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Hi Everyone,

I received this press release from the Carnival Corporation and
thought it would be of interest. If you have missed any of my news'
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Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Carnival Corporation & plc Reports Impact of British Merchant Navy
Officers Pension Fund Court Ruling; Technical Problem With P&O Cruises
Australia Ship To Impact Second Quarter Earnings

MIAMI, March 30
Carnival Corporation & plc's (NYSE: CCL; LSE) (NYSE: CUK) first
quarter 2005 earnings press release dated March 21, 2005 stated that
the company expected a court decision on March 22, 2005 on how to
allocate a fund deficit in the British Merchant Navy Officers Pension
Fund (MNOPF) among participating employers in the fund. The court
announced its decision on March 22. Notwithstanding the court's
decision, there are a number of uncertainties remaining as to the
company's portion of the fund's ultimate deficit. Therefore, under
U.S. GAAP, any deficit will be recorded by the company as amounts are
invoiced by the fund's trustee, which is currently expected to be over
a period of at least 10 years. The company expects the full year 2005
diluted earnings per share impact for the company's portion of this
deficit will be less than $0.01.

Carnival Corporation & plc became a participating employer in the
MNOPF multiemployer pension plan primarily as a result of its merger
with P&O Princess and thereby, assumed the P&O Princess MNOPF
obligation. In accordance with the court's March 22 ruling and other
factors, and assuming all the other participating employers are able
to pay their share of the MNOPF deficit, the company believes its
share of the ultimate deficit could be in the range of $25 million to
$90 million. The MNOPF deficit is more fully discussed in note 13 to
the company's 2004 annual financial statements.

The company has also been advised by its P&O Cruises Australia unit
that its 46,000-ton, 1,200-passenger Pacific Sky has experienced a
technical problem with a gearbox that will require dry-docking to
complete the repair. The ship is expected to be out of service for
approximately two months and will impact second quarter 2005 diluted
earnings per share by approximately $0.02. The Pacific Sky is expected
to re-enter service on June 4, 2005.

Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of 12 cruise brands in North America, Europe
and Australia, comprised of Carnival Cruise Lines, Holland America
Line, Princess Cruises, Seabourn Cruise Line, Windstar Cruises, AIDA
Cruises, Costa Cruises, Cunard Line, Ocean Village, P&O Cruises, Swan
Hellenic, and P&O Cruises Australia.

Together, these brands operate 78 ships totaling more than 134,000
lower berths with 12 new ships scheduled for delivery between July
2005 and April 2009. Carnival Corporation & plc also operates the
leading tour companies in Alaska and the Canadian Yukon, Holland
America Tours and Princess Tours. Traded on both the New York and
London Stock Exchanges, Carnival Corporation & plc is the only group
in the world to be included in both the S&P 500 and the FTSE 100
indices.

Cautionary note concerning factors that may affect future results

Some of the statements contained in this press release are "forward-
looking statements" that involve risks, uncertainties and assumptions
with respect to Carnival Corporation & plc, including some statements
concerning future results, outlook, plans, goals and other events
which have not yet occurred. These statements are intended to qualify
for the safe harbors from liability provided by Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. You can find many, but not all, of these statements by
looking for words like "will," "may," "believes," "expects,"
"anticipates," "forecast," "future," "intends," "plans," and
"estimates" and for similar expressions. Because forward-looking
statements involve risks and uncertainties, there are many factors
that could cause Carnival Corporation & plc's actual results,
performance or achievements to differ materially from those expressed
or implied in this earnings release. Forward-looking statements
include those statements which may impact the forecasting of earnings
per share, net revenue yields, booking levels, pricing, occupancy,
operating, financing and/or tax costs, costs per available lower berth
day, estimates of ship depreciable lives and residual values, outlook
or business prospects. These factors include, but are not limited to,
the following: risks associated with the DLC structure, including the
uncertainty of its tax status; general economic and business
conditions, which may impact levels of disposable income of consumers
and the net revenue yields for cruise brands of Carnival Corporation &
plc; conditions in the cruise and land-based vacation industries,
including competition from other cruise ship operators and providers
of other vacation alternatives and increases in capacity offered by
cruise ship and land-based vacation alternatives; risks associated
with operating internationally; the international political and
economic climate, armed conflicts, terrorist attacks and threats
thereof, availability of air service, other world events and adverse
publicity, and their impact on the demand for cruises; accidents and
other incidents affecting the health, safety, security and vacation
satisfaction of passengers, including machinery and equipment
failures, which could cause the cancellation of a cruise or a series
of cruises; changing public and consumer tastes and preferences, which
may, among other things, adversely impact the demand for cruises; the
ability of Carnival Corporation & plc to implement its shipbuilding
programs and brand strategies and to continue to expand its business
worldwide; the ability of Carnival Corporation & plc to attract and
retain qualified shipboard crew and maintain good relations with
employee unions; the ability to obtain financing on terms that are
favorable or consistent with Carnival Corporation & plc's
expectations; the impact of changes in operating and financing costs,
including changes in foreign currency and interest rates and fuel,
food, payroll, insurance and security costs; changes in the tax,
environmental, health, safety, security and other regulatory regimes
under which Carnival Corporation & plc operates; continued
availability of attractive port destinations; the ability to
successfully implement cost improvement plans and to integrate
business acquisitions; continuing financial viability of Carnival
Corporation & plc's travel agent distribution system and air service
providers; and unusual weather patterns or natural disasters, such as
hurricanes and earthquakes.

Forward-looking statements should not be relied upon as a prediction
of actual results. Subject to any continuing obligations under
applicable law or any relevant listing rules, Carnival Corporation &
plc expressly disclaims any obligation to disseminate, after the date
of this release, any updates or revisions to any such forward-looking
statements to reflect any change in expectations or events, conditions
or circumstances on which any such statements are based.

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