<SEC-DOCUMENT>0001104659-23-075707.txt : 20230628
<SEC-HEADER>0001104659-23-075707.hdr.sgml : 20230628
<ACCEPTANCE-DATETIME>20230628130246
ACCESSION NUMBER:		0001104659-23-075707
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20230628
DATE AS OF CHANGE:		20230628
EFFECTIVENESS DATE:		20230628

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272977
		FILM NUMBER:		231051065

	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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272977-01
		FILM NUMBER:		231051066

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2319749d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June&nbsp;28, 2023</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">WASHINGTON, D.C. 20549</FONT></B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>FORM&nbsp;S-8<BR>
</B></FONT><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="text-align: center; vertical-align: bottom; width: 33%"><B>Form&nbsp;S-8</B> <B><BR>
CARNIVAL CORPORATION</B></TD>
<TD STYLE="text-align: center; vertical-align: top; width: 34%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top; width: 33%"><B>Form&nbsp;S-8</B> <B><BR>
CARNIVAL PLC</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Republic of Panama</B></FONT></TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>England and Wales</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State or other jurisdiction of incorporation or organization)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>59-1562976</B></FONT></TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-0357772</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S. Employer Identification No.)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="vertical-align: bottom; text-align: center"><B>Carnival Place<BR>
</B> <B>3655 N.W. 87th Avenue</B> <B><BR>
Miami, Florida 33178-2428<BR>
</B> <B>(305) 599-2600</B></TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center"><B>Carnival House<BR>
</B> <B>100 Harbour Parade<BR>
</B> <B>Southampton, SO15 1ST</B> <B><BR>
United Kingdom</B> <B><BR>
011 44 23 8065 5000</B></TD></TR>
</TABLE>

<P STYLE="text-align: center; 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; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of<BR>
registrant&rsquo;s principal executive offices)</B></P>

<P STYLE="text-align: center; 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; text-align: center"><B>Carnival Corporation 2020 Stock Plan<BR>
(Full title of the plan)</B></P>

<P STYLE="text-align: center; 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; text-align: center"><B>Enrique Miguez<BR>
General Counsel<BR>
Carnival Corporation&nbsp;&amp; plc<BR>
3655 N.W. 87th Avenue<BR>
Miami, Florida 33178-2428<BR>
(305) 599-2600</B></P>

<P STYLE="text-align: center; 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; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

<P STYLE="text-align: center; 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; text-align: center"><B>Copies to:</B></P>

<P STYLE="text-align: center; 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; text-align: center"><B>Sean C. Feller,&nbsp;Esq.<BR>
Gibson, Dunn&nbsp;&amp; Crutcher LLP<BR>
2029 Century Park E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Los Angeles, CA 90067<BR>
(310) 552-8500</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</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: bottom">
<TD STYLE="width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
<TD STYLE="width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
<TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>Non-accelerated filer &nbsp;</TD>
<TD><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8239;&#8239;&#8239;(Do not check if a smaller reporting company)</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
<TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
<TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.&#8239;&#8239;&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></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>

