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III. Ships Under Contract for Construction

As of November 30, 2021, we have a total of 11 cruise ships expected to be delivered through 2025. Our ship construction contracts are with Fincantieri and MARIOTTI in Italy, Meyer Werft in Germany and Meyer Turku in Finland.

	Expected Delivery Date	Passenger Capacity Lower Berth
Carnival Cruise Line
Carnival Celebration	November 2022	5,250
Carnival Jubilee	October 2023	5,440
Princess Cruises
Discovery Princess	January 2022	3,660
Newbuild (a)	January 2024	4,270
Newbuild (a)	July 2025	4,270
Seabourn
Seabourn Venture	March 2022	260
Seabourn Pursuit	February 2023	260
Costa
Costa Toscana	December 2021	5,330
AIDA
AIDAcosma	December 2021	5,440
P&O Cruises (UK)
Arvia	December 2022	5,190
Cunard
Newbuild	December 2023	3,000

(a) Ships are subject to financing

IV. Cruise Brands

Carnival Cruise Line is "The World's Most Popular Cruise Line®" and has provided multi-generational family entertainment at exceptional value to its guests for nearly 50 years. Carnival Cruise Line creates an environment where guests can be their most playful selves on ships that are designed to inspire the experience of bringing people together, with limitless opportunities for guests to create their own fun.

For over 55 years, Princess has sailed the world bringing people closer together - by connecting guests to their loved ones, exciting cultures and new friends. The endless choices are enhanced by Princess MedallionClass experiences, which are enabled by a revolutionary wearable that supports a seamless, effortless, and personalized with our global destination expertise delivered through programs such as "North to Alaska".

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c. Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data protection, anti-corruption, economic sanctions, trade protection and fax have in the past and may, in the future, lead to litigation, enforcement actions, fines, penalties and reputational damage.

We are subject to numerous international, state and local laws, regulations, treaties and other legal requirements that govern health, environmental, safety and security matters in relation to our guests, crew and ships. These requirements change regularly, depending on the itineraries of our ships and countries visited. Implementing these and any subsequent requirements may be costly and take time to implement across our global cruise operations. In addition, the accelerating pace of regulatory changes may affect our ability to comply. If we violate or fail to comply with any of these laws, regulations, treaties and other requirements we could be, and have previously been, fined or otherwise sanctioned by regulators. In addition, there is increased global focus on climate change, which may lead to additional regulatory requirements. Refer to Operating Risk Factor d. below for additional discussion on climate change regulation risks. We are subject to a court-ordered envirental compliance plan supervised by the U.S. District Court for the Southern District of Florida, which is operative until April 2022 and subjects our operations to additional review and other obligations. Failure to comply with the requirements of this environmental compliance plan or other special conditions of probation could result in fines, which the court has imposed in the past, and restrictions on our operations.

We are subject to laws and requirements related to the treatment and protection of personal, sensitive and/or other regulated data in the jurisdictions where we operate. Various governments, agencies and regulatory organizations have enacted or are considering new rules and regulations and we expect to continue to incur costs to comply with these rules and regulations. In the course of doing business, we collect guest, employee, company and other third-party data, including personally dentifiable information and other sensitive data. We have incurred legal and other costs in connection with cyber incidents relating to such sensitive data. Refer to Operating Risk Factor f. below for additional discussion of data security risks.

Our operations subject us to potential liability under and regulations. We may also be affected by economic sanctions, trade protection laws, policies and other regulatory requirements affecting trade and investment.

We are subject to compliance with tax laws, regulations and treaties in which we are incorporated or operate. These tax laws, regulations and treaties are subject to change at any time, which may result in substantially higher tax expense. For example, the Organization for Economic Co-operation and Development ("OECD") has proposed a multi-jurisdictional inclusive framework to address base erosion and profit sharing that, if enacted by relevant jurisdictions, may result in increased tax expense.

d. Factors associated with climate change, including evolving and increasing global concern about climate change and the shift in climate consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could adversely affect our business.

