Carnival Corp Ltd S-3ASR, filed Sep 29, 2026

Carnival Corp Ltd. (CCL)

S-3ASR 2026-09-29

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Exact Name of Registrant as Specified in its Charter			State or Other Jurisdiction of Incorporation or Organization			I.R.S. Employer Identification No.
Carnival UK Ltd.(1)			England and Wales			98-0357772

	ABOUT THIS PROSPECTUS					ii
	WHERE YOU CAN FIND MORE INFORMATION					ii
	INCORPORATION BY REFERENCE					ii
	THE COMPANY					1
	RISK FACTORS					2
	FORWARD-LOOKING STATEMENTS					3
	USE OF PROCEEDS					4
	DESCRIPTION OF DEBT SECURITIES					5
	DESCRIPTION OF WARRANTS					18
	DESCRIPTION OF SHARE CAPITAL					21
	DESCRIPTION OF PURCHASE CONTRACTS					29
	DESCRIPTION OF UNITS					30
	PLAN OF DISTRIBUTION					31
	LEGAL MATTERS					31
	EXPERTS					31

SEC Registration Fee	$	(1)
Accounting Fees and Expenses		(2)
Legal Fees and Expenses		(2)
Printing and Engraving Expenses		(2)
Fees and Expenses of Trustee and Counsel		(2)
Miscellaneous Fees and Expenses		(2)
Total	$	(2)

	1.1*			Form of Underwriting Agreement.
	3.1			Memorandum of Continuance of Carnival Corporation Ltd. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed on May 7, 2026).
	3.2			Bye-Laws of Carnival Corporation Ltd. (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K, filed on May 7, 2026).
	3.3			Articles of Association of Carnival UK Ltd.
	4.1			Form of Senior Indenture between Carnival Corporation Ltd., Carnival UK Ltd. and the Senior Trustee relating to the Senior Debt Securities.
	4.2			Form of Subordinated Indenture between Carnival Corporation Ltd., Carnival UK Ltd. and the Subordinated Trustee relating to the Subordinated Debt Securities.
	4.3			Form of Senior Debt Security (included in Exhibit 4.1).
	4.4			Form of Subordinated Debt Security (included in Exhibit 4.2).
	4.5*			Form of Warrant Agreement.
	4.6*			Form of Purchase Contract Agreement.
	4.7*			Form of Unit Agreement.
	5.1			Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP.
	5.2			Opinion of Conyers Dill & Pearman Limited.
	5.3			Opinion of Ashurst Perkins Coie UK LLP.
	23.1			Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.
	23.2			Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm.
	23.3			Consent of Paul, Weiss, Rifkind, Wharton & Garrison LLP (included in Exhibit 5.1).
	23.4			Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.2).
	23.5			Consent of Ashurst Perkins Coie UK LLP (included in Exhibit 5.3).
	24.1			Powers of Attorney (included on signature pages).
	25.1			Statement of Eligibility under the Trust Indenture Act of 1939 on Form T-1 of the Senior Trustee to act as Trustee under the Senior Indenture.
	25.2			Statement of Eligibility under the Trust Indenture Act of 1939 on Form T-1 of the Subordinated Trustee to act as Trustee under the Subordinated Indenture.
	107			Filing Fee Table.

	CARNIVAL CORPORATION LTD.			CARNIVAL UK LTD.
	By: /s/ Josh Weinstein Name: Josh Weinstein Title: Chief Executive Officer and Director			By: /s/ Josh Weinstein Name: Josh Weinstein Title: Director

	CARNIVAL CORPORATION LTD.			CARNIVAL UK LTD.
	/s/ Josh Weinstein Josh Weinstein Chief Executive Officer and Director (Principal Executive Officer)			/s/ Josh Weinstein Josh Weinstein Director and Authorized Representative in the United States (Principal Executive Officer)
	/s/ David Bernstein David Bernstein Chief Financial Officer and Chief Accounting Officer (Principal Financial and Principal Accounting Officer)			/s/ David Bernstein David Bernstein Chief Financial Officer and Chief Accounting Officer, Carnival Corporation Ltd. (Principal Financial and Principal Accounting Officer)
	/s/ Micky Arison Micky Arison Chair of the Board of Directors			/s/ Lars Ljoen Lars Ljoen Director

