<SEC-DOCUMENT>0001104659-25-123250.txt : 20251219
<SEC-HEADER>0001104659-25-123250.hdr.sgml : 20251219
<ACCEPTANCE-DATETIME>20251219165523
ACCESSION NUMBER:		0001104659-25-123250
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251219
DATE AS OF CHANGE:		20251219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARNIVAL PLC
		CENTRAL INDEX KEY:			0001125259
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15136
		FILM NUMBER:		251588263

	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>
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<DESCRIPTION>DEFA14A
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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>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
 WASHINGTON,
D.C. 20549</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>SCHEDULE 14A</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a)<BR>
of the Securities
Exchange Act of 1934<BR>
 (Amendment No.&nbsp;)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</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: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Preliminary Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Definitive Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Definitive Additional Materials</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD>Soliciting Material Pursuant
to &sect;240.14a-12</TD></TR>
  </TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Carnival
plc</B></FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name
of Registrant as Specified In Its Charter)</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">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Name
of Person(s)&nbsp;Filing Proxy Statement, if other than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Payment of Filing Fee (Check all boxes that apply):</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: 0.25in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD>No fee required</TD></TR>

<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Fee paid previously with preliminary materials</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Fee computed on table in exhibit required by Item 25(b)&nbsp;per
Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is an email sent on behalf of Bettina Deynes, Global Chief Human
Resources Officer of Carnival Corporation&nbsp;&amp; plc, to employees holding Carnival plc equity awards on December&nbsp;19, 2025.</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><U>Carnival plc Share Plan Equity Incentive
Program</U></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"><B>Subject: Important Update on Your Carnival plc Equity Incentive
Awards&mdash;What to Expect <I>(No Action Needed)</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">Dear Team Member,</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">As we shared during our quarterly earnings announcement, we are proposing
to simplify our existing Carnival Corporation&nbsp;&amp; plc dual listed company (DLC) arrangement and streamline our legal corporate
structure. Our goal: to move from two separate share listings trading at different prices in New York and London to <B>a single stock
listing </B>on the New York Stock Exchange (NYSE) under Carnival Corporation (with Carnival plc as its wholly owned UK subsidiary) and
<B>one share price globally.</B> We also propose to shift Carnival Corporation's legal incorporation from Panama to Bermuda, a jurisdiction
widely recognized and aligned with international financial standards.</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">I&rsquo;m reaching out regarding how this will affect your participation
in the <B>Carnival plc Equity Incentive Plan.</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"><B><U>What this means</U></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">These are legal changes that do not affect our core UK operations,
our commitment to the vital UK market, our UK team member roles or employment terms, or our significant corporate presence in Southampton,
which remains the home office of the P&amp;O Cruises and Cunard Cruises brands.</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">This change also does not affect the purpose of our equity incentive
program. That means <B>your equity incentives will remain intact</B>&mdash;no action is needed on your part.</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">Any outstanding awards <B>scheduled to vest prior to May&nbsp;2026
will vest as normal</B> and be settled in Carnival plc shares.</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><U>What to expect</U></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">Shareholders will be asked to vote on the proposals at shareholder
meetings planned for April&nbsp;2026. Once approved and on completion of the unification (expected in 2Q2026), Carnival plc will no longer
be a publicly traded company and will become a subsidiary of Carnival Corporation. As a result, after unification:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">All your <B>outstanding unvested Carnival plc restricted stock units</B>
(TBS and/or PBS RSUs) will convert on a one-for-one share exchange basis into Carnival Corporation TBS and PBS RSUs subject to the Carnival