Growing concerns regarding climate change have resulted in increased global regulatory focus on greenhouse gas ("GHC") and other emissions which may have material impacts on our business. For example, we may be impacted by the EU's Fit for 55 package, which includes proposed updates to the need to acquire carbon emission allowances, proposed reforms to the EU's ETD, which imposes taxes on fuel purchased in the EU, as well as a new regulatory proposal, the FuelEU Martime initiative, which sets out a long-term framework to reduce emissions by increasing the use of sustainable alternative fuels and shore power. In addition, the IMO is currently considering various other proposals which aim to reduce emissions within the global shipping industry. If enacted, these regulations and reforms may individually or collectively have a material impact on our operating costs and profitability. Regulatory efforts, both internationally and in the U.S., are evolving, including the international alignment of such efforts, and we cannot determine what final regulations will be enacted or their ultimate impact on our business. Climate change-related regulatory activity and developments that require us to reduce our emissions, which includes both the EU and IMO proposals discussed above, may adversely affect our business and financial results by requiring us to make captal investments in new equipment or technologies, pay for carbon emissions, purchase carbon offset credits, or otherwise incur additional costs or take additional actions related to our emissions. Such activity may also impact us indirectly by increasing our operating costs, including fuel costs. Regulatory developments may also result in the inability to operate ships that do not meet certain standards, the acceleration of the removal of less fuel efficient ships from our fleet and impact the resale value of our ships in the future.

Growing recognition among consumers globally of the negative effects of climate change and the impact of GHG and other emissions may lead to material changes in consumer preferences. For instance, our guests may choose a vacation option that they perceive as operating in a manner that is more sustainable for the climative methods of travel, or reduce the amount and frequency of their travel. In addition, some environmental focused groups have and may continue to generate negative publicity regarding the environmental impact of the cruise vacation industry and are advocating for more stringent

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January 13, 2022

Securities and Exchange Commission 100 F Street, NE Washington, DC 20549

RE: Carnival Corporation, Commission File No. 001-9610, and Carnival plc, Commission File No. 001-15136

Ladies and Gentlemen:

Pursuant to Item 601(b) (4) (ii) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended, Carnival Corporation and Carnival plc (the "Companies") hereby agree to furnish copies of certain long-term debt instruments to the Securities and Exchange Commission upon the request of the Commission and, in accordance with such regulation, such instruments are not being filed as part of the joint Annual Report on Form 10-K of the Companies for their year ended November 30, 2021.

Very truly yours,

CARNIVAL CORPORATION AND CARNIVAL PLC

/s/ Enrique Miguez

General Counsel

CARNIVAL CORPORATION & PLC EXHIBIT 13 TO FORM 10-K FOR THE YEAR ENDED NOVEMBER 30, 2021

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS).
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF CASH FLOWS.	ર
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
COMMON STOCK AND ORDINARY SHARES
STOCK PERFORMANCE GRAPHS

CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in millions, except per share data)

		Years Ended November 30.
		2021		2020		2019
Revenues
Passenger ticket	ਉ	1,000	S	3,684	S	14,104
Onboard and other		908		1,910		6,721
		1,908		ર્ રેતેર		20,825
Operating Costs and Expenses
Commissions, transportation and other		269		1,139		2,720
Onboard and other		272		60ર		2,101
Payroll and related		1,309		1,780		2,249
Fuel		680		823		1,562
Food		187		413		1,083
Ship and other impairments		રતે ।		1,967		26
Other operating		1,346		1,518		3,167
		4,655		8,245		12,909
Selling and administrative		1,885		1,878		2,480
Depreciation and amortization		2,233		2,241		2,160
Goodwill impairments		226		2,096
		8,997		14,460		17,549
Operating Income (Loss)		(7,089)		(8,865)		3,276
Nonoperating Income (Expense)
Interest income		12		18		23
Interest expense, net of capitalized interest		(1,601)		(895)		(206)
Gains (losses) on debt extinguishment, net		(670)		(459)
Other income (expense), net		(173)		(52)		(32)
		(2,433)		(1,388)		(215)
Income (Loss) Before Income Taxes		(9,522)		(10,253)		3,060
Income Tax Benefit (Expense), Net		21		17		(71)
Net Income (Loss)	ಕಾ	(9,501)	ಕಾ	(10,236)	S	2,990
Earnings Per Share
Basic	ക	(8.46)	S	(13.20)	S	4.34
Diluted	S	(8.46)	ક્ષ્દિક	(13.20)	S	4.32

The accompanying notes are an integral part of these consolidated financial statements.

CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

	Years Ended November 30,
	2021			2020		2019
Net Income (Loss)		(9,501)	D	(10,236)	D	2,990
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment		(118)		578		(86)
Other		રે 3		રી		(31)
Other Comprehensive Income (Loss)		(65)		630		(117)
Total Comprehensive Income (Loss)		(9.567)		(9.606)		2.873

The accompanying notes are an integral part of these consolidated financial statements.

