Bernstein David 4

What Happened

• David Bernstein, CFO & CAO of Carnival plc (CUK), reported a disposition to the issuer of 95,012 shares on May 7, 2026. The shares reported were Trust Shares (beneficial interests in the P&O Princess Voting Trust) and the filing shows no sale price or proceeds (N/A).
• This was not an open-market sale: the Trust Shares were surrendered to Carnival plc for no consideration and then canceled in connection with the DLC Unification and Redomiciliation completed that day. The reporting person did not dispose of any Carnival Corporation securities.

Key Details

• Transaction date: 2026-05-07; Transaction type: Disposition to issuer (D).
• Shares affected: 95,012 Trust Shares; price/proceeds: N/A (surrendered and canceled).
• Footnote F1: Trust Shares represent beneficial interests in Carnival plc’s special voting share and are paired with Carnival Corporation common stock.
• Footnote F2: The surrender and cancellation occurred due to the DLC Unification and Redomiciliation that made Carnival plc a wholly owned subsidiary; no Carnival Corporation securities were sold by the reporting person.
• Filing timeliness: Reported for the same date as the transaction (no late filing indicated).

Context

• Trust Shares are a legacy of the dual-listed company (DLC) structure and are distinct from open-market common-stock sales; surrender/cancellation in corporate restructurings is typically procedural and does not necessarily signal insider intent to sell for cash.
• For retail investors: this transaction reduced the reporting person’s Trust Share holdings via corporate action, not a market sale that would provide liquidation proceeds.