Content Section

Share Repurchase Programme

MIAMI (31 October2016) - Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) (the ‘Company') iscommitted to increasing shareholder returns through a combination of dividenddistributions and share repurchases. Inline with that policy, and as previously announced, on 27June 2016 theCompany's board of directors approved a US$1billion share repurchaseauthorisation, covering both Carnival Corporation common stock and Carnival plcordinary shares.

As part of thisauthorisation, the Company today announces that it has entered into anarrangement with its brokers to repurchase on behalf of the Company ordinaryshares in Carnivalplc up to a maximum consideration of US$434million,and subject to certain pre‑set parameters, during the period from 31October2016 up to and including 13July 2017 (in line with the share repurchaseauthority granted at the Carnival plc 2016 annual general meeting) (the ‘Programme'). The Programme may continue during any closedperiods of the Company which may fall during this period. The purpose of the Programme is to reduce theCompany's share capital as part of its commitment to increasing shareholderreturns through the repurchase of both Carnival Corporation common stock andCarnival plc ordinary shares. Themaximum number of Carnivalplc shares to be repurchased will not exceed 9million.

AllCarnivalplc ordinary shares repurchased under the Programme will be heldin treasury.

Kaleidoscope powered