuant to its authority
under the Code, and any successor regulations.

     "Trust Property": The Initial Property, any assets added to the Trust
Property and the assets from time to time representing the same, respectively.

     "Trustee Protections": As defined in Section 7.06.

     "U.S." or "United States": The United States of America (including the
States), its territories, its possessions and other areas subject to its
jurisdiction.

     Section 1.02 Rules of Construction. Unless the context otherwise requires:

     (a) a term has the meaning assigned to it;

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     (b) an accounting term not otherwise defined has the meaning assigned to it
in accordance with generally accepted accounting principles as in effect in the
United States from time to time;

     (c) "or" is not exclusive;

     (d) the words "herein", "hereof", "hereunder" and other words of similar
import refer to this Voting Trust Deed as a whole and not to any particular
Article, Section or other subdivision;

     (e) any reference to an agreement or other instrument shall be to such
agreement or other instrument, as amended from time to time, unless otherwise
specified;

     (f) "including" means including without limitation; and

     (g) words in the singular include the plural and words in the plural
include the singular.

     Section 1.03 Article and Section References. All Article and Section
references used in this Voting Trust Deed, unless otherwise provided, are to
Articles and Sections in this Voting Trust Deed. Any reference to "this Section"
appearing within a particular paragraph of a Section is a reference to such
Section as a whole.

                                   ARTICLE II

                    DECLARATION OF TRUST; ISSUANCE OF SHARES

     Section 2.01 Creation and Declaration of Trust; Acceptance by Trustee. The
Trustee hereby acknowledges receipt of the Initial Property and declares that
subject to the provisions of this Voting Trust Deed, it will hold the Trust
Property in trust for the exclusive benefit of the Shareholders in accordance
with the trusts, powers and provisions of this Voting Trust Deed, including,
without limitation, the Trustee's obligations to make distributions to the
Shareholders in accordance with Section 4.01.

     Section 2.02 Covenants of Other Parties. To the extent that the Trustee may
be a party to a contract under which one or more other parties to that contract
may make covenants or promises or both in favour of the Trustee as trustee of
this Trust (including the covenants and promises of Carnival in this Trust
Deed), the Trustee shall not hold the benefit of those covenants and promises on
trust for the beneficiaries of this Trust, the benefit of those covenants and
promises shall not form part of the Trust Property, and the Trustee shall not be
obliged to enforce those covenants and promises.

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                                   ARTICLE III

               TRUST POWERS; ADMINISTRATION OF THE TRUST PROPERTY

         Section 3.01 Administration of the Trust.

         (a) The Trustee shall administer the Trust Property for the benefit of
the Shareholders. In administering the Trust Property, the Trustee shall perform
all its duties set forth herein. The duties of the Trustee shall be performed in
accordance with applicable law.

         (b) Subject to Article VII, the Trustee is hereby authorized to
perform, and from time to time hereafter, shall perform only those acts which
are described in this Voting Trust Deed as obligations of the Trustee.
Notwithstanding the foregoing, the Trustee is hereby authorized to perform the
Permitted Activities of the Trustee.

         (c) In furtherance of its performance of the Permitted Activities of
the Trustee, the Trustee may exercise the Incorporated Powers, which shall be
incorporated herein by reference; provided that the Trustee shall not exercise
any of its powers contrary to the express provisions of this Voting Trust Deed.
Notwithstanding anything to the contrary herein, the Trustee shall not engage in
any business or activities other than the Permitted Activities of the Trustee.
The Trustee shall not vary the investment of the Trust or engage in any business
or activity which will cause the Trust to be required to be registered under the
Investment Company Act or which would cause the Trust to be taxed as an
association or publicly traded partnership taxable as a corporation or otherwise
alter the classification of the Trust for U.S. federal income tax purposes.

         (d) The Trustee shall not engage in any activity other than as required
or authorized by this Voting Trust Deed. In particular, the Trustee shall not
and shall not cause the Trust to (i) invest any proceeds (if any) received by
the Trustee from holding the Trust Property, but shall promptly distribute all
such proceeds to the Shareholders pursuant to the terms of this Voting Trust
Deed, except as allowed pursuant to the principles set forth in Rev. Rul. 75-192
1975-1 C.B. 384, as amended or modified by subsequent changes in applicable law;
(ii) except as required by this Voting Trust Deed, the Pairing Agreement, the
SVE Special Voting Deed or the P&O Princess Articles, Deal in the P&O Princess
Special Voting Share or other Trust Property, any interest of the Trustee
therein or any right of the Trustee thereto; (iii) acquire any assets other than
as expressly provided herein; (iv) act in such a way as to vary the Trust
Property in a manner that would cause the Trust to no longer qualify as an
investment trust under 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 will be considered to own the
Trust Property for U.S. federal, state and local income tax purposes; (v) incur
any indebtedness for borrowed money or issue any other debt; or (vi) issue any
securities or other evidences of beneficial ownership of, or beneficial interest
in, the Trust other than the Shares.

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         (e) The Trustee may sell at any time, all or any part of the Trust
Property if it has obtained the consent of both Carnival and P&O Princess, such
consent to be in the absolute discretion of Carnival and P&O Princess, each with
regard to its own respective interest; provided, however, that any such sale
must be carried out in accordance with, the principles set forth in Rev. Rul.
78-149, 1978-1 C.B. 448, as amended or modified by subsequent changes in
applicable law, and the Trustee must act, or if appropriate, not act in a manner
that permits the Trust to continue to qualify as an investment trust under 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 will be considered to own the Trust Property for U.S. federal,
state and local income tax purposes. No sale of Trust Property pursuant to this
Section 3.01(e) shall be effective unless and until the transferee of such
property, as consented to by Carnival and P&O Princess, has agreed to be bound
by the terms of this Voting Trust Deed. Any sale of Trust Property in violation
of this Section 3.01(e) shall be null and void. For the avoidance of doubt, in
no event shall (i) any of the proceeds of a sale of the Trust Property be
distributable to anyone other than the Shareholders or (ii) the Trustee have any
power to reinvest any proceeds of a sale of Trust Property, it being understood
that the Trustee must distribute such proceeds to the Shareholders.

         (f) Notwithstanding any other section of this Voting Trust Deed, the
Trustee shall not take any action that is reasonably likely to (i) impair the
interests of the Trustee in the P&O Princess Special Voting Share or any other
Trust Property, (ii) impair the value of the P&O Princess Special Voting Share
or any other Trust Property or (iii) require the Trustee or the Trust to be
registered under the Investment Company Act, and the Trustee shall not fail to
take any action that is reasonably likely to avoid any of the matters referred
to in clause (i), (ii) or (iii) above.

         Section 3.02 P&O Princess Special Voting Share. The Trustee shall
exercise the votes attaching to the P&O Princess Special Voting Share from time
to time in accordance with the SVE Special Voting Deed and the P&O Princess
Articles.

         Section 3.03 Required Compliance with Securities Laws and Stock
Exchange Regulations. The Trustee shall make any filings that are necessary or
appropriate under the Securities Act relating to the issuance of Shares under
this Voting Trust Deed or any deemed issuance of the P&O Princess Special Voting
Share by P&O Princess under the Securities Act. The Trustee shall also make any
filings that are necessary or appropriate under the Exchange Act or the rules of
any national securities exchange or automated quotation system on which the
Shares, the P&O Princess Special Voting Share or the shares of Carnival Common
Stock are listed. Notwithstanding the foregoing, if any such filings would
require any information to be given about the Trustee's parent company (or any
other entity within its corporate group) which is not already in the public
domain and currently made available by such parent company or other entity to
its shareholders, the Trustee shall be entitled to require Carnival to use all
reasonable efforts as shall be required to avoid any such filings having to be
made or, at the request of Carnival, the Trustee shall resign and be replaced by
a successor trustee in accordance with Section 7.06 prior to any such filings
having to be made.

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         Section 3.04 Tax Status of the Trust. Notwithstanding any other
provision of this Voting Trust Deed or the SVE Special Voting Deed, the Trustee
must always act, or if appropriate, not act, in a manner that permits the Trust
(i) to continue to qualify as an investment trust under the Code and Treasury
Regulation 301.7701-4(c) including, without limitation, by acting in accordance
with the principles set forth in Rev. Rul. 75-192 1975-1 C.B. 384, as amended or
modified by subsequent changes in applicable law, and (ii) to continue to
qualify as a grantor trust under Subpart E, Part I of Subchapter J of the Code
pursuant to which the Shareholders will be considered to own the Trust Property
for U.S. federal, state and local income tax purposes.

                                   ARTICLE IV

                            DISTRIBUTIONS AND REPORTS

         Section 4.01 Distributions.

         (a) Subject to Article III, the Trustee shall, from time to time and at
any time prior to the Termination Date, distribute to or pay or apply to or for
the use or benefit of the Shareholders, pro rata, according to their holdings of
Shares, the net income of the Trust, as soon as practicable after the receipt of
such income.

         (b) The Trustee shall make the Final Distribution to the Shareholders
against presentation and surrender of the Certificates representing their Shares
on the date scheduled for the Final Distribution pursuant to Section 8.02(a).

         Section 4.02 Compliance with Information Reporting and Withholding
Requirements. The Trustee shall comply with United States federal withholding
and backup withholding tax laws and information reporting requirements with
respect to any payments to Shareholders in respect of the Shares.

                                    ARTICLE V

                                   THE SHARES

         Section 5.01 The Shares. The Trust shall consist of a single class of
shares of beneficial interest. The Trustee may issue an unlimited number of
Shares. Each Share represents an equal, absolute, identical, undivided interest
in the Trust Property. The Trustee shall hold the Trust Property upon trust for
the Shareholders absolutely.

         Section 5.02 No Voting Rights. The Shares shall have no voting rights.
For the avoidance of doubt, the Shareholders shall not have the right to direct
the vote or decide any other matters with respect to the P&O Princess Special
Voting Share by virtue of their ownership of Shares.

         Section 5.03 Issuance of the Shares.

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         (a) In accordance with Section 3(a) of the Pairing Agreement, on the
date hereof, the Trustee shall authorize and issue to Carnival one Share for
each issued and outstanding share of Carnival Common Stock, each evidencing an
equal, absolute, identical, undivided interest in the entire Trust Property.

         (b) Upon each issuance of additional shares of Carnival Common Stock by
Carnival, the Trustee shall authorize and issue to Carnival a number of
additional Shares equal to the number of additional shares of Carnival Common
Stock issued by Carnival.

         (c) On the date hereof, the Trustee shall authorize for issuance Shares
to be issued upon the conversion or exercise of any securities convertible into
or exercisable for 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 date hereof
and which have not been previously converted or exercised. Upon conversion or
exercise of such Carnival Derivative Securities, such number of 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.

         (d) After the date hereof, if Carnival notifies the Trustee that it
intends to issue Carnival Derivative Securities, the Trustee shall take such
action (including, without limitation, the authorization and issuance of
additional Shares to Carnival) as is required to be taken by it to authorize the
issuance of Shares as contemplated herein and in the Pairing Agreement, and
Carnival shall take all actions as may be necessary to permit the Trustee to
effect such action. Shares shall be issued to Carnival upon the conversion or
exercise of such Carnival Derivative Securities.

         (e) Except as provided in Section 5.03 and in the Pairing Agreement,
the Trustee shall not issue any Shares.

         (f) The Trustee's obligations under Sections 5.03 (a) through (d) are
subject to Section 7 of the Pairing Agreement.

         Section 5.04 Form of the Shares.

         (a) The Shares issued to Carnival on the date hereof in accordance with
Section 5.03(a), shall be evidenced, after their distribution to holders of
shares of Carnival Common Stock in accordance with Section 3(a) of the Pairing
Agreement, by Certificates representing Carnival Common Stock registered in the
names of the holders thereof. The surrender for transfer of any Certificate
representing shares of Carnival Common Stock outstanding on or prior to the date
hereof, with or without a copy of the Summary of Terms attached thereto, shall
also constitute the surrender for transfer of the Shares represented thereby.

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         (b) The Shares and Carnival Common Stock shall together be evidenced by
Certificates, not by separate certificates or other instruments. The Shares
shall only be transferable as provided in Section 5.05 or in Section 1 of the
Pairing Agreement.

         Section 5.05 Transfer and Exchange. So long as shares of Carnival
Common Stock and Shares are outstanding:

         (a) each Share shall, immediately following the transfer from Carnival
to the holders of shares of Carnival Common Stock by dividend or otherwise, be
paired with one share of Carnival Common Stock in accordance with the terms of
the Pairing Agreement;

         (b) if a share of Carnival Common Stock is transferred, one Share shall
be transferred along with such share of Carnival Common Stock;

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

         (d) the Shares and the shares of Carnival Common Stock shall not be
represented by separate instruments but shall be represented by Certificates;
and

         (e) 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.

         Section 5.06 Adjustments to Shares.

         (a) The Trustee shall not declare, make or pay any distribution or
dividend consisting in whole or in part of Shares, or subdivide, combine,
reclassify, cancel or retire such Shares, except as required by Section 5.06(b)
of this Voting Trust Deed or Section 6 of the Pairing Agreement.

         (b) After the date hereof:

             (i)  if Carnival declares or pays any distribution consisting in
whole or in part of shares of Carnival Common Stock, or subdivides or combines
such shares of Carnival Common Stock, then (x) the Trustee shall effect such
corresponding issues, subdivisions or combinations of Shares as are necessary to
maintain the pairing relationship of one share of Carnival Common Stock to each
Share, as certified to it by Carnival in accordance with Section 7 of the
Pairing Agreement, and (y) Carnival shall take all such actions as may be
necessary to permit the Trustee to effect such corresponding issues,
subdivisions or combinations of Shares;

             (ii) if Carnival otherwise reclassifies the shares of Carnival
Common Stock, then (x) the Trustee shall effect such transactions as are
necessary to

                                      -11-

<PAGE>

maintain the pairing relationship of the securities into which one share of
Carnival Common Stock was so reclassified to each Share, as certified to it by
Carnival in accordance with Section 7 of the Pairing Agreement, and (y) Carnival
shall take all actions as may be necessary to permit the Trustee to effect such
transactions; and

             (iii) if Carnival cancels or retires any shares of Carnival Common
Stock, then the Trustee shall cancel or retire the Shares that correspond to
such canceled or retired shares of Carnival Common Stock, as certified to it by
Carnival in accordance with Section 7 of the Pairing Agreement.

