Form 8-K

8-K — Carnival Corp Ltd.

Accession: 0001104659-26-057200

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0000815097

SIC: 4400 (WATER TRANSPORTATION)

Item: Termination of a Material Definitive Agreement

Item: Completion of Acquisition or Disposition of Assets

Item: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item: Unregistered Sales of Equity Securities

Item: Material Modifications to Rights of Security Holders

Item: Changes in Control of Registrant

Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2613680d1_8k.htm (Primary)

EX-3.1 — EXHIBIT 3.1 (tm2613680d1_ex3-1.htm)

EX-3.2 — EXHIBIT 3.2 (tm2613680d1_ex3-2.htm)

EX-4.1 — EXHIBIT 4.1 (tm2613680d1_ex4-1.htm)

EX-99.1 — EXHIBIT 99.1 (tm2613680d1_ex99-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

May 7, 2026

Carnival Corporation Ltd.

Carnival plc

(Exact name of registrant as

specified in its charter)

(Exact name of registrant as

specified in its charter)

Bermuda

England and Wales

(State or other jurisdiction of

incorporation)

(State or other jurisdiction of

incorporation)

001-9610

001-15136

(Commission File Number)

59-1562976

98-0357772

(IRS Employer Identification No.)

3655 N.W. 87th Avenue

Miami, Florida 33178-2428

Carnival House, 100 Harbour Parade

Southampton SO15 1ST, United Kingdom

(Address of principal

executive offices)

(Zip Code)

(Address of principal

executive offices)

(Zip Code)

(305) 599-2600

011 44 23 8065 5000

(Registrant’s telephone number,

including area code)

(Registrant’s telephone number,

including area code)

None

(Former name or former address,

if changed since last report.)

(Former name or former address,

if changed since last report.)

Check the appropriate box below

if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the

following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b)

of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common Shares ($0.01 par value)

CCL

New

York Stock Exchange, Inc.

Indicate by check mark whether the registrants are emerging growth

companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§240.12b-2 of this chapter).

Emerging growth companies ¨

If emerging growth companies, indicate by check

mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Co-Registrant CIK

0001125259

Co-Registrant Amendment Flag

false

Co-Registrant Form Type

8-K

Co-Registrant DocumentPeriodEndDate

2026-05-07

Co-Registrant Written Communications

false

Co-Registrant Solicitating Materials

false

Co-Registrant PreCommencement Tender Offer

false

Co-Registrant PreCommencement Issuer Tender Offer

false

Co-Registrant Emerging growth company

false

Introductory Note

On May 7, 2026, Carnival

Corporation and Carnival plc completed the unification of their dual listed company structure under a single company, Carnival Corporation

Ltd., with Carnival plc as a UK subsidiary of Carnival Corporation Ltd. (the “DLC Unification”). In addition, Carnival Corporation

also migrated its jurisdiction of incorporation from the Republic of Panama to Bermuda and changed its name to “Carnival Corporation

Ltd.” (the “Redomiciliation” and, together with the DLC Unification, the “DLC Unification and Redomiciliation

Transactions”), in accordance with the terms of the Unification Agreement, dated February 20, 2026 (the “Unification

Agreement”), between Carnival Corporation and Carnival plc.

As a result of the Redomiciliation,

the shares of common stock of Carnival Corporation held by Carnival Corporation stockholders prior to the DLC Unification and Redomiciliation

Transactions represent the same number of common shares, par value $0.01 per share, of Carnival Corporation Ltd. (each, a “Common

Share”). The Common Shares are listed on the New York Stock Exchange (the “NYSE”) under the trading symbol “CCL.”

The listing of Carnival plc’s

ordinary shares, $1.66 par value per share (the “Carnival plc Shares”), on the Official List of the UK Financial Conduct Authority

(the “FCA”) and the admission to trading of the Carnival plc Shares on the London Stock Exchange (the “LSE”) were

cancelled on May 7, 2026. Carnival plc also intends to deregister its securities pursuant to the Securities Exchange Act of 1934,

as amended (the “Exchange Act”), as promptly as practicable following the delisting of Carnival plc securities from the NYSE.

Following such deregistration, Carnival plc will no longer be required under Securities and Exchange Commission (“SEC”) rules and

regulations to file periodic reports with the SEC in respect of such securities. Carnival plc will be re-registered as a private limited

company shortly after the completion of the DLC Unification and Redomiciliation Transactions.

Item 1.02 Termination of a Material Definitive Agreement.

The information set forth

in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 2.01 Completion of Acquisition or Disposition of Assets.

The DLC Unification and

Redomiciliation Transactions were implemented by way of a Court-approved scheme of arrangement under Part 26 of the UK

Companies Act 2006 (the “Scheme of Arrangement”) between Carnival plc and the holders of Carnival plc Shares subject to the scheme of arrangement (the “Scheme Shareholders”). Pursuant to the Scheme of

Arrangement, all Carnival plc Shares (other than certain excluded shares) were acquired by Carnival Corporation, and each Scheme

Shareholder is entitled to receive one Common Share for each Carnival plc Share held as of 6 p.m. (BST) on May 5, 2026. As

a result, Carnival plc became a subsidiary of Carnival Corporation.

Upon consummation of the

DLC Unification and Redomiciliation Transactions, and pursuant to the terms of the Amended and Restated Deposit Agreement (as amended

to the date hereof, the “Deposit Agreement”) among Carnival plc, JPMorgan Chase Bank, N.A., as depositary, and the holders

of American Depositary Shares (the “ADSs”), the Deposit Agreement was terminated, and all then-outstanding ADSs were exchanged

for Common Shares of Carnival Corporation Ltd. on a one-for-one basis.

The Common Shares issued

to Scheme Shareholders pursuant to the Scheme of Arrangement were issued in reliance on the exemption from the registration requirements

of the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 3(a)(10) of the Securities

Act.

Concurrently with the consummation

of the DLC Unification, Carnival Corporation migrated from the Republic of Panama to Bermuda and became an exempted company limited by

shares under the name Carnival Corporation Ltd. Carnival Corporation’s existing third amended and restated articles of incorporation

and third amended and restated by-laws (collectively, the “Existing Carnival Corporation Organizational Documents”) were replaced

by the Memorandum of Continuance and the Bye-Laws of Carnival Corporation Ltd. (together, the “Carnival Corporation Ltd. Constitutional

Documents”).

On May 6, 2026, Carnival

Corporation and Carnival plc entered into an agreement (the “Termination Agreement”) to terminate the equalization and governance

agreement, dated April 17, 2003, between Carnival Corporation and Carnival plc (the “Equalization Agreement”) upon the

Scheme of Arrangement becoming effective. Upon termination of the Equalization Agreement and pursuant to the Termination Agreement, certain

agreements and arrangements relating to the prior dual listed company structure terminated automatically or were terminated, including

the SVE Special Voting Deed, the P&O Princess Deed of Guarantee, the Carnival Deed of Guarantee, the Carnival Corporation Deed of

Guarantee, the Voting Trust Deed and the Pairing Agreement, each dated as of April 17, 2003.

The listing of Carnival plc

Shares on the Official List of the FCA and the admission to trading of the Carnival plc Shares on the Main Market of the LSE were cancelled

on May 7, 2026. In addition, the ADSs and trust shares of beneficial interest in the P&O Princess Special Voting Trust, which

traded on the NYSE under the symbol “CUK,” were suspended from trading on the NYSE prior to the open of trading on May 7,

2026.

The foregoing description

of the DLC Unification and Redomiciliation Transactions, the Unification Agreement and the Termination Agreement does not purport to be

complete and is subject to and qualified in its entirety by reference to the Unification Agreement, a copy of which is incorporated by

reference as Exhibit 2.1 to this Current Report on Form 8-K, and the Termination Agreement, a copy of which is filed as Exhibit 4.1

to this Current Report on Form 8-K, and each of which is incorporated by reference herein.

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

The information set forth

in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity Securities.

The information set forth

in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 3.03 Material Modification to Rights of Security Holders.

The information set forth

in the Introductory Note and Items 2.01, 3.01 and 5.03 of this Current Report on Form 8-K is incorporated herein by reference.

As a result of the Redomiciliation

and the adoption of the Carnival Corporation Ltd. Constitutional Documents described in Item 2.01 above, the rights of holders of the

Common Shares of Carnival Corporation Ltd. are no longer governed by the General Corporation Law of Panama and the Existing Carnival Corporation

Organizational Documents, and are now governed by the Bermuda Companies Act 1981, as amended, and the Carnival Corporation Ltd. Constitutional

Documents. The Memorandum of Continuance and the Bye-Laws of Carnival Corporation Ltd. are attached hereto as Exhibit 3.1 and Exhibit 3.2,

respectively, and are incorporated by reference herein.

Item 5.01 Changes in Control of Registrant.

The information set forth

in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.

As a result of the consummation

of the DLC Unification and Redomiciliation Transactions, Carnival plc became a wholly-owned UK subsidiary of Carnival Corporation Ltd.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

The information set forth

in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.

On May 7, 2026, in connection

with the DLC Unification and Redomiciliation Transactions, Carnival Corporation migrated from the Republic of Panama to Bermuda and became

an exempted company limited by shares under the name Carnival Corporation Ltd. and the Existing Carnival Corporation Organizational Documents

were replaced by the Carnival Corporation Ltd. Constitutional Documents. The Memorandum of Continuance and the Bye-Laws of Carnival Corporation

Ltd. are attached hereto as Exhibit 3.1 and Exhibit 3.2, respectively, and are incorporated by reference herein.

In addition, upon the Scheme

of Arrangement becoming effective, the articles of association of Carnival plc were amended to remove certain provisions related to the

prior dual listed company structure.

Item 7.01 Regulation FD Disclosure.

On May 7, 2026, Carnival

Corporation and Carnival plc issued a press release announcing the consummation of the DLC Unification and Redomiciliation Transactions.

A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference

into this Item 7.01.

The information furnished

pursuant to this Item 7.01, including Exhibit 99.1 furnished therewith, shall not be deemed “filed” for purposes of Section 18

of the Exchange Act or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference

into any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit

No.

Description

2.1

Unification Agreement, dated February 20, 2026, between Carnival Corporation and Carnival plc (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Carnival Corporation and Carnival plc, filed on February 20, 2026).

3.1

Memorandum of Continuance of Carnival Corporation Ltd.

3.2

Bye-Laws of Carnival Corporation Ltd.

4.1

Termination Agreement, dated May 6, 2026, between Carnival Corporation and Carnival plc.

99.1

Press release announcing the consummation of the DLC Unification and Redomiciliation Transactions.

104

Cover Page Interactive Data File (embedded with the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,

each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CARNIVAL CORPORATION LTD.

CARNIVAL PLC

By:

/s/ Enrique Miguez

By:

/s/ Enrique Miguez

Name:

Enrique Miguez

Name:

Enrique Miguez

Title:

General Counsel

Title:

General Counsel

Date: May 7, 2026

EX-3.1 — EXHIBIT 3.1

EX-3.1

Filename: tm2613680d1_ex3-1.htm · Sequence: 2

Exhibit 3.1

FORM No. 2d

BERMUDA

THE COMPANIES

ACT 1981

MEMORANDUM OF CONTINUANCE

OF COMPANY LIMITED BY SHARES

Section 132C(2)

MEMORANDUM OF

CONTINUANCE

CARNIVAL CORPORATION

LTD.

(hereinafter referred

to as the "Company")

1. The liability

of the members of the Company is limited to the amount (if any) for the time being unpaid

on the shares respectively held by them.

2. The Company is

an exempted company as defined by the Companies Act 1981.

3. The

authorised share capital of the Company is US$20,000,000 divided into 1,960,000,000

common shares of par value US$0.01 each and 40,000,000 preference shares of par value US$0.01

each.

4. The Company,

with the consent of the Minister of Finance, has power to hold land situate in Bermuda not

exceeding ___ in all, including the following parcels:-

N/A

5. Details of Incorporation:

The

Company was organized as a corporation in accordance with the laws of Panama with the name “Carnival Corporation” on November

21, 1974.

6. The objects of

the Company from the date of continuance are unrestricted.

7. The following

are provisions regarding the powers of the Company –

Subject

to paragraph 4, the Company may do all such things as are incidental or conducive to the attainment of its objects and shall have the

capacity, rights, powers and privileges of a natural person, and–

(i) pursuant to

Section 42 of the Act, the Company shall have the power to issue preference shares which

are, at the option of the holder, liable to be redeemed;

(ii) pursuant

to Section 42A of the Act , the Company shall have the power to purchase its own shares;

and

(iii) pursuant

to Section 42B of the Act, the Company shall have the power to acquire its own shares to

be held as treasury shares.

Signed by duly

authorised persons in the presence of at least one witness attesting the signature thereof:-

/s/ Doreen Furnari

/s/ Christine Doyle

Doreen Furnari

Christine Doyle

(Authorised persons)

(Witnesses)

Dated this 7th

day of May, 2026

EX-3.2 — EXHIBIT 3.2

EX-3.2

Filename: tm2613680d1_ex3-2.htm · Sequence: 3

Exhibit

3.2

Bye-laws of

Carnival Corporation

Ltd.

Clarendon

House, 2 Church Street

Hamilton

HM 11, Bermuda

conyers.com

TABLE OF CONTENTS

Power

to Issue Shares

Power

of the Company to Purchase its Shares

Rights

Attaching to Shares

Calls

on Shares

Forfeiture

of Shares

Certificates

Fractional

REGISTRATION

OF SHARES

of Shareholders

Registered

Holder Absolute Owner

10.

Transfer

of Registered Shares

11.

Transmission

of Registered Shares

ALTERATION

OF SHARE CAPITAL

12.

Power

to Alter Capital

13.

Variation

of Rights Attaching to Shares

DIVIDENDS

AND CAPITALISATION

14.

Dividends

15.

Power

to Set Aside Profits

16.

Method

of Payment

17.

Capitalisation

18.

Determination

of Shareholders of Record

MEETINGS

OF SHAREHOLDERS

19.

Annual

General Meetings

20.

Special

General Meetings

21.

Requisitioned

General Meetings

22.

Notice

23.

Giving

Notice

24.

Postponement

or Cancellation of General Meeting

25.

Shareholder

Proposals

26.

Electronic

Participation and Security in Meetings

27.

Quorum

at General Meetings

28.

Chairman

to Preside at General Meetings

29.

Voting

on Resolutions

30.

Power

to Demand a Vote on a Poll

31.

Voting

by Joint Holders of Shares

32.

Instrument

of Proxy

33.

Inspectors

of Election

34.

Cumulative

Voting

35.

Representation

of Corporate Shareholder

36.

Adjournment

of General Meeting

37.

Action by Written Resolutions of Shareholders

38.

Directors

Attendance at General Meetings

Board

of Directors

39.

Directors

to Manage Business

40.

Number

of Directors

41.

Term

of Office of Directors

42.

Vacancy

in the Office of Director

43.

Resignation

of Directors

44.

Removal

of Directors

45.

Organization

46.

Place

of Meeting

47.

Notice

of Board Meetings

48.

Annual

Meetings

49.

Regular

Meetings

50.

Special

Meetings

51.

Representation

of Director by Another Director

52.

Quorum,

Manner of Acting and Adjournment and Action without Meeting

53.

Conference

Telephone Meetings

54.

Committees

of the Board

55.

Compensation

of Directors

56.

Powers

of the Board of Directors

57.

Nominations

of Directors

58.

Conflicts

of Interest

59.

Defect

in Appointment

60.

Board

to Continue in the Event of Vacancy

61.

Validity

of Prior Acts of the Board

62.

of Directors and Officers

Officers

63.

Number,

Qualifications and Designations of Officers

64.

Election

and Term of Office of Officers

65.

Powers

and Duties

66.

Other

Officers, Subordinate Officers, Non-Board Committees and Agents

67.

Remuneration

of Officers

Indemnification

68.

Indemnification

and Exculpation of Directors and Officers

Restrictions

on transfer

69.

Restrictions

on Transfers and Other Events

70.

Excess

Traded Shares

71.

Remedies

for Breach

72.

Notice

of Restricted Transfer

73.

Exclusion

74.

Remedies

not Limited

75.

Exception

76.

Legend

77.

Severability

78.

New

York Stock Exchange Transactions

79.