	/s/ Sir Jonathon Band Sir Jonathon Band Director			/s/ Paul Ludlow Paul Ludlow Director
	/s/ Jason Glen Cahilly Jason Glen Cahilly Director
	/s/ Nelda J. Connors Nelda J. Connors Director
	/s/ Helen Deeble Helen Deeble Director
	/s/ Jeffrey J. Gearhart Jeffrey J. Gearhart Director
	/s/ Katie Lahey Katie Lahey Director
	/s/ Stuart Subotnick Stuart Subotnick Director
	/s/ Laura Weil Laura Weil Director
	/s/ Randall J. Weisenburger Randall J. Weisenburger Director

PRELIMINARY		1
1.	Exclusion of Model Articles and Table A	1
2.	Definitions and interpretation	1
3.	Liability of members	3
DIRECTORS’ POWERS AND RESPONSIBILITIES		3
4.	Directors’ general authority	3
5.	Shareholders’ reserve power	3
6.	Directors may delegate	3
7.	Committees	3
DECISION-MAKING BY DIRECTORS		4
8.	Directors to take decisions collectively	4
9.	Unanimous decisions	4
10.	Calling a directors’ meeting	4
11.	Participation in directors’ meetings	4
12.	Quorum for directors’ meetings	5
13.	Chairing of directors’ meetings	5
14.	No casting vote	5
15.	Directors’ interests	5
16.	Directors’ conflicts	6
17.	Records of decisions to be kept	7
18.	Directors’ discretion to make further rules	7
19.	Change of name	7
APPOINTMENT AND REMOVAL OF DIRECTORS		8
20.	Methods of appointing directors	8
21.	Termination of director’s appointment	8
22.	Appointment and removal by shareholders	8
23.	Alternate directors	9
24.	Directors’ remuneration	10
25.	Directors’ expenses	10
26.	Company Secretary	11
SHARES		11
27.	All shares to be fully paid up	11
28.	Allotment of shares	11
29.	Powers to issue different classes of share	11

30.	Payment of commissions on subscription for shares	11
31.	Company not bound by less than absolute interests	11
32.	Share certificates	11
33.	Replacement share certificates	12
34.	Share transfers	12
35.	Transmission of shares	13
36.	Exercise of transmittees’ rights	13
37.	Transmittees bound by prior notices	13
SHARE RIGHTS		14
38.	Subscriber shares	14
39.	P&O Princess Special Voting Share	14
40.	Redeemable Preference Shares	14
41.	Ranking of shares for dividends	16
42.	Variation of rights	16
DIVIDENDS AND OTHER DISTRIBUTIONS		17
43.	Procedure for declaring dividends	17
44.	Payment of dividends and other distributions	18
45.	No interest on distributions	18
46.	Unclaimed distributions	18
47.	Non-cash distributions	19
48.	Waiver of distributions	19
CAPITALISATION OF PROFITS		19
49.	Authority to capitalise and appropriation of capitalised sums	19
ORGANISATION OF GENERAL MEETINGS		20
50.	Attendance and speaking at general meetings	20
51.	Quorum for general meetings	20
52.	Chairing general meetings	21
53.	Attendance and speaking by directors and non-shareholders	21
54.	Adjournment	21
VOTING AT GENERAL MEETINGS		22
55.	Voting: general	22
56.	Errors and disputes	22
57.	Poll votes	22
58.	Content of proxy notices	23
59.	Delivery of proxy notices	23
60.	Amendments to resolutions	24
ADMINISTRATIVE ARRANGEMENTS		24
61.	Means of communication to be used	24

