NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR

NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR                  

MIAMI (January 10, 2006) - On January 9, 2006, Carnival Corporation & plc (NYSE
/LSE: CCL; NYSE: CUK) was notified that Howard S. Frank, a member of Carnival
Corporation & plc's boards of directors, exercised options over 40,000 shares
of Carnival Corporation common stock ("Shares") on January 9, 2006 at an
exercise price of US$29.8125 per share and sold such Shares at an average price
of US$54.00 per Share.

In addition, Mr. Frank sold 70,000 Shares at an average price of US$54.1959.
These Shares were sold pursuant to a sales plan entered into under Rule 10b5-1
of the Securities Exchange Act of 1934. This rule permits the creation of
written plans for buying or selling stock at a time when insiders are not in
possession of material non-public information. Once a plan is established, the
insider does not retain or exercise any discretion over sales of stock under
the plan and the pre-planned trades can be executed at later dates as set forth
in the plan, without regard to any subsequent material non-public information
that the insider might receive.

Following these transactions, Mr. Frank continues to hold directly or
indirectly 259,736 Shares and options over 560,000 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) 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 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.

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