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Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.30 Td (Securities registered pursuant to Section 12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 262.22 70.30 Td (Act: None ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.30 Td (Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 508.25 49.30 Td (Act. ) Tj ET Q /GS0 gs q 99.00 0 0 88.00 255.50 375.32 cm /I3 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 740.10 Td (es ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 69.05 737.94 cm /I4 Do Q /GS0 gs q 7.53 0 0 10.09 77.97 737.94 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 740.10 Td (No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 102.72 737.94 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15\(d\) of the ) Tj ET Q q 0 0 0 rg BT 519.91 718.10 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 706.10 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 69.05 703.94 cm /I7 Do Q /GS0 gs q 7.54 0 0 10.09 77.96 703.94 cm /I8 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 706.10 Td (No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 102.72 703.94 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (Indicate by check mark whether the registrants \(1\) have filed all reports required to be filed by Section 13 or 15\(d\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 132.81 672.10 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrants were required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (file such reports\), and \(2\) have been subject to such filing requirements for the past 90 days. ) Tj ET Q q 0 0 0 rg BT 419.85 660.10 Td (Y) Tj ET Q q 0 0 0 rg BT 426.07 660.10 Td (es ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 439.40 657.94 cm /I10 Do Q /GS0 gs q 10.00 0 0 10.09 448.32 657.94 cm /I11 Do Q /GS0 gs q 10.00 0 0 10.09 458.32 657.94 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.32 660.10 Td (No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 485.54 657.94 cm /I13 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.10 Td (Indicate by check mark whether the registrants have submitted electronically and posted on their corporate ) Tj ET Q q 0 0 0 rg BT 478.32 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 486.96 638.10 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 540.18 638.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.10 Td (every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 462.55 626.10 Td ( \( 232.405 of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.10 Td (chapter\) during the preceding 12 months \(or for such shorter period that the registrants were required to submit and post such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.10 Td (files\). ) Tj ET Q q 0 0 0 rg BT 77.18 602.10 Td (Y) Tj ET Q q 0 0 0 rg BT 83.40 602.10 Td (es ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 94.23 599.94 cm /I14 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.14 602.10 Td ( No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 125.36 599.94 cm /I15 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K \( 229.405 of this chapter\) is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (not contained herein, and will not be contained, to the best of registrants) Tj ET Q q 0 0 0 rg BT 340.90 568.10 Td ( knowledge, in definitive proxy or information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 469.67 553.94 cm /I16 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 534.10 Td (Indicate by check mark whether the registrants are lar) Tj ET Q q 0 0 0 rg BT 264.22 534.10 Td (ge accelerated filers, accelerated filers, non-accelerated filers, or small ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.10 Td (reporting companies. See the definitions of "lar) Tj ET Q q 0 0 0 rg BT 241.13 522.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 316.78 522.10 Td (, accelerated filer and smaller reporting company in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.10 Td (Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 163.64 510.10 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.47 Td (LargeAcceleratedFilers) Tj ET Q /GS0 gs q 8.92 0 0 9.76 180.00 467.34 cm /I17 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 469.47 Td (AcceleratedFilers) Tj ET Q /GS0 gs q 8.91 0 0 10.76 549.00 466.54 cm /I18 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.47 Td (Non-Accelerated Filers) Tj ET Q /GS0 gs q 8.91 0 0 10.76 180.00 438.54 cm /I19 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 441.47 Td (SmallerReportingCompanies) Tj ET Q /GS0 gs q 8.91 0 0 9.76 549.00 439.34 cm /I20 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.30 Td (Indicate by check mark whether the registrants are shell companies \(as defined in Rule 12b-2 of the ) Tj ET Q q 0 0 0 rg BT 449.64 416.30 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 472.03 416.30 Td (Y) Tj ET Q q 0 0 0 rg BT 478.25 416.30 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 489.08 414.14 cm /I21 Do Q /GS0 gs q 10.00 0 0 10.09 498.00 414.14 cm /I22 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 416.30 Td (No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 522.72 414.14 cm /I23 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.37 Td (The aggregate market value of the voting and non-voting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.37 Td (common equity held by non-affiliates computed by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 367.37 Td (to the price at which the common equity was last sold was) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.37 Td ($16.1 billion as of the last business day of the registrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 347.37 Td (most recently completed second fiscal quarter.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 336.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 387.37 Td (The aggregate market value of the voting and non-voting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 377.37 Td (common equity held by non-affiliates computed by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 367.37 Td (reference to the price at which the common equity was) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 357.37 Td (last sold was $7.4 billion as of the last business day of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 347.37 Td (the registrants most recently completed second fiscal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 337.37 Td (quarter.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 307.37 Td (At January 20, 2015, Carnival Corporation had outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.37 Td (592,688,153 shares of its Common Stock, $0.01 par value.