         Section 5.07 Mutilated, Destroyed, Lost and Stolen Certificates.
Section 5.4 of the Bylaws of Carnival shall apply to mutilated, destroyed, lost
or stolen Certificates.

         Section 5.08 Distributions in Respect of Shares. Distributions with
respect to a Share shall be made to the Person in whose name such Share is
registered at the close of business on the record date for such distribution.
Distributions in respect of Shares (other than the Final Distribution) shall be
made by check mailed to the address of the Shareholder entitled thereto as such
address shall appear in the Share Register.

         Section 5.09 Persons Deemed Owners. Subject to Section 5.08, Carnival,
the Trustee and any agent of Carnival or the Trustee may treat the Person in
whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions in respect of Shares represented by such
Certificate and for all other purposes whatsoever, and none of Carnival, the
Trustee or any agent of Carnival or the Trustee shall be affected by notice to
the contrary.

                                   ARTICLE VI

                                    CARNIVAL

         Section 6.01 Limitation on Liability of Carnival.

         (a) Except for obligations expressly set out in this Voting Trust Deed,
Carnival shall not be under any obligation to expend or risk its own funds,
except to the extent of its obligation to pay any amount payable under Section
7.04(b) hereof, or otherwise incur financial liability in the performance of its
duties hereunder or in the exercise of any of its rights or powers if reasonable
grounds exist for believing that the repayment of such funds or adequate
indemnity against such risk or liability is not assured to it.

         (b) Without prejudice to Carnival's liability to the Trustee under
Section 7.04 hereof, neither Carnival nor any of its directors, officers,
employees or agents shall be liable, for any losses, costs or damages or
otherwise, to the Trustee or the Shareholders for any act or omission of
Carnival except for its willful misconduct, bad faith or gross negligence in the
performance of duties specifically set forth in this Voting Trust Deed, the
Pairing Agreement and the SVE Special Voting Deed.

                                      -12-

<PAGE>

         (c) Carnival shall not be under any obligation to appear in, prosecute
or defend any Proceeding; provided, however, that Carnival may in its discretion
undertake any such Proceeding which it may deem necessary or desirable with
respect to this Voting Trust Deed.

         Section 6.02 Carnival May Purchase Shares. Carnival or its Affiliates
may at any time purchase Shares in the open market or otherwise. Shares so
purchased by Carnival may, at the discretion of Carnival, be held or resold.

                                   ARTICLE VII

                             CONCERNING THE TRUSTEE

         Section 7.01 Duties of Trustee.

         (a) The Trustee undertakes to perform such duties and only such duties
as are specifically (i) set forth in this Voting Trust Deed, the Pairing
Agreement, the SVE Special Voting Deed, and the P&O Princess Articles, or (ii)
imposed by applicable law. Any permissive right of the Trustee enumerated in
this Voting Trust Deed, the Pairing Agreement, the SVE Special Voting Deed or
the P&O Princess Articles shall not be construed as a duty.

         (b) No provision of this Voting Trust Deed shall be construed to
relieve the Trustee from liability for its fraud or negligence in the
performance of any of its duties under this Voting Trust Deed or the willful
default or willful breach of its obligations under this Voting Trust Deed;
provided, however, that:

             (i)   the duties and obligations of the Trustee shall be determined
solely by the express terms of this Voting Trust Deed and by applicable law, the
Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Voting Trust Deed, no implied
covenants or obligations (except for a fiduciary duty to the Shareholders as
beneficiaries of the Trust) shall be read into this Voting Trust Deed against
the Trustee and the Trustee may conclusively rely upon any certificates or
opinions furnished to the Trustee as to the truth and correctness of any
statements contained therein;

             (ii)  the Trustee shall not be personally liable for an error of
judgment made in good faith by a Responsible Officer or Responsible Officers of
the Trustee, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts; and

             (iii) the Trustee shall not be required to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers under this Voting Trust
Deed if there is reasonable ground for believing that the repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

                                      -13-

<PAGE>

         Section 7.02 Certain Matters Affecting the Trustee.

         (a) Except as otherwise provided in Section 7.01:

             (i)   Carnival shall give to the Trustee or any person approved by
Carnival and appointed in writing by the Trustee such information as the Trustee
or such appointed person shall reasonably require (other than material
non-public information ) for the purpose of the discharge of the powers, duties
and discretions vested in the Trustee under this Voting Trust Deed, the Pairing
Agreement, or the SVE Special Voting Deed. All information provided by Carnival
under this section shall be in writing and contained in a certificate of a duly
authorized officer of Carnival.

             (ii)  The Trustee shall be at liberty to accept a certificate or
notice signed or purporting to be signed by any director of Carnival or the
secretary of Carnival or any other duly authorized officer or person, as
appropriate, and shall be at liberty to accept such certificate or notice in
order to satisfy any factor or matter upon which the Trustee may require to be
satisfied in the performance of any of its obligations and the exercise of any
of the powers, authorities and discretions under this Voting Trust Deed, the
Pairing Agreement, the SVE Special Voting Deed, or the P&O Princess Articles or
a statement to the effect that in the opinion of the persons so certifying any
particular dealing, transaction, step or thing is expedient. The Trustee shall
not be in any way bound to call for further evidence nor to verify the accuracy
of the contents of such certificate, report, statement or notice or the due
authorization, authority or position of the person or persons purporting to sign
it nor be responsible for any losses, liabilities, costs, damages, actions,
demands or expenses or for any breach of any of the provisions of this Voting
Trust Deed, the Pairing Agreement, the SVE Special Voting Deed, or the P&O
Princess Articles that may be occasioned by accepting or acting or relying on
any such certificate, report, statement or notice.

             (iii) The Trustee may in the proper performance of its obligations
and the exercise of the powers, authorities and discretions vested in it under
this Voting Trust Deed, the Pairing Agreement, the SVE Special Voting Deed or
the P&O Princess Articles act on the opinion or advice of or information
obtained from any lawyer, banker, valuer, accountant or the share registrar or
transfer agent at such time of Carnival or other expert or of Carnival itself,
whether obtained by Carnival or the Trustee or otherwise (including, without
limitation, an Opinion of Counsel), and in such case, provided that (except
where advice is received from Carnival itself) the Trustee shall have acted
reasonably in its choice of any such person (or, in the case of an Opinion of
Counsel, such counsel is counsel for Carnival), the Trustee shall not be
responsible for any losses, liabilities, costs, claims, actions, damages,
expenses or demands which it or any other person may incur or which may be made
against it or any other person in connection with or occasioned by so acting.
Any such opinion, advice or information may be sought or obtained by electronic
mail, letter, facsimile or other means of written communication. The Trustee
shall not be liable for acting on any opinion, advice or information or for
acting on, implementing and giving effect to any decision, determination or
adjustment purporting to be conveyed by any such written

                                      -14-

<PAGE>

communication reasonably appearing on its face to be authentic even though it
contains an error or is not authentic.

             (iv)   Except for the duties and obligations of the Trustee
expressly created by this Voting Trust Deed, the Trustee shall be under no
obligation to exercise any of the trusts or powers vested in it by this Voting
Trust Deed or to institute, conduct or defend any Proceeding hereunder or in
relation thereto, at the request, order or direction of any of the Shareholders.

             (v)    The Trustee shall not be personally liable for any action
taken, suffered or omitted by it and believed by it to be authorized or within
the rights or powers conferred upon it by this Voting Trust Deed; provided that
any such action taken, suffered or omitted is not attributable to fraud or
negligence on the part of the Trustee in the performance of its duties under
this Voting Trust Deed or the willful default or willful breach of its
obligations under this Voting Trust Deed.

             (vi)   The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal,
approval, bond or other paper or document.

             (vii)  The Trustee may execute any of the trusts or powers or
perform any duties under this Voting Trust Deed either directly or by or through
corporate representatives, proxies, agents, attorneys or custodians. For the
avoidance of doubt, the Trustee shall have no liability whatsoever for
supervising or otherwise for, any of the actions (or failures) of any transfer
agent under the Pairing Agreement.

             (viii) the Trustee shall not be deemed to have notice or actual
knowledge of any matter unless (1) a Responsible Officer assigned to and working
in the Corporate Trust Office has actual knowledge thereof or (2) written notice
thereof is received by the Trustee in accordance with Section 9.05.

             (ix)   the Trustee shall not incur any liability for and have no
responsibility for verifying the accuracy of, the content of any information
submitted to it or prepared by Carnival or P&O Princess for distribution to
Shareholders or for any tax consequences that may result from being a
Shareholder.

         (b) Subject to any and all rights reserved to the Trustee hereunder,
including, without limitation, the Trustee's right to indemnity under Section
7.04(b), all rights of action under this Voting Trust Deed or under any of the
Shares, enforceable by the Trustee, may be enforced by it without the possession
of any of the Shares, or the production thereof at the trial or other Proceeding
relating thereto, and any Proceeding instituted by the Trustee on behalf of the
Trust may be brought in its name for the benefit of all the Shareholders,
subject to the terms of this Voting Trust Deed.

                                      -15-

<PAGE>

         Section 7.03 Limitation on Liability of Trustee.

         (a) The Trustee assumes no responsibility for the correctness of the
recitals contained in this Voting Trust Deed, the Pairing Agreement or the SVE
Special Voting Deed, the Shares, the Certificates or any document issued in
connection with the issuance of the Shares. The Trustee makes no representations
or warranties as to the validity or sufficiency of this Voting Trust Deed, the
Pairing Agreement or the SVE Special Voting Deed, the Shares, the Certificates,
the P&O Princess Special Voting Share or any related document. The Shares and
the Certificates do not represent interests in or obligations of the Trustee
personally, and the Trustee shall not be responsible or accountable for any tax,
accounting or other treatment proposed to be applied to the Shares, the
Certificates or any interest therein.

         (b) Notwithstanding any other provision in this Voting Trust Deed, the
Pairing Agreement or the SVE Special Voting Deed, the Trustee shall not be bound
to take any steps to ascertain whether any breach of any of the provisions of
this Voting Trust Deed, or the Pairing Agreement or the SVE Special Voting Deed
by any party other than the Trustee has occurred or may occur in the future and,
until it has actual knowledge to the contrary, the Trustee shall be entitled to
assume that no such breach has occurred or will occur in the future and shall
not be liable to any Person for any Liabilities incurred by that Person as a
result of a breach having occurred.

         (c) Notwithstanding any other provision in this Voting Trust Deed or
the Pairing Agreement, the Trustee shall not be under any obligation to appear
in, prosecute or defend any Proceeding with respect to the enforcement of
Carnival's or the Transfer Agent's respective obligations under the Pairing
Agreement or in connection with any breach by Carnival or the Transfer Agent of
their respective obligations under the Pairing Agreement.

         Section 7.04 Trustee Fees and Expenses; Indemnification.

         (a) Carnival shall pay or ensure that payment is made to the Trustee
such fees as may be agreed from time to time between Carnival and the Trustee
for the performance by the Trustee of its obligations under this Voting Trust
Deed.

         (b) In addition to any other indemnity available to the Trustee under
applicable law, Carnival shall indemnify and keep indemnified the Trustee (for
itself and as trustee on behalf of its directors, officers, employees,
controlling persons (including, without limitation, any Affiliate of the
Trustee) and every attorney, manager, agent, delegate or other person appointed
by it under this Voting Trust Deed, the Pairing Agreement or the SVE Special
Voting Deed, each an "Indemnified Party") against all Liabilities and expenses
properly incurred by each Indemnified Party in or as a result of (i) the
performance or purported performance of the Trustee's obligations under this
Voting Trust Deed, the Pairing Agreement or the SVE Special Voting Deed, (ii)
any exercise of any powers, authorities or discretions vested in the Trustee or
such other Indemnified Party pursuant to this Voting Trust Deed, the Pairing
Agreement and/or the SVE Special Voting Deed or (iii) any matter or thing done
or omitted in any way relating

                                      -16-

<PAGE>

to this Voting Trust Deed, the Pairing Agreement and/or the SVE Special Voting
Deed, including without limitation, the institution by the Trustee of any
Proceedings in respect of any default by Carnival or P&O Princess; provided,
however, that the indemnity available to the Trustee and each other Indemnified
Party under this Section 7.04(b) shall not extend to any Liability incurred by
reason of fraud or negligence on the part of the Trustee or, as the case may be,
any other Indemnified Party, or the willful default or willful breach of the
Trustee's obligations under this Voting Trust Deed, the Pairing Agreement and/or
the SVE Special Voting Deed.

         (c) With respect to any Proceeding, the relevant Indemnified Party
shall notify Carnival promptly of any claim for which it may seek indemnity.
Failure by the relevant Indemnified Party to so notify Carnival shall not
relieve Carnival of its obligations, hereunder, except and to the extent only
that such failure prevents Carnival from having a reasonable opportunity to
defend the relevant Proceeding. Carnival may, by written notice to the Trustee,
assume the defense of any Proceeding (other than any Proceeding in which the
Trustee is being sued by or on behalf of Carnival (or any Affiliate of
Carnival)), and, if Carnival does so, the Trustee shall cooperate (at Carnival's
expense) in such defense. If Carnival assumes such defense: (i) it shall consult
in good faith with the Trustee with respect to the conduct of such defense and
shall not agree to any settlement or compromise with respect to such Proceeding
without the consent of the Trustee (such consent not to be unreasonably withheld
or delayed); and (ii) the Trustee may, at Carnival's expense, employ separate
legal counsel and participate in such defense if, in the reasonable opinion of
such counsel, there are one or more legal defenses available to the Trustee
which are inconsistent with or additional to those proposed to be raised or
pleaded by Carnival in such Proceeding or if, in the reasonable opinion of the
Trustee, there is or there subsequently arises any conflict of interest between
the Trustee and Carnival arising out of or otherwise in connection with the
conduct of the Proceeding. Nothing in this Voting Trust Deed shall oblige the
Trustee to participate in, or permit Carnival to raise, any defense which might,
in the Trustee's reasonable opinion, constitute a breach of any law or
regulation or be otherwise actionable against the Trustee at the suit of any
person. If the Indemnified Party maintains control of the defense of the
Proceeding, it shall consult in good faith with Carnival in preparing its
defense and Carnival shall cooperate in such defense. Carnival need not pay for
any settlement made without its consent, which consent shall not be unreasonably
withheld or delayed.