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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>EXPLANATORY NOTE</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">Pursuant to General Instruction E of Form&nbsp;S-8, the registrants,
Carnival Corporation and Carnival plc, are filing this registration statement (&ldquo;<B>Registration Statement</B>&rdquo;) with respect
to the issuance of an additional 21,650,000 shares of Carnival Corporation common stock, par value $0.01 per share (the &ldquo;<B>Common
Stock</B>&rdquo;), and 21,650,000 trust shares (the &ldquo;<B>Trust Shares</B>&rdquo;) of beneficial interest in the P&amp;O Princess
Special Voting Trust (the &ldquo;<B>Trust</B>&rdquo;), which are paired with the shares of Common Stock on a one-for-one basis.&nbsp;&nbsp;Each
of the Trust Shares represents an undivided beneficial interest in the Carnival plc Special Voting Share (the &ldquo;<B>Special Voting
Share</B>&rdquo;), &pound;1.00 par value, which is held by the Trust.&nbsp;&nbsp;The arrangements with respect to the Special Voting Share
and the Trust Shares were entered into in connection with the dual listed company transaction between Carnival Corporation and Carnival
plc, which was completed on April&nbsp;17, 2003.&nbsp;&nbsp;The shares of Common Stock registered hereby, together with the paired Trust
Shares, are to be issued under the Carnival Corporation 2020 Stock Plan (the &ldquo;<B>Plan</B>&rdquo;).</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>PART&nbsp;I</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: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(A)&nbsp;PROSPECTUS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 1.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Plan Information</I>.</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">The document(s)&nbsp;containing the information specified in Part&nbsp;I
of Form&nbsp;S-8 will be sent or given to participants in the Plan as specified by Rule&nbsp;428(b)(1)&nbsp;under the Securities Act of
1933 (the &ldquo;<B>Securities Act</B>&rdquo;). Such documents are not being filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;),
but constitute, along with the documents incorporated by reference into this Registration Statement, a prospectus that meets the requirements
of Section&nbsp;10(a)&nbsp;of the Securities Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 2</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Registration Information and Plan Annual Information.</I></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">We will furnish without charge to each person to whom the prospectus
is delivered, upon the written or oral request of such person, a copy of any and all of the documents incorporated by reference in Item
3 of Part&nbsp;II of this Registration Statement, other than exhibits to such documents (unless such exhibits are specifically incorporated
by reference to the information that is incorporated).&nbsp;&nbsp;Those documents are incorporated by reference in the&#8239;Section&nbsp;10(a)&nbsp;prospectus.&nbsp;&nbsp;Requests
should be directed to Carnival Corporation&nbsp;&amp; plc, 3655 N.W. 87th Avenue, Miami, Florida 33178-2428 Attention: General Counsel;
Telephone number (305) 599-2600.</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>PART&nbsp;II</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: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Incorporation of Documents by Reference</I></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">The following documents filed with the Commission by us are incorporated
by reference in this Registration Statement:</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: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Our latest Annual Report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of
                                            the Securities Exchange Act of 1934 (the &ldquo;<B>Exchange Act</B>&rdquo;), filed on Form&nbsp;10-K
                                            on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000081509723000012/ccl-20221130.htm" STYLE="-sec-extract: exhibit">January&nbsp;27, 2023</A>;</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Our Quarterly Reports filed on Form&nbsp;10-Q on </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000081509723000035/ccl-20230228.htm" STYLE="-sec-extract: exhibit">March&nbsp;29, 2023</A>
and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000081509723000051/ccl-20230531.htm" STYLE="-sec-extract: exhibit">June&nbsp;28, 2023;</A></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Reports on Form&nbsp;8-K filed on </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000110465923004597/tm233753d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;18,
2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000095014223000539/eh230334039_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;1,
2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000110465923043182/tm2311942d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;7,
2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/815097/000081509723000037/ccl-20230421.htm" STYLE="-sec-extract: exhibit">April&nbsp;26,
2023</A>; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The description of the Common Stock, Trust Shares and Special Voting Share
contained in the Joint Registration Statement of Carnival Corporation and Carnival plc on Form&nbsp;S-3ASR (File no. 333-252433), filed on <A HREF="https://www.sec.gov/Archives/edgar/data/815097/000110465921007650/tm213654-1_s3asr.htm" STYLE="-sec-extract: exhibit">January&nbsp;26, 2021</A>, including any amendment or report filed for the purpose of updating such description.</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">In addition, all documents subsequently filed by us pursuant to Section&nbsp;13(a),
13(c), 14 and 15(d)&nbsp;of the Exchange Act, excluding any information furnished under Item 2.02 or Item 7.01 of any Current Report on
Form&nbsp;8-K and corresponding information furnished under Item 9.01 or included as an exhibit, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all such securities then remaining unsold, shall
be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 4</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Description of Securities.</I></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">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Interests of Named Experts and Counsel.</I></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">Not applicable</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 6</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Indemnification of Directors and Officers.</I></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">Carnival Corporation&rsquo;s Third Amended and Restated Articles of
Incorporation and By-Laws provide, subject to the requirements set forth therein, that with respect to any person who was or is threatened
to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative,
Carnival Corporation shall indemnify such person by reason of the fact that he is or was one of Carnival Corporation&rsquo;s or Carnival
plc&rsquo;s directors or officers, and may indemnify such person by reason of the fact that he is or was one of Carnival Corporation&rsquo;s
or Carnival plc&rsquo;s employees or agents or is or was serving at Carnival Corporation&rsquo;s or Carnival plc&rsquo;s request as a
director, officer, employee or agent in another corporation, partnership, joint venture, trust or other enterprise, in either case against
expenses (including attorney&rsquo;s fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to Carnival Corporation&rsquo;s or Carnival plc&rsquo;s best interests and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. Carnival Corporation has entered into agreements with each of its directors providing
essentially the same indemnities as are described in Carnival Corporation&rsquo;s Third Amended and Restated Articles of Incorporation
in the event that such director or such director&rsquo;s heirs, executors or administrators are made a party to threatened, pending or
completed actions, suits or proceedings as described above.</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">Article&nbsp;288 of Carnival plc&rsquo;s Articles of Association provides:</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">&ldquo;Subject to and in so far as permitted by
the Companies Acts. the Company may: (a)&nbsp;indemnify any director, office or employee of the Company or of any associated company against
any liability pursuant to any qualifying third party indemnity provision or any qualifying pension scheme indemnity provision, or on any
other basis as is then lawful, in each case on such terms as the board may decide; and (b)&nbsp;purchase and maintain for any director,
officer or employee of the Company or of any associated company insurance against any liability. In this article &ldquo;qualifying third
party indemnity provision&rdquo;, &ldquo;qualifying pension scheme provision&rdquo; and &ldquo;associated company&rdquo; have meanings
that they have in Part&nbsp;10 of the 2006 Act.&rdquo;</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">Under the UK Companies Act 2006, a UK company is
not permitted to indemnify a director or officer of the company (or any person employed by the company as an auditor) against any liability
in respect of any fine imposed in criminal proceedings, a sum payable to a regulatory authority by way of a penalty in respect of non-compliance
with any requirement of a regulatory nature, negligence, default, breach of duty or breach of trust of which he may be guilty in relation
to the company.</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">UK companies, however, may:</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: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">purchase
and maintain liability insurance for officers and directors; and</FONT></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: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">indemnify officers and directors
against any liability incurred by him either in defending any proceedings in which judgment is given in his favor or he is acquitted,
or in connection with the court granting him relief from liability in the case of honest and reasonable conduct.</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">Carnival plc has entered into agreements with each
of its directors providing essentially the same indemnities as are described in Carnival plc&rsquo;s articles of association as described
above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 7</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Exemption from Registration Claimed.</I></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">Not applicable.</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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Exhibits</I></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; text-align: center"><B>EXHIBIT&nbsp;INDEX</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; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%"><U>EXHIBIT</U></TD>
  <TD STYLE="width: 90%"><U>DESCRIPTION</U></TD></TR>
</TABLE>