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 266.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 307.37 Td (At January 20, 2015, Carnival plc had outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 297.37 Td (216,052,515 Ordinary Shares $1.66 par value, one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 287.37 Td (Special Voting Share, GBP 1.00 par value and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 277.37 Td (592,688,153 Trust Shares of beneficial interest in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 267.37 Td (P&O Princess Special Voting Trust.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 241 m 562 241 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 237 m 562 237 l s BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 301.25 34.30 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.35 728.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 263.06 728.25 Td (AL) Tj ET Q q 0 0 0 rg BT 276.40 728.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 328.71 728.25 Td (TION & PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.90 716.25 Td (FORM 10-K) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.95 704.25 Td (FOR ) Tj ET Q q 0 0 0 rg BT 204.38 704.25 Td (THE FISCAL) Tj ET Q q 0 0 0 rg BT 264.12 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 266.25 704.25 Td (YEAR ENDED NOVEMBER 30, 2014 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 680.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 680.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 680.25 Td ( CONTENTS) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 538.7 645.86259765625 m 559.246875 645.86259765625 l s q 0 0 0 rg BT 538.70 647.43 Td (Page) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 632.43 Td (PART I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 617.43 Td (Item 1.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 616.0833984375 m 142.0615234375 616.0833984375 l s q 0 0 0 rg BT 106.50 617.42 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 617.42 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 602.43 Td (Item 1A.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 601.0833984375 m 156.7783203125 601.0833984375 l s q 0 0 0 rg BT 106.50 602.42 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 602.42 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 587.43 Td (Item 1B.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 586.0833984375 m 220.19140625 586.0833984375 l s q 0 0 0 rg BT 106.50 587.42 Td (Unresolved Staff Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 587.42 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 572.43 Td (Item 2.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 571.0833984375 m 147.046875 571.0833984375 l s q 0 0 0 rg BT 106.50 572.42 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 572.42 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 557.43 Td (Item 3.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 556.0833984375 m 180.640625 556.0833984375 l s q 0 0 0 rg BT 106.50 557.42 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 557.42 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 542.43 Td (Item 4.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 541.0833984375 m 204.8154296875 541.0833984375 l s q 0 0 0 rg BT 106.50 542.42 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 542.42 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 512.43 Td (PART II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 497.43 Td (Item 5.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 496.0833984375 m 483.9169921875 496.0833984375 l s q 0 0 0 rg BT 106.50 497.42 Td (Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 482.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 119 481.0833984375 m 187.5986328125 481.0833984375 l s q 0 0 0 rg BT 119.00 482.42 Td (Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 482.42 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 467.43 Td (Item 6.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 466.0833984375 m 201.4609375 466.0833984375 l s q 0 0 0 rg BT 106.50 467.42 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 467.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 452.43 Td (Item 7.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 451.0833984375 m 464.791015625 451.0833984375 l s q 0 0 0 rg BT 106.50 452.42 Td (Managements Discussion and Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 452.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 437.43 Td (Item 7A.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 436.0833984375 m 348.12109375 436.0833984375 l s q 0 0 0 rg BT 106.50 437.42 Td (Quantitative and Qualitative Disclosures About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 437.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 422.43 Td (Item 8.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 421.0833984375 m 291.451171875 421.0833984375 l s q 0 0 0 rg BT 106.50 422.42 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 422.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 407.43 Td (Item 9.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 406.0833984375 m 465.3134765625 406.0833984375 l s q 0 0 0 rg BT 106.50 407.42 Td (Changes in and Disagreements with Accountants on Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 407.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 392.43 Td (Item 9A.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 391.0833984375 m 204.8154296875 391.0833984375 l s q 0 0 0 rg BT 106.50 392.42 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 392.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 362.43 Td (PART III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 347.43 Td (Item 10.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 346.0833984375 m 333.9951171875 346.0833984375 l s q 0 0 0 rg BT 106.50 347.42 Td (Directors, Executive Officers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 347.42 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 332.43 Td (Item 11.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 331.0833984375 m 206.75390625 331.0833984375 l s q 0 0 0 rg BT 106.50 332.42 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 332.42 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 317.43 Td (Item 12.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 316.0833984375 m 511.65625 316.0833984375 l s q 0 0 0 rg BT 106.50 317.42 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 317.42 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 302.43 Td (Item 13.