         Section 7.05 Limitation of Powers and Duties. The Trust is established
solely for the purposes of acquiring and holding the Trust Property, entering
into and performing its obligations and exercising its rights under this Voting
Trust Deed, the SVE Special Voting Deed, the Pairing Agreement and the P&O
Princess Articles, issuing the Shares and engaging in activities incidental to
the foregoing. The Trustee is not permitted to incur any debt except as is
necessary to achieve the foregoing. The Trustee is not authorized to acquire any
other investments or engage in any activities not authorized in this Voting
Trust Deed, the SVE Special Voting Deed, P&O Princess Articles or the Pairing
Agreement and, in particular, the Trustee is not authorized (i) to Deal in the
P&O Princess Special Voting Share or interests therein or rights thereto except
as required or permitted in this Voting Trust Deed, the SVE Special Voting Deed,

                                      -17-

<PAGE>

P&O Princess Articles or the Pairing Agreement or (ii) to do anything that would
cause the Trust to (1) be required to be registered under the Investment Company
Act or (2) cause the Trust to be taxed as an entity other than investment trust
under the Code and United States Treasury Regulation 301.7701-4(c) and, without
limitation, a grantor trust under Subpart E, Part I of Subchapter J of the Code
pursuant to which the Shareholders will be considered to own the Trust Property
for U.S. federal, state and local income tax purposes, or otherwise alter the
classification of the Trust for U.S. federal, state and local income tax
purposes.

     Section 7.06 Resignation or Removal of the Trustee.

     (a) Subject to Section 7.06(c), the Trustee may at any time resign and be
discharged from its obligations and duties under this Voting Trust Deed, the
Pairing Agreement and the SVE Special Voting Deed by giving written notice
thereof to Carnival. Upon receiving such notice of resignation, Carnival shall
as promptly as possible (and in any event within 45 calendar days after the date
of such notice of resignation) appoint a successor Trustee (in accordance with
this Voting Trust Deed) by written instrument, in duplicate, which instrument
shall be delivered to the resigning Trustee and to the successor Trustee. If no
successor Trustee that has been so appointed shall have accepted appointment
within 90 calendar days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee. Upon any appointment of a successor Trustee
pursuant to this Section 7.06(a), Carnival shall be solely liable for (i) the
payment of such successor Trustee's fees and expenses and (ii) provision of
adequate indemnities satisfactory to such successor Trustee (it being understood
that the indemnification obligations of Carnival pursuant to Section 7.04(b)
shall inure to the benefit of such successor Trustee). For the avoidance of
doubt and notwithstanding any other provisions of this Voting Trust deed, any
resignation, retirement or removal of a Trustee shall not release or prejudice
in any way any of the Trustee's rights to be indemnified by Carnival and the
other protections afforded to it by Article VII of this Voting Trust Deed (such
indemnification and other protections being referred to as "Trustee's
Protections") which Trustee Protections shall continue in full force and effect
and continue to be enforceable by the Trustee notwithstanding such resignation,
retirement or removal.

     (b) At any time, Carnival or its designee may make a written request that
the Trustee resign. Upon the agreement of the Trustee to so resign or if the
Trustee fails to resign within a reasonable time after written request therefor
by Carnival or such designee (and in no event later than 10 days after the
Trustee shall have received such written request), or if at any time the Trustee
shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or
a receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then
Carnival or such designee may remove the Trustee and appoint a successor Trustee
by written instrument, in duplicate, which instrument shall be delivered to the
Trustee so removed and to the successor Trustee.

                                      -18-

<PAGE>

     (c) Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the terms of this Section 7.06 shall not
become effective until acceptance of appointment by the successor Trustee as
provided in Section 7.07.

     (d) Notwithstanding any other provision of this Section 7.06, any
appointment of a successor Trustee pursuant to any of the terms of this Section
7.06 shall be effective if, and only if, Carnival appoints a successor Trustee
(other than Carnival) that is not related or subordinate to Carnival or P&O
Princess, within the meaning of Section 672(c) of the Code, and such designated
successor so qualifies as Trustee. Carnival may at any time release the powers
granted under this paragraph.

     (e) The statutory power of appointing a new Trustee shall not become
exercisable by reason only that a Trustee remains out of the Cayman Islands for
more than 12 months.

     (f) The stipulation of Section 6(c) of the Trusts Law (2001 Revision) of
the Cayman Islands or any statutory modification or reenactment thereof that a
Trustee shall not be discharged from his trust unless there will be either a
trust corporation or at least two individuals to act as trustees to perform the
trust is hereby excluded and, in any event, each and every person actually or
prospectively interested in the Trust Property is hereby excluded from asserting
any claim against a Trustee or former Trustee on the basis of the said
stipulation save to the extent of any trust monies or other trust assets
actually in the possession or control of such Trustee or former Trustee.

     Section 7.07 Successor Trustee.

     (a) Any successor Trustee appointed as provided in Section 7.06 shall
execute, acknowledge and deliver to Carnival and its predecessor Trustee an
instrument accepting such appointment under this Voting Trust Deed, and
thereupon the resignation or removal of the predecessor Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of the predecessor Trustee under this Voting Trust Deed, with the
like effect as if originally named as Trustee in this Voting Trust Deed. The
predecessor Trustee shall deliver to the successor Trustee all documents and
statements held by it under this Voting Trust Deed, and Carnival and the
predecessor Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the successor Trustee all such rights, powers, duties and
obligations.

     (b) Upon acceptance of appointment by a successor Trustee as provided in
this Section 7.07, the predecessor Trustee shall novate its rights and
obligations under the Pairing Agreement and the SVE Special Voting Deed to such
successor Trustee.

     Section 7.08 Merger or Consolidation of Trustee. Any corporation or
association into or with which the Trustee may be merged, amalgamated or
converted

                                      -19-

<PAGE>

or with which it may be consolidated or any corporation or association resulting
from any merger, amalgamation, conversion or consolidation to which the Trustee
shall be a party, or any corporation or association succeeding to the business
of the Trustee, shall be the successor of the Trustee under this Voting Trust
Deed, without the execution or filing of any paper or any further act on the
part of any of the parties to this Voting Trust Deed, anything in this Voting
Trust Deed to the contrary notwithstanding.

                                  ARTICLE VIII

                              TERM AND TERMINATION

     Section 8.01 Term. Subject to the terms of the Voting Trust Deed and to the
powers conferred by law, the Trust Property and the income of the Trust Property
shall be held on the Termination Date for the Shareholders absolutely pro rata
in accordance with Shares held.

     Section 8.02 Termination.

     (a) On the Termination Date, the Trustee shall fix the date of the Final
Distribution, which shall be as soon as reasonably possible thereafter, and
shall on that date make the Final Distribution, after which the Trust shall be
dissolved.

     (b) The respective obligations and responsibilities under this Voting Trust
Deed and the Pairing Agreement and of Carnival and the Trustee (other than the
obligations of the Trustee to provide reports and other information under this
Voting Trust Deed and to make distributions to Shareholders as herein set forth
and the obligations of Carnival under Section 7.04) shall terminate upon the
effectuation of the Final Distribution.

                                   ARTICLE IX

                               MISCELLANEOUS TERMS

     Section 9.01 Amendment.

     (a) This Voting Trust Deed may be amended from time to time in writing by
Carnival and the Trustee without the consent of any of the Shareholders: (i) if
such amendment does not materially and adversely affect the rights of any
Shareholder under this Voting Trust Deed; (ii) to cure any ambiguity or to
correct or supplement any provision in this Voting Trust Deed which may be
defective or inconsistent with any other provision in this Voting Trust Deed,
the Pairing Agreement, the SVE Special Voting Deed or the P&O Princess Articles;
(iii) to add to the covenants, restrictions or obligations of Carnival for the
benefit of the Shareholders; (iv) to comply with the requirements of the law
governing this Voting Trust Deed if such governing law is changed under Section
9.04(b); (v) to comply with any requirements imposed by the Commission or the
Code or to qualify the Trust as a "grantor trust" under Subpart E, Part I of
Subchapter J of the Code; (vi) to amend or waive the terms of Section 7.04(b) in
any

                                      -20-

<PAGE>

manner which shall not adversely affect the Shareholders in any material
respect; or (vii) to evidence and provide for the acceptance of appointment
under this Voting Trust Deed by a successor Trustee.

     (b) Notwithstanding the foregoing, this Voting Trust Deed may also be
amended from time to time in writing by Carnival and the Trustee with the
consent of Shareholders holding a majority of the outstanding Shares.

     (c) Notwithstanding the foregoing, no amendment to this Voting Trust Deed
shall be effective if it causes the Trust not to be classified for U.S. federal,
state and local income tax purposes as an "investment trust" under 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 will be considered to own the Trust Property 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.

     Section 9.02 Counterparts. This Voting Trust Deed may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

     Section 9.03 Limitation on Rights of Shareholders.

     (a) The death or incapacity of any Shareholder shall not (1) operate to
terminate this Voting Trust Deed or the Trust Property, (2) entitle such
Shareholder's legal representatives or heirs to claim an accounting or to take
any Proceeding in any court for a partition or winding up of the Trust Property
or (3) otherwise affect the rights, obligations and liabilities of the parties
thereto or any of them.

     (b) No Shareholder shall have any right to control the operation and
management of any Trust Property, or the obligations of the parties thereto, nor
shall anything in this Voting Trust Deed, the Pairing Agreement or the SVE
Special Voting Deed set forth, or contained in the terms of the Shares or the
Certificates, be construed so as to constitute the Shareholders from time to
time as partners or members of an association. In addition, no Shareholder shall
be under any liability to any third person by reason of any action taken by the
parties to this Voting Trust Deed pursuant to any provision thereof.

     Section 9.04 Governing Law.

     (a) This Voting Trust Deed and each Share shall initially be governed by
and construed in accordance with the laws of the Cayman Islands the courts of
which shall be the forum of administration of the Trust. The Trustee, however,
is prohibited from exercising any power or discretion granted under said laws
that would be inconsistent with the qualification of the trust as an investment
trust under 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 will be

                                      -21-

<PAGE>

considered to own the Trust Property for U.S. federal, state and local income
tax purposes. Notwithstanding the foregoing, the Trustee may upon obtaining the
consent of Carnival, at any time and from time to time, by written instrument,
declare that the Trust hereunder shall from the date of such declaration, or
from a date stated in such declaration, take effect in accordance with the law
of such other jurisdiction as it and Carnival, in their sole and absolute
discretion, determine, and thereafter the law of such other jurisdiction shall
govern the validity and construction of the Trust hereunder; provided, however,
that if the Trustee exercises the discretionary power under this Section 9.04(a)
to change the situs and governing jurisdiction of the Trust under this Voting
Trust Deed, it may initiate such judicial proceedings (if any) as it deems
necessary or desirable to accomplish such change, whether or not such proceeding
is required by the law of the new governing jurisdiction. However, nothing in
this section 9.04(a) shall be construed as allowing the Trustee to exercise this
power in a manner that will result in the trust failing to qualify as an
investment trust under 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 will be considered to own the
Trust Property for U.S. federal, state and local income tax purposes.

     (b) For so long as the Trust is a trust established under the laws of the
Cayman Islands, Carnival irrevocably appoints Walkers of PO Box 265GT, Walker
House, Mary Street, George Town, Grand Cayman, Cayman Islands, fax number: +345
949 7886 as its agent to receive on its behalf in the Cayman Islands service of
such proceedings arising out of or in connection with this Voting Trust Deed.
Such service shall be deemed completed on delivery to such agent (whether or not
it is forwarded to and received by Carnival). If for any reason such agent
ceases to be able to act as agent or no longer has an address in the Cayman
Islands, Carnival shall forthwith appoint a substitute acceptable to the Trustee
and deliver to the Trustee the new agent's name, address and fax number.

     (c) At any time or times, without prior court approval but subject to
applicable legal limitations and subject as mentioned below, upon the written
request of Carnival, the Trustee shall move (or decline to move) all or part of
the assets or the situs of administration of the trust from one jurisdiction to
another jurisdiction and, in connection with such move, this Voting Trust Deed
and each Share shall be governed by and construed in accordance with the laws of
such other jurisdiction. The determination of Carnival as to any such removal or
change of situs may be made by them for any reason, including, without
limitation, the convenience of Carnival, P&O Princess, the Trustee or of the
Shareholders; provided, however, that nothing in this Section 9.04(b) shall be
construed as allowing Carnival to exercise this power in a manner that will
result in the trust failing to qualify at all times for U.S. federal, state and
local income tax purposes as an "investment trust" under 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
will be considered to own the Trust Property for U.S. federal, state and local
income tax purposes. The Trustee shall not be obliged to take any action under
this Section 9.04(b) unless and until:

                                      -22-

<PAGE>

              (i) it has had a reasonable opportunity to take such professional
advice (at the expense of Carnival) as it may properly require as to the effect
on it and its rights, obligations and liabilities arising under this Voting
Trust Deed and/or (where relevant) the Pairing Agreement and the SVE Special
Voting Deed of the proposed move of assets or change of situs of administration;
and

             (ii) it has agreed to such amendments and/or additional provisions
to this Voting Trust Deed with Carnival and/or (where relevant) to the Pairing
Agreement and the SVE Special Voting Deed with the parties thereto, as it may
require as a condition of continuing to act as Trustee under this Voting Trust
Deed, the Pairing Agreement and the SVE Special Voting Deed following such move
of assets or change of situs.

     Section 9.05 Notices. All directions, demands and notices under this Voting
Trust Deed shall be delivered in accordance with Section 15 of the Pairing
Agreement.

     Section 9.06 Severability of Terms. If any one or more of the covenants,
agreements or terms of this Voting Trust Deed shall be for any reason whatsoever
held invalid, then such covenants, agreements or terms shall be deemed severable
from the remaining covenants, agreements or terms of this Voting Trust Deed and
shall in no way affect the validity or enforceability of the other terms of this
Voting Trust Deed or of the Shares or the rights of the Shareholders.

