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•	Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.

•	Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.

•	Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

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(a)	Cash and cash equivalents are comprised of cash on hand, and at August 31, 2015, also included a money market deposit account and time deposits. Due to their short maturities, the carrying values approximate their fair values.

(b)	Restricted cash is comprised of a money market deposit account.

(c)	At August 31, 2015 and November 30, 2014, long-term other assets were substantially all comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.

(d)

Debt does not include the impact of interest rate swaps. The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at August 31, 2015 and November 30, 2014 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At August 31, 2015 and November 30, 2014, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at August 31, 2015 being slightly lower and at November 30, 2014 being slightly higher than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1, and accordingly, are considered Level 2. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt.

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(a)	Cash equivalents are comprised of money market funds.

(b)	The majority of restricted cash is comprised of money market funds.

(c)	At August 31, 2015 and November 30, 2014, marketable securities held in rabbi trusts were comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.

(d)	See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments.

(e)	Long-term other asset is comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During the nine months ended August 31, 2015, there were no purchases or sales pertaining to this auction rate security.

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(a)

We had foreign currency forwards totaling $164 million at August 31, 2015 and $403 million at November 30, 2014 that are designated as hedges of our net investments in foreign operations, which have a euro- and sterling-denominated functional currency. At August 31, 2015, these foreign currency forwards settle through July 2017. At August 31, 2015, we also had foreign currency swaps totaling $408 million that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2015, these foreign currency swaps settle through September 2019.

(b)

We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $625 million at August 31, 2015 and $750 million at November 30, 2014 of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at August 31, 2015 and November 30, 2014 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. At August 31, 2015 and November 30, 2014, these interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016.

(c)	At August 31, 2015 and November 30, 2014, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.

(d)	At August 31, 2015 and November 30, 2014, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these fuel derivatives.

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(a)	Fuel derivatives mature evenly over each month within the above fiscal periods.

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(a)

A portion of the North America cruise brands' segment revenues includes revenues for the tour portion of a cruise when a land tour package is sold along with a cruise by Holland America Line and Princess. These intersegment tour revenues, which are included in our Tour and Other segment, are eliminated directly against the North America cruise brands' segment revenues and operating expenses in the line "Intersegment elimination."

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•	general economic and business conditions;

•	increases in fuel prices;

•	incidents, the spread of contagious diseases and threats thereof, adverse weather conditions or other natural disasters and other incidents affecting the health, safety, security and satisfaction of guests and crew;

•	the international political climate, armed conflicts, terrorist and pirate attacks, vessel seizures, and threats thereof, and other world events affecting the safety and security of travel;

•	negative publicity concerning the cruise industry in general or us in particular, including any adverse environmental impacts of cruising;

•	geographic regions in which we try to expand our business may be slow to develop and ultimately not develop how we expect;

•	economic, market and political factors that are beyond our control, which could increase our operating, financing and other costs;

•	changes in and compliance with laws and regulations relating to the protection of persons with disabilities, employment, environment, health, safety, security, tax and other regulations under which we operate;

•	our inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or consistent with our expectations;

•	increases to our repairs and maintenance expenses and refurbishment costs as our fleet ages;

•	lack of continuing availability of attractive, convenient and safe port destinations on terms that are favorable or consistent with our expectations;

•	continuing financial viability of our travel agent distribution system, air service providers and other key vendors in our supply chain and reductions in the availability of, and increases in the prices for, the services and products provided by these vendors;

•	disruptions and other damages to our information technology and other networks and operations, and breaches in data security;

•	failure to keep pace with developments in technology;

•	competition from and overcapacity in the cruise ship and land-based vacation industry;

•	loss of key personnel or our ability to recruit or retain qualified personnel;

•	union disputes and other employee relationship issues;

•	disruptions in the global financial markets or other events that may negatively affect the ability of our counterparties and others to perform their obligations to us;

•	the continued strength of our cruise brands and our ability to implement our strategies;

•	additional risks to our international operations not generally applicable to our U.S. operations;

•	our decisions to self-insure against various risks or our inability to obtain insurance for certain risks at reasonable rates;

•	litigation, enforcement actions, fines or penalties;

•	fluctuations in foreign currency exchange rates;

•	whether our future operating cash flow will be sufficient to fund future obligations and whether we will be able to obtain financing, if necessary, in sufficient amounts and on terms that are favorable or consistent with our expectations;

•	risks associated with our dual listed company arrangement;

•	uncertainties of a foreign legal system as Carnival Corporation and Carnival plc are not U.S. corporations and

•	the ability of a small group of shareholders effectively to control the outcome of shareholder voting.

