Princess Announces Key Management Appointments!

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Princess Announces Key Management Appointments

Alan Buckelew Named President
Brian Langston-Carter Retires After 35 Years and Dean Brown to Oversee
Fleet Operations

Jan Swartz Named to Top Customer Service and Sales Post and Jim Baer
is New Vice President of Sales


SANTA CLARITA, CA Feb. 11, 2004
Top management appointments were announced today by Princess Cruises'
chief executive officer Peter Ratcliffe.
Effective immediately, Alan Buckelew has been named president of
Princess Cruises. Buckelew's career with the company has spanned 27
years, and most recently his title was executive vice president of
corporate services, responsible for strategic planning, marketing and
yield management. In his previous post he also served as chief
information officer and chief financial officer. As the line's new
president, he will be responsible to Peter Ratcliffe for all aspects
of Princess' business with the exception of fleet operations and
Princess Tours.

Ratcliffe also announced that long-time Princess operations executive
Brian Langston-Carter will be retiring from Princess effective June 1
of this year, after the delivery of the Diamond, Caribbean and
Sapphire Princesses. Langston-Carter, who has been with Princess for
the past 35 years, was the chief architect of the widely acclaimed
Princess product, the originator of the C.R.U.I.S.E. customer service
program and the inspiration behind the design of the company's Grand
Class vessels. He most recently has been executive vice president of
fleet operations. After his retirement, Langston-Carter will continue
to provide part-time consultancy services to Princess on an exclusive
basis, reporting directly to Peter Ratcliffe.

Dean Brown has been named as Langston-Carter's successor, and will
commence the transition to this role immediately. Brown, who has been
with Princess for the last 25 years, most recently as executive vice
president of customer service and sales, will now be responsible for
all aspects of the shipboard product including hotel, marine, fleet
personnel and technical. He will also continue as chief executive
officer of Princess Tours and will continue to oversee Princess' port
operations division. Brown will report directly to Peter Ratcliffe.

Two additional senior appointments have been made, with Jan Swartz
appointed senior vice president of sales and customer service; and Jim
Baer named vice president of sales. Swartz, who joined Princess in
2001, was promoted from her previous position as vice president of
strategic planning and will continue to oversee this function as well
as the company's loyalty program and website. Baer, a 20-year Princess
sales executive, will now oversee the company's sales activities in
the U.S., further strengthening relationships with the line's travel
agent partners and managing the company's North American sales force.
Baer was previously director of sales, national accounts.

"I am delighted to make these new appointments, which are intended to
position us well for continued success," said Peter Ratcliffe, chief
executive officer of Princess. "The executives filling these key
management roles have an impressive breadth of experience, and have
all made valuable contributions as Princess has grown to become one of
the top providers of cruise vacations in the world. I would also like
to take the opportunity to thank Brian Langston-Carter for his years
of service and contributions to Princess, and I am very pleased that,
even in his retirement, he will remain working for us on a consultancy
basis."

Princess Cruises is a proud member of World's Leading Cruise Lines.
Our exclusive alliance also includes Carnival Cruise Lines, Holland
America, Cunard Line, Costa Cruises, Windstar Cruises and The Yachts
of Seabourn. Sharing a passion to please each guest, and a commitment
to quality and value, our member lines appeal to a wide range of
lifestyles and budgets. Together we offer exciting and enriching
cruise vacations to the world's most desirable destinations.