EMM Disclosure

RNS Number:7952W
UBS Warburg(EMM)
5 June 2002


FORM 38.5 (SUMMARY)

Lodge with Company Announcements Office and the Panel. Use a separate form for each class of securities in which
dealings have been made.

                                         CONNECTED EXEMPT MARKET-MAKERS:


DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Name of EMM                  UBS WARBURG
                             ....................................................................................

Date of disclosure           05 June 2002
                             ....................................................................................

Contact Name                 Michael Hodnett
                             ....................................................................................

Telephone number             020-7568 5846
                             ....................................................................................

Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:

P&O Princess Cruises Plc

P&O Princess Cruises Plc - Contract for Difference

FCX International Plc

                                     _______________________________________
AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please state which element(s) of previous
disclosure was incorrect:

........................................................................
...................................................................

In the case of option business or dealings in derivatives full details should be given on a separate sheet so
that the nature of the dealings can be fully understood. For options this should include the number of securities
under option, the exercise period (or in the case of exercise, the exercise date), the exercise price and any
option money paid or received. For derivatives this should include, at least, the number of reference securities
to which they relate (when relevant), the maturity date (or if applicable the closing out date) and the reference
price.

For full details of disclosure requirements see Rules 8 and 38 of the Code. If in doubt contact the Monitoring
Section of the Panel, Tel No: 020-7638 0129.



                                                                                                 FORM 38.5

                                     CONNECTED EXEMPT MARKET-MAKERS:

                   DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Dealing in                 P&O PRINCESS CRUISES                             (name of company)

                           ...........................................
Class of Security          ORD USD 0.50

                           ...............................................................
Date of disclosure         5-Jun-02

                           ...............................................................
Date of dealing            31-May-02

                           ...............................................................
Name of EMM                UBS WARBURG

                           ...............................................................
,Name of offeree / offeror with whom connected              CARNIVAL CORP

                                                            ....................................
Total Number of securities bought           73,564

                                            ........................
Highest price paid*                         447 GBP

                                            ........................
Lowest price paid*                          437.75 GBP

                                            ........................
Total number of securities sold             64,811

                                            ........................
Highest price received*                     447 GBP

                                            ........................
Lowest price received*                      440 GBP



                                                                                                   FORM 38.5

                                      CONNECTED EXEMPT MARKET-MAKERS:

                    DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Dealing in                FCX INTERNATIONAL PLC                              (name of company)

                          ...........................................
Class of Security         ORD GBP 0.50

                          ...............................................................
Date of disclosure        5-Jun-02

                          ...............................................................
Date of dealing           31-May-02

                          ...............................................................
Name of EMM               UBS WARBURG

                          ...............................................................
,Name of offeree / offeror with whom connected            FCX INTERNATIONAL PLC ...........................
                                                          .........
Total Number of securities bought         20,000

                                          ........................
Highest price paid*                       263 GBP

                                          ........................
Lowest price paid*                        263 GBP

                                          ........................
Total number of securities sold           20,000

                                          ........................
Highest price received*                   263 GBP

                                          ........................
Lowest price received*                    263 GBP

                                          ........................


                                                                                                   FORM 38.5

                                      CONNECTED EXEMPT MARKET-MAKERS:

                    DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in            P&O PRINCESS CRUISES ..........                        (name of company)

Class of Security     CONTRACT FOR DIFFERENCE

                      ...........................................................................
Expiry                17-Feb-03

                      ...........................................................................
Client                SOLD TO CLOSE

                      ...........................................................................
Date of disclosure    5-Jun-02

                      ...............................................................
Date of dealing       31-May-02

                      ...............................................................
Name of EMM           UBS WARBURG ........................................................................
                      ...
Name of offeree / offeror with whom connected                CARNIVAL CORP

                                                             ....................................
Total Number of securities bought                 6,247

                                                  ........................
Highest price paid*                               441.5 GBP

                                                  ........................
Lowest price paid*                                441.5 GBP

                                                  ........................
Total number of securities sold                   0

                                                  ........................
Highest price received*                           0 GBP

                                                  ........................
Lowest price paid*                                0 GBP



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