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Exhibit 4.3    
    

 
  CARNIVAL DEED OF GUARANTEE    
    

This
Deed of Guarantee ("Guarantee") is made on April 17, 2003 between Carnival Corporation
("Carnival") and P&O Princess and is made for the benefit of each Creditor. 

BACKGROUND  

Under
the Implementation Agreement referred to below, Carnival has agreed with P&O Princess to enter into this Guarantee in respect of certain obligations of P&O Princess (including, without
limitation, guarantees by P&O Princess of certain obligations of Principal Debtors). 

THIS DEED WITNESSES as follows: 

1.     Definitions and Interpretation  

1.1    Definitions    

In
this Guarantee: 

"Business Day" shall have the meaning given in the Equalization and Governance Agreement; 

"Creditor" means any Person to whom or to which any Obligation is owed; 

"Equalization and Governance Agreement" means the Agreement headed "Equalization and Governance Agreement" entered into between P&O Princess and
Carnival as of even date with this Guarantee; 

"Existing Obligation" means, in relation to: 

	(a)
	any
agreement or exclusion referred to in Clause 4; or

	(b)
	any
termination of this Guarantee; or

	(c)
	any
amendment to this Guarantee, 

any
Obligation incurred before, or arising out of any credit or similar facility (whether committed or uncommitted) available for use at, the time at which the relevant agreement, exclusion,
termination or amendment becomes effective; 

"Group" means, in relation to Carnival or P&O Princess, such company and its Subsidiaries from time to time; 

"Implementation Agreement" means the Agreement headed "Offer and Implementation Agreement" entered into between P&O Princess and Carnival, dated as of 8
January 2003; 

"Obligation" means: 

	(a)
	any
contractual monetary obligation (whether primary or secondary (and including, for the avoidance of doubt, any guarantee of the contractual monetary obligations of any Principal
Debtor)) incurred by P&O Princess after the date of this Guarantee; and

	(b)
	any
other obligation of any kind which may be agreed in writing between Carnival and P&O Princess (in their absolute discretion) (in which case a note of such Obligation will be
appended as an exhibit to this Guarantee), 

        excluding,
in each case, any obligation (unless such obligation has been included pursuant to clause (b), above): 

	(i)
	to
the extent that (without reference to the effect of this Guarantee) it is covered by the terms of any policy of insurance (or any indemnity in the nature of insurance) of which 

 

P&O
Princess (or, where relevant, the Principal Debtor) has the benefit and which is in full force and effect; 

	(ii)
	explicitly
guaranteed in writing by Carnival (otherwise than under this Guarantee) or for which Carnival agrees in writing to act as co-obligor or co-issuer;

	(iii)
	where
the arrangement under which the obligation was or is incurred, or the terms of issue of the obligation, explicitly provided or provide(s) that the obligation is not to be an
Obligation within the meaning of this Guarantee, or where the Creditor has explicitly agreed or explicitly agrees that the obligation is not to be an Obligation within the meaning of this Guarantee;

	(iv)
	owed
to Carnival or to any Subsidiary or Subsidiary Undertaking of Carnival or to any of the Subsidiaries or Subsidiary Undertakings of P&O Princess;

	(v)
	of
P&O Princess under or in connection with the P&O Princess Guarantee or any other guarantee by P&O Princess of any obligation of Carnival or any Subsidiary or Subsidiary Undertaking
of Carnival;

	(vi)
	excluded
from the scope of this Guarantee as provided in Clause 4 (Exclusion Of Certain Obligations) or Clause 5 (Termination);

	(vii)
	of
P&O Princess incurred under any instrument or agreement existing on or prior to the date of this Guarantee; or

	(viii)
	of
P&O Princess under a guarantee to the extent that the guaranteed obligation of the Principal Debtor is not a contractual monetary obligation and/or is of a type referred to in
any of paragraphs (i) to (vii) of this definition; 

