P&O Princess/ Carnival

17 Apr 2003

This is the first DLC with a US connection. Although incorporated in Panama, Carnival's headquarters are in the US and it is listed on the New York Stock Exchange.

Law Debenture holds the special voting shares in P&O Princess and Carnival through a Cayman Islands' grantor trust and a special purpose UK Company. The structure came into effect on 25 April 2003; Law Debenture will be exercising its role at the Carnival Corporation and PLC annual meetings on 23 June 2003.

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