<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>

<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 HREF="http://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex31.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex31.txt" STYLE="-sec-extract: exhibit">Third Amended and Restated Articles of Incorporation of Carnival Corporation (incorporated by reference to Exhibit&nbsp;3.1 to the joint Current Report on Form&nbsp;8-K of Carnival Corporation and Carnival plc, filed on April&nbsp;17, 2003).</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/815097/000119312509082568/dex31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000119312509082568/dex31.htm" STYLE="-sec-extract: exhibit">Third Amended and Restated By-Laws of Carnival Corporation (incorporated by reference to Exhibit&nbsp;3.1 to the joint Current Report on Form&nbsp;8-K of Carnival Corporation and Carnival plc, filed on April&nbsp;20, 2009).</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/815097/000119312509082568/dex33.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000119312509082568/dex33.htm" STYLE="-sec-extract: exhibit">Articles of Association of Carnival plc (incorporated by reference to Exhibit&nbsp;3.3. to the joint Current Report on Form&nbsp;8-K of Carnival Corporation and Carnival plc, filed on April&nbsp;20, 2009).</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex42.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex42.txt" STYLE="-sec-extract: exhibit">Voting Trust Deed, dated as of April&nbsp;17, 2003, between Carnival Corporation and The Law Debenture Trust Corporation (Cayman) Limited, as trustee (incorporated by reference to Exhibit&nbsp;4.2 to the joint Current Report on Form&nbsp;8-K of Carnival Corporation and Carnival plc, filed on April&nbsp;17, 2003).</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex41.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.5</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex41.txt" STYLE="-sec-extract: exhibit">Pairing Agreement, dated as of April&nbsp;17, 2003, between Carnival Corporation, The Law Debenture Trust Corporation (Cayman) Limited, as trustee, and Computershare Investors Services (formerly SunTrust Bank), as transfer agent (incorporated by reference to Exhibit&nbsp;4.1 to the joint Current Report on Form&nbsp;8-K of Carnival Corporation and Carnival plc, filed on April&nbsp;17, 2003).</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex43.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000102140803006279/dex43.txt" STYLE="-sec-extract: exhibit">SVE Special Voting Deed, dated as of April&nbsp;17, 2003 between Carnival Corporation, DLS SVC Limited, P&amp;O Princess Cruises plc, The Law Debenture Trust Corporation (Cayman) Limited, as trustee, and The Law Debenture Trust Corporation, P.L.C. (incorporated by reference to Exhibit&nbsp;4.3 to the joint Current Report on Form&nbsp;8-K of Carnival Corporation and Carnival plc, filed on April&nbsp;17, 2003).</A></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"><A HREF="http://www.sec.gov/Archives/edgar/data/815097/000104746903021743/a2113194zex-4_16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000104746903021743/a2113194zex-4_16.htm" STYLE="-sec-extract: exhibit">Specimen Common Stock Certificate (incorporated by reference to Exhibit&nbsp;4.16 to the joint Registration Statement on Form&nbsp;S-3/F-3 of Carnival Corporation, Carnival plc and P&amp;O Princess Cruises International Limited, filed on June&nbsp;19, 2003).</A></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"><A HREF="tm2319749d1_ex5-1.htm">5.1</A></TD><TD><A HREF="tm2319749d1_ex5-1.htm">Opinion of Tapia Linares y Alfaro.*</A></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"><A HREF="tm2319749d1_ex5-2.htm">5.2</A></TD><TD><A HREF="tm2319749d1_ex5-2.htm">Opinion of Maples and Calder (Cayman) LLP.*</A></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"><A HREF="tm2319749d1_ex5-3.htm">5.3</A></TD><TD><A HREF="tm2319749d1_ex5-3.htm">Opinion of Ashurst.*</A></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"><A HREF="tm2319749d1_ex5-1.htm">23.1</A></TD><TD><A HREF="tm2319749d1_ex5-1.htm">Consent of Tapia Linares y Alfaro (included with Exhibit&nbsp;5.1).*</A></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"><A HREF="tm2319749d1_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.2</FONT></A></TD><TD><A HREF="tm2319749d1_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of Maples and Calder </FONT>(Cayman) LLP (included with Exhibit&nbsp;5.2).*</A></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"><A HREF="tm2319749d1_ex5-3.htm">23.3</A></TD><TD><A HREF="tm2319749d1_ex5-3.htm">Consent of Ashurst (included with Exhibit&nbsp;5.3).*</A></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>

<!-- Field: Page; Sequence: 5; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="tm2319749d1_ex23-4.htm">23.4</A></TD><TD><A HREF="tm2319749d1_ex23-4.htm">Consent of PricewaterhouseCoopers LLP,&nbsp;Independent Registered Certified Public Accounting Firm.*</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="#a_001">24.1</A></TD><TD><A HREF="#a_001">Power of Attorney of certain officers and directors of Carnival Corporation (included on the signature pages&nbsp;hereof).</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="#a_001">24.2</A></TD><TD><A HREF="#a_001">Power of Attorney of certain officers and directors of Carnival plc (included on the signature pages&nbsp;hereof).</A></TD></TR></TABLE>

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

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<TD STYLE="width: 0.5in"><A HREF="http://www.sec.gov/Archives/edgar/data/815097/000081509723000037/exhibit101.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/815097/000081509723000037/exhibit101.htm" STYLE="-sec-extract: exhibit">Amendment of the Carnival Corporation 2020 Stock Plan (incorporated by reference to Exhibit&nbsp;10.1 to the joint Current Report on Form&nbsp;8-K of Carnival Corporation and Carnival plc, filed on April&nbsp;26, 2023).</A></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>107.1</TD><TD>Filing Fee Table.*</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"></P>

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

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<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 9</B></FONT>.</TD><TD><I>Undertakings</I></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">The undersigned registrant hereby undertakes:</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-left: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To file during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</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>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">(i)</FONT></TD><TD>to include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</TD></TR></TABLE>



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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">(ii)</FONT></TD><TD>to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the
aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the
 &ldquo;<B>Calculation of Registration Fee</B>&rdquo; table in the effective registration statement; and</TD></TR></TABLE>



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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">(iii)</FONT></TD><TD>to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided,
however</I></FONT>, that the undertakings set forth in paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to
the Commission by us pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in
the registration statement;</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-left: 1in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(2)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.</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-left: 1in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(3)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
remove from registration by means of a post-effective amendment any of the securities being registered hereby which remain unsold at
the termination of the offering.</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-left: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering 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-left: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</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: center"><B>SIGNATURES OF CARNIVAL CORPORATION AND CARNIVAL
PLC</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">Pursuant to the requirements of the Securities
Act of 1933 the registrants certify that they have reasonable grounds to believe that they meet all of the requirements for filing on
Form&nbsp;S-8 and have duly caused this Registration Statement to be signed on their behalf by the undersigned, thereunto duly authorized,
in the City of Miami, State of Florida, on June&nbsp;28, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3"><B>CARNIVAL CORPORATION</B></TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="3"><B>CARNIVAL PLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Enrique Miguez</TD>
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Enrique Miguez</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 5%">Name:</TD>
  <TD STYLE="width: 40%">Enrique Miguez</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 5%">Name:</TD>
  <TD STYLE="width: 40%">Enrique Miguez</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>General Counsel</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>General Counsel</TD></TR>
</TABLE>