"Person" includes an individual, company, corporation, firm, partnership, joint venture, association, trust, state or agency of a state (in each case,
whether or not having a separate legal personality); 

"P&O Princess" means P&O Princess Cruises plc, whose registered office at the date of this Guarantee is 77 New Oxford Street, London, WC1A lPP, United
Kingdom; 

"P&O Princess Guarantee" means the deed of guarantee entered into by P&O Princess on or about the date of this Guarantee pursuant to the Implementation
Agreement; 

"Principal Debtor" means, at any time, any Person any of whose obligations are at that time guaranteed by P&O Princess; 

"Relevant Creditor" has the meaning given in Clause 3.1; 

"Subsidiary" means, with respect to Carnival or P&O Princess, any entity, whether incorporated or unincorporated, in which such company owns, directly
or indirectly, a majority of the securities or other ownership interests having by their terms ordinary voting power to elect a majority of the directors or other persons performing similar functions,
or the management and policies of which such company otherwise has the power to direct; and 

"Subsidiary Undertaking" has the meaning as defined in section 258 of the Companies Act 1985 (an Act of Parliament). 

        1.2    Interpretation    

Headings
are for convenience only and do not affect interpretation. The following rules of interpretation apply unless the context requires otherwise. 

	(A)
	The
singular includes the plural and conversely.

	(B)
	One
gender includes all genders. 

2

 

	(C)
	Where
a word or phrase is defined, its other grammatical forms have a corresponding meaning.

	(D)
	A
reference to a person includes a body corporate, an unincorporated body or other entity and conversely.

	(E)
	A
reference to a Clause is to a Clause of this Guarantee.

	(F)
	A
reference to any agreement or document is to that agreement or document as amended, novated, supplemented, varied or replaced from time to time, except to the extent prohibited by
this Guarantee.

	(G)
	A
reference to any legislation (including any listing rules of a stock exchange or voluntary codes) or to any provision of any legislation includes any modification or
re-enactment of it, any legislative provision substituted for it and all regulations and statutory instruments issued under it.

	(H)
	A
reference to writing includes a facsimile transmission and any means of reproducing words in a tangible and permanently visible form.

	(I)
	Mentioning
anything after include, includes, or including does not limit what else
might be included. Where particular words are following by general words, the general words are not limited by the particular.

	(J)
	Reference
to a body other than Carnival or P&O Princess (including any government agency), whether statutory or not:

	(i)
	which
ceases to exist; or

	(ii)
	whose
powers or functions are transferred to another body, 

is
a reference to the body which replaces it or which substantially succeeds to its powers or functions. 

	(K)
	All
references to time are to the local time in the place where the relevant obligation is to be performed (or right exercised). 

2.     Effect Of This Guarantee  

This
Guarantee shall take effect as a deed and it is intended that each Creditor severally shall be entitled to benefit from the terms of this Guarantee pursuant to the terms of the Contracts (Rights
of Third Parties) Act 2001 save that the parties hereto shall be entitled to make any variation or rescission of its terms, in accordance with its terms (including, without limitation, pursuant to
Clause 4), without the consent of any Creditor or of any third party. 

3.     Guarantee and Indemnity  

	3.1
	Subject
to the terms of this Guarantee, Carnival unconditionally and irrevocably undertakes and promises to P&O Princess that it shall, as a continuing obligation, make to the
Creditor to whom or to which it is owed (the "Relevant Creditor") the proper and punctual payment of each Obligation if for any reason P&O Princess does
not make such payment on its due date. If for any reason P&O Princess does not make such payment on its due date, Carnival shall pay the amount due and unpaid to the Relevant Creditor upon written
demand upon Carnival by the Relevant Creditor. In this Clause 3, references to the Obligations include references to any part of them.

	3.2
	The
obligations of Carnival under this Guarantee shall be continuing obligations and shall not be satisfied, discharged or affected by any intermediate payment or settlement of
account. 