     Section 9.07 No Recourse. Each Shareholder, by its acceptance of a Share,
acknowledges that such Share represents an equal, absolute, identical, undivided
interest in the Trust Property only and does not represent an interest in or
obligation of Carnival, the Trustee or any Affiliate of Carnival (other than the
Trust, if the Trust is deemed to be an Affiliate of Carnival) or the Trustee and
no recourse may be had against such Persons or their respective assets.

     Section 9.08 Intent of the Parties. The parties intend that the Trust shall
at all time be classified for U.S. federal, state and local income tax purposes
as an "investment trust" under 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 will be considered
to own the Trust Property 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.
Each Shareholder, by its acceptance of its Shares, agrees to treat the Trust as
a grantor trust for all U.S. federal, state and local income tax purposes.
Notwithstanding any other provision of this Voting Trust Deed, the Pairing
Agreement or the SVE Special Voting Deed, the provisions of this Voting Trust
Deed shall be interpreted to further this intention and powers granted as well
as obligations undertaken pursuant to this Voting Trust Deed shall be construed
so as to further such intent. No provision of this Voting Trust Deed shall be of
any force or effect if such provision would result in the Trust being treated in
a manner inconsistent with the intention of the parties as set forth in this
Section 9.08.

                                      -23-

<PAGE>

     Section 9.09 Voting Trust Deed Binding on Shareholders. Each Person
becoming a Shareholder in accordance with the terms hereof and knowingly
accepting a Share shall be bound by this Voting Trust Deed.

                                      -24-

<PAGE>

     IN WITNESS WHEREOF, Carnival and the Trustee have caused this instrument to
be duly executed as a deed as of the date 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 CORPORATION (CAYMAN) LIMITED, as Trustee,
was hereunto affixed in the presence of

_______________________________
Name:
Title:

                                      -25-

<PAGE>

                                   SCHEDULE A

                               Incorporated Powers

Subject to Section 3.04 of this Voting Trust Deed, the Trustee shall have the
following powers:

Section 1.01 Additional Powers

The Trustee shall have the following powers in addition to those conferred by
law:

        (a)  With respect to any property comprised in the Trust Property power
             to exercise all powers relating thereto as if beneficially entitled
             thereto and without being restricted in any way by the office of
             trustee including (without prejudice to the generality of the
             foregoing power) -

             (i)  Power to vote upon or in respect of any shares securities
                  bonds notes or other evidence of interest in or obligations of
                  any corporation trust association or concern whether or not
                  the exercise of such power affects the security or the
                  apparent security of the Trust Property or the purchase or
                  sale or lease of the assets of any such corporation trust
                  association or concern; and

             (ii) Power to give proxies or powers of attorney with or without
                  power of substitution for voting or acting on behalf of the
                  Trustee as the owner of any such property.

        (b)  In the event of any duties fees or taxes whatsoever becoming
             payable in any part of the world in respect of the Trust Property
             or any part thereof in any circumstances whatsoever power to pay
             all such duties fees or taxes out of the Trust Property or the
             income thereof with discretion as to the time and manner in which
             the said duties fees or taxes shall be paid and the Trustee may pay
             such duties fees or taxes notwithstanding that the same shall not
             be recoverable from the Trustee or from any persons interested
             under the trusts of this instrument or that the payment shall not
             be to the advantage of such persons;

        (c)  Power to institute prosecute and defend any suits or actions or
             other proceedings affecting the Trustee or the Trust Property and
             to compromise any matter of difference or to submit such matter to
             arbitration and to compromise or compound any debt owing to the
             Trustee or any other claims and to adjust any disputes in relation
             to debts or claims against it as trustee upon evidence that the
             Trustee shall deem sufficient and to make partition upon such terms
             (including if thought fit the payment or receipts of equality
             money) as the Trustee shall deem desirable with co-owners or joint
             tenants besides the Trustee having any interest in any property in

                                      -26-

<PAGE>

             which the Trustee is interested and to make partition either by
             sale or by set-off or by agreement or otherwise;

        (d)  Power to take at the expense of the Trust Property or the income
             thereof the opinion of legal counsel concerning any question
             arising under this instrument or on any matter in any way relating
             to the Trust Property or the duties of the Trustee in connection
             with this instrument And the Trustee shall not be liable for any
             action taken in good faith pursuant to or otherwise in accordance
             with the opinion or advice of such counsel;

        (e)  Power to employ and pay at the expense of the capital or income of
             the Trust Property any agent or agents in any part of the world
             whether solicitors bankers accountants stockbrokers managers or
             other persons (including any trustee of this instrument or any
             corporate trustee or any parent subsidiary or affiliate of such
             corporate trustee) to transact any business or to do any act
             requiring to be transacted or done in execution of the trusts of
             this instrument including the receipt and payment of money and the
             execution of documents and in any such event the trustee, the
             corporate trustee or the parent subsidiary or the affiliate of such
             corporate trustee is entitled to charge and be paid and to retain
             for his or its own account all usual professional and other fees
             and commissions normally paid for such services including fees and
             commissions shared with other agents;

        Trustee may exercise power despite personal interest

        (f)  Power for all or any Trustee to exercise or join or concur in
             exercising all or any of the powers and discretions by this
             instrument or by law given to the Trustee notwithstanding that such
             trustee may have a personal interest in the mode or result of
             exercising any such power or discretion or may be interested
             therein in some other fiduciary capacity but any trustee may
             abstain from acting except as a merely formal party in any matter
             in which he may be so interested as aforesaid and may allow his
             co-trustees to act alone in the exercise of such powers and
             discretions in relation to such matter; and

        To release fiduciary power

        (g)  Power from time to time by deed revocable or irrevocable wholly or
             partially to release extinguish or restrict any power by this
             instrument or by law conferred on the Trustee notwithstanding the
             fiduciary nature of any such power (but not so as to invalidate any
             prior exercise thereof).

Section 3.01 Exclusion of apportionments

Unless the Trustee in its absolute discretion shall otherwise determine all
dividends and other income received shall be treated for all purposes as income
accruing at the due date

                                      -27-

<PAGE>

of payment whether or not such dividends or income may have been earned and
accrued wholly or partially in respect of a period prior to such date.

Section 4.01 Protection of third parties in dealings with trustees

        (a)  No person or corporation dealing with the Trustee and no purchaser
             on any sale made by the Trustee shall be concerned to enquire into
             the propriety or validity of any act of the Trustee or to see to
             the application of any money paid or property transferred to or
             upon the order of the Trustee.

        (b)  No firm association or corporation any of whose securities are
             comprised in the Trust Property and no purchaser or person dealing
             with any trustee purporting to act under any delegation of
             authority from any other trustee shall be required to ascertain or
             enquire whether a case exists in which such delegation is permitted
             or whether such delegated authority is still subsisting.

        (c)  When anything is dependent upon the value of any property or the
             existence of any fact a certificate of the Trustee as to such value
             or fact shall be conclusive in favour of anyone acting thereon in
             good faith.

Section 5.01 Trustee not bound to interfere with company management

The Trustee shall not be bound or required to interfere in the management or
conduct of the affairs or business of any company in which the Trust Property
may be invested (and whether or not the Trustee has control of such company) And
so long as no trustee of this instrument has notice of any wilful negligence
wilful default or fraud or dishonesty on the part of the directors having the
management of such company they may leave the same (including the payment or
non-payment of dividends) wholly to such directors And no beneficiary is
entitled as such beneficiary in any way to compel control or forbid the exercise
(including in any particular manner) of any voting or other rights at any time
vested in the Trustee with regard to such company including without prejudice to
the generality of the foregoing any powers the Trustee may have (even if also
directors of such company) of compelling such company to distribute any
dividend.

                                      -28-<PAGE>

DATED                                                             April 17, 2003

                                                                     Exhibit 4.3

                              CARNIVAL CORPORATION

                                 DLC SVC LIMITED

                            P&O PRINCESS CRUISES PLC

              THE LAW DEBENTURE TRUST CORPORATION (CAYMAN) LIMITED

                   THE LAW DEBENTURE TRUST CORPORATION P.L.C.

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

                             SVE SPECIAL VOTING DEED

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

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                        PAGE
<S>                                                                             <C>
1.  DEFINITIONS AND INTERPRETATION .........................................    1

2.  NOTIFICATION OF VOTES CAST ON JOINT ELECTORATE ACTIONS AT A
    PARALLEL SHAREHOLDER MEETING AND CALCULATION OF SPECIFIED
    NUMBER .................................................................    8

3.  NOTIFICATION OF OUTCOME ON VOTE ON CLASS RIGHTS ACTIONS ................    9

4.  ATTENDANCE AT MEETINGS AND VOTING ......................................    9

5.  DEALINGS ...............................................................    13

6.  OBLIGATIONS SUBJECT TO APPLICABLE REGULATIONS ..........................    14

7.  DEFAULT BY CARNIVAL OR P&O PRINCESS ....................................    14

8.  SUPPLY OF INFORMATION; CONFIDENTIALITY .................................    14

9.  REMUNERATION AND EXPENSES OF DLC SVC AND P&O PRINCESS TRUSTEE ..........    15

10. POWER OF DLC SVC AND P&O PRINCESS TRUSTEE ..............................    16

11. INDEMNITIES ............................................................    18

12. ACTIVITIES .............................................................    18

13. GOVERNANCE MATTERS .....................................................    19

14. AMENDMENTS TO THIS DEED ................................................    19

15. DAMAGES NOT ADEQUATE REMEDY ............................................    20

16. TERMINATION ............................................................    20

17. GENERAL ................................................................    21
</TABLE>

<PAGE>

THIS SVE SPECIAL VOTING DEED is dated as of April 17, 2003

BETWEEN

(1)  CARNIVAL CORPORATION, a Panamanian corporation, having its principal place
     of business at Carnival Place, 3655 N.W. 87/th/ Avenue, Miami, Florida,
     33178-2428 ("Carnival");

(2)  DLC SVC LIMITED, a company incorporated in England and Wales, having its
     registered office at Fifth Floor, 100 Wood Street, London EC2V 7EX ("DLC
     SVC");

(3)  P&O PRINCESS CRUISES PLC, a company incorporated in England and Wales
     (Registered No 4039524) and having its registered office at 77 New Oxford
     Street, London, WC1A 1PP ("P&O Princess");

(4)  THE LAW DEBENTURE TRUST CORPORATION (CAYMAN) LIMITED, in its capacity as
     the trustee (the "P&O Princess Trustee") of P&O Princess Special Voting
     Trust ("P&O Princess SVT"), a trust formed under the laws of the Cayman
     Islands pursuant to the Voting Trust Deed between Carnival and the P&O
     Princess Trustee of even date herewith (the "Voting Trust Deed"); and

(5)  THE LAW DEBENTURE TRUST CORPORATION P.L.C., a company incorporated in
     England and Wales, having its registered office at Fifth Floor, 100 Wood
     Street, London EC2V 7EX (the "DLC SVC Owner").

Recitals

(A)  Carnival and P&O Princess entered into the Implementation Agreement
     pursuant to which Carnival and P&O Princess have agreed to do certain acts
     and things to implement the DLC Structure and create certain rights for the
     Carnival shareholders and the P&O Princess shareholders in respect of their
     indirect interests in the combined enterprise.

(B)  DLC SVC and the P&O Princess Trustee have agreed to carry out certain
     functions in accordance with the provisions of this Deed in connection with
     their ownership of the Carnival Special Voting Share and the P&O Princess
     Special Voting Share, respectively.

(C)  The DLC SVC Owner is the legal and beneficial owner of all the shares in
     DLC SVC.

(D)  The P&O Princess Trustee is the trustee of P&O Princess SVT.

IT IS AGREED on and from Completion as follows.

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions

     The following definitions apply unless otherwise specified in this Deed:

     "Applicable Regulations" has the same meaning as in the Equalization
     Agreement;

                                                                               1

<PAGE>

     "Board of Carnival" means the board of directors of Carnival (or a duly
     appointed committee of that board) from time to time;

     "Boards of Carnival and P&O Princess" means the Board of Carnival and the
     Board of P&O Princess;

     "Board of P&O Princess" means the board of directors of P&O Princess (or a
     duly appointed committee of that board) from time to time;

     "Business Day" has the same meaning as in the Equalization Agreement;

     "Carnival Common Stock" has the meaning given to it in the Carnival
     Constitution;

     "Carnival Constitution" means the Articles of Incorporation and the By-Laws
     of Carnival which will be in effect immediately following Completion, as
     amended from time to time;

     "Carnival Entrenched Provision" has the same meaning as in the Carnival
     Constitution;

     "Carnival Equivalent Number" has the same meaning as in the Equalization
     Agreement;

     "Carnival Guarantee" has the same meaning as in the Equalization Agreement;

     "Carnival Group" has the same meaning as in the Equalization Agreement;

     "Carnival Special Voting Share" means the special voting share of US$0.01
     in Carnival;

     "Carnival Specified Numbers" means, in relation to a resolution to consider
     a Joint Electorate Action at a meeting of P&O Princess shareholders, (i)
     the number of votes Cast in favour of the Equivalent Resolution of Carnival
     at the Parallel Shareholder Meeting of Carnival shareholders divided by the
     Carnival Equivalent Number in effect at the time such meeting of P&O
     Princess shareholders is held rounded up to the nearest whole number; (ii)
     the number of votes Cast against the Equivalent Resolution of Carnival at
     the Parallel Shareholder Meeting of Carnival shareholders divided by the
     Carnival Equivalent Number in effect at the time such meeting of P&O
     Princess shareholders is held, rounded up to the nearest whole number; and
     (iii) the number of votes Cast as formal abstentions in relation to the
     Equivalent Resolution of Carnival at the Parallel Shareholder Meeting of
     Carnival shareholders divided by the Carnival Equivalent Number in effect
     at the time such meeting of P&O Princess shareholders is held, rounded up
     to the nearest whole number;

     "Cast" means, separately, the number of votes recorded (i) in favour; (ii)
     against; and (iii) formally abstained (including votes withheld) in
     accordance with the terms of the P&O Princess Articles or the Carnival
     Constitution (as applicable) by holders of Carnival Common Stock (and of
     any other stock in Carnival (other than the Carnival Special Voting Share)
     that from time to time are entitled to vote on the relevant resolution) or
     P&O Princess Ordinary Shares (and of any other shares in P&O Princess
     (other than the P&O Princess Special Voting Share) that from time to time
     are entitled to vote on the relevant resolution), as the context requires;

