Director/PDMR Shareholding

NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR                  

    MIAMI (January 23, 2007) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:
CUK) announced that on January 22, 2007, 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 22, 2012, 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 22, 2007
                            Micky Arison         180,036,639
                            Howard S. Frank          290,265

    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.