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CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(in millions)

	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	AOCI	Treasury stock	Total shareholders' equity
At November 30, 2018	S	ಲ್ಲಿ 358	ಲ್ಲಿ 8,756	25,066 ಲ್ಲಿ	(1,949) સ્ત્ર	ಲ್ಲಿ (7,795)	24,443 સ્ત્ર
Change in accounting principle (a)				(24)			(24)
Net income (loss)				2,990			2,990
Other comprehensive income (loss)					(117)		(117)
Cash dividends declared				(1,379)			(1,379)
Purchases of treasury stock under the Repurchase Program and other			રી			(રેતેત્ર)	(548)
At November 30, 2019	7	358	8,807	26,653	(2,066)	(8,394)	25,365
Net income (loss)				(10,236)			(10,236)
Other comprehensive income (loss)					630		630
Cash dividends declared				(342)			(342)
Issuance of common stock	2		3,247				3,249
Issuance and repurchase of Convertible Notes (net settled through a registered direct offering)	2		1,798				1,799
Purchases of treasury stock under the Repurchase Program and other		2	97			(10)	89
At November 30, 2020	11	361	13,948	16,075	(1,436)	(8,404)	20,555
Net income (loss)				(9,501)			(9,501)
Other comprehensive income (loss)					(୧२)		(65)
Issuance of common stock, net			1,009				1,009
Conversion of Convertible Notes			। ਟ				। ਦ
Purchases and issuances under the Stock Swap program			206			(188)	19
Issuance of treasury shares for vested share-based awards				(126)		126
Share-based compensation and other			113				113
At November 30, 2021	ಲ್ಲಿ ಮಾ	ಕಾ 361	\$ 15.292	ર્સ્વ 6.448	\$ (1,501)	है (8,466)	है 12.144

The accompanying notes are an integral part of these consolidated financial statements.

(a) We adopted the provisions of Revenue from Contracts with Customers and Hedging on December 1, 2018.

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NOTE 5 – Debt

			November 30,
(in millions)	Maturity	Rate (a) (c)		2021	2020
Secured Debt
Notes
Notes	Apr 2023	11.5%	S	S -	4,000
Notes	Feb 2026	10.5%		775	775
BUR Notes	Feb 2026	10.1%		481	208
Notes	Jun 2027	7.9%		192	192
Notes	Aug 2027	9.9%		900	900
Notes	Aug 2028	4.0%		2,406
Loans
EUR fixed rate	Jul 2024 - May 2025	5.5 - 6.2%		98	136
EUR floating rate	Jun 2025 - Oct 2026	EURIBOR + 2.7 - 3.8%		વેર I	1,026
Floating rate	Jun 2025 - Oct 2028	LIBOR + 3.0 - 3.3%		4,137	1,855
Total Secured Debt				9,939	9,393
Unsecured Debt
Revolver
Facility	(b)	LIBOR + 0.7%		2,790	3,083
Notes
EUR Notes	Feb 2021	1.6%			429
BUR Notes	Nov 2022	1.9%		622	658
Convertible Notes	Apr 2023	5.8%		522	રે 37
Notes	Oct 2023	7.2%		125	125
Notes	Mar 2026	7.6%		1,450	1,450
EUR Notes	Mar 2026	7.6%		566	રેજેજ
Notes	Mar 2027	5.8%		3,500
Notes	Jan 2028	6.7%		200	200
Notes	May 2029	6.0%		2,000
BUR Notes	Oct 2029	1.0%		679	718
Loans
EUR fixed rate	Mar 2021 - Sep 2021	0.3 = 3.9%			32
Floating rate	Feb 2023 - Sep 2024	LIBOR + 3.8 - 4.5%		રેતેી	300
GBP floating rate	Feb 2025	GBP LIBOR + 0.9%		467	881
EUR floating rate	Dec 2021 - Mar 2026	EURIBOR + 0.3 - 4.8%		1,375	1,860
Export Credit Facilities
Floating rate	Feb 2022 - Dec 2031	LIBOR + 0.5 - 1.5%		1,363	1,138
EUR floating rate	Feb 2022 - Dec 2032	EURIBOR + 0.2 - 1.6%		2,742	1,891
Fixed rate	Aug 2027 - Dec 2032	2.4 - 3.4%		3,488	3,131
EUR fixed rate	Feb 2031 - Jul 2033	1.1 - 1.6%		1,551	1,159
Total Unsecured Debt				24,031	18,188
Total Debt				33,970	27,581
Less: unamortized debt issuance costs and discounts				(744)	(624)
Total Debt, net of unamortized debt issuance costs and discounts				33,226	26,957
Less: short-term borrowings				(2,790)	(3,084)

