<SEC-DOCUMENT>0001104659-21-027479.txt : 20210224
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ACCESSION NUMBER:		0001104659-21-027479
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20210224
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210224
DATE AS OF CHANGE:		20210224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARNIVAL CORP
		CENTRAL INDEX KEY:			0000815097
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				591562976
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09610
		FILM NUMBER:		21673298

	BUSINESS ADDRESS:	
		STREET 1:		3655 N W 87TH AVE
		STREET 2:		PO BOX 1347
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178-2428
		BUSINESS PHONE:		3055992600

	MAIL ADDRESS:	
		STREET 1:		3655 N W 87TH AVE
		STREET 2:		PO BOX 1347
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARNIVAL CRUISE LINES INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARNIVAL PLC
		CENTRAL INDEX KEY:			0001125259
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15136
		FILM NUMBER:		21673299

	BUSINESS ADDRESS:	
		STREET 1:		100 HARBOUR PARADE
		STREET 2:		CARNIVAL HOUSE
		CITY:			SOUTHAMPTON SO15 1ST
		STATE:			X0
		ZIP:			00000
		BUSINESS PHONE:		011 44 23 8065 5000

	MAIL ADDRESS:	
		STREET 1:		100 HARBOUR PARADE
		STREET 2:		CARNIVAL HOUSE
		CITY:			SOUTHAMPTON SO15 1ST
		STATE:			X0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	P&O PRINCESS CRUISES PLC
		DATE OF NAME CHANGE:	20000929
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>UNITED STATES</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>SECURITIES AND
EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>Washington,
D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>OF THE SECURITIES
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Kingdom</ix:nonNumeric></span></b></p></td></tr>
<tr>
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    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
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<tr>
    <td>&#160;</td>
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<tr>
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<tr>
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    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
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<tr>
    <td>&#160;</td>
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<tr>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>None</b></span></td>
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<tr>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>(Former name or former address, if changed since last report.)</b></span></td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>(Former name or former address, if changed since last report.)</b></span></td></tr>
</table>
<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 32px; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_905_edei--WrittenCommunications_c20210224__20210224_zaXghoQ53xq3"><ix:nonNumeric contextRef="From2021-02-24to2021-02-24" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></span></td>
    <td style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 32px; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_900_edei--SolicitingMaterial_c20210224__20210224_zoNVnvBay9y7"><ix:nonNumeric contextRef="From2021-02-24to2021-02-24" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></td>
    <td>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 32px; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90B_edei--PreCommencementTenderOffer_c20210224__20210224_zQZ1MzpOUuB6"><ix:nonNumeric contextRef="From2021-02-24to2021-02-24" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></td>
    <td>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 32px; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90E_edei--PreCommencementIssuerTenderOffer_c20210224__20210224_z0L8bDLh0KFf"><ix:nonNumeric contextRef="From2021-02-24to2021-02-24" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td>
    <td>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Securities registered pursuant to Section&#160;12(b)
of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: center; width: 48%"><span style="font: 10pt Times New Roman, Times, Serif">Title
    of each class</span></td>
    <td style="border-bottom: Black 1pt solid; width: 2%">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 22%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trading</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Symbol(s)</p></td>
    <td style="border-bottom: Black 1pt solid; width: 2%">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 26%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name
of each exchange on which<br />
 registered</p></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"> <span id="xdx_905_edei--Security12bTitle_c20210224__20210224__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zXUQSAvdI1nb" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_us-gaap_CommonStockMember" name="dei:Security12bTitle">Common Stock ($0.01 par value)</ix:nonNumeric></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span id="xdx_902_edei--TradingSymbol_c20210224__20210224__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zqRTAWiLZtc5" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_us-gaap_CommonStockMember" name="dei:TradingSymbol">CCL</ix:nonNumeric></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span id="xdx_904_edei--SecurityExchangeName_c20210224__20210224__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zMtWqj7z4I06" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_us-gaap_CommonStockMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New
    York Stock Exchange</ix:nonNumeric></span><span style="font: 10pt Times New Roman, Times, Serif">, Inc.</span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span id="xdx_900_edei--Security12bTitle_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zYykJupzYvXc" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_OrdinarySharesMember_custom_CarnivalPublicLimitedCompanyMember" name="dei:Security12bTitle">Ordinary
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    Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&amp;O Princess Special Voting Trust</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: middle; text-align: center"><span id="xdx_907_edei--TradingSymbol_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zfdrW2psqr5a" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_OrdinarySharesMember_custom_CarnivalPublicLimitedCompanyMember" name="dei:TradingSymbol">CUK</ix:nonNumeric></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: middle; text-align: center"><span id="xdx_908_edei--SecurityExchangeName_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zwn1RybaUVV7" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_OrdinarySharesMember_custom_CarnivalPublicLimitedCompanyMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New
    York Stock Exchange</ix:nonNumeric></span><span style="font: 10pt Times New Roman, Times, Serif">, Inc.</span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span id="xdx_90F_edei--Security12bTitle_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--A1875SeniorNotesDue2022Member__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_z5kbBthYslrg" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_A1875SeniorNotesDue2022Member_custom_CarnivalPublicLimitedCompanyMember" name="dei:Security12bTitle">1.875%
    Senior Notes due 2022</ix:nonNumeric></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span id="xdx_908_edei--TradingSymbol_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--A1875SeniorNotesDue2022Member__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zbjMGnRnNt5h" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_A1875SeniorNotesDue2022Member_custom_CarnivalPublicLimitedCompanyMember" name="dei:TradingSymbol">CUK22</ix:nonNumeric></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span id="xdx_90A_edei--SecurityExchangeName_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--A1875SeniorNotesDue2022Member__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zZz3apV3VGIh" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_A1875SeniorNotesDue2022Member_custom_CarnivalPublicLimitedCompanyMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New
    York Stock Exchange LLC</ix:nonNumeric></span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span id="xdx_906_edei--Security12bTitle_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--A1000SeniorNotesDue2029Member__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zYaFotHuiRR8" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_A1000SeniorNotesDue2029Member_custom_CarnivalPublicLimitedCompanyMember" name="dei:Security12bTitle">1.000%
    Senior Notes due 2029</ix:nonNumeric></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span id="xdx_903_edei--TradingSymbol_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--A1000SeniorNotesDue2029Member__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zcLwBFInEYa" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_A1000SeniorNotesDue2029Member_custom_CarnivalPublicLimitedCompanyMember" name="dei:TradingSymbol">CUK29</ix:nonNumeric></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span id="xdx_90B_edei--SecurityExchangeName_c20210224__20210224__us-gaap--StatementClassOfStockAxis__custom--A1000SeniorNotesDue2029Member__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zQeMCQLFUyV" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-02-242021-02-24_custom_A1000SeniorNotesDue2029Member_custom_CarnivalPublicLimitedCompanyMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the
registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2) of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">Emerging growth
company&#160;&#160;<span style="font-family: Wingdings"><span id="xdx_908_edei--EntityEmergingGrowthCompany_c20210224__20210224_z2gaioACPksf"><ix:nonNumeric contextRef="From2021-02-24to2021-02-24" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%">
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="width: 46%; display: none; visibility: hidden">Co-Registrant CIK</td>
    <td style="width: 54%; display: none; visibility: hidden"><span id="xdx_90F_edei--EntityCentralIndexKey_dxL_c20210224__20210224__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zYCSdFuZYtaf"><span style="-sec-ix-hidden: xdx2ixbrl0050">0001125259</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Amendment Flag</td>
    <td style="display: none; visibility: hidden"><span id="xdx_901_edei--AmendmentFlag_dxL_c20210224__20210224__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_z0UyntpelPP9"><span style="-sec-ix-hidden: xdx2ixbrl0051">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Form Type</td>
    <td style="display: none; visibility: hidden"><span id="xdx_90A_edei--DocumentType_dxL_c20210224__20210224__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zoZwGvDOKSX5"><span style="-sec-ix-hidden: xdx2ixbrl0052">8-K</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant DocumentPeriodEndDate</td>
    <td style="display: none; visibility: hidden"><span id="xdx_905_edei--DocumentPeriodEndDate_dxL_c20210224__20210224__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zeeoGml8tmEa"><span style="-sec-ix-hidden: xdx2ixbrl0053">2021-02-24</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Written Communications</td>
    <td style="display: none; visibility: hidden"><span id="xdx_907_edei--WrittenCommunications_dxL_c20210224__20210224__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_zs4r1YjKjDyg"><span style="-sec-ix-hidden: xdx2ixbrl0054">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
    <td style="display: none; visibility: hidden">Co-Registrant Solicitating Materials</td>
    <td style="display: none; visibility: hidden"><span id="xdx_902_edei--SolicitingMaterial_dxL_c20210224__20210224__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_z8XV6BcQkuGj"><span style="-sec-ix-hidden: xdx2ixbrl0055">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
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    <td style="display: none; visibility: hidden"><span id="xdx_907_edei--PreCommencementTenderOffer_dxL_c20210224__20210224__dei--LegalEntityAxis__custom--CarnivalPublicLimitedCompanyMember_z1VMEYcPPL7j"><span style="-sec-ix-hidden: xdx2ixbrl0056">false</span></span></td></tr>
<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
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<tr style="vertical-align: top; text-align: left; display: none; visibility: hidden">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 8.01 Other Events.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 24<span style="background-color: white">,
2021 Carnival Corporation (together with Carnival plc, the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221;)
completed the sale of 40,450,619 shares of Carnival Corporation&#8217;s common stock, par value $0.01 per share, in an underwritten
public offering (the &#8220;Equity Offering&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Equity Offering was registered under
the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), pursuant to a registration statement on Form S-3ASR
(File Nos. 333-252433 and 333-252433-01) (the &#8220;Registration Statement&#8221;) filed with the Securities and Exchange Commission
(the &#8220;Commission&#8221;) on January 26, 2021. The terms of the Equity Offering are described in a Prospectus dated January
26, 2021, as supplemented by a Prospectus Supplement dated February 22, 2021 (filed with the Commission on February 23, 2021)<span style="background-color: white">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company expects to use the net proceeds
from the Equity Offering for general corporate purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Equity Offering,
on February 22, 2021, the Company entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with Goldman
Sachs &amp; Co LLC as sole bookrunner and the underwriter thereunder. The Underwriting Agreement includes customary representations,
warranties and covenants by the Company. It also provides that the Company will indemnify the underwriters against certain liabilities,
including liabilities under the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description does not purport
to be a complete statement of the parties&#8217; rights and obligations under the Underwriting Agreement, and is qualified in its
entirety by reference to the full text of the Underwriting Agreement, which is attached hereto as Exhibit&#160;1.1 and is incorporated
by reference into this report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="background-color: white">The
legality opinions of Tapia, Linares y Alfaro, Maples and Calder and Freshfields Bruckhaus Deringer LLP, issued in connection with
the Equity Offering, are attached hereto as Exhibits 5.1, 5.2 and 5.3, respectively, and are incorporated by reference into the
Registration Statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Current Report on Form 8&#8211;K
shall not constitute an offer to sell or a solicitation of an offer to buy shares of  Carnival Corporation common stock
or any other securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer,
solicitation or sale would be unlawful.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cautionary Note Concerning Factors That May Affect Future
Results</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Carnival Corporation and Carnival plc
and their respective subsidiaries are referred to collectively in this Current Report on Form 8-K, including the Exhibits
hereto (collectively, this &#8220;document&#8221;), as &#8216;&#8216; the company,&#8221; &#8220;our,&#8221; &#8220;us&#8221; and
 &#8220;we.&#8221; Some of the statements, estimates or projections contained in this document are &#8220;forward-looking
statements&#8221; that involve risks, uncertainties and assumptions with respect to us, including some statements concerning
the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows,
liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from
liability provided by Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical facts are statements that could be deemed forward-looking. These
statements are based on current expectations, estimates, forecasts and projections about our business and the industry in
which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these
statements by using words like &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221;
 &#8220;would,&#8221; &#8220;believe,&#8221; &#8220;depends,&#8221; &#8220;expect,&#8221; &#8220;goal,&#8221;
 &#8220;anticipate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;future,&#8221; &#8220;intend,&#8221;
 &#8220;plan,&#8221; &#8220;estimate,&#8221; &#8220;target,&#8221; &#8220;indicate,&#8221; &#8220;outlook&#8221; and similar
expressions of future intent or the negative of such terms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Forward-looking statements include those
statements that relate to our outlook and financial position including, but not limited to, statements regarding:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.5in">
<tr style="vertical-align: top">
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; Pricing</span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; </span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">Estimates of ship depreciable lives and residual values</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; Booking levels</span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; </span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">Goodwill, ship and trademark fair values</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; Occupancy</span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; </span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">Liquidity and credit ratings</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; Interest, tax and fuel
expenses</span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">&#8226; </span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt"><span style="font-size: 10pt">Adjusted earnings per share</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 2pt; padding-bottom: 2pt; width: 36%"><span style="font-size: 10pt">&#8226; Currency exchange rates</span></td>
<td style="padding-top: 2pt; padding-bottom: 2pt; width: 2%">&#8226;</td>
<td style="padding-top: 2pt; padding-bottom: 2pt; width: 62%">Impact of the COVID-19 coronavirus global pandemic on our financial condition and results of operations</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because forward-looking statements involve
risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially
from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known
factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business,
results of operations and financial position. Additionally, many of these risks and uncertainties are currently amplified by and
will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or
identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include,
but are not limited to, the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>COVID-19 has had, and is expected to continue to have, a significant impact on our financial condition and operations, which
impacts our ability to obtain acceptable financing to fund resulting reductions in cash from operations. The current, and uncertain
future, impact of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises),
is expected to continue to impact our results, operations, outlooks, plans, goals, reputation, litigation, cash flows, liquidity,
and stock price;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>As a result of the COVID-19 outbreak, we may be out of compliance with one or more maintenance covenants in certain of our
debt facilities, for which we currently have amendments for the period through November 30, 2021 with the next testing date of
February 28, 2022;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>World events impacting the ability or desire of people to travel have and may continue to lead to a decline in demand for cruises;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Incidents concerning our ships, guests or the cruise vacation industry as well as adverse weather conditions and other natural
disasters have in the past and may, in the future, impact the satisfaction of our guests and crew and lead to reputational damage;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment,
safety and security, data privacy and protection, anti-corruption, economic sanctions, trade protection and tax have in the past
and may, in the future, lead to litigation, enforcement actions, fines, penalties, and reputational damage;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Breaches in data security and lapses in data privacy as well as disruptions and other damages to our principal offices, information
technology operations and system networks, including the recent ransomware incidents, and failure to keep pace with developments
in technology may adversely impact our business operations, the satisfaction of our guests and crew and may lead to reputational
damage;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Ability to recruit, develop and retain qualified shipboard personnel who live away from home for extended periods of time may
adversely impact our business operations, guest services and satisfaction;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled
itineraries and costs;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Fluctuations in foreign currency exchange rates may adversely impact our financial results;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Overcapacity and competition in the cruise and land-based vacation industry may lead to a decline in our cruise sales, pricing
and destination options; and</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our
business operations and the satisfaction of our guests.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ordering of the risk factors set forth
above is not intended to reflect our indication of priority or likelihood.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Forward-looking statements should not be
relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock
exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions
to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any
such statements are based.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"><b>Item 9.01</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><b>(d)</b></td><td style="text-align: justify"><b>Exhibits</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border-bottom: Black 1pt solid; text-align: left; width: 10%"><b>Exhibit No.</b></td>
    <td style="padding-bottom: 1pt; text-align: center; width: 2%">&#160;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; width: 88%"><b>Description</b></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><a href="tm217456d4_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">1.1</span></a></td>
    <td>&#160;</td>
<td><a href="tm217456d4_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Underwriting Agreement, dated as of February 22, 2021, by and among the Company and &#160;<span>Goldman Sachs &amp; Co LLC.</span></span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center">&#160;</td>
    <td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><a href="tm217456d4_ex5-1.htm"><span style="font-size: 10pt">5.1</span></a></td>
    <td>&#160;</td>
<td><a href="tm217456d4_ex5-1.htm"><span style="font-size: 10pt">Opinion of Tapia Linares y Alfaro.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center">&#160;</td>
    <td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><a href="tm217456d4_ex5-2.htm"><span style="font-size: 10pt">5.2</span></a></td>
    <td>&#160;</td>
