X0306 4 2016-10-18 0000815097 CARNIVAL CORP CCL 0001083206 DONALD ARNOLD W CARNIVAL CORPORATION 3655 N.W. 87TH AVENUE MIAMI FL 33178 1 1 President & CEO Common Stock 2016-10-18 4 A 0 432518 0 A 609597.118 D Common Stock 2016-10-18 4 S 0 91813 46.6725 D 517784.118 D Common Stock 14556 I By The Arnold W. Donald Revocable Trust Uad 5/26/98 Grant of performance-based restricted stock units ("Performance RSUs") granted on October 14, 2013 pursuant to the Carnival Corporation 2011 Stock Plan and the Reporting Person's Employment Agreement. Each Performance RSU represents one share of Carnival Corporation common stock. The Performance RSU's will vest 50% as of October 18, 2016 and 50% as of October 14, 2017. The reporting person was eligible to earn from 0-5 times the stated target amount of Performance RSUs to the extent that the compound annual growth rate of Carnival Corporation & plc's total shareholder return over a three year performance cycle exceeded specified performance goals. 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. Represents a surrender of shares to satisfy the tax obligation on the vesting of the Performance RSUs. This transaction was executed in multiple trades at prices ranging from $46.510 to $46.990. 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. /s/ Arnold W. Donald 2016-10-20