Less: current portion of long-term debt	(1,927)	(1,742)
Long-Term Debt	28.509 4	22,130

The scheduled maturities of our debt are as follows:

	November 30, 2021
(in millions)	Rate (a) (c)	2022	2023	2024	2025	2026	Thereafter
Secured Debt
Notes
Notes	10.5%	S	S	S	S	S 775	S
EUR Notes	10.1%					481
Notes	7.9%						192
Notes	9.9%						900
Notes	4.0%						2,406
Loans
EUR fixed rate	5.5 - 6.2%	30	30	30	8
EUR floating rate	EURIBOR + 2.7 - 3.8%	20	20	20	878	11
Floating rate	LIBOR + 3.0 - 3.3%	36	42	42	1,804	23	2,191
Total Secured Debt		86	92	92	2,690	1,290	5,688
Unsecured Debt
Revolver
Facility	LIBOR + 0.7%			2,790
Notes
EUR Notes	1.9%	622
Convertible Notes	5.8%		522
Notes	7.2%		125
Notes	7.6%					1,450
EUR Notes	7.6%					566
Notes	5.8%						3,500
Notes	6.7%						200
Notes	6.0%						2,000
EUR Notes	1.0%						679
Loans
Floating rate	LIBOR + 3.8 - 4.5%		290	300
GBP floating rate	GBP LIBOR + 0.9%			ਰੇਤੇ	374
EUR floating rate	EURIBOR + 0.3 - 4.8%	413	490	189	189	94
Export Credit Facilities
Floating rate	LIBOR + 0.5 - 1.5%	202	246	246	186	163	406
EUR floating rate	EURIBOR + 0.2 - 1.6%	269	468	441	364	317	952
Fixed rate	24 - 3.4%	260	387	387	387	387	1,596
EUR fixed rate	1.1 - 1.6%	74	144	144	144	144	832
Total Unsecured Debt		1,840	2,673	4,590	1,642	3,120	10,165
Total Debt		\$1,927	2,765 A	\$ 4,682	\$ 4,332	\$ 4,411	ക്ക 15,854

(a) Substantially all of our variable debt has a 0.0% to 0.75% floor.

(b) Amounts outstanding under our \$1.7 billion and £0.2 billion multi-currency revolving credit facility (the "Revolving Facility") were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had \$0.2 billion available for borrowing under our Revolving Facility as of November 30, 2021. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is

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As previously disclosed, on May 2, 2019, two lawsuits were filed against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act, alleging that Camival Corporation "trafficked" in confiscated Cuban property when certain ships docked at certain ports in Cuba, and that this alleged "trafficking" entitles the plaintiffs to treble damages. In the matter filed by Havana Docks Corporation, on January 12, 2022, the court continued the trial date to May 23, 2022. Motions for summary judgment have been filed and hearings were concluded on January 18, 2022. In the matter filed by Javier Bengochea, on October 4, 2021, the U.S. Court of Appeals for the Eleventh Circuit Court heard oral arguments and on December 20, 2021, the court issued an order inviting an amicus brief from the U.S. government on several issues involved in the appeal. We continue to believe we have a meritorious defense to these actions and we believe that any liability which may arise as a result of these actions will not have a material impact on our consolidated financial statements.

As previously disclosed, on April 8, 2020, DeCurtis''), a former vendor, filed an action against Carnival Corporation in the U.S. District Court for Middle District of Florida seeking declaratory relief that DeCurtis is not infringing on several of Carnival Corporation's patents in relation to its OCEAN Medallion systems and technology. The action also raises certain monopolization claims under The Sherman Antitrust Act of 1890, unfair competition and tortious interference, and seeks declaratory judgment that certain Corporation patents are unenforceable. DeCurtis seeks damages, including its fees and costs, and seeks declarations that it is not infringing and/or that Carnival Corporation's patents are unenforceable. On April 10, 2020, Carnival Corporation filed an action against DeCurtis in the Southern District of Florida for breach of contract, trade secrets violations and patent infringement. Camival Corporation seeks damages, including its fees and costs, as well as an order permanently enjoining DeCurtis from engaging in such activities. These two cases have now been consolidated in the Southern District of Florida. The parties' motions to dismiss in both actions have been granted in part. Answers have been filed by both parties. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. Additionally, on April 8, 2021, DeCurtis filed challenges to several of Carnival Corporation's patents with the U.S. Patent and Trademark Office, seeking to invalidate certain patents on the basis of alleged prior art, overbreadth of the patents, and obviousness of the technologies. On October 12, 2021 a ruling was issued upholding Carnival Corporation's patents, therefore bringing this separate matter to a close.