Corporation 2020 Stock Plan.</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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>The company and our plan administrator will handle the conversion seamlessly.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>You&rsquo;ll have the same number of RSUs with the same vesting schedule and terms.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Following the exchange, EquatePlus will show your RSU and vested stock holdings as Carnival Corporation shares.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Going forward, you&rsquo;ll receive Carnival Corporation shares upon vesting and release.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Looking ahead, <B>future grants</B> (including the upcoming 2026 annual equity
award) will be made under the Carnival Corporation 2020 Stock Plan over Carnival Corporation shares.</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: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>For 2026 only, the annual grant&mdash;which typically occurs each April&mdash;will be delayed slightly to take place under the new
unified structure.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD>This shift does not affect the regular April&nbsp;vesting and release timing, nor does it affect future annual grant timing after
2Q2026.</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"><B><U>Why the change?</U></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">After unification, Carnival plc will no longer have publicly traded
shares, so we&rsquo;ll use Carnival Corporation shares for all our equity programs globally. This simplifies things and enables all equity
participants to benefit equally and fully from a single share price globally.</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">We couldn&rsquo;t succeed without you, and we&rsquo;re pleased to keep
recognizing your contributions. That&rsquo;s why our equity incentive plan continues unchanged in its purpose: rewarding achievement,
retaining top talent, and aligning our performance with driving shareholder value&mdash;just as before&mdash;but now under one global
share price and one unified plan.</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">For your convenience, we&rsquo;ve attached Qs&amp;As with information
about the unification and the Carnival plc Equity Incentive Plan. If you have any other questions about your equity grants, feel free
to reach out to the Carnival Corporation&nbsp;&amp; plc Global Equity team at [email]. For more about the unification, see our information
page&nbsp;on our corporate website CarnivalCorp.com/unify.</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">Thank you for your contributions, and for doing your part in driving
our collective success.</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">Sincerely,</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">Bettina Deynes<BR>
Global Chief Human Resources Officer<BR>
Carnival Corp.&nbsp;&amp; plc</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"><B><U>Carnival Corporation Unifies DLC Arrangement</U></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"><B>Q&amp;As: Carnival plc Share Plan Equity Incentive Program</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">On December&nbsp;19, 2025, Carnival Corporation&nbsp;&amp; plc announced
that our Boards of Directors recommend simplifying our existing Carnival Corporation&nbsp;&amp; plc dual listed company (DLC) arrangement
and streamlining our legal corporate structure. Our goal: to move from two separate share listings trading at different prices in New
York and London to <B>a single stock listing </B>on the New York Stock Exchange (NYSE) under Carnival Corporation (with Carnival plc as
its wholly owned UK subsidiary) and <B>one share price globally.</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">Unification will eliminate the different pricing between the two share
listings, simplify governance, reporting and administrative complexity, reduce costs and is expected to increase our company&rsquo;s weighting
in key U.S. stock indices. Together, these factors will strengthen our ability to deliver long-term shareholder value while preserving
our core business strategy and key shareholder voting and economic rights.</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 also propose to shift Carnival Corporation's legal incorporation
from Panama to Bermuda, a jurisdiction widely recognized and aligned with international financial standards.</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>Supporting Employee Share Programs</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">These are legal changes that do not affect our business fundamentals,
including our underlying assets and operations, Board composition, executive leadership team, team member roles or employment terms, or
our commitment to the vital UK market and our Southampton presence. It also does not affect the purpose of our employee equity programs<B>,
</B>which offer you the opportunity to build ownership in the company to participate directly in the business success you help drive.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Q:</B></TD><TD><B>What impact does this have on stock-based employee incentive plans?</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"><B>A:</B></TD><TD>The fundamental purpose of the company&rsquo;s employee stock-based incentive program will remain unchanged. The most visible change&mdash;particularly
if you&rsquo;ve previously received Carnival plc shares&mdash;is that following unification, all share awards will be shares in Carnival
