The Senior Unsecured Notes will pay interest semi-annually on May 1 and November 1 of each year, beginning on May 1, 2022, at a rate of 6% per year and are callable beginning November 1, 2024.  The Senior Unsecured Notes are unsecured and will mature on May 1, 2029.

The Company expects to use the net proceeds from the offering of the Senior Unsecured Notes to make scheduled principal payments on debt during fiscal 2022 and for general corporate purposes, including, without limitation, making repayments of its indebtedness, the financing or refinancing of a portion of the purchase price, rental payments, costs and expenses related to certain of its current and future property, plant and equipment (including leased assets and vessels) and their maintenance, repair, replacement and improvements, as well as any other payments related to its vessels' ready-for-sea costs, in each case to the extent such amounts are not covered by the Company's existing and future export credit facilities.

The Senior Unsecured Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Senior Unsecured Notes 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.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Senior Unsecured Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

PJT Partners is serving as independent financial advisor to Carnival Corporation & plc.