Contingent Obligations - Indemnifications

Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in laws which increase the lender's costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses.

Other Contingencies

We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash. Although the agreements vary, these requirements may generally be satsfied either through a withheld percentage of customer payments or providing cash funds directly to the credit card processor. As of November 30, 2021 and 2020, we had \$1.1 billion and \$0.4 billion, respectively, in reserve funds related to our customer deposits withheld to satisfy these requirements which are included in other assets. We continue to expect to provide reserve funds under these agreements. Additionally, as of November 30, 2021, we had \$30 million of cash collateral in escrow which is included within other assets. As of November 30, 2020, we had \$166 million of cash collateral in escrow of which \$136 million was included within prepaid expenses and other.

We have and may continue to be impacted by breaches in data security and lapses in data privacy, which occur from time to time. These can vary in scope and intent from inadvertent events to malicious motivated attacks.

We detected ransomware attacks in August 2020 and December 2020 which resulted in unauthorized access to our information technology systems. We engaged a major cybersecurity firm to investigate these matters and notified law enforcement and regulators of these incidents. For the August 2020 event, the investigation and reporting phases are complete. We determined that the unauthorized third-party gained access to certain personal information relating to some guests. employees and crew for some of our operations. For the December 2020 event, the investigation and remediation phases are in process. Regulators were notified, and several, including the primary regulatory authority in the European Union, have closed their files on this matter.

We have been contacted by various regulatory agencies regarding these and other cyber incidents. The New York Department of Financial Services ("NY DFS") has notified us of their intent to commence proceedings seeking penalties if settlement cannot be reached in advance of litigation. To date, we have not been able to reach an agreement with NY DFS. In addition,

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(in millions, except per share data)	Total Number of Shares of Carnival plc Ordinary Shares Purchased (a)	Average Price Paid per Share of Carnival plc Ordinary Share	Maximum Number of Carnival plc Ordinary Shares That May Yet Be Purchased Under the Carnival Corporation Stock Swap Program
2021	89	20.99 ું જ	તે રે

(a) No ordinary shares of Carnival plc were purchased outside of publicly announced plans or programs.

Accumulated Other Comprehensive Income (Loss)

		AOCT
	November 30.
(in millions)		2021	2020		2019
Cumulative foreign currency translation adjustments, net	S		(1,501) \$		(1,961)
Unrecognized pension expenses		(42)	(95)		(88)
Net gains (losses) on cash flow derivative hedges		44	41		(18)
		(1.501)	\$ (1,436)	A	(2,066)

During 2021, 2020 and 2019, there were \$7 million and \$5 million of unrecognized pension expenses that were reclassified out of accumulated other comprehensive loss and were included within payroll and related on and administrative expenses.

Dividends

To enhance our liquidity, as well as comply with the dividend restrictions contained in our debt agreements, in 2020 we suspended the payment of dividends on the common stock of Camival Corporation and the ordinary shares of Carnival plc. We declared quarterly cash dividends on all of our common stock and ordinary shares as follows:

	Quarters Ended
(in millions, except per share data)	February 28/29		May 31			August 31	November 30
2020
Dividends declared per share	ನಾ	0.50			ನಿ		S
Dividends declared	S	342	S		S		S

2019
Dividends declared per share	ನಾ	0.50	S	0.50		0.50	S	0.50
Dividends declared	S	345	S	346		342	S	346

Carnival Corporation's Articles of Incorporation authorize its Boards of Directors, at its discretion, to issue up to 40 million shares of preferred stock. At November 30, 2021 and 2020, no Carnival Corporation prefered stock or Carnival plc preference shares had been issued.

Public Equity Offerings

In April 2020, we completed a public offering of 71.9 million shares of Carnival Corporation's common stock at a price per share of \$8.00, resulting in net proceeds of \$556 million.