62.	Deemed delivery of documents and information	24
63.	Company seals	25
64.	No right to inspect accounts and other records	25
65.	Provision for employees on cessation of business	25
DIRECTORS’ INDEMNITY AND INSURANCE		26
66.	Indemnity and benefits	26
SCHEME OF ARRANGEMENT		27
67.	Scheme of Arrangement	27

	SECTIONS OF INDENTURE
310(a)(1)(2)	6.9
(3)(4)	Inapplicable
(5)	6.9
310(b)	6.8 and 6.10
(b)(1)(A)(C)	Inapplicable
310(c)	Inapplicable
311(a)(b)	6.13 and 7.3
(c)	Inapplicable
313(a)(1)(2)(3)(4)(5)(7)	7.3
(6)	Inapplicable
(b)(1)	Inapplicable
(2)	7.3
(c)(d)	7.3
314(a)	7.4
(b)	Inapplicable
(c)(1)(2)	1.2
(3)	Inapplicable
(d)	Inapplicable
(e)	1.2
315(a)(c)(d)	6.1
(b)	6.2
(e)	5.14
316(a)(1)	5.12 and 5.13
(2)	Inapplicable
(b)	5.8
(c)	5.15
317(a)	5.3 and 5.4
(b)	10.3
318(a)(c)	1.5
(b)	Inapplicable

		Page

ARTICLE I.	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
Section 1.1	Certain Terms Defined	1
Section 1.2	Compliance Certificates and Opinions	7
Section 1.3	Form of Documents Delivered to Trustee	7
Section 1.4	Acts of Holders; Record Dates	8
Section 1.5	Conflict with Trust Indenture Act	9
Section 1.6	Effect of Headings and Table of Contents	9
Section 1.7	Separability Clause	9
Section 1.8	Benefits of Indenture	9
Section 1.9	Legal Holidays	9
Section 1.10	Judgment Currency	9
Section 1.11	No Adverse Interpretation of Other Agreements	10

ARTICLE II.	SECURITY FORMS	10
Section 2.1	Forms Generally	10
Section 2.2	Form of Face of Security	10
Section 2.3	Form of Reverse of Security	11
Section 2.4	Form of Trustee’s Certificate of Authentication	15
Section 2.5	Securities Issuable in the Form of a Global Security	15

ARTICLE III.	THE SECURITIES	16
Section 3.1	Amount Unlimited; Issuable in Series	16
Section 3.2	Denominations	19
Section 3.3	Execution, Authentication, Delivery and Dating	19
Section 3.4	Temporary Securities	20
Section 3.5	Registration; Registration of Transfer and Exchange	20
Section 3.6	Mutilated, Destroyed, Lost or Stolen Securities	21
Section 3.7	Payment of Interest; Interest Rights Preserved	22
Section 3.8	Holders Deemed Owners	23
Section 3.9	Cancellation	23
Section 3.10	Computation of Interest	23
Section 3.11	CUSIP, ISIN and Common Codes	23

ARTICLE IV.	SATISFACTION AND DISCHARGE; DEFEASANCE	23
Section 4.1	Satisfaction and Discharge of Indenture	23
Section 4.2	Application of Trust Money	24
Section 4.3	Defeasance Upon Deposit of Funds or Government Obligations	25
Section 4.4	Reinstatement	26
Section 4.5	Repayment of Moneys Held by Trustee	26

ARTICLE V.	REMEDIES	27
Section 5.1	Events of Default	27
Section 5.2	Acceleration of Maturity; Rescission and Annulment	28
Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	29
Section 5.4	Trustee May File Proofs of Claim	29
Section 5.5	Trustee May Enforce Claims Without Possession of Securities	30
Section 5.6	Application of Money Collected	30
Section 5.7	Limitation on Suits	30
Section 5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest	31
Section 5.9	Restoration of Rights and Remedies	31