<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-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY</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">Each of the undersigned directors and officers
of Carnival Corporation and Carnival plc hereby severally constitutes and appoints Enrique Miguez, as attorney-in-fact for the undersigned,
in any and all capacities, with full power of substitution, to sign any amendments to this Registration Statement (including post-effective
amendments), and to file the same with exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission,
granting unto said attorney-in-fact, full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact may lawfully do or cause to be done by virtue hereof.</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">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated effective June&nbsp;28,
2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%"><B>CARNIVAL CORPORATION</B></TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="width: 49%"><B>CARNIVAL PLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Josh Weinstein</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Josh Weinstein</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Josh Weinstein</TD>
  <TD>&nbsp;</TD>
  <TD>Josh Weinstein</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>President and Chief Executive Officer, Director</TD>
  <TD>&nbsp;</TD>
  <TD>President and Chief Executive Officer, Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ David Bernstein</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ David Bernstein</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>David Bernstein</TD>
  <TD>&nbsp;</TD>
  <TD>David Bernstein</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Chief Financial Officer and Chief Accounting Officer</TD>
  <TD>&nbsp;</TD>
  <TD>Chief Financial Officer and Chief Accounting Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Micky Arison</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Micky Arison</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Micky Arison</TD>
  <TD>&nbsp;</TD>
  <TD>Micky Arison</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Chair of the Board of Directors</TD>
  <TD>&nbsp;</TD>
  <TD>Chair of the Board of Directors</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Sir Jonathon Band</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Sir Jonathon Band</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Sir Jonathon Band</TD>
  <TD>&nbsp;</TD>
  <TD>Sir Jonathon Band</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
</TABLE>

<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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 49%">/s/ Jason Glen Cahilly</TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 49%">/s/ Jason Glen Cahilly</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Jason Glen Cahilly</TD>
  <TD>&nbsp;</TD>
  <TD>Jason Glen Cahilly</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Helen Deeble</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Helen Deeble</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Helen Deeble</TD>
  <TD>&nbsp;</TD>
  <TD>Helen Deeble</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Jeffrey J. Gearhart</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Jeffrey J. Gearhart</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Jeffrey J. Gearhart</TD>
  <TD>&nbsp;</TD>
  <TD>Jeffrey J. Gearhart</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Katie Lahey</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Katie Lahey</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Katie Lahey</TD>
  <TD>&nbsp;</TD>
  <TD>Katie Lahey</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Sara Mathew</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Sara Mathew</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Sara Mathew</TD>
  <TD>&nbsp;</TD>
  <TD>Sara Mathew</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Stuart Subotnick</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Stuart Subotnick</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Stuart Subotnick</TD>
  <TD>&nbsp;</TD>
  <TD>Stuart Subotnick</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Laura Weil</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Laura Weil</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Laura Weil</TD>
  <TD>&nbsp;</TD>
  <TD>Laura Weil</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Randall J. Weisenburger</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Randall J. Weisenburger</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Randall J. Weisenburger</TD>
  <TD>&nbsp;</TD>
  <TD>Randall J. Weisenburger</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Director</TD>
  <TD>&nbsp;</TD>
  <TD>Director</TD></TR>
</TABLE>

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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>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2319749d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2023</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carnival Corporation<BR>
</FONT>3655 N.W. 87<SUP>th</SUP> Avenue<BR>
Miami, Florida 33178-2428<BR>
U.S.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">Carnival plc<BR>
100 Harbour Parade<BR>
Southampton, SO15 1ST<BR>
United Kingdom</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">Re:</TD><TD>Registration Statement on Form&nbsp;S-8</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">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; text-align: justify">In connection with the joint Registration Statement
on Form&nbsp;S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;), filed by Carnival Corporation (the &ldquo;<B>Company</B>&rdquo;) and
Carnival plc, with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;),
and the rules&nbsp;and regulations promulgated thereunder, which relates to the issuance of 21,650,000 shares of the Company common stock,
par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), and 21,650,000 trust shares of beneficial interest in the P&amp;O Princess
plc Special Voting Trust (the &ldquo;<B>Trust Shares</B>&rdquo;), which are paired with the shares of Common Stock on a one-for-one basis,
to be issued pursuant to the Carnival Corporation 2020 Stock Plan, as amended (the &ldquo;<B>Plan</B>&rdquo;), we have been requested
to render our opinion as to the legality of the Common Stock and Trust Shares being registered 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">In this connection, we have examined (i)&nbsp;originals,
photocopies or conformed copies of the Plan, (ii)&nbsp;the Third Amended and Restated Articles of Incorporation and the Third Amended
and Restated By-Laws of the Company, and (iii)&nbsp;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">&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">Carnival plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 28, 2023</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 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: justify">Terms defined in the Plan and the Registration
Statement shall have the same meaning herein.</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">Based on the foregoing, 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: 0.25in"></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>

<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 and the Trust Shares have been duly and legally authorized for issuance, and such Common
Stock and Trust Shares, when issued and delivered by the Company on the terms and conditions described in the Plan and paid for in accordance
with the terms and provisions of the Plan, will be validly issued, fully paid and non-assessable.</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">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
Plan and paid for in accordance with the terms and provisions of the Plan, will be paired with the Trust Shares on a one-for-one basis,
pursuant to the Pairing Agreement dated as of April&nbsp;17, 2003, between the Company, The Law Debenture Trust Corporation (Cayman) Limited,
as trustee, and SunTrust Bank, as transfer agent.</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 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">&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&nbsp;and regulations promulgated 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 truly,</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">TAPIA, LINARES Y ALFARO</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">/s/ Mario E. Correa</TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>

<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-align: justify">Mario E. Correa</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>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>tm2319749d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