Corporation (legally incorporated in Bermuda) rather than Carnival plc shares. All other aspects, including how the programs operate and
pay out in EquatePlus, as well as the timing and process for share vesting are expected to remain substantially the same.</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">For 2026 only, the annual grant&mdash;which typically occurs
each April&mdash;will be delayed slightly to take place under the new unified structure. This shift does not affect the regular April&nbsp;vesting
and release timing, nor does it affect future annual grant timing after 2Q2026.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Q:</B></TD><TD><B>Will anything change in how I access/view my equity incentive awards and related shares?</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"><B>A:</B></TD><TD>You may still access your shares&mdash;both vested and unvested&mdash;on EquatePlus, just like you do today. If you currently own
Carnival plc shares, they will be exchanged for Carnival Corporation shares on a one-for-one share basis following the unification and
legal incorporation in Bermuda effective date (expected to be in 2Q2026). If you own Carnival Corporation shares, you will continue to
hold your existing shares.</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>Q:</B></TD><TD><B>How will this impact outstanding unvested equity awards under the Carnival plc 2024 Employee Share Plan?</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"><B>A:</B></TD><TD>Any outstanding unvested Carnival plc equity awards scheduled to vest prior to the unification and legal incorporation in Bermuda
becoming effective (expected to be in 2Q2026) will be settled in Carnival plc shares.</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">Following the unification, any outstanding unvested equity
awards under the Carnival plc 2024 Employee Share Plan will be replaced with awards and grant agreements under the Carnival Corporation
2020 Stock Plan on an equivalent basis (one-for-one share unit exchange basis). The type of awards, number of units, timing of vesting
and other terms won&rsquo;t change. The only difference will be that shares will be settled in Carnival Corporation shares upon release.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Q:</B></TD><TD><B>How will new equity incentive awards be handled going forward?</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"><B>A:</B></TD><TD>Very little will change. The fundamental purpose of the company&rsquo;s employee stock-based incentive program will remain the same.
The most visible change&mdash;particularly if you&rsquo;ve previously received Carnival plc shares&mdash;is that following unification,
all share awards will be shares in Carnival Corporation (legally incorporated in Bermuda) rather than Carnival plc shares. All other aspects,
including how the programs operate and pay out in EquatePlus, as well as the timing and process for share vesting are expected to remain
substantially the same.</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">For 2026 only, the annual grant&mdash;which typically occurs
each April&mdash;will be delayed slightly to take place under the new unified structure. This shift does not affect the regular April&nbsp;vesting
and release timing, nor does it affect future annual grant timing after 2Q2026.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Q:</B></TD><TD><B>Will team members who are currently eligible to participate in equity incentive award programs still be able to participate following
the unification?</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"><B>A:</B></TD><TD>No changes to eligibility are expected as a result of unification.</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>Q:</B></TD><TD><B>What actions do equity incentive program participants need to take?</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"><B>A:</B></TD><TD>No action is needed by <B><U>equity incentive program</U></B> participants.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">For outstanding Carnival Corporation grants, nothing changes.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Outstanding Carnival plc grants will be replaced with Carnival Corporation
grants following the unification and legal incorporation in Bermuda becoming effective.</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: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD>Your HR team and the administrator will fully manage the process for you.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD>There is no cost to you for the exchange.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">For more information contact the Carnival Corporation&nbsp;&amp; plc Global
Equity team at [email].</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"><B>Q:</B></TD><TD><B>Why will the share price be based in USD following the unification, and how does that&nbsp;impact&nbsp;team members outside the
U.S. who&nbsp;participate&nbsp;in equity-based incentive and benefits programs?</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"><B>A:</B></TD><TD>Following the unification, Carnival Corporation&nbsp;&amp; plc will have one global share listed on the New York Stock Exchange, which&nbsp;operates&nbsp;in
U.S. dollars. As a result, all equity-based employee programs will be denominated in USD. This is standard practice for global companies
whose shares trade on a U.S. exchange. Currency conversions will occur using the prevailing exchange rate at the time of each transaction.