Owners

Required to Provide Information

80.

Ambiguity

Excess

Traded Shares

81.

Ownership

in Trust

82.

Effect

of Subsequent Purported Transfers

83.

Dividend

Rights

84.

Rights

upon Liquidation

85.

Voting

Rights

86.

Restrictions

on Transfer; Designation of Excess Share Trust Beneficiary

87.

Purchase

Rights in Excess Traded Shares

88.

Underwritten

Offerings

89.

Equitable

Relief

90.

Waiver of Rights

CORPORATE

RECORDS

91.

Minutes

92.

Place

Where Corporate Records Kept

93.

Form

and Use of Seal

ACCOUNTS

94.

Records

of Account

95.

Financial

Year End

AUDITS

96.

Annual

Audit

97.

Appointment

of Auditor

98.

Remuneration

of Auditor

99.

Duties

of Auditor

100.

Access

to Records

101.

Financial

Statements and the Auditor’s Report

102.

Vacancy

in the Office of Auditor

BUSINESS

COMBINATIONS

103.

Business

Combinations

Trust business

104.

Trust Business

VOLUNTARY

WINDING-UP AND DISSOLUTION

105.

Winding-Up

CHANGES

TO CONSTITUTION

106.

Changes

to Bye-laws

107.

Discontinuance

DEFINITIONS;

CONSTRUCTION

Carnival

Corporation Ltd.

1. Power

to Issue Shares

1.1.          Subject

to these Bye-laws and to any resolution of the Shareholders to the contrary, and without prejudice to any special rights previously conferred

on the holders of any existing shares or class of shares, the Board shall have the power to issue any unissued shares on such terms and

conditions as it may determine.

1.2.

Subject to the Act, any preference shares may be issued or converted into shares that (at a determinable date or at the option of the

Company or the holder) are liable to be redeemed on such terms and in such manner as may be determined by the Board (before the issue

or conversion).

2. Power

of the Company to Purchase its Shares

2.1.

The Company may purchase its own shares for cancellation or acquire them as Treasury Shares in accordance with the Act on such terms

as the Board shall think fit.

2.2.

The Board may exercise all the powers of the Company to purchase or acquire all or any part of its own shares in accordance with the

Act.

3. Rights

Attaching to Shares

3.1.

At the date these Bye-laws are adopted, the share capital of the Company is divided into two classes: (i) 1,960,000,000 common shares

of par value US$.01 each (the “Common Shares”) and (ii) 40,000,000 preference shares of par value US$.01 each (the “Preference

Shares”).

3.2.

The holders of Common Shares shall, subject to these Bye-laws (including, without limitation, the rights attaching to Preference Shares):

(a) be

entitled to one vote per share;

(b) be

entitled to such dividends as the Board may from time to time declare;

the event of a winding-up or dissolution of the Company, whether voluntary or involuntary

or for the purpose of a reorganisation or otherwise or upon any distribution of capital,

be entitled to the surplus assets of the Company; and

(d) generally

be entitled to enjoy all of the rights attaching to shares.

Carnival Corporation Ltd.

3.3.

The Board is authorised to provide for the issuance of the Preference Shares in one or more series, and to establish from time to time

the number of shares to be included in each such series, and to fix the terms, including designation, powers, preferences, rights, qualifications,

limitations and restrictions of the shares of each such series (and, for the avoidance of doubt, such matters and the issuance of such

Preference Shares shall not be deemed to vary the rights attached to the Common Shares or, subject to the terms of any other series of

Preference Shares, to vary the rights attached to any other series of Preference Shares). The authority of the Board with respect to

each series shall include, but not be limited to, determination of the following:

(a) the

number of shares constituting that series and the distinctive designation of that series;

(b) the

dividend rate on the shares of that series, whether dividends shall be cumulative and, if

so, from which date or dates, and the relative rights of priority, if any, of the payment

of dividends on shares of that series;

the series shall have voting rights, in addition to the voting rights provided by law and,

if so, the terms of such voting rights;

(d) whether

the series shall have conversion or exchange privileges (including, without limitation, conversion

into Common Shares) and, if so, the terms and conditions of such conversion or exchange,

including provision for adjustment of the conversion or exchange rate in such events as the

Board shall determine;

(e) whether

or not the shares of that series shall be redeemable or repurchaseable and, if so, the terms

and conditions of such redemption or repurchase, including the manner of selecting shares

for redemption or repurchase if less than all shares are to be redeemed or repurchased, the

date or dates upon or after which they shall be redeemable or repurchaseable, and the amount

per share payable in case of redemption or repurchase, which amount may vary under different

conditions and at different redemption or repurchase dates;

(f) whether

that series shall have a sinking fund for the redemption or repurchase of shares of that

series and, if so, the terms and amount of such sinking fund;

(g) the

right of the shares of that series to the benefit of conditions and restrictions upon the

creation of indebtedness of the Company or any subsidiary, upon the issue of any additional

shares (including additional shares of such series or any other series) and upon the payment

of dividends or the making of other distributions on, and the purchase, redemption or other

acquisition by the Company or any subsidiary of any issued shares of the Company;

(h) the

rights of the shares of that series in the event of voluntary or involuntary liquidation,

dissolution or winding up of the Company, and the relative rights of priority, if any, of

payment in respect of shares of that series;

(i) the

rights of holders of that series to elect or appoint directors; and

(j) any

other relative participating, optional or other special rights, qualifications, limitations

or restrictions of that series.

3.4.

Any Preference Shares of any series which have been redeemed (whether through the operation of a sinking fund or otherwise) or which,

if convertible or exchangeable, have been converted into or exchanged for shares of any other class or classes shall have the status

of authorised and unissued Preference Shares of the same series and may be reissued as a part of the series of which they were originally

a part or may be reclassified and reissued as part of a new series of Preference Shares to be created by resolution or resolutions of

the Board or as part of any other series of Preference Shares, all subject to the conditions and the restrictions on issuance set forth

in the resolution or resolutions adopted by the Board providing for the issue of any series of Preference Shares.

Carnival Corporation Ltd.

3.5.

At the discretion of the Board, whether or not in connection with the issuance and sale of any shares or other securities of the Company,

the Company may issue securities, contracts, warrants or other instruments evidencing any shares, option rights, securities having conversion

or option rights, or obligations on such terms, conditions and other provisions as are fixed by the Board including, without limiting

the generality of this authority, conditions that preclude or limit any person or persons owning or offering to acquire a specified number

or percentage of the issued Common Shares, other shares, option rights, securities having conversion or option rights, or obligations

of the Company or transferee of the person or persons from exercising, converting, transferring or receiving the shares, option rights,

securities having conversion or option rights, or obligations.

3.6.

All the rights attaching to a Treasury Share shall be suspended and shall not be exercised by the Company while it holds such Treasury

Share and, except where required by the Act, all Treasury Shares shall be excluded from the calculation of any percentage or fraction

of the share capital, or shares, of the Company.

4. Calls

on Shares

4.1.

The Board may make such calls as it thinks fit upon the Shareholders in respect of any moneys (whether in respect of nominal value or

premium) unpaid on the shares allotted to or held by such Shareholders (and not made payable at fixed times by the terms and conditions

of issue) and, if a call is not paid on or before the day appointed for payment thereof, the Shareholder may at the discretion of the

Board be liable to pay the Company interest on the amount of such call at such rate as the Board may determine, from the date when such

call was payable up to the actual date of payment. The Board may differentiate between the holders as to the amount of calls to be paid

and the times of payment of such calls.

4.2.

Any amount which, by the terms of allotment of a share, becomes payable upon issue or at any fixed date, whether on account of the nominal

value of the share or by way of premium, shall for the purposes of these Bye-laws be deemed to be an amount on which a call has been

duly made and payable on the date on which, by the terms of issue, the same becomes payable, and in case of non-payment all the relevant

provisions of these Bye-laws as to payment of interest, costs and expenses, forfeiture or otherwise shall apply as if such amount had

become payable by virtue of a duly made and notified call.

4.3.

The joint holders of a share shall be jointly and severally liable to pay all calls and any interest, costs and expenses in respect thereof.

4.4.

The Company may accept from any Shareholder the whole or a part of the amount remaining unpaid on any shares held by such Shareholder,

although no part of that amount has been called up or become payable.

5. Forfeiture

of Shares

5.1.

If any Shareholder fails to pay, on the day appointed for payment thereof, any call in respect of any share allotted to or held by such

Shareholder, the Board may, at any time thereafter during such time as the call remains unpaid, direct the Secretary to forward such

Shareholder a notice in writing in the form, or as near thereto as circumstances admit, of the following:

Carnival Corporation Ltd.

Notice

of Liability to Forfeiture for Non-Payment of Call

Carnival

Corporation Ltd. (the “Company”)

You

have failed to pay the call of [amount of call] made on [date], in respect of the [number] share(s) [number in figures] standing in your

name in the Register of Members of the Company, on [date], the day appointed for payment of such call. You are hereby notified that unless

you pay such call together with interest thereon at the rate of [ ] per annum computed from the said [date] at the registered office

of the Company the share(s) will be liable to be forfeited.

Dated

this [date]

[Signature

of Secretary] By Order of the Board

5.2.

If the requirements of such notice are not complied with, any such share may at any time thereafter before the payment of such call and

the interest due in respect thereof be forfeited by a resolution of the Board to that effect, and such share shall thereupon become the

property of the Company and may be disposed of as the Board shall determine. Without limiting the generality of the foregoing, the disposal

may take place by sale, repurchase, redemption or any other method of disposal permitted by and consistent with these Bye-laws and the

Act.

5.3.

A Shareholder whose share or shares have been so forfeited shall, notwithstanding such forfeiture, be liable to pay to the Company all

calls owing on such share or shares at the time of the forfeiture, together with all interest due thereon and any costs and expenses

incurred by the Company in connection therewith.

5.4.

The Board may accept the surrender of any shares which it is in a position to forfeit on such terms and conditions as may be agreed.

Subject to those terms and conditions, a surrendered share shall be treated as if it had been forfeited.

6. Share

Certificates

6.1.

Subject to the provisions of this Bye-law 6, every Shareholder shall be entitled to a certificate specifying the number and, where appropriate

the class of shares held by such Shareholder. To the extent that shares are represented by certificates, such certificates shall be in

such form as shall be approved by the Board. Any share certificates of the Company shall be issued in registered form only. They shall

be signed by the president of the Company or a vice president and by the Secretary or an assistant secretary or the treasurer or an assistant

treasurer or by such person expressly authorized to sign, and may bear the corporate seal, which may be a facsimile. The signatures of

the officers upon such certificate may be facsimiles, if the certificate is countersigned by a transfer agent or registered by a registrar

other than the Company itself or its employees. In case any officer who has signed, or whose facsimile signature has been placed upon,

any share certificate shall have ceased to be such officer before the certificate is issued it may be issued or delivered with the same

effect as if he were such officer at the date of its issue or delivery.

Carnival Corporation Ltd.

6.2.

The Company shall be under no obligation to complete and deliver a share certificate unless specifically called upon to do so by the

person to whom the shares have been allotted.

6.3.

If any share certificate shall be proved to the satisfaction of the Board to have been worn out, lost, mislaid, or destroyed the Board

may cause a new certificate to be issued and request an indemnity for the lost certificate if it sees fit.

6.4.

Notwithstanding any provisions of these Bye-laws:

(a) the Board shall, subject always to the Act and any other applicable laws and regulations and the facilities and requirements of any relevant

system concerned, have power to implement any arrangements it may, in its absolute discretion, think fit in relation to the evidencing

of title to and transfer of uncertificated shares and to the extent such arrangements are so implemented, no provision of these Bye-laws

shall apply or have effect to the extent that it is in any respect inconsistent with the holding or transfer of shares in uncertificated

form; and

(b) unless otherwise determined by the Board and as permitted by the Act and any other applicable laws and regulations, no person shall be

entitled to receive a certificate in respect of any share for so long as the title to that share is evidenced otherwise than by a certificate

and for so long as transfers of that share may be made otherwise than by a written instrument.

7. Fractional

The

Company may issue its shares in fractional denominations and deal with such fractions to the same extent as its whole shares and shares

in fractional denominations shall have in proportion to the respective fractions represented thereby all of the rights of whole shares

including (but without limiting the generality of the foregoing) the right to vote, to receive dividends and distributions and to participate

in a winding-up.

REGISTRATION

OF SHARES

8. Register

of Shareholders

8.1.

The Board shall cause to be kept in one or more books a Register of Shareholders and shall enter therein the particulars required by

the Act.

8.2.

The Register of Shareholders shall be open to inspection without charge at the registered office of the Company on every business day,

subject to such reasonable restrictions as the Board may impose, so that not less than two hours in each business day be allowed for

inspection. The Register of Shareholders may, after notice has been given in accordance with the Act, be closed for any time or times

not exceeding in the whole thirty days in each year.

Carnival Corporation Ltd.

9. Registered

Holder Absolute Owner

The

Company shall be entitled to treat the registered holder of any share as the absolute owner thereof and accordingly shall not be bound

to recognise any equitable claim or other claim to, or interest in, such share on the part of any other person.

10. Transfer

of Registered Shares

10.1. An instrument of transfer shall be in writing in the form of the following, or as near thereto as circumstances admit, or in such other

form as the Board or any transfer agent appointed from time to time may accept:

Transfer

of a Share or Shares

Carnival

Corporation Ltd. (the “Company”)

FOR

VALUE RECEIVED

[amount], I, [name of transferor] hereby sell, assign and transfer unto [transferee] of [address], [number] shares of the Company.

DATED this [date]

Signed by:

In the presence

of:

Transferor

Witness

Signed by:

In the presence of:

Transferee

Witness

10.2.

Such instrument of transfer shall be signed by (or in the case of a party that is a corporation, on behalf of) the transferor and transferee,

provided that, in the case of a fully paid share, the Board may accept the instrument signed by or on behalf of the transferor alone.

The transferor shall be deemed to remain the holder of such share until the same has been registered as having been transferred to the

transferee in the Register of Shareholders.

10.3.

The Board may refuse to recognise any instrument of transfer unless it is accompanied by the certificate in respect of the shares to

which it relates and by such other evidence as the Board may reasonably require showing the right of the transferor to make the transfer.

10.4.

The joint holders of any share may transfer such share to one or more of such joint holders, and the surviving holder or holders of any

share previously held by them jointly with a deceased Shareholder may transfer any such share to the executors or administrators of such

deceased Shareholder.

10.5.

The Board may in its absolute discretion and without assigning any reason therefor refuse to register the transfer of a share which is

not fully paid up. The Board shall refuse to register a transfer unless all applicable consents, authorisations and permissions of any

governmental body or agency in Bermuda have been obtained. If the Board refuses to register a transfer of any share the Secretary shall,

within three months after the date on which the transfer was lodged with the Company, send to the transferor and transferee notice of

the refusal.

Carnival Corporation Ltd.

10.6.

Shares may be transferred without a written instrument if transferred by an appointed agent or otherwise in accordance with the Act.

10.7.

Notwithstanding anything to the contrary in these Bye-laws, shares that are listed or admitted to trading on an appointed stock exchange

may be transferred in accordance with the rules and regulations of such exchange.

11. Transmission

of Registered Shares

11.1.

In the case of the death of a Shareholder, the survivor or survivors where the deceased Shareholder was a joint holder, and the legal

personal representatives of the deceased Shareholder where the deceased Shareholder was a sole holder, shall be the only persons recognised

by the Company as having any title to the deceased Shareholder’s interest in the shares. Nothing herein contained shall release

the estate of a deceased joint holder from any liability in respect of any share which had been jointly held by such deceased Shareholder

with other persons. Subject to the Act, for the purpose of this Bye-law, legal personal representative means the executor or administrator

of a deceased Shareholder or such other person as the Board may, in its absolute discretion, decide as being properly authorised to deal

with the shares of a deceased Shareholder.

11.2.

