CARNIVAL CORP — Director's Dealing 2011

Jan 21, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARNIVAL CORP (CCL)
CIK: 0000815097
Period of Report: 2011-01-19

Reporting Person: FRANK HOWARD S (Director, Vice Chairman & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-19	Common Stock	A	63069	—	Acquired	403660.4776	Direct
2011-01-19	Common Stock	F	20869	$46.26	Disposed	382791.4776	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5073	Indirect
Common Stock	8954	Indirect

Footnotes

F1: Grant of restricted stock made pursuant to the Carnival Corporation 2002 Stock Plan and the terms of an Executive Long-Term Compensation Agreement. The restriction on the shares lapse on the third anniversary of the grant date.

F2: The grant was approved by the Compensation Committee as a total value to be received in the form of restricted shares. The Compensation Committee also approved that the number of shares was to be determined by dividing the value by the closing price on date of grant.

F3: Includes shares acquired pursuant to purchase under, or the dividend reinvestment feature of, the Carnival Corporation Employee Stock Purchase Plan.

F4: Represents a surrender of shares to satisfy the tax obligation on the vesting of the Restricted Stock Award.