Director/PDMR Shareholding

Notification of Transaction of Director-PDMR 
 
    MIAMI, Fla., Dec. 30 -- Carnival Corporation & plc 
(NYSE/LSE: CCL; NYSE: CUK) announced that on December 19, 2008 awards were made 
to certain executive directors and PDMRs pursuant to the Carnival Corporation 
2002 Stock Plan (the "2002 Plan") and Carnival plc 2005 Employee Share Plan 
(the "2005 Plan"). The awards were approved in value form and converted to a 
number of shares by taking the higher of the average closing prices of the 
period from December 12-17, 2008 or the period from December 19-24, 2008. The 
final price of $23.415, for those receiving Carnival Corporation awards, and 
14.63 pounds Sterling, for those receiving Carnival plc awards, was finally 
determined on December 24, 2008. 
    Awards of Carnival Corporation restricted common stock (the "Restricted 
Shares") were made pursuant to the 2002 Plan and the executive directors' 
respective Executive Long-Term Compensation Agreements to Micky Arison, 
Chairman and Chief Executive Officer of Carnival Corporation & plc and Howard 
S. Frank, Vice Chairman and Chief Operating Officer of Carnival Corporation & 
plc.  Mr. Arison was granted 149,524 Restricted Shares and Mr. Frank was 
granted 124,603 Restricted Shares. 
    Awards of Carnival plc restricted share units representing a hypothetical 
interest in Carnival plc ordinary shares ("plc RSUs") were made pursuant to 
the 2005 Plan to Pier Luigi Foschi, Chairman and Chief Executive Officer of 
Costa Crociere, S.p.A., and David Dingle, Chief Executive Officer of Carnival 
UK.  Mr. Foschi was granted 44,880 plc RSUs and Mr. Dingle was granted 14,422 
plc RSUs. 
    The Restricted Shares and plc RSUs will be released from restriction on 
December 19, 2011. 
    Following these awards, Mr. Arison's and Mr. Frank's total direct and 
indirect beneficial ownership of Carnival Corporation common stock are 
186,975,357 and 419,304, respectively.  Mr. Foschi's and Mr. Dingle's total 
plc RSU holdings are 89,880 and 31,419, respectively. 
    This notification relates to disclosures made in accordance with 
3.1.4(R)(1)(a) of the Disclosure Rules and Transparency Rules. 
    Further details and a copy of the Forms 4, Statement of Changes in 
Beneficial Ownership of Securities, being filed 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 located at www.carnivalcorp.com or 
www.carnivalplc.com. 
 
SOURCE  Carnival plc 
    -0-                             12/30/2008 
    /Web site:  http://www.carnivalcorp.com 
                http://www.carnivalplc.com / 
    (CCL CUK)