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&lt;p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;NOTE 9 &amp;#x2013;
Shareholders&amp;#x2019; Equity&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;During the nine
months ended August&amp;#xA0;31, 2010, we sold 14.4&amp;#xA0;million
Carnival plc ordinary shares held as treasury stock for $534
million of net proceeds, substantially all of which was used to
fund the repurchase of 14.4&amp;#xA0;million shares of Carnival
Corporation common stock.&amp;#xA0;In these UK offerings, we sold
Carnival plc ordinary shares held in treasury, 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 &amp;#x201C;Stock Swap&amp;#x201D;
program.&lt;/font&gt;&lt;/p&gt;
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          <NonNumericTextHeader>NOTE 9 &amp;#x2013;
Shareholders&amp;#x2019; Equity

During the nine
months ended August&amp;#xA0;31, 2010, we sold 14.4&amp;#xA0;million
Carnival plc ordinary shares held as</NonNumericTextHeader>
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 -Publisher SEC
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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