<td><a href="tm217456d4_ex5-2.htm"><span style="font-size: 10pt">Opinion of Maples and Calder.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center">&#160;</td>
    <td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><a href="tm217456d4_ex5-3.htm"><span style="font-size: 10pt">5.3</span></a></td>
    <td>&#160;</td>
<td><a href="tm217456d4_ex5-3.htm"><span style="font-size: 10pt">Opinion of Freshfields Bruckhaus Deringer LLP.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: center">&#160;</td>
    <td>&#160;</td>
<td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: center"><span style="font-size: 10pt">104</span></td>
    <td>&#160;</td>
<td><span style="font-size: 10pt">Exhibit 104 Cover page from this Current Report on Form 8-K, formatted in Inline XBRL
(included as Exhibit 101).</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0"></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 10pt; text-align: center">SIGNATURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities
Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; width: 100%">
<tr style="font-size: 10pt; vertical-align: bottom">
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">CARNIVAL CORPORATION</span> <span style="font-size: 10pt"></span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-size: 10pt; text-align: left"><b>CARNIVAL PLC</b><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; width: 5%"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 44%; text-align: left"><span style="font-size: 10pt">/s/ David Bernstein</span></td><td style="font-size: 10pt; width: 2%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; width: 5%"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 44%; text-align: left"><span style="font-size: 10pt">/s/ David Bernstein</span></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">David Bernstein</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Name: </span></td>
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left">&#8239;David Bernstein<span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Chief Financial Officer
    and Chief Accounting Officer</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Chief Financial Officer
    and Chief Accounting Officer</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; width: 100%">
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-size: 10pt">Date: February 24, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%">Date: <span style="font-size: 10pt">February 24,
    2021</span></td>
    </tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Execution Version</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CARNIVAL CORPORATION&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">($.01 par value)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and the paired trust shares of&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">beneficial interest in&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">P&amp;O Princess Special Voting Trust&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Underwriting Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">February&nbsp;22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs&nbsp;&amp; Co. LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 West Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Carnival Corporation, a corporation duly
organized and existing under the laws of the Republic of Panama (the &ldquo;Company&rdquo;), proposes to issue and sell to the
underwriter listed in Schedule 1 hereto (the &ldquo;Underwriter&rdquo;), an aggregate of 40,450,619 shares (the &ldquo;Shares&rdquo;)
of common stock of the Company, par value $0.01 per share (the &ldquo;Common Stock&rdquo;). The shares of common stock of the
Company to be outstanding after giving effect to the sale of the Shares are referred to herein as the &ldquo;Stock&rdquo;. Upon
each issuance of Shares hereunder, recipients will receive both Shares and an equivalent number of trust shares representing beneficial
interest in the P&amp;O Princess Special Voting Trust (the &ldquo;P&amp;O Trust Shares&rdquo;). The P&amp;O Trust Shares represent
a beneficial interest in the special voting share of Carnival plc, a company incorporated and registered under the laws of England
and Wales (&ldquo;Carnival plc&rdquo;). As a result of the dual listed company transaction between the Company and Carnival plc,
one P&amp;O Trust Share is paired with each share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and Carnival plc hereby confirm
their agreement with the Underwriter concerning the purchase and sale of the Shares and the P&amp;O Trust Shares, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Registration
Statement</U>. The Company and Carnival plc have prepared and filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended, and the rules&nbsp;and regulations of the Commission thereunder (collectively, the
 &ldquo;Securities Act&rdquo;), registration statements (File Nos. 333-252433 and 333-252433-01), including a prospectus, relating
to the Shares and the P&amp;O Trust Shares. Each registration statement, as amended at the time it became (or is deemed to have
become) effective, including the information, if any, deemed pursuant to Rule&nbsp;430A, 430B or 430C under the Securities Act
to be part of such registration statement at the time of its effectiveness (or at such deemed time of effectiveness pursuant to
Rule&nbsp;430B) (&ldquo;Rule&nbsp;430 Information&rdquo;), is referred to herein as the &ldquo;Registration Statement&rdquo;;
and as used herein, the term &ldquo;Preliminary Prospectus&rdquo; means each prospectus included in such Registration Statement
(and any amendments thereto) before effectiveness, any prospectus filed with the Commission pursuant to Rule&nbsp;424(a)&nbsp;under
the Securities Act and the prospectus included in the Registration Statement at the time of its effectiveness that omits Rule&nbsp;430
Information, and the term &ldquo;Prospectus&rdquo; means the prospectus in the form first used (or made available upon request
of purchasers pursuant to Rule&nbsp;173 under the Securities Act) in connection with confirmation of sales of the Shares. If the
Company has filed an abbreviated registration statement pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act (the &ldquo;Rule&nbsp;462
Registration Statement&rdquo;), then any reference herein to the term &ldquo;Registration Statement&rdquo; shall be deemed to
include such Rule&nbsp;462 Registration Statement. Any reference in this underwriting agreement (this &ldquo;Agreement&rdquo;)
to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any document
incorporated by reference therein pursuant to Item 12 of Form&nbsp;S-3 under the Securities Act, as of the effective date of the
Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as the case may be, and any reference to
 &ldquo;amend&rdquo;, &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, any Preliminary
Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after such date under the Securities
Exchange Act of 1934, as amended, and the rules&nbsp;and regulations of the Commission thereunder (collectively, the &ldquo;Exchange
Act&rdquo;) that are deemed to be incorporated by reference therein. Capitalized terms used but not defined herein shall have
the meanings given to such terms in the Registration Statement and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At or prior to the Applicable Time (as
defined below), the Company had prepared the following information (collectively with the pricing information set forth on Annex
A, the &ldquo;Pricing Disclosure Package&rdquo;): a Preliminary Prospectus dated February&nbsp;22, 2021 and each &ldquo;free-writing
prospectus&rdquo; (as defined pursuant to Rule&nbsp;405 under the Securities Act) listed on Annex A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Applicable Time&rdquo; means 4:10
P.M., New York City time, on February&nbsp;22, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
of the Shares</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company agrees to issue and sell the Shares to the Underwriter as provided in this Agreement, and the Underwriter, on the basis
of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees to purchase
at a price per share of $24.7215 (the &ldquo;Purchase Price&rdquo;) from the Company the number of Shares set forth opposite such
Underwriter&rsquo;s name in Schedule 1 hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
and Carnival plc understand that the Underwriter intends to make a public offering of the Shares, and initially to offer the Shares
on the terms set forth in the Pricing Disclosure Package. The Company and Carnival plc acknowledge and agree that the Underwriter
may offer and sell Shares to or through any affiliate of the Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Payment
for and delivery of the Shares shall be made at the offices of Simpson Thacher&nbsp;&amp; Bartlett LLP at 10:00 A.M.&nbsp;New
York City time on February&nbsp;25, 2021, or at such other time or place on the same or such other date, not later than the fifth
business day thereafter, as the Underwriter and the Company may agree upon in writing. The time and date of such payment for and
delivery of the Shares is referred to herein as the &ldquo;Closing Date&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment for the Shares to be purchased
on the Closing Date shall be made by wire transfer in immediately available funds to the account specified by the Company to the
Underwriter and made against delivery to the Underwriter for the account of the Underwriter of the Shares to be purchased on such
date in definitive form registered in such names and in such denominations as the Underwriter shall request in writing not later
than two full business days prior to the Closing Date, with any transfer taxes payable in connection with the sale of such Shares
duly paid by the Company. Delivery of the Shares shall be made through the facilities of The Depository Trust Company (&ldquo;DTC&rdquo;)
unless the Underwriter shall otherwise instruct. The certificates for the Shares will be made available for inspection and packaging
by the Underwriter at the office of DTC or its designated custodian not later than 1:00 P.M., New York City time, on the business
day prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and Carnival plc acknowledge and agree that the Underwriter is acting solely in the capacity of an arm&rsquo;s length
contractual counterparty to the Company and Carnival plc with respect to the offering of Shares contemplated hereby (including
in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the
Company, Carnival plc or any other person. Additionally, the Underwriter is not advising the Company, Carnival plc or any other
person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company and Carnival plc shall
consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation
and appraisal of the transactions contemplated hereby, and the Underwriter shall not have any responsibility or liability to the
Company or Carnival plc with respect thereto. Any review by the Underwriter of the Company, Carnival plc, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriter and shall not
be on behalf of the Company or Carnival plc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of the Company and Carnival plc</U>. The Company and Carnival plc, jointly and severally, represent and warrant
to the Underwriter that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Preliminary
Prospectus.</I> No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission, and
each Preliminary Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, complied in all material
respects with the Securities Act, and no Preliminary Prospectus, at the time of filing thereof, contained any untrue statement
of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; <U>provided</U> that the Company and Carnival plc make no representation
or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to the
Underwriter furnished to the Company in writing by the Underwriter expressly for use in any Preliminary Prospectus, it being understood
and agreed that the only such information furnished by the Underwriter consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Pricing
Disclosure Package</I>. The Pricing Disclosure Package as of the Applicable Time did not, and as of the Closing Date will not,
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; <U>provided</U> that the Company and Carnival plc
make no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information
relating to the Underwriter furnished to the Company in writing by the Underwriter expressly for use in such Pricing Disclosure
Package, it being understood and agreed that the only such information furnished by the Underwriter consists of the information
described as such in Section&nbsp;7(b)&nbsp;hereof. No statement of material fact included in the Prospectus has been omitted
from the Pricing Disclosure Package and no statement of material fact included in the Pricing Disclosure Package that is required
to be included in the Prospectus has been omitted therefrom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Issuer
Free Writing Prospectus. </I>Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Company
and Carnival plc (including their agents and representatives, other than the Underwriter in its capacity as such) have not prepared,
made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any &ldquo;written
communication&rdquo; (as defined in Rule&nbsp;405 under the Securities Act) that constitutes an offer to sell or solicitation
of an offer to buy the Shares (each such communication by the Company, Carnival plc or their agents and representatives (other
than a communication referred to in clause (i)&nbsp;below) an &ldquo;Issuer Free Writing Prospectus&rdquo;) other than (i)&nbsp;any
document not constituting a prospectus pursuant to Section&nbsp;2(a)(10)(a)&nbsp;of the Securities Act or Rule&nbsp;134 under
the Securities Act or (ii)&nbsp;the documents listed on Annex A hereto and any other written communications approved in writing
in advance by the Underwriter. Each such Issuer Free Writing Prospectus complies in all material respects with the Securities
Act, has been or will be (within the time period specified in Rule&nbsp;433) filed in accordance with the Securities Act (to the
extent required thereby) and does not conflict with the information contained in the Registration Statement or the Pricing Disclosure
Package, and, when taken together with the Preliminary Prospectus filed prior to the first use of such Issuer Free Writing Prospectus,
did not, and as of the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<U>provided</U> that the Company and Carnival plc make no representation or warranty with respect to any statements or omissions
made in each such Issuer Free Writing Prospectus or Preliminary Prospectus in reliance upon and in conformity with information
relating to the Underwriter furnished to the Company in writing by the Underwriter expressly for use in such Issuer Free Writing
Prospectus or Preliminary Prospectus, it being understood and agreed that the only such information furnished by the Underwriter
consists of the information described as such in Section&nbsp;7(b)&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Registration
Statement and Prospectus.</I> The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; as defined
under Rule&nbsp;405 of the Securities Act that has been filed with the Commission not earlier than three years prior to the date
hereof; and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment
thereto pursuant to Rule&nbsp;401(g)(2)&nbsp;under the Securities Act has been received by the Company. No order suspending the
effectiveness of the Registration Statement has been issued by the Commission, and no proceeding for that purpose or pursuant
to Section&nbsp;8A of the Securities Act against the Company or related to the offering of the Shares has been initiated or, to
the knowledge of the Company, threatened by the Commission; as of the applicable effective date of the Registration Statement
and any post-effective amendment thereto, the Registration Statement and any such post-effective amendment complied and will comply
in all material respects with the Securities Act, and did not and will not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading;
and as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date, the Prospectus will comply
in all material respects with the Securities Act and will not contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; <U>provided</U> that the Company and Carnival plc make no representation or warranty with respect to any statements
or omissions made in reliance upon and in conformity with information relating to the Underwriter furnished to the Company in
writing by the Underwriter expressly for use in the Registration Statement and the Prospectus and any amendment or supplement
thereto, it being understood and agreed that the only such information furnished by the Underwriter consists of the information
described as such in Section&nbsp;7(b)&nbsp;hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Incorporated
Documents.</I> The documents incorporated by reference in the Registration Statement, the Prospectus and the Pricing Disclosure
Package and any amendment or supplement thereto, when they were filed with the Commission, complied as to form in all material
respects with the requirements of the Exchange Act, as applicable, and none of such documents, as of the date thereof, included
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; and any documents filed
with the Commission subsequent to the Applicable Time and prior to the completion or termination of the offering of the Shares
that are deemed to be incorporated by reference into the Registration Statement, the Prospectus and the Pricing Disclosure Package
will comply as to form in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable,
and when read together with the other information in the Registration Statement, Prospectus and the Pricing Disclosure Package
at the date of the Prospectus Supplement and the Pricing Disclosure Package and at the Closing Date, will not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Financial
Statements.</I> The financial statements and the related notes thereto included or incorporated by reference in each of the Registration
Statement, the Pricing Disclosure Package and the Prospectus comply in all material respects with the applicable requirements
of the Securities Act and the Exchange Act, as applicable, and present fairly the financial position of Carnival Corporation&nbsp;&amp;
plc and their consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their
cash flows for the periods specified; such financial statements have been prepared in conformity with U.S. generally accepted
accounting principles (&ldquo;GAAP&rdquo;) applied on a consistent basis throughout the periods covered thereby; the supporting
schedules included or incorporated by reference in the Registration Statement present fairly in all material respects the information
required to be stated therein; and the other financial information included or incorporated by reference in the Registration Statement,
the Pricing Disclosure Package and the Prospectus has been compiled on a basis consistent in all material respects with that of
the financial statements and presents fairly in all material respects the information shown thereby; and all disclosures included
or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus regarding &ldquo;non-GAAP
financial measures&rdquo; (as such term is defined by the rules&nbsp;and regulations of Commission) comply with Regulation G of
the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. The interactive data in eXtensible
Business Reporting Language included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package
and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with
the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Adverse Change.</I> Since the date of the most recent financial statements of the Company and Carnival plc included or
incorporated by reference in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, (i)&nbsp;there
has not been any transactions entered into by the Company, Carnival plc or any of their respective subsidiaries, other than those
in the ordinary course of business, which are material with respect to the Company, Carnival plc and their respective subsidiaries
considered as one enterprise, (ii)&nbsp;there have not been any changes in the capital stock (other than the issuance of shares
of capital stock upon the exercise of stock options and vesting of restricted stock units pursuant to employee stock plans or
under share repurchase plans, pursuant to the terms thereof, in each case, as disclosed in documents incorporated by reference
in the Registration Statement, the Pricing Disclosure Package and the Prospectus) or any material increase in the long-term debt
of the Company, Carnival plc or any of their respective subsidiaries (other than as disclosed in the Registration Statement, the
Pricing Disclosure Package and the Prospectus), or any dividend or distribution of any kind declared, set aside for payment, paid
or made by the Company or Carnival plc on any class of capital stock, or any material adverse change, or any development involving
a prospective adverse change which materially affects the business affairs, management, properties, financial condition or results
of operations of the Company, Carnival plc and their respective subsidiaries taken as a whole; and (iii)&nbsp;none of the Company,
Carnival plc nor any of their respective subsidiaries has sustained any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action,
order or decree of any court or arbitrator or governmental or regulatory authority, except in each case as otherwise disclosed
in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Organization
and Good Standing.</I> Each of the Company and its subsidiaries has been duly organized and is validly existing and, to the extent
such concept is applicable thereto, in good standing under the laws of its jurisdiction of organization, is duly qualified to
do business and is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of its businesses
requires such qualification, and has all power and authority necessary to own or hold its properties and to conduct the businesses
in which it is engaged, except where the failure to be so qualified, in good standing or have such power or authority would not,
singly or in the aggregate, have a material adverse effect on the business affairs, management, properties, financial condition
or results of operations of the Company, Carnival plc and their respective subsidiaries taken as a whole, or on the performance
by the Company and Carnival plc of its obligations under this Agreement (a &ldquo;Material Adverse Effect&rdquo;). The subsidiaries
listed in Schedule 2 to this Agreement are the only significant subsidiaries of the Company and/or Carnival plc.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Except as may be described in
the Registration Statement, the Pricing Disclosure Package and the Prospectus or on Schedule 2 hereto, all of the issued shares
of capital stock of each of the significant subsidiaries of the Company and Carnival plc have been duly and validly authorized
and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company or Carnival plc, as the case
may be, free and clear of all liens, encumbrances, equities or claims (other than liens, encumbrances or defects permitted by
 &nbsp;agreements governing the Company&rsquo;s, Carnival plc&rsquo;s and their respective subsidiaries&rsquo; outstanding indebtedness);
and none of the outstanding shares of capital stock of any significant subsidiary was issued in violation of the preemptive or
similar rights of any securityholder of such subsidiary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Capitalization.