Any person becoming entitled to a share in consequence of the death or bankruptcy of any Shareholder may be registered as a Shareholder

upon such evidence as the Board may deem sufficient or may elect to nominate some person to be registered as a transferee of such share,

and in such case the person becoming entitled shall execute in favour of such nominee an instrument of transfer in writing in the form,

or as near thereto as circumstances admit, of the following, or in such other form as the Board or any transfer agent from time to time

may accept:

Transfer

by a Person Becoming Entitled on Death/Bankruptcy of a Shareholder

Carnival

Corporation Ltd. (the “Company”)

I/We,

having become entitled in consequence of the [death/bankruptcy] of [name and address of deceased/bankrupt Shareholder] to [number] share(s)

standing in the Register of Members of the Company in the name of the said [name of deceased/bankrupt Shareholder] instead of being registered

myself/ourselves, elect to have [name of transferee] (the “Transferee”) registered as a transferee of such share(s) and I/we

do hereby accordingly transfer the said share(s) to the Transferee to hold the same unto the Transferee, his or her executors, administrators

and assigns, subject to the conditions on which the same were held at the time of the execution hereof; and the Transferee does hereby

agree to take the said share(s) subject to the same conditions.

Carnival Corporation Ltd.

DATED this [date]

Signed

by:

In the presence

of:

Transferor

Witness

Signed by:

In the presence of:

Transferee

Witness

11.3.

On the presentation of the foregoing materials to the Board, accompanied by such evidence as the Board may require to prove the title

of the transferor, and such other documents as the Company’s transfer agent requires, the transferee shall be registered as a Shareholder.

Notwithstanding the foregoing, the Board shall, in any case, have the same right to decline or suspend registration as it would have

had in the case of a transfer of the share by that Shareholder before such Shareholder’s death or bankruptcy, as the case may be.

11.4.

Where two or more persons are registered as joint holders of a share or shares, then in the event of the death of any joint holder or

holders the remaining joint holder or holders shall be absolutely entitled to such share or shares and the Company shall recognise no

claim in respect of the estate of any joint holder except in the case of the last survivor of such joint holders.

ALTERATION

OF SHARE CAPITAL

12. Power

to Alter Capital

12.1.

The Company may if authorised by resolution of the Shareholders increase, divide, consolidate, subdivide, change the currency denomination

of, diminish or otherwise alter or reduce its share capital in any manner permitted by the Act.

12.2.

Where, on any alteration or reduction of share capital, fractions of shares or some other difficulty would arise, the Board may deal

with or resolve the same in such manner as it thinks fit.

13. Variation

of Rights Attaching to Shares

If,

at any time, the share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided

by the terms of issue of the shares of that class) may, whether or not the Company is being wound-up, be varied with the sanction of

a resolution passed by a majority of issued shares of that class at a separate general meeting of the holders of the shares of the class

at which meeting the necessary quorum shall be two persons at least holding or representing by proxy one-third of the issued shares of

the class. The rights conferred upon the holders of the shares of any class or series issued with preferred or other rights shall not,

unless otherwise expressly provided by the terms of issue of the shares of that class or series, be deemed to be varied by the creation

or issue of further shares ranking pari passu therewith.

Carnival Corporation Ltd.

DIVIDENDS

AND CAPITALISATION

14. Dividends

14.1.

The Board may, subject to these Bye-laws and in accordance with the Act, declare a dividend to be paid to the Shareholders, in proportion

to the number of shares held by them, and such dividend may be paid in cash or wholly or partly in specie in which case the Board may

fix the value for distribution in specie of any assets. No unpaid dividend shall bear interest as against the Company.

14.2.

The Company may pay dividends in proportion to the amount paid up on each share where a larger amount is paid up on some shares than

on others.

14.3.

The Board may declare and make such other distributions (in cash or in specie) to the Shareholders as may be lawfully made out of the

assets of the Company. No unpaid distribution shall bear interest as against the Company.

15. Power

to Set Aside Profits

The

Board may, before declaring a dividend, set aside out of the surplus or profits of the Company, such amount as it from time to time,

in its absolute discretion, thinks proper as a reserve or reserves to meet contingencies, or for repairing or maintaining any property

of the Company or for such other purposes as the Board shall think conducive to the interests of the Company and the Board may modify

or abolish any such reserve in the manner in which it was created.

16. Method

of Payment

16.1.

Any dividend, interest, or other moneys payable in cash in respect of the shares may be paid by cheque or bank draft sent through the

post directed to the Shareholder at such Shareholder’s address in the Register of Shareholders, or to such person and to such address

as the Shareholder may direct in writing, or by transfer to such account as the Shareholder may direct in writing.

16.2.

In the case of joint holders of shares, any dividend, interest or other moneys payable in cash in respect of shares may be paid by cheque

or bank draft sent through the post directed to the address of the holder first named in the Register of Shareholders, or to such person

and to such address as the joint holders may direct in writing, or by transfer to such account as the joint holders may direct in writing.

If two or more persons are registered as joint holders of any shares any one can give an effectual receipt for any dividend paid in respect

of such shares.

16.3.

The Board may deduct from the dividends or distributions payable to any Shareholder all moneys due from such Shareholder to the Company

on account of calls or otherwise or any taxes required to be withheld by the laws and regulations of any taxing authority having jurisdiction

in the circumstances.

16.4.

Any dividend and/or other moneys payable in respect of a share which has remained unclaimed for 6 years from the date when it became

due for payment shall, if the Board so resolves, be forfeited and cease to remain owing by the Company. The payment of any unclaimed

dividend or other moneys payable in respect of a share may (but need not) be paid by the Company into an account separate from the Company’s

own account. Such payment shall not constitute the Company a trustee in respect thereof.

Carnival Corporation Ltd.

16.5.

The Company shall be entitled to cease sending dividend cheques and drafts by post or otherwise to a Shareholder if those instruments

have been returned undelivered to, or left uncashed by, that Shareholder on at least two consecutive occasions or, following one such

occasion, reasonable enquiries have failed to establish the Shareholder’s new address. The entitlement conferred on the Company

by this Bye-law 16 in respect of any Shareholder shall cease if the Shareholder claims a dividend or cashes a dividend cheque or draft.

17. Capitalisation

17.1.

The Board may capitalise any amount for the time being standing to the credit of any of the Company’s share premium or other reserve

accounts or to the credit of the profit and loss account or otherwise available for distribution by applying such amount in paying up

unissued shares to be allotted as fully paid bonus shares pro rata (except in connection with the conversion of shares of one class to

shares of another class) to the Shareholders.

17.2.

The Board may capitalise any amount for the time being standing to the credit of a reserve account or amounts otherwise available for

dividend or distribution by applying such amounts in paying up in full, partly or nil paid shares of those Shareholders who would have

been entitled to such amounts if they were distributed by way of dividend or distribution.

18. Determination

of Shareholders of Record

18.1.

In order that the Company may determine the holders of registered shares entitled to notice of general meetings, or entitled to express

consent to or dissent from any proposed corporate action without a meeting, or entitled to receive payment of any dividend or other distribution

or allotment of any rights in respect of any change, conversion or exchange of shares or for the purposes of any other action, the Board

may fix, in advance, a record date, which shall not be more than 60 nor less than 10 days before the date of such meeting, nor more than

60 days prior to any other action. If no such record is fixed:

(a) The record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be at the close of business

on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the date next preceding

the day on which the meeting is held;

(b) The record date for determining Shareholders entitled to express consent to corporate action in writing without a meeting, when no prior

action by the Board is necessary, shall be the day on which the first written consent is expressed; and

(c) The record date for determining Shareholders for any purpose other than those specified in subsections (a) and (b) shall be at the close

of business on the day on which the Board adopts resolution relating thereto.

Carnival Corporation Ltd.

determination of registered Shareholders of record entitled to notice of or to vote at a meeting of Shareholders shall apply to any adjournment

of the meeting; except that the Board may fix a new record date for an adjourned meeting.

MEETINGS

OF SHAREHOLDERS

19. Annual

General Meetings

annual general meeting shall be held in March or April of each year at such time and place as the Board shall appoint.

20. Special

General Meetings

Special

general meetings (other than special general meetings for the election of Directors), unless otherwise prescribed by statute, may be

called at any time by the Board or by the president of the Company or by the Secretary. At special general meetings only such business

may be transacted as is related to the purpose or purposes of such meeting set forth in the notice thereof or in any waiver of notice

thereof.

21. Requisitioned

General Meetings

The

Board shall, on the requisition of Shareholders holding at the date of the deposit of the requisition not less than one-tenth of such

of the paid-up share capital of the Company as at the date of the deposit carries the right to vote at general meetings (excluding any

non-voting shares), forthwith proceed to convene a special general meeting and the provisions of the Act shall apply.

22. Notice

22.1.

At least 10 but not more than 60 days’ notice of an annual general meeting shall be given to each Shareholder entitled to attend

and vote thereat, stating the date, place and time at which the meeting is to be held, that the election of Directors will take place

thereat, and as far as practicable, the other business to be conducted at the meeting.

22.2.

At least 10 but not more than 60 days’ notice of a special general meeting shall be given to each Shareholder entitled to attend

and vote thereat, stating the date, time, place and the general nature of the business to be considered at the meeting.

22.3.

An affidavit of the Secretary or an assistant secretary or of the transfer agent of the Company that the notice required by this Bye-law

22 has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

22.4.

A general meeting shall, notwithstanding that it is called on shorter notice than that specified in these Bye-laws, be deemed to have

been properly called if it is so agreed by (i) all the Shareholders entitled to attend and vote thereat in the case of an annual general

meeting; and (ii) by a majority in number of the Shareholders having the right to attend and vote at the meeting, being a majority together

holding not less than 95% in nominal value of the shares giving a right to attend and vote thereat in the case of a special general meeting.

Carnival Corporation Ltd.

22.5.

The accidental omission to give notice of a general meeting to, or the non-receipt of a notice of a general meeting by, any person entitled

to receive notice shall not invalidate the proceedings at that meeting.

23. Giving

Notice

23.1.

A notice may be given by the Company to a Shareholder:

(a) by delivering it to such Shareholder in person, in which case the notice shall be deemed to have been served upon such delivery; or

(b) by

sending it by post to such Shareholder’s address in the Register of Shareholders, in

which case the notice shall be deemed to have been given when deposited in the mail, with

postage prepaid directed to the Shareholder at his address as it appears in the records of

the Company; or

sending it by courier to such Shareholder’s address in the Register of Shareholders,

in which case the notice shall be deemed to have been served two days after the date on which

it is deposited, with courier fees paid, with the courier service; or

(d) by

transmitting it by electronic means (including facsimile and electronic mail, but not telephone)

in accordance with such directions as may be given by such Shareholder to the Company for

such purpose, in which case the notice shall be deemed to have been served at the time that

it would in the ordinary course be transmitted; or

(e) by delivering it in accordance with the provisions of the Act pertaining to delivery of electronic records by publication on a website,

in which case the notice shall be deemed to have been served at the time when the requirements of the Act in that regard have been met.

23.2.

Any notice required to be given to a Shareholder shall, with respect to any shares held jointly by two or more persons, be given to whichever

of such persons is named first in the Register of Shareholders and notice so given shall be sufficient notice to all the holders of such

shares.

23.3.

In proving service under paragraphs 23.1(b), (c) and (d), it shall be sufficient to prove that the notice was properly addressed and

prepaid, if posted or sent by courier, and the time when it was posted, deposited with the courier, or transmitted by electronic means.

24. Postponement

or Cancellation of General Meeting

The

Secretary may, and on the instruction of the chairman or president of the Company or the Board, the Secretary shall, postpone or cancel

any general meeting called in accordance with these Bye-laws (other than a meeting requisitioned under these Bye-laws) provided that

notice of postponement or cancellation is given to the Shareholders before the time for such meeting. Fresh notice of the date, time

and place for a postponed meeting shall be given to each Shareholder in accordance with these Bye-laws.

Carnival Corporation Ltd.

25. Shareholder

Proposals

25.1.

At an annual general meeting of the Shareholders, only business (other than business relating to the nomination or election of Directors

which is governed by Bye-law 57) that has been properly brought before the general meeting in accordance with the procedures set forth

in this Bye-law 25 shall be conducted. To be properly brought before an annual general meeting of Shareholders, such business must be

brought before the meeting (i) by or at the direction of the Board or any committee thereof or (ii) by a Shareholder or Shareholders

who (a) were Shareholders of record of the Company when the notice required by this Bye-law 25 is delivered to the Secretary of the Company

and at the time of the meeting, (b) have a right to vote on the business at the annual general meeting to which the request relates,

(c) represent (1) in the aggregate, holders of at least five percent (5%) of the issued and outstanding Common Shares of the Company

who have a right to vote on the business at the annual general meeting to which the request relates, or (2) 100 Shareholders who have

a right to vote on the business at the annual general meeting to which the request relates; and (d) comply with the notice and other

provisions of this Bye-law 25. Bye-law 25.1(ii) is the exclusive means by which Shareholders may bring business before a meeting of Shareholders,

except (x) with respect to nominations or elections of Directors which is governed by Bye-law 57 and (y) with respect to proposals where

the Shareholder proposing such business has notified the Company of such Shareholder’s intent to present the proposals at an annual

general meeting in compliance with Section 14 (or any successor section) of the Securities Exchange Act of 1934 (including any successor

statute) (the “Exchange Act”) and such proposals have been included in a proxy statement that has been prepared by the Company

to solicit proxies for such annual general meeting, in which case the notice requirements of this Bye-law 25 shall be deemed satisfied

with respect to such proposals. Any business brought before a meeting in accordance with Bye-law 25.1(ii) is referred to as “Shareholder

Business”.

25.2.

At any annual general meeting of Shareholders, all proposals of Shareholder Business must be made by timely written notice given by or

on behalf of a Shareholder of record of the Company (the “Notice of Business”) and must otherwise be a proper matter for

Shareholder action. To be timely, the Notice of Business must be delivered personally or mailed to, and received at the office of the

Company, addressed to the Secretary of the Company, by no earlier than 120 days and no later than 90 days prior to the one-year anniversary

of the preceding year’s annual general meeting, provided, however, that if (A) the annual general meeting of Shareholders is advanced

by more than 30 days, or delayed by more than 60 days, from the first anniversary of the prior year’s annual general meeting of

Shareholders or (B) no annual general meeting of Shareholders was held during the prior year, Notice of Business to be timely must be

received (x) no earlier than 120 days before such annual general meeting and (y) no later than the later of 90 days before such annual

general meeting and the tenth day after the first date on which Public Disclosure of the date of such annual general meeting is made.

25.3.

In no event shall an adjournment, postponement or deferral, or Public Disclosure of an adjournment, postponement or deferral, of an annual

general meeting or special general meeting commence a new time period (or extend any time period) for the giving of the Notice of Business.

Carnival Corporation Ltd.

25.4.

The Notice of Business must set forth:

(a) the name and record address of each Shareholder proposing Shareholder Business (the “Proponent”), as they appear on the Company’s

books;

(b) the name and address of any Shareholder Associated Person;

to each Proponent and any Shareholder Associated Person, (i) the class or series and number

of shares directly or indirectly held of record and beneficially by the Proponent or Shareholder

Associated Person, (ii) the date such shares were acquired, (iii) a description of any agreement,

arrangement or understanding with respect to such business between or among the Proponent,

any Shareholder Associated Person or any others (including their names) acting in concert

with any of the foregoing, and a representation that the Proponent will notify the Company

in writing of any such agreement, arrangement or understanding in effect as of the record

date for the meeting promptly following the later of the record date or the date notice of

the record date is first Publicly Disclosed, (iv) a description of any agreement, arrangement

or understanding (including any derivative or short positions, profit interests, options,

hedging transactions and borrowed or loaned shares) that has been entered into as of the

date of the Proponent’s notice by, or on behalf of, the Proponent or any Shareholder

Associated Person, the effect or intent of which is to mitigate loss to, manage risk or benefit

of share price changes for, or increase or decrease the voting power of the Proponent or

any Shareholder Associated Person with respect to shares of the Company (a “Derivative”)

and a representation that the Proponent will notify the Company in writing of any such agreement,

arrangement or understanding in effect as of the record date for the meeting promptly following

the later of the record date or the date notice of the record date is first Publicly Disclosed,

and (v) a description in reasonable detail of any proxy (including revocable proxies), contract,

arrangement, understanding or other relationship pursuant to which the Proponent or Shareholder

Associated Person has a right to vote any shares of the Company. The information specified

in Bye-law 25.4(a) to (c) is referred to herein as “Shareholder Information”;

(d) a

representation that the Proponents meet the requirements set forth in Bye-law 25.1(ii) and intend to appear in person or by proxy at

the meeting to propose such Shareholder Business;

(e) a

brief description of the Shareholder Business desired to be brought before the annual general meeting, the text of the proposal (including

the text of any resolutions proposed for consideration and, if such business includes a proposal to amend the Bye-laws, the language

of the proposed amendment) and the reasons for conducting such Shareholder Business at the meeting;

(f) any

material interest of the Proponent and any Shareholder Associated Person in such Shareholder Business; and

(g) all

other information regarding the business, each Proponent and each Shareholder Associated Person that would be required to be disclosed

or filed with the SEC if the Proponents or Shareholder Associated Persons were participants in a solicitation subject to Section 14 (or

any successor section) of the Exchange Act.