                                                                               2

<PAGE>

     "Class Rights Action" means any of the following actions by P&O Princess or
     Carnival:

     (i)   the voluntary Liquidation of such company for which the approval of
           shareholders is required by Applicable Regulations or otherwise
           sought other than a voluntary Liquidation of both companies at or
           about the same time with the purpose or effect of no longer
           continuing the operation of the businesses of the companies as a
           combined going concern and not as part of a scheme, plan,
           transaction, or series of related transactions the primary purpose or
           effect of which is to reconstitute all or a substantial part of such
           businesses in one or more successor entities;

     (ii)  the sale, lease exchange or other disposition of all or substantially
           all of the assets of such company, other than in a bona fide
           commercial transaction undertaken for a valid business purpose in
           which such company receives consideration with a fair market value
           reasonably equivalent to the assets disposed of and not as a part of
           a scheme, plan, transaction or series of related transactions the
           primary purpose or effect of which is to collapse or unify the DLC
           Structure;

     (iii) any adjustment to the Carnival Equivalent Number or the Equalization
           Ratio otherwise than in accordance with the provisions of the
           Equalization Agreement;

     (iv)  except where specifically provided for in the relevant agreements,
           any amendment to the terms of, or termination of, the Equalization
           Agreement, this Deed, the P&O Princess Guarantee or the Carnival
           Guarantee (including, for the avoidance of doubt, the voluntary
           termination of either Guarantee);

     (v)   any amendment to, removal or alteration of the effect of (which shall
           include the ratification of any breach of) any P&O Princess
           Entrenched Provision or any Carnival Entrenched Provision;

     (vi)  any amendment to, removal or alteration of the effect of (which shall
           include the ratification of any breach of) Article XII or XIII of the
           Carnival Articles that would cause, or at the time of implementation
           would be reasonably likely to cause, an Exchange Event described in
           clause (a) of the definition of such term in the P&O Princess
           Articles to occur; and

     (vii) the doing of anything which the Boards of Carnival and P&O Princess
           agree (either in a particular case or generally), in their absolute
           discretion, should be approved as a Class Rights Action;

     "Code" means the United States Internal Revenue Code of 1986, as amended,
     and Treasury Regulations promulgated thereunder.

     "Completion" means the time at which the steps set out in Section 2.2 of
     the Implementation Agreement have been completed;

     "Deal" in relation to property or an interest in property or the rights
     attaching to property, means transfer, assign (by operation of law or
     otherwise), convey, create an Encumbrance over or otherwise deal (or agree
     to do any of those things) with such

                                                                               3

<PAGE>

     property or interest or rights in any way whatsoever and "Dealing" shall be
     construed accordingly;

     "DLC Structure" means the structure created by the combination of Carnival
     and P&O Princess by means of a dual listed company structure whereby,
     amongst other things, Carnival and P&O Princess have a unified management
     structure and the businesses of both the Carnival Group and the P&O
     Princess Group are managed on a unified basis in accordance with the
     provisions of the Equalization Agreement;

     "Encumbrance" means an interest or power:

     (a)  reserved in or over any interest in any asset (including shares)
          including any retention of title; or

     (b)  created or otherwise arising in or over any interest in any asset
          (including shares) under a bill of sale, mortgage, charge, lien,
          pledge, trust or power, by way of security for the payment of debt or
          any other monetary obligation or the performance of any other
          obligation and whether existing or agreed to be granted or created;

     "Equalization Agreement" means the Equalization and Governance Agreement
     entered into between Carnival and P&O Princess on the same date as this
     Deed;

     "Equalization Ratio" has the same meaning as in the Equalization Agreement;

     "Equivalent Resolution" means a resolution of either Carnival or P&O
     Princess, as applicable, certified in accordance with this Deed by a duly
     authorised officer of Carnival and a duly authorised officer of P&O
     Princess (as applicable) as equivalent in nature and effect to a resolution
     of the other company. (For example, a resolution to appoint an individual
     as a director of Carnival or to appoint the auditors of Carnival would, if
     a resolution considering such matters in relation to P&O Princess were put
     to a meeting of P&O Princess' shareholders, be the equivalent resolution
     (provided that a duly authorised officer of Carnival and a duly authorised
     officer of P&O Princess give the certification described above) to a
     resolution to appoint the same individual as a director of P&O Princess or
     to appoint the auditors of P&O Princess, and vice versa. In addition, if a
     resolution was proposed by one of the companies (the "Proposing Company")
     that did not need to be proposed by the other company (the "Other
     Company"), (e.g. a resolution for the approval of the disapplication of
     pre-emption rights if under Applicable Regulations this needs to be
     approved by P&O Princess' shareholders, but not by Carnival's
     shareholders), then the Proposing Company would put that resolution to a
     meeting of its shareholders and the same or substantially the same
     resolution (provided that a duly authorised officer of Carnival and a duly
     authorised officer of P&O Princess give the certification described above)
     would also be put to a meeting of the Other Company's shareholders, to
     enable both sets of shareholders to vote on that resolution);

     "Exchange Act" means the Securities Exchange Act of 1934;

     "Guarantee" has the same meaning as in the Equalization Agreement;

     "Governmental Agency" has the same meaning as in the Equalization
     Agreement;

                                                                               4

<PAGE>

     "Implementation Agreement" means the Offer and Implementation Agreement,
     dated as of 8 January 2003, between Carnival and P&O Princess;

     "Joint Electorate Action" means all actions put to shareholders of P&O
     Princess or Carnival, except for Class Rights Actions or resolutions of a
     procedural or technical nature. For the avoidance of doubt, the following
     actions, if put to the holders of Carnival Common Stock or P&O Princess
     Ordinary Shares, shall constitute Joint Electorate Actions: (i) the
     appointment, removal or re-election of any director of Carnival or P&O
     Princess, or both of them; (ii) to the extent such receipt or adoption is
     required by Applicable Regulations, the receipt or adoption of the
     financial statements of Carnival or P&O Princess, or both of them, or
     accounts prepared on a combined basis, other than any accounts in respect
     of the period(s) ended prior to the date of the Equalization Agreement;
     (iii) a change of name of either Carnival, P&O Princess, or both of them;
     and (iv) the appointment or removal of the auditors of the Carnival or P&O
     Princess, or both of them;

     "Liquidation" has the same meaning as in the Equalization Agreement;

     "Majority Resolution" means, with respect to Carnival or P&O Princess, a
     resolution duly approved at a meeting of the shareholders of such company
     by the affirmative vote of a majority of all the votes Voted on such
     resolution by all shareholders of such company entitled to vote thereon
     (including, where appropriate, the holder of the Special Voting Share of
     such company) who are present in person or by proxy at such meeting;

     "NYSE" means the New York Stock Exchange, Inc.;

     "Pairing Agreement" means the Pairing Agreement, of even date herewith,
     among the P&O Princess Trustee, Carnival and the transfer agent;

     "Parallel Shareholder Meeting" means, in relation to Carnival or P&O
     Princess, any meeting of the shareholders of that company which is:

     (a)  nearest in time to, or is actually contemporaneous with, the meeting
          of the shareholders of the other company and at which some or all of
          the same resolutions or some or all of the Equivalent Resolutions are
          to be considered; or

     (b)  designated by the Board of Carnival or the Board of P&O Princess, as
          the case may be, as the parallel meeting of shareholders of a
          particular meeting of shareholders of the other company;

     "P&O Princess Articles" means the Articles of Association of P&O Princess
     which will be in effect as immediately following Completion as amended from
     time to time;

     "P&O Princess Entrenched Provision" has the same meaning as in the P&O
     Princess Articles;

     "P&O Princess Guarantee" has the same meaning as in the Equalization
     Agreement;

     "P&O Princess Group" has the same meaning as in the Equalization Agreement;

                                                                               5

<PAGE>

     "P&O Princess Ordinary Shares" has the meaning given to it in the P&O
     Princess Articles;

     "P&O Princess Special Voting Share" means the special voting share of
     (Pounds)1 in P&O Princess;

     "P&O Princess Specified Numbers" means, in relation to a resolution to
     consider a Joint Electorate Action at a meeting of Carnival shareholders
     (i) the number of votes Cast in favour of the Equivalent Resolution of P&O
     Princess at the Parallel Shareholder Meeting of P&O Princess shareholders
     multiplied by the Carnival Equivalent Number in effect at the time such
     meeting of Carnival shareholders is held, rounded up to the nearest whole
     number; (ii) the number of votes Cast against the Equivalent Resolution of
     P&O Princess at the Parallel Shareholder Meeting of P&O Princess
     shareholders multiplied by the Carnival Equivalent Number in effect at the
     time such meeting of Carnival shareholders is held, rounded up to the
     nearest whole number; and (iii) the number of votes Cast as formal
     abstentions (including votes withheld) in relation to the Equivalent
     Resolution of P&O Princess at the Parallel Shareholder Meeting of P&O
     Princess shareholders multiplied by the Carnival Equivalent Number in
     effect at the time such meeting of Carnival shareholders is held, rounded
     up to the nearest whole number;

     "Shares" means, in relation to P&O Princess, the P&O Princess Ordinary
     Shares and, in relation to Carnival, the Carnival Common Stock;

     "Special Resolution" has the same meaning as in the P&O Princess Articles;

     "Special Voting Share" means, in relation to P&O Princess, the P&O Princess
     Special Voting Share and, in relation to Carnival, the Carnival Special
     Voting Share;

     "Subsidiary" means with respect to P&O Princess or Carnival, any entity,
     whether incorporated or unincorporated, in which P&O Princess or Carnival
     owns, directly or indirectly, a majority of the securities or other
     ownership interests having by their terms ordinary voting power to elect a
     majority of the directors or other persons performing similar functions, or
     the management and policies of which P&O Princess or Carnival otherwise has
     the power to direct;

     "Supermajority Resolution" means, with respect to Carnival or P&O Princess,
     a resolution required by Applicable Regulations and/or the Carnival
     Constitution or the P&O Princess Articles, as relevant, to be approved by a
     higher percentage of votes Voted than required under a Majority Resolution,
     or where the percentage of votes Voted in favour and against the resolution
     is required to be calculated by a different mechanism to that required by a
     Majority Resolution;

     "Treasury Regulations" means the final, temporary or proposed regulations
     that have been issued by the U.S. Department of Treasury pursuant to its
     authority under the Code, and any successor regulations; and

     "Voted" means the number of votes recorded in favour of and against a
     particular resolution at a shareholders' meeting of either P&O Princess or
     Carnival by holders of Shares, holders of any other class of shares
     entitled to vote and the holder of the relevant Special Voting Share
     PROVIDED THAT votes recorded as abstentions by holders of Carnival Common
     Stock or P&O Princess Ordinary Shares (or any other

                                                                               6

<PAGE>

     class of shares entitled to vote) shall not be counted as having been Voted
     for these purposes.

1.2  Interpretation

     The headings herein are for convenience of reference only and do not
     constitute part of this Deed and shall not be deemed to limit or otherwise
     affect any of the provisions hereof. The following rules of interpretation
     apply unless the context requires otherwise.

     (a)  The singular includes the plural and conversely.

     (b)  A gender includes all genders.

     (c)  Where a word or phrase is defined, its other grammatical forms have a
          corresponding meaning.

     (d)  A reference to a person includes a body corporate, an unincorporated
          body or other entity.

     (e)  A reference to a clause is to a clause of this Deed unless otherwise
          indicated.

     (f)  A reference to any party to this Deed or any other agreement or
          document includes the party's successors and permitted assigns.

     (g)  A reference to any agreement or document is to that agreement or
          document as amended, novated, supplemented, varied or replaced from
          time to time, except to the extent prohibited by this Deed.

     (h)  A reference to any legislation (including any listing rules of a stock
          exchange or voluntary codes) or to any provision of any legislation
          includes any modification or re-enactment of it, any legislative
          provision substituted for it and all rules and regulations and
          statutory instruments issued thereunder.

     (i)  A reference to $ is to US dollars and a reference to(pound)is to
          pounds sterling.

     (j)  A reference to conduct includes any omission and any statement or
          undertaking, whether or not in writing.

     (k)  A reference to writing includes a facsimile transmission and any other
          means of reproducing words in a tangible and permanently visible form.

     (l)  Whenever the words "include", "includes" or "including" are used in
          this Deed, they shall be deemed to be followed by the words "without
          limitation";

     (m)  A reference to a body, other than a party to this Deed (including, an
          institute, association, authority or Governmental Agency), whether
          statutory or not:

          (i)  which ceases to exist; or

          (ii) whose powers or functions are transferred to another body,

          is a reference to the body which replaces it or which substantially
          succeeds to its powers or functions.

                                                                               7

<PAGE>

     (n)  All references to time are to local time in the place where the
          relevant obligation is to be performed (or right exercised).

1.3  Business Day

     Where the day on or by which any thing is to be done is not a Business Day,
     that thing must be done on or by the Business Day following such day.

2.   NOTIFICATION OF VOTES CAST ON JOINT ELECTORATE ACTIONS AT A PARALLEL
     SHAREHOLDER MEETING AND CALCULATION OF SPECIFIED NUMBER

2.1  Notification by Carnival

     Carnival agrees with the P&O Princess Trustee and P&O Princess that, in
     relation to each meeting of Carnival shareholders at which any resolution
     relating to a Joint Electorate Action is to be considered, Carnival shall,
     as soon as possible after the Carnival shareholders (other than DLC SVC)
     entitled to vote on any such resolution Cast those votes at such
     shareholder meeting, deliver to the P&O Princess Trustee and P&O Princess
     in writing in accordance with clause 17.5 a certificate of a duly
     authorised officer of Carnival setting forth the details in clauses (a) and
     (b) below:

     (a)  how the votes were Cast (including the number of votes Cast) at the
          meeting of Carnival shareholders in relation to each such Equivalent
          Resolution for a Joint Electorate Action; and

     (b)  its calculation of the Carnival Specified Numbers applicable to the
          P&O Princess Special Voting Share for each Equivalent Resolution for a
          Joint Electorate Action and of the way in which the P&O Princess
          Trustee is required to vote the Carnival Specified Numbers attaching
          to the P&O Princess Special Voting Share in relation to each such
          Equivalent Resolution at the Parallel Shareholder Meeting of P&O
          Princess in accordance with this Deed and the P&O Princess Articles.