		Page

Section 5.10	Rights and Remedies Cumulative	31
Section 5.11	Delay or Omission Not Waiver	31
Section 5.12	Control by Holders	31
Section 5.13	Waiver of Past Defaults	32
Section 5.14	Undertaking for Costs	32
Section 5.15	Waiver of Stay or Extension Laws	32

ARTICLE VI.	THE TRUSTEE	32
Section 6.1	Certain Duties and Responsibilities	32
Section 6.2	Notice of Defaults	33
Section 6.3	Certain Rights of Trustee	34
Section 6.4	Trustee Not Responsible for Recitals in Indenture or in Securities	35
Section 6.5	May Hold Securities	35
Section 6.6	Money Held in Trust	35
Section 6.7	Compensation and Reimbursement	35
Section 6.8	Disqualification; Conflicting Interest	36
Section 6.9	Corporate Trustee Required; Eligibility	40
Section 6.10	Resignation and Removal; Appointment of Successor	41
Section 6.11	Acceptance of Appointment by Successor	42
Section 6.12	Merger, Conversion, Consolidation or Succession to Business	43
Section 6.13	Preferential Collection of Claims Against Company	43

ARTICLE VII.	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	46
Section 7.1	Company to Furnish Trustee Information as to Names and Addresses of Holders	46
Section 7.2	Preservation of Information; Communications to Holders	46
Section 7.3	Reports by Trustee	47
Section 7.4	Reports by Company	48

ARTICLE VIII.	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	48
Section 8.1	Consolidations and Mergers of Company and Guarantor Permitted Subject to Certain Conditions	48
Section 8.2	Rights and Duties of Successor Person	49
Section 8.3	Guarantor Limitation	49

ARTICLE IX.	SUPPLEMENTAL INDENTURES	49
Section 9.1	Supplemental Indentures Without Consent of Holders	49
Section 9.2	Supplemental Indentures with Consent of Holders	51
Section 9.3	Execution of Supplemental Indentures	51
Section 9.4	Effect of Supplemental Indentures	51
Section 9.5	Reference in Securities to Supplemental Indentures	52

ARTICLE X.	PARTICULAR COVENANTS OF THE COMPANY	52
Section 10.1	Payment of Principal, Premium and Interest	52
Section 10.2	Maintenance of Office or Agency	52
Section 10.3	Money for Securities Payments to be Held in Trust	52
Section 10.4	Statement by Officers as to Default	53
Section 10.5	Additional Amounts	53

ARTICLE XI.	REDEMPTION OF SECURITIES	56
Section 11.1	Applicability of Article	56
Section 11.2	Election to Redeem; Notice to Trustee	56
Section 11.3	Selection by Trustee of Securities to be Redeemed	56
Section 11.4	Notice of Redemption	56
Section 11.5	Deposit of Redemption Price	57
Section 11.6	Securities Payable on Redemption Date	57

		Page

Section 11.7	Securities Redeemed in Part	57
Section 11.8	Optional Redemption or Assumption of Securities Under Certain Circumstances	58
Section 11.9	Rescission of Redemption	59

ARTICLE XII.	REPAYMENT AT OPTION OF HOLDERS	60
Section 12.1	Applicability of Article	60
Section 12.2	Repayment of Securities	60
Section 12.3	Exercise of Option	60
Section 12.4	When Securities Presented for Repayment Become Due and Payable	60
Section 12.5	Securities Repaid in Part	60

ARTICLE XIII.	SINKING FUNDS	61
Section 13.1	Applicability of Article	61
Section 13.2	Satisfaction of Sinking Fund Payments with Securities	61
Section 13.3	Redemption of Securities for Sinking Fund	61

ARTICLE XIV.	IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES	62
Section 14.1	Exemption From Individual Liability	62

ARTICLE XV.	GUARANTEES	62
Section 15.1	Guarantees	62
Section 15.2	Guarantor Gross-up	63