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

<P STYLE="margin: 0"><IMG SRC="tm2319749d1_ex5-2img003.jpg" ALT="" STYLE="height: 113px; width: 121px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our ref</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">KZR/278104-000009/74525063v2</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">The Law Debenture Trust Corporation (Cayman)
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PO Box 447, Block 5, Unit 202, Governor's Square</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KY1-1106</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands</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">28 June&nbsp;2023</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"><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"><B>&nbsp;</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">(A)</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 and paired with Carnival Corporation's Common Stock on a one-for-one
basis; 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">(B)</TD><TD STYLE="text-align: justify">the registration statement on Form&nbsp;S-8, including all amendments or supplements thereto, expected
to be filed by Carnival Corporation and Carnival plc with the Securities and Exchange Commission under the United States Securities Act
of 1933, as amended (the &quot;<B>Securities Act</B>&quot;) (the &quot;<B>Registration Statement</B>&quot;) relating to, among other things,
the registration under the Securities Act of 21,650,000 P&amp;O Trust Shares to be issued pursuant to the Carnival Corporation 2020 Stock
Plan (the &quot;<B>Plan</B>&quot;) referred to in the Form&nbsp;S-8.</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;5.2
to the Registration Statement. Other terms used but not defined in this letter are used as defined in the Registration Statement or 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"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></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 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">1.2</TD><TD STYLE="text-align: justify">A letter from the Trustee to Carnival Corporation dated 17 April&nbsp;2003 (the &quot;<B>Representation
Letter</B>&quot;).</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"><IMG SRC="tm2319749d1_ex5-2img004.jpg" ALT="" STYLE="height: 51px; width: 330px"></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">1.3</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"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></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 opinion letter is given only as
to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. This opinion letter only
relates to the laws of the Cayman Islands which are in force on the date of this opinion letter. We have also relied on 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 Trustee is in good standing with the Registrar of Companies under the laws of the Cayman Islands as
an ordinary non-resident company and in good standing with the Cayman Islands Monetary Authority as a Cayman Islands company licensed
to conduct trust business under the Banks and Trust Companies Act (As Revised).</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">The Trustee has full power and authority under its memorandum and articles of association to execute and
perform its obligations under the Trust Deed and the Trustee has complied with all internal requirements relating to the execution of
the Trust Deed and the acceptance of the role as trustee of the Trust. In particular, the shareholders of the Trustee have not restricted
or limited the powers of the directors of the Trustee in any way. There is no contractual or other prohibition (other than as arising
under the laws of the Cayman Islands) binding on the Trustee prohibiting it from entering into and performing its obligations under 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">2.3</TD><TD STYLE="text-align: justify">The Trustee is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction.
None of the directors or shareholders have taken any steps to have the Trustee struck off or placed in liquidation. Further, no steps
been taken to wind up the Trustee or to appoint restructuring officers or interim restructuring officers. Nor has any receiver been appointed
over any of the Trustee's property or assets and the Trustee is able to pay its debts as they fall due.</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 is not a central bank, monetary authority or other sovereign entity of any state and is not
a subsidiary, direct or indirect, of any sovereign entity or state.</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 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">2.6</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">2.7</TD><TD STYLE="text-align: justify">The Trustee has strictly complied at all times with the terms of the Trust, the Pairing Agreement, the
SVE Special Voting Deed and the trust 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">2.8</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">2.9</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">2.10</TD><TD STYLE="text-align: justify">The Trust Deed, the Pairing Agreement and the SVE Special Voting Deed each remain legal, valid, binding
and enforceable against the respective parties thereto in accordance with the terms thereof.</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">2.11</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">2.12</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">2.13</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 opinion 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"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD><TD STYLE="text-align: justify"><B>Opinion</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 upon, and subject to, the foregoing assumptions
and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that the
P&amp;O Trust Shares when issued as contemplated under the Registration Statement and the Plan will be duly 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 P&amp;O 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.</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-size: 10pt"><B>4</B></FONT></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 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 letter 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 letter
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 (Cayman) LLP</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">Maples and Calder (Cayman) LLP</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>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>tm2319749d1_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 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; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Our ref:</TD>
  <TD>JZF\538C.1000-169-222\407351504 </TD>
  <TD>Ashurst LLP</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 15%">Direct line:</TD>
  <TD STYLE="width: 60%">+44 (0)20 78593156</TD>
  <TD STYLE="width: 25%">London Fruit &amp; Wool Exchange</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD>1 Duval Square</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Direct fax:</TD>
  <TD>+44 (0)20 7638 1112</TD>
  <TD>London</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Email:</TD>
  <TD>james.fletcher@ashurst.com</TD>
  <TD>E1 6PW20</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>28 June 2023</TD>
  <TD>&nbsp;</TD>
  <TD>Tel +44 (0)20 7638 1111</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Fax +44 (0)20 7638 1112</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>DX 639 London/City</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>www.ashurst.com</TD></TR>
</TABLE>

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 70%">Carnival plc<BR>
 Carnival House <BR>
100 Harbour Parade<BR>
 Southampton<BR>
 United Kingdom <BR>
SO15 1ST</TD>
  <TD STYLE="vertical-align: middle; text-align: right; width: 30%"><IMG SRC="tm2319749d1_ex5-3img001.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Carnival Corporation <BR>
3655 NW 87th Avenue<BR>
 Miami<BR>
 FL33178-2428</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<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">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 S-8 OF CARNIVAL CORPORATION AND
CARNIVAL PLC</B></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="text-transform: uppercase">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>INTRODUCTION</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1</FONT></TD><TD STYLE="text-align: justify">In connection with the joint registration statement on Form&nbsp;S-8 (the <B>&quot;Registration Statement&quot;</B>)
of Carnival Corporation, a corporation organized under the laws of the Republic of Panama (<B>&quot;Carnival Corporation<I>&quot;</I></B>)
and Carnival Plc, a public limited company incorporated under the laws of England and Wales (the <B>&quot;Company&quot;</B>), under the
Securities Act 1933 (the <B>&quot;Act&quot;</B>), we have been requested to render our opinion on certain matters in connection with 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">1.2</FONT></TD><TD STYLE="text-align: justify">Ashurst LLP is a limited liability partnership registered in England and Wales with registered number
OC330252. It is authorised and regulated by the Solicitors Regulation Authority. For regulatory information please refer to https://www.ashurst.com/en/legal-notices/.</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">1.3</FONT></TD><TD STYLE="text-align: justify">A list of the members (and of the non-members who are designated as partners) of Ashurst LLP is available
for inspection at its registered office, 1 Duval Square, London Fruit And Wool Exchange, London, England, E1 6PW. Any reference to a partner
means a member, or a consultant or employee with equivalent standing and qualifications, of Ashurst LLP or any of its affiliated firms
or entities.</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">1.4</FONT></TD><TD STYLE="text-align: justify">The
                                            Registration Statement relates to the registration under the Act of the issuance of 21,650,000
                                            shares of Carnival Corporation common stock issuable under the Carnival Corporation 2020
                                            Stock Plan (the &quot;<B>Plan</B>&quot;), 21,650,000 trust shares (the &quot;<B>Trust Shares</B>&quot;)
                                            of beneficial interest in the P&amp;O Princess Special Voting Trust, a trust established
                                            under the laws of the Cayman Islands, that are paired with the shares of Carnival Corporation
                                            common stock issuable under the Plan, 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 the Company and the Company's special voting share of 1 pound sterling
                                            in the capital of the Company (the &quot;<B>Special Voting Share</B>&quot;) issued to Carnival
                                            Corporation (such share having been transferred to the trustee of the P&amp;O Princess Special
                                            Voting Trust).</TD></TR></TABLE>

