CARNIVAL CORP — Director's Dealing 2011

Apr 14, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARNIVAL CORP (CCL)
CIK: 0000815097
Period of Report: 2011-04-13

Reporting Person: RATCLIFFE PETER GERVIS (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-13	Restricted Stock Units	$0	A	3188	Acquired		Common Stock (3188)	Direct

Footnotes

F1: Award of restricted stock units which represents a hypothetical interest in Carnival Corporation common stock, which will vest on the third anniversary of the grant date. The restricted stock units will accumulate dividend equivalents and may only be settled in shares.

F2: Grant made pursuant to the Carnival Corporation 2011 Stock Plan.

F3: The Board of Directors approved a value of $120,000 to be awarded to the reporting person in the form of restricted stock units ("RSUs"). The number of RSUs was determined by dividing the closing price of a share of Carnival Corporation common stock on April 13, 2011 and dividing it into $120,000 then rounding down to the nearest whole share.

F4: No expiration date. The award will either vest or be forfeited pursuant to the terms of the Restricted Stock Unit Agreement between the reporting person an the issuer.