ARTICLE XVI.	MISCELLANEOUS PROVISIONS	66
Section 16.1	Successors and Assigns of Company or Guarantor Bound by Indenture	66
Section 16.2	Acts of Board, Committee or Officer of Successor Person Valid	66
Section 16.3	Required Notices or Demands	66
Section 16.4	Indenture and Securities to be Construed in Accordance with the Laws of the State of New York	66
Section 16.5	Indenture may be Executed in Counterparts	66

YEAR		REDEMPTION PRICE		YEAR		REDEMPTION PRICE

YEAR		REDEMPTION PRICE FOR REDEMPTION THROUGH OPERATION OF THE SINKING FUND		REDEMPTION PRICE FOR REDEMPTION OTHERWISE THAN THROUGH OPERATION OF THE SINKING FUND

	CARNIVAL CORPORATION LTD.

	By:
		Name:
		Title:

	CARNIVAL UK LTD.

	By:
		Name:
		Title:

	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

	By:
		Name:
		Title:

	SECTIONS OF INDENTURE
310(a)(1)(2)	6.9
(3)(4)	Inapplicable
(5)	6.9
310(b)	6.8 and 6.10
(b)(1)(A)(C)	Inapplicable
310(c)	Inapplicable
311(a)(b)	6.13 and 7.3
(c)	Inapplicable
313(a)(1)(2)(3)(4)(5)(7)	7.3
(6)	Inapplicable
(b)(1)	Inapplicable
(2)	7.3
(c)(d)	7.3
314(a)	7.4
(b)	Inapplicable
(c)(1)(2)	1.2
(3)	Inapplicable
(d)	Inapplicable
(e)	1.2
315(a)(c)(d)	6.1
(b)	6.2
(e)	5.14
316(a)(1)	5.12 and 5.13
(2)	Inapplicable
(b)	5.8
(c)	5.15
317(a)	5.3 and 5.4
(b)	10.3
318(a)(c)	1.5
(b)	Inapplicable

		Page

ARTICLE I. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION		1
Section 1.1.	Certain Terms Defined	1
Section 1.2.	Compliance Certificates and Opinions	7
Section 1.3.	Form of Documents Delivered to Trustee	8
Section 1.4.	Acts of Holders; Record Dates	8
Section 1.5.	Conflict with Trust Indenture Act	9
Section 1.6.	Effect of Headings and Table of Contents	9
Section 1.7.	Separability Clause	9
Section 1.8.	Benefits of Indenture	9
Section 1.9.	Legal Holidays	9
Section 1.10.	Judgment Currency	9
Section 1.11.	No Adverse Interpretation of Other Agreements	10

ARTICLE II. SECURITY FORMS		10
Section 2.1.	Forms Generally	10
Section 2.2.	Form of Face of Security	10
Section 2.3.	Form of Reverse of Security	11
Section 2.4.	Form of Trustee’s Certificate of Authentication	15
Section 2.5.	Securities Issuable in the Form of a Global Security	15

ARTICLE III. THE SECURITIES		16
Section 3.1.	Amount Unlimited; Issuable in Series	16
Section 3.2.	Denominations	19
Section 3.3.	Execution, Authentication, Delivery and Dating	19
Section 3.4.	Temporary Securities	20
Section 3.5.	Registration; Registration of Transfer and Exchange	20
Section 3.6.	Mutilated, Destroyed, Lost or Stolen Securities	21
Section 3.7.	Payment of Interest; Interest Rights Preserved	22
Section 3.8.	Holders Deemed Owners	23
Section 3.9.	Cancellation	23
Section 3.10.	Computation of Interest	23
Section 3.11.	CUSIP, ISIN and Common Codes	23

ARTICLE IV. SATISFACTION AND DISCHARGE; DEFEASANCE		23
Section 4.1.	Satisfaction and Discharge of Indenture	23
Section 4.2.	Application of Trust Money	24
Section 4.3.	Defeasance Upon Deposit of Funds or Government Obligations	25
Section 4.4.	Reinstatement	26
Section 4.5.	Repayment of Moneys Held by Trustee	26