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(a)

ALBD is a standard measure of passenger capacity for the period that we use to approximate rate and capacity variances, based on consistently applied formulas that we use to perform analyses to determine the main non-capacity driven factors that cause our cruise revenues and expenses to vary. ALBDs assume that each cabin we offer for sale accommodates two passengers and is computed by multiplying passenger capacity by revenue-producing ship operating days in the period.

(b)	For the three months ended August 31, 2015 compared to the three months ended August 31, 2014, we had a slight capacity increase in ALBDs comprised of a 4.5% capacity increase in our EAA brands, while our North America brands’ capacity decreased by 1.7%.

•	full quarter impact from one Costa 3,692-passenger capacity ship delivered in 2014 and

•	full quarter impact from one P&O Cruises (UK) 3,647-passenger capacity ship delivered in 2015.

•	full period impact from one Costa 3,692-passenger capacity ship delivered in 2014 and

•	partial period impact from one P&O Cruises (UK) 3,647-passenger capacity ship delivered in 2015.

•	full period impact from the bareboat charter/sale of a Costa ship and a former Ibero ship and

•	more ship dry-dock days in 2015 compared to 2014.

(c)	In accordance with cruise industry practice, occupancy is calculated using a denominator of ALBDs, which assumes two passengers per cabin even though some cabins can accommodate three or more passengers. Percentages in excess of 100% indicate that on average more than two passengers occupied some cabins.

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•	$86 million - increase in cruise ticket pricing, driven primarily by improvements in Alaskan and Caribbean itineraries for our North America brands, partially offset by unfavorable foreign currency transactional impacts;

•	$61 million - 1.8 percentage point increase in occupancy and

•	$23 million - slight capacity increase in ALBDs.

•	$45 million - higher onboard spending by our guests and

•	$18 million - 1.8 percentage point increase in occupancy.

•	$64 million - 3.2 percentage point increase in occupancy and

•	$30 million - increase in cruise ticket pricing driven primarily by improvements in Alaskan and Caribbean itineraries, partially offset by unfavorable foreign currency transactional impacts.

•	$22 million - higher onboard spending by our guests and

•	$22 million - 3.2 percentage point increase in occupancy.

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•	$69 million - 4.5% capacity increase in ALBDs and

•	$55 million - increase in cruise ticket pricing, driven primarily by favorable foreign currency transactional impacts.

•	$17 million - higher onboard spending by our guests and

•	$14 million - 4.5% capacity increase in ALBDs.

•	$166 million - lower fuel prices and

•	$129 million - currency impact.

•	$18 million - 1.8 percentage point increase in occupancy and

•	$17 million - slight capacity increase in ALBDs.

•	$108 million - lower fuel prices

•	$29 million- 1.7% capacity decrease in ALBDs and

•	$35 million - various other operating expenses, net, which included favorable foreign currency transactional impacts.

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•	$129 million - currency impact and

•	$58 million - lower fuel prices.

•	$44 million - 4.5% capacity increase in ALBDs and

•	$18 million - various other operating expenses, net, which included unfavorable foreign currency transactional impacts.

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•	$174 million - 4.3% increase in constant dollar net revenue yields and

•	$25 million - slight capacity increase in ALBDs.

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•	$141 million - increase in cruise ticket pricing, driven primarily by improvements in Alaskan and Caribbean itineraries for our North America brands and Mediterranean and North European itineraries for our EAA brands, partially offset by unfavorable foreign currency transactional impacts;

•	$138 million - 1.5% capacity increase in ALBDs and

•	$72 million - slight percentage point increase in occupancy.

•	$150 million - higher onboard spending by our guests;

•	$43 million - 1.5% capacity increase in ALBDs and

•	$23 million - slight percentage point increase in occupancy.

•	$101 million - 2.0 percentage point increase in occupancy and

•	$35 million - increase in cruise ticket pricing, driven primarily by improvements in Alaskan and Caribbean itineraries, partially offset by unfavorable foreign currency transactional impacts.

