Notification of Transactions of Directors/PDMRS

Carnival Corporation & plc

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 & Director of Carnival Corporation & plc
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 (â€œPBS RSUsâ€) pursuant to the Carnival Corporation 2011 Stock Plan. Each PBS RSU represents one share of Carnival Corporation common stock. Each holder of PBS RSUs may earn from 0-200% of the stated target amount of PBS 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 2019-2021 performance cycle and the average of each yearâ€™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) 53,323
d)	Aggregated information - Aggregated volume - Price	53,323 $0.00
e)	Date of the transaction	2019-01-29
f)	Place of the transaction	Off Market