In October 2020, we completed our \$1.0 billion "at-the-market" ("ATM") equity offering program that was announced on September 15, 2020, pursuant to which we sold 67.1 million shares of Carnival Corporation common stock.

In November 2020, we completed our \$1.5 billion ATM equity offering program that was announced on November 10, 2020, pursuant to which we sold 94.5 million shares of Carnival Corporation common stock.

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are also affected by COVID-19 and may be unable to deliver on their commitments which could impact our business.

· Fluctuations in foreign currency exchange rates may adversely impact our financial results.
· Overcapacity and competition in the cruise and land-based vacation industry may lead to a decline in our cruise sales, pricing and destination options.
. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests.

The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood.

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in events, conditions or circumstances on which any such statements are based. Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change- and environmental-related matters). In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

2021 Executive Overview

During 2021, the Company focused on resuming operations as quickly as practical in a way that served the best interests of public health, while at the same time demonstrating prudent stewardship of capital. In addition, we believe that we have positioned the Company well on the path to profitability and established effective protocols for COVID-19. We achieved all of this while remforcing our commitment to compliance, environmental protection and the health, safety and well-being of our guests, the people in the communities we touch and serve, and our shipboard and shoreside employees.

In 2021, we achieved key milestones related to our return to service including:

· Ending the year with 50 ships in guest cruise operations compared to one ship in 2020
Returning over 65,000 crew members to our ships
· Carrying over 1.2 million guests indicating fundamental strength in demand for cruise vacations
· Delivering an exceptional guest experience with historically high net promoter scores

We ended the year with \$9.4 billion of liguiding cash, short-term investments and borrowings available under our revolving credit facility, and \$3.5 billion of customer deposits, an increase of \$1.3 billion from 2020. To date, through our debt management efforts, we refinanced over \$9 billion, reducing our future annual interest by approximately \$400 million per year and extending maturities, optimizing our debt maturity profile.

As of January 13, 2022, eight of our nine cruise brands, or 67% of capacity, had resumed guest cruise operations. We expect to have our full fleet back in operation for our summer season where we historically generate the largest share of our operating income.

The Company achieved important milestones during our return to service and broadened our commitment to Environmental, Social and Governance ("ESG") goals with the introduction of our 2030 sustainability goals and 2050 aspirations. We also achieved many operational milestones:

· Reopened our eight owned and operated private desimations and port facilities which have been visited by over half of our guests since the restart:
- Princess Cay
- Half Moon Cay
- Grand Turk
- Mahogany Bay
. Amber Cove
Cozumel
Santa Cruz De Tenerife
Barcelona
· Welcomed seven new more efficient ships across our brands:
- · Carnival Cruise Line's Mardi Gras, powered by LNG
- · P&O UK's Iona, powered by LNG
- Costa Toscana, powered by LNG
- AIDAcosma, powered by LNG .
· Holland America Line's Rotterdam
Costa Firenze .
Enchanted Princess .

Our decision to accelerate the exit of 19 ships as part of our fleet optimization strategy resulted in a more efficient fleet overall and lowered our planned capacity growth to approximately 2.5% compounded annually from 2019 through 2025, down from 4.5%

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Key Performance Non-GAAP Financial Indicators

The table below reconciles Adjusted net income (loss) and Adjusted EBITDA to Net Income (loss) and Adjusted earnings per share to Earnings per share for the periods presented:

	Years Ended November 30,
(dollars in millions, except per share data)		2021	2020	2019
Net income (loss)
U.S. GAAP net income (loss)	ಕಿತ	(9,501)	(10,236) A	2,990 S
(Gains) losses on ship sales and impairments		802	3.934	(6)
(Gains) losses on debt extinguishment, net		670	459
Restructuring expenses		13	47	10
Other		86	3	47
Adjusted net income (loss)	ಕಾ	(7,931)	S (5,793)	S 3,041
Interest expense, net of capitalized interest		1,601	893	206
Interest income		(12)	(18)	(23)
Income tax expense, net		(21)	(17)	71
Depreciation and amortization		2,233	2,241	2,160
Adjusted EBITDA	ਦਿੱਤੇ	(4,129)	S (2,692)	ਦਿੱਤ 5,455
Weighted-average shares outstanding		1,123	775	692
Earnings per share
U.S. GAAP earnings per share	ಕಿತ	(8.46)	(13.20) ಕೆ	4.32 S
(Gains) losses on ship sales and impairments		0.71	5.08	(0.01
(Gains) losses on debt extinguishment, net		0.60	0.59
Restructuring expenses		0.01	0.06	0.01
Other		0.08		0.07
Adjusted earnings per share	ਵਿਚ	(7.06)	(7.47) સ્ત્ર	સ્ત્રે 4.40

Explanations of Non-GAAP Financial Measures

We use adjusted net income (loss) and adjusted earnings per share as non-GAAP financial measures of our cruise segments' and the company's financial performance. These non-GAAP financial measures are provided along with U.S. GAAP net income (loss) and U.S. GAAP diluted earnings per share.