ARTICLE V. REMEDIES		27
Section 5.1.	Events of Default	27
Section 5.2.	Acceleration of Maturity; Rescission and Annulment	28
Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	29
Section 5.4.	Trustee May File Proofs of Claim	29
Section 5.5.	Trustee May Enforce Claims Without Possession of Securities	30
Section 5.6.	Application of Money Collected	30
Section 5.7.	Limitation on Suits	30
Section 5.8.	Unconditional Right of Holders to Receive Principal, Premium and Interest	31
Section 5.9.	Restoration of Rights and Remedies	31
Section 5.10.	Rights and Remedies Cumulative	31

		Page

Section 5.11.	Delay or Omission Not Waiver	31
Section 5.12.	Control by Holders	31
Section 5.13.	Waiver of Past Defaults	32
Section 5.14.	Undertaking for Costs	32
Section 5.15.	Waiver of Stay or Extension Laws	32

ARTICLE VI. THE TRUSTEE		32
Section 6.1.	Certain Duties and Responsibilities	32
Section 6.2.	Notice of Defaults	33
Section 6.3.	Certain Rights of Trustee	33
Section 6.4.	Trustee Not Responsible for Recitals in Indenture or in Securities	35
Section 6.5.	May Hold Securities	35
Section 6.6.	Money Held in Trust	35
Section 6.7.	Compensation and Reimbursement	35
Section 6.8.	Disqualification; Conflicting Interest	36
Section 6.9.	Corporate Trustee Required; Eligibility	40
Section 6.10.	Resignation and Removal; Appointment of Successor	40
Section 6.11.	Acceptance of Appointment by Successor	42
Section 6.12.	Merger, Conversion, Consolidation or Succession to Business	43
Section 6.13.	Preferential Collection of Claims Against Company	43

ARTICLE VII. HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY		45
Section 7.1.	Company to Furnish Trustee Information as to Names and Addresses of Holders	45
Section 7.2.	Preservation of Information; Communications to Holders	46
Section 7.3.	Reports by Trustee	47
Section 7.4.	Reports by Company	48

ARTICLE VIII. CONSOLIDATION, MERGER, SALE OR CONVEYANCE		48
Section 8.1.	Consolidations and Mergers of Company and Guarantor Permitted Subject to Certain Conditions	48
Section 8.2.	Rights and Duties of Successor Person	49
Section 8.3.	Guarantor Limitation	49

ARTICLE IX. SUPPLEMENTAL INDENTURES		50
Section 9.1.	Supplemental Indentures Without Consent of Holders	50
Section 9.2.	Supplemental Indentures with Consent of Holders	51
Section 9.3.	Execution of Supplemental Indentures	52
Section 9.4.	Effect of Supplemental Indentures	52
Section 9.5.	Reference in Securities to Supplemental Indentures	52

ARTICLE X. PARTICULAR COVENANTS OF THE COMPANY		52
Section 10.1.	Payment of Principal, Premium and Interest	52
Section 10.2.	Maintenance of Office or Agency	52
Section 10.3.	Money for Securities Payments to be Held in Trust	53
Section 10.4.	Statement by Officers as to Default	53
Section 10.5.	Additional Amounts	54

ARTICLE XI. REDEMPTION OF SECURITIES		56
Section 11.1.	Applicability of Article	56
Section 11.2.	Election to Redeem; Notice to Trustee	56
Section 11.3.	Selection by Trustee of Securities to be Redeemed	56
Section 11.4.	Notice of Redemption	57
Section 11.5.	Deposit of Redemption Price	57
Section 11.6.	Securities Payable on Redemption Date	57
Section 11.7.	Securities Redeemed in Part	58

Section 11.8.	Optional Redemption or Assumption of Securities Under Certain Circumstances	58
Section 11.9.	Rescission of Redemption	60