2.2  Notification by P&O Princess

     P&O Princess agrees with DLC SVC and Carnival that, in relation to each
     meeting of P&O Princess shareholders at which any resolution relating to a
     Joint Electorate Action is to be considered, P&O Princess shall, as soon as
     possible after the P&O Princess shareholders (other than the P&O Princess
     Trustee) entitled to vote on any such resolution Cast those votes at such
     shareholder meeting, deliver to DLC SVC and Carnival in writing in
     accordance with clause 17.5 a certificate of a duly authorised officer of
     P&O Princess setting forth the details in clauses (a) and (b) below:

     (a)  how the votes were Cast (including the number of votes Cast) at the
          meeting of P&O Princess shareholders in relation to each such
          Equivalent Resolution for a Joint Electorate Action; and

     (b)  its calculation of the P&O Princess Specified Numbers applicable to
          the Carnival Special Voting Share for each Equivalent Resolution for a
          Joint Electorate Action and of the way in which DLC SVC is required to
          vote the P&O Princess Specified Numbers attaching to the Carnival
          Special Voting

                                                                               8

<PAGE>

          Share in relation to each such Equivalent Resolution at the Parallel
          Shareholder Meeting of Carnival in accordance with this Deed and the
          Carnival Constitution.

3.   NOTIFICATION OF OUTCOME ON VOTE ON CLASS RIGHTS ACTIONS

3.1  Notification by Carnival

     Carnival agrees with P&O Princess and the P&O Princess Trustee that, in
     relation to each meeting of Carnival shareholders at which any resolution
     or resolutions relating to a Class Rights Action is to be considered,
     Carnival shall, as soon as possible after the Carnival shareholders (other
     than DLC SVC) entitled to vote on any such resolution Cast those votes at
     such shareholder meeting, deliver to the P&O Princess Trustee and P&O
     Princess in writing and in accordance with clause 17.5 a certificate of a
     duly authorised officer of Carnival setting forth (a) how the votes were
     Cast (including the number of votes Cast) at the meeting of Carnival
     shareholders in relation to each such Equivalent Resolution; (b) whether or
     not each such Equivalent Resolution or resolutions was approved by the
     requisite majority pursuant to the Carnival Constitution and/or Applicable
     Regulations, and (c) the information required by Section 4.4(a) hereof, if
     any.

3.2  Notification by P&O Princess

     P&O Princess agrees with Carnival and DLC SVC that, in relation to each
     meeting of P&O Princess shareholders at which any resolution or resolutions
     relating to a Class Rights Action is to be considered, P&O Princess shall,
     as soon as possible after the P&O Princess shareholders (other than the P&O
     Princess Trustee) entitled to vote on any such resolution Cast those votes
     at such shareholder meeting, deliver to DLC SVC and Carnival in writing and
     in accordance with clause 17.5 a certificate of a duly authorised officer
     of P&O Princess setting forth (a) how the votes were Cast (including the
     number of votes Cast) at the meeting of P&O Princess shareholders in
     relation to each such Equivalent Resolution; (b) whether or not the
     Equivalent Resolution or resolutions were approved by the requisite
     majority pursuant to the P&O Princess Articles and/or Applicable
     Regulations, and (c) the information required by Section 4.4(b) hereof, if
     any.

4.   ATTENDANCE AT MEETINGS AND VOTING

4.1  Attendance at meetings

     (a)  DLC SVC agrees with P&O Princess that, at every meeting of Carnival
          shareholders at which any resolution relating to a Joint Electorate
          Action or a Class Rights Action is to be considered, DLC SVC shall be
          present by its duly appointed corporate representative or by proxy or
          proxies. Carnival agrees to notify DLC SVC in writing and in
          accordance with clause 17.5 at the time it sends notice to its
          shareholders of a shareholder meeting whether any resolution to be
          proposed at such meeting is a Joint Electorate Action or a Class
          Rights Action and DLC SVC shall be entitled to rely on any such notice
          for the purposes of this Deed. Carnival also agrees to notify DLC SVC
          in advance and in writing in accordance with clause 17.5 of the time
          and place at which an adjourned or postponed meeting will be held and
          whether any resolution to be proposed at such meeting is a Joint
          Electorate Action or a

                                                                               9

<PAGE>

          Class Rights Action and DLC SVC shall be entitled to rely on any such
          notice for the purpose of this Deed.

     (b)  The P&O Princess Trustee agrees with Carnival that, at every meeting
          of P&O Princess at which any resolution relating to a Joint Electorate
          Action or a Class Rights Action is to be considered, the P&O Princess
          Trustee shall be present by its duly appointed corporate
          representative or by proxy or proxies. P&O Princess agrees to notify
          the P&O Princess Trustee in writing and in accordance with clause 17.5
          at the time it sends notice to its shareholders of a shareholder
          meeting whether any resolution to be proposed at such meeting is a
          Joint Electorate Action or a Class Rights Action and the P&O Princess
          Trustee shall be entitled to rely on any such notice for the purposes
          of this Deed. P&O Princess also agrees to notify the P&O Princess
          Trustee in advance and in writing in accordance with clause 17.5 of
          the time and place at which an adjourned or postponed meeting will be
          held and whether any resolution to be proposed at such meeting is a
          Joint Electorate Action or a Class Rights Action and DLC SVC shall be
          entitled to rely on any such notice for the purpose of this Deed.

4.2  Vote in accordance with constitution

     (a)  DLC SVC agrees with Carnival and P&O Princess that it shall vote the
          Carnival Special Voting Share in accordance with the requirements of
          the Carnival Constitution and this Deed.

     (b)  The P&O Princess Trustee agrees with Carnival and P&O Princess that it
          shall vote the P&O Princess Special Voting Share in accordance with
          the requirements of the P&O Princess Articles and this Deed.

4.3  Vote on Joint Electorate Action

     (a)  DLC SVC agrees with Carnival and P&O Princess that on any resolution
          that relates to a Joint Electorate Action it will exercise the voting
          rights attached to the Carnival Special Voting Share in accordance
          with the certificate delivered under clause 2.2(b).

     (b)  The P&O Princess Trustee agrees with Carnival and P&O Princess that on
          any resolution that relates to a Joint Electorate Action it will
          exercise the voting rights attached to the P&O Princess Special Voting
          Share in accordance with the certificate delivered under clause
          2.1(b).

4.4  Vote on Class Rights Action

     (a)  DLC SVC agrees with Carnival and P&O Princess that where it has been
          notified by P&O Princess in accordance with clause 3.2 that a Class
          Rights Action has (pursuant to the P&O Princess Articles and/or
          Applicable Regulations) not been approved by the requisite majority of
          votes at a P&O Princess meeting of shareholders then it will exercise
          the voting rights attached to the Carnival Special Voting Share in
          accordance with the certificate delivered under clause 3.2, which
          certificate shall state the number of votes attaching to the Carnival
          Special Voting Share as set forth below:

                                                                              10

<PAGE>

          (i)  if the resolution needs to be passed by a Majority Resolution it
               shall vote the Carnival Special Voting Share to cast such number
               of votes representing the largest whole percentage that is less
               than the percentage of the number of votes as would be necessary
               to defeat that Majority Resolution if the total votes capable of
               being cast by the outstanding Carnival Common Stock and other
               class of shares of Carnival that are entitled to vote pursuant to
               Applicable Regulations and/or the Carnival Constitution
               (excluding the Carnival Special Voting Share) were cast in favour
               of the resolution at the Carnival Parallel Shareholder Meeting;
               and

          (ii) if the resolution needs to be passed by a Supermajority
               Resolution it shall vote the Carnival Special Voting Share to
               cast such number of votes representing the largest whole
               percentage that is less than the percentage of the number of
               votes as would be necessary to defeat a Supermajority Resolution
               if the total votes capable of being cast by the outstanding
               Carnival Common Stock and other class of shares of Carnival that
               are entitled to vote pursuant to Applicable Regulations and/or
               the Carnival Constitution (excluding the Carnival Special Voting
               Share) were cast in favour of the resolution at the Carnival
               Parallel Shareholder Meeting.

          By way of further explanation, expressed as a formula, the Carnival
          Special Voting Share shall be entitled to cast the following number of
          votes:

<TABLE>
               <S>                                             <C>    <C>
               [   One percentage point less than the    ]
                   minimum percent needed to defeat
                            the resolution                            Number of votes entitled
                 --------------------------------------        X      to be cast (excluding the
                     100 percent - Minimum percent                    Carnival Special Voting
                                    needed to defeat                            Share)
               [                    the resolution       ]
</TABLE>

          Accordingly, for a Majority Resolution, 50 percent is the minimum
          percent needed to defeat the resolution, and the figure in brackets
          would be 98 percent. In the event that a Supermajority Resolution is
          required to carry in excess of 75 percent of the votes cast, then 25
          percent would be the minimum percent needed to defeat the resolution,
          and the figure in brackets would be 32 percent.

     (b)  The P&O Princess Trustee agrees with Carnival and P&O Princess that
          where it has been notified by Carnival in accordance with clause 3.1
          that a Class Rights Action has (pursuant to the Carnival Constitution
          and/or Applicable Regulations) not been approved by the requisite
          majority of votes at a Carnival meeting of shareholders then it will
          exercise the voting rights attached to the P&O Princess Special Voting
          Share in accordance with the certificate delivered under clause 3.1,
          which certificate shall state the number of votes attaching to the P&O
          Princess Special Voting Share as set forth below:

          (i)  if the resolution needs to be passed by an ordinary resolution,
               it shall vote the P&O Princess Special Voting Share to cast such
               number of votes representing the largest whole percentage that is
               less than the percentage of the number of votes as would be
               necessary to defeat an ordinary resolution if the total votes
               capable of being cast by the

                                                                              11

<PAGE>

               outstanding P&O Princess Ordinary Shares and other class of
               shares of P&O Princess that are entitled to vote pursuant to
               Applicable Regulations and/or the P&O Princess Articles
               (excluding the P&O Princess Special Voting Share) were cast in
               favour of the resolution at the P&O Princess Parallel Shareholder
               Meeting; and

          (ii) if the resolution needs to be passed by a Special Resolution, it
               shall vote the P&O Princess Special Voting Share to cast such
               number of votes representing the largest whole percentage that is
               less than the percentage of the number of votes as would be
               necessary to defeat a Special Resolution if the total votes
               capable of being cast by the outstanding P&O Princess Ordinary
               Shares and other class of shares of P&O Princess that are
               entitled to vote pursuant to Applicable Regulations and/or the
               P&O Princess Articles (excluding the P&O Princess Special Voting
               Share) were cast in favour of the resolution at the P&O Princess
               Parallel Shareholder Meeting.

          By way of further explanation, expressed as a formula, the P&O
          Princess Special Voting Share shall be entitled to cast the following
          number of votes:

<TABLE>
               <S>                                             <C>   <C>
               [   One percentage point less than the    ]
                   minimum percent needed to defeat
                            the resolution                           Number of votes entitled to be
                 --------------------------------------        X         cast (excluding the P&O
                     100 percent - Minimum percent                    Princess Special Voting Share)
                                    needed to defeat
               [                    the resolution       ]
</TABLE>

          Accordingly, for an ordinary resolution, 50 percent is the minimum
          percent needed to defeat the resolution, and the figure in brackets
          would be 98 percent. In the event that a Special Resolution is
          required to carry 75 percent of the votes cast, then 25.01 (rounded
          down to the nearest hundredth) percent would be the minimum percent
          needed to defeat the resolution, and the figure in brackets would be
          approximately 32 percent.

4.5  Amendments to resolutions

     (a)  DLC SVC is entitled to rely on a certificate from a duly authorised
          officer of Carnival and a duly authorised officer of P&O Princess that
          for all purposes of this Deed an amendment to a resolution to approve
          a Joint Electorate Action is made in accordance with the Carnival
          Constitution and Applicable Regulations and that the resolution as
          amended is the Equivalent Resolution to the resolution considered at
          the Parallel Shareholder Meeting of P&O Princess. Such certificate
          shall be given in accordance with clause 17.5.

     (b)  The P&O Princess Trustee is entitled to rely on a certificate from a
          duly authorised officer of P&O Princess and a duly authorised officer
          of Carnival that for all purposes of this Deed an amendment to a
          resolution to approve a Joint Electorate Action is made in accordance
          with the P&O Princess Articles and Applicable Regulations and that the
          resolution as amended is the Equivalent Resolution to the resolution
          considered at the Parallel Shareholder Meeting of Carnival. Such
          certificate shall be given in accordance with clause 17.5.

                                                                              12

<PAGE>

4.6  No discretion as to voting

     Each of DLC SVC and the P&O Princess Trustee agrees with Carnival and P&O
     Princess that it has no discretion as to how to vote the P&O Princess
     Special Voting Share and/or the Carnival Special Voting Share (as
     applicable) and that it shall only vote those shares in accordance with
     this Deed and in accordance with the P&O Princess Articles and/or the
     Carnival Constitution (as applicable).

4.7  Procedural and technical resolutions

     DLC SVC and the P&O Princess Trustee will be entitled to rely on a
     certificate given to it in writing (in accordance with clause 17.5) by the
     Chairman of the relevant shareholder meeting that a resolution is a
     procedural or technical resolution (in accordance with the P&O Princess
     Articles or the Carnival Constitution (as applicable)) and that the
     Carnival Special Voting Share or the P&O Princess Special Voting Share (as
     applicable) will not have any votes in respect of such resolution. If a
     resolution is proposed for the first time during a meeting of shareholders
     of either P&O Princess or Carnival (whereby "proposed for the first time"
     means it was not set out in the notice of the relevant shareholders'
     meeting) and is determined by the Chairman of the relevant shareholder
     meeting (in accordance with the P&O Princess Articles or the Carnival
     Constitution (as applicable)) not to be a resolution of a procedural or
     technical nature then, if such resolution is to be voted on by
     shareholders, it will be voted on in the same way as any other Joint
     Electorate Action or Class Rights Action (as applicable) (and, for the
     avoidance of doubt, proper notice of such resolution will first be given to
     shareholders, including to DLC SVC and the P&O Princess Trustee).