3

 
	3.3
	For
the avoidance of doubt, nothing in this Guarantee shall require, bind or oblige Carnival to fulfil any non-monetary Obligation of P&O Princess of any kind.

	3.4
	In
the event that Carnival is required to make any payment to any Creditor pursuant to Clause 3.1 and/or 3.11 and does make such payment, P&O Princess unconditionally and
irrevocably agrees by way of a full indemnity to reimburse Carnival in respect of such payments.

	3.5
	A
demand may not be made under this Guarantee without:

	(A)
	a
demand first having been made by the Relevant Creditor on P&O Princess; and/or

	(B)
	to
the extent, if any, that the terms of the relevant Obligation of P&O Princess (or the underlying obligation of the relevant Principal Debtor) require such recourse, recourse first
being had to any other Person or to any security.

	3.6
	Unless
otherwise provided in this Guarantee, the liabilities and obligations of Carnival under this Guarantee shall remain in force notwithstanding any act, omission, neglect, event
or matter which would not affect or discharge the liabilities of P&O Princess owed to the Relevant Creditor. Without prejudice to its generality, the foregoing shall apply in relation to:

	(A)
	anything
which would have discharged Carnival (wholly or in part) but not P&O Princess;

	(B)
	anything
which would have offered Carnival (but not P&O Princess) any legal or equitable defence; and

	(C)
	any
winding-up, insolvency, dissolution and/or analogous proceeding of, or any change in constitution or corporate identity or loss of corporate identity by, P&O Princess
or any other Person.

	3.7
	Section 3(2)
and (4) of the Contracts (Rights of Third Parties) Act 2001 shall not apply to this Guarantee and accordingly:

	(A)
	In
respect of any claim against Carnival by a Creditor, Carnival shall not have available to it by way of defence or set off any matter that arises from or in connection with this
Guarantee, and which would have been available to Carnival by way of defence or set-off if the proceedings had been brought against Carnival by P&O Princess.

	(B)
	Carnival
shall not have available to it by way of defence or set-off any matter that would have been available to it by way of defence or set-off against the
Creditor if the Creditor had been a party to this Guarantee.

	(C)
	Carnival
shall not have available to it by way of counterclaim any matter not arising from this Guarantee that would have been available to it by way of counterclaim against the
Creditor if the Creditor had been a party to this Guarantee.

	3.8
	Any
discharge or release of any liabilities and obligations of Carnival under this Guarantee, and any composition or arrangement which Carnival may effect with any Creditor in respect
of any such liabilities or obligations, shall be deemed to be made subject to the condition that it will be void to the extent that any or all of the payment or security which the Creditor may
previously have received or may thereafter receive from any Person in respect of the relevant Obligations is set aside or reduced under any applicable law or proves to have been for any reason
invalid.

	3.9
	Without
prejudice to the generality of this Clause 3, and to Clause 3.10 in particular, none of the liabilities or obligations of Carnival under this Guarantee shall be
impaired by any Creditor:

	(A)
	agreeing
with P&O Princess any variation of or departure from (however substantial) the terms of any Obligation and any such variation or departure shall, whatever its nature, be
binding upon Carnival in all circumstances; or 

4

 

	(B)
	releasing
or granting any time or any indulgence whatsoever to P&O Princess.

	3.10
	Despite
anything else in this Guarantee (including Clause 3.9), no variation of or departure from the terms of any Obligation (or any underlying obligation of any Principal
Debtor) agreed with P&O Princess or any Principal Debtor, as applicable, after termination of this Guarantee or exclusion of that Obligation shall be binding on Carnival (or extend its liabilities and
obligations under this Guarantee) except to the extent, if any, that:

	(A)
	Carnival
explicitly agrees in writing to that variation or departure at the same time as P&O Princess or that Principal Debtor; or

	(B)
	it
reduces Carnival's obligations or liability under this Guarantee.

