Carnival & : Notification of Transactions of Directors/PDMRS

Carnival Corporation & plc Notification of Transactions of Directors/PDMRS

January 21, 2020

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name				Arnold W. Donald
2	Reason for the notification
a)	Position/status				President & Chief Executive Officer of Carnival Corporation & plc /
					Director
b)	Initial notification/			Initial Notification
	Amendment
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or
	auction monitor
a)	Name				Carnival Corporation
b)	Legal Entity Identifier			F1OF2ZSX47CR0BCWA982
4A	Details of the transaction: 1
a)	Description	of	the		Common stock with a nominal value of US$0.01 per share
	financial instrument,	type		CUSIP: 143658300
	of instrument
	Identification code
b)	Nature of the transaction		Represents a surrender of shares to satisfy the tax obligation on the
					vesting of a Restricted Stock Award previously reported.
c)	Price(s) and volume(s)			Price(s)	Volume(s)
					$50.9086	13,620
d)	Aggregated information		13,620
	- Aggregated volume			$50.9086
	- Price
e)	Date of the transaction			2020-01-16

f)	Place of the transaction		Off Market
4B	Details of the transaction: 2
a)	Description	of	the		Common stock with a nominal value of US$0.01 per share
	financial instrument,	type		CUSIP: 143658300
	of instrument
	Identification code
b)	Nature of the transaction		Represents a surrender of shares to satisfy the tax obligation on the
					vesting of a Restricted Stock Award previously reported.
c)	Price(s) and volume(s)			Price(s)	Volume(s)
					$51.8148	13,264
d)	Aggregated information		13,264
	- Aggregated volume			$51.8148
	- Price
e)	Date of the transaction			2020-01-17
f)	Place of the transaction		Off Market
4C	Details of the transaction: 3
a)	Description	of	the		Common stock with a nominal value of US$0.01 per share
	financial instrument,	type		CUSIP: 143658300
	of instrument
	Identification code
b)	Nature of the transaction		Grant of restricted stock units ("MTE RSUs") made pursuant to the
					Carnival Corporation 2011 Stock Plan. Award of RSUs represent a
					hypothetical interest in Carnival Corporation common stock. The MTE
					RSUs will vest 50% as of January 17, 2020 due to the Reporting Person
					becoming eligible for retirement due to his age and 50% as of January
					17, 2022. The MTE RSUs will accumulate dividend equivalents and
					may only be settled in shares.
					The grant was approved by the Compensation Committee as a total
					value to be received in the form of MTE RSUs. The Compensation
					Committee also approved that the number of MTE RSUs were
					determined by dividing the value by the closing price on date of grant.
c)	Price(s) and volume(s)			Price(s)	Volume(s)
					$0.00	21,676

d)	Aggregated information		21,676
	- Aggregated volume			$0.00
	- Price
e)	Date of the transaction			2020-01-17
f)	Place of the transaction		Off Market
4D	Details of the transaction: 4
a)	Description	of	the		Common stock with a nominal value of US$0.01 per share
	financial instrument,	type		CUSIP: 143658300
	of instrument
	Identification code
b)	Nature of the transaction		Automatic vesting of restricted stock units (including dividend
					equivalents accumulated thereto during the restricted period) on January
					17, 2020 as a result of the Reporting Person becoming eligible for
					retirement due to his age.
c)	Price(s) and volume(s)			Price(s)	Volume(s)
					$51.90	10,838
d)	Aggregated information		10,838
	- Aggregated volume			$51.90
	- Price
e)	Date of the transaction			2020-01-17
f)	Place of the transaction		Off Market
4E	Details of the transaction: 5
a)	Description	of	the		Common stock with a nominal value of US$0.01 per share
	financial instrument,	type		CUSIP: 143658300
	of instrument
	Identification code
b)	Nature of the transaction		Represents a surrender of shares to satisfy the tax obligation on the
					vesting of restricted stock units released on January 17, 2020 as a result
					of the Reporting Person becoming eligible for retirement due to his age.
c)	Price(s) and volume(s)			Price(s)	Volume(s)
					$51.90	8,530

d)	Aggregated information		8,530
	- Aggregated volume			$51.90
	- Price
e)	Date of the transaction			2020-01-17
f)	Place of the transaction		Off Market
4F	Details of the transaction: 6
a)	Description	of	the		Common stock with a nominal value of US$0.01 per share
	financial instrument,	type		CUSIP: 143658300
	of instrument
	Identification code
b)	Nature of the transaction		Grant of shareholder equity alignment restricted stock units ("SEA
					RSUs") pursuant to the Carnival Corporation 2011 Stock Plan. Each
					SEA RSU represents one share of Carnival Corporation common stock.
					The SEA RSUs vest as a percentage of the target number granted based
					on achievement of pre-defined goals. Each holder of SEA RSUs may
					earn 0%-300% of the stated target amount of SEA RSUs based on the
					compound annual growth rate of absolute total shareholder return over
					the 2020-2022 fiscal	years' period, which is then modified from
					33%-150% by Carnival Corporation's ranking relative to the compound
					annual growth rate of the total shareholder return of Carnival
					Corporation & plc's proxy peer group, for the same period. The overall
					potential earned value is capped at 6 times the grant date target value.
c)	Price(s) and volume(s)			Price(s)		Volume(s)
					$0.00		50,000
d)	Aggregated information		50,000
	- Aggregated volume			$0.00
	- Price
e)	Date of the transaction			2020-01-17
f)	Place of the transaction		Off Market

Arnaldo Perez

General Counsel & Secretary

Carnival Corporation & plc

3655 NW 87th Avenue

MLGL-815

Miami, FL 33178

T: 305.599.2600