2004/05 IFRS Restatement

June 29, 2006

             CARNIVAL PLC RELEASES 2004/05 FINANCIAL INFORMATION UNDER IFRS
                         AND REVISED DRY-DOCK ACCOUNTING POLICY
                         --------------------------------------


     Standalone Carnival plc UK GAAP and IFRS financial information, contained herein, is required to 
satisfy reporting requirements in the UK, and does not include the results of Carnival Corporation.  
Within the Carnival Corporation and Carnival plc dual listed company structure the most appropriate 
presentation of Carnival plc's consolidated results and financial position is considered to be by 
reference to the U.S. GAAP financial statements of Carnival Corporation & plc.  This release does not 
include any updated information on the combined group's trading or outlook, but is required to satisfy 
technical filing requirements in the UK, where Carnival plc shares are listed.


     Carnival plc announces that it has adopted International Financial Reporting Standards ("IFRS"), as 
adopted in the European Union, with effect from December 1, 2005.  Carnival plc standalone results will 
be published under IFRS commencing with the interim report for the six months ended May 31, 2006, to be 
released shortly.  The main impacts of the conversion from UK GAAP to IFRS on Carnival plc's consolidated 
results for the year ended and as of November 30, 2005 are as follows:


                                           November 30, 2005                 Percentage
                                        UK GAAP          IFRS        Change      Change
US$ millions
Operating income (1)                      685.3          683.2        (2.1)       -0.3%
Profit for the year                       536.3          532.6        (3.7)       -0.7%

Equity shareholders' funds (2)          4,479.6        4,477.3        (2.3)       -0.1%


  (1)  Operating income is predominately affected by the adoption of IFRS 2 (Share-based
       payment) for the cost of share options and IAS 19 (Employee Benefits) for the    
       cost of employee pension benefits.

  (2)  Equity shareholders' funds are predominately affected by the adoption of IAS 19
       (Employee Benefits) for the recognition of deficits in Carnival plc's defined
       benefit schemes, partially offset by IAS 10 (Events After the Balance Sheet Date).
       IAS 10 has had the effect of delaying the recognition of dividends declared
       after the balance sheet date into the subsequent financial year.


     In addition to the changes set out above, resulting from the adoption of IFRS, Carnival plc has 
amended its accounting policy relating to dry-docking costs, comprising planned major maintenance 
activities, thereby continuing to conform with that of Carnival Corporation.  This change has resulted in 
a reduction to current assets at November 30, 2005 of $47.5m (2004 $42.2m) with a corresponding reduction 
in shareholders' funds.  Profit for the year ended November 30, 2005 is reduced by $8.5m.


     Detailed schedules and explanatory notes related to these changes can be can be obtained via 
Carnival Corporation & plc's website at www.carnivalcorp.com or www.carnivalplc.com.




            MEDIA CONTACTS                      INVESTOR RELATIONS CONTACT
            US                                  US/UK
            Carnival Corporation & plc          Carnival Corporation & plc
            Tim Gallagher                       Beth Roberts
            001 305 599 2600, ext. 16000        001 305 406 4832

            UK
            Brunswick Group
            Sophie Fitton/Ruban Yogarajah
            020 7404 5959

     Carnival Corporation & plc is the largest cruise vacation group in the world, with a portfolio of 13 
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, P&O Cruises Australia and Costa Asia.

     Together, these brands operate 80 ships totaling approximately 141,000 lower berths with 16 new 
ships scheduled to enter service between July 2006 and spring 2010. 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.

     Additional information can be obtained via Carnival Corporation & plc's website at 
www.carnivalcorp.com or www.carnivalplc.com or by writing to Carnival plc at Carnival House, 5 Gainsford 
Street, London SE1 2NE, United Kingdom.