Director/PDMR Shareholding

NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR                  

MIAMI (August 21, 2006) - On August 18, 2006, Carnival Corporation & plc (NYSE/
LSE: CCL; NYSE: CUK) was notified that on August 18, 2006, Arnaldo Perez, Sr.
Vice President, General Counsel & Secretary of Carnival Corporation & plc,
exercised 7,200 options to purchase Carnival Corporation common stock at
US$16.28125 per share and sold such shares at an average price of US$39.6146.
Following this transaction, Perez continues to hold 175,694 options over shares
of Carnival Corporation common stock.

This notification relates to disclosures made in accordance with Disclosure
Rule 3.1.4(R)(1)(a).

Further details and a copy of the Form 4, Statement of Changes in Beneficial
Ownership of Securities, to be filed by Mr. Perez 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, www.carnivalcorp.com and 
www.carnivalplc.com.

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