Shareholders' Equity

3 Months Ended

Feb. 28, 2013

Shareholders' Equity

NOTE 7 – Shareholders’ Equity

During the three months ended February 28, 2013, we repurchased 2.1 million shares of Carnival Corporation common stock for $78 million under our general repurchase authorization program (“Repurchase Program”). There were 225 thousand shares of Carnival Corporation common stock repurchased for $8.1 million under the Repurchase Program from March 1, 2013 through March 21, 2013.

At March 21, 2013, the remaining availability under the Repurchase Program was $991 million.

During the three months ended February 28, 2013, Carnival Investments Limited, a subsidiary of Carnival Corporation, sold 0.9 million shares of Carnival plc ordinary shares for net proceeds of $35 million. Substantially all of the net proceeds from these sales were used to purchase 0.9 million shares of Carnival Corporation common stock. Pursuant to a general stock swap authorization (“Stock Swap”) program, we sold these Carnival plc ordinary shares owned by Carnival Investments Limited, only to the extent we were able to purchase shares of Carnival Corporation in the U.S. on at least an equivalent basis under our Stock Swap program.