---

---

---

---

---

---

---

---

•	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.

---

(a)	Cash and cash equivalents are comprised of cash on hand and at November 30, 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 and at August 31, 2016 also included funds held in escrow.

(c)	Long-term other assets are substantially all comprised of notes and other receivables. The fair values of our 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 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.

---

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

(b)	Restricted cash is primarily comprised of money market funds.

(c)	The fair value of auction rate security included in short-term investments and long-term other asset was based on a broker quote in an inactive market. During the nine months ended August 31, 2016, there were no purchases or sales pertaining to this auction rate security.

(d)	Marketable securities held in rabbi trusts are 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 limited to funding certain deferred compensation and non-qualified U.S. pension plans.

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

---

---

---

(a)

We had foreign currency forwards totaling $296 million at August 31, 2016 and $43 million at November 30, 2015 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2016, these foreign currency forwards settle through July 2017. We also had foreign currency swaps totaling $409 million at August 31, 2016 and $387 million at November 30, 2015 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2016, 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 $551 million at August 31, 2016 and $568 million at November 30, 2015 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2016, these interest rate swaps settle through March 2025. In addition, at November 30, 2015, 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 November 30, 2015, 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 settled in February 2016.

(c)	At August 31, 2016 and November 30, 2015, 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, 2016 and November 30, 2015, 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 derivatives.

---

---

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

---

---

•	conducting business with large, well-established financial institutions, insurance companies and export credit agencies,

•	diversifying our counterparties,

•	having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk, and

•	requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards.

---

(a)	A portion of the North America segment's revenues includes revenues for the tour portion of a cruise when a cruise and land tour package are sold together by Holland America Line and Princess. These intersegment tour revenues, which are also included in our Tour and Other segment, are eliminated by the North America segment's revenues and operating expenses in the line “Intersegment elimination.”

---

---

•	Incidents, such as ship incidents, security incidents, the spread of contagious diseases and threats thereof, adverse weather conditions or other natural disasters and the related adverse publicity affecting our reputation and the health, safety, security and satisfaction of guests and crew;

•	Economic conditions and adverse world events affecting the safety and security of travel, such as civil unrest, armed conflicts and terrorist attacks;

•	Changes in and compliance with laws and regulations relating to environment, health, safety, security, tax and anti-corruption under which we operate;

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

•	Ability to recruit, develop and retain qualified personnel;

•	Increases in fuel prices;

•	Fluctuations in foreign currency exchange rates;

•	Misallocation of capital among our ship, joint venture and other strategic investments;

•	Future operating cash flow may not be sufficient to fund future obligations and we may be unable to obtain financing;

•	Deterioration of our cruise brands' strengths and our inability to implement our strategies;

•	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;

•	Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or consistent with our expectations and increases to our repairs and maintenance expenses and refurbishment costs as our fleet ages;

•	Failure to keep pace with developments in technology;

•	Geographic regions in which we try to expand our business may be slow to develop and ultimately not develop how we expect and our international operations are subject to additional risks not generally applicable to our U.S. operations;

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

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

•	Changes in global consumer confidence and impacts to various foreign currency exchange rates as a result of the June 24, 2016 UK electorate vote to withdraw from the European Union (“EU”);

•	Friction in travel, changes to international tax treaties and changes to laws and regulations that could result from the exit of the UK from the EU;

•	Litigation, enforcement actions, fines or penalties;

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

•	Union disputes and other employee relationship issues;

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

•	Reliance on third-party providers of various services integral to the operations of our business;

•	Business activities that involve our co-investment with third parties;

---

•	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;

•	Our shareholders may be subject to the uncertainties of a foreign legal system since Carnival Corporation and Carnival plc are not U.S. corporations;

•	Small group of shareholders may be able to effectively control the outcome of shareholder voting;

•	Provisions in Carnival Corporation’s and Carnival plc’s constitutional documents may prevent or discourage takeovers and business combinations that our shareholders might consider to be in their best interests and

•	The DLC arrangement involves risks not associated with the more common ways of combining the operations of two companies.

---

(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, 2016 compared to the three months ended August 31, 2015, we had a 3.9% capacity increase in ALBDs comprised of a 6.4% capacity increase in our EAA segment and a 2.3% capacity increase in our North America segment.