<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="font-size: 10pt; text-align: justify; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashurst
    LLP is a limited liability partnership registered in England and Wales under number OC330252 and is part of the Ashurst Group. It
    is a law firm authorised and regulated by the Solicitors Regulation Authority of England and Wales under number 468653. A list of
    members of Ashurst LLP and their professional qualifications is open to inspection at its registered office London Fruit&nbsp;&amp;
    Wool Exchange, 1 Duval Square, London E1 6PW. The term &quot;partner&quot; in relation to Ashurst LLP is used to refer to a member
    of Ashurst LLP or to an employee or consultant with equivalent standing and qualifications.</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"></P>

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<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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5</FONT></TD><TD STYLE="text-align: justify">We are acting as legal advisers as to English law to the Company for the purposes of giving this opinion.
In so acting, we have examined the following documents:</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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify">a draft of the Registration Statement to be filed under the Act;</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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify">a copy of the current articles of association of the Company in force as at the date of this opinion (the
<B>&quot;Articles&quot;</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: 36pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify">a copy of the Company'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: 36pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify">a search carried out on June 27, 2023 (carried out by us or by an information services provider
                                                                                                                               (<B>&quot;ISP&quot;</B>) on our behalf) of the public documents of the Company kept at Companies House in Cardiff (the <B>&quot;Company
                                                                                                                               Search&quot;</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: 36pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify">a search carried out at 10:18 a.m. (London time) on June 27, 2023 (carried out by us or an ISP on
                                                                                                                               our behalf) of the Central Registry of Winding-Up Petitions (the <B>&quot;Winding up Enquiry&quot;</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: 36pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify">a certificate issued to us by the Corporate Counsel of the Company dated June 28, 2023 (the <B>&quot;Counsel's
                                                                                                                               Certificate&quot;</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: 36pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify">a certificate issued to Freshfields Bruckhaus Deringer LLP by the Corporate Counsel of the Company dated
28 June&nbsp;2021 (the <B>&quot;Historic Certificate&quot;</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">1.6</FONT></TD><TD STYLE="text-align: justify">The
                                            documents listed in paragraphs 1.5(a)&nbsp;to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>1.5(g)&nbsp;above
                                            are referred to in this opinion as the &quot;<B>Documents</B>&quot; and we have relied upon
                                            the statements as to factual matters contained in or made pursuant to each of the Documents.</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">1.7</FONT></TD><TD STYLE="text-align: justify">Except as stated in paragraph <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;</FONT>1.5
above, we have not, for the purpose of 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: 36pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify">examined any other contracts, agreements, instruments or documents and we have not made any search at
the High Court, Strand, London or any other court in the United Kingdom in respect of winding up, administration or similar 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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify">examined any corporate or other records of or affecting the Company;</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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify">investigated whether the Company is or will be by reason of any of the transactions and matters contemplated
by the Documents in breach of any of its obligations under any other contract, agreement, instrument or document; 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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify">made any other enquiries concerning the Company or conducted any form of due diligence into the Company.</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="text-transform: uppercase">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ASSUMPTIONS</B></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 0pt 0.5in; text-align: justify">In considering the Documents and rendering
this opinion we have with your consent and without any further enquiry assumed:</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">2.1</FONT></TD><TD STYLE="text-align: justify"><B>Authenticity:</B> the genuineness of all signatures (which, in this paragraph <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;</FONT>2,
includes electronic signatures), stamps and seals on, and the authenticity, accuracy and completeness of, all documents submitted to us
whether as originals or copies (including electronic copies);</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"><IMG SRC="tm2319749d1_ex5-3img001.jpg" ALT=""></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.2</FONT></TD><TD STYLE="text-align: justify"><B>Copies:</B> the conformity to originals and completeness of all documents supplied to us as photocopies,
portable document format (PDF) copies, digital photographs, facsimile copies or e-mail conformed copies (including electronic copies or
electronic 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3</FONT></TD><TD STYLE="text-align: justify"><B>Drafts:</B> 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">2.4</FONT></TD><TD STYLE="text-align: justify"><B>Counsel's Certificates:</B> that each of the statements contained in the Counsel's Certificate and
the Historic Certificate (and in the schedules to each of the Counsel'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>

