Director/PDMR Shareholding

Carnival Corporation & plc

Notification of Transactions of Directors/PDMRS

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Arnold W. Donald
2	Reason for the notification
a)	Position/status	President & Chief Executive Officer of Carnival Corporation & plc / Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Carnival Corporation
b)	Legal Entity Identifier	F1OF2ZSX47CR0BCWA982
4	Details of the transaction
a)	Description of the financial instrument, type of instrument Identification code	Common stock with a nominal value of US$0.01 per share CUSIP: 143658300
b)	Nature of the transaction	Grant of performance-based restricted stock units (“Performance RSUs”) pursuant to the Carnival Corporation 2011 Stock Plan. Each Performance RSU represents one share of Carnival Corporation common stock, with a nominal value of US$.01 per share, or one share in Carnival plc, with a nominal value of US$1.66 per ordinary share, as applicable. Each holder of Performance RSUs may earn from 0-200% of the stated target amount of Performance RSUs to the extent that Carnival Corporation & plc's annual operating income, as adjusted for certain fuel price changes and currency exchange rate impact for each of the three fiscal years in the 2017-2019 performance cycle and the average of each year’s return on invested capital at the end of the three-year performance cycle exceed specified performance goals.
c)	Price(s) and volume(s)	Price(s) $0.00	Volume(s) 51,020
d)	Aggregated information - Aggregated volume - Price	51,020 $0.00
e)	Date of the transaction	2017-04-05
f)	Place of the transaction	Off Market

Arnaldo Perez

General Counsel & Secretary

Carnival Corporation & plc

3655 NW 87^th Avenue

MLGL-815

Miami, FL 33178

T: 305.599.2600