Carnival Corporation Ltd.

25.5.

The person presiding over the meeting shall, if the facts warrant, determine and declare to the meeting, that business was not properly

brought before the meeting in accordance with the procedures set forth in this Bye-law 25, and, if he should so determine, he shall so

declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

25.6.

If the Proponent (or a qualified representative of the Proponent) does not appear at the meeting of Shareholders to present the Shareholder

Business such business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Company.

For purposes of this Bye-law 25, to be considered a qualified representative of the Shareholder, a person must be a duly authorized officer,

manager or partner of such Shareholder or must be authorized by a writing executed by such Shareholder or an electronic transmission

delivered by such Shareholder to act for such Shareholder as proxy at the meeting of Shareholders and such person must produce such writing

or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of Shareholders.

25.7.

“Public Disclosure” of any date or other information (including the term “Publicly Disclosed”) means disclosure

thereof by a press release reported by the Dow Jones News Services, Associated Press or comparable U.S. national news service or in a

document publicly filed by the Company with the SEC pursuant to Sections 13, 14 or 15(d) (or any successor sections) of the Exchange

Act.

25.8.

“Shareholder Associated Person” means with respect to any Shareholder, (i) any other beneficial owner of shares of the

Company that are owned by such Shareholder, (ii) any person that directly, or indirectly through one or more intermediaries, controls,

or is controlled by, or is under common control with, the Shareholder or such beneficial owner and (iii) any associate (within the meaning

of Rule 12b-2 (or any successor rule) under the Exchange Act for purposes of these Bye-laws) of such Shareholder or beneficial owner.

25.9.

“Control” (including the terms “controlling,” “controlled by” and “under common

control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies

of a person, whether through the ownership of voting securities, by contract or otherwise.

25.10.

Nothing in this Bye-law 25 shall be deemed to affect any rights of the holders of any series of Preference Shares of the Company pursuant

to any applicable provision of these Bye-laws.

26. Electronic

Participation and Security in Meetings

26.1.

Shareholders may participate in any general meeting by such telephonic, electronic or other communication facilities or means as permit

all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such

a meeting shall constitute presence in person at such meeting.

26.2.

The Board may, and at any general meeting, the chairman of such meeting may, make any arrangement and impose any requirement or restriction

it or he considers appropriate to ensure the security of a general meeting including, without limitation, requirements for evidence of

identity to be produced by those attending the meeting, the searching of their personal property and the restriction of items that may

be taken into the meeting place. The Board and, at any general meeting, the chairman of such meeting are entitled to refuse entry to

a person who refuses to comply with any such arrangements, requirements or restrictions.

Carnival Corporation Ltd.

27. Quorum

at General Meetings

27.1.

At any general meeting two or more persons present at the start of the meeting and representing in person or by proxy in excess of one-third

of the total voting rights of all issued and outstanding shares in the Company shall form a quorum for the transaction of business, provided

that if the Company shall at any time have only one Shareholder, one Shareholder present in person or by proxy shall form a quorum for

the transaction of business at any general meeting held during such time. When a quorum is once present to organize a meeting of Shareholders,

it is not broken by the subsequent withdrawal of any Shareholders. Shareholders present in person or by proxy at a duly convened meeting

can continue to transact business until adjournment, notwithstanding withdrawal of Shareholders so as to leave fewer than a quorum present.

27.2.

If within half an hour from the time appointed for the meeting a quorum is not present, then, in the case of a meeting convened on a

requisition, the meeting shall be deemed cancelled and, in any other case, the meeting shall stand adjourned to the same day one week

later, at the same time and place or to such other day, time or place as the Secretary may determine. Unless the meeting is adjourned

to a specific date, time and place announced at the meeting being adjourned, or stands adjourned to the same day one week later, at the

same time and place as the meeting being adjourned, pursuant to the immediately preceding sentence, fresh notice of the resumption of

the meeting shall be given to each Shareholder entitled to attend and vote thereat in accordance with these Bye-laws.

28. Chairman

to Preside at General Meetings

Unless

otherwise agreed by a majority of those attending and entitled to vote at a general meeting, the chairman of the Board, if there be one,

and if not, one of the following persons present, in the order stated, shall act as chairman of such meeting: the vice chairman of the

Board, if there be one or in their order of rank or seniority if there be more than one, the chief executive officer, the president of

the Company, the vice presidents in their order of rank or seniority, a chairman designated by those Directors present at the meeting

or a chairman chosen by the Shareholders. The Secretary, or in his absence, an assistant secretary, or in the absence of the Secretary

and assistant secretaries, a person appointed by the Board or the chairman of the Board, shall act as secretary.

29. Voting

on Resolutions

29.1.

Subject to the Act and these Bye-laws, any question proposed for the consideration of the Shareholders at any general meeting shall be

decided by the affirmative votes of a majority of the votes cast in accordance with these Bye-laws and in the case of an equality of

votes the resolution shall fail; provided that abstentions shall not be deemed to be “votes cast” for these purposes.

29.2.

No Shareholder shall be entitled to vote at a general meeting unless such Shareholder has paid all the calls on all shares held by such

Shareholder.

Carnival Corporation Ltd.

29.3.

At any general meeting a resolution put to the vote of the meeting shall, in the first instance, be voted upon by a show of hands and,

subject to any rights or restrictions for the time being lawfully attached to any class of shares and subject to these Bye-laws, every

Shareholder present in person and every person holding a valid proxy at such meeting shall be entitled to one vote and shall cast such

vote by raising his hand.

29.4.

In the event that a Shareholder participates in a general meeting by telephone, electronic or other communication facilities or means,

the chairman of the meeting shall direct the manner in which such Shareholder may cast his vote on a show of hands.

29.5.

At any general meeting if an amendment is proposed to any resolution under consideration and the chairman of the meeting rules on whether

or not the proposed amendment is out of order, the proceedings on the substantive resolution shall not be invalidated by any error in

such ruling.

29.6.

At any general meeting a declaration by the chairman of the meeting that a question proposed for consideration has been carried, or carried

unanimously, or by a particular majority, or lost, and an entry to that effect in a book containing the minutes of the proceedings of

the Company shall, subject to these Bye-laws, be conclusive evidence of that fact.

30. Power

to Demand a Vote on a Poll

30.1.

Notwithstanding the foregoing, a poll may be demanded by any of the following persons:

(a) the chairman of such meeting; or

(b) at least three Shareholders present in person or represented by proxy; or

(c) any Shareholder or Shareholders present in person or represented by proxy and holding between them not less than one-tenth of the total

voting rights of all the Shareholders having the right to vote at such meeting; or

(d) any Shareholder or Shareholders present in person or represented by proxy holding shares in the Company conferring the right to vote

at such meeting, being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total amount paid up

on all such shares conferring such right.

30.2.

Where a poll is demanded, subject to any rights or restrictions for the time being lawfully attached to any class of shares, every person

present at such meeting shall have one vote for each share of which such person is the holder or for which such person holds a proxy

and such vote shall be counted by ballot as described herein, or in the case of a general meeting at which one or more Shareholders are

present by telephone, electronic or other communication facilities or means, in such manner as the chairman of the meeting may direct

and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded and shall replace any

previous resolution upon the same matter which has been the subject of a show of hands. A person entitled to more than one vote need

not use all his votes or cast all the votes he uses in the same way.

Carnival Corporation Ltd.

30.3.

A poll demanded for the purpose of electing a chairman of the meeting in accordance with and to the extent permitted by Bye-law 28 or

on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such time and in such

manner during such meeting as the chairman (or acting chairman) of the meeting may direct. Any business other than that upon which a

poll has been demanded may be conducted pending the taking of the poll.

30.4.

Where a vote is taken by poll, each person physically present and entitled to vote shall be furnished with a ballot paper on which such

person shall record his vote in such manner as shall be determined at the meeting having regard to the nature of the question on which

the vote is taken, and each ballot paper shall be signed or initialled or otherwise marked so as to identify the voter and the registered

holder in the case of a proxy. Each person present by telephone, electronic or other communication facilities or means shall cast his

vote in such manner as the chairman of the meeting shall direct. At the conclusion of the poll, the ballot papers and votes cast in accordance

with such directions shall be examined and counted by one or more scrutineers appointed by the Board or, in the absence of such appointment,

by a committee of not less than two Shareholders or proxy holders appointed by the chairman of the meeting for the purpose, and the result

of the poll shall be declared by the chairman of the meeting.

31. Voting

by Joint Holders of Shares

the case of joint holders, the vote of the senior who tenders a vote (whether in person or by proxy) shall be accepted to the exclusion

of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in

the Register of Shareholders.

32. Instrument

of Proxy

32.1.

A Shareholder may appoint a proxy by

(a) an instrument in writing in substantially the following form or such other form as the Board may determine from time to time or the Board

or the chairman of the meeting shall accept:

Proxy

Carnival

Corporation Ltd.

The

undersigned shareholders of Carnival Corporation Ltd. hereby revoke all prior proxies and appoint [name], proxy and attorney in fact,

with full power of substitution, with all the powers the undersigned would possess if personally present, to vote all common shares of

Carnival Corporation Ltd. which the undersigned is entitled to vote at the meeting of Shareholders to be held on [date] or any postponement

or adjournment thereof

Signed

this [date]

Shareholder(s)

Carnival Corporation Ltd.

(b) such telephonic, electronic or other means as may be approved by the Board from time to time.

32.2.

The appointment of a proxy must be received by the Company at the registered office or at such other place or in such manner as is specified

in the notice convening the meeting or in any instrument of proxy sent out by the Company in relation to the meeting at which the person

named in the appointment proposes to vote, and appointment of a proxy which is not received in the manner so permitted shall be invalid.

32.3.

A Shareholder who is the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf in respect

of different shares.

32.4.

The decision of the chairman of any general meeting as to the validity of any appointment of a proxy shall be final.

33. Inspectors

of Election

33.1.

In advance of any meeting of Shareholders, the Board may appoint inspectors of election, who need not be Shareholders, to act at such

meeting or any adjournment thereof. If inspectors of election are not so appointed, the person presiding at any such meeting may, and

on the request of any Shareholder entitled to vote at the meeting and before voting begins shall, appoint inspectors of election. In

case of any absence of the chairman of the Board and the president of the Company, the persons designated pursuant to Bye-law 28 shall

act as chairman and secretary of the meeting.

33.2.

On request of the person presiding at the meeting or any Shareholder entitled to vote thereat, the inspectors shall make a report in

writing of any challenge or question or matter determined by them, and execute a sworn certificate of any fact found by them. Any such

report or certificate shall be prima facie evidence of the facts stated and on the vote as certified by him or them.

34. Cumulative

Voting

Cumulative

voting for Directors shall not be permitted.

35. Representation

of Corporate Shareholder

35.1.

A corporation which is a Shareholder may, by written instrument, authorise such person or persons as it thinks fit to act as its representative

at any meeting and any person so authorised shall be entitled to exercise the same powers on behalf of the corporation which such person

represents as that corporation could exercise if it were an individual Shareholder, and that Shareholder shall be deemed to be present

in person at any such meeting attended by its authorised representative or representatives.

35.2.

Notwithstanding the foregoing, the chairman of the meeting may accept such assurances as he thinks fit as to the right of any person

to attend and vote at general meetings on behalf of a corporation which is a Shareholder.

Carnival Corporation Ltd.

36. Adjournment

of General Meeting

36.1.

The chairman of a general meeting shall have the power to adjourn the meeting to another time, date and place (if any) for any reason

and regardless of whether a quorum is present at the meeting. The chairman of a general meeting shall, if so directed by Shareholders

holding a majority of the voting rights of those Shareholders present in person or by proxy, adjourn the meeting.

36.2.

Unless the meeting is adjourned to a specific date, place and time announced at the meeting being adjourned, fresh notice of the date,

place and time for the resumption of the adjourned meeting shall be given to each Shareholder entitled to attend and vote thereat in

accordance with these Bye-laws; provided that if the adjournment is for more than 30 days, or if after the adjournment a new record date

is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Shareholder entitled to vote at the meeting.

37. No

Action by Written Resolutions of Shareholders

action required to be taken or which may be taken at any general meeting of Shareholders may be taken without a meeting, and the power

of Shareholders to consent in writing, without a meeting, to the taking of any action is specifically denied.

38. Directors

Attendance at General Meetings

The

Directors shall be entitled to receive notice of, attend and be heard at any general meeting.

Board

of Directors

39. Directors

to Manage Business

The

business of the Company shall be managed and conducted by the Board. In managing the business of the Company, the Board may exercise

all such powers of the Company as are not, by the Act or by these Bye-laws, required to be exercised by the Company in general meeting.

40. Number

of Directors

The

Board shall consist of no less than 9 Directors nor more than 14 Directors as shall be determined from time to time solely by resolution

of the Board. Directors need not be Shareholders.

41. Term

of Office of Directors

The

Directors shall be elected for a one year term of office. A Director shall hold office until the annual general meeting for the year

in which his term expires, subject to his office being vacated pursuant to Bye-law 42.

Carnival Corporation Ltd.

42. Vacancy

in the Office of Director

42.1. The

office of Director shall be vacated if the Director:

(a) is

removed from office pursuant to these Bye-laws or is prohibited from being a Director by law;

(b) is

or becomes bankrupt, or makes any arrangement or composition with his creditors generally;

or becomes of unsound mind or dies; or

(d) resigns

his office by notice to the Company.

42.2.

Subject to Bye-law 42.3, any vacancy on the Board arising (i) in accordance with Bye-law 42.1, (ii) as a result of an increase in the

number of Directors pursuant to Bye-law 40 or (iii) otherwise, may be filled only by a majority of the Directors then in office. Any

Director elected to fill a vacancy not resulting from an increase in the number of Directors shall have the same remaining term as that

of his or her predecessor.

42.3.

If no quorum of Directors remains, the Shareholders in a general meeting shall have the power to appoint any person as a Director to

fill a vacancy.

43. Resignation

of Directors

Any

Director may resign at any time by written notice to the Company. Such resignation shall take effect at the date of the receipt of such

notice or at any later time specified therein, and, unless otherwise specified therein, the acceptance of such resignation shall not

be necessary to make it effective.

44. Removal

of Directors

Subject

to any provision to the contrary in these Bye-laws, the Shareholders entitled to vote for the election of Directors may, at any special

general meeting convened and held in accordance with these Bye-laws, remove a Director by the affirmative votes of a majority of the

votes cast in accordance with these Bye-laws.

45. Organization

every meeting of the Board, the chairman of the Board, if there be one, or, in the case of a vacancy in the office or absence of the

chairman of the Board, one of the following Officers present in the order stated: the vice chairman of the Board, if there be one or

in their order of rank and seniority if more than one, the Chief Executive Officer, the president of the Company, the vice presidents

in their order of rank and seniority, or a chairman chosen by a majority of the Directors present, shall preside, and the Secretary,

or, in his absence, an assistant secretary, or in the absence of the Secretary and the assistant secretaries, any person appointed by

the chairman of the meeting shall act as secretary.

Carnival Corporation Ltd.

46. Place

of Meeting

The

Board may hold its meetings, both regular and special, at such place or places within or outside Bermuda as the Board may from time to

time appoint, or as may be designated in the notice calling the meeting.

47. Notice

of Board Meetings

Notice

of a Board meeting shall be deemed to be duly given to a Director if it is given to such Director verbally (including in person or by

telephone) or otherwise communicated or sent to such Director by post, electronic means or other mode of representing words in a visible

form at such Director’s last known address or in accordance with any other instructions given by such Director to the Company for

this purpose.

