Material Agreement, Financial Obligation (Form 8-K)

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.

One or more commercial paper dealers will each act as a dealer under the Program (each, a "Dealer," and collectively, the "Dealers") pursuant to the terms and conditions of the respective commercial paper dealer agreement entered into among the Company, the Guarantor and each Dealer (each, a "Dealer Agreement," and collectively, the "Dealer Agreements"). A national bank will act as the issuing and paying agent under the Program pursuant to the terms of an issuing and paying agent agreement. The Dealer Agreements provide the terms under which the Dealers will either purchase from the Company or arrange for the sale by the Company of the Notes. The Dealer Agreements contain customary representations, warranties, covenants and indemnification provisions. The foregoing description of the Dealer Agreements does not purport to be complete and is qualified in its entirety by reference to the form of Dealer Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

From time to time, the Dealers and certain of their respective affiliates have provided, and may in the future provide, lending, commercial banking, investment banking and other financial advisory services to the Company and its affiliates for which such Dealers have received or will receive customary fees and expenses.

The Notes and the related guarantee have not been and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The information contained in this Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any Notes.

The information included in Item 1.01 above is incorporated by reference into this Item 2.03.