Carnival Sets Short-Term Commercial Paper Notes Program Limit At $2B

On November 3, 2026, Carnival Corporation Ltd. (the "Company") established a commercial paper program (the "Program") pursuant to which it may issue short-term, unsecured commercial paper notes (the "Notes") under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The Notes will be guaranteed by Carnival UK Ltd. (the "Guarantor"). Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Program at any time not to exceed $2.0 billion.

The Notes will have maturities of up to 180 days from the date of issue. The Notes will be the Company’s unsubordinated and unsecured obligations ranking pari passu in right of payment with all other unsecured and unsubordinated indebtedness of the Company. The net proceeds of the issuances of the Notes are expected to be used for general corporate purposes. The Company plans to use its revolving credit facility as a liquidity backstop for its borrowings under the Program.