48. Annual

Meetings

the day when and at the place where the annual general meeting is held, and as soon as practicable thereafter, the Board may hold its

annual meeting, for the purposes of organization, the election of Officers and the transaction of other business. Such annual meeting

may be held at any other time and place specified in a notice given as provided in Bye-law 47 or in a waiver of notice thereof.

49. Regular

Meetings

Unless

otherwise required by the Board, regular meetings of the Board may be held at such time and place as shall be designated from time to

time by resolution of the Board. At such meetings, the directors may transact such business as may properly be brought before the meeting.

If any day fixed for a regular meeting of the Board shall be a Saturday or Sunday or a legal holiday at the place where such meeting

is to be held, then such meeting shall be held at the same hour at the same place on the first business day thereafter which is not a

Saturday, Sunday or legal holiday.

50. Special

Meetings

Special

meetings of the Board shall be held whenever called by the chairman of the Board, the president of the Company or the Secretary or by

two or more Directors. Notice of each such meeting shall be given to each Director by telephone or in writing at least 24 hours (in the

case of notice by telephone) or 48 hours (in the case of notice by electronic mail or facsimile) or 10 days (in the case of notice by

mail) before the time at which the meeting is to be held. Each such notice shall state the time and place of the meeting but need not

state the purpose or purposes of the meeting. If mailed, each notice shall be deemed given when deposited, with postage thereon prepaid,

in a post office or official depository under the exclusive care and custody of the United States post office department. Such mailing

shall be by first class mail.

Carnival Corporation Ltd.

51. Representation

of Director by Another Director

Each

Director may appoint another Director to represent him and to vote on his behalf at meetings of the Board and at meetings of committees

of the Board of which he is a member (a “Director Representative”). A designation of a Director Representative shall be given

by the Director making the appointment in an instrument in writing including a facsimile or similar communication method and shall be

delivered to the Secretary of the Company. Such notice shall be conclusive evidence of the validity of the Director Representative’s

authority until notice of revocation of such designation in writing including a facsimile or similar method of communication has been

delivered to the Secretary of the Company.

52. Quorum,

Manner of Acting and Adjournment and Action without Meeting

52.1.

At all meetings of the Board the presence, in person or by proxy, of one-third of the total number of Directors shall constitute a quorum

for the transaction of business except as may be otherwise specifically provided by applicable regulation or these Bye-laws. The act

of a simple majority of the Directors present in person or by proxy at any meeting at which there is a quorum shall be the act of the

Board, except as may be otherwise specifically provided by applicable regulation, or these Bye-laws. A majority of the directors present

at any meeting of the Board, including an adjourned meeting, whether or not a quorum is present, may adjourn such meeting to another

time and place. Notice of any adjourned meeting of the Board need not be given to any Director whether or not present at the time of

the adjournment. Any business may be transacted at any adjourned meeting that might have been transacted at the meeting as originally

called.

52.2.

Any person who is himself a Director and acting as a Director Representative for any other Director shall be entitled to have one vote

for each capacity in which he so acts (in addition to any vote he may have as a Director).

52.3.

Any action required or permitted to be taken at any meeting of the Board or any committee thereof may be taken without a meeting, if

all of the members of the Board or committee consent thereto in writing, and the writings are filed with the minutes of proceedings of

the Board or committee. For the purposes of this Bye-law only, “the members of the Board or committee” shall not include

a Director Representative.

53. Conference

Telephone Meetings

One

or more directors may participate in a meeting of the Board, or of a committee of the Board, by means of conference telephone or similar

communications equipment by means of which all persons can hear each other. Participation in a meeting pursuant to this Bye-law shall

constitute presence in person at such meeting.

54. Committees

of the Board

54.1.

The Board may, by resolutions adopted by a majority vote of the entire Board, designate from among its members one or more other committees

(having such name or names as may be determined from time to time by resolution adopted by the Board). The Board may designate one or

more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.

In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified

from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board to act at the meeting

in the place of any such absent or disqualified member.

Carnival Corporation Ltd.

54.2.

Any committee designated by the Board shall have and may exercise such powers and authorities as shall be provided in the resolution

of the Board establishing such committee; but no committee of the Board shall have the power or authority in reference to the submission

to Shareholders of any action that requires Shareholders’ authorization under applicable regulation or these Bye-laws, the filling

of vacancies in the Board or in a committee, the fixing of the compensation of the Directors for serving on the Board or on any committee,

the adoption of an agreement of merger or consolidation, the sale, lease or exchange of all or substantially all of the Company’s

property and assets, recommending to Shareholders a dissolution of the Company or revocation of a dissolution, the amendment or repeal

of the Bye-laws or the adoption of new Bye-laws, or the amendment or repeal of any resolution of the Board other than one which is by

its terms so amendable or repealable.

55. Compensation

of Directors

Each

Director, in consideration of his service as such, shall be entitled to receive from the Company such amount per annum or such fees for

attendance at Directors’ meetings, or both, as the Board may from time to time determine, together with reimbursement for the reasonable

expenses incurred by him in connection with the performance of his duties. Each Director who shall serve as a member of any committee

of Directors in consideration of his serving as such shall be entitled to such additional amount per annum or such fees for attendance

at committee meetings, or both, as the Board may from time to time determine, together with reimbursement for the reasonable expenses

incurred by him in the performance of his duties. Nothing contained in this section shall preclude any director from serving the Company

or its subsidiaries in any other capacity and receiving proper compensation therefor.

56. Powers

of the Board of Directors

The

Board may:

(a)

appoint, suspend, or remove any Officer, manager, secretary, clerk, agent or employee of the Company and may fix their remuneration and

determine their duties;

(b) exercise

all the powers of the Company to borrow money and to mortgage or charge or otherwise grant a security interest in its undertaking, property

and uncalled capital, or any part thereof, and may issue debentures, debenture stock and other securities whether outright or as security

for any debt, liability or obligation of the Company or any third party;

(c)

appoint one or more Directors to the office of managing director or chief executive officer of the Company, who shall, subject to the

control of the Board, supervise and administer all of the general business and affairs of the Company;

Carnival Corporation Ltd.

(d) appoint

a person to act as manager of the Company’s day-to-day business and may entrust to and confer upon such manager such powers and

duties as it deems appropriate for the transaction or conduct of such business;

(e)

by power of attorney, appoint any company, firm, person or body of persons, whether nominated directly or indirectly by the Board, to

be an attorney of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable

by the Board) and for such period and subject to such conditions as it may think fit and any such power of attorney may contain such

provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit and may also authorise

any such attorney to sub-delegate all or any of the powers, authorities and discretions so vested in the attorney;

(f) procure

that the Company pays all expenses incurred in promoting and incorporating the Company;

(g)

delegate any of its powers (including the power to sub-delegate) to any person on such terms and in such manner as the Board may see

fit;

(h) present

any petition and make any application in connection with the liquidation or reorganisation of the Company;

(i)

in connection with the issue of any share, pay such commission and brokerage as may be permitted by law;

(j) grant

guarantees with respect to the Company’s properties, subsidiaries, obligations and those of third parties;

(k) authorise

any company, firm, person or body of persons to act on behalf of the Company for any specific purpose and in connection therewith to

execute any deed, agreement, document or instrument on behalf of the Company; and

(l) exercise all rights and powers granted to or vested in the Board or the Company under Bye-laws 69 through 90 (the “Section 883

Bye-laws”) and to take any action as it deems necessary or advisable to give effect to the provisions of the Section 883 Bye-laws,

including the right and power to interpret the provisions of the Section 883 Bye-laws and to make all determinations deemed necessary

or advisable to give effect to the provisions of the Section 883 Bye-laws. Without limiting the generality of the foregoing, the Company

shall expressly have the right to effect or procure a transfer of Common Shares (including Excess Traded Shares) as described in the

Section 883 Bye-laws. In the case of ambiguity in the application of any of the provisions of the Section 883 Bye-laws, the Board shall,

in its absolute discretion, have the power to determine the application of such provisions with respect to any situation based on the

facts known to them, including, without limitation, any rulings, regulations or waivers under, or amendments to, any applicable regulations.

All such actions, calculations, interpretations and determinations which are done or made by the Board in good faith shall be final,

conclusive and binding on the Company and all other parties. No Director shall be liable for any act or omission pursuant to the Section

883 Bye-laws if such action was taken in good faith. Any one or more Directors may act as the attorney(s) of any holder of Common Shares

(including any holder of Excess Traded Shares) with respect to the execution of documents and other actions required to be taken for

the sale or transfer of Excess Traded Shares pursuant to the Section 883 Bye-laws.

Carnival Corporation Ltd.

57. Nominations

of Directors

57.1.

Only persons who are proposed or nominated in accordance with this Bye-law 57 shall be eligible for election as Directors. No corporation

or body corporate may be appointed or elected a Director of the Company.

57.2.

Nominations of persons for election to the Board may only be made at a meeting properly called for the election of Directors and only

(i) by or at the direction of the Board or any committee thereof or (ii) by a Shareholder who (a) was a Shareholder of record of the

Company when the notice required by this Bye-law 57 is delivered to the Secretary of the Company and at the time of the meeting, (b)

is entitled to vote at the meeting, and (c) complies with the notice and other provisions of this Bye-law 57. Bye-law 57.2(ii) is the

exclusive means by which a Shareholder may nominate a person for election to the Board. Persons nominated in accordance with Bye-law

57.2(ii) are referred to as “Shareholder Nominees”. A Shareholder nominating persons for election to the Board is referred

to as the “Nominating Shareholder”.

57.3.

Subject to Bye-law 57.9, all nominations of Shareholder Nominees must be made by timely written notice given by or on behalf of a Shareholder

of record of the Company (the “Notice of Nomination”). To be timely, the Notice of Nomination must be delivered personally

or mailed to and received at the office of the Company, addressed to the attention of the Secretary of the Company, by the following

dates:

(a) in

the case of the nomination of a Shareholder Nominee for election to the Board at an annual general meeting of Shareholders, no later

than 90 days and no earlier than 120 days prior to the one-year anniversary of the preceding year’s annual general meeting of Shareholders;

provided, however, that if (A) the annual general meeting of Shareholders is advanced by more than 30 days, or delayed by more than 60

days, from the first anniversary of the prior year’s annual general meeting of Shareholders or (B) no annual general meeting was

held during the prior year, Notice of Nomination to be timely must be received (x) no earlier than 120 days before such annual general

meeting and (y) no later than the later of 90 days before such annual general meeting and the tenth day after the first date on which

Public Disclosure of the date of such annual general meeting is made.

(b) in

the case of the nomination of a Shareholder Nominee for election to the Board at a special general meeting of Shareholders, no earlier

than 120 days before and no later than the later of 90 days before such special general meeting and the tenth day after the first date

on which Public Disclosure of the date of such special general meeting is made.

57.4.

In no event shall an adjournment, postponement or deferral, or Public Disclosure of an adjournment, postponement or deferral, of an annual

general meeting or special general meeting commence a new time period (or extend any time period) for the giving of the Notice of Nomination.

Carnival Corporation Ltd.

57.5.

The Notice of Nomination shall set forth:

(a) the

Shareholder Information with respect to each Nominating Shareholder and Shareholder Associated Person (except that references to the

“Proponent” in Bye-law 25.4(a) to (c) shall instead refer to the “Nominating Shareholder,” and the disclosure

required by Bye-law 25.4(c)(iii) may be omitted for purposes of this 57.5(a));

(b) a

representation that the Nominating Shareholder(s) meet the requirements set forth in Bye-law 57.2(ii) and intend to appear in person

or by proxy at the meeting to propose such nomination;

other information regarding each Shareholder Nominee, each Nominating Shareholder and each Shareholder Associated Person that would be

required to be disclosed or filed in a solicitation subject to Section 14 (or any successor section) of the Exchange Act and the written

consent of each Shareholder Nominee to being named in a proxy statement as a nominee and to serve if elected; and

(d) a description of all direct and indirect, existing or proposed agreements, arrangements and understandings with regard to the Common

Shares of the Company to which the Nominating Shareholder or Shareholder Associated Person is a party.

57.6.

The Company may require any Shareholder Nominee to furnish such other information as it may reasonably require to determine the eligibility

of such Shareholder Nominee to serve as a Director.

57.7.

The person presiding over the meeting shall, if the facts warrant, determine and declare to the meeting that any proposed nomination

of a Shareholder Nominee was not made in accordance with the procedures set forth in this Bye-law 57 and, if he should so determine,

he shall so declare to the meeting and the defective nomination shall be disregarded.

57.8.

If the Nominating Shareholder (or a qualified representative of the Nominating Shareholder) does not appear at the applicable Shareholder

meeting to nominate the Shareholder Nominees, such nomination shall be disregarded and such business shall not be transacted, notwithstanding

that proxies in respect of such vote may have been received by the Company. For purposes of this Bye-law 57, to be considered a qualified

representative of the Shareholder, a person must be a duly authorized officer, manager or partner of such Shareholder or must be authorized

by a writing executed by such Shareholder or an electronic transmission delivered by such Shareholder to act for such Shareholder as

proxy at the meeting of Shareholder and such person must produce such writing or electronic transmission, or a reliable reproduction

of the writing or electronic transmission, at the meeting of Shareholders.

57.9.

Nothing in this Bye-law 57 shall be deemed to affect any rights of the holders of any series of Preference Shares of the Company pursuant

to any applicable provision of these Bye-laws.

57.10.

In a Contested Election, the persons receiving the most votes (up to the number of Directors to be elected) shall be elected as Directors,

and an absolute majority of the votes cast shall not be a prerequisite to the election of such Directors.

Carnival Corporation Ltd.

57.11.

“Contested Election” means any election of Directors at any meeting of shareholders for which (A) the Secretary has received

one or more notices that a Shareholder has nominated or proposes to nominate a person or persons for election as a Director, which notice

or notices purport to be in compliance with the requirements set forth in Bye-law 57 (regardless of whether the Board has or has not

determined that such notice is in compliance with such requirements) and (B) as of the date that is 14 days in advance of the date on

which the Company files its definitive proxy statement (regardless of whether or not thereafter revised or supplemented) with the SEC,

any such notice has not been formally and irrevocably withdrawn by the applicable Shareholder.

58. Conflicts

of Interest

58.1.

At any time the Board may authorize any situation or matter relating to a particular Director that could give rise to a breach or conflict

with such Director’s fiduciary duty, duty of loyalty, any express or implied doctrine of corporate opportunity or other similar

law, regulation or duty (collectively, “Directors’ Duties”) (each a “Conflict Matter”). Such authorization

(a “Conflict Authorization”) may be granted by the Board by any procedures as the Directors determine that the Conflict Matter

concerned may be so authorized. The Directors may terminate or withdraw a Conflict Authorization at any time by giving notice to the

Director concerned.

58.2.

Any terms to which a Conflict Authorization is made subject (“Conflict Authorization Terms”) may include, in each case at

the Board’s discretion, that the Director concerned:

(a) is

not obliged to disclose to the Company confidential information obtained by him (other than in his capacity as its Director or as its

employee or agent or, if the Directors so decide, in any other capacity that would otherwise oblige him to disclose it to the Company)

in any situation to which the Conflict Authorization applies, nor to use any such information directly or indirectly for the benefit

of the Company, where to do so would amount to a breach of a duty of confidence, previously disclosed to the Directors by the Director

concerned, to any third party; and

(b) may absent himself from any Board discussions, and make arrangements not to receive documents and information, relating to the Conflict

Matter concerned for so long as he reasonably believes such conflict of interest (or possible conflict of interest) subsists,

and

the Company will not treat anything done, or omitted to be done, by the Director concerned in accordance with the Conflict Authorization

Terms as a breach of the Director’s duties. The Company will not treat the receipt by the Director concerned of any benefit that

he is permitted to receive by the Conflict Authorization Terms as a breach of the Director’s duties. The Director concerned

shall comply with all Conflict Authorization Terms. No amendment or repeal of this Bye-law 58 shall (i) apply to or have any effect on

the liability or alleged liability of any Director of the Company for or with respect to any acts or omissions of such Director occurring

prior to such amendment or repeal or (ii) be effective against any former Director of the Company without his or her written consent.

Carnival Corporation Ltd.