Exchange rates fluctuate, so sometimes the conversion may be favorable and other times less favorable. This variability is a normal aspect
of&nbsp;participating&nbsp;in global equity programs tied to a U.S.-listed stock. Our goal is to ensure all eligible employees&nbsp;share
in&nbsp;the long-term success of the company, and currency conversion is an inherent part of that process.</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>Q:</B></TD><TD><B>How&nbsp;will my 2026 and future TBS and PBS target monetary values that I see on my Compensation Statement be converted and&nbsp;allocated&nbsp;into
units/shares if I am paid in a non-U.S. currency?</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">A:</TD><TD>Your&nbsp;grant value will be converted to USD using the exchange rate on the grant date, then divided by the designated share allocation
price and rounded down to the nearest whole share to&nbsp;determine&nbsp;the number of units granted to you. The number of units you receive
at grant will reflect the full value that was communicated to you. For example, if the value communicated was &pound;10,000,&nbsp;you&rsquo;ll&nbsp;receive&nbsp;a
number of&nbsp;units worth &pound;10,000 converted into USD for the calculation. Any&nbsp;currency exchange rate&nbsp;movement&nbsp;only
matters at the time you sell, not at the time of grant.</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>Q:</B></TD><TD><B>When&nbsp;I sell my&nbsp;NYSE: CCL&nbsp;shares through&nbsp;EquatePlus&nbsp;in the future, how will I receive my sale proceeds
in my local currency?</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">A:</TD><TD>EquatePlus&nbsp;automatically converts sale proceeds into the currency of your bank account that you link&nbsp;in&nbsp;EquatePlus.
For example, if your bank account is in GBP,&nbsp;proceeds&nbsp;from selling USD-denominated shares will be converted to GBP at the wholesale
exchange rate (minus the FX spread/fee) and deposited into that account. If you prefer to receive proceeds in USD, you must register a
USD-denominated bank account in&nbsp;EquatePlus. Additionally, you can select a preferred currency in&nbsp;EquatePlus&nbsp;so that you
can view your estimated gross holdings at any time in your local currency.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Q:</B></TD><TD><B>How are dividends handled for&nbsp;NYSE: CCL&nbsp;shares owned outright in&nbsp;EquatePlus?</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">A:</TD><TD>Dividends&nbsp;on shares you own outright in&nbsp;EquatePlus&nbsp;are automatically reinvested through a Dividend Reinvestment Plan
(DRIP) on the official payment date. That means that the dividend is used to&nbsp;purchase&nbsp;additional&nbsp;NYSE: CCL&nbsp;shares.
Fractional shares are allowed in this case, so your entire dividend amount is used to&nbsp;acquire&nbsp;additional&nbsp;shares, which
will appear in your&nbsp;EquatePlus&nbsp;portfolio. Note that this is the same dividend process that is currently used for&nbsp;NYSE:
CCL&nbsp;shares as well as&nbsp;LSE: CCL&nbsp;shares held in&nbsp;EquatePlus. There is no&nbsp;option&nbsp;in&nbsp;EquatePlus&nbsp;to
receive cash dividends.</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>Q:</B></TD><TD><B>Where may I get more information about how unification affects employee shareholders?</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"><B>A:</B></TD><TD>Additional details will be included in the shareholder materials that are expected to be filed with the U.S. Securities and Exchange
Commission (SEC) and made available to all Carnival Corporation and Carnival plc shareholders&mdash;including employee shareholders&mdash;in
February&nbsp;2026. You may also visit CarnivalCorp.com/unify or the Investor Relations section of Carnivalplc.com.</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">You may also contact your own tax and financial advisors
for more information.</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"><B>Important Information for Investors and Stockholders</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: left">In connection with the proposed unification and
redomiciliation transactions, Carnival Corporation plans to file with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) a Registration
Statement on Form&nbsp;S-4, containing a Proxy Statement/Prospectus relating to the proposed transactions (collectively, the &ldquo;Proxy
Statement&rdquo;), and Carnival plc plans to file the Proxy Statement with the SEC. Investors and securityholders of Carnival Corporation
and Carnival plc are urged to read the Registration Statement, the Proxy Statement and any other relevant documents filed with the SEC
when they are available, because they contain, or will contain, important information about Carnival Corporation and Carnival plc, the
proposed transactions and related matters. The final Proxy Statement will be mailed to shareholders of Carnival Corporation and Carnival
plc. Investors and securityholders of Carnival Corporation and Carnival plc will be able to obtain copies of the Registration Statement
and the Proxy Statement, when they become available, as well as other filings with the SEC that will be incorporated by reference into
such documents, containing information about Carnival Corporation and Carnival plc, without charge, at the SEC&rsquo;s website (http://www.sec.gov).
