Director/PDMR Shareholding

NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR                  

MIAMI (January 24, 2006) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:
CUK) announced that on January 23, 2006, awards of Carnival Corporation
restricted common stock (the "Restricted Stock") were made to the following
executive directors:

 Executive Director              Number of Restricted
                                  Shares Awarded                                 

   Micky Arison                        60,000

   Howard S. Frank                     50,000

These awards were made pursuant to the Carnival Corporation 2002 Stock Plan
(the "2002 Plan") and the executive directors' respective Executive Long-Term
Compensation Agreements. All of the Restricted Stock will be released from
restriction on January 23, 2011, the fifth anniversary of the date of grant.

Including the grant referred to above, these executive directors' total direct
and indirect Carnival Corporation common stock holdings are as follows:

   Director                         Total Number of Shares as of
                                        January 23, 2006

   Micky Arison                            187,214,943

   Howard S. Frank                             309,737

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, to be filed today by each executive director 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.