CARNIVAL CORP — Director's Dealing 2012

Oct 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARNIVAL CORP (CCL)
CIK: 0000815097
Period of Report: 2012-10-25

Reporting Person: PEREZ ARNALDO (SVP, Gen Counsel & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-25	Common Stock	M	20000	$27.875	Acquired	75391.6952	Direct
2012-10-25	Common Stock	S	20000	$38.6158	Disposed	55391.6952	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-10-25	Stock Options (Right to Buy)	$27.875	M	20000	Disposed	2012-12-02	Common Stock (20000)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $38.60 to $38.63. The price reported reflects the 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: Includes shares acquired pursuant to the purchase under, or the dividend reinvestment feature of, the reporting person's brokerage account or the Carnival Corporation Employee Stock Purchase Plan.

F3: The options vest ratably over five years beginning on the first anniversary of the grant date.