59. Defect

in Appointment

All

acts done in good faith by the Board, any Director, a member of a committee appointed by the Board, any person to whom the Board may

have delegated any of its powers, or any person acting as a Director shall, notwithstanding that it be afterwards discovered that there

was some defect in the appointment of any Director or person acting as aforesaid, or that he was, or any of them were, disqualified,

be as valid as if every such person had been duly appointed and was qualified to be a Director or act in the relevant capacity.

60. Board

to Continue in the Event of Vacancy

The

Board may act notwithstanding any vacancy in its number but, if and so long as its number is reduced below the number fixed by these

Bye-laws as the quorum necessary for the transaction of business at Board meetings, the continuing Directors or Director may act for

the purpose of (i) summoning a general meeting; or (ii) preserving the assets of the Company.

61. Validity

of Prior Acts of the Board

regulation or alteration to these Bye-laws made by the Company in a general meeting shall invalidate any prior act of the Board which

would have been valid if that regulation or alteration had not been made.

62. Register

of Directors and Officers

The

Board shall cause to be kept in one or more books at the registered office of the Company a Register of Directors and Officers and shall

enter therein the particulars required by the Act.

Officers

63. Number,

Qualifications and Designations of Officers

The

Officers of the Company shall be chosen by the Board and shall be a chief executive officer, a president, one or more vice presidents,

a Secretary, a treasurer, and such other officers as may be elected or appointed in accordance with the provisions of Bye-law 64. Officers

may be of any nationality and need not be residents or citizens of Bermuda. One person may hold more than one office. Officers may be,

but need not be, Directors of the Company or Shareholders.

64. Election

and Term of Office of Officers

The

Officers of the Company, except those appointed by delegated authority pursuant to Bye-law 66, shall be elected annually by the Board,

and each such Officer shall hold his office until his successor shall have been elected or appointed and qualified, or until his earlier

death, resignation or removal. More than two offices may be held by the same person. Any Officer may resign at any time upon written

notice to the Company. Any Officer elected by the Board or appointed by delegated authority may be removed at any time with or without

cause by the affirmative vote of a majority of members of the Board then in office. The removal of an Officer without cause shall be

without prejudice to his contract rights, if any. The election or appointment of an Officer shall not of itself create contract rights.

Any vacancy occurring in the office of the Company may be filled by the Board.

Carnival Corporation Ltd.

65. Powers

and Duties

The

Officers shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to

them by the Board from time to time.

The

chairman of the Board, or, if a chairman of the Board has not been chosen or is unavailable, the vice chairman of the Board, or, if neither

has been chosen or are unavailable, the president, shall preside at all meetings of the Shareholders and of the Board. The chairman of

the Board and the vice chairman of the Board shall be executive officers of the Company and shall exercise such executive duties as may

be prescribed from time to time by the Board. The Officers and agents of the Company shall each have such powers and perform such duties

in the management of the business and affairs of the Company as generally pertain to their respective offices, as well as such powers

and duties as from time to time may be prescribed by the Board.

66. Other

Officers, Subordinate Officers, Non-Board Committees and Agents

The

Board may from time to time elect such other Officers and appoint such employees or other agents, or such committees (not constituting

committees of the Board), as it deems necessary, who shall hold their offices for such terms and shall exercise such powers and perform

such duties as are provided in these Bye-laws, or as the Board may from time to time determine. The Board may delegate to any Officer

or committee of the Board the power to appoint subordinate officers and to retain or appoint employees or other agents, or committees

(not constituting committees of the Board) and to prescribe the authority, duties and compensation of such subordinate officers, committees,

employees or other agents.

67. Remuneration

of Officers

The

Officers shall receive such remuneration as the Board may determine.

Indemnification

68. Indemnification

and Exculpation of Directors and Officers

68.1.

Each person (and the heirs, executors or administrators of such person) who was or is a party to or is threatened to be made a party

to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason

of the fact that such person is or was a Director or an Officer of the Company or is or was serving at the request of the Company as

a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless

by the Company against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably

incurred by him in connection with such action, suit or proceeding to the fullest extent and in the manner set forth in and permitted

by the Act, and any other applicable law, as from time to time in effect, provided that this indemnity shall not extend to any matter

in respect of any fraud or dishonesty in relation to the Company which may attach to any of the parties indemnified under this Bye-law

68.1. The foregoing provisions of this Bye-law 68 shall be deemed to be a contract between the Company and each indemnified party at

any time while this Bye-law 68 and the relevant provisions of the Act and other applicable law, if any, are in effect.

Carnival Corporation Ltd.

68.2. The

Company may, by action of the Board, provide indemnification to such of the employees and

agents of the Company or any person who is or was serving at the request of the Company as

an employee or agent of another corporation, partnership, joint venture, trust or other enterprise,

against expenses (including attorneys’ fees), judgments, fines and amounts paid in

settlement actually and reasonably incurred by him in connection with such action, suit or

proceeding to such extent and to such effect as the Board shall determine to be appropriate

and permitted by the Act, and any other applicable law, as from time to time in effect, provided

that this indemnity shall not extend to any matter in respect of any fraud or dishonesty

in relation to the Company which may attach to any of the parties indemnified under this

Bye-law 68.2.

68.3. The

Company shall have power to purchase and maintain insurance on behalf of any person who is or was a Director, Officer, employee or agent

of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation,

partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity

or arising out of his status as such in respect of any loss arising or liability attaching to him by virtue of any rule of law in respect

of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company, whether

or not the Company would have the power to indemnify him against such liability under the provisions of this Bye-law 68 or under the

Act or any other provision of applicable law.

68.4. The

rights and authority conferred in this Bye-law 68 shall not be exclusive of any other right which any person may otherwise have or hereafter

acquire.

68.5. Neither

the amendment nor repeal of this Bye-law 68 nor the adoption or any provision of these Bye-Laws, nor, to the fullest extent permitted

by the Act and any other applicable law, any modification or repeal of law, shall affect any rights or obligations then existing with

respect to any state of facts then or theretofore existing or any action, suit or proceeding theretofore or thereafter brought or threatened

based in whole or in part upon any such state of facts.

68.6. The

indemnification and advancement of expenses provided by, or granted pursuant to, this Bye-law 68 shall, unless otherwise provided when

authorized or ratified under Bye-law 68.2 hereof, continue as to a person who has ceased to be a director, officer, employee or agent

and shall inure to the benefit of the heirs, executors and administrators of such a person.

68.7. A

member of the Board, or a member of any committee designated by the Board, shall, in the performance of his duties, be fully protected

in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the

Company by any of the Company’s officers or employees, or committees of the Board, or by any other person as to matters the member

reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable

care by or on behalf of the Company. In discharging their duties, Directors and Officers, when acting in good faith, may rely upon financial

statements of the Company represented to them to be correct by the chief financial officer or the controller or other officer of the

Company having charge of its books or accounts, or stated in a written report by an independent public or certified public account or

firm of such accountants fairly to reflect the financial condition of the Company.

Carnival Corporation Ltd.

Restrictions

on transfer

69. Restrictions

on Transfers and Other Events

Except

as provided in Bye-law 75, from August 2, 2002 (the “Section 883 Amendment Date”) until such date as may be determined by

the Board in its sole discretion (and for any reason) as the date on which the ownership and transfer restrictions set forth in the Section

883 Bye-laws should cease to apply (the “Restriction Termination Date”): (1) no Person (other than an Existing Holder) shall

Beneficially Own Traded Shares in excess of the Ownership Limit; (2) any Transfer that, if effective, would result in any Person (other

than an Existing Holder) Beneficially Owning Traded Shares in excess of the Ownership Limit shall be void ab initio as to the Transfer

of that number of Traded Shares which would be otherwise Beneficially Owned by such Person in excess of the Ownership Limit and the intended

transferee shall acquire no rights in such Traded Shares in excess of the Ownership Limit; and (3) any Transfer of Traded Shares that,

if effective, would result in the Company being “closely held” within the meaning of Section 883 of the Code and the regulations

promulgated thereunder shall be void ab initio as to the Transfer of that number of Traded Shares which would cause the Company to be

“closely held” within the meaning of Section 883 of the Code and the regulations promulgated thereunder and the intended

transferee shall acquire no rights in such Traded Shares.

70. Excess

Traded Shares

70.1.

If, notwithstanding the other provisions contained in these Bye-laws, at any time from the Section 883 Amendment Date until the Restriction

Termination Date, there is a purported Transfer or other event such that any Person (other than an Existing Holder) would Beneficially

Own Traded Shares in excess of the Ownership Limit, then, except as otherwise provided in Bye-law 75 hereof, such Traded Shares which

would be in excess of the Ownership Limit (rounded up to the nearest whole share), shall automatically be designated as Excess Traded

Shares (without reclassification), as further described in Bye-law 70.2 hereof. The designation of such Traded Shares as Excess Traded

Shares shall be effective as of the close of business on the business day prior to the date of the Transfer or other event. If, after

designation of such Traded Shares owned directly by a Person as Excess Traded Shares, such Person still owns Traded Shares in excess

of the applicable Ownership Limit, Traded Shares Beneficially Owned by such Person constructively in excess of the Ownership Limit shall

be designated as Excess Traded Shares until such Person does not own Traded Shares in excess of the applicable Ownership Limit. Where

such Person owns Traded Shares constructively through one or more Persons and the Traded Shares held by such other Persons must be designated

as Excess Traded Shares, the designation of Traded Shares held by such other Persons as Excess Traded Shares shall be pro rata.

70.2.

If, notwithstanding the other provisions contained in these Bye-laws, at any time from the Section 883 Amendment Date until the Restriction

Termination Date, there is a purported Transfer which, if effective, would cause the Company to become “closely held” within

the meaning of Section 883 of the Code and regulations promulgated thereunder, then, except as otherwise provided in Bye-law 75 hereof,

the Traded Shares being Transferred and which would cause, when taken together with all other Traded Shares, the Company to be “closely

held” within the meaning of Section 883 of the Code and the regulations promulgated thereunder (rounded up to the nearest whole

share) shall automatically be designated as Excess Traded Shares (without reclassification). The designation of such Traded Shares as

Excess Traded Shares shall be effective as of the close of business on the business day prior to the date of the Transfer. If, after

designation of such Traded Shares owned directly by a Person as Excess Traded Shares, such Person still owns Traded Shares in excess

of the applicable Ownership Limit, Traded Shares Beneficially Owned by such Person constructively in excess of the Ownership Limit shall

be designated as Excess Traded Shares until such Person does not own Traded Shares in excess of the applicable Ownership Limit. Where

such Person owns Traded Shares constructively through one or more Persons and the Traded Shares held by such other Persons must be designated

as Excess Traded Shares, the designation of Traded Shares held by such other Persons as Excess Traded Shares shall be pro rata.

Carnival Corporation Ltd.

71. Remedies

for Breach

the Board or their designees shall at any time determine in good faith that a purported Transfer or other event has taken place in violation

of Bye-law 69 hereof or that a Person intends to acquire or has attempted to acquire Beneficial Ownership of any Traded Shares in violation

of Bye-law 69, the Board or their designees may take such action as they deem advisable to refuse to give effect to or to prevent such

Transfer or other event, including, but not limited to, refusing to give effect to such Transfer or other event on the books of the Company

or instituting proceedings to enjoin such Transfer or other event or transaction; provided, however, that any Transfers or attempted

Transfers (or, in the case of events other than a Transfer, Beneficial Ownership) in violation of Bye-law 69 shall be void ab initio

and automatically result in the designation and treatment described in this Bye-law 71, irrespective of any action (or non-action) by

the Board or their designees.

72. Notice

of Restricted Transfer

Any

Person who acquires or attempts to acquire Traded Shares in violation of Bye-law 69, or any Person who is a purported transferee such

that Excess Traded Shares result under Bye-law 70 hereof, shall immediately give written notice to the Company of such Transfer, attempted

Transfer or other event and shall provide to the Company such other information as the Company may request in order to determine the

effect, if any, of such Transfer or attempted Transfer or other event on the Company’s status as qualifying for exemption from

taxation on gross income from the international operation of a ship or ships within the meaning of Section 883 of the Code.

73. Exclusion

The

restrictions set forth in Bye-law 69 shall not apply to any Traded Shares with respect to which such restrictions are prohibited pursuant

to applicable provisions of the corporation laws of Bermuda.

Carnival Corporation Ltd.

74. Remedies

not Limited

Subject

to Bye-law 78 hereof, nothing contained in these Bye-laws shall limit the authority of the Board to take such other action as they deem

necessary or advisable to protect the interests of the Company’s Shareholders by preservation of the Company’s status as

exempt from taxation on gross income from the international operation of a ship or ships within the meaning of Section 883 of the Code

and to ensure compliance with the Ownership Limit.

75. Exception

The

Board may exempt a Person (or may generally exempt a class of Persons) or any class of Traded Shares from the Ownership Limit.

76. Legend

After

the Section 883 Amendment Date, and prior to the Restriction Termination Date, each certificate for the Traded Shares shall bear the

following legend: The Traded Shares represented by this certificate are subject to restrictions on transfer. Unless excepted by the Board

of Directors or exempted by the terms of the Bye-laws of Carnival Corporation Ltd., no Person may (1) Beneficially Own Traded Shares

in excess of 4.9% of the issued and outstanding Traded Shares, by value, vote or number, determined as provided in the Bye-laws of Carnival

Corporation Ltd., and computed with regard to all issued and outstanding Traded Shares and, to the extent provided by the Code, all Traded

Shares issuable under existing options and exchange rights that have not been exercised; or (2) Beneficially Own Traded Shares which

would result in the Company being “closely held.” Unless so excepted, any acquisition of Traded Shares and continued holding

of ownership constitutes a continuous representation of compliance with the above limitations, and any Person who attempts to Beneficially

Own Traded Shares in excess of the above limitations has an affirmative obligation to notify the Company immediately upon such attempt.

If the restrictions on transfer are violated, the transfer will be void ab initio and the Traded Shares represented hereby will be designated

and treated as Excess Traded Shares that will be held in trust. Excess Traded Shares may not be transferred at a profit and may be purchased

by the Company. In addition, certain Beneficial Owners must give written notice as to certain information on demand and on exceeding

certain ownership levels. All terms not defined in this legend have the meanings provided in the Bye-laws of Carnival Corporation Ltd.

The Company will mail without charge to any requesting shareholder a copy of the Bye-laws, including the express terms of each class

and series of the authorized Traded Shares of the Company, within five days after receipt by the Secretary of the Company of a written

request therefor.

77. Severability

any provision of the Section 883 Bye-laws or any application of any such provision is determined to be invalid by any Bermuda court or

United States federal or state court having jurisdiction over the issues, the validity of the remaining provisions shall not be affected,

and other applications of such provision shall be affected only to the extent necessary to comply with the determination of such court.

Carnival Corporation Ltd.

78. New

York Stock Exchange Transactions

Nothing

in these Bye-laws shall preclude the settlement of any transaction entered into through the facilities of the New York Stock Exchange.

The fact that the settlement of any transaction occurs shall not negate the effect of any other provision of these Bye-laws and any transferee

in such a transaction shall be subject to all the provisions and limitations set forth in these Bye-laws.

79. Owners

Required to Provide Information

After

the Amendment Date and prior to the Restriction Termination Date: (1) Every Beneficial Owner of three percent (3%) or more, by vote,

value or number, or such lower percentages as required pursuant to regulations under the Code, of the issued and outstanding Traded Shares

shall promptly after becoming such a three percent (3%) Beneficial Owner, give written notice to the Company stating the name and address

of such Beneficial Owner, the general ownership structure of such Beneficial Owner, the number of shares of each class of Traded Shares

Beneficially Owned, and a description of how such Traded Shares are held. (2) Each Person who is a Beneficial Owner of Traded Shares

and each Person (including the shareholder of record) who is holding Traded Shares for a Beneficial Owner shall provide on demand to

the Company such information as the Company may request from time to time in order to determine the Company’s status as exempt

from taxation on gross income from the international operation of a ship or ships within the meaning of Section 883 of the Code and to

ensure compliance with the Ownership Limit.

