Carnival PLC — Director's Dealing 2010

Feb 3, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARNIVAL PLC (CUK)
CIK: 0001125259
Period of Report: 2010-02-01

Reporting Person: RATCLIFFE PETER GERVIS (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-02-01	Trust Shares (beneficial Interest In Special Voting Share)	C	10000	—	Acquired	10000	Direct
2010-02-01	Trust Shares (beneficial Interest In Special Voting Share)	A	1465	—	Acquired	11465	Direct
2010-02-01	Trust Shares (beneficial Interest In Special Voting Share)	S	11465	$33.9076	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-01	Restricted Stock Units	$	C	10000	Disposed		Trust Shares (beneficial Interest In Special Voting Share) (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Trust Shares (beneficial Interest In Special Voting Share)	0	Indirect

Footnotes

F1: Represents trust shares (the "Trust Shares") of beneficial interests in P&O Princess Voting Trust (the "Trust"). In connection with the dual listed company transaction between Carnival plc (f/k/a P&O Princess Cruises plc) and Carnival Corporation (the "DLC Transaction"), Carnival plc issued one special voting share to the Trust and, following a series of transactions, the Trust Shares were distributed to holders of common stock of Carnival Corporation (the "Carnival Corporation Common Stock"). Since completion of the DLC Transaction on April 17, 2003, if Carnival Corporation issues Carnival Corporation Common Stock to a person, the Trust will issue an equivalent number of Trust Shares to such person. The Trust Shares are paired with shares of Carnival Corporation Common Stock and are represented by the same stock certificate. The Trust Shares represent a beneficial interest in the Carnival plc special voting share.

F2: Represents shares acquired upon release from restriction of a restricted stock unit award granted in 2005.

F3: Represents settlement of the dividend equivalents accumulated during the restricted period of a restricted share award originally granted in 2005, which has now vested.

F4: This transaction was executed in multiple trades at prices ranging from $33.87 to $33.983. The price reported reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F5: Represents a hypothetical interest in a share therefore there is no exercise price.

F6: Restricted stock units either vest or are forfeited therefore there is no expiration date.

F7: Represents trust shares (the "Trust Shares") of beneficial interests in P&O Princess Voting Trust (the "Trust"). In connection with the dual listed company transaction between Carnival plc (fka P&O Princess Cruises plc) and Carnival Corporation (the "DLC Transaction"), Carnival plc issued one special voting share to the Trust and, following a series of transactions, the Trust Shares were distributed to holders of common stock of Carnival Corporation (the "Carnival Corporation Common Stock"). Since completion of the DLC Transaction on April 17, 2003, if Carnival Corporation issues Carnival Corporation Common Stock to a person, the Trust will issue an equivalent number of Trust Shares to such person. The Trust Shares are paired with shares of Carnival Corporation Common Stock and are represented by the same stock certificate. The Trust Shares represent a beneficial interest in the Carnival plc special voting share.