	3.11
	As
a separate, additional and continuing obligation, Carnival unconditionally and irrevocably agrees that, should any Obligation not be recoverable from Carnival under
Clause 3.1 as a result of the Obligation becoming void, voidable or unenforceable against P&O Princess, Carnival undertakes with P&O Princess that it will, as a sole, original and independent
obligor, make payment of the Obligation to the Relevant Creditor by way of a full indemnity on the due date provided for payment by the terms of the Obligation.

	3.12
	Carnival
shall, if requested by P&O Princess, (i) enter into agreements to act as a co-issuer or co-borrower with respect to any Obligation of P&O
Princess or (ii) execute and deliver a separate guarantee agreement of any Obligation of P&O Princess, in each case, on terms satisfactory to Carnival and P&O Princess. If Carnival enters into
such agreements with respect to any Obligation of P&O Princess, Carnival and P&O Princess may agree that such Obligation shall be excluded from the scope of this Guarantee in accordance with
Clause 4. 

4.     Exclusion Of Certain Obligations  

	4.1
	Subject
to Clauses 4.2 and 4.3, Carnival and P&O Princess may at any time agree that obligations of a particular type, or a particular obligation or particular obligations, incurred
after the time at which such exclusion becomes effective shall be excluded from the scope of this Guarantee (and shall not be "Obligations" for the purpose of this Guarantee) with effect from such
future time (being at least 3 months after the date on which notice of the relevant exclusion is given in accordance with Clause 4.4 or, where the Obligation is a particular obligation,
at least 5 Business Days, or such shorter period as the relevant Creditor may agree, after the date on which notice of the relevant exclusion is given in accordance with Clause 4.5) as they may
agree.

	4.2
	No
such agreement or exclusion shall be effective with respect to any Existing Obligation.

	4.3
	No
such agreement or exclusion shall be effective unless and until Carnival and P&O Princess enter into a supplemental deed specifying the relevant exclusion and the time at which it
is to become effective.

	4.4
	Notice
of any such exclusion of obligations of a particular type, of the time at which such exclusion is to become effective, and of the date of the related supplemental deed shall be
given in accordance with Clause 8.3.

	4.5
	Notice
of any such exclusion of a particular obligation and of the time at which it is to become effective shall be given to the relevant Creditor in writing addressed to that
Creditor at the last address of that Creditor known to Carnival and shall be effective when delivered to that address. It shall not be necessary for the related supplemental deed to have been entered
into before that notice is sent, nor for the notice to state the date of the related supplemental deed. 

5

 

5.     Termination  

	5.1
	Subject
to Clause 5.3, this Guarantee shall automatically terminate if, and with effect from, the same time as:

	(A)
	the
Equalization and Governance Agreement terminates or otherwise ceases to have effect; or

	(B)
	the
P&O Princess Guarantee terminates or otherwise ceases to have effect.

	5.2
	Subject
to Clause 5.3, Carnival may at any time terminate this Guarantee by giving notice under Clause 8.3 with effect from such future time (being at least
3 months after the date on which such notice of termination is given) as it may determine. Subject to the next sentence, no such termination under this Clause 5.2 shall be effective
unless P&O Princess agrees to such termination before such notice is given. However, such termination shall not require the agreement of P&O Princess if:

	(A)
	Carnival
has given notice of the proposed termination of this Guarantee in accordance with Clause 8.3; and

	(B)
	prior
to the date set out in such notice, a resolution is passed or an order is made for the liquidation of P&O Princess.

	5.3
	No
such termination shall be effective with respect to any Existing Obligation.

	5.4
	Notice
of any automatic termination under Clause 5.1, and of the time at which it became effective, shall be given in accordance with Clause 8.3 within 10 Business Days
of such termination. 

6.     Amendments  

	6.1
	Subject
to Clause 6.2, Carnival and P&O Princess may at any time amend this Guarantee by giving notice under Clause 8.3 with effect from the time of the amendment or
such future time as they may determine.