80. Ambiguity

the case of an ambiguity in any of the provisions set forth in the Section 883 Bye-Laws or any definition contained in the Section 883

Bye-Laws, the Board shall have the power to determine the application of the provisions of the Section 883 Bye-Laws or any such definition

with respect to any situation based on the facts known to it. In the event any provision contained in the Section 883 Bye-Laws require

an action by the Board and these Bye-Laws fail to provide specific guidance with respect to such action, the Board shall have the power

to determine the action to be taken so long as such action is not contrary to the provisions of the Section 883 Bye-Laws.

Excess

Traded Shares

81. Ownership

in Trust

Upon

any purported Transfer or other event that results in Excess Traded Shares pursuant to Bye-law 70 hereof, such Excess Traded Shares shall

be further deemed to have been transferred to the Excess Share Trustee, as trustee of the Excess Share Trust, for the benefit of the

Charitable Beneficiary effective as of the close of business on the business day prior to the date of the Transfer or other event. Excess

Traded Shares so held in trust shall be issued and issued and outstanding shares of the Company. To give further effect to any such transfer,

each of the Directors and Officers (and any person authorized by a resolution of the Board) is hereby empowered to sign, on behalf of

the Purported Record Transferee or Purported Record Holder, an instrument of transfer in respect of the Excess Traded Shares. The Purported

Record Transferee or Purported Record Holder shall have no rights in such Excess Traded Shares. The Purported Beneficial Transferee or

Purported Beneficial Holder shall have no rights in such Excess Traded Shares except as provided in Bye-law 84 or 86. The Excess Share

Trustee may resign at any time so long as the Company shall have appointed a successor trustee. The Excess Share Trustee shall, from

time to time, designate one or more charitable organization or organizations as the Charitable Beneficiary.

Carnival Corporation Ltd.

82. Effect

of Subsequent Purported Transfers

Any

consideration received by a Purported Beneficial Holder in excess of (i) the consideration paid by the Purported Beneficial Holder in

the transaction that created such Excess Traded Shares, in the case of Excess Trade Shares resulting from a purported Transfer (or, in

the case of the devise, gift or similar event, the Market Price of such Shares on the date of such devise, gift or similar event), or

(ii) in the case of Excess Traded Shares resulting from an event other than a purported Transfer, the Market Price of such Shares on

the date of such event, in each case, as a result of a subsequent purported Transfer of such Excess Traded Shares prior to the discovery

by the Company that the Shares have been designated as Excess Trade Shares, in all such cases shall be transferred to the Excess Share

Trustee, as trustee of the Excess Share Trust, for the benefit of the Charitable Beneficiary. All such amounts received or other income

earned by the Excess Share Trust shall be paid over the Charitable Beneficiary. For the avoidance of doubt, any such transferee of any

Purported Record Transferee or Purported Record Holder in a subsequent purported Transfer described in this Bye-law 82 shall have no

rights in such Excess Traded Shares.

83. Dividend

Rights

Excess

Traded Shares shall be entitled to the same dividends determined as if the designation of Excess Traded Shares had not occurred. Any

dividend or distribution paid prior to the discovery by the Company that the Traded Shares have been designated as Excess Traded Shares

shall be repaid to the Excess Share Trust upon demand. Any dividend or distribution declared but unpaid shall be paid to the Excess Share

Trust. All dividends received or other income earned by the Excess Share Trust shall be paid over to the Charitable Beneficiary.

84. Rights

upon Liquidation

Upon

liquidation, dissolution or winding up of the Company, the Purported Beneficial Transferee or Purported Beneficial Holder shall receive,

for each Excess Share, the lesser of (1) the amount per share of any distribution made upon liquidation, dissolution or winding up or

(2) (x) in the case of Excess Traded Shares resulting from a purported Transfer, the price per share of the Traded Shares in the transaction

that created such Excess Traded Shares (or, in the case of the devise, gift or other similar event, the Market Price of such Traded Shares

on the date of such devise, gift or other similar event) or (y) in the case of Excess Traded Shares resulting from an event other than

a purported Transfer, the Market Price of the Traded Shares on the date of such event. Any amounts received in excess of such amount

shall be paid to the Charitable Beneficiary.

Carnival Corporation Ltd.

85. Voting

Rights

85.1.

The Excess Share Trustee shall be entitled to vote the Excess Traded Shares on behalf of the Charitable Beneficiary on any matter. Subject

to Bermuda law, any vote cast by a Purported Record Transferee with respect to the Excess Traded Shares prior to the discovery by the

Company that the Excess Traded Shares were held in trust will be rescinded ab initio; provided, however, that if the Company has already

taken irreversible action with respect to a merger, reorganization, sale of all or substantially all the assets, dissolution of the Company

or other action by the Company, then the vote cast by the Purported Record Transferee shall not be rescinded. The purported owner of

the Excess Traded Shares will be deemed to have given an irrevocable proxy to the Excess Share Trustee to vote the Excess Traded Shares

for the benefit of the Charitable Beneficiary.

85.2.

Notwithstanding the provisions of these Bye-laws, until the Company has received notification that Excess Traded Shares have been transferred

into an Excess Share Trust, the Company shall be entitled to rely on its share transfer and other shareholder records for purposes of

preparing lists of shareholders entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting

votes of shareholders.

86. Restrictions

on Transfer; Designation of Excess Share Trust Beneficiary

86.1.

Excess Traded Shares shall be transferable only as provided in this Bye-law 86. At the direction of the Board, the Excess Share Trustee

shall transfer the Excess Traded Shares held in the Excess Share Trust to a Person or Persons (including, without limitation, the Company

under Bye-law 87 below) whose ownership of such Traded Shares shall not violate the Ownership Limit or otherwise cause the Company to

become “closely held” within the meaning of Section 883 of the Code within 180 days after the later of (i) the date of the

Transfer or other event which resulted in Excess Traded Shares and (ii) the date the Board determines in good faith that a Transfer or

other event resulting in Excess Traded Shares has occurred, if the Company does not receive a notice of such Transfer or other event

pursuant to Bye-law 72. If such a transfer is made, the interest of the Charitable Beneficiary shall terminate, the designation of such

Traded Shares as Excess Traded Shares shall thereupon cease and a payment shall be made to the Purported Beneficial Transferee, Purported

Beneficial Holder and/or the Excess Share Trustee as described below. If the Excess Traded Shares resulted from a purported Transfer,

the Purported Beneficial Transferee shall receive a payment from the Excess Share Trustee that reflects a price per share for such Excess

Traded Shares equal to the lesser of (A) the price per share received by the Excess Share Trustee and (B) (x) the price per share such

Purported Beneficial Transferee paid for the Traded Shares in the purported Transfer that resulted in the Excess Traded Shares, or (y)

if the Purported Beneficial Transferee did not give value for such Excess Traded Shares (through a gift, devise or other similar event)

a price per share equal to the Market Price of the Traded Shares on the date of the purported Transfer that resulted in the Excess Traded

Shares. If the Excess Traded Shares resulted from an event other than a purported Transfer, the Purported Beneficial Holder shall receive

a payment from the Excess Share Trustee that reflects a price per share of Excess Traded Shares equal to the lesser of (A) the price

per share received by the Excess Share Trustee and (B) the Market Price of the Traded Shares on the date of the event that resulted in

Excess Traded Shares. Prior to any transfer of any interest in the Excess Share Trust, the Company must have waived in writing its purchase

rights, if any, under Bye-law 87 below. Any funds received by the Excess Share Trustee in excess of the funds payable to the Purported

Beneficial Holder or the Purported Beneficial Transferee shall be paid to the Charitable Beneficiary. The Company shall pay the costs

and expenses of the Excess Share Trustee.

Carnival Corporation Ltd.

86.2.

Notwithstanding the foregoing, if the provisions of this Bye-law 86 are determined to be void or invalid by virtue of any legal decision,

statute, rule or regulation, then the Purported Beneficial Transferee or Purported Beneficial Holder of any shares of Excess Traded Shares

may be deemed, at the option of the Company, to have acted as an agent on behalf of the Company in acquiring or holding such Excess Traded

Shares and to hold such Excess Traded Shares on behalf of the Company.

87. Purchase

Rights in Excess Traded Shares

Excess

Traded Shares shall be deemed to have been offered for sale by the Excess Share Trustee to the Company, or its designee, at a price per

Excess Traded Share equal to (i) in the case of Excess Traded Shares resulting from a purported Transfer, the lesser of (A) the price

per share of the Traded Shares in the transaction that created such Excess Traded Shares (or, in the case of devise, gift or other similar

event, the Market Price of the Traded Shares on the date of such devise, gift or other similar event), or (B) the lowest Market Price

of the class of Traded Shares which resulted in the Excess Traded Shares at any time after the date such Traded Shares were designated

as Excess Traded Shares and prior to the date the Company, or its designee, accepts such offer or (ii) in the case of Excess Traded Shares

resulting from an event other than a purported Transfer, the lesser of (A) the Market Price of the Traded Shares on the date of such

event or (B) the lowest Market Price for Traded Shares which resulted in the Excess Traded Shares at any time from the date of the event

resulting in such Excess Traded Shares and prior to the date the Company, or its designee, accepts such offer. The Company shall have

the right to accept such offer for a period of 90 days after the later of (i) the date of the Transfer or other event which resulted

in such Excess Traded Shares and (ii) the date the Board determines in good faith that a Transfer or other event resulting in Excess

Traded Shares has occurred, if the Company does not receive a notice of such Transfer or other event pursuant to Bye-law 72 hereof.

88. Underwritten

Offerings

The

Ownership Limit shall not apply to the acquisition of Traded Shares or rights, options or warrants for, or securities convertible into,

Traded Shares by an underwriter in a public offering or placement agent in a private offering, provided that the underwriter makes a

timely distribution of such Traded Shares or rights, options or warrants for, or securities convertible into, Traded Shares.

89. Equitable

Relief

The

Company is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of the Section 883

Bye-Laws.

90. No

Waiver of Rights

delay or failure on the part of the Company or the Board in exercising any right hereunder shall operate as a waiver of a right of the

Company or the Board, as the case may be, except to the extent specifically waived in writing.

Carnival Corporation Ltd.

CORPORATE

RECORDS

91. Minutes

The

Board shall cause minutes to be duly entered in books provided for the purpose:

(a) of

all elections and appointments of Officers;

(b) of

the names of the Directors present at each Board meeting and of any committee appointed by the Board; and

all resolutions and proceedings of general meetings of the Shareholders, Board meetings, and meetings of committees appointed by the

Board.

92. Place

Where Corporate Records Kept

Minutes

prepared in accordance with the Act and these Bye-laws shall be kept by the Secretary at the registered office of the Company.

93. Form

and Use of Seal

93.1.

The Company may adopt a seal in such form as the Board may determine. The Board may adopt one or more duplicate seals for use in or outside

Bermuda.

93.2.

A seal may, but need not, be affixed to any deed, instrument or document, and if the seal is to be affixed thereto, it shall be attested

by the signature of (i) any Director, (ii) any Officer, (iii) the Secretary, or (iv) any person authorised by the Board for that purpose.

93.3.

A Resident Representative may, but need not, affix the seal of the Company to certify the authenticity of any copies of documents.

ACCOUNTS

94. Records

of Account

94.1.

The Board shall cause to be kept proper records of account with respect to all transactions of the Company and in particular with respect

to:

(a) all

amounts of money received and expended by the Company and the matters in respect of which the receipt and expenditure relates;

(b) all

sales and purchases of goods by the Company; and

assets and liabilities of the Company.

94.2.

Such records of account shall be kept at the registered office of the Company or, subject to the Act, at such other place as the Board

thinks fit and shall be available for inspection by the Directors during normal business hours.

Carnival Corporation Ltd.

94.3.

Such records of account shall be retained for a minimum period of five years from the date on which they are prepared.

95. Financial

Year End

The

financial year end of the Company may be determined by resolution of the Board and failing such resolution shall be 30th November in

each year.

AUDITS

96. Annual

Audit

Subject

to any rights to waive laying of accounts or appointment of an Auditor pursuant to the Act, the accounts of the Company shall be audited

at least once in every year.

97. Appointment

of Auditor

97.1.

Subject to the Act, the Shareholders shall appoint an auditor to the Company to hold office for such term as the Shareholders deem fit

or until a successor is appointed.

97.2.

The Auditor may be a Shareholder but no Director, Officer or employee of the Company shall, during his continuance in office, be eligible

to act as an Auditor of the Company.

98. Remuneration

of Auditor

98.1.        The remuneration of an Auditor appointed by the Shareholders shall be fixed by the Company in general meeting or in such manner as the

Shareholders may determine.

98.2.

The remuneration of an Auditor appointed by the Board to fill a casual vacancy in accordance with these Bye-laws shall be fixed by the

Board.

99. Duties

of Auditor

99.1.

The financial statements provided for by these Bye-laws shall be audited by the Auditor in accordance with generally accepted auditing

standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing standards.

99.2.

The generally accepted auditing standards referred to in this Bye-law 99 may be those of a country or jurisdiction other than Bermuda

or such other generally accepted auditing standards as may be provided for in the Act. If so, the financial statements and the report

of the Auditor shall identify the generally accepted auditing standards used.

100. Access

to Records

The

Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto,

and the Auditor may call on the Directors or Officers for any information in their possession relating to the books or affairs of the

Company.

Carnival Corporation Ltd.

101. Financial

Statements and the Auditor’s Report

101.1.

Subject to the following Bye-law, the financial statements and/or the auditor’s report as required by the Act shall

(a) be

laid before the Shareholders at the annual general meeting; or

(b) be

received, accepted, adopted or approved by the Shareholders by resolution passed in accordance with these Bye-laws.

101.2.

If all Shareholders and Directors shall agree, either in writing or at a meeting, that in respect of a particular interval no financial

statements and/or auditor’s report thereon need be made available to the Shareholders, and/or that no auditor shall be appointed

then there shall be no obligation on the Company to do so.

102. Vacancy

in the Office of Auditor

The

Board may fill any casual vacancy in the office of the auditor.

BUSINESS

COMBINATIONS

103. Business

Combinations

respect of any merger or amalgamation which the Act requires to be approved by the Shareholders, the necessary Shareholders’ approval

shall be the affirmative vote of at least a majority of all the issued and outstanding voting shares of the Company and the necessary

quorum for the general meeting shall be as set out in Bye-law 27.

Trust business

104. No

Trust Business

Notwithstanding

anything to the contrary included in these Bye-laws, the creation and continued existence of the Excess Share Trust may not be regarded

as constituting the exercise by the Excess Share Trustee of trust business in Bermuda in violation of the trust laws of Bermuda.

VOLUNTARY

WINDING-UP AND DISSOLUTION

105. Winding-Up

the Company shall be wound up the liquidator may, with the sanction of a resolution of the Shareholders, divide amongst the Shareholders

in specie or in kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not)

and may, for such purpose, set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division

shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may, with the like sanction, vest

the whole or any part of such assets in the trustees upon such trusts for the benefit of the Shareholders as the liquidator shall think

fit, but so that no Shareholder shall be compelled to accept any shares or other securities or assets whereon there is any liability.

Carnival Corporation Ltd.

CHANGES

TO CONSTITUTION

106. Changes

to Bye-laws

Bye-law may be rescinded, altered or amended and no new Bye-law may be made save in accordance with the Act and until the same has been

approved by a resolution of the Board and by a resolution of a majority of issued and outstanding Common Shares.

107. Discontinuance

The

Board may exercise all the powers of the Company to discontinue the Company to a jurisdiction outside Bermuda pursuant to the Act.

DEFINITIONS;

CONSTRUCTION

“Act”

the Companies Act 1981;

“Amendment Date”

April 17, 2003;

“Auditor”

includes an individual, company or partnership (including a limited liability partnership);

“Beneficial Ownership”

ownership of Traded Shares by a Person who would be treated as the owner of such Traded Shares directly, indirectly or constructively, as determined for purposes of Section 883(c)(3) of the Code and the regulations promulgated thereunder, and shall include any Traded Shares Beneficially Owned by any other Person who is a “related person” with respect to such Person through the application of Section 267(b) of the Code, as modified in any way for the purposes of Section 883(c)(3) of the Code and the regulations promulgated thereunder. The terms “Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have correlative meanings;

“Board”

the board of directors (including, for the avoidance of doubt, a sole director) appointed or elected pursuant to these Bye-laws and acting by resolution in accordance with the Act and these Bye-laws or the directors present at a meeting of directors at which there is a quorum;

“Charitable Beneficiary”

the organization or organizations described in Section 170(c)(2) and 501(c)(3) of the Code selected by the Excess Share Trustee;

Carnival Corporation Ltd.

