Notification of Transactions of Directors / PDMRs

Notification of Transactions of Directors / PDMRs MIAMI, January 14, 2015 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:CUK) announced that on January 12, 2015 grants were made to certain executivedirectors and PDMRs pursuant to the Carnival Corporation 2011 Stock Plan (the"2011 Plan") and Carnival plc 2014 Employee Share Plan (the "2014 Plan"). Thegrants were approved in value form and converted to a number of ordinary shareswith a nominal value of US$.01 per share with respect to Carnival Corporationshares and US$1.66 per ordinary share with respect to Carnival plc ordinaryshares, by taking the closing price of a share of Carnival Corporation commonstock on January 12, 2015 for those receiving Carnival Corporation grants, andby taking the closing price of a Carnival plc ordinary share on January 12,2015 for those receiving Carnival plc grants. Mr. Arnold W. Donald, President and Chief Executive Officer of CarnivalCorporation & plc, received a grant of Carnival Corporation restricted commonstock (the "CC Restricted Shares") pursuant to the 2011 Plan. Awards ofCarnival plc restricted share units representing a hypothetical interest inCarnival plc ordinary shares ("plc RSUs") were made pursuant to the 2014 Planto David Noyes, Chief Executive Officer of Carnival UK, David Dingle, Chairmanof Carnival UK and Michael Thamm, Chief Executive Officer of Costa CrociereS.p.A. The CC Restricted Shares and plc RSUs will be released from restrictionon January 12, 2018. The awards described above were made to these executive directors and PDMRs inthe following amounts: Name CC Restricted Shares plc RSUs Arnold W. Donald 45,366 - David Noyes - 3,264 David Dingle - 13,069 Michael Thamm - 16,552 Following the awards described above, the following executive directors' andPDMRs' direct and indirect holdings are: Name Carnival Corporation Carnival plc Shares Shares Arnold W. Donald 117,973 - David Noyes - 12,358 David Dingle - 65,678 Michael Thamm - 55,018 This notification relates to disclosures made in accordance with 3.1.4(R)(1)(a)of the Disclosure Rules and Transparency Rules. Further details and a copy of the Forms 4, Statement of Changes in BeneficialOwnership of Securities, being filed with the U.S. Securities & ExchangeCommission, can be found at the SEC web site, www.sec.gov , and the Carnival Corporation & plc web site located at www.carnivalcorp.com orwww.carnivalplc.com . For all other queries, please contact the CarnivalCorporation & plc Legal Department at 1-305-599-2600.