Director/PDMR Shareholding

NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR 
 
    MIAMI, Oct. 17, 2006 -- Carnival Corporation & plc  
(NYSE/LSE: CCL; NYSE: CUK) announced that on October 16, 2006 options and 
share awards were granted to certain of its directors. 
Options to purchase Carnival Corporation common stock ("Shares") were granted 
to certain executive directors under the Carnival Corporation 2002 Stock Plan 
as follows: 
 
 
                                       Number of Shares               
    Executive Director                     Under Option                   
    Micky Arison                                120,000  
    Howard S. Frank                             100,000  
 
    These grants were made as part of a wider grant of options to key 
employees.  Including the grants referred to above, Arison holds 1,320,000 
options over Shares and Frank holds 660,000 options over Shares. 
    In addition, awards to non-executive directors were granted under the 
Carnival Corporation 2001 Outside Director Stock Plan.  As provided in that 
plan, each non-executive director received an award representing 10,000 
"points."  An option over a Share represents one point and a restricted Share 
(a "Restricted Share") or a restricted stock unit ("RSU") represents four 
points.  An award may be composed of options over Shares, Restricted Shares, 
RSU's or a combination thereof.  Specifically, grants of options over Shares, 
Restricted Shares and RSU's were granted to non-executive directors as 
follows: 
 
 
                                      Number of      Number of     Number of  
                                         Shares     Restricted          RSUs       
    Non-Executive Director         Under Option         Shares                   
    Richard G. Capen, Jr.                10,000             --            --  
    Arnold W. Donald                      5,000             --         1,250  
    Richard J. Glasier                   10,000             --            --  
    Baroness Hogg                            --          2,500            --  
    Modesto A. Maidique                  10,000             --            --  
    Sir John Parker                          --          2,500            --  
    Stuart Subotnick                         --          2,500            --  
    Uzi Zucker                           10,000             --            --  
 
    Including the grant referred to above, the non-executive directors' total 
options over Shares and Restricted Share holdings are as follows: 
 
 
                                         Total      
                                     Number of         Total           Total          
                                        Shares     Number of       Number of         
    Non-Executive Director               Under    Restricted           RSUs 
                                       Options        Shares    Outstanding 
                                   Outstanding   Outstanding 
                                                                      
    Richard G. Capen, Jr.               74,000            --             --  
    Arnold W. Donald                    44,000         1,250          1,250  
    Richard J. Glasier                  30,000            --             --  
    Baroness Hogg                           --         5,000             --  
    Modesto A. Maidique                 68,000            --             --  
    Sir John Parker                         --         5,000             --  
    Stuart Subotnick                    34,000         5,000             --  
    Uzi Zucker                          43,200            --             --  
 
    All of the options over Shares, the Restricted Shares and RSU's become 
exercisable or vest on a pro-rata basis over a five-year period beginning on 
the first anniversary of the date of grant.  The exercise price of the options 
over Shares is US$47.83 per Share. 
    This notification relates to disclosures made in accordance with 
Disclosure Rule 3.1.4(R)(1)(a) and Disclosure Rule 3.1.4(R)(1)(b) disclosure 
made in accordance with section 324 of the Companies Act 1985. 
    Further details and a copy of the Forms 4, Statement of Changes in 
Beneficial Ownership of Securities, to be filed today by each director with 
the U.S. Securities & Exchange Commission, can be found at the SEC web site, 
www.sec.gov, and the Carnival Corporation & plc web site, www.carnivalcorp.com 
and www.carnivalplc.com. 
 
SOURCE  Carnival Corporation & plc 
    -0-                             10/17/2006 
    /Web site:  http://www.carnivalplc.com /