•	$92 million - higher onboard spending by our guests and

•	$37 million - 2.0 percentage point increase in occupancy.

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•	$587 million - currency impact and

•	$38 million - slight percentage point decrease in occupancy.

•	$137 million - 3.5% capacity increase in ALBDs and

•	$111 million - increase in cruise ticket pricing, driven primarily by improvements in Mediterranean and North European itineraries and favorable foreign currency transactional impacts.

•	$46 million - higher onboard spending by our guests and

•	$30 million - 3.5% capacity increase in ALBDs.

•	$560 million - lower fuel prices;

•	$388 million - currency impact;

•	$37 million - lower fuel consumption per ALBD;

•	$22 million - nonrecurrence of an impairment charge incurred in 2014 related to Grand Celebration and

•	$20 million - gain on a litigation settlement.

•	$122 million - higher dry-dock expenses;

•	$117 million - 1.5% capacity increase in ALBDs;

•	$37 million - nonrecurrence of a gain from the sale of Costa Voyager recognized in 2014;

•	$23 million - slight percentage point increase in occupancy and

•	$34 million - various other operating expenses, net, partially offset by favorable foreign currency transactional impacts.

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•	$365 million - lower fuel prices;

•	$32 million - decreases in commissions, transportation and other related expenses;

•	$21 million - lower fuel consumption per ALBD;

•	$19 million - gain on a litigation settlement and

•	$33 million - various other operating expenses, net, which included favorable foreign currency transactional impacts.

•	$73 million - higher dry-dock expenses and

•	$33 million - 2.0 percentage point increase in occupancy.

•	$388 million - currency impact;

•	$194 million - lower fuel prices and

•	$22 million - nonrecurrence of an impairment charge incurred in 2014 related to Grand Celebration.

•	$106 million - 3.5% capacity increase in ALBDs;

•	$50 million - higher dry-dock expenses;

•	$37 million - nonrecurrence of a gain from the sale of Costa Voyager recognized in 2014;

•	$36 million - increases in commissions, transportation and other related expenses and

•	$30 million - various other operating expenses, net, which included unfavorable foreign currency transactional impacts.

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(a)	Represents a $37 million gain from the sale of Costa Voyager, partially offset by an impairment charge of $22 million related to Grand Celebration.

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•	$349 million - 3.5% increase in constant dollar net revenue yields and

•	$148 million - 1.5% capacity increase in ALBDs.

•	$183 million - 3.2% increase in constant dollar net cruise costs excluding fuel per ALBD, which included favorable foreign currency transactional impacts and

•	$84 million - 1.5% capacity increase in ALBDs.

•	$560 million - lower fuel prices and

•	$37 million - lower fuel consumption per ALBD.

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•	repaid a net $625 million of short-term borrowings in connection with our availability of, and needs for, cash at various times throughout the period;

•	repaid $772 million of long-term debt;

•	borrowed $472 million of long-term debt under an export credit facility;

•	paid cash dividends of $584 million;

•	purchased $166 million shares of Carnival Corporation common stock in open market transactions under our Stock Swap and Repurchase Programs and

•	sold $167 million of treasury stock under our Stock Swap program.

•	borrowed a net $95 million of short-term borrowings in connection with our availability of, and needs for, cash at various times throughout the period;

•	repaid $1.5 billion of long-term debt, including early repayments of $339 million of two bank loans and $409 million of two export credit facilities;

•	borrowed $829 million of new long-term debt under an export credit facility and a bank loan and

•	paid cash dividends of $582 million.

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•	$0.24 per share on an annualized basis and

•	$0.05 per share for the fourth quarter.

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(i)	Fixed salary

(ii)	Variable salary

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(i)	Restricted Stock Units and Performance Based Shares

(ii)	Prior Equity Grants

(iii)	Additional Benefits

a.	Insurance

b.	Housing allowance

c.	Car and private jet

d.	Relocation expenses

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1.	Annex A: Carnival Corporation & PLC Brand Management Incentive Plan;

2.	Annex B: Carnival plc 2014 Employee Share Plan;

3.	Annex C: Carnival plc 2005 Employee Share Plan

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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