	6.2
	No
such amendment shall be effective with respect to any Existing Obligation.

	6.3
	No
such amendment shall be effective unless and until Carnival and P&O Princess enter into a supplemental deed specifying the relevant amendment and the time at which it is to become
effective.

	6.4
	Notice
of any such amendment, of the time at which it is to become effective, and of the date of the related supplemental deed shall be given in accordance with Clause 8.3. 

7.     Currency  

	7.1
	All
payments to be made under this Guarantee shall be made in the currency or currencies in which the Obligations are expressed to be payable by P&O Princess.

	7.2
	If,
under any applicable law, whether as a result of a judgment against Carnival or P&O Princess or the liquidation of Carnival or P&O Princess or for any other reason, any payment
under or in connection with this Guarantee is made or is recovered in a currency (the "other currency") other than that in which it is required to be
paid under the terms of the relevant Obligation (the "agreed currency") then, to the extent that the payment to the Creditor (when converted at the rate
of exchange on the date of payment, or in the case of a liquidation, the latest date for the determination of liabilities permitted by the applicable law) falls short of the amount due and unpaid in
respect of that Obligation, Carnival undertakes with P&O Princess that it shall, as a separate and independent obligation, fully indemnify the Creditor against the amount of the shortfall, and for the
purposes of this Clause 7, "rate of exchange" means the spot rate at which the Creditor is able on the relevant date to purchase the agreed
currency with the other currency. 

6

 

8.     Notices  

	8.1
	Any
notice to or demand upon Carnival under this Guarantee shall be in writing addressed to it at its principal place of business in the U.S.A. for the time being (marked for the
attention of the Chief Financial Officer, with a copy sent to the General Counsel and Secretary) and shall be effective when delivered to that principal place of business.

	8.2
	Any
notice to or demand upon P&O Princess under this Guarantee shall be in writing addressed to it at its principal place of business in the U.S.A. for the time being (marked for the
attention of the Chief Financial Officer, with a copy sent to the General Counsel and Secretary) and shall be effective when delivered to that principal place of business.

	8.3
	Any
notice by Carnival under Clause 4.4, 5.2, 5.4, 6.1 or 6.4 shall be given by advertisements in the Financial Times (London Edition) and the Wall Street Journal (but, if at
any time Carnival determines that advertisement in such newspaper(s) is not practicable, the relevant advertisement shall instead be published in such other newspaper(s) circulating generally in the
United Kingdom or the U.S.A., as the case may be, as Carnival shall determine); provided that no such notice need be given with respect to (i) any action pursuant to which Carnival and P&O
Princess agree that an obligation or other liability shall be treated as an Obligation pursuant to clause (b) of the definition of such term; or (ii) any action whereby a particular
obligation is excluded from the scope of this Guarantee in accordance with Clause 4. Any such notice shall be deemed given on the date of publication in such newspaper in the United Kingdom or
the U.S.A., as the case may be (or, where such advertisements are published on different dates, on the later of such dates).

	8.4
	The
original counterparts of this Guarantee and of any related supplemental deeds shall be kept at, respectively, the principal place of business in the U.S.A. for the time being of
Carnival and the principal place of business in the U.S.A. for the time being of P&O Princess and shall be available for inspection there on reasonable notice during the normal business hours of that
office. 

9.     General  

	9.1
	Prohibition and Enforceability

Any
provision of, or the application of any provision of, this Guarantee which is void, illegal or unenforceable in any jurisdiction does not affect the validity, legality or enforceability of that
provision in any other jurisdiction or of the remaining provisions in that or any other jurisdiction. 

9.2   Further Assurances

Carnival
and P&O Princess shall take all steps, execute all documents and do everything reasonably required to give effect to their rights, liabilities and obligations contemplated by this Guarantee. 

9.3   No Novation

Neither
Carnival nor P&O Princess may novate any of their rights, liabilities or obligations under this Guarantee, in whole or in part. 

9.4   Counterparts

This
Guarantee may be executed in any number of counterparts. All counterparts taken together will be taken to constitute one and the same instrument. 