</I>The Company and Carnival plc have the combined capitalization as set forth in each of the Registration Statement, the Pricing
Disclosure Package and the Prospectus under the heading &ldquo;Capitalization&rdquo; and all of the outstanding shares of Carnival
Corporation common stock and Carnival plc ordinary shares have been duly authorized and validly issued and are fully paid and
non-assessable. None of the outstanding shares of Common Stock and Carnival plc ordinary shares was issued in violation of any
preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company or Carnival
plc, as applicable. Except as may be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
and except with respect to equity awards issued under the Company&rsquo;s or Carnival plc&rsquo;s equity incentive plans, there
are no outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt
securities convertible into or exchangeable or exercisable for, any capital stock of the Company or Carnival plc.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>[Reserved].</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Due
Authorization.</I> Each of the Company and Carnival plc has all requisite corporate or other power and authority to execute and
deliver this Agreement and to perform its respective obligations hereunder, and to provide the representations, warranties and
indemnities under, this Agreement; and all actions required to be taken for the due and proper authorization, execution and delivery
by it of this Agreement and the consummation by it of the transactions contemplated hereby or by the Pricing Disclosure Package
and the Prospectus has been duly and validly taken.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Underwriting
Agreement. </I> This Agreement has been duly authorized, executed and delivered by each of the Company and Carnival plc. Carnival
plc acknowledges that it will benefit, directly or indirectly, economically or otherwise from the transactions contemplated by
this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>The
Shares. </I>The Shares to be issued and sold by the Company hereunder have been duly authorized by the Company and, when issued
and delivered and paid for as provided herein, will be duly and validly issued, fully paid and non-assessable; and the issuance
of the Shares is not subject to any preemptive or similar rights. The P&amp;O Trust Shares have been duly authorized by Carnival
plc and, when issued together with the Shares, will be duly and validly issued, fully paid and non-assessable. The Shares and
the P&amp;O Trust Shares conform in all material respects to the descriptions thereof contained in the Registration Statement,
the Pricing Disclosure Package and the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Violation or Default.</I> None of the Company, Carnival plc or any subsidiaries of the Company or Carnival plc is (i)&nbsp;in
violation of its charter or by-laws or similar organizational documents; (ii)&nbsp;in default, and no event has occurred that,
with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant
or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the
Company, Carnival plc or any of their respective subsidiaries is a party or by which the Company, Carnival plc or any such subsidiary
is bound or to which any of the property or assets of the Company, Carnival plc or any such subsidiary is subject; or (iii)&nbsp;in
violation of any law or statute or any judgment, order, rule&nbsp;or regulation of any court or arbitrator or governmental or
regulatory authority, except, in the case of clauses (ii)&nbsp;and (iii)&nbsp;above, for any such default or violation that would
not, singly or in the aggregate, have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Conflicts. </I>The execution, delivery and performance of this Agreement by the Company and Carnival plc, the issuance, sale and
delivery of the Shares and the P&amp;O Trust Shares and the consummation of the transactions contemplated by this Agreement or
the Pricing Disclosure Package and the Prospectus: (i)&nbsp;do not and will not result in any violation of the Articles of Association,
as amended, or By-Laws of the Company or the Articles of Incorporation, as amended, or By-laws, as amended, of Carnival plc; and
(ii)&nbsp;do not and will not conflict with, or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, result in the termination, modification or acceleration of, or result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company, Carnival plc or any of their respective subsidiaries pursuant
to, (x)&nbsp;any indenture, mortgage, deed of trust or loan agreement, or any other agreement or instrument, to which the Company,
Carnival plc or any of their respective subsidiaries is a party or by which any of them may be bound or to which any of their
properties or assets may be subject (except for such conflicts, breaches, violations or defaults or liens, charges or encumbrances
described in the Registration Statement, Pricing Disclosure Package and Prospectus or that would not, singly or in the aggregate,
have a Material Adverse Effect), (y)&nbsp;any existing applicable law, rule&nbsp;or regulation (except for such conflicts, breaches,
violations, liens, charges or encumbrances described in the Registration Statement, Pricing Disclosure Package and Prospectus
that would not, singly or in the aggregate, have a Material Adverse Effect, and other than the securities or blue sky laws of
any jurisdictions), or (z)&nbsp;any judgment, order or decree of any government, governmental instrumentality or court having
jurisdiction over the Company, Carnival plc or their respective subsidiaries or any of their respective properties or assets (except
for such conflicts, breaches, violations or defaults or liens, charges or encumbrances described in the Registration Statement,
Pricing Disclosure Package and Prospectus or that would not, singly or in the aggregate, have a Material Adverse Effect).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Consents Required.</I> No consent, approval, authorization or order of any court or governmental agency or body is required for
the execution, delivery and performance by the Company and Carnival plc of this Agreement, the authorization, issuance, and sale
of the Shares and the P&amp;O Trust Shares and the consummation of the transactions contemplated by this Agreement or the Pricing
Disclosure Package and the Prospectus, except such as have been or will be obtained under the Securities Act, the Exchange Act,
such as may be required under any existing law or regulation of the United Kingdom, and such as may be required under the blue
sky laws of any jurisdiction in connection with the purchase and distribution of the Shares by the Underwriter and such other
approvals as have been obtained or the failure of which to obtain would not singly or in the aggregate have a Material Adverse
Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Legal
Proceedings.</I> Except as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus,
there are no legal, governmental, tax or regulatory investigations, actions, suits or proceedings pending to which the Company,
Carnival plc or any of their respective subsidiaries is or may be a party or to which any property of the Company, Carnival plc
or any of their respective subsidiaries is or may be the subject that, singly or in the aggregate, could reasonably be expected
to have a Material Adverse Effect; and no such investigations, actions, suits or proceedings are, to the knowledge of the Company
or Carnival plc, threatened or contemplated by any governmental, tax or regulatory authority or threatened by others</FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Independent
Accountants</I>. PricewaterhouseCoopers LLP, which has certified certain financial statements of the Company, Carnival plc and
their respective subsidiaries included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package
or the Prospectus, is an independent registered public accounting firm with respect to the Company, Carnival plc and their respective
subsidiaries within the applicable rules&nbsp;and regulations adopted by the Commission and the Public Company Accounting Oversight
Board (United States) and as required by the Securities Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Intellectual
Property.</I> Except as may be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or would
not have, singly or in the aggregate, a Material Adverse Effect, the Company, Carnival plc and their respective subsidiaries own
or possess the right to use the intellectual property necessary to carry on the business now operated by them and their respective
subsidiaries, and neither the Company nor Carnival plc, nor, to the knowledge of the Company and Carnival plc, any of their respective
subsidiaries, has received any notice or is otherwise infringing or in conflict with the intellectual property rights of others,
or is aware of any facts or circumstances which would render any such intellectual property invalid or inadequate to protect the
interest of the Company, Carnival plc or any of their respective subsidiaries therein, and which infringement or conflict or invalidity
or inadequacy, singly or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Undisclosed Relationships. </I>No material relationship, direct or indirect, exists between or among the Company, Carnival plc
or any of their respective subsidiaries, on the one hand, and the directors, officers, stockholders, customers, suppliers or other
affiliates of the Company, Carnival plc or any of their respective subsidiaries, on the other, that is required by the Securities
Act to be described in each of the Registration Statement and the Prospectus and that is not so described in such documents and
in the Pricing Disclosure Package<I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Investment
Company Act</I>. The Company is not and, after giving effect to the offering and sale of the Shares and the application of the
proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be required
to register as an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;
within the meaning of the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations of the Commission thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Taxes.
</I>The Company, Carnival plc and their respective subsidiaries have paid all material federal, state, local and foreign taxes
and filed all material tax returns required to be paid or filed through the date hereof; and except as otherwise disclosed in
each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, there is no material tax deficiency that
has been, or could reasonably be expected to be, asserted against the Company, Carnival plc or any of their respective subsidiaries
or any of their respective properties or assets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Labor Disputes.</I> Except as may be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
no labor dispute with the employees of the Company, Carnival plc or any of their respective subsidiaries exists or, to the knowledge
of the Company or Carnival plc, is imminent or threatened which would reasonably be expected to have, singly or in the aggregate,
a Material Adverse Effect, nor, to the knowledge of the Company or Carnival plc, exist any labor disputes with the employees of
the principal suppliers, contract or customers of the Company, Carnival plc or any of their respective subsidiaries except as
would not, singly or in the aggregate, have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Licenses
and Permits.</I> The Company, Carnival plc and their respective subsidiaries possess all licenses, sub-licenses, certificates,
permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local
or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties
or the conduct of their respective businesses as described in each of the Registration Statement, the Pricing Disclosure Package
and the Prospectus, except where the failure to possess or make the same would not, singly or in the aggregate, have a Material
Adverse Effect; and except as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus,
none of the Company, Carnival plc or any of their subsidiaries has received notice of any revocation or modification of any such
license, sub-license, certificate, permit or authorization or has any reason to believe that any such license, sub-license, certificate,
permit or authorization will not be renewed in the ordinary course.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Title
to Real and Personal Property.</I> The Company, Carnival plc and their respective subsidiaries have good and marketable title
in fee simple to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to
the respective businesses of the Company, Carnival plc and their respective subsidiaries, in each case free and clear of all liens,
charges, encumbrances, claims and defects and imperfections of title except those that (i)&nbsp;do not materially interfere with
the use made and proposed to be made of such property by the Company, Carnival plc and their respective subsidiaries or (ii)&nbsp;could
not reasonably be expected, singly or in the aggregate to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Certain
Environmental Matters</I>. (i)&nbsp;Except as may be described in the Registration Statement, the Pricing Disclosure Package and
the Prospectus or except as would not, singly or in the aggregate, result in a Material Adverse Effect, (A)&nbsp;none of the Company,
Carnival plc nor any of their respective subsidiaries is or has been in violation of any federal, state, local or foreign statute,
law, rule, regulation, ordinance, code, policy or rule&nbsp;of common law or any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health,
the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, &ldquo;Company Hazardous
Materials&rdquo;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Company Hazardous Materials (collectively, &ldquo;Environmental Laws&rdquo;); (B)&nbsp;the Company, Carnival plc and their respective
subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and
filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the
ownership or lease of their respective properties or the conduct of their respective businesses as described in each of the Pricing
Disclosure Package and the Prospectus; (C)&nbsp;none of the Company, Carnival plc nor any of their respective subsidiaries has
received notice of any revocation or modification of any such license, certificate, permit or authorization; and (D)&nbsp;none
of the Company, Carnival plc nor any of their respective subsidiaries has (x)&nbsp;received notice of any actual or potential
liability under or relating to any Environmental Laws, including for the investigation or remediation of any Company Hazardous
Materials, or (y)&nbsp;caused (or has any knowledge of) any event or condition that would reasonably be expected to result in
any such notice or liability; and (ii)&nbsp;except as described in each of the Pricing Disclosure Package and the Prospectus,
(A)&nbsp;there is no proceeding that is pending, or that is known to be contemplated, against the Company, Carnival plc or any
of their respective subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such
proceeding regarding which it is reasonably believed no monetary sanctions of $1,000,000 or more will be imposed, (B)&nbsp;the
Company, Carnival plc and their respective subsidiaries are not aware of any facts or issues regarding compliance with Environmental
Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants
or contaminants, that could reasonably be expected to have a material effect on the capital expenditures, earnings or competitive
position of the Company, Carnival plc and their respective subsidiaries, and (C)&nbsp;none of the Company, Carnival plc or their
respective subsidiaries anticipates material capital expenditures relating to any Environmental Laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with ERISA</I>. (i)&nbsp;Each employee benefit plan, within the meaning of Section&nbsp;3(3)&nbsp;of the Employee Retirement Income
Security Act of 1974, as amended (&ldquo;ERISA&rdquo;), for which the Company, Carnival plc or any member of their &ldquo;Controlled
Group&rdquo; (defined as any entity, whether or not incorporated, that is under common control with the Company and Carnival plc
within the meaning of Section&nbsp;4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company
or Carnival plc under Section&nbsp;414(b),(c),(m)&nbsp;or (o)&nbsp;of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;))
would have any liability (each, a &ldquo;Plan&rdquo;) has been maintained in compliance with its terms and the requirements of
any applicable statutes, orders, rules&nbsp;and regulations, including but not limited to ERISA and the Code; (ii)&nbsp;no prohibited
transaction, within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code, has occurred with respect to any
Plan, excluding transactions effected pursuant to a statutory or administrative exemption; (iii)&nbsp;for each Plan that is subject
to the funding rules&nbsp;of Section&nbsp;412 of the Code or Section&nbsp;302 of ERISA, no Plan has failed (whether or not waived),
or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section&nbsp;302 of ERISA or
Section&nbsp;412 of the Code) applicable to such Plan; (iv)&nbsp;no Plan is, or is reasonably expected to be, in &ldquo;at risk
status&rdquo; (within the meaning of Section&nbsp;303(i)&nbsp;of ERISA), and no Plan that is a &ldquo;multiemployer plan&rdquo;
within the meaning of Section&nbsp;4001(a)(3)&nbsp;of ERISA is in &ldquo;endangered status&rdquo; or &ldquo;critical status&rdquo;
(within the meaning of Sections 304 and 305 of ERISA); (v)&nbsp;the fair market value of the assets of each Plan exceeds the present
value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi)&nbsp;no &ldquo;reportable
event&rdquo; (within the meaning of Section&nbsp;4043(c)&nbsp;of ERISA and the regulations promulgated thereunder) has occurred
or is reasonably expected to occur; (vii)&nbsp;each Plan that is intended to be qualified under Section&nbsp;401(a)&nbsp;of the
Code is so qualified, and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification;
(viii)&nbsp;none of the Company, Carnival plc or any member of the Controlled Group has incurred, nor reasonably expects to incur,
any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guarantee Corporation,
in the ordinary course and without default) in respect of a Plan (including a &ldquo;multiemployer plan&rdquo; within the meaning
of Section&nbsp;4001(a)(3)&nbsp;of ERISA); and (ix)&nbsp;none of the following events has occurred or is reasonably likely to
occur: (A)&nbsp;a material increase in the aggregate amount of contributions required to be made to all Plans by the Company,
Carnival plc or their Controlled Group affiliates in the current fiscal year of the Company, Carnival plc and their Controlled
Group affiliates compared to the amount of such contributions made in the Company&rsquo;s, Carnival plc&rsquo;s and their Controlled
Group affiliates&rsquo; most recently completed fiscal year; or (B)&nbsp;a material increase in the Company, Carnival plc and
their respective subsidiaries&rsquo; &ldquo;accumulated post-retirement benefit obligations&rdquo; (within the meaning of Accounting
Standards Codification Topic 715-60) compared to the amount of such obligations in the Company, Carnival plc and their respective
subsidiaries&rsquo; most recently completed fiscal year, except in each case with respect to the events or conditions set forth
in (i)&nbsp;through (ix)&nbsp;hereof, as would not, singly or in the aggregate, have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Disclosure
Controls</I>. The Company and Carnival plc and their respective subsidiaries maintain &ldquo;disclosure controls and procedures&rdquo;
(as defined in Rule&nbsp;13a-15(e)&nbsp;of the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure
controls and procedures have been designed to ensure that information required to be disclosed by the Company and Carnival plc
in reports that they file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the Commission&rsquo;s rules&nbsp;and forms, including controls and procedures designed to ensure that such information
is accumulated and communicated to the management of the Company or Carnival plc, as the case may be, as appropriate to allow
timely decisions regarding required disclosure. The Company, Carnival plc and their respective subsidiaries have carried out evaluations
of the effectiveness of their disclosure controls and procedures as required by Rule&nbsp;13a-15 of the Exchange Act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(cc)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Accounting
Controls.</I> The Company, Carnival plc and their subsidiaries maintain systems of &ldquo;internal control over financial reporting&rdquo;
(as defined in Rule&nbsp;13a-15(f)&nbsp;of the Exchange Act) that comply with the requirements of the Exchange Act and have been
designed by, or caused such internal controls over financial reporting to be designed under the supervision of, their respective
principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with U.S. generally accepted accounting principles, including, but not limited to, internal accounting controls sufficient to
provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific
authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization and (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. Except as may be described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, there are no material weaknesses in the internal controls of the
Company and Carnival plc.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(dd)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Insurance.
