CCL · Carnival Corp Ltd.

This transaction was executed in multiple trades at prices ranging from $28.1000 to $28.1150. The price reported reflects the average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Includes 22,841 held in an account jointly owned with the reporting person's spouse.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Represents shares withheld by the Issuer to cover taxes associated with the grant of unrestricted shares.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan. Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share. The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029. The TBS RSUs will accumulate dividend equivalents and may only be settled in shares.

The grant was approved by the Compensation Committee as a total value to be received in the form of TBS RSUs. The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes 65,899 shares transferred to an account jointly owned with the reporting person's spouse.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan. Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share. The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029. The TBS RSUs will accumulate dividend equivalents and may only be settled in shares.

The grant was approved by the Compensation Committee as a total value to be received in the form of TBS RSUs. The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan. Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share. The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029. The TBS RSUs will accumulate dividend equivalents and may only be settled in shares.

The grant was approved by the Compensation Committee as a total value to be received in the form of TBS RSUs. The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of unrestricted shares made to non-executive directors pursuant to the Carnival Corporation Ltd. 2020 Stock Plan.

The Board of Directors approved a value of $210,000 to be granted to the reporting person in the form of unrestricted shares. The number of unrestricted shares was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan. Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share. The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029. The TBS RSUs will accumulate dividend equivalents and may only be settled in shares.

The grant was approved by the Compensation Committee as a total value to be received in the form of TBS RSUs. The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan. Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share. The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029. The TBS RSUs will accumulate dividend equivalents and may only be settled in shares.

The grant was approved by the Compensation Committee as a total value to be received in the form of TBS RSUs. The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 8, 2024.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account and dividend equivalent shares associated with the release of restricted stock units.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 16, 2025.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 16, 2025.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 16, 2025.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 8, 2024.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account and dividend equivalent shares associated with the release of restricted stock units.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 16, 2025.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 16, 2025.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 8, 2024.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account and dividend equivalent shares associated with the release of restricted stock units.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 8, 2024.

Includes dividend equivalent shares associated with the release of restricted stock units.

Represents shares withheld by the Company to cover taxes associated with vesting of time-based restricted stock units granted April 8, 2024.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account and dividend equivalent shares associated with the release of restricted stock units.

Includes shares acquired pursuant to the dividend reinvestment feature of the reporting person's account.

Represents shares withheld by the Issuer to cover taxes associated with vesting of time-based restricted stock units granted April 21, 2023.

Represents shares withheld by the Issuer to cover taxes associated with vesting of time-based restricted stock units granted April 21, 2023.

Vesting of performance-based restricted stock units ("PBS RSUs") granted in April 2023 pursuant to the Carnival Corporation 2020 Stock Plan. Each PBS RSU represents one share of Carnival Corporation common stock.

The reporting person was eligible to earn from 0-200% of the target amount based on the achievement of certain pre-established performance goals for the 2023-2025 performance period, as certified by the Compensation Committee. These goals were achieved at 170.4% of target, resulting in the vesting of the shares reported herein.

Vesting of performance-based restricted stock units ("PBS RSUs") granted in April 2023 pursuant to the Carnival Corporation 2020 Stock Plan. Each PBS RSU represents one share of Carnival Corporation common stock.

The reporting person was eligible to earn from 0-200% of the target amount based on the achievement of certain pre-established performance goals for the 2023-2025 performance period, as certified by the Compensation Committee. These goals were achieved at 170.4% of target, resulting in the vesting of the shares reported herein.

Represents shares withheld by the Issuer to cover taxes associated with vesting of performance-based restricted stock units granted April 21, 2023.

Represents shares withheld by the Issuer to cover taxes associated with vesting of performance-based restricted stock units granted April 21, 2023.

Represents shares withheld by the Issuer to cover taxes associated with vesting of performance-based restricted stock units granted April 21, 2023.

Vesting of performance-based restricted stock units ("PBS RSUs") granted in April 2023 pursuant to the Carnival Corporation 2020 Stock Plan. Each PBS RSU represents one share of Carnival Corporation common stock.

The reporting person was eligible to earn from 0-200% of the target amount based on the achievement of certain pre-established performance goals for the 2023-2025 performance period, as certified by the Compensation Committee. These goals were achieved at 170.4% of target, resulting in the vesting of the shares reported herein.

Represents shares withheld by the Issuer to cover taxes associated with vesting of time-based restricted stock units granted April 21, 2023.

Vesting of performance-based restricted stock units ("PBS RSUs") granted in April 2023 pursuant to the Carnival Corporation 2020 Stock Plan. Each PBS RSU represents one share of Carnival Corporation common stock.

The reporting person was eligible to earn from 0-200% of the target amount based on the achievement of certain pre-established performance goals for the 2023-2025 performance period, as certified by the Compensation Committee. These goals were achieved at 170.4% of target, resulting in the vesting of the shares reported herein.

Vesting of performance-based restricted stock units ("PBS RSUs") granted in April 2023 pursuant to the Carnival Corporation 2020 Stock Plan. Each PBS RSU represents one share of Carnival Corporation common stock.

The reporting person was eligible to earn from 0-200% of the target amount based on the achievement of certain pre-established performance goals for the 2023-2025 performance period, as certified by the Compensation Committee. These goals were achieved at 170.4% of target, resulting in the vesting of the shares reported herein.

Represents shares withheld by the Issuer to cover taxes associated with vesting of time-based restricted stock units granted April 21, 2023.

Represents shares withheld by the Issuer to cover taxes associated with vesting of performance-based restricted stock units granted April 21, 2023.