We believe that gains and losses on ship sales, imparment charges, gains and losses on debt extinguishments, restructuring costs and other gains and losses are not part of our core operating business and are not an indication of our future earnings performance. Therefore, we believe it is more meaningful for these ttems to be excluded from our net income (loss) and earnings per share and, accordingly, we present adjusted net income (loss) and adjusted earnings per share excluding these items.

Adjusted EBITDA is a non-GAAP measure, and we believe that the presentation of Adjusted EBITDA provides additional information to investors about our operating profitability adjusted for certain non-cash items and expenses that we believe are not part of our core operating business and an indication of our future earnings performance. Further, we believe that the presentation of Adjusted EBITDA provides additional information to investors about our ability to operate our business in compliance with the restrictions set forth in our debt agreements. We define Adjusted net income (loss) adjusted for (i) interest, (ii) taxes and, (ii) depreciation. There are material limitations to using Adjusted EBITDA. Adjusted EBITDA does not take into account certain significant items that directly affect our net income (loss). These imitations are best addressed by considering the economic effects of the excluded items independently, and by considering Adjusted EBITDA in conjunction with net income (loss) as calculated in accordance with U.S. GAAP.

The presentation of our non-GAAP financial information is not intended to be considered in isolation from, as substitute for, or superior to the financial information prepared in accordance with U.S. GAAP. It is possible that our non-GAAP financial measures may not be exactly comparable to the like-kind information presented by other companies, which is a potential risk assocrated with using these measures to compare us to other companies.

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Exhibit 21

Name of Subsidiary	Jurisdiction of Incorporation or Organization
Iberocruceros SLU	Spain
Information Assistance Corporation	Bermuda
International Cruise Services, S.A. de C.V.	Mexico
International Leisure Travel Inc.	Panama
International Maritime Recruitment Agency, S.A. de C.V.	Mexico
Milestone N.V.	Curacao
Navitrans S.R.L.	Italy
Ocean Bahamas Innovation Ltd.	Bahamas
Ocean Medallion Fulfillment, Ltd.	Bahamas
Odds On Gaming Corporation	Delaware
Operadora Catalina S.r.L.	Dominican Republic
P&O Princess American Holdings	UK
P&O Princess Cruises International Limited	UK
P&O Princess Cruises Pension Trustee Limited	UK
P&O Properties (California), Inc.	California
P&O Travel Limited	UK
Piccapietra Finance S.r.1.	Italy
Prestige Cruises Management S.A.M.	Monaco
Prestige Cruises N.V.	Curacao
Princess Bermuda Holdings, Ltd.	Bermuda
Princess Cays Ltd.	Bahamas
Princess Cruise Corporation Inc.	Panama
Princess Cruise Lines, Ltd.	Bermuda
Princess Cruises and Tours, Inc.	Delaware
Princess U.S. Holdings, Inc.	California
RCT Maintenance & Related Services S.A.	Honduras
RCT Pilots & Related Services, S.A.	Honduras
RCT Security & Related Services S.A.	Honduras
Roatan Cruise Terminal S.A. de C.V.	Honduras
Royal Hyway Tours, Inc.	Alaska
Santa Cruz Terminal, S.L.	Spain
Seabourn Cruise Line Limited	Bermuda
SeaVacations Limited	UK
SeaVacations UK Limited	UK
Shanghai Coast Cruise Consulting Co. Lda	China
Ship Care (Bahamas) Limited	Bahamas
Sitmar Cruises Inc.	Panama
Spanish Cruise Services N.V.	Curacao
Sunshine Shipping Corporation Ltd.	Bermuda
T&T International, Inc.	Texas
Tour Alaska, LLC	Delaware
Transnational Services Corporation	Panama
Trident Insurance Company Ltd.	Bermuda