“Code”

United States Internal Revenue Code of 1986;

“Conflict Authorization”

has the meaning set out in Bye-law 58.1;

“Conflict Authorization Terms”

has the meaning set out in Bye-law 58.2;

“Conflict Matter”

has the meaning set out in Bye-law 58.1;

“Contested Election”

has the meaning set out in Bye-law 57.11;

“Common Shares”

has the meaning set out in Bye-law 3.1;

“Company”

the company for which these Bye-laws are approved and confirmed;

“Control”

has the meaning set out in Bye-law 25.9;

“Derivative”

has the meaning set out in Bye-law 25.4(c);

“Director”

a director of the Company;

“Directors’ Duties”

has the meaning set out in Bye-law 58.1;

“Director Representative”

has the meaning set out in Bye-law 51;

“Excess Share Trust”

a trust created pursuant to Bye-laws 81 through 90 hereof, as applicable;

“Excess Share Trustee”

a Person, who shall be unaffiliated with the Company, any Purported Beneficial Transferee and any Purported Record Transferee, appointed by the Board as the trustee of the Excess Share Trust;

“Excess Traded Shares”

Traded Shares resulting from an event described in Bye-law 70;

“Exchange Act”

has the meaning set out in Bye-law 25.1;

“Existing Holder”

(i) each of Micky Arison, Shari Arison, and Michael Arison, (ii)(w) the family members of Micky Arison, Shari Arison and Michael Arison, (x) any trust or entity organized for the benefit of Micky Arison, Shari Arison or Michael Arison or any of their family members, (y) any charitable trusts, foundations or organizations formed by any of the Persons in clauses (i) and (ii)(w) and (x) above, and (z) any Person serving as trustee, officer, or other fiduciary of any of the foregoing entities, in each case, so long as any Transfer to such other Person, trust or entity would constitute a Permitted Transfer, and (iii) any Permitted Transferee;

Carnival Corporation Ltd.

“Market Price”

of any class of Traded Shares on any date shall mean the average of the daily closing prices for any such class of Traded Shares for the five consecutive trading days ending on such date, or if such date is not a trading date, the five consecutive trading days preceding such date. The closing price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to any class of Traded Shares listed or admitted to trading on the New York Stock Exchange, or if such class of Traded Shares are not listed or admitted to trading on the New York Stock Exchange, on the principal national securities exchange on which such class of Traded Shares are listed or admitted to trading, or if such class of Traded Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or if not so quoted, the average of the high bid and low asked prices in the over the counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or such other system then in use, or if such class of Traded Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such class of Traded Shares selected by the Board;

“Preference Shares”

has the meaning set out in Bye-law 3.1;

“Nominating Shareholder”

has the meaning set out in Bye-law 57.2;

“Notice”

written notice as further provided in these Bye-laws unless otherwise specifically stated;

“Notice of Business”

has the meaning set out in Bye-law 25.2;

“Notice of Nomination”

has the meaning set out in Bye-law 57.3;

“Officer”

any person appointed by the Board to hold an office in the Company;

“Ownership Limit”

in the case of a Person other than an Existing Holder, Beneficial Ownership of more than four and nine tenths percent (4.9%), by value, vote or number, of any class of Traded Shares. The Ownership Limit shall not apply to any Existing Holder or to any class of Traded Shares exempted in accordance with the provisions of Bye-law 75;

“Permitted Transfer”

a Transfer by an Existing Holder to any Person which does not result in the Company losing its exemption from taxation on gross income derived from the international operation of a ship or ships within the meaning of Section 883 of the Code. Any such transferee is herein referred to as a “Permitted Transferee”;

Carnival Corporation Ltd.

“Person”

a person as defined by Section 7701(a) of the Code;

“Proponent”

has the meaning set out in Bye-law 25.4(a);

“Public Disclosure”

has the meaning set out in Bye-law 25.7;

“Purported Beneficial Holder”

with respect to any event (other than a purported Transfer, but including holding Traded Shares in excess of the Ownership Limit on the Amendment Date) which results in Excess Traded Shares, the Person for whom the Purported Record Holder held Traded Shares that, pursuant to Bye-law 70, became Excess Traded Shares upon the occurrence of such event;

“Purported Beneficial Transferee”

with respect to any purported Transfer which results in Excess Traded Shares, the purported beneficial transferee for whom the Purported Record Transferee would have acquired Traded Shares if such Transfer had been valid under Bye-law 69;

“Purported Record Holder”

with respect to any event (other than a purported Transfer, but including holding Traded Shares in excess of the Ownership Limit on the Amendment Date) which results in Excess Traded Shares, the record holder of the Traded Shares that, pursuant to Bye-law 70, became Excess Traded Shares upon the occurrence of such event;

“Purported Record Transferee”

with respect to any purported Transfer which results in Excess Traded Shares, the record holder of the Traded Shares if such Transfer had been valid under Bye-law 69;

“Register of Directors and Officers”

the register of directors and officers referred to in these Bye-laws;

“Register of Shareholders”

the register of shareholders referred to in these Bye-laws and shall be the same “register of members” required to be kept by the Company under the Act;

“Resident Representative”

any person appointed to act as resident representative and includes any deputy or assistant resident representative;

“Restriction Termination Date”

has the meaning set out in Bye-law 69;

“SEC”

the U.S. Securities and Exchange Commission or any successor organization;

Carnival Corporation Ltd.

“Secretary”

the person appointed to perform any or all of the duties of secretary of the Company and includes any deputy or assistant secretary and any person appointed by the Board to perform any of the duties of the Secretary;

“Section 883”

has the meaning set out in Bye-law 56(l);

“Section 883 Amendment Date”

has the meaning set out in Bye-law 69;

“Shareholder”

the person registered in the Register of Shareholders as the holder of shares in the Company and, when two or more persons are so registered as joint holders of shares, means the person whose name stands first in the Register of Shareholders as one of such joint holders or all of such persons, as the context so requires;

“Shareholder Associated Person”

has the meaning set out in Bye-law 25.8;

“Shareholder Business”

has the meaning set out in Bye-law 25.1;

“Shareholder Information”

has the meaning set out in Bye-law 25.4(c);

“Shareholder Nominee”

has the meaning set out in Bye-law 57.2;

“Traded Shares”

shares of the Company of any class or classes traded on an established securities market as may be authorized and issued from time to time pursuant to Bye-law 1;

“Transfer”

any sale, transfer, gift, hypothecation, pledge, assignment, devise or other disposition of Traded Shares (including (i) the granting of any option or interest similar to an option (including an option to acquire an option or any series of such options) or entering into any agreement for the sale, transfer or other disposition of Traded Shares or (ii) the sale, transfer, assignment or other disposition of any securities or rights convertible into or exchangeable for Traded Shares), whether voluntary or involuntary, whether of record, constructively or beneficially and whether by operation of law or otherwise. For purposes of this definition, whether securities or rights are convertible or exchangeable for Traded Shares shall be determined in accordance with Sections 267(b) and 883 of the Code; and

“Treasury Share”

a share of the Company that was or is treated as having been acquired and held by the Company and has been held continuously by the Company since it was so acquired and has not been cancelled.

Carnival Corporation Ltd.

these Bye-laws, where not inconsistent with the context:

(a) words

denoting the plural number include the singular number and vice versa;

(b) words

denoting the masculine gender include the feminine and neuter genders;

importing persons include companies, associations or bodies of persons whether corporate or not;

(d) the

words:

(i) “may”

shall be construed as permissive; and

(ii) “shall”

shall be construed as imperative;

(e) a

reference to a statutory provision shall be deemed to include any amendment or re-enactment thereof and any rules and regulations issued

thereunder;

(f) the

phrase “issued and outstanding” in relation to shares, means shares in issue other than Treasury Shares;

(g) the

word “corporation” means a corporation whether or not a company within the meaning of the Act; and

(h) unless

otherwise provided herein, words or expressions defined in the Act shall bear the same meaning in these Bye-laws.

these Bye-laws expressions referring to writing or its cognates shall, unless the contrary intention appears, include facsimile, printing,

lithography, photography, electronic mail and other modes of representing words in visible form.

Headings

used in these Bye-laws are for convenience only and are not to be used or relied upon in the construction hereof.

EX-4.1 — EXHIBIT 4.1

EX-4.1

Filename: tm2613680d1_ex4-1.htm · Sequence: 4

Exhibit 4.1

Execution Version

TERMINATION AGREEMENT

This TERMINATION AGREEMENT

(this “Agreement”) is entered into as of May 6, 2026, by and among Carnival Corporation, a Panamanian corporation

(“Carnival Corporation”) and Carnival plc, a company incorporated and registered under the laws of England and Wales

(“Carnival plc,” and together with Carnival Corporation, the “Parties” and each a “Party”).

Any capitalized terms used, but not defined, herein shall have the meanings ascribed thereto in the Equalization Agreement (as defined

below).

WHEREAS,

Carnival Corporation and Carnival plc are parties to the Equalization and Governance Agreement, dated as of April 17, 2003 (the “Equalization

Agreement”);

WHEREAS,

Section 11(A) of the Equalization Agreement provides that the Equalization Agreement may be terminated by mutual agreement of Carnival

Corporation and Carnival plc, upon approval as a Class Rights Action;

WHEREAS,

the termination of the Equalization Agreement was approved as a Class Rights Action at an extraordinary general meeting of the Carnival

Corporation shareholders and at a general meeting of Carnival plc shareholders on April 17, 2026;

WHEREAS,

the Parties are parties to a Scheme of Arrangement dated February 27, 2026 (the “Scheme of Arrangement”), which was

sanctioned by the High Court of Justice in England and Wales on May 1, 2026;

WHEREAS,

the Parties have mutually agreed to terminate the Equalization Agreement pursuant to the terms and conditions set forth herein.

NOW,

THEREFORE, in consideration of the mutual promises and agreements contained herein and other good and valuable consideration,

the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree hereby as follows:

Each of the Parties, as applicable, hereby agrees and acknowledges that, automatically upon the occurrence of the Scheme Effective

Date (as defined in the Scheme of Arrangement), the Equalization Agreement shall terminate and be of no further force and effect and no

Party shall have any other rights, obligations or liabilities under the Equalization Agreement.

Each of the Parties hereby warrants, covenants and represents that the individual signing this Agreement on its behalf has full

authority to execute this Agreement and that, when executed, this Agreement shall be valid, binding and legally enforceable.

It is acknowledged and agreed that, upon termination of the Equalization Agreement hereunder, each of the following documents and

agreements shall also terminate with immediate effect in accordance with its terms:

a. the Pairing Agreement, dated as of April 17, 2003, among Carnival Corporation, The Law Debenture Trust

Corporation (Cayman) Limited as trustee of the P&O Princess Special Voting Trust, a trust formed under the laws of the Cayman Islands,

and SunTrust Bank;

b. the SVE Special Voting Deed, dated as of April 17, 2003, by and between Carnival Corporation, DLC SVC

Limited, Carnival plc (previously P&O Princess Cruises plc), The Law Debenture Trust Corporation (Cayman) Limited and The Law Debenture

Trust Corporation P.L.C.;

c. the Deed, dated April 17, 2003, by Carnival Corporation and P&O Princess Cruises plc for the benefit

of the P&O Princess Shareholders, for clarity, which refers to Exchange Notices;

d. the Deed of Guarantee, dated April 17, 2003, by Carnival Corporation and Carnival plc for the benefit

of each Creditor (as defined therein) (“Corp Deed of Guarantee”); and

e. the Deed of Guarantee, dated April 17, 2003, between Carnival plc and Carnival Corporation for the benefit

of each Creditor (as defined therein) (“PLC Deed of Guarantee” and, collectively with the Corp Deed of Guarantee, “Deeds

of Guarantee”); and

f. any guarantees of the Parties’ indebtedness or other obligations granted pursuant to the Deeds of

Guarantee.

This Agreement shall be governed by and construed in accordance with the laws of the Isle of Man, without regard to conflicts of

law principles.

This Agreement may be executed by the Parties hereto in separate counterparts, each of which when so executed and delivered shall

be an original, but all of which when taken together shall constitute one and the same instrument.

* * * * *

WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized,

as of the date first written above.

Carnival corporation

By:

/s/ Enrique Miguez

Name:

Enrique Miguez

Title:

General Counsel

Carnival plc

By:

/s/ Enrique Miguez

Name:

Enrique Miguez

Title:

General Counsel

[Signature Page to Termination Agreement]

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2613680d1_ex99-1.htm · Sequence: 5

Exhibit 99.1

Carnival Corporation & plc Completes

Unification of

Dual Listed Company Structure and Redomiciliation

to Bermuda

MIAMI (May 7, 2026) – Carnival Corporation (NYSE: CCL)

and Carnival plc announced today the completion of the unification of their dual listed company structure under a single company, Carnival

Corporation Ltd. (the “Company”), with Carnival plc as a UK subsidiary of Carnival Corporation Ltd. (the “DLC Unification”).

In addition, Carnival Corporation also migrated its jurisdiction of incorporation from the Republic of Panama to Bermuda and changed its

name to “Carnival Corporation Ltd.” (the “Redomiciliation” and, together with the DLC Unification, the “DLC

Unification and Redomiciliation Transactions”).

Completion of the DLC Unification and Redomiciliation Transactions

will deliver a number of benefits to the Company and its shareholders, including creation of a single global share price, streamlined

governance and reporting and reduced administrative costs. The DLC Unification and Redomiciliation Transactions are also expected to increase

liquidity and weighting in major U.S. stock indexes. The Company believes that these benefits will strengthen its ability to deliver long-term

shareholder value.

As a result of the Redomiciliation, the shares of Carnival Corporation

common stock held by Carnival Corporation shareholders prior to the DLC Unification and Redomiciliation Transactions now represent the

same number of common shares of Carnival Corporation Ltd. (the “Common Shares”). The Common Shares are listed on the New York

Stock Exchange (the “NYSE”) under the trading symbol “CCL.”

In connection with the DLC Unification and Redomiciliation Transactions,

each Carnival plc shareholder subject to the scheme of arrangement is entitled to receive one Common Share of Carnival Corporation Ltd.

for each Carnival plc ordinary share held as of 6:00 p.m. (BST) on May 5, 2026. The listing of Carnival plc securities on the Official

List of the UK Financial Conduct Authority and the trading of Carnival plc securities on the London Stock Exchange and the NYSE were cancelled

today, and Carnival plc intends to deregister its securities with the Securities and Exchange Commission. Carnival plc will be re-registered

as a private limited company shortly after completion of the DLC Unification and Redomiciliation Transactions.

About Carnival Corporation

Ltd.

Carnival Corporation is the largest global cruise company and among

the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises,

Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. Carnival Corporation trades under the ticker symbol CCL

on the NYSE and is included in the S&P 500.

For more information, please visit www.carnivalcorp.com,

www.aida.de, www.carnival.com, www.costacruises.com,

www.cunard.com, www.hollandamerica.com, www.pocruises.com,

www.princess.com and www.seabourn.com.

Carnival Corporation Investor Relations Contact

Beth Roberts, ir@carnival.com

Carnival Corporation Media Contacts

Jody Venturoni, jventuroni@carnival.com

Janna Rowell, jrowell@carnival.com

Cautionary Statement Regarding Forward-Looking Information

This document contains forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange

Act of 1934. All statements in this document, other than statements of historical fact, are forward-looking statements that may be identified

by the use of words “anticipate,” “believe,” “could,” “estimate,” “expect,”

“intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,”

“target,” “will,” “would” and, in each case, their negative or other various or comparable terminology.

Such forward-looking statements are based upon current beliefs, expectations and assumptions 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 parties’ ability to achieve the expected benefits from the DLC Unification and Redomiciliation Transactions, and

the effects of industry, market, economic, political or regulatory conditions outside of the parties’ control. Additional factors

that may affect future results are contained in Carnival Corporation Ltd.’s filings with the SEC, including Carnival Corporation

Ltd.’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current

reports on Form 8-K, all of which are available at the SEC’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.

SOURCE Carnival Corporation Ltd.

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