Notification of Transaction of Director/PDMR

Notification of Transaction of Director/PDMR                  

MIAMI, Oct. 19 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
announced that on October 18, 2005 options and share awards were granted to
certain of its directors.

    Options to purchase Carnival Corporation common stock ("CC Shares") were
granted to certain executive directors under the Carnival Corporation 2002
Stock Plan as follows:

                                           Number of CC Shares  
    Executive Director                        Under Option 
    ------------------                        ------------ 
    Micky Arison                                 120,000 
    Howard S. Frank                              100,000 


    These grants were made as part of a wider grant of options to key employees.
Including the grants referred to above, Arison holds 1,200,000 options over CC
Shares and Frank holds 1,000,000 options over CC Shares.

    Pursuant to the Carnival plc 2005 Employee Share Plan, an option to purchase
40,000 ordinary shares of Carnival plc ("plc Shares") was granted to Pier Luigi
Foschi. Including the grant referred to above, Foschi holds options over
348,264 plc Shares.

    In addition, awards to non-executive directors were granted under the Carnival
Corporation 2001 Outside Director Stock Plan. As provided in that plan, each
non-executive director received an award representing 10,000 "points." An
option over a CC Share represents one point and a restricted CC Share (a
"Restricted Share") represents four points. An award may be composed of options
over CC Shares, Restricted Shares or a combination thereof. Specifically,
grants of options over CC Shares and Restricted Shares were granted to
non-executive directors as follows:

                                     Number of CC  
                                         Shares                Number of  
    Non-Executive Director            Under Option         Restricted Shares 
    ----------------------            ------------         ----------------- 
    Richard G. Capen, Jr.                10,000                    -- 
    Arnold W. Donald                      5,000                 1,250 
    Richard J. Glasier                   10,000                    -- 
    Baroness Hogg                            --                 2,500 
    Modesto A. Maidique                  10,000                    -- 
    John P. McNulty                      10,000                    -- 
    Sir John Parker                          --                 2,500 
    Stuart Subotnick                         --                 2,500 
    Uzi Zucker                           10,000                    -- 
 
    Including the grant referred to above, the non-executive directors' total 
options over CC Shares and Restricted Share holdings are as follows: 
 
 
                                Total Number of CC Shares   Total Number of 
                                         Under                 Restricted 
    Non-Executive Director         Options Outstanding     Shares Outstanding 
    ----------------------         -------------------     ------------------ 
    Richard G. Capen, Jr.                64,000                    -- 
    Arnold W. Donald                     39,000                 1,250 
    Richard J. Glasier                   20,000                    -- 
    Baroness Hogg                            --                 2,500 
    Modesto A. Maidique                  58,000                    -- 
    John P. McNulty                      26,000                    -- 
    Sir John Parker                          --                 2,500 
    Stuart Subotnick                     34,000                 2,500 
    Uzi Zucker                           33,200                    -- 

    All of the options over CC Shares and plc Shares and the Restricted Shares
become exercisable or vest on a pro-rata basis over a five-year period
beginning on the first anniversary of the date of grant. The exercise price of
the options over CC Shares is US$46.61 per CC Share and the exercise price of
the option over plc Shares is £28.83 per plc Share.

    Also on October 18, 2005, Glasier acquired an interest in 1,000 CC shares when
the Richard J. Glasier Revocable Trust purchased the shares at a purchase price
of $46.56 per CC Share. Following this transaction, Glasier has an interest in
3,000 CC 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) 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 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 sites, www.carnivalcorp.com
and www.carnivalplc.com.

   Enquiries. 
 
    MEDIA CONTACTS:                 
    US                              
    Carnival Corporation & plc                
    Tim Gallagher                        
    305 599 2600, ext. 16000                  
 
    UK                              
    Brunswick Group                 
    Sophie Fitton/Sarah Lindgreen             
    44 (0) 20 7404 5959   
 
    INVESTOR RELATIONS CONTACTS: 
    US/UK 
    Carnival Corporation & plc 
    Beth Roberts 
    305 406 4832 

SOURCE Carnival Corporation & plc

-0- 10/19/2005

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

(CCL CUK)