The release, publication or distribution of this communication in certain jurisdictions may be restricted by law and therefore persons
in such jurisdictions into which this communication is released, published or distributed should inform themselves about and observe such
restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction.</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>No Offer or Solicitation</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: left">This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements
of Section&nbsp;10 of the Securities Act of 1933, as amended. This communication shall not constitute or form the basis of, and should
not be relied on in connection with, any contract or investment decision in relation to the securities of Carnival Corporation or Carnival
plc or any other entity.</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>Participants in the Solicitation</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: left">Carnival Corporation, Carnival plc and their respective
directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of
proxies from Carnival Corporation&rsquo;s and Carnival plc&rsquo;s shareholders in respect of the proposed transactions under the rules&nbsp;of
the SEC. Information regarding Carnival Corporation&rsquo;s and Carnival plc&rsquo;s directors and executive officers is available in
Carnival Corporation&rsquo;s and Carnival plc&rsquo;s joint Annual Report on Form&nbsp;10-K for the year ended November&nbsp;30, 2024
and Carnival Corporation&rsquo;s and Carnival plc&rsquo;s joint proxy statement, dated February&nbsp;28, 2025, for its 2025 annual meeting
of stockholders, which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in
the holdings of Carnival Corporation&rsquo;s securities by Carnival Corporation&rsquo;s directors or executive officers or Carnival plc&rsquo;s
securities by Carnival plc&rsquo;s directors or executive officers from the amounts described in Carnival Corporation&rsquo;s and Carnival
plc&rsquo;s 2025 joint proxy statement have been reflected in Statements of Change in Ownership on Form&nbsp;4 filed with the SEC subsequent
to the filing date of Carnival Corporation&rsquo;s and Carnival plc&rsquo;s 2025 joint proxy statement and are available at the SEC&rsquo;s
website at www.sec.gov. Additional information regarding the interests of such participants will be included in the Registration Statement,
the Proxy Statement and other relevant materials to be filed with the SEC when they become available.</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>Cautionary Statement Regarding Forward-Looking Information</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: left">This communication contains statements herein
regarding the proposed unification and redomiciliation transactions, future financial and operating results, benefits of the transactions
and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934.
All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified
by the use of words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;should,&rdquo;
 &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and, in each case, their negative or other various or comparable terminology.
Such forward-looking statements are based upon current beliefs, expectations and discussions related to the proposed unification and redomiciliation
transactions and are subject to significant risks and uncertainties that could cause actual results to differ materially from the results
expressed in such statements. There are a number of important factors that could cause actual results or events to differ materially from
those indicated by such forward looking statements, including: the ability to obtain governmental and court approvals of the transactions
on the proposed terms and schedule, the failure of Carnival Corporation and Carnival plc shareholders to approve the transactions, the
effects of industry, market, economic, political or regulatory conditions outside of the parties&rsquo; control and the parties&rsquo;
ability to achieve the benefits from the proposed transactions. Additional factors that may affect future results are contained in Carnival
Corporation&rsquo;s and Carnival plc&rsquo;s filings with the SEC, including Carnival Corporation&rsquo;s and Carnival plc&rsquo;s most
recent joint Annual Report on Form&nbsp;10-K, as it may be updated from time to time by quarterly reports on Form&nbsp;10-Q and current
reports on Form&nbsp;8-K, all of which are available at the SEC&rsquo;s website http://www.sec.gov. The information set forth herein speaks
only as of the date hereof, and, except to the extent legally required, any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date hereof is hereby disclaimed.</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>

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