Director/PDMR Shareholding

Notification of Transaction of Director/PDMR                  

MIAMI (February 21, 2007) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:
CUK) announced that on February 20, 2007 awards were made to certain executive
directors pursuant to the Carnival plc 2005 Employee Share Plan (the "2005
Plan") and Carnival Corporation 2002 Stock Plan (the "2002 Plan").

Pursuant to the 2002 Plan, an option to purchase 50,000 shares of common stock
of Carnival Corporation (the "Corporation Shares") was granted to Peter G.
Ratcliffe, Chief Executive Officer of P&O Princess Cruises International. This
option is exercisable in five equal installments beginning on the first
anniversary of the date of grant. The exercise price of US$48.55 per
Corporation Share is based on the average of the high and low sales prices of
one Corporation Share on February 20, 2007 on the New York Stock Exchange. Also
pursuant to the 2002 Plan, Mr. Ratcliffe was granted 10,000 restricted share
units representing a hypothetical interest in Carnival Corporation Shares
("Corporation RSUs"). The Corporation RSUs will be released from restriction on
the fifth anniversary of the date of grant.

Pursuant to the 2005 Plan, an option to purchase 50,000 Carnival plc ordinary
shares of US$1.66 each ("plc Shares") was awarded to Mr. Foschi, Chief
Executive Officer of Costa Crociere, S.p.A. This option is exercisable in five
equal installments beginning on the first anniversary of the date of grant. The
exercise price of £26.00 per plc Share for Mr. Foschi's option is based on the
mid-market closing price of one share of Carnival plc on February 20, 2007 on
the London Stock Exchange. Also pursuant to the 2005 Plan, Mr. Foschi was
granted 10,000 restricted share units representing a hypothetical interest in
plc Shares ("plc RSUs"). The plc RSUs will be released from restriction on the
fifth anniversary of the date of grant.

Following these awards Mr. Ratcliffe holds 30,000 Corporation RSUs and options
over 200,000 Corporation Shares and Mr. Foschi holds 20,000 plc RSUs and
options over 448,264 plc Shares.

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), a 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, being filed later today 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 Corporation & plc

-0-                               02/21/2007

/Web site: http://www.carnivalcorp.com/

(CCL; CUK)