</I>The Company, Carnival plc and their respective subsidiaries have insurance covering their respective properties, operations,
personnel and businesses (<U>provided</U> that in no event will the Company, Carnival plc and their respective subsidiaries be
required to obtain any business interruption, loss of hire or delay in delivery insurance), which insurance is in amounts and
insures against such losses and risks as are adequate to protect the Company and Carnival plc and their respective businesses
(but on the basis that the Company, Carnival plc and their respective subsidiaries self-insure their respective vessels for certain
war risks); and neither the Company nor Carnival plc nor any of their respective subsidiaries has (i)&nbsp;received notice from
any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order
to continue such insurance or (ii)&nbsp;any reason to believe that it will not be able to renew its existing insurance coverage
as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to
continue its business, except, in the case of clauses (i)&nbsp;and (ii)&nbsp;above, as could not reasonably be expected, singly
or in the aggregate to have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ee)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Unlawful Payments.</I> None of the Company or Carnival plc, nor any of their respective subsidiaries, directors or officers nor,
to the knowledge of the Company and Carnival plc, any agent, employee, representative or affiliate or other person associated
with or acting on behalf of the Company, Carnival plc or any of their respective subsidiaries has, nor will with proceeds from
this offering be, (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct
or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf
of any of the foregoing, or any political party or party official or candidate for political office, from corporate funds; (iii)&nbsp;violated
or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, any applicable Law or regulation
implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed
an offence under the U.K. Bribery Act 2010 or any other applicable anti-bribery or anti-corruption law; or (iv)&nbsp;made any
bribe, rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company, Carnival plc
and their respective subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and
procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ff)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Compliance
with Anti-Money Laundering Laws</I>. The operations of the Company, Carnival plc and their respective subsidiaries are and have
been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements, including
those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of
all jurisdictions in which the Company, Carnival plc and their respective subsidiaries conduct business, the rules&nbsp;and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the &ldquo;Money Laundering Laws&rdquo;) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company, Carnival plc or any of their respective subsidiaries with respect
to the Money Laundering Laws is pending or, to the knowledge of the Company and Carnival plc, threatened.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(gg)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Conflicts with Sanctions Laws</I>. None of the Company, Carnival plc, and their respective subsidiaries, directors or officers,
nor, to the knowledge of the Company and Carnival plc, any agent, employee or affiliate of the Company, Carnival plc or any of
their respective subsidiaries is currently the subject or target of any Sanctions (as defined below) or any proceeding, investigation,
suit or other action arising out of any sanctions administered or enforced by the U.S. government (including, without limitation,
by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State and including, without
limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations
Security Council, the European Union, Her Majesty&rsquo;s Treasury or other relevant sanctions authority (collectively, &ldquo;Sanctions&rdquo;),
nor is the Company, Carnival plc or any of their respective subsidiaries located, organized or resident in a country or territory
that is the subject or target of Sanctions, including, without limitation, Crimea, Cuba,&nbsp;Iran, North Korea and Syria (each,
a &ldquo;Sanctioned Country&rdquo;); and the Company or Carnival plc will not directly or indirectly use the proceeds of the offering
of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other person or entity, (i)&nbsp;to fund or facilitate any activities of or business with any person that, at the time of such
funding or facilitation, is the subject or target of Sanctions, (ii)&nbsp;to fund or facilitate any activities of or business
in any Sanctioned Country or (iii)&nbsp;in any other manner that will result in a violation by any person (including any person
participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years,
the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions
with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned
Country. It is acknowledged and agreed that the representation and warranty contained in this Section&nbsp;3(hh) of this Agreement
is only sought and given to the extent that to do so would be permissible pursuant to (i)&nbsp;Council Regulation EC No.&nbsp;2271/96
or any associated implementing law or regulation in any member state of the European Union or the United Kingdom or (ii)&nbsp;any
similar blocking or anti-boycott law in the United Kingdom.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(hh)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Restrictions on Subsidiaries</I>. Except as otherwise disclosed in the Registration Statement, Pricing Disclosure Package and
the Prospectus, no subsidiary of the Company or Carnival plc is currently prohibited, directly or indirectly, under any agreement
or other instrument to which it is a party or is subject, from paying any dividends to the Company or Carnival plc, as the case
may be, from making any other distribution on such subsidiary&rsquo;s capital stock or similar ownership interest, from repaying
to the Company or Carnival plc, as the case may be, any loans or advances to such subsidiary from the Company or Carnival plc,
as the case may be, or from transferring any of such subsidiary&rsquo;s properties or assets to the Company or Carnival plc or
any other subsidiary of the Company or Carnival plc, in each case, as the case may be.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Broker&rsquo;s Fees.</I> None of the Company, Carnival plc or any of their respective subsidiaries is a party to any contract,
agreement or understanding with any person (other than as contemplated by this Agreement) that would give rise to a valid claim
against the Company, Carnival plc or any of their respective subsidiaries or the Underwriter for a brokerage commission, finder&rsquo;s
fee or like payment in connection with the offering and sale of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(jj)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Registration Rights</I>. No person has the right to require the Company, Carnival plc or any of their respective subsidiaries
to register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission
or the issuance and sale of the Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(kk)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Stabilization.</I> Neither the Company, Carnival plc nor any of their respective subsidiaries or affiliates has taken, directly
or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation
of the price of the Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ll)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Statistical
and Market Data.</I> Nothing has come to the attention of the Company or Carnival plc that has caused the Company or Carnival
plc to believe that the statistical and market-related data included or incorporated by reference in each of the Registration
Statement, the Pricing Disclosure Package and the Prospectus is not based on or derived from sources that are reliable and accurate
in all material respects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(mm)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Cybersecurity;
Data Protection. </I>Except as may be described or incorporated by reference in the Registration Statement, the Pricing Disclosure
Package and the Prospectus or as would not have a Material Adverse Effect, the information technology assets and equipment, computers,
systems, networks, hardware, software, websites, applications, and databases owned or controlled by, or operated on behalf of,
the Company, Carnival plc and their respective subsidiaries (collectively, the &ldquo;IT Systems&rdquo;) operate and perform in
all material respects as required in connection with the operation of the business of the Company, Carnival plc and their respective
subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware
and other corruptants. The Company, Carnival plc and their respective subsidiaries have implemented and maintained commercially
reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and
the integrity, continuous operation, redundancy and security of all IT Systems and data in their possession or control (including
all personal, personally identifiable, sensitive, confidential or regulated data (&ldquo;Personal Data&rdquo;)) used in connection
with their businesses, and there have been no breaches, violations, outages or unauthorized uses of or accesses to same, nor incidents
under internal review or investigation, in each case, except as may be described or incorporated by reference in the Registration
Statement, the Pricing Disclosure Package and the Prospectus or those that have been or will be remedied without material cost
or liability or the duty to notify any other person. The Company, Carnival plc and their respective subsidiaries are presently
in material compliance with all applicable laws or statutes and all judgments, orders, rules&nbsp;and regulations of any court
or arbitrator or governmental or regulatory authority and contractual obligations relating to the privacy, security and protection
of the IT Systems and Personal Data.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(nn)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sarbanes-Oxley
Act</I>. There is and has been no failure on the part of the Company or Carnival plc or any of the Company&rsquo;s and Carnival
plc&rsquo;s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002,
as amended, and the rules&nbsp;and regulations promulgated in connection therewith (the &ldquo;Sarbanes-Oxley Act&rdquo;), including
Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(oo)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Status
under the Securities Act</I>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the
earliest time thereafter that the Company or any offering participant made a <I>bona fide</I> offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;under
the Securities Act) of the Shares and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; and
is a well-known seasoned issuer, in each case as defined in Rule&nbsp;405 under the Securities Act. The Company has paid the registration
fee for this offering pursuant to Rule&nbsp;456(b)(1)&nbsp;under the Securities Act or will pay such fee within the time period
required by such rule&nbsp;(without giving effect to the proviso therein) and in any event prior to the Closing Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(pp)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Withholding Tax</I>. All payments by the Company and, to the extent applicable, Carnival plc in respect of the Shares are not
subject to withholding or deduction for or on account of tax under the current laws and regulations of the Republic of Panama
or the United Kingdom, or any political subdivision or taxing authority thereof or therein, and are otherwise free and clear of
any other tax, withholding or deduction in the Republic of Panama and the United Kingdom.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(qq)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Immunity</I>. Each of the Company, Carnival plc and its respective subsidiaries is subject to civil and commercial law in respect
of its respective obligations under this Agreement, and none of the Company, Carnival plc, or any of their respective properties,
assets or revenues is subject to any right or immunity under the jurisdiction of any court or from any legal action, suit or proceeding,
from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction
of any court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or
from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment,
in any such court with respect to their respective obligations, liabilities or any other matter under or arising out of or in
connection herewith; and, to the extent that the Company, Carnival plc or any of their respective subsidiaries or any of their
respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such
court in which proceedings arising out of, or relating to the transactions contemplated by this Agreement, the Pricing Disclosure
Package and the Prospectus, may at any time be commenced, the Company and Carnival plc have, pursuant to Section&nbsp;16(e)&nbsp;of
this Agreement, waived, and it will waive, or will cause their respective subsidiaries to waive, such right to the extent permitted
by law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(rr)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Enforcement
of Foreign Judgments</I>. Except as disclosed in the Registration Statement, Pricing Disclosure Package and the Prospectus, any
final judgment for a fixed or determined sum of money rendered by any U.S. federal or New York state court located in the State
of New York having jurisdiction under its own laws in respect of any suit, action or proceeding against the Company or Carnival
plc based upon this Agreement would be declared enforceable against the Company or Carnival plc by the courts of the Republic
of Panama and the United Kingdom, without reconsideration or reexamination of the merits.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ss)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Legality</I>.