Exhibit 21

Name of Subsidiary	Jurisdiction of Incorporation or Organization
Welcome Travel Group S.p.A.	Italy
West Sicily Gate S.r.L.	Italy
Westmark Hotels of Canada, Ltd.	Canada
Westmark Hotels, Inc.	Alaska
Westours Motor Coaches, LLC	Alaska
World Leading Cruise Management (Shanghai) Co., Ltd.	China

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the joint Registration Statements on Form S-3 (File Nos. 33-106553, 33-106553-01, 33-223555 and 33-223555-01) of Carnival Corporation and Carnival plc, the joint Registration Statements on Form S-8 (File Nos. 33-173465, 33-173465-01, 333-237616 and 333-237616-01) of Carnival Corporation and Carnival plc, the Registration Statement on Form S-3 (File No. 03-63563) of Camival Corporation, the Registration Statements on Form S-8 (File Nos. 33-105672, 333-4385 and 33-51195) of Carnival Corporation and the Registration Statements on Form S-8 (File Nos. 33-124609) of Camival plc, of our report dated January 27, 2022 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in the 2020 Annual Report to Shareholders, which is incorporated by reference in this joint Annual Report on Form 10-K.

/s/PricewaterhouseCoopers LLP Miami, Florida January 27, 2022

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I, Arnold W. Donald, certify that:

I have reviewed this Annual Report on Form 10-K of Carnival Corporation;
Based on my knowledge, this report does not contain any untrue statement of a material fact necessary to make the statements made, in light of the circumstances were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal reporting to be designed under our supervision, to provide reasonable assurance regarding of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure and procedures and procedures about the effectiveness of the disclosure controls as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal over financial reporting, to the registrant's audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information, and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant s internal control over financial reporting.

Date: January 27, 2022

/s/ Arnold W. Donald Arnold W. Donald President and Chief Executive Officer I, David Bernstein, certify that:

I have reviewed this Annual Report on Form 10-K of Carnival Corporation;
Based on my knowledge, this report does not contain any untrue statement of a material fact necessary to make the statements made, in light of the circumstances were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal over financial reporting, to the registrant's audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant s internal control over financial reporting.

Date: January 27, 2022

/s/ David Bernstein David Bernstein Chief Financial Officer and Chief Accounting Officer

I, Arnold W. Donald, certify that:

I have reviewed this Annual Report on Form 10-K of Carnival plc;
Based on my knowledge, this report does not contain any untrue statement of a material fact necessary to make the statements made, in light of the circumstances which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal over financial reporting, to the registrant's audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant s internal control over financial reporting.

Date: January 27, 2022

/s/ Arnold W. Donald Arnold W. Donald President and Chief Executive Officer

I, David Bernstein, certify that:

I have reviewed this Annual Report on Form 10-K of Carnival plc;
Based on my knowledge, this report does not contain any untrue statement of a material fact necessary to make the statements made, in light of the circumstances which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal over financial reporting, to the registrant's audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant s internal control over financial reporting.

Date: January 27, 2022

/s/ David Bernstein David Bernstein Chief Financial Officer and Chief Accounting Officer In connection with the Annual Report on Form 10-K for the year ended November 30, 2021 as filed by Carnival Corporation with the Securities and Exchange Commission on the date hereof (the "Report"), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, the financial condition and results of operations of Carnival Corporation.

Date: January 27, 2022

/s/ Arnold W. Donald Arnold W. Donald President and Chief Executive Officer In connection with the Annual Report on Form 10-K for the year ended November 30, 2021 as filed by Carnival Corporation with the Securities and Exchange Commission on the date hereof (the "Report"), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, the financial condition and results of operations of Carnival Corporation.

Date: January 27, 2022

/s/ David Bernstein David Bernstein Chief Financial Officer and Chief Accounting Officer In connection with the Annual Report on Form 10-K for the year ended November 30, 2021 as filed by Camival plc with the Securities and Exchange Commission on the date hereof (the "Repor"), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, the financial condition and results of operations of Carnival plc.

Date: January 27, 2022

/s/ Arnold W. Donald Arnold W. Donald President and Chief Executive Officer In connection with the Annual Report on Form 10-K for the year ended November 30, 2021 as filed by Camival plc with the Securities and Exchange Commission on the date hereof (the "Repor"), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, the financial condition and results of operations of Carnival plc.

Date: January 27, 2022

/s/ David Bernstein David Bernstein Chief Financial Officer and Chief Accounting Officer

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Carnival PLC — Investor Presentation 2022

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