Director/PDMR Shareholding

NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR

    MIAMI, Jan. 21, 2011 -- Carnival Corporation & plc (NYSE/LSE:
CCL; NYSE: CUK) announced that on January 19, 2011 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 closing price of Carnival Corporation
securities on January 19, 2011 for those receiving Carnival Corporation
awards, and by taking the closing price of Carnival plc securities on January
19, 2011 for those receiving Carnival plc awards.

    Awards of Carnival Corporation restricted common stock (the
"CC 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. 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. The CC Restricted Shares and plc RSUs will
be released from restriction on January 19, 2014.

    The awards described above were made to these executive
directors and PDMRs in the following amounts:

         Name             CC Restricted        plc RSU
                              Shares
    Micky Arison              75,683              -
    Howard S. Frank           63,069              -
    Pier Luigi Foschi            -             23,717
    David Dingle                 -             13,264

    Upon grant, Mr. Frank surrendered 20,869 CC Restricted Shares
in satisfaction of U.S. withholding tax obligations.

    Carnival was also advised on January 20, 2011 that on January 17, 2011
Lovie Tan, Mr. Dingle's spouse, sold 95 ordinary shares of Carnival plc, par
value US $1.66 on the London Stock Exchange at ₤31.12 per share.

    Following the awards described above, the following executive directors
and PDMRs direct and indirect holdings are:

         Name              CC Restricted        plc RSU
                               Shares
    Micky Arison            180,825,098            -
    Howard S. Frank           396,818              -
    Pier Luigi Foschi            -              145,887
    David Dingle                 -               55,248

    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