The legality, validity, enforceability or admissibility into evidence of any of the Registration Statement, the Pricing Disclosure
Package, the Prospectus, this Agreement or the Shares in any jurisdiction in which the Company or Carnival plc is organized or
does business is not dependent upon such document being submitted into, filed or recorded with any court or other authority in
any such jurisdiction on or before the date hereof or that any tax, imposition or charge be paid in any such jurisdiction on or
in respect of any such document.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(tt)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Legal
Action</I>. A holder of the Shares and the Underwriter are each entitled to sue as plaintiff in the court of the jurisdiction
of formation and domicile of the Company and Carnival plc for the enforcement of their respective rights under this Agreement
and the Shares and such access to such courts will not be subject to any conditions which are not applicable to residents of such
jurisdiction or a company incorporated in such jurisdiction except that plaintiffs not residing in the Republic of Panama or the
United Kingdom may be required to guarantee payment of a possible order for payment of costs or damages at the request of the
defendant.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(uu)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Stamp
Taxes</I>. No ad valorem stamp or other issuance or transfer taxes or duties and withholding taxes are or would be payable by
or on behalf of the Company or the Underwriter in the Republic of Panama, the United Kingdom or the United States or any political
subdivision or taxing authority thereof or therein, in connection with: (i)&nbsp;the execution, delivery and performance of the
Agreement; (ii)&nbsp;the issue and sale of the Shares by the Company and the issue of the P&amp;O Trust Shares by P&amp;O Princess
Special Voting Trust; and (iii)&nbsp;the distribution by the Underwriter of the Shares and the P&amp;O Trust Shares in the manner
contemplated in the Prospectus and the performance by the Underwriter of the obligations under this Agreement, in each case other
than tax on the net income of the Underwriter whose income is generally subject to tax in the jurisdiction concerned; except for
stamp taxes that may be due and payable on this Agreement on a date no later than the date on which they are submitted before
any court or government authority in the Republic of Panama for purposes of bringing an enforcement action.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>PFIC
Status.</I> The Company does not believe that it is a &ldquo;passive foreign investment company&rdquo; within the meaning of Section&nbsp;1297
of the Code (a &ldquo;PFIC&rdquo;), for its current taxable year, and, based on its currently anticipated method of operation,
the Company does not expect to become a PFIC in the future.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Further
Agreements of the Company and Carnival plc</U>. Each of the Company and Carnival plc jointly and severally covenants and agrees
with the Underwriter that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Required
Filings.</I> The Company will file the final Prospectus with the Commission within the time periods specified by Rule&nbsp;424(b)&nbsp;and
Rule&nbsp;430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus to the extent required by
Rule&nbsp;433 under the Securities Act; and the Company will file promptly all reports and any definitive proxy or information
statements required to be filed by the Company with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of
the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery of a prospectus is required in connection
with the offering or sale of the Shares; and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus
(to the extent not previously delivered) to the Underwriter in New York City prior to 10:00 A.M., New York City time, on the business
day next succeeding the date of this Agreement in such quantities as the Underwriter may reasonably request. The Company will
pay the registration fee for this offering within the time period required by Rule&nbsp;456(b)(1)&nbsp;under the Securities Act
(without giving effect to the proviso therein) and in any event prior to the Closing Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Delivery
of Copies.</I> The Company will deliver, without charge, during the Prospectus Delivery Period (as defined below), as many copies
of the Prospectus (including all amendments and supplements thereto and documents incorporated by reference therein and each Issuer
Free Writing Prospectus) as the Underwriter may reasonably request. As used herein, the term &ldquo;Prospectus Delivery Period&rdquo;
means such period of time after the first date of the public offering of the Shares as in the opinion of counsel for the Underwriter
a prospectus relating to the Shares is required by law to be delivered (or required to be delivered but for Rule&nbsp;172 under
the Securities Act) in connection with sales of the Shares by the Underwriter or dealer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Amendments
or Supplements,&nbsp;Issuer Free Writing Prospectuses.</I> Before making, preparing, using, authorizing, approving, referring
to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement,
the Pricing Disclosure Package or the Prospectus, the Company will furnish to the Underwriter and counsel for the Underwriter
a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not make, prepare, use, authorize,
approve, refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the
Underwriter reasonably objects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notice
to the Underwriter.</I> The Company will advise the Underwriter promptly, and confirm such advice in writing, (i)&nbsp;when any
amendment to the Registration Statement has been filed or becomes effective; (ii)&nbsp;when any supplement to the Pricing Disclosure
Package, the Prospectus or any Issuer Free Writing Prospectus or any amendment to the Prospectus has been filed or distributed;
(iii)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to
the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or any other request
by the Commission for any additional information; (iv)&nbsp;of the issuance by the Commission or any other governmental or regulatory
authority of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary
Prospectus, any of the Pricing Disclosure Package or the Prospectus or the initiation or threatening of any proceeding for that
purpose or pursuant to Section&nbsp;8A of the Securities Act; (v)&nbsp;of the occurrence of any event or development within the
Prospectus Delivery Period as a result of which the Prospectus, any of the Pricing Disclosure Package or any Issuer Free Writing
Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Pricing
Disclosure Package or any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; (vi)&nbsp;of the receipt
by the Company or Carnival plc of any notice of objection of the Commission to the use of the Registration Statement or any post-effective
amendment thereto pursuant to Rule&nbsp;401(g)(2)&nbsp;under the Securities Act; and (vii)&nbsp;of the receipt by the Company
or Carnival plc of any notice with respect to any suspension of the qualification of the Shares for offer and sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; and the Company and Carnival plc will use their reasonable
best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing
or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package or the Prospectus or suspending any
such qualification of the Shares and, if any such order is issued, will obtain as soon as possible the withdrawal thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Ongoing
Compliance.</I> (1)&nbsp;If during the Prospectus Delivery Period (i)&nbsp;any event or development shall occur or condition shall
exist as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Prospectus to comply with law, the Company
will immediately notify the Underwriter thereof and forthwith prepare and, subject to paragraph (c)&nbsp;above, file with the Commission
and furnish to the Underwriter and to such dealers as the Underwriter may designate such amendments or supplements to the Prospectus
(or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements
in the Prospectus as so amended or supplemented (or any document to be filed with the Commission and incorporated by reference
therein) will not, in the light of the circumstances under which they were made, be misleading or so that the Prospectus will comply
with law and (2)&nbsp;if at any time prior to the Closing Date (i)&nbsp;any event or development shall occur or condition shall
exist as a result of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
existing when the Pricing Disclosure Package is delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend
or supplement the Pricing Disclosure Package to comply with law, the Company will immediately notify the Underwriter thereof and
forthwith prepare and, subject to paragraph (c)&nbsp;above, file with the Commission (to the extent required) and furnish to the
Underwriter and to such dealers as the Underwriter may designate such amendments or supplements to the Pricing Disclosure Package
(or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements
in the Pricing Disclosure Package as so amended or supplemented (including such document to be incorporated by reference therein)
will not, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, be misleading
or so that the Pricing Disclosure Package will comply with law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Blue
Sky Compliance.</I> The Company will qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions
as the Underwriter shall reasonably request and will continue such qualifications in effect so long as required for distribution
of the Shares; <U>provided</U> that the Company shall not be required to (i)&nbsp;qualify as a foreign corporation or other entity
or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii)&nbsp;file any
general consent to service of process in any such jurisdiction or (iii)&nbsp;subject itself to taxation in any such jurisdiction
if it is not otherwise so subject.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Earning
Statement. </I>The Company and Carnival plc will make generally available to its security holders and the Underwriter as soon
as practicable an earning statement that satisfies the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158
of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of
the Company and Carnival plc occurring after the &ldquo;effective date&rdquo; (as defined in Rule&nbsp;158) of the Registration
Statement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Clear
Market.</I> For a period of 45 days after the date of the Prospectus, the Company and Carnival plc will not (i)&nbsp;offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the Commission
a registration statement under the Securities Act relating to, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable for Common Stock, or publicly disclose the intention to undertake any of the foregoing, or (ii)&nbsp;enter
into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common
Stock or any such other securities, whether any such transaction described in clause (i)&nbsp;or (ii)&nbsp;above is to be settled
by delivery of Common Stock or such other securities, in cash or otherwise, without the prior written consent of the Underwriter;
<U>provided</U> that this Section&nbsp;4(h)&nbsp;shall not apply to (i)&nbsp;the Shares to be sold hereunder, (ii)&nbsp;any shares
of Common Stock of the Company or Carnival plc issued upon the exercise, conversion, surrender, exchange, delivery or vesting of
any stock option, restricted stock unit or other equity awards pursuant to any employee benefit plan or agreement in existence
as of the date hereof, (iii)&nbsp;any shares of Common Stock issued upon conversion of the Convertible Notes (as defined in the
Pricing Disclosure Package), (iv)&nbsp;the awarding of shares of Common Stock or any stock options, restricted stock units or other
equity awards under Carnival Corporation or Carnival plc equity plans, and (v)&nbsp;the filing of registration statements, including
any amendments thereto, with respect to the registration of securities described in clause (i), (ii)&nbsp;and (iv)&nbsp;of this
proviso.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Use
of Proceeds.</I> The Company will apply the net proceeds from the sale of the Shares as described in each of the Registration Statement,
the Pricing Disclosure Package and the Prospectus under the heading &ldquo;Use of Proceeds&rdquo;. In any event, the Company will
not place, invest or give economic use to the proceeds of the offering in the Republic of Panama.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Exchange Listing.</I> The Company will use its best efforts to list,
subject to notice of issuance, the Shares on the New York Stock Exchange (the &ldquo;Exchange&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Reports.</I>
So long as the Shares are outstanding, the Company will furnish to the Underwriter, as soon as they are available, copies of all
reports or other communications (financial or other) furnished to holders of the Shares, and copies of any reports and financial
statements furnished to or filed with the Commission or any national securities exchange or automatic quotation system; <U>provided</U>
that the Company will be deemed to have furnished such reports and financial statements to the Underwriter to the extent they are
filed on the Commission&rsquo;s Electronic Data Gathering, Analysis, and Retrieval system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Record
Retention</I>. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free
Writing Prospectus that is not filed with the Commission in accordance with Rule&nbsp;433 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Shelf
Renewal</I>. If immediately prior to the third anniversary (the &ldquo;Renewal Deadline&rdquo;) of the initial effective date of
the Registration Statement, any of the Shares remain unsold by the Underwriter, the Company and Carnival plc will, prior to the
Renewal Deadline, file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating
to the Shares and the P&amp;O Trust Shares, in a form satisfactory to the Underwriter. If the Company and Carnival plc are not
eligible to file an automatic shelf registration statement, the Company and Carnival plc will, prior to the Renewal Deadline, if
they have not already done so, file a new shelf registration statement relating to the Shares and P&amp;O Trust Shares, in a form
satisfactory to the Underwriter, and will use their best efforts to cause such registration statement to be declared effective
within 180 days after the Renewal Deadline. The Company and Carnival plc will take all other action necessary or appropriate to
permit the issuance and sale of the Shares and P&amp;O Trust Shares to continue as contemplated in the expired registration statement
relating to the Shares and P&amp;O Trust Shares. References herein to the Registration Statement shall include such new automatic
shelf registration statement or such new shelf registration statement, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Stabilization.</I> Neither the Company nor its subsidiaries or affiliates will take, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Tax
Indemnity</I>. The Company and Carnival plc will jointly and severally indemnify and hold harmless the Underwriter against any
documentary, stamp, registration or similar issuance tax, including any interest and penalties, on the sale of the Shares and the
P&amp;O Trust Shares by the Company and Carnival plc, as the case may be, to the Underwriter and on the initial resale thereof
by the Underwriter and on the execution and delivery of this Agreement (including, for the avoidance of doubt, stamp taxes that
may be due and payable on this Agreement on a date no later than the date on which they are submitted before any court or government
authority in the Republic of Panama for purposes of bringing an enforcement action).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Additional
Amounts</I>. All payments made by or on behalf of the Company or Carnival plc hereunder will be made free and clear of and without
withholding or deduction for, or on account of, any present or future Taxes unless the withholding or deduction of such Taxes is
then required by law. If the Company or Carnival plc is required by law to withhold or deduct any amount for, or on account of,
any Taxes (other than any Taxes levied by or on behalf of the United States) with respect to any payment hereunder, the Company
or Carnival plc, as applicable, will pay such additional amounts (the &ldquo;Additional Amounts&rdquo;) as may be necessary in
order to ensure that the net amounts received after such withholding or deductions shall equal the amounts that would have been
received if no withholding or deduction has been made; provided, however, that no such additional amounts shall be payable in respect
of any such Taxes (i)&nbsp;that are imposed by reason of any present or former connection between the Underwriter and the governmental
authority imposing such taxes or duties (other than a connection arising solely from the transactions contemplated by this Agreement)
or (ii)&nbsp;to the extent that such Taxes would not have been imposed but for the failure of the Underwriter, upon reasonable
request of the Company, to comply with any certification, identification or other reporting requirements concerning the nationality,
residence, identity or connection of the Underwriter with the relevant governmental authority imposing the Taxes. For the avoidance
of doubt, the provisions of this Section&nbsp;4(p)&nbsp;shall apply only to payments made pursuant to this Agreement, and not to
any other payment made with respect to the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Certain
Agreements of the Underwriter</U>. The Underwriter hereby represents and agrees that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">It
has not and will not use, authorize use of, refer to, or participate in the planning for use of, any &ldquo;free writing prospectus&rdquo;,
as defined in Rule&nbsp;405 under the Securities Act (which term includes use of any written information furnished to the Commission
by the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other
than (i)&nbsp;a free writing prospectus that contains either (a)&nbsp;no &ldquo;issuer information&rdquo; (as defined in Rule&nbsp;433(h)(2)&nbsp;under
the Securities Act) or (b)&nbsp;&ldquo;issuer information&rdquo; that was included (including through incorporation by reference)
in the Preliminary Prospectus or a previously filed Issuer Free Writing Prospectus, (ii)&nbsp;any Issuer Free Writing Prospectus
listed on Annex A or prepared pursuant to Section&nbsp;3(c)&nbsp;or Section&nbsp;4(c)&nbsp;above, or (iii)&nbsp;any free writing
prospectus prepared by the Underwriter and approved by the Company in advance in writing (each such free writing prospectus referred
to in clauses (i)&nbsp;or (iii), an &ldquo;Underwriter Free Writing Prospectus&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">It
has not and will not, without the prior written consent of the Company, use any free writing prospectus that contains the final
terms of the Shares unless such terms have previously been included in a free writing prospectus filed with the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">It
is not subject to any pending proceeding under Section&nbsp;8A of the Securities Act with respect to the offering (and will promptly
notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Conditions
of the Underwriter&rsquo;s Obligations.</U> The obligation of the Underwriter to purchase the Shares on the Closing Date as provided
herein is subject to the performance by the Company and Carnival plc of its covenants and other obligations hereunder and to the
following additional conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Registration
Compliance; No Stop Order.</I> No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding
for such purpose, pursuant to Rule&nbsp;401(g)(2)&nbsp;or pursuant to Section&nbsp;8A under the Securities Act shall be pending
