X0306 4 2017-01-17 0000815097 CARNIVAL CORP CCL 0001083206 DONALD ARNOLD W CARNIVAL CORPORATION 3655 N.W. 87TH AVENUE MIAMI FL 33178 1 1 President & CEO Common Stock 2017-01-17 4 A 0 30161 0 A 548236.04 D Common Stock 2017-01-17 4 S 0 24186 52.9511 D 524050.04 D Common Stock 14556 I By The Arnold W. Donald Revocable Trust Uad 5/26/98 Grant of restricted stock units ("RSUs") made pursuant to the Carnival Corporation 2011 Stock Plan. Award of RSUs represent a hypothetical interest in Carnival Corporation common stock. The restriction on the RSUs lapse on the second anniversary of the grant date. The RSUs will accumulate dividend equivalents and may only be settled in shares. The grant was approved by the Compensation Committee as a total value to be received in the form of RSUs. The Compensation Committee also approved that the number of RSUs were determined by dividing the value by the closing price on date of grant. This transaction was executed in multiple trades. The price reported 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. 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. /s/ Arnold W. Donald 2017-01-19