•	full quarter impact from one AIDA 3,286-passenger capacity ship delivered in 2016;

•	full quarter impact from the transfer of two Holland America Line 1,260-passenger capacity ships to P&O Cruises (Australia) in 2015.

•	full quarter impact from one Carnival Cruise Line 3,934-passenger capacity ship delivered in 2016;

•	full quarter impact from one Holland America Line 2,650-passenger capacity ship delivered in 2016, partially offset by

•	full quarter impact from the transfer of two Holland America Line 1,260-passenger capacity ships to P&O Cruises (Australia) in 2015.

•	full period impact from the transfer of two Holland America Line 1,260-passenger capacity ships to P&O Cruises

•	partial period impact from one AIDA 3,286-passenger capacity ship delivered in 2016;

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

•	fewer ship dry-dock days in 2016 compared to 2015.

•	partial period impact from one Carnival Cruise Line 3,934-passenger capacity ship delivered in 2016;

•	partial period impact from one Holland America Line 2,650-passenger capacity ship delivered in 2016, partially offset by

•	full period impact from the transfer of two Holland America Line 1,260-passenger capacity ships to P&O Cruises (Australia) in 2015.

---

(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.

•	$143 million - 3.9% capacity increase in ALBDs;

•	$38 million - an accounting reclassification in our EAA segment, which has no impact on our operating income as the increase in passenger ticket revenues is fully offset by an increase in operating expenses (“accounting reclassification”);

•	$28 million - increase in air transportation revenues from guests who purchased their tickets from us;

•	$17 million - increase in cruise ticket prices, driven primarily by improvements in our Caribbean and Alaskan programs for our North America segment and European programs for our EAA segment, partially offset by yield reductions in Asia and Australia deployments and unfavorable foreign currency transactional movements and

•	$16 million - a slight increase in occupancy.

•	$52 million - 2.3% capacity increase in ALBDs;

•	$39 million - increase in air transportation revenues from guests who purchased their tickets from us;

•	$30 million - increase in cruise ticket pricing, partially offset by unfavorable foreign currency transactional impacts and

•	$12 million - a slight increase in occupancy.

•	$18 million - 2.3% capacity increase in ALBDs and

•	$13 million - higher onboard spending by our guests.

---

•	$90 million - 6.4% capacity increase in ALBDs and

•	$38 million - the accounting reclassification.

•	$62 million - foreign currency translational impact;

•	$19 million - decrease in cruise ticket pricing driven by unfavorable foreign currency transactional impacts and

•	$12 million - decrease in air transportation revenues from guests who purchased their tickets from us.

•	$95 million - 3.9% capacity increase in ALBDs;

•	$40 million - higher dry-dock expenses and other ship repair and maintenance expenses;

•	$38 million - the accounting reclassification and

•	$26 million - higher air costs.

•	$83 million - lower fuel prices;

•	$33 million - foreign currency translational impact and

•	$11 million - lower fuel consumption.

•	$33 million - various selling and administrative initiatives and

•	$19 million - 3.9% capacity increase in ALBDs.

•	$36 million - 2.3% capacity increase in ALBDs;

•	$36 million - higher air costs and

•	$25 million - higher ship repair and maintenance expenses.

---

•	$55 million - 6.4% capacity increase in ALBDs;

•	$38 million - the accounting reclassification;

•	$24 million - higher dry-dock expenses and other ship repair and maintenance expenses and

•	$11 million - quarterly timing of various other operating expenses, net.

•	$33 million - lower fuel prices;

•	$33 million - foreign currency translational impact and

•	$11 million - lower air costs.

---

•	The translation of our EAA segment operations to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies.

•	Our North America segment operations have a U.S. dollar functional currency but also have revenue and expense transactions in currencies other than the U.S. dollar. If the U.S. dollar strengthens against these other currencies, it reduces the U.S. dollar revenues and expenses. If the U.S. dollar weakens against these other currencies, it increases the U.S. dollar revenues and expenses.

•

Our EAA segment operations have euro, sterling and Australian dollar functional currencies but also have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses.

