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NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR

MIAMI (August 21, 2006) – On August 18, 2006, Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) was notified that on August 18, 2006, Arnaldo Perez, Sr. Vice President, General Counsel & Secretary of Carnival Corporation & plc, exercised 7,200 options to purchase Carnival Corporation common stock at US$16.28125 per share and sold such shares at an average price of US$39.6146. Following this transaction, Perez continues to hold 175,694 options over shares of Carnival Corporation common stock.

This notification relates to disclosures made in accordance with Disclosure Rule 3.1.4(R)(1)(a).Further details and a copy of the Form 4, Statement of Changes in Beneficial Ownership of Securities, to be filed by Mr. Perez 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.

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