<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">2.5</FONT></TD><TD STYLE="text-align: justify"><B>Company Search and Winding-Up Enquiry:</B> that the information revealed by the Company Search and
the Winding up Enquiry was accurate, complete and up-to-date and included all relevant information which had been properly submitted to
the Registrar of Companies or the Central Registry of Winding-Up Petitions (as applicable), and no additional matters would have been
disclosed by searches or enquiries being carried out since the carrying out of the Company Search and the Winding up Enquiry;</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">2.6</FONT></TD><TD STYLE="text-align: justify"><B>Board Meeting:</B> that the meeting of the board of directors of the Company to authorise the 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,
the memorandum and articles of association of the Company in force as at the date of such meeting 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">2.7</FONT></TD><TD STYLE="text-align: justify"><B>Directors' Duties:</B> that the directors of the Company, in authorising the 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">2.8</FONT></TD><TD STYLE="text-align: justify"><B>Bad faith, fraud etc.</B>: that there has been no bad faith, fraud, coercion, duress or undue influence
on the part of any of the parties to the Documents and their respective directors, employees, agents and advisers;</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">2.9</FONT></TD><TD STYLE="text-align: justify"><B>Unknown Facts</B>: 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">2.10</FONT></TD><TD STYLE="text-align: justify"><B>Representations:</B> 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">2.11</FONT></TD><TD STYLE="text-align: justify"><B>Anti-terrorism, money laundering:</B> that the parties to the Documents have complied (and will continue
to comply) with all applicable anti-terrorism, anti-corruption, anti-money laundering, anti-tax evasion, other financial crime, 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">2.12</FONT></TD><TD STYLE="text-align: justify"><B>Secondary Legislation</B>: 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>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2319749d1_ex5-3img001.jpg" ALT=""></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.13</FONT></TD><TD STYLE="text-align: justify"><B>Authorisations: </B>(i)<B>&nbsp;</B>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; (ii)<B>&nbsp;</B>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">2.14</FONT></TD><TD STYLE="text-align: justify"><B>Pre-emption rights:</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">2.15</FONT></TD><TD STYLE="text-align: justify"><B>Filings under all laws: </B>that all consents, licences, approvals, notices, filings, recordations,
publications and registrations which are necessary under any applicable laws (other than the laws or regulations of England) in order
to permit the execution, delivery or 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>

<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="text-transform: uppercase">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>OPINION</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1</FONT></TD><TD STYLE="text-align: justify">Based on and relying solely upon the foregoing and the assumptions in paragraph <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>2
above and subject to the matters set out in paragraphs <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>4 and <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>5
below and excluding any matters not disclosed to us, we are of the opinion that 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>

<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">3.2</FONT></TD><TD STYLE="text-align: justify">For the purposes of this opinion, we have assumed that the term &quot;non-assessable&quot; 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.</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="text-transform: uppercase">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>QUALIFICATIONS</B></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; text-align: justify; text-indent: 0.5in">Our opinion 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD><TD STYLE="text-align: justify"><B>Company Search:</B> 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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</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>

<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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</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; 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 (the &quot;<B>Insolvency Act</B>&quot;) has been filed with the court;</P>

<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"><IMG SRC="tm2319749d1_ex5-3img001.jpg" ALT=""></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD><TD STYLE="text-align: justify"><B>Winding-Up Enquiry:</B> 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, and (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. 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 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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</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, 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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</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 of Winding-Up Petitions, 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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</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 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: 34.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</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>

<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">4.3</FONT></TD><TD STYLE="text-align: justify"><B>Jurisdiction:</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">4.4</FONT></TD><TD STYLE="text-align: justify"><B>Foreign Courts:</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' 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">4.5</FONT></TD><TD STYLE="text-align: justify"><B>Insolvency:</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' rights and remedies from time to time.</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="text-transform: uppercase">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>OBSERVATIONS</B></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 0pt 1in; text-align: justify; text-indent: -0.5in">We should also like
to make the following observations, it should be understood 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT></TD><TD STYLE="text-align: justify"><B>Factual Statements:</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 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>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2319749d1_ex5-3img001.jpg" ALT=""></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</FONT></TD><TD STYLE="text-align: justify"><B>Company Search:</B> we have not conducted any further searches since the date of the Company Search
and the Winding up Enquiry;</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">5.3</FONT></TD><TD STYLE="text-align: justify"><B>Enforceability:</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">5.4</FONT></TD><TD STYLE="text-align: justify"><B>Nature of Role:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.5</FONT></TD><TD STYLE="text-align: justify"><B>Operational Licences:</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>

<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="text-transform: uppercase">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>LIMITATIONS OF LIABILITY</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.1</FONT></TD><TD STYLE="text-align: justify">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.</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">6.2</FONT></TD><TD STYLE="text-align: justify">Your reliance on the matters addressed in this opinion letter is on the basis that any associated recourse
is against the firm's assets only and not against the personal assets of any individual partner. The firm's assets for this purpose consist
of all assets of the firm's business, including any right of indemnity of the firm or its partners under the firm's professional indemnity
insurance policies, but excluding any right to seek contribution or indemnity from or against any partner of the firm or person working
for the firm or similar right. The restrictions in the previous sentences apply to any claim, whether in contract, tort (including negligence)
for breach of statutory duty, or otherwise, but they do not apply in the case of our willful misconduct or fraud or where and to the extent
prohibited by applicable law and regulation (including without limitation, the rules&nbsp;of professional responsibility governing the
practice of law).</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">6.3</FONT></TD><TD STYLE="text-align: justify">This opinion is confined to matters of English law (including case law) as applied as at the date of this
opinion 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 laws of England as currently applied by 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">6.4</FONT></TD><TD STYLE="text-align: justify">We hereby consent to the use of our name in the Registration Statement and to the filing of this opinion
as Exhibit&nbsp;5.3 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.</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"><IMG SRC="tm2319749d1_ex5-3img001.jpg" ALT=""></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"><FONT STYLE="text-transform: uppercase">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BENEFIT OF OPINION</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1</FONT></TD><TD STYLE="text-align: justify">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 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 use of our name in the Registration Statement
on the basis stated in paragraph <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>6.4.</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="text-transform: uppercase">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>GOVERNING LAW AND JURISDICTION</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.1</FONT></TD><TD STYLE="text-align: justify">This opinion and any non-contractual obligations arising out of or in relation to this opinion are governed
by English law.</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">8.2</FONT></TD><TD STYLE="text-align: justify">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.</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">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/ Ashurst LLP</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"><B>Ashurst LLP</B></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">&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>