before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with
the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule&nbsp;433
under the Securities Act) and in accordance with Section&nbsp;4(a)&nbsp;hereof; and all requests by the Commission for additional
information shall have been complied with to the reasonable satisfaction of the Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Representations
and Warranties.</I> The representations and warranties of the Company and Carnival plc contained herein shall be true and correct
on the date hereof and on and as of the Closing Date; and the statements of the Company and Carnival plc and their respective officers
made in any certificates delivered pursuant to this Agreement shall be true and correct on the date hereof and/or as of the Closing
Date, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Downgrade.</I> Subsequent to the earlier of (A)&nbsp;the Applicable Time and (B)&nbsp;the execution and delivery of this Agreement,
(i)&nbsp;no downgrading shall have occurred in the rating accorded any securities or preferred stock issued or guaranteed by the
Company or Carnival plc by any &ldquo;nationally recognized statistical rating organization,&rdquo; as such term is defined under
Section&nbsp;3(a)(62) under the Exchange Act and (ii)&nbsp;no such organization shall have publicly announced that it has under
surveillance or review, or has changed its outlook with respect to, its rating of any securities or preferred stock issued or guaranteed
by the Company or Carnival plc (other than a reiteration of outlook as in effect on the date hereof or a change in outlook with
positive implications).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Material Adverse Change.</I> No event or condition of a type described in Section&nbsp;3(g)&nbsp;hereof shall have occurred or
shall exist, which event or condition is not described in each of the Pricing Disclosure Package (excluding any amendment or supplement
thereto) and the Prospectus (excluding any amendment or supplement thereto) and the effect of which in the judgment of the Underwriter
makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date on the terms
and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Officer&rsquo;s
Certificate.</I> The Underwriter shall have received on and as of the Closing Date a certificate of the chief financial officer
or chief accounting officer of the Company and Carnival plc (acting in his or her capacity as an officer or director of the Company
and/or Carnival plc, as applicable, and not as an individual) who has specific knowledge of the Company&rsquo;s or Carnival plc&rsquo;s
financial matters and is satisfactory to the Underwriter (i)&nbsp;confirming that such officer has carefully reviewed the Registration
Statement, the Pricing Disclosure Package and the Prospectus and, to the knowledge of such officer, the representations set forth
in Sections 3(a)&nbsp;and 3(b)&nbsp;hereof are true and correct, (ii)&nbsp;confirming that the other representations and warranties
of the Company and Carnival plc in this Agreement are true and correct and that the Company and Carnival plc have complied with
all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date
and (iii)&nbsp;to the effect set forth in paragraphs (c)&nbsp;and (d)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Comfort
Letters.</I> (i)&nbsp;On the date of this Agreement and on the Closing Date, PricewaterhouseCoopers LLP shall have furnished to
the Underwriter, at the request of the Company and Carnival plc, as the case may be, letters, dated the respective dates of delivery
thereof and addressed to the Underwriter, in form and substance reasonably satisfactory to the Underwriter, containing statements
and information of the type customarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect
to the financial statements and certain financial information contained or incorporated by reference in each of the Registration
Statement, the Pricing Disclosure Package and the Prospectus; <U>provided</U> that the letter delivered on the Closing Date shall
use a &ldquo;cut-off&rdquo; date no more than three business days prior to the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) On the date of this
Agreement and on the Closing Date, the Company and Carnival plc shall have furnished to the Underwriter a certificate, dated the
respective dates of delivery thereof and addressed to the Underwriter, of its chief financial officer with respect to certain financial
data contained in the Pricing Disclosure Package and the Prospectus, providing &ldquo;management comfort&rdquo; with respect to
such information, in form and substance reasonably satisfactory to the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinion
and 10b-5 Statement of U.S. Counsel for the Company and Carnival plc.</I> Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP,
U.S. counsel for the Company and Carnival plc, shall have furnished to the Underwriter, at the request of the Company and Carnival
plc, its written opinion and 10b-5 statement, dated the Closing Date and addressed to the Underwriter, in form and substance reasonably
satisfactory to the Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinions
of Local Counsel for the Company and Carnival plc</I>. (i)&nbsp;Freshfields Bruckhaus Deringer LLP, English counsel for the Company
and Carnival plc, shall have furnished to the Underwriter, at the request of the Company, its written opinion, dated the Closing
Date and addressed to the Underwriter, in form and substance reasonably satisfactory to the Underwriter, (ii)&nbsp;Tapia, Linares
y Alfaro LLP, Panama counsel for the Company and Carnival plc, shall have furnished to the Underwriter, at the request of the Company
and Carnival plc, its written opinion, dated the Closing Date and addressed to the Underwriter, in form and substance reasonably
satisfactory to the Underwriter and (iii)&nbsp;Maples and Calder, Cayman Islands counsel to The Law Debenture Trust Corporation
(Cayman) Limited, trustee of the P&amp;O Princess Special Voting Trust, shall have furnished to the Underwriter, at the request
of the Company and Carnival plc, its written opinion, dated the Closing Date and addressed to the Underwriter, in form and substance
reasonably satisfactory to the Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>General
Counsel Opinion</I>. As of the Closing Date, the Company shall have furnished to the Underwriter, a written opinion, dated the
Closing Date and addressed to the Underwriter, of the General Counsel to the Company and Carnival plc, or an Associate or Deputy
General Counsel to the Company and Carnival plc that practices in the area of corporate and securities law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinion
and 10b-5 Statement of Counsel for the Underwriter.</I> The Underwriter shall have received on and as of the Closing Date an opinion
and 10b-5 statement, addressed to the Underwriter, of Simpson Thacher&nbsp;&amp; Bartlett LLP, U.S. counsel for the Underwriter,
with respect to such matters as the Underwriter may reasonably request, and such counsel shall have received such documents and
information as they may reasonably request to enable them to pass upon such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinions
of Local Counsel for the Underwriter</I>. The Underwriter shall have received on and as of the Closing Date and addressed to the
Underwriter, of Patton, Moreno&nbsp;&amp; Asvat, Panama counsel for the Underwriter, with respect to such matters as the Underwriter
may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable
them to pass upon such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Legal Impediment to Issuance and Sale.</I> No action shall have been taken and no statute, rule, regulation or order shall have
been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing
Date, prevent the issuance or sale of the Shares; and no injunction or order of any federal, state or foreign court shall have
been issued that would, as of the Closing Date, prevent the issuance or sale of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Good
Standing</I>. The Underwriter shall have received on and as of the Closing Date satisfactory evidence of the good standing of the
Company and Carnival plc in their respective jurisdictions of organization (where such concept is legally relevant) and their good
standing in such other jurisdictions as the Underwriter may reasonably request, in each case as is reasonably available and in
each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Exchange
Listing.</I> The Shares to be delivered on the Closing Date shall have been approved for listing on The New York Stock Exchange,
subject to official notice of issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Lock-up
Agreements</I>. The &ldquo;lock-up&rdquo; agreements, each substantially in the form of Exhibit&nbsp;A hereto, between you and
officers, directors and their affiliates of the Company and Carnival plc relating to sales and certain other dispositions of Common
Stock or certain other securities, delivered to you on or before the date hereof, shall be in full force and effect on the Closing
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Additional
Documents.</I> On or prior to the Closing Date, the Company and Carnival plc shall have furnished to the Underwriter such further
certificates and documents as the Underwriter may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All opinions, letters, certificates and
evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if
they are in form and substance reasonably satisfactory to counsel for the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indemnification
and Contribution</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Indemnification
of the Underwriter.</I> Each of the Company and Carnival plc, jointly and severally, agrees to indemnify and hold harmless the
Underwriter, its affiliates, directors and officers and each person, if any, who controls the Underwriter within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any losses, claims, damages and
liabilities (including, without limitation, legal fees and other reasonable and documented expenses incurred in connection with
any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out
of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any &ldquo;issuer
information&rdquo; filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act or any Pricing Disclosure
Package (including any Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission
to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
any information relating to the Underwriter furnished to the Company in writing by the Underwriter expressly for use therein, it
being understood and agreed that the only such information furnished by the Underwriter consists of the information described as
such in paragraph (b)&nbsp;below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Indemnification
of the Company and Carnival plc.</I> The Underwriter agrees to indemnify and hold harmless the Company and Carnival plc, each of
their respective directors, officers and each person, if any, who controls the Company or Carnival plc within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a)&nbsp;above,
but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the
Underwriter furnished to the Company or Carnival plc in writing by the Underwriter expressly for use in the Registration Statement,
the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus or any
Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), it being understood and
agreed that the only such information furnished by the Underwriter consists of the following information in the Prospectus furnished
on behalf of the Underwriter: the concession figures appearing in the third paragraph, the tenth paragraph and the eleventh paragraph
under the caption &ldquo;Underwriting&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notice
and Procedures.</I> If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either Section&nbsp;7(a)&nbsp;or
7(b)&nbsp;above, such person (the &ldquo;Indemnified Person&rdquo;) shall promptly notify the person against whom such indemnification
may be sought (the &ldquo;Indemnifying Person&rdquo;) in writing; <U>provided</U> that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have under Section&nbsp;7(a)&nbsp;or 7(b)&nbsp;above except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and
<U>provided</U>, <U>further</U>, that the failure to notify the Indemnifying Person shall not relieve it from any liability that
it may have to an Indemnified Person otherwise than under Section&nbsp;7(a)&nbsp;or 7(b)&nbsp;above. If any such proceeding shall
be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying
Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified
Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification
pursuant to this Section&nbsp;7 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses
of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Person unless (i)&nbsp;the Indemnifying Person and the Indemnified Person shall have mutually agreed
to the contrary; (ii)&nbsp;the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory
to the Indemnified Person; (iii)&nbsp;the Indemnified Person shall have reasonably concluded that there may be legal defenses
available to it that are different from or in addition to those available to the Indemnifying Person; or (iv)&nbsp;the named parties
in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is
understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for the
Underwriter, its affiliates, directors and officers and any control persons of the Underwriter shall be designated in writing
by the Underwriter and any such separate firm for the Company, Carnival plc, their respective directors and officers and any control
persons of the Company and Carnival plc shall be designated in writing by the Company. The Indemnifying Person shall not be liable
for any settlement of any proceeding effected without its written consent (which consent shall not be unreasonably withheld),
but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify
each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person
shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in
respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by
such Indemnified Person, unless such settlement (x)&nbsp;includes an unconditional release of such Indemnified Person, in form
and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of
such proceeding and (y)&nbsp;does not include any statement as to or any admission of fault, culpability or a failure to act by
or on behalf of any Indemnified Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Contribution.</I>
If the indemnification provided for in Section&nbsp;7(a)&nbsp;or 7(b)&nbsp;above is unavailable to an Indemnified Person or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph,
in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the
relative benefits received by the Company and Carnival plc on the one hand and the Underwriter on the other from the offering of
the Shares or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also the relative fault of the Company
and Carnival plc on the one hand and the Underwriter on the other in connection with the statements or omissions that resulted
in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received
by the Company and Carnival plc on the one hand and the Underwriter on the other shall be deemed to be in the same respective proportions
as the net proceeds (before deducting expenses) received by the Company and Carnival plc from the sale of the Shares and the total
discounts and commissions received by the Underwriter in connection therewith, as provided in this Agreement, bear to the aggregate
offering price of the Shares. The relative fault of the Company and Carnival plc on the one hand and the Underwriter on the other
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriter and
the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Limitation
on Liability.</I> The Company, Carnival plc and the Underwriter agree that it would not be just and equitable if contribution pursuant
to Section&nbsp;7(d)&nbsp;were determined by pro rata allocation or by any other method of allocation that does not take account
of the equitable considerations referred to in Section&nbsp;7(d). The amount paid or payable by an Indemnified Person as a result
of the losses, claims, damages and liabilities referred to in Section&nbsp;7(d)&nbsp;shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action
or claim. Notwithstanding the provisions of this Section&nbsp;7, in no event shall the Underwriter be required to contribute any
amount in excess of the amount by which the total discounts and commissions received by the Underwriter with respect to the offering
of the Shares exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Non-Exclusive
Remedies.</I> The remedies provided for in this Section&nbsp;7 are not exclusive and shall not limit any rights or remedies that
may otherwise be available to any Indemnified Person at law or in equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Effectiveness
of Agreement</U>. This Agreement shall become effective as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination</U>.
This Agreement may be terminated in the absolute discretion of the Underwriter, by notice to the Company, if after the execution
and delivery of this Agreement and on or prior to the Closing Date (i)&nbsp;trading generally shall have been suspended or materially
limited on the Exchange or The Nasdaq Global Market; (ii)&nbsp;trading of any securities issued or guaranteed by the Company or
Carnival plc shall have been suspended on any exchange or in any over-the-counter market; (iii)&nbsp;a general moratorium on commercial
banking activities shall have been declared by federal or New York State authorities; or (iv)&nbsp;there shall have occurred any
outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the
United States, that, in the judgment of the Underwriter, is material and adverse and makes it impracticable or inadvisable to proceed
with the offering, sale or delivery of the Shares on the Closing Date on the terms and in the manner contemplated by this Agreement,
the Pricing Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">[Reserved].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Payment
of Expenses</U><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Whether
or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company and Carnival
plc jointly and severally agree to pay or cause to be paid all costs and expenses incident to the performance of their respective
obligations hereunder, including without limitation, (i)&nbsp;the costs incident to the authorization, issuance, sale, preparation
and delivery of the Shares and any taxes payable in connection therewith <FONT STYLE="font-family: Times New Roman, Times, Serif">(including
any amount paid in respect of value added tax (&ldquo;VAT&rdquo;), except to the extent that the Underwriter determines that it
is able to obtain a credit or timely repayment of such VAT by way of VAT input tax or similar mechanism)</FONT>; (ii)&nbsp;the
costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary
Prospectus, any Issuer Free Writing Prospectus, any Pricing Disclosure Package and the Prospectus (including all exhibits, amendments
and supplements thereto) and the distribution thereof; (iii)&nbsp;the fees and expenses of the Company&rsquo;s counsel and independent
accountants; (iv)&nbsp;the fees and expenses incurred in connection with the registration or qualification and determination of
eligibility for investment of the Shares under the laws of such jurisdictions as the Underwriter may designate and the preparation,
printing and distribution of a Blue Sky Memorandum (including the reasonable fees and expenses of counsel for the Underwriter);&nbsp;(v)&nbsp;the
cost of preparing stock certificates; (vi)&nbsp;the costs and charges of any transfer agent and any registrar; (vi)&nbsp;all reasonable
expenses and application fees incurred in connection with any filing with, and clearance of the offering by, FINRA in an aggregate
amount not to exceed $15,000; and (vii)&nbsp;all expenses and application fees related to the listing of the Shares on the Exchange.