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 301.0833984375 m 409.1953125 301.0833984375 l s q 0 0 0 rg BT 106.50 302.42 Td (Certain Relationships and Related Transactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 302.42 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 287.43 Td (Item 14.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 286.0833984375 m 264.791015625 286.0833984375 l s q 0 0 0 rg BT 106.50 287.42 Td (Principal Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 287.42 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 257.43 Td (PART IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 242.43 Td (Item 15.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 241.08339843750002 m 282.0224609375 241.08339843750002 l s q 0 0 0 rg BT 106.50 242.42 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 242.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 512.50 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 517.50 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 553.50 226.25 Td ( ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.40 728.25 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 319.83 728.25 Td (TED BY) Tj ET Q q 0 0 0 rg BT 356.41 728.25 Td ( REFERENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (The information described below and contained in the Registrants) Tj ET Q q 0 0 0 rg BT 315.90 704.25 Td ( 2014 annual report to shareholders to be furnished to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (U.S. Securities and Exchange Commission pursuant to Rule 14a-3\(b\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 438.03 692.25 Td (Act of 1934 is shown in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Exhibit 13 and is incorporated by reference into this joint 2014 ) Tj ET Q q 0 0 0 rg BT 303.05 680.25 Td (Annual Report on Form 10-K \(Form 10-K\).) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 654.68505859375 m 186.1357421875 654.68505859375 l s q 0 0 0 rg BT 49.50 656.25 Td (Part and Item of the Form 10-K) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (Part II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (Item 5\(a\). ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 606.9169921875 m 553.015625 606.9169921875 l s q 0 0 0 rg BT 94.50 608.25 Td (Market for Registrants) Tj ET Q q 0 0 0 rg BT 187.62 608.25 Td ( Common Equity) Tj ET Q q 0 0 0 rg BT 255.86 608.25 Td (, Related Stockholder Matters and Issuer Purchases of Equity Securities ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 594.9169921875 m 263.3134765625 594.9169921875 l s q 0 0 0 rg BT 49.50 596.25 Td (Market Information, Holders and Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.31 596.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (Item 6. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.490234375 570.9169921875 m 189.451171875 570.9169921875 l s q 0 0 0 rg BT 94.49 572.25 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.45 572.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (Item 7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.49 548.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 546.9169921875 m 452.791015625 546.9169921875 l s q 0 0 0 rg BT 94.50 548.25 Td (Management) Tj ET Q q 0 0 0 rg BT 149.48 548.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 218.65 548.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.79 548.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (Item 7A. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 522.9169921875 m 336.12109375 522.9169921875 l s q 0 0 0 rg BT 94.50 524.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 258.90 524.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.12 524.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (Item 8. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 498.9169921875 m 279.451171875 498.9169921875 l s q 0 0 0 rg BT 94.50 500.25 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.45 500.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (Portions of the Registrants) Tj ET Q q 0 0 0 rg BT 158.47 476.25 Td ( 2015 joint definitive Proxy Statement, to be filed with the U.S. Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (Commission, are incorporated by reference into this Form 10-K under the items described below) Tj ET Q q 0 0 0 rg BT 435.97 464.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 438.68505859375 m 186.1357421875 438.68505859375 l s q 0 0 0 rg BT 49.50 440.25 Td (Part and Item of the Form 10-K) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (Part III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (Item 10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.49 392.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 390.9169921875 m 321.9951171875 390.9169921875 l s q 0 0 0 rg BT 94.50 392.25 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 189.56 392.25 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 392.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (Item 1) Tj ET Q q 0 0 0 rg BT 76.44 368.25 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.94 368.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 366.9169921875 m 194.75390625 366.9169921875 l s q 0 0 0 rg BT 94.50 368.25 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.75 368.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Item 12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.49 344.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 342.9169921875 m 499.65625 342.9169921875 l s q 0 0 0 rg BT 94.50 344.25 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.66 344.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (Item 13.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.49 320.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 318.9169921875 m 397.1953125 318.9169921875 l s q 0 0 0 rg BT 94.50 320.25 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 233.18 320.25 Td (T) Tj ET Q q 0 0 0 rg BT 238.93 320.25 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.20 320.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (Item 14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.49 296.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 94.5 294.9169921875 m 252.791015625 294.9169921875 l s q 0 0 0 rg BT 94.50 296.25 Td (Principal ) Tj ET Q q 0 0 0 rg BT 132.55 296.25 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.79 296.25 Td (.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 740.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 740.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 740.25 Td ( I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (Item 1. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 726.68505859375 m 121.1748046875 726.68505859375 l s q 0 0 0 rg BT 84.49 728.25 Td (Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.17 728.