---

---

---

---

•	$156 million - 3.9% capacity increase in ALBDs and

•	$111 million - 2.7% increase in constant currency net revenue yields.

•	$101 million - 5.5% increase in constant currency net cruise costs excluding fuel and

•	$69 million - 3.9% capacity increase in ALBDs.

---

•	$83 million - lower fuel prices and

•	$11 million - lower fuel consumption.

•	$288 million - 3.2% capacity increase in ALBDs;

•	$101 million - the accounting reclassification and

•	$79 million - slight increase in occupancy.

•	$95 million - 3.2% capacity increase in ALBDs;

•	$39 million - higher onboard spending by our guests and

•	$26 million - slight increase in occupancy.

•	$56 million - increase in cruise ticket pricing, partially offset by unfavorable foreign currency transactional impacts;

•	$51 million - 1.0 percentage point increase in occupancy and

•	$48 million - increase in air transportation revenues from guests who purchased their tickets from us.

---

•	$276 million - 7.9% capacity increase in ALBDs;

•	$101 million - the accounting reclassification and

•	$36 million - 1.0 percentage point increase in occupancy.

•	$145 million - foreign currency translational impact;

•	$76 million - decrease in cruise ticket pricing, driven by unfavorable foreign currency impacts and

•	$46 million - decrease in air transportation revenues from guests who purchased their tickets from us.

•	$363 million - lower fuel prices;

•	$95 million - foreign currency translational impact and

•	$60 million - lower dry-dock expenses.

•	$230 million - 3.2% capacity increase in ALBDs;

•	$101 million - the accounting reclassification and

•	$25 million - slight increase in occupancy.

•	$80 million - various selling and administrative initiatives and

•	$49 million - 3.2% capacity increase in ALBDs.

•	$226 million - lower fuel prices and

•	$25 million - lower dry-dock expenses.

---

•	$136 million - lower fuel prices;

•	$95 million - foreign currency translational impact;

•	$55 million - decrease in air transportation costs related to guests who purchased their tickets from us and

•	$33 million - lower dry-dock expenses.

•	$209 million - 7.9% capacity increase in ALBDs and

•	$101 million - the accounting reclassification.

---

---

---

•	$390 million - 3.9% increase in constant currency net revenue yields and

•	$316 million - 3.2% capacity increase in ALBDs.

---

•	Our expenditures for capital projects, of which $1.5 billion was spent on our ongoing new shipbuilding program, substantially for AIDAprima, net of liquidated damages, and Holland America Line's Koningsdam and Carnival Vista;

•	Capital expenditures of $657 million for ship improvements and replacements;

•	Capital expenditures of $257 million for information technology, buildings and improvements and other assets;

•	Payment of $231 million of fuel derivative settlements and

•	Payment of $22 million of collateral to one of our fuel derivative counterparties.

•	Our expenditures for capital projects, of which $728 million was spent on our ongoing new shipbuilding program, primarily for P&O Cruises (UK)'s Britannia;

•	Capital expenditures of $790 million for ship improvements and replacements;

---

•	Capital expenditures of $187 million for information technology, buildings and improvements and other assets;

•	Cash installments of $25 million from the sales of Ocean Princess, Seabourn Legend and Seabourn Spirit and

•	$139 million of fuel derivative settlements.

•	borrowed $301 million of short-term borrowings, net of repayments, in connection with our availability of, and needs for, cash at various times throughout the period;

•	repaid $971 million of long-term debt;

•	issued $555 million of euro-denominated publicly-traded notes, which net proceeds were used for general corporate purposes;

•	borrowed $379 million of long-term debt under an export credit facility;

•	borrowed $110 million of long-term debt under euro-denominated bank loans;

•	paid cash dividends of $721 million;

•	purchased $2.1 billion of shares of Carnival Corporation common stock in open market transactions of which $2.1 billion were repurchased under our Repurchase Program and $39 million were repurchased under our Stock Swap and

•	sold $40 million of treasury stock under our Stock Swap program.

•	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.

---

•	$0.27 per share on an annualized basis for 2016 and

•	$0.04 per share for the fourth quarter of 2016.

•	$0.15 per share on an annualized basis and

•	$0.04 per share for the fourth quarter of 2016.

---

---

---

---

---

(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.