Subject to this Section&nbsp;11(a)&nbsp;and Section&nbsp;11(b)&nbsp;and any reimbursement arrangement between the Company, Carnival
plc and the Underwriter, the Underwriter shall pay the fees and expenses of its own counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
(i)&nbsp;this Agreement is terminated pursuant to Section&nbsp;9, (ii)&nbsp;the Company for any reason fails to tender the Shares
for delivery to the Underwriter or (iii)&nbsp;the Underwriter declines to purchase the Shares for any reason permitted under this
Agreement, the Company and Carnival plc jointly and severally agree to reimburse the Underwriter for all out-of-pocket costs and
expenses (including the fees and expenses of its counsel) reasonably incurred by the Underwriter in connection with this Agreement
and the offering contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Persons
Entitled to Benefit of Agreement</U>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates of the
Underwriter referred to in Section&nbsp;7 hereof. Nothing in this Agreement is intended or shall be construed to give any other
person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No
purchaser of Shares from the Underwriter shall be deemed to be a successor merely by reason of such purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Survival</U>.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, Carnival plc and
the Underwriter contained in this Agreement or made by or on behalf of the Company, Carnival plc or the Underwriter pursuant to
this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Shares and shall
remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the
Company, Carnival plc or the Underwriter or the directors, officers, controlling persons or affiliates referred to in Section&nbsp;7
hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Certain
Defined Terms</U>. For purposes of this Agreement, (a)&nbsp;except where otherwise expressly provided, the term &ldquo;affiliate&rdquo;
has the meaning set forth in Rule&nbsp;405 under the Securities Act; (b)&nbsp;the term &ldquo;business day&rdquo; means any day
other than a day on which banks are permitted or required to be closed in New York City; (c)&nbsp;the term &ldquo;subsidiary&rdquo;
has the meaning set forth in Rule&nbsp;405 under the Securities Act ; and (d)&nbsp;the term &ldquo;significant subsidiary&rdquo;
has the meaning set forth in Rule&nbsp;1-02 of Regulation S-X under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October&nbsp;26, 2001)), the Underwriter is required to obtain, verify and record information that identifies its clients,
including the Company and Carnival plc, which information may include the name and address of its clients, as well as other information
that will allow the Underwriter to properly identify its clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Miscellaneous</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">[Reserved.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notices.</I>
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
and confirmed by any standard form of telecommunication. Notices to the Underwriter shall be given to Goldman Sachs&nbsp;&amp;
Co. LLC, 200 West Street, New York, NY 10282. Notices to the Company shall be given to them at 3655 N.W. 87th Avenue, Miami, Florida
33178-2428 (aperez@carnival.com); Attention: General Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Governing
Law.</I> This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and
construed in accordance with the laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Judgment
Currency</I>. The Company and Carnival plc, jointly and severally, agree to indemnify the Underwriter, its directors, officers,
affiliates and each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act, against any loss incurred by the Underwriter as a result of any judgment or order being given
or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the &ldquo;judgment currency&rdquo;)
other than U.S. dollars and as a result of any variation as between (i)&nbsp;the rate of exchange at which the U.S. dollar amount
is converted into the judgment currency for the purpose of such judgment or order, and (ii)&nbsp;the rate of exchange at which
such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified
person. The foregoing indemnity shall constitute a separate and independent obligation of the Company and Carnival plc and shall
continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term &ldquo;rate of exchange&rdquo;
shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Waiver
of Immunity</I>. To the extent that the Company or Carnival plc has or hereafter may acquire any immunity (sovereign or otherwise)
from jurisdiction of any court of (i)&nbsp;the Republic of Panama, the United Kingdom or any political subdivision thereof, (ii)&nbsp;the
United States or the State of New York or (iii)&nbsp;any jurisdiction in which it owns or leases property or assets or from any
legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution, set-off
or otherwise) with respect to themselves or their respective property and assets or this Agreement, the Company and Carnival plc
hereby irrevocably waive such immunity in respect of their obligations under this Agreement to the fullest extent permitted by
applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Submission
to Jurisdiction</I>. The Company and Carnival plc hereby submit to the exclusive jurisdiction of the U.S. federal and New York
state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement
or the transactions contemplated hereby. The Company and Carnival plc waive any objection which they may now or hereafter have
to the laying of venue of any such suit or proceeding in such courts. Each of the Company and Carnival plc agrees that final judgment
in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and Carnival plc,
as applicable, and may be enforced in any court to the jurisdiction of which Company and Carnival plc, as applicable, is subject
by a suit upon such judgment. The Company and Carnival plc irrevocably appoint National Registered Agents,&nbsp;Inc., located at
28 Liberty Street, New York, New York 10005, as its authorized agent in the Borough of Manhattan in The City of New York upon which
process may be served in any such suit or proceeding, and agrees that service of process upon such authorized agent, and written
notice of such service to the Company or Carnival plc, as the case may be, by the person serving the same to the address provided
in this Section&nbsp;16, shall be deemed in every respect effective service of process upon the Company and Carnival plc in any
such suit or proceeding. The Company and Carnival plc hereby represent and warrant that such authorized agent has accepted such
appointment and has agreed to act as such authorized agent for service of process. The Company and Carnival plc further agree to
take any and all action as may be necessary to maintain such designation and appointment of such authorized agent in full force
and effect for a period of seven years from the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Waiver
of Jury Trial.</I> Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of
or relating to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Recognition
of the U.S. Special Resolution Regimes</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) In the event that the
Underwriter, to the extent that it is a Covered Entity, becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from the Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) In the event that the Underwriter,
to the extent that it is a Covered Entity, or a BHC Act Affiliate of the Underwriter becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this
Agreement were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">As used in this Section&nbsp;16(h):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify">&ldquo; BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
                                                                                in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&ldquo;Covered Entity&rdquo; means
any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0.5in">(i) a &ldquo;covered
entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0.5in">(ii) a &ldquo;covered
bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0.5in">(iii) a &ldquo;covered
FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify">&ldquo; Default Right&rdquo; has the meaning assigned to that term in, and shall be
                                                                                interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify">&ldquo; U.S. Special Resolution Regime&rdquo; means each of (i)&nbsp;the Federal Deposit
                                                                                Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and
                                                                                Consumer Protection Act and the regulations promulgated thereunder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Counterparts.</I> This Agreement may be signed in
counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an
original and all of which together shall constitute one and the same instrument. The words &ldquo;execution,&rdquo;
 &ldquo;signed,&rdquo; &ldquo;signature,&rdquo; &ldquo;delivery,&rdquo; and words of like import in or relating to this
Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic
means.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Amendments
or Waivers.</I> No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom,
shall in any event be effective unless the same shall be in writing and signed by the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Headings.</I>
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning
or interpretation of, this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your
understanding, please indicate your acceptance of this Agreement by signing in the space provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CARNIVAL CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 4%">By:</TD>
    <TD STYLE="font-size: 10pt; width: 46%"><U>/s/ Quinby Dobbins</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: Quinby Dobbins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CARNIVAL PLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt"><U>/s/ Quinby Dobbins</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: Quinby Dobbins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Treasurer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accepted: As of the date first written above</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goldman Sachs&nbsp;&amp; Co. LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: <U>/s/ Raffael M.
    Fiumara</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%"><FONT STYLE="font-size: 10pt"><U>Underwriter</U></FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt"><U>Number of Shares</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Goldman Sachs&nbsp;&amp; Co. LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">40,450,619</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">40,450,619</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Significant Subsidiaries(1)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Annex A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Pricing Information
Provided Orally by the Underwriter</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&Yuml;</FONT></TD><TD>Number of Shares sold in the offering: 40,450,619 shares</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 12pt">&Yuml;</FONT></TD><TD>Price to the public: $25.10 per share</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;of Lock-Up Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm217456d4_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">[TAPIA,
LINARES Y ALFARO LETTERHEAD]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">February 24, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Carnival Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3655 N.W. 87<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Miami, Florida 33178-2428</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%; text-align: left">RE:</TD><TD STYLE="text-align: justify; width: 65%">Registration Statement on Form S-3</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Registration Statement
No. 333-252433 and 333-252433-01 on Form S-3ASR (the &ldquo;<U>Registration Statement</U>&rdquo;), filed by Carnival Corporation
(the &ldquo;<U>Company</U>&rdquo;) and Carnival plc with the Securities and Exchange Commission pursuant to the Securities Act
of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;), and the rules and regulations promulgated thereunder, which relates to, among
other things, the registration of 40,450,619 shares of common stock of the Company, par value $0.01 per share (the &ldquo;<U>Common
Stock</U>&rdquo;) to be issued pursuant to an equity offering (the &ldquo;<U>Equity Offering</U>&rdquo;), we have been requested
to render our opinion as to the legality of the Shares being registered thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this connection, we have examined (i)
originals, photocopies or conformed copies of the Equity Offering, (ii) the Third Amended and Restated Articles of Incorporation
and By-Laws of the Company, each as amended to date, and (iii) records of certain of the Company&rsquo;s corporate proceedings.
In addition, we have made such other examinations of law and fact as we have considered necessary in order to form a basis of
the opinions hereinafter expressed. In connection with such investigation, we have assumed the genuineness of all signatures,
the authenticity of all documents submitted to us as originals, and the conformity to originals of all documents submitted to
us as photocopies or conformed copies. We have relied as to matters of fact upon declarations and certificates of officers of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing, we are of the opinion
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Company is duly incorporated and validly existing as a corporation in good standing under the
laws of the Republic of Panama.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Carnival Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;24, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">Page&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The Common Stock have been duly and legally authorized for issuance, and such shares, when issued
and delivered by the Company on the terms and conditions described in the Equity Offering and paid for in accordance with the terms
and provisions of the Equity Offering, will be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">The Common Stock, when issued and delivered by the Company on the terms and conditions described
in the Equity Offering and paid for in accordance with the terms and provisions of the Equity Offering, will be paired with one
trust share of beneficial interest in the P&amp;O Princess Special Voting Trust, or any successor thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are members of the Bar of the Republic
of Panama. We express no opinion as to matters of law other than the laws of the Republic of Panama.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to all references to
our firm in the Registration Statement and in the prospectus therein, and to the filing by the Company of this opinion as an exhibit
to the Registration Statement. In giving this consent, we do not thereby admit that we come within the category of persons whose
consent is required by the Act or the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TAPIA, LINARES Y ALFARO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Fernando A. Linares</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fernando A. Linares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>tm217456d4_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm217456d4_ex5-2img001.jpg" ALT="" STYLE="width: 120px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Addressees named in the First Schedule</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">24 February&nbsp;2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>P&amp;O Princess Special Voting Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as counsel as to Cayman Islands
law to The Law Debenture Corporation (Cayman) Limited (the &quot;<B>Trustee</B>&quot;) in connection with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1</TD><TD STYLE="text-align: justify">the voting trust deed dated 17&nbsp;April&nbsp;2003 (the &quot;<B>Trust Deed</B>&quot;) by and
between Carnival Corporation, a Panamanian company (&quot;<B>Carnival Corporation</B>&quot;), and the Trustee, pursuant to which
Carnival Corporation and the Trustee established the P&amp;O Princess Special Voting Trust, a Cayman Islands trust (the &quot;<B>Trust</B>&quot;)
and pursuant to which shares of beneficial interest in the Trust (the &quot;<B>P&amp;O Trust Shares</B>&quot;) have been issued
and the initial trust property of which was the special voting share of 1 pound sterling in the capital of Carnival plc, a public
company incorporated in England and Wales (<B>&quot;Carnival plc</B>&quot;) issued to Carnival Corporation (the &quot;<B>P&amp;O
Princess Special Voting Share</B>&quot;) and paired with Carnival Corporation&rsquo;s Common Stock on a one-for-one basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2</TD><TD STYLE="text-align: justify">the registration statement on Form&nbsp;S-3 ASR, including all amendments or supplements thereto
(including, without limitation, the prospectus supplement dated February&nbsp;22 2021, the &quot;<B>Form&nbsp;S-3</B>&quot;), filed
with the Securities and Exchange Commission on 9 March&nbsp;2018, by Carnival Corporation and Carnival plc, a public limited Carnival
Corporation incorporated under the laws of England and Wales (&quot;<B>Carnival plc</B>&quot;), under the United States Securities
Act of 1933, as amended (the &quot;<B>Registration Statement</B>&quot;) relating to, among other things, the registration of 40,450,619
trust shares of beneficial interest in the Trust, which Trust Shares are paired with the shares of Carnival Corporation Common
Stock on a one-for-one basis and represent a beneficial interest in a special voting share of Carnival plc;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are furnishing this opinion letter as
Exhibit&nbsp;5 to the Registration Statement. Other terms used but not defined in this opinion letter are used as defined in the
Trust Deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1</B></TD><TD STYLE="text-align: justify"><B>Documents Reviewed</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have reviewed originals, copies, drafts
or conformed copies of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">The Trust Deed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">A letter from the Trustee to Carnival Corporation dated 17 April&nbsp;2003 (the&nbsp;&quot;<B>Representation
Letter</B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">The Form&nbsp;S-3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm217456d4_ex5-2img002.jpg" ALT="" STYLE="height: 41px; width: 631px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2</B></TD><TD STYLE="text-align: justify"><B>Assumptions</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following opinions are given only as
to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions
only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. We have also relied upon the
following assumptions, which we have not independently verified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">The trusts powers and provisions of the Trust have been validly subsisting without interruption
since 17 April&nbsp;2003 and are validly subsisting at the date of this opinion letter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">All the present terms of the Trust are contained within the Trust Deed and no other documents or
events are relevant to establishing the present terms of the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">The Trustee has strictly complied at all times with the terms of the Trust and the trust laws of
the Cayman Islands and P&amp;O Princess Special Voting Share remains the trust property subject to the terms of the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">The Trustee has now and has always had the power and authority to perform all its trusts and powers
as trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">The Trustee has exercised and will exercise all powers conferred on it by the Trust Deed or by
law in good faith and for the purposes for which they were conferred and for no collateral purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">The representations of the Trustee in the Representation Letter are as true and correct today as
they were at the date of the Representation Letter and that the Trustee has performed and continues to perform the undertakings
of the Trustee in the Representation Letter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">Copies of documents, conformed copies or drafts of documents provided to us are true and complete
copies of, or in the final forms of, the originals, and translations of documents provided to us are complete and accurate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.8</TD><TD STYLE="text-align: justify">All signatures, initials and seals are genuine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify">There is nothing under any law (other than Cayman Islands law) that would or might affect the opinions
in this letter. Specifically, we have made no independent investigation of the laws of England and Wales, the Republic of Panama
or the States of New York or Florida.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3</B></TD><TD STYLE="text-align: justify"><B>Opinions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing and subject to the
qualifications set out below and having regard to such legal considerations as we consider relevant, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">The Trust is duly established and constitutes a validly existing trust under the laws of the Cayman
Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">The P&amp;O Trust Shares, when issued as contemplated by the Registration Statement, have been
authorised for issuance in accordance with the provisions of the Trust Deed and, on the relevant entries being made in the Share
Register, the P&amp;O Trust Shares will constitute validly issued, fully paid and non-assessable Trust Shares and, in respect of
such P&amp;O Trust Shares, the registered holders will have the rights attributable thereto as set forth in the Trust Deed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4</B></TD><TD STYLE="text-align: justify"><B>Qualifications</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinion expressed above is subject
to the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">Nominal Cayman Islands stamp duty of CI$40 (US$48) may be payable if the original Trust Deed is
brought to or executed in the Cayman Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">The obligations of the Trustee may be subject to restrictions pursuant to United Nations and United
Kingdom sanctions extended to the Cayman Islands by Orders of Her Majesty in Council and sanctions imposed by Cayman Islands authorities,
under Cayman Islands legislation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">All the beneficiaries under the Trust may together terminate the Trust notwithstanding anything
to the contrary in the Trust Deed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We express no view as to whether the terms
of the Trust Deed represent the intentions of the parties and make no comment with regard to the representations which may be made
by Carnival Corporation or the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is given today and may not
be relied on at any later date. This opinion letter is given for your benefit for the purposes of the Registration Statement to
be filed under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to filing of this opinion
as an exhibit to the Registration Statement and to the reference to our firm under the heading &quot;Legal Opinions&quot; in the
Registration Statement. In giving our consent, we do not thereby admit that we are in the category of persons whose consent is
required under the Securities Act or the Rules&nbsp;and Regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Maples and Calder</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maples and Calder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Carnival plc</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 Harbour Parade</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Southampton SO15 1ST</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Carnival Corporation</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3655 NW 87th Avenue</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Miami, Florida 33178-2428</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>5
<FILENAME>tm217456d4_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; font: bold 10pt Times New Roman, Times, Serif">London</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freshfields
                                         Bruckhaus Deringer <FONT STYLE="font-variant: small-caps">llp</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">65 Fleet Street</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">London EC4Y 1HS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">T&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+44 20 7936 4000 (Switchboard)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+44 7832 7323 (Direct)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">www.freshfields.com</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Doc ID LON48473442</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Our Ref</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Carnival plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Carnival House</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">100 Harbour Parade</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Southampton</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">SO15 1ST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Carnival Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">3655 NW 87th Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Miami</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FL33178-2428 &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">24 February&nbsp;2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REGISTRATION STATEMENT ON FORM&nbsp;S-3 AR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>INTRODUCTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
connection with the joint registration statement originally filed on 26 January&nbsp;2021 (the <B><I>Registration Statement</I></B>)
under the Securities Act 1933, as amended (the <B><I>Act</I></B>) on Form&nbsp;S-3ASR of Carnival Corporation, a corporation organised
under the laws of the Republic of Panama (Carnival Corporation), and Carnival plc, a public limited company incorporated under
the laws of England and Wales (the <B><I>Company</I></B>), we have been requested to render our opinion on certain matters in connection
with the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement relates to the registration under the Act of the issuance of, among other things, (i)&nbsp;shares of common
stock of Carnival Corporation, par value US$0.01 per share (the <B><I>Carnival Corporation Common Stock</I></B>), (ii)&nbsp;the
special voting share of 1 pound sterling in the capital of the Company (the <B><I>Special Voting Share</I></B>) issued to Carnival
Corporation (such share having been transferred to the trustee of the P&amp;O Princess Special Voting Trust), and (iii)&nbsp;the
trust shares (the <B><I>Trust Shares</I></B>) of beneficial interest in the P&amp;O Princess Special Voting Trust, a trust established
under the laws of the Cayman Islands, which Trust Shares are paired with the Carnival Corporation Common Stock on a one-for-one
basis and represent a beneficial interest in the Special Voting Share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freshfields Bruckhaus Deringer LLP is a limited liability partnership
registered in England and Wales with registered number OC334789. It is authorised and regulated by the Solicitors Regulation Authority.