7

 

10.   Law and Jurisdiction  

	10.1
	This
Guarantee shall be governed by and construed in accordance with the laws of the Isle of Man.

	10.2
	Any
legal action or proceeding arising out of or in connection with this Guarantee shall be brought exclusively in the courts of England.

	10.3
	Carnival
and P&O Princess irrevocably submit to the jurisdiction of such courts and waive any objection to proceedings in any such court on the ground of venue or on the ground that
the proceedings have been brought in an inconvenient forum. 

	IN WITNESS WHEREOF	 	 	 	 
	
EXECUTED as a DEED by	
 	

)	
 	

 
	CARNIVAL CORPORATION	 	)	 	 
	acting by duly authorised officers	 	)	 	 
	

/s/  HOWARD S. FRANK      
 Name: Howard S. Frank

Title: Vice-Chairman and Chief Operating Officer	
 	

 
	

/s/  ARNALDO PEREZ      
 Name: Arnaldo Perez

Title: Senior Vice-President, General Counsel and Secretary	
 	

 
	
EXECUTED as a DEED by	
 	

)	
 	

 
	P&O PRINCESS CRUISES PLC	 	)	 	 
	acting by two of its directors	 	)	 	 
	

/s/  PETER RATCLIFFE      
 Name: Peter Ratcliffe

Title: Chief Executive Officer	
 	

 
	

/s/  NICHOLAS LUFF      
 Name: Nicholas Luff

Title: Chief Financial Officer	
 	

 

8

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Exhibit 4.3

CARNIVAL DEED OF GUARANTEEQuickLinks
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Exhibit 4.4    
    

 
 

AGREEMENT
  RELATING TO THE
  CARNIVAL CORPORATION DEED OF GUARANTEE    
    

This
Agreement ("Agreement") is made on                        , 2003, relating to the
Carnival Corporation Deed of Guarantee (the "Deed
of Guarantee") made on April 17, 2003 between Carnival Corporation ("Carnival Corporation") and Carnival plc (under its
then name, P&O Princess Cruises plc) ("Carnival plc"), for the benefit of the Holders (as defined in the Indenture (as defined below)) of Carnival plc's
7.30% Notes due 2007 and 7.875% Debentures due 2027 (collectively, the "U.S. Notes"). The U.S. Notes are governed by an Indenture dated
October 23, 2000 among Carnival plc, P&O Princess Cruises International Limited (formerly, P&O Cruises Limited) and The Bank of New York, as trustee (the "Principal
Indenture"), as supplemented by a first supplemental indenture dated                        , 2003 among
Carnival plc, P&O Princess Cruises International Limited and The Bank of New
York (the "First Supplemental Indenture" and, together with the Principal Indenture and any other supplemental indenture thereto or other amendment or
restatement thereof, all as from time to time modified in accordance with the provisions therein, the "Indenture"). 

BACKGROUND  

By
a resolution of the Board of Directors of Carnival Corporation passed on April 17, 2003, Carnival Corporation resolved to provide the guarantee contained in the Deed of Guarantee for the
benefit of certain holders of existing Carnival plc debt. 

By
a resolution of the Board of Directors of Carnival plc passed on April 17, 2003, Carnival plc resolved to execute the documentation necessary to allow Carnival Corporation to provide the
Deed of Guarantee for the benefit of certain holders of existing Carnival plc debt. 

Subject
to the execution of the Supplemental Indenture by Carnival plc, P&O Princess Cruises International Limited and The Bank of New York, Carnival Corporation and Carnival plc have agreed to extend
the benefit of the Deed of Guarantee to the Holders, by providing that the payment of principal and interest in respect of the U.S. Notes, and all other monetary obligations of Carnival plc under, or
pursuant to, the U.S. Notes and the Indenture shall constitute an Obligation under the Deed of Guarantee, which Deed of Guarantee, for the avoidance of doubt, shall be enforceable by the Trustee (as
defined in the Indenture), in its capacity as trustee for the Holders, and in accordance with the provisions of, and subject to the limitations contained in, the Indenture. 