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<TYPE>EX-23.4
<SEQUENCE>5
<FILENAME>tm2319749d1_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 23.4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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">We hereby consent to the incorporation by reference in this joint Registration
Statement on Form&nbsp;S-8 of Carnival Corporation and Carnival plc of our report dated January&nbsp;27, 2023 relating to the financial
statements and the effectiveness of internal control over financial reporting, which appears in the 2022 Annual Report to Shareholders,
which is incorporated by reference in Carnival Corporation and Carnival plc&rsquo;s Annual Report on Form&nbsp;10-K for the year ended
November&nbsp;30, 2022.</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"><FONT STYLE="font-size: 10pt">/s/ PricewaterhouseCoopers LLP</FONT><BR>
Hallandale Beach, Florida<BR>
June&nbsp;28, 2023</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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<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>tm2319749d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;107.1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form&nbsp;S-8</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name of Registrant
as Specified in its Charter)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><U>Table 1: Newly
Registered Securities</U></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="border-right: Black 1pt solid; border-top: Black 2.5pt double; white-space: nowrap; padding-left: 2pt; font-size: 10pt; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR> Type</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-top: Black 2.5pt double; white-space: nowrap; padding-left: 2pt; text-align: center; font-size: 10pt; width: 36%"><FONT STYLE="font-size: 10pt"><B>Security<BR>
</B></FONT> <FONT STYLE="font-size: 10pt"><B>Class&nbsp;Title</B></FONT></TD>
<TD STYLE="border-top: Black 2.5pt double; white-space: nowrap; padding-left: 2pt; text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-size: 10pt"><B>Fee Calculation<BR>
</B></FONT> <FONT STYLE="font-size: 10pt"><B>Rule</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-top: Black 2.5pt double; border-left: Black 1pt solid; white-space: nowrap; padding-left: 2pt; text-align: center; font-size: 10pt; width: 8%"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
</B></FONT> <FONT STYLE="font-size: 10pt"><B>Registered</B></FONT></TD>
<TD STYLE="border-top: Black 2.5pt double; white-space: nowrap; padding-left: 2pt; text-align: center; font-size: 10pt; width: 11%"><FONT STYLE="font-size: 10pt"><B>Proposed</B></FONT> <FONT STYLE="font-size: 10pt"><B><BR>
Maximum</B></FONT> <FONT STYLE="font-size: 10pt"><B><BR>
Offering</B></FONT> <FONT STYLE="font-size: 10pt"><B><BR>
Price Per Share</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-top: Black 2.5pt double; border-left: Black 1pt solid; white-space: nowrap; padding-left: 2pt; text-align: center; font-size: 10pt; width: 7%"><FONT STYLE="font-size: 10pt"><B>Maximum</B></FONT> <FONT STYLE="font-size: 10pt"><B><BR>
Aggregate</B></FONT> <FONT STYLE="font-size: 10pt"><B><BR>
Offering</B></FONT> <FONT STYLE="font-size: 10pt"><B><BR>
Price</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-top: Black 2.5pt double; white-space: nowrap; padding-left: 2pt; font-size: 10pt; text-align: center; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee Rate</B></FONT></TD>
<TD STYLE="border-top: Black 2.5pt double; white-space: nowrap; padding-left: 2pt; text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
</B></FONT> <FONT STYLE="font-size: 10pt"><B>Registration Fee</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="border-right: Black 1pt solid; border-top: black 1pt solid; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carnival Corporation common stock, par value $0.01 per share, to be issued under the Carnival Corporation 2020 Stock Plan (1)</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457(c)&nbsp;and (h)</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,650,000(1)</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$14.47</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$313,275,500 (2)</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$110.20 per $1,000,000</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$34,522.96</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="border-right: Black 1pt solid; border-top: black 1pt solid; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carnival plc, special voting share, (pound) &pound;1.00 par value (3)</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457(c)&nbsp;and (h)</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.27 (4)</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.27 </FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$110.20 per $1,000,000</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">--(5)</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="border-right: Black 1pt solid; border-top: black 1pt solid; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust shares of beneficial interest in P&amp;O Princess Special Voting Trust (6)&nbsp;(7)</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,650,000 (8)</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A (9)</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
<TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: top; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$313,275,501.27 </FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$34,522.96</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
<TD COLSPAN="4" STYLE="border-top: black 1pt solid; vertical-align: top; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; border-top: black 1pt solid; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 2pt; border-top: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.00</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
<TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-left: 2pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding-left: 2pt; border-bottom: Black 2.5pt double; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; border-left: Black 1pt solid; padding-left: 2pt; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-left: 2pt; font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding-left: 2pt; border-bottom: Black 2.5pt double; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$34,522.96</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule&nbsp;416
    of the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;), this Registration Statement on Form&nbsp;S-8 also includes additional
    shares of Carnival Corporation common stock in respect of the securities identified in the above table that may become issuable as
    a result of adjustments for stock splits, stock dividends and similar transactions. </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for purposes
    of calculating the registration fee, pursuant to paragraphs (c)&nbsp;and (h)&nbsp;of Rule&nbsp;457 under the Securities Act, on the
    basis of the average of the high and low sale prices of the shares of common stock of Carnival Corporation on the New York Stock
    Exchange on June&nbsp;26, 2023, within five business days prior to filing.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents one special voting
    share of Carnival plc issued to the P&amp;O Princess Special Voting Trust in connection with the dual listed company transaction
    completed by Carnival plc and Carnival Corporation on April&nbsp;17, 2003.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on an exchange rate of
    US $1.27 = (pound) &pound;1.00 as of June&nbsp;26, 2023.</FONT></TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The filing fee with respect
    to this share is less than $0.01.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents trust shares of
    beneficial interest in the P&amp;O Princess Special Voting Trust.&nbsp;&nbsp;In connection with the dual listed company transaction,
    one trust share is paired with each share of Carnival Corporation common stock and is not transferable separately from the share
    of Carnival Corporation common stock.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon each issuance of shares
    of Carnival Corporation common stock in connection with the Carnival Corporation 2020 Stock Plan, participants will receive both
    shares of Carnival Corporation common stock and an equivalent number of trust shares (which represent a beneficial interest in the
    special voting share of Carnival plc).</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes an indeterminate number
    of trust shares that may be issuable as a result of adjustments for stock splits, stock dividends and similar transactions.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Participants in the Carnival
    Corporation 2020 Stock Plan will not pay any separate consideration in respect of the trust shares and Carnival plc will not receive
    any cash or other consideration in respect of the trust shares.&nbsp;&nbsp;Accordingly, no registration fee is payable in respect
    of the trust shares.</FONT></TD></TR>
  </TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