For regulatory information please refer to www.freshfields.com/support/legalnotice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A list of the members (and of the non-members who are designated
as partners) of Freshfields Bruckhaus Deringer LLP is available for inspection at its registered office, 65 Fleet Street, London
EC4Y 1HS. Any reference to a partner means a member, or a consultant or employee with equivalent standing and qualifications,
of Freshfields Bruckhaus Deringer LLP or any of its affiliated firms or entities.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">We
are acting as English legal advisers to the Company for the purposes of giving this opinion. In so acting, we have examined the
following documents:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify">the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify">a copy of the articles of association of the Company in force as at 24 February&nbsp;2021 (the
<B><I>Articles</I></B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">a copy of the Company&rsquo;s Certificate of Incorporation dated 19 July&nbsp;2000 issued by the
Registrar of Companies of England and Wales;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify">a search carried out on 23 February&nbsp;2021 (carried out by us or by Legalinx Limited trading
as GlobalX on our behalf) of the public documents of the Company kept at Companies House in Cardiff (the <B><I>Company Search</I></B>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a certificate issued to us by the Corporate
Counsel of the Company (certifying to us that, amongst other matters, the Special Voting Share has been duly authorised, validly
issued and is fully paid and non-assessable) dated 24</FONT> February&nbsp;2021 (the <B><I>Counsel&rsquo;s Certificate</I></B>);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a certificate issued to us by the Corporate
Counsel of the Company dated </FONT>9 March&nbsp;2018 (the <B><I>Historic Certificate</I></B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
documents listed in paragraphs 3(a)&nbsp;to 3(f)&nbsp;above are referred to in this opinion as the <B><I>Documents </I></B></FONT>and
we have relied upon the statements as to factual matters contained in or made pursuant to each of Documents. In this opinion, the
<B><I>Winding up Enquiry</I></B> means our search (carried out by us or by GlobalX on our behalf) on 23 February&nbsp;2021 of the
Central Registry of Winding up Petitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>ASSUMPTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
considering the Documents and rendering this opinion we have with your consent and without any further enquiry assumed:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><B><I>Authenticity</I></B><I>: </I>the genuineness of all signatures, stamps and seals on, and
the authenticity, accuracy and completeness of, all documents submitted to us whether as originals or copies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><B><I>Copies</I></B><I>: </I>the conformity to originals of all documents supplied to us as photocopies,
portable document format (PDF) copies, facsimile copies or e-mail conformed copies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><B><I>Drafts</I></B><I>:</I> that, where a document has been examined by us in draft or specimen
form, it will be or has been duly executed and delivered in the form of that draft or specimen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><B><I>Counsel&rsquo;s Certificates</I></B><I>: </I>that each of the statements contained in the
Counsel&rsquo;s Certificate and the Historic Certificate (and in the schedules to each of the Counsel&rsquo;s Certificate and the
Historic Certificate) is true and correct as at the date hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><B><I>Company Search</I></B><I>: </I>that the information revealed by the Company Search: (i)&nbsp;was
accurate in all respects and has not since the time of such search been altered; and (ii)&nbsp;was complete, and included all relevant
information which had been properly submitted to the Registrar of Companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><B><I>Winding-Up Enquiry</I></B><I>: </I>that the information revealed by the Winding up Enquiry
was accurate in all respects and has not since the time of such enquiry been altered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Board Meeting</I></B><I>:</I> that
the meeting of the board of directors of the Company to authorise the </FONT>allotment and issue of the Special Voting Share was
properly constituted and convened, that a quorum of properly appointed directors of the Company (holding the necessary offices
and meeting the other requirements for the purposes of forming a quorum) was present throughout; that the resolutions referred
to therein were properly passed at such meeting, that all provisions contained in the Companies Act 1985, the Articles and the
articles of incorporation and by-laws of Carnival Corporation were duly observed, and that such resolutions have not been amended,
revoked or rescinded and are in full force and effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Directors&rsquo; Duties</I></B><I>:
</I>that the directors of the Company, in authorising the </FONT>allotment and issue of the Special Voting Share and filing of
the Registration Statement, have exercised their powers in accordance with their duties under all applicable laws and the Articles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><B><I>Unknown Facts</I></B><I>: </I>that there are no facts or circumstances (and no documents,
agreements, instruments or correspondence) which are not apparent from the face of the Documents or which have not been disclosed
to us that may affect the validity or enforceability of the Documents or any obligation therein or otherwise affect the opinions
expressed in this opinion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify"><B><I>Representations</I></B><I>: </I>that the representations and warranties by the parties in
the Documents in any case (other than as to matters of law on which we opine in this opinion) are or were, as applicable, true,
correct, accurate and complete in all respects on the date such representations and warranties were expressed to be made and that
the terms of the Documents have been and will be observed and performed by the parties thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify"><B><I>Anti-terrorism, money laundering</I></B><I>: </I>that the parties have complied (and will
continue to comply) with all applicable anti-terrorism, anti-corruption, anti-money laundering, civil or criminal antitrust, cartel,
competition, public procurement, state aid, sanctions and human rights laws and regulations, and that performance and enforcement
of the Documents is, and will continue to be, consistent with all such laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD><TD STYLE="text-align: justify"><B><I>Secondary Legislation</I></B><I>: </I>that all UK secondary legislation relevant to this
opinion is valid, effective and enacted within the scope of the powers of the relevant rule-making authorities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="text-align: justify"><B><I>Authorisations</I></B><I>:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">that the Company had sufficient authorised capital at the time of the allotment and issue of the
Special Voting Share to effect such allotment and issue;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">that the Company had sufficient authority to allot the Special Voting Share pursuant to section
80 of the Companies Act 1985 or any preceding legislation at the time of such allotment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)</FONT></TD><TD STYLE="text-align: justify"><B><I>Pre-emption rights:</I></B> that the Company complied with all applicable pre-emption rights,
whether pursuant to law, regulation or the articles of association of the Company, at the time of the allotment and issue of the
Special Voting Share; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(o)</FONT></TD><TD STYLE="text-align: justify"><B><I>Filings under all laws:</I></B> that all consents, licences, approvals, notices, filings,
recordations, publications and registrations which are necessary under any applicable laws in order to permit the performance of
the Documents, including filing of the Registration Statement and the allotment and issue of the Special Voting Share, or to perfect,
protect or preserve any of the interests created by the Documents, have been made or obtained, or will be made or obtained within
the period permitted or required by such laws or regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>OPINION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Based
on and relying solely upon the foregoing and the assumptions in paragraph 4 above and subject to the matters set out in paragraphs
6 and 7 below and excluding any matters not disclosed to us, we are of the opinion that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Company has been duly incorporated and registered in England and Wales as a public company
limited by shares under the Companies Act 1985, as amended, and the Company Search and Winding-up Enquiry revealed no application,
petition, order or resolution for the administration or winding up of the Company and no notice of appointment of, or intention
to appoint, a receiver or administrator in respect of the Company&#894; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify">the Special Voting Share has been duly authorised and validly issued and is fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion, we have
assumed that the term &ldquo;non-assessable&rdquo; in relation to the Special Voting Share means under English law that the holder
of such share, in respect of which all amounts due on such share as to the nominal amount and any premium thereon have been fully
paid, will be under no further obligation to contribute to the liabilities of the Company solely in its capacity as holder of such
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>QUALIFICATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Our
opinion is subject to the following qualifications:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><B><I>Company Search</I></B><I>: </I>the Company Search is not capable of revealing conclusively
whether or not:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">a winding-up order has been made or a resolution passed for the winding-up of a company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">an administration order has been made; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify">a receiver, administrative receiver, administrator or liquidator has been appointed; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify">a court order has been made under the Cross-Border Insolvency Regulations 2006,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">since notice of these matters
may not be filed with the Registrar of Companies immediately and, when filed, may not be entered on the public microfiche of the
relevant company immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, the Company Search
is not capable of revealing, prior to the making of the relevant order or the appointment of an administrator otherwise taking
effect, whether or not a winding-up petition or an application for an administration order has been presented or notice of intention
to appoint an administrator under paragraphs 14 or 22 of Schedule B1 to the Insolvency Act 1986 has been filed with the court;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><B><I>Winding-Up Enquiry</I></B><I>: </I>the Winding-Up Enquiry relates only to the presentation
of: (i)&nbsp;a petition for the making of a winding-up order or the making of a winding-up order by the Court, (ii)&nbsp;an application
to the High Court of Justice in London for the making of an administration order and the making by such court of an administration
order, (iii)&nbsp;a notice of intention to appoint an administrator or a notice of appointment of an administrator filed at the
High Court of Justice in London and (iv)&nbsp;a notice of a moratorium under Part&nbsp;A1 of the Insolvency Act 1986 . It is not
capable of revealing conclusively whether or not such a winding-up petition, application for an administration order, notice of
intention or notice of appointment or notice of a moratorium has been presented or winding-up or administration order granted,
because:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">details of a winding-up petition or application for an administration order may not have been entered
on the records of the Central Registry of Winding-Up Petitions immediately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">in the case of an application for the making of an administration order and such order and the
presentation of a notice of intention to appoint or notice of appointment or notice of a moratorium, if such application is made
to, order made by or notice filed with, a Court other than the High Court of Justice in London, no record of such application,
order or notice will be kept by the Central Registry of Winding-Up Petitions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify">a winding-up order or administration order may be made before the relevant petition or application
has been entered on the records of the Central Registry, and the making of such order may not have been entered on the records
immediately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify">details of a notice of intention to appoint an administrator or a notice of appointment of an administrator
under paragraphs 14 and 22 of Schedule B1 of the Insolvency Act 1986 and details of a notice of a moratorium under Part&nbsp;A1
may not be entered on the records immediately (or, in the case of a notice of intention to appoint, at all); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify">with regard to winding-up petitions, the Central Registry of Winding-Up Petitions may not have
records of winding-up petitions issued prior to 1994;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><B><I>Jurisdiction</I></B>: no opinion is given as to whether or not any court will take jurisdiction,
or whether the English courts would grant a stay of any proceedings commenced in England, or whether the English courts would grant
any relief ancillary to proceedings commenced in a foreign court;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><B><I>Foreign Courts:</I></B> we express no opinion as to whether or not a foreign court (applying
its own conflict of laws rules) will act in accordance with the parties&rsquo; agreement as to jurisdiction and/or choice of law;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><B><I>Insolvency:</I></B> this opinion is subject to all applicable laws relating to insolvency,
bankruptcy, administration, moratorium, reorganisation, liquidation or analogous circumstances and other similar laws of general
application relating to or affecting generally the enforcement of creditors&rsquo; rights and remedies from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Observations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">We
should also like to make the following observations, it should be understood that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Factual Statements:</I></B> we have
not been responsible for verifying whether any statements of fact (including as to foreign law) or any statement of opinion or
intention contained in or relevant to the Documents or any related documents are accurate, complete or reasonable </FONT>or that
no material facts have been omitted therefrom;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B><I>Enforceability:</I></B> we express no opinion on whether the obligations of the Company under
the Documents are enforceable against it in the English courts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><B><I>Nature of Role:</I></B> we have not been involved in the preparation or negotiation of the
Documents, and have reviewed them only for the limited purpose of giving this opinion. Accordingly, we express no view as to the
suitability of the Documents or of their provisions or their general compliance with market practice or any commercial aspects
of the Documents; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><B><I>Operational Licences:</I></B> we have not investigated whether the Company has obtained any
of the operational licences, permits and consents which it may require for the purpose of carrying on its business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Limitations
of Liability</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Where
you have received advice from a number of advisers in connection with the matters on which we opine in this opinion or any related
matter in respect of which we could be potentially jointly or severally liable with any such other advisers for losses suffered
by you, our liability will not be affected by any limitation of liability which you may agree with any other advisers. Accordingly,
our liability to you will be limited to such proportion of the losses suffered by you as is finally determined to be just and equitable,
having regard to the relative responsibility of ourselves and any other person who is jointly or severally liable for such losses.
If you have received advice from any other advisers with respect to matters on which we opine in this opinion which qualifies such
opinions then, to the extent that such advice is correct, you will not place any reliance on the unqualified opinions contained
in this opinion, and we will have no liability to you in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
opinion is limited to English law as currently applied by the English courts and is given on the basis that it and any non-contractual
obligations arising out of or in relation to this opinion will be governed by and construed in accordance with current English
law. Accordingly, we express no opinion with regard to any system of law other than the law of England as currently applied by
the English courts. In particular, we express no opinion on European Union law as it affects any jurisdiction other than England.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">We
hereby consent to the use of our name in the Registration Statement and to the filing of this opinion as Exhibit&nbsp;5 to the
Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent
is required by the Act or by the rules&nbsp;and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Benefit
of Opinion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
opinion is given to you for your benefit in relation to the Registration Statement to be filed under the Act. It is not to be transmitted
to any other person nor is it to be relied upon by any other person or for any purposes or quoted or referred to in any public
document without our prior written consent, except that we consent to the filing of this opinion as an exhibit to the Registration
Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Governing
Law and Jurisdiction</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
opinion and any non-contractual obligations arising out of or in relation to this opinion are governed by English law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
English courts shall have exclusive jurisdiction, to which you and we submit, in relation to all disputes (including claims for
set-off and counterclaims) arising out of or in connection with this opinion, including, without limitation, disputes arising out
of or in connection with: (i)&nbsp;the creation, effect or interpretation of, or the legal relationships established by, this opinion;
and (ii)&nbsp;any non-contractual obligations arising out of or in connection with this opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">/s/ Freshfields Bruckhaus Deringer LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Freshfields Bruckhaus Deringer LLP &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>ccl-20210224_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
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</link:linkbase>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>ccl-20210224_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm139738427356360">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 24, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 24,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-9610<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Carnival Corporation<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000815097<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">59-1562976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">R1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">3655 N.W. 87th Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Miami<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">FL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">33178-2428<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">305<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">599-2600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock ($0.01 par value)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CCL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ccl_CarnivalPublicLimitedCompanyMember', window );">Carnival PLC</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 24,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-15136<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Carnival plc<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001125259<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0357772<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">X0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Carnival House<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">100 Harbour Parade<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Southampton<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">SO15 1ST<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">011<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">44 23 8065 5000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ccl_CarnivalPublicLimitedCompanyMember', window );">Carnival PLC | Ordinary Shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Ordinary
    Shares each represented by American Depository Shares ($1.66 par value)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CUK<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ccl_CarnivalPublicLimitedCompanyMember', window );">Carnival PLC | 1.875% Senior Notes due 2022</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.875%
    Senior Notes due 2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CUK22<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ccl_CarnivalPublicLimitedCompanyMember', window );">Carnival PLC | 1.000% Senior Notes due 2029</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.000%
    Senior Notes due 2029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CUK29<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