5.   DEALINGS

5.1  P&O Princess SVT

     Subject to the Voting Trust Deed, the Pairing Agreement and the P&O
     Princess Articles, the P&O Princess Trustee agrees with Carnival and P&O
     Princess that it shall not Deal with the P&O Princess Special Voting Share
     or any interest in (or right attaching to) such share. Any Dealing by the
     P&O Princess Trustee in violation of this clause 5.1 shall be null and
     void.

5.2  DLC SVC

     Subject to clauses 16.2 and 16.3, DLC SVC agrees with P&O Princess and
     Carnival that:

     (a)  it shall not Deal with the Carnival Special Voting Share or any
          interest in (or right attaching to) such share without the prior
          written consent of both Carnival and P&O Princess, such consent to be
          in the absolute discretion of Carnival and P&O Princess; and

     (b)  no transfer of the Carnival Special Voting Share shall be effective
          unless and until the transferee of such share, as consented to by
          Carnival and P&O Princess, has agreed to be bound by this Deed or
          entered into a deed on equivalent terms. Any Dealing by the DLC SVC in
          violation of this clause 5.2 shall be null and void.

                                                                              13

<PAGE>

6.   OBLIGATIONS SUBJECT TO APPLICABLE REGULATIONS

     (a)  The obligations of the parties under this Deed will be subject to any
          Applicable Regulations. The parties will use their best endeavours to
          remedy a situation where Applicable Regulations prevent any party from
          performing its obligations hereunder.

     (b)  Carnival and P&O Princess agree to cause the issuance of the P&O
          Princess Special Voting Share and trust shares of beneficial interest
          in the P&O Princess SVT to be registered under the Securities Act of
          1933, as amended. To the extent required by the Exchange Act, P&O
          Princess agrees to cause the P&O Princess Special Voting Share and
          trust shares of beneficial interest in the P&O Princess SVT to be
          registered and to maintain effective such registration under the
          Exchange Act. So long as the Carnival Common Stock is listed on the
          NYSE, P&O Princess agrees to use diligence and reasonable efforts to
          effect the listing of the P&O Princess Special Voting Share on the
          NYSE, and Carnival agrees to use diligence and reasonable efforts to
          cause the trust shares of beneficial interest in the P&O Princess SVT
          to be paired with Carnival Common Stock for purposes of trading of the
          paired security on the NYSE, in accordance with the Pairing Agreement.

7.   DEFAULT BY CARNIVAL OR P&O PRINCESS

     If at any time Carnival or P&O Princess defaults in the performance or
     observance of any obligation or other provision binding on it under or
     pursuant to this Deed and owed to DLC SVC or the P&O Princess Trustee,
     respectively, DLC SVC or the P&O Princess Trustee, as the case may be, may
     take such actions or institute such proceedings as it may reasonably
     consider to be appropriate in relation to any such default and shall not be
     obliged to give notice of its intention to do so.

8.   SUPPLY OF INFORMATION; CONFIDENTIALITY

8.1  Supply of information

     (a)  So long as DLC SVC is registered as the holder of the Carnival Special
          Voting Share, Carnival and P&O Princess shall each give to DLC SVC or
          any person approved by Carnival or P&O Princess and appointed in
          writing by DLC SVC such information as DLC SVC or such appointed
          person shall reasonably require (other than material, non-public
          information) for the purpose of the discharge of the powers, duties
          and discretions vested in DLC SVC under this Deed. All information
          provided by Carnival and P&O Princess under this clause 8.1(a) shall
          be in writing and given in accordance with clause 17.5 and contained
          in a certificate of a duly authorised officer of Carnival or a
          certificate of a duly authorised officer of P&O Princess.

     (b)  So long as the P&O Princess Trustee is registered as the holder of the
          P&O Princess Special Voting Share, Carnival and P&O Princess shall
          each give to the P&O Princess Trustee or any person approved by
          Carnival or P&O Princess and appointed in writing by the P&O Princess
          Trustee such information as the P&O Princess Trustee or such appointed
          person shall reasonably require (other than material, non-public
          information) for the

                                                                              14

<PAGE>

          purpose of the discharge of the powers, duties and discretions vested
          in the P&O Princess Trustee under this Deed. All information provided
          by Carnival and P&O Princess under this clause 8.1(b) shall be in
          writing and given in accordance with clause 17.5 and contained in a
          certificate of a duly authorised officer of P&O Princess or a duly
          authorised officer of Carnival.

8.2  Confidentiality

     Each of DLC SVC and the P&O Princess Trustee shall not, and will use its
     respective best endeavours to ensure that any person appointed in writing
     by it in accordance with clause 8.1 shall not divulge any information given
     to it pursuant to clauses 2, 3, 4.5 and 8.1 which is confidential or
     proprietary to the party which gave it the information, in each case,
     unless prior written approval is given by the party which gave the
     information or unless required by Applicable Regulations. If disclosure of
     any such information is required by Applicable Regulations, DLC SVC and/or
     the P&O Princess Trustee (as relevant) will, to the extent practicable,
     first consult with P&O Princess and Carnival as to the form, content and
     timing of such disclosure.

9.   REMUNERATION AND EXPENSES OF DLC SVC AND P&o PRINCESS TRUSTEE

9.1  Fees and expenses

     Carnival shall pay or ensure that payment is made to the P&O Princess
     Trustee or as it shall otherwise direct, and P&O Princess shall pay or
     ensure that payment is made to DLC SVC or as it shall otherwise direct,
     such fees and expenses as may be agreed from time to time between (i)
     Carnival and the P&O Princess Trustee and (ii) DLC SVC and P&O Princess,
     for the performance by the P&O Princess Trustee and DLC SVC (respectively)
     of its obligations pursuant to this Deed.

9.2  Period of remuneration

     The remuneration referred to in clause 9.1 shall continue to be payable:

     (a)  by Carnival until the later of: (i) the P&O Princess Trustee ceasing
          to be registered as the holder of the P&O Princess Special Voting
          Share and (ii) the termination of this Deed in accordance with clause
          16; and

     (b)  by P&O Princess until the later of (i) DLC SVC ceasing to be
          registered as the holder of the Carnival Special Voting Share and (ii)
          the termination of this Deed in accordance with clause 16.

9.3  Exceptional duties

     In the event either DLC SVC or the P&O Princess Trustee finds it is
     necessary or is otherwise required to undertake any duties which would not
     have been reasonably contemplated in relation to the performance of its
     obligations and the exercise of the powers, authorities and discretions
     vested in it under this Deed, Carnival shall pay to P&O Princess Trustee or
     as it shall otherwise direct and P&O Princess shall pay to DLC SVC or as it
     shall otherwise direct such special remuneration in addition to that
     referred to in clause 9.1 as shall be mutually agreed.

                                                                              15

<PAGE>

9.4  VAT and similar taxes

     The remuneration referred to in clause 9.1 and any additional special
     remuneration payable under clause 9.3 shall be exclusive of any value added
     tax, sales tax, use tax or any similar transaction tax which shall be added
     at the rate applicable in the circumstances and paid by P&O Princess and/or
     Carnival, as the case may be.

9.5  Expenses

     Carnival and P&O Princess shall pay all travelling and other costs, charges
     and expenses including legal costs and other professional fees (including,
     where applicable, value added tax or any similar tax) which each of the P&O
     Princess Trustee and DLC SVC may properly incur in relation to the
     performance of its obligations and the exercise of the powers, authorities
     and discretions vested in it under this Deed and/or any costs and expenses
     incurred in connection with the valid termination of this Deed and the
     resulting transfer in accordance with clause 16.2 of the Carnival Special
     Voting Share or with the transfer of the Carnival Special Voting Share
     under clause 16.3.

10.  POwER OF DLC SVC AND P&O PRINCESS TRUSTEE

10.1 Act on advice

     Each of DLC SVC and the P&O Princess Trustee may in the proper performance
     of its obligations and the exercise of the powers, authorities and
     discretions vested in it under this Deed act on the opinion or advice of or
     information obtained from any lawyer, banker, valuer, accountant, transfer
     agent, the share registrar or inspector of election at such time of
     Carnival or P&O Princess or other expert, whether obtained by Carnival or
     P&O Princess or by DLC SVC or the P&O Princess Trustee or otherwise, and in
     such case, provided that the DLC SVC or the P&O Princess Trustee (as the
     case may be) shall have acted reasonably in its choice of any such person,
     the DLC SVC and/or the P&O Princess Trustee (as the case may be) shall not
     be responsible for any losses, liabilities, costs, claims, actions,
     damages, expenses or demands which it or any other person may incur or
     which may be made against it or any other person in connection with or
     occasioned by so acting. Any such opinion, advice or information may be
     sought or obtained by electronic mail, letter, facsimile or other means of
     written communication. DLC SVC and the P&O Princess Trustee shall not be
     liable for acting on any opinion, advice or information or for acting on,
     implementing and giving effect to any decision, determination or adjustment
     purporting to be conveyed by any such written communication reasonably
     appearing on its face to be authentic even though it contains an error or
     is not authentic.

10.2 Powers of DLC SVC and the P&O Princess Trustee

     Each of DLC SVC and the P&O Princess Trustee shall have all requisite
     powers, authorities and discretions as shall be necessary or appropriate to
     enable it to take all and any such actions as are contemplated by the
     provisions of this Deed and the relevant provisions of the Carnival
     Constitution and the P&O Princess Articles.

                                                                              16

<PAGE>

10.3 Act on resolution

     DLC SVC and the P&O Princess Trustee shall not be responsible,
     respectively, for having acted upon or having implemented or given effect
     to any resolution purporting to have been passed:

     (a)  as a resolution of Carnival at any meeting of Carnival shareholders;
          or

     (b)  as a resolution of P&O Princess at any meeting of P&O Princess
          shareholders,

     minutes for which have been made and signed (or in respect of which it has
     been informed in accordance with this Deed by any director of Carnival or
     P&O Princess or the secretary of Carnival or P&O Princess or other duly
     authorised person that the resolution has been passed) even though it may
     subsequently be found that there was some defect in the constitution of the
     meeting or the passing of the resolution or that for any reason the
     resolution was not valid or binding upon the holders of the relevant shares
     or (as the case may be) was not in accordance with this Deed.

10.4 Validity of notices

     DLC SVC and the P&O Princess Trustee shall be at liberty to accept a
     certificate or notice given under clause 17.5 signed or purporting to be
     signed by any director of Carnival or P&O Princess or the secretary of
     Carnival or P&O Princess or any other duly authorised officer or person, as
     appropriate, and shall be at liberty to accept such certificate or notice
     in order to satisfy any factor or matter upon which DLC SVC the P&O
     Princess Trustee may in the performance of any of its obligations and the
     exercise of any of the powers, authorities and discretions under this Deed
     (including a notification, report, statement or certificate referred to in
     clauses 2.1, 2.2, 3.1, 3.2, 4.1, 4.3, 4.4, 4.5 or 4.7) or a statement to
     the effect that in the opinion of the persons so certifying any particular
     dealing, transaction, step or thing is expedient. DLC SVC and the P&O
     Princess Trustee shall not be in any way bound to call for further evidence
     nor to verify the accuracy of the contents of such certificate, report,
     statement or notice nor to be responsible for any losses, liabilities,
     costs, damages, actions, demands or expenses or for any breach of any of
     the provisions of this Deed that may be occasioned by accepting or acting
     or relying on any such certificate, report, statement or notice.

10.5 Assumption of no breach

     DLC SVC and the P&O Princess Trustee shall not be bound to take any steps
     to ascertain whether any breach of any of the provisions of this Deed has
     occurred and, until it has actual knowledge to the contrary, DLC SVC and
     the P&O Princess Trustee shall be entitled to assume that no such breach
     has occurred.

10.6 Discretions

     Save as otherwise expressly provided in this Deed (including for the
     avoidance of doubt in clauses 4, 5 and 16), each of DLC SVC and the P&O
     Princess Trustee shall, as regards all powers, authorities and discretions
     vested in it under this Deed, have absolute and uncontrolled discretion as
     to the exercise or non-exercise thereof and, provided it shall have acted
     honestly and reasonably, it shall be in no way responsible for any losses,
     costs, damages, expenses, liabilities, actions, demands or inconveniences
     that may result from the exercise or non-exercise thereof.

                                                                              17

<PAGE>

11.  INDEMNITIES

11.1 Indemnity by P&O Princess

     Subject to clause 11.2, P&O Princess agrees with DLC SVC to indemnify it,
     for itself and as trustee on behalf of its directors, officers, employees,
     controlling persons and every attorney, manager, agent, delegate or other
     person appointed by it under this Deed (each an "Indemnified Party")
     against all liabilities and expenses properly incurred by it or such
     persons in the performance or purported performance of its obligations
     under this Deed and of any powers, authorities or discretions vested in it
     or such persons pursuant to this Deed and against all actions, proceedings,
     costs, claims, damages, expenses and demands in respect of any matter or
     thing done or omitted in any way relating to this Deed, including the
     institution by DLC SVC of any proceedings pursuant to clause 7 in respect
     of any default by Carnival or P&O Princess.

11.2 Limitation to indemnities

     Nothing contained in this Deed shall, in any circumstance in which DLC SVC
     or, as the case may be, any other Indemnified Party has been guilty of
     fraud or negligence in the performance of any of its duties under this Deed
     or has willfully defaulted in its obligations, or has willfully breached
     its obligations, under this Deed, exempt such Indemnified Party or Parties
     from, or indemnify such Indemnified Party or Parties against, any liability
     for breach of contract or any liability which by virtue of any rule of law
     would otherwise attach to such Indemnified Party or Parties in respect of
     any fraud, negligence or willful default of which such Indemnified Party or
     Parties may be guilty in relation to their duties under this Deed.

12.  ACTIVITIES

     (a)  For as long as DLC SVC shall be registered as the holder of the
          Carnival Special Voting Share the DLC SVC Owner agrees that the only
          activities carried out by DLC SVC shall be such activities as are
          necessary or expedient in order for DLC SVC to perform its obligations
          and exercise its rights, powers, authorities and discretions pursuant
          to this Deed and the Carnival Constitution, as the case may be, and to
          enforce the performance by each of Carnival and P&O Princess of its
          obligations under them (unless both Carnival and P&O Princess
          otherwise expressly agree in writing).

