CARNIVAL CORP — Director's Dealing 2011

Sep 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARNIVAL CORP (CCL)
CIK: 0000815097
Period of Report: 2011-08-31

Reporting Person: DONALD ARNOLD W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-31	Common Stock	M	6000	$22.57	Acquired	22293	Direct
2011-08-31	Common Stock	S	6000	$33.072	Disposed	16293	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-08-31	Stock Option (Right to Buy)	$22.57	M	6000	Disposed	2011-10-08	Common Stock (6000)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $33.05 to $33.11. The price reported above 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.

F2: Options vest ratably over five years beginning on the first anniversary of the grant date.