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Strategic Report and IFRS Financial Statements Year Ended November 30, 2017 The Annual Report of Carnival plc comprises the Strategic Report and Carnival plc consolidated Group and Company IFRS Financial Statements contained herein, together with certain parts of the Proxy Statement (including its Annexes), dated January 29, 2018. The Carnival plc consolidated IFRS Financial Statements, which are required to satisfy reporting requirements of the Companies Act 2006, incorporate the results of Carnival plc and its subsidiaries and, accordingly, do not include the IFRS consolidated results and financial position of Carnival Corporation and its subsidiaries. However, the Directors consider that, within the Carnival Corporation and Carnival plc dual listed company (“DLC”) arrangement, the most appropriate presentation of Carnival plc’s results and financial position is by reference to the Carnival Corporation & plc U.S. GAAP consolidated financial statements (“DLC Financial Statements”). The DLC Financial Statements are included in the Carnival Corporation & plc 2017 Annual Report (“DLC Annual Report”), which is prepared to satisfy U.S. reporting requirements. Accordingly, the DLC Annual Report is included in Annex 1 to the Carnival plc Annual Report. In order to obtain a better understanding of the Carnival Corporation & plc business, financial condition and results of operations, the Carnival plc stakeholders should read the items referenced below included in the Proxy Statement, Annex 1 and Carnival Corporation & plc joint Annual Report on Form 10-K (“Form 10-K”), in addition to the Carnival plc Strategic Report and IFRS Financial Statements contained herein. The locations where the Carnival plc Annual Report Documents and Other Information can be found are as follows: CARNIVAL PLC ANNUAL REPORT DOCUMENTS LOCATIONS PAGE NO. Strategic Report Chief Executive Officer’s Letter to Shareholders ...................... Strategic Report 1 Business Overview Summary .................................................... Strategic Report 4 Vision, Goals and Related Strategies .............................. Strategic Report 4 Global Cruise Industry Overview .................................................... Strategic Report 6 Favorable Characteristics of the Global Cruise Industry ............... Strategic Report 6 Passenger Capacity and Cruise Guests Carried by Ocean Going Vessels . Strategic Report 8 Our Global Cruise Business Segment Information .......................................... Strategic Report 8 Ships Under Contract for Construction ............................ Strategic Report 9 Cruise Brands ................................................ Strategic Report 9 Principal Source Geographic Areas, Cruise Programs, Cruise Pricing and Payment Terms, Seasonality, Onboard and Other Revenues, Marketing Activities and Sales Relationships .............................. Strategic Report 14 Sustainability ................................................ Strategic Report 18 Employees (including diversity) and Training ....................... Strategic Report 19 Information Technology, Innovation, Supply Chain and Insurance ....... Strategic Report 20 Port Destinations and Private Islands .............................. Strategic Report 21 Governmental Regulations ...................................... Strategic Report 21 Taxation .................................................... Strategic Report 28 Trademarks and Other Intellectual Property ......................... Strategic Report 29 Competition ................................................. Strategic Report 29 Website Access to Carnival Corporation & plc SEC Reports ............. Strategic Report 29 Industry and Market Data ......................................... Strategic Report 30 Business Review ................................................ Strategic Report 30 Internal Control and Risk Assessment ............................... Strategic Report 50 Risk Management and/or Mitigation of Principal Risks ................. Strategic Report 52 Going Concern Confirmation ...................................... Strategic Report 63 Viability Statement .............................................. Strategic Report 63 Repurchase Authorizations and Stock Swap Programs .................. Strategic Report 64 Carnival plc IFRS Financial Statements for the year ended November 30, 2017 Carnival plc IFRS Financial Statements .............................. Carnival plc Financial Statements 66 PricewaterhouseCoopers LLP Independent Auditors’ Report ............. Carnival plc Financial Statements 111 Additional Documents Director Independence and Related Party Transactions .................. Proxy Statement Carnival plc Directors’ Report (including greenhouse gas emissions) ...... Proxy Statement – Annex A Carnival plc Directors’ Remuneration Report – Part I ................... Proxy Statement Carnival plc Directors’ Remuneration Report – Part II .................. Proxy Statement – Annex B Carnival plc Corporate Governance Report ........................... Proxy Statement – Annex C OTHER INFORMATION DLC Annual Report DLC Financial Statements ........................................ Annex 1 Selected Financial Data .......................................... Annex 1 Market Price for Common Stock and Ordinary Shares .................. Annex 1 Stock Performance Graphs ........................................ Annex 1 Selected Quarterly Financial Data (Unaudited) ........................ Annex 1 Corporate and Other Information ................................... Annex 1 Other Properties, Legal Proceedings, Executive Officers and Dividends ......... Form 10-K The Notice of Annual Meetings and Proxy Statement and Form 10-K are not set forth within this document but are available for viewing at www.carnivalcorp.com or www.carnivalplc.com. The Carnival plc IFRS Financial Statements have been submitted to the National Storage Mechanism and are available for inspection at www.morningstar.co.uk/uk/NSM and will be included in the Annual Meeting materials available to the Carnival plc shareholders. Strategic Report The Directors consider that within the DLC arrangement, the most appropriate presentation of Carnival plc’s business strategy is by reference to the consolidated strategy of Carnival Corporation & plc. Accordingly, this Strategic Report presents the required strategy and business review for the combined group in order to satisfy reporting requirements of the Companies Act 2006. Dear Shareholders, 2017 marked yet another very strong year for our company. We delivered record cash from operations of over $5.3 billion on record revenues of $17.5 billion, affirming our core strategy that is anchored in delivering Strategic Report exceptional guest experiences and driving demand in excess of measured capacity growth – all while leveraging our industry-leading scale. We achieved significantly higher adjusted earnings with strong operational improvement overcoming a substantial drag from fuel and currency. More importantly, we achieved return on invested capital of 9.4 percent and continued to return excess cash to shareholders. Having increased the quarterly dividend twice in the past year, we distributed $1 billion through our annual dividend and invested another nearly $600 million in our ongoing share repurchase program, bringing our cumulative repurchases to date to $3.1 billion in just over two years. And we accomplished that while maintaining our high investment-grade credit rating. Our business, any business, is all about its people. Our consistently strong financial performance is only possible because of the commitment and passion of our 120,000 team members who deliver memorable vacation experiences and exceed the expectations of our 12 million guests annually, as well as our travel agent partners who support our brands around the globe. Their collective efforts are the foundation of our sustained earnings improvement. In addition to our record-breaking financial results, we had many other notable accomplishments this year to reinforce our journey to sustained double-digit return on invested capital. Creating Demand in Excess of Measured Capacity Growth We kicked off 2017 by unveiling our leading-edge guest experience innovation – the OCEAN experience platform – featuring Ocean MedallionTM at the Consumer Electronics Show (CES) in Las Vegas. We were privileged to be the first travel company ever to deliver the opening keynote address at CES, the world’s largest trade show. In November, we debuted the OCEAN experience platform on Regal Princess, ushering in a new era of highly personalized travel at scale. We are fine tuning and enhancing the platform based on real-time learning as we prepare for a full rollout aboard Regal Princess in 2018. OCEAN has already garnered global recognition, generating 17 billion media impressions to date across a broad spectrum of business, travel, technology and innovation forums, and has also enabled Carnival Corporation to be named as one of Fast Company’s Top 10 Most Innovative Companies in Travel 2017. This kind of global exposure is part of our continuous effort to keep cruising at the forefront of consumers’ vacation consideration set. Building on those efforts, we recently launched PlayOcean, our proprietary mobile gaming portfolio. PlayOcean taps into the growing interest in mobile gaming by offering a selection of original games that can be played at home and onboard select ships. And we launched OceanView, our proprietary digital streaming network