     (b)  For as long as the P&O Princess Trustee shall be registered as the
          holder of the P&O Princess Special Voting Share the P&O Princess
          Trustee agrees that the only activities carried out by the P&O
          Princess Trustee, in its capacity as trustee, shall be such activities
          as are necessary or expedient in order for the P&O Princess Trustee to
          perform its obligations and exercise its rights, powers, authorities
          and discretions pursuant to this Deed, the Voting Trust Deed, the P&O
          Princess Articles and the Pairing Agreement, as the case may be, and
          to enforce the performance by each of Carnival and P&O Princess of its
          obligations under them (unless both Carnival and P&O Princess
          otherwise expressly agree in writing).

                                                                              18

<PAGE>

13.    GOVERNANCE MATTERS

13.1   Members of DLC SVC

       For as long as DLC SVC is registered as the holder of the Carnival
       Special Voting Share, the DLC SVC Owner, Carnival and P&O Princess agree
       that the DLC SVC will have only one member, being the DLC SVC Owner, and
       that DLC SVC shall maintain its status as a limited liability company
       under the laws of England and Wales.

13.2   Directors of DLC SVC

       For as long as DLC SVC is registered as the holder of the Carnival
       Special Voting Share, the board of directors of the DLC SVC shall
       comprise such persons as are appointed or approved by the DLC SVC Owner.
       The DLC SVC Owner shall not appoint any person as a director of the DLC
       SVC who is an employee or director of either the Carnival Group or the
       P&O Princess Group.

13.3   The P&O Princess Trustee

       The trustee of P&O Princess SVT shall initially be the P&O Princess
       Trustee, in accordance with the Voting Trust Deed. Carnival agrees with
       P&O Princess that it shall not replace the P&O Princess Trustee pursuant
       to Section 7.06 of the Voting Trust Deed without the prior written
       consent of P&O Princess. If the P&O Princess Trustee is replaced at any
       time in accordance with Section 7.06 of the Voting Trust Deed, the P&O
       Princess Trustee shall novate its rights and obligations under this Deed
       to the successor trustee appointed thereunder, and all references to the
       P&O Princess Trustee in this Deed shall be deemed to be references to
       such successor trustee.

14.    AMENDMENTS TO THIS DEED

       DLC SVC, the P&O Princess Trustee and the DLC SVC Owner shall at any time
       concur with P&O Princess and Carnival in making any modifications to the
       provisions of this Deed which:

       (a)  are formal or technical amendments and which Carnival and P&O
            Princess notify are not materially prejudicial to the interests of
            either Carnival or P&O Princess shareholders;

       (b)  are necessary to correct manifest errors in this Deed or
            inconsistencies between provisions of this Deed or between
            provisions of this Deed and the Equalization Agreement, Voting Trust
            Deed or Pairing Agreement; or

       (c)  have previously been approved as a Class Rights Action,

       provided in each case that if such modification affects (including
       increasing or reducing respectively) the obligations or rights of DLC
       SVC, the P&O Princess Trustee and/or the DLC SVC Owner under this Deed or
       any provision affecting the performance by DLC SVC, the P&O Princess
       Trustee and/or the DLC SVC Owner of its obligations under this Deed, such
       modification shall require the consent of DLC SVC, the P&O Princess
       Trustee and/or the DLC SVC Owner, such consent not to unreasonably
       withheld or delayed.

                                                                              19

<PAGE>

15.    DAMAGES NOT ADEQUATE REMEDY

       Each of DLC SVC, Carnival, P&O Princess, the P&O Princess Trustee and the
       DLC SVC Owner hereby acknowledge and agree with each other that damages
       would not be an adequate remedy for the breach of any provision of this
       Deed and, accordingly, each shall be entitled to the remedies of
       injunction, specific performance and other equitable remedies for any
       such threatened or actual breach.

16.    TERMINATION

16.1   Automatic termination

       This Deed shall automatically terminate:

       (a)  upon termination of the Equalization Agreement in accordance with
            its terms; or

       (b)  if a resolution to terminate this Deed is approved by the
            shareholders of Carnival and P&O Princess as a Class Rights Action,

       provided that clauses 8.2, 9, 11 and 16 shall continue to bind the
       parties for so long as may be necessary to give full effect to the rights
       and obligations arising under them and provided that clauses 8.1 and 10.4
       shall continue to bind the parties for so long as DLC SVC is registered
       as the holder of the Carnival Special Voting Share or the P&O Princess
       Trustee is registered as the holder of the P&O Princess Special Voting
       Share

16.2   Transfer of Carnival Special Voting Share

       Upon termination of this Deed in accordance with clause 16.1 and upon
       receipt of (Pounds)1 from Carnival, DLC SVC shall promptly, upon being
       requested to do so, transfer the Carnival Special Voting Share to such
       person as the Board of Carnival directs it to in writing. Pending
       notification, DLC SVC shall have no obligation whatsoever in respect of
       the Carnival Special Voting Share or under this Deed except that DLC SVC
       must not Deal with the Carnival Special Voting Share or any interest in,
       or right attaching to, that share other than in accordance with such
       notification, which is to be given within 6 months after the date of
       termination of this Deed and must be given in writing in accordance with
       clause 17.5.

16.3   Replacement of the DLC SVC Owner

       If given notice under clause 17.5 to do so by a duly authorised officer
       of P&O Princess and by a duly authorised officer of Carnival, DLC SVC
       shall, within two months after receipt of such notice transfer the
       Carnival Special Voting Share to such person as notified to in the
       aforementioned notice (the "Novated Person"). DLC SVC agrees to novate
       its rights and obligations under this Deed to the Novated Person, and the
       DLC SVC Owner agrees to novate its rights and obligations under this Deed
       to such person as notified in the aforementioned notice ("New SVC
       Owner"). The provisions of this clause 16.3 shall apply, mutatis
       mutandis, to any subsequent notification by a duly authorised officer of
       P&O Princess and by a duly authorised officer of Carnival to replace the
       Novated Person and the New SVC Owner. Following any such transfer,
       references in the Deed to DLC SVC shall be to the Novated Person and
       references in this Deed to the DLC SVC Owner shall be to the New SVC
       Owner.

                                                                              20

<PAGE>

16.4   Continuation of Indemnity

       For the avoidance of doubt, and notwithstanding any other provision of
       this Deed, any replacement of DLC SVC shall not release or prejudice in
       any way any of DLC SVC's rights to be indemnified by P&O Princess which
       shall continue in full force and effect and continue to be enforceable by
       the DLC SVC notwithstanding such replacement.

17.    GENERAL

17.1   No assignment

       This Deed shall not be assignable by operation of law or otherwise, and
       any purported assignment (whether in whole or in part) in violation of
       this provision shall be void.

17.2   No partnership or agency

       This Deed is not intended to alter the status of the parties as separate,
       independent entities, to create a partnership, joint venture or agency
       relationship between the parties or their respective Subsidiaries or
       shareholders, or to give any party (or its respective Subsidiaries or
       shareholders) any legal or beneficial ownership interest in the assets or
       income of the other parties, and they shall not be construed as having
       that effect.

17.3   Intent of the Parties

       The parties intend that the P&O Princess SVT shall at all times be
       classified for U.S. federal, state and local income tax purposes as an
       "investment trust" under 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 will be
       considered to own the Trust Property, as defined in the Voting 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 Deed
       shall be interpreted to further this intention and powers granted as well
       as obligations undertaken pursuant to this Deed shall be construed so as
       to further such intent. No provision of this Deed shall be of any force
       or effect if such provision would result in the P&O Princess SVT being
       treated in a manner inconsistent with the intention of the parties as set
       forth in this clause 17.3.

17.4   Regulatory

       All parties to this Deed will co-operate with each other from time to
       time to ensure that all information necessary or desirable for the making
       of (or responding to any requests for further information with respect
       to) any notifications or filings made in respect of this Deed, or the
       transactions contemplated by this Deed, is supplied to the party dealing
       with such notification and filings and that they are properly, accurately
       and promptly made.

17.5   Notices

       Any notice, certificate, report or statement given under this Deed:

       (a)  must be in writing addressed to the intended recipient at the
            address shown below:

                                                                              21

<PAGE>

            Carnival Corporation
            3655 N.W. 87/th/ Avenue
            Miami, Florida 33178-2428

            Attention:  Chairman and Chief Executive Officer
            Fax:        (305) 599-2600

            with copies to

            Carnival Corporation
            3655 N.W. 87/th/ Avenue
            Miami, Florida 33178-2428

            Attention:  General Counsel
            Fax:        (305) 599-2600

            DLC SVC Limited
            Fifth Floor, 100 Wood Street
            London EC2V 7EX
            United Kingdom
            Attention:  Company Secretarial Dept. (IKB/ST)
            Facsimile:  +44 (0) 20 7696 5243/7606 0643

            P&O Princess Cruises plc
            Carnival House
            5 Gainsford House
            London SE1 2NE
            UK

            Attention:  Chief Executive Officer
            Fax:        (+44) (0) 20 7378 4631

            with copies to

            P&O Princess Cruises plc
            Carnival House
            5 Gainsford House
            London SE1 2NE
            UK

            Attention:  General Counsel
            Fax:        (+44) (0) 20 7378 4631

                                                                              22

<PAGE>

            The Law Debenture Trust
            Corporation (Cayman) Limited
            c/o Close Brothers (Cayman) Limited
            PO Box 1034 GT
            Harbour Place
            4/th/ Floor, 103 South Church Street
            Grand Cayman, Cayman Islands

            Attention:  Edel Gannon, Manager - Fund Services and Client
                        Accounting
            Fax:        +345 949 8499

            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

            or to such other persons or addresses as may be designated in
            writing by any party pursuant to this clause 17.5;

       (b)  must be signed by a person duly authorised by the sender; and

       (c)  shall be in writing and shall be deemed given (i) when sent if sent
            by facsimile and promptly confirmed by telephone confirmation
            thereof; or (ii) when delivered, if delivered personally to the
            intended recipient or sent by overnight delivery via a national
            courier service, and in each case, addressed to such person or
            persons in accordance with this clause 17.5.

17.6   Severability

       If any provision of this Deed is held to be invalid or unenforceable,
       then such provision shall (so far as it is invalid or unenforceable) be
       given no effect and shall be deemed not to be included in this Deed but
       without invalidating any of the remaining provisions of this Deed. The
       parties shall then use all reasonable endeavours to replace the invalid
       or unenforceable provisions by a valid and enforceable substitute
       provision the effect of which is as close as possible to the intended
       effect of the invalid or unenforceable provision.

17.7   Waivers

       (a)  Waiver of any right arising from a breach of this Deed or of any
            right, power, authority, discretion or remedy arising upon default
            under this Deed must be in writing and signed by the party granting
            the waiver.

       (b)  A failure or delay in exercise, or partial exercise, of:

            (i)  a right arising from a breach of this Deed; or

            (ii) a right, power, authority, discretion or remedy created or
                 arising upon default under this Deed,

                                                                              23

<PAGE>

            does not result in a waiver of that right, power, authority,
            discretion or remedy.

       (c)  A party is not entitled to rely on a delay in the exercise or
            non-exercise of a right, power, authority, discretion or remedy
            arising from a breach of this Deed or on a default under this Deed
            as constituting a waiver of that right, power, authority, discretion
            or remedy.

       (d)  A party may not rely on any conduct of another party as a defence to
            exercise of a right, power, authority, discretion or remedy by that
            other party.

       (e)  This clause may not itself be waived except by writing.

       (f)  No waiver by a party of a failure or failures by the other party to
            perform any provision of this Deed shall operate or be construed as
            a waiver in respect of any other or further failure whether of alike
            or different character.

17.8   Variation

       A variation of any term of this Deed must be in writing and signed by all
       parties to this Deed.

17.9   Further assurances

       Each party shall take all steps, execute all documents and do everything
       reasonably required by the other parties to give effect to any of the
       transactions contemplated by this Deed.

17.10  Counterparts

       This Deed may be executed in any number of counterparts. All counterparts
       taken together will be taken to constitute one and the same instrument.

17.11  Third Parties Rights

       Except as expressly stated in this Deed, a person who is not a party to
       this Deed shall have no right under the Contracts (Rights of Third
       Parties) Act 2001 to enforce any of its terms.

17.12  Governing law and jurisdiction

       (a)  This Deed and the relationship between the parties shall be governed
            by, and interpreted in accordance with, the laws of the Isle of Man.

       (b)  All of the parties agree that the courts of England are to have
            exclusive jurisdiction to settle any disputes (including claims for
            set-off and counterclaims) which may arise in connection with the
            creation, validity, effect, interpretation or performance of, or the
            legal relationships established by, this Deed or otherwise arising
            in connection with this Deed, and for such purposes irrevocably
            submit to the jurisdiction of the English courts.

       (c)  The parties irrevocably waive any objections to the jurisdiction of
            any court referred to in this clause 17.12.

                                                                              24

<PAGE>

          (d)  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 Deed or any other usual address, mail or in any
               other manner permitted by English law, the law of the place of
               service or the law of the jurisdiction where proceedings are
               instituted.

DULY delivered as a DEED on the date inserted above

                                                                              25

<PAGE>

EXECUTED as a DEED by                   )
CARNIVAL CORPORATION                    )
by duly authorised officers             )

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

________________________________________
Name:    Arnaldo Perez
Title:   Vice-President, General Counsel
           and Secretary

EXECUTED as a DEED by                   )
DLC SVC LIMITED                         )
acting by two Directors/a Director and  )
Secretary                               )

________________________________________
Name:
Title:

EXECUTED as a DEED by                   )
P&O PRINCESS CRUISES PLC                )
acting by two Directors/a Director and  )
Secretary                               )

________________________________________
Name:
Title:

________________________________________
Name:
Title:

                                                                              26

<PAGE>

The Common Seal of
THE LAW DEBENTURE TRUST
CORPORATION (CAYMAN) LIMITED,
as Trustee of the P&O Princess Special
Voting Trust was hereunto affixed in
the presence of

________________________________________
Name:
Title:

EXECUTED as a DEED by                   )
THE LAW DEBENTURE TRUST
CORPORATION P.L.C.                      )
acting by two Directors/a Director and  )
Secretary                               )

________________________________________
Name:
Title:

                                                                              27

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