CARNIVAL CORP — Director's Dealing 2011

Sep 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARNIVAL CORP (CCL)
CIK: 0000815097
Period of Report: 2011-09-22

Reporting Person: ARISON MICKY MEIR (Director, Chairman & CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-22	Common Stock	M	120000	$22.57	Acquired	218783	Direct
2011-09-22	Common Stock	F	98783	$31.27	Disposed	120000	Direct
2011-09-22	Common Stock	G	120000	—	Disposed	0	Direct
2011-09-22	Common Stock	G	120000	—	Acquired	1321696	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-09-22	Stock Option (Right to Buy)	$22.57	M	120000	Acquired	2011-10-08	Common Stock (120000)	Direct

Footnotes

F1: The transactions reported in this Form 4 reflect the exercise of options to purchase 120,000 shares of Carnival Corporation common stock by Mr. Arison on September 22, 2011. The options had been granted to Mr. Arison pursuant to the Amended and Restated Carnival Corporation 1992 Stock Option Plan in 2001. The options were due to expire on October 8, 2011. The purchase price of each share of common stock (which includes each paired Trust Share) was $22.57. In accordance with rule 16b-3(e), Mr. Arison delivered 98,783 shares of Carnival common stock, each paired with one Trust Share, to pay the purchase price and applicable withholding taxes.

F2: Determined in accordance with the terms of the Amended and Restated Carnival Corporation 1992 Stock Option Plan, and represents the closing price of shares of Carnival Corporation common stock on September 22, 2011.

F3: The options vested 20% per year over 5 years beginning on the first anniversary of the grant date.