Director/PDMR Shareholding

Notification of Transactions of Directors / PDMRs

    On 28 January 2011, the Compensation Committees of the Boards of
Directors of Carnival Corporation and Carnival plc ("Carnival Corporation &
plc") approved awards of performance-based restricted stock units
("Performance RSUs") to certain executive directors and PDMRs pursuant to the
Carnival Corporation 2002 Stock Plan (or, if applicable, the Carnival plc
2005 Employee Share Plan), including grants of the following target amounts
of Performance RSUs to the following executive directors and PDMRs: 19,620
Performance RSUs to Micky Arison, Chairman of the Boards of Directors and
Chief Executive Officer; 16,350 Performance RSUs to Howard S. Frank, Vice
Chairman of the Boards of Directors and Chief Operating Officer 6,319
Performance RSUs to Pier Luigi Foschi, Chairman and Chief Executive Officer
of Costa Crociere S.p.A.; and 3,456 Performance RSUs to David Dingle, Chief
Executive Officer of Carnival UK. The awards to Messrs. Arison and Frank were
made in respect of Carnival Corporation common stock under the Carnival
Corporation 2002 Stock Plan; the awards to Messrs. Foschi and Dingle were
made in respect of Carnival plc shares under the Carnival plc 2005 Employee
Share Plan.

    Each RSU represents one share of Carnival Corporation common stock or one
share in Carnival plc, as applicable. Each holder of Performance RSUs may
earn from 0-200% of his target amount of Performance RSUs depending on the
extent of Carnival Corporation & plc's earnings per share growth over the
three-year performance period ending with fiscal 2013. Performance RSUs vest
at the end of the three-year performance period.

    This notification relates to disclosures made in accordance with Rule
3.1.4(1)(a) of the Disclosure Rules and Transparency Rules.

    Carnival Corporation & plc will today file a Form 8-K in relation to the
above awards with the U.S. Securities & Exchange Commission (the "SEC").
Further details and a copy of the Form 8-K can be found at the SEC website,
www.sec.gov, and the Carnival Corporation & plc website located at
www.carnivalcorp.com or www.carnivalplc.com .


SOURCE  Carnival plc