ARTICLE XII. REPAYMENT AT OPTION OF HOLDERS		60
Section 12.1.	Applicability of Article	60
Section 12.2.	Repayment of Securities	60
Section 12.3.	Exercise of Option	60
Section 12.4.	When Securities Presented for Repayment Become Due and Payable	61
Section 12.5.	Securities Repaid in Part	61

ARTICLE XIII. SINKING FUNDS		61
Section 13.1.	Applicability of Article	61
Section 13.2.	Satisfaction of Sinking Fund Payments with Securities	61
Section 13.3.	Redemption of Securities for Sinking Fund	61

ARTICLE XIV. IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES		62
Section 14.1.	Exemption From Individual Liability	62

ARTICLE XV. SUBORDINATION		62
Section 15.1.	Agreement to Subordinate	62
Section 15.2.	Liquidation; Dissolution; Bankruptcy	63
Section 15.3.	Default on Senior Debt	63
Section 15.4.	Acceleration of Securities	63
Section 15.5.	When Distribution Must Be Paid Over	63
Section 15.6.	Notice by Company	63
Section 15.7.	Subrogation	63
Section 15.8.	Relative Rights	64
Section 15.9.	Subordination May Not Be Impaired By Trust	64
Section 15.10.	Distribution or Notice to Representative	64
Section 15.11.	Rights of Trustee and Paying Agent	64

ARTICLE XVI. GUARANTEES		64
Section 16.1.	Guarantees	64
Section 16.2.	Guarantor Gross-up	65

ARTICLE XVII. MISCELLANEOUS PROVISIONS		68
Section 17.1.	Successors and Assigns of Company or Guarantor Bound by Indenture	68
Section 17.2.	Acts of Board, Committee or Officer of Successor Person Valid	68
Section 17.3.	Required Notices or Demands	68
Section 17.4.	Indenture and Securities to be Construed in Accordance with the Laws of the State of New York	68
Section 17.5.	Indenture may be Executed in Counterparts	69

YEAR	REDEMPTION PRICE FOR REDEMPTION THROUGH OPERATION OF THE SINKING FUND	REDEMPTION PRICE FOR REDEMPTION OTHERWISE THAN THROUGH OPERATION OF THE SINKING FUND

	As Trustee

	By:
		Authorized Officer

	Very truly yours,

	/s/ PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP

	PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP

	CONYERS DILL & PEARMAN LIMITED

	Richmond House, 12 Par-la-Ville Road Hamilton HM 08, Bermuda Mail: PO Box HM 666, Hamilton HM CX, Bermuda T +1 441 295 1422

	conyers.com

Bermuda	59-1562976
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Exact Name of Obligor as Specified in its Charter		State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.
Carnival UK Ltd.⁽¹⁾		England and Wales		98-0357772

/s/ Jeffrey T. Grubb
Jeffrey T. Grubb

/s/ Robert D. Sznewajs
Robert D. Sznewajs

/s/ Dwight V. Board
Dwight V. Board

/s/ P. K. Chatterjee
P. K. Chatterjee

/s/ Robert Lane
Robert Lane

	6/30/2026
Assets
Cash and Balances Due From Depository Institutions	$	2,474,094
Securities		4,673
Federal Funds		0
Loans & Lease Financing Receivables		0
Fixed Assets		447
Intangible Assets		573,109
Other Assets		154,375
Total Assets	$	3,206,698

Liabilities
Deposits	$	0
Fed Funds		0
Treasury Demand Notes		0
Trading Liabilities		0
Other Borrowed Money		0
Acceptances		0
Subordinated Notes and Debentures		0
Other Liabilities		268,325
Total Liabilities	$	268,325

Equity
Common and Preferred Stock		200
Surplus		1,171,635
Undivided Profits		1,766,538
Minority Interest in Subsidiaries		0
Total Equity Capital	$	2,938,373

Total Liabilities and Equity Capital	$	3,206,698