The
First Supplemental Indenture has been so executed on the date hereof. 

 

THIS AGREEMENT WITNESSES as follows: 

1.     Definitions  

Save
as provided in this Agreement, and unless there is something in the subject matter or context inconsistent therewith, all words and expressions defined in the Deed of Guarantee shall have the
same meanings in this Agreement. 

2.     Agreement with respect to additional Obligation  

	2.1
	Pursuant
to paragraph (b) of the definition of Obligation in the Deed of Guarantee, Carnival Corporation and Carnival plc hereby agree that the principal and interest in
respect of the U.S. Notes, and all other monetary obligations of Carnival plc under, or pursuant to, the U.S. Notes and the Indenture, shall constitute an Obligation under the Deed of Guarantee.

	2.2
	In
accordance with the provisions of the Deed of Guarantee, a note of the Obligation described in Section 2.1 above, in the form attached in the Exhibit to this Agreement,
shall be appended as an exhibit to the Deed of Guarantee. 

3.     Counterparts  

This
Agreement may be executed and delivered in any number of counterparts (and in engrossment, photocopy or facsimile form). All counterparts (including engrossment, photocopy or facsimile forms
thereof), taken together will be taken to constitute one and the same instrument. 

4.     Governing Law  

This
Agreement shall be governed by and construed in accordance with the laws of the Isle of Man. 

2

 
 
 

EXHIBIT
  TO
  AGREEMENT
  RELATING TO THE
  CARNIVAL CORPORATION DEED OF GUARANTEE    
    

 
 

Note to the Deed of Guarantee
  relating to the U.S. Notes    
    

Pursuant
to a written agreement made on                        , 2003 between Carnival Corporation and Carnival plc (formerly, P&O
Princess Cruises plc), Carnival Corporation and Carnival plc agreed that,
effective                        , 2003, the following shall constitute an Obligation under the Deed of Guarantee: 

	•
	the
principal and interest in respect of the 7.30% Notes due 2007 and the 7.875% Debentures due 2027 of Carnival plc (the "U.S.
Notes"), which are governed by an Indenture dated October 23, 2000 (the "Principal Indenture") between Carnival plc, P&O
Princess Cruises International Limited and The Bank of New York, as trustee, as supplemented, pursuant to Article 9 of the Principal Indenture, by a first supplemental indenture dated
                        , 2003 between Carnival plc, P&O Princess Cruises International Limited and The Bank of New York, as
trustee, (the "First Supplemental
Indenture" and, together with the Principal Indenture, and any other supplemental indenture thereto or any amendment or restatement thereof, all as from time to time modified
in accordance with the provisions therein, the "Indenture"); and all other monetary obligations of Carnival plc under, or pursuant to, the U.S. Notes
and the Indenture. 

Dated:                        ,
2003 

3

 

IN WITNESS of which this Agreement has been executed as a deed and has been delivered on the date which appears first on page 1.

	EXECUTED as a DEED by

CARNIVAL CORPORATION

acting by duly authorized officers	 	 
	

	
 	

 
	Name

Title	 	 
	
CARNIVAL CORPORATION

acting by duly authorized officers	
 	

 
	

	

 	

 
	Name

Title	 	 

	EXECUTED as a DEED by	 	 	)	

	CARNIVAL PLC	 	 	)	(Attorney)
	acting by its duly appointed attorneys	 	 	)	 

	

Witness's signature:

Name:

Address:

Occupation:	
 	

	
 	

 

4

QuickLinks

Exhibit 4.4

AGREEMENT RELATING TO THE CARNIVAL CORPORATION DEED OF GUARANTEE

EXHIBIT TO AGREEMENT RELATING TO THE CARNIVAL CORPORATION DEED OF GUARANTEE

Note to the Deed of Guarantee relating to the U.S. Notes

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