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (A. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 702.68505859375 m 103.59375 702.68505859375 l s q 0 0 0 rg BT 62.50 704.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 680.25 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 76.5 678.68505859375 m 118.7216796875 678.68505859375 l s q 0 0 0 rg BT 76.50 680.25 Td (Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (Carnival Corporation was incorporated in Panama in 1972 and Carnival plc was incorporated in England and ) Tj ET Q q 0 0 0 rg BT 488.09 656.25 Td (W) Tj ET Q q 0 0 0 rg BT 496.73 656.25 Td (ales in 2000. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Carnival Corporation and Carnival plc operate a dual listed company \(DLC\), whereby the businesses of Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation) Tj ET Q q 0 0 0 rg BT 490.78 632.25 Td (s ) Tj ET Q q 0 0 0 rg BT 496.62 632.25 Td (Articles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (Incorporation and By-Laws and Carnival plc) Tj ET Q q 0 0 0 rg BT 231.39 620.25 Td (s ) Tj ET Q q 0 0 0 rg BT 237.23 620.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 281.66 620.25 Td (Association. ) Tj ET Q q 0 0 0 rg BT 336.20 620.25 Td (The two companies operate as if they are a single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (economic enterprise with a single senior executive management team and identical Boards of Directors, but each has retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (its separate legal identity) Tj ET Q q 0 0 0 rg BT 148.54 596.25 Td (. Carnival Corporation and Carnival plc are both public companies with separate stock exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (listings and their own shareholders. See Note 3, DLC ) Tj ET Q q 0 0 0 rg BT 271.68 584.25 Td (Arrangement to our Consolidated Financial Statements in Exhibit 13 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (this Form 10-K. ) Tj ET Q q 0 0 0 rg BT 118.49 572.25 Td (T) Tj ET Q q 0 0 0 rg BT 123.90 572.25 Td (ogether with their consolidated subsidiaries, Carnival Corporation and Carnival plc are referred to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (collectively in this Form 10-K as Carnival Corporation & plc, our) Tj ET Q q 0 0 0 rg BT 325.42 560.25 Td (, us and we.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 536.25 Td (e are among the most profitable and financially strong leisure travel companies in the world with a market capitalization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td ($36 billion at January 22, 2015. ) Tj ET Q q 0 0 0 rg BT 181.25 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 189.89 524.25 Td (e are the lar) Tj ET Q q 0 0 0 rg BT 236.61 524.25 Td (gest cruise company with a global market share of 48% based on the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (guests carried and a leading provider of vacations to all major cruise destinations throughout the world \(see Part I, Item 1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (Business. "C. Our Global Cruise Business Cruise Programs\). ) Tj ET Q q 0 0 0 rg BT 312.28 500.25 Td (W) Tj ET Q q 0 0 0 rg BT 320.92 500.25 Td (e operate 100 cruise ships within a portfolio of nine leading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences in all the world) Tj ET Q q 0 0 0 rg BT 555.99 488.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (most important vacation markets. ) Tj ET Q q 0 0 0 rg BT 188.18 476.25 Td (W) Tj ET Q q 0 0 0 rg BT 196.81 476.25 Td (e believe having global and regional brands that are predominately serving multiple source ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (markets and national brands that are predominately serving major source markets provides us with a unique advantage to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (compete within the entire leisure market for consumers' discretionary vacation spending. ) Tj ET Q q 0 0 0 rg BT 409.06 452.25 Td (The descriptions of the principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (vacation markets where we source substantially all of our guests and our brands that market primarily to these vacationers are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (discussed in Part I, Item1. Business. C. Our Global Cruise Business North ) Tj ET Q q 0 0 0 rg BT 362.26 428.25 Td (America and Our Global Cruise Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 82.83 416.25 Td (Australia & ) Tj ET Q q 0 0 0 rg BT 131.71 416.25 Td (Asia.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 392.25 Td (II. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 76.5 390.68505859375 m 231.4072265625 390.68505859375 l s q 0 0 0 rg BT 76.50 392.25 Td (V) Tj ET Q q 0 0 0 rg BT 83.35 392.25 Td (ision, Goals and Related Strategies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.41 392.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (Our vision is to deliver unmatched joyful vacation experiences and breakthrough total shareholder returns by exceeding guest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (expectations and achieving the full benefits inherent in our scale. ) Tj ET Q q 0 0 0 rg BT 314.23 356.25 Td (W) Tj ET Q q 0 0 0 rg BT 322.86 356.25 Td (e believe our portfolio of global, regional and national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (brands is instrumental to us achieving our vision and maintaining our cruise industry leadership positions, which includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (having a leading cruise brand selling in each of our primary source markets tar) Tj ET Q q 0 0 0 rg BT 363.93 332.25 Td (geting specific guest segments. Our primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (financial goals are to profitably grow our cruise business and increase our return on invested capital, reaching double digit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (returns in the next three to four years, while maintaining a strong balance sheet. Our ability to generate significant operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (cash flows allows us to internally fund our capital investments. Our goal is to return "excess free cash flows" \(defined as cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (flows from operations less investing activities and regularly scheduled quarterly dividends\) to our shareholders in the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (additional dividends and/or share buybacks. In addition, we are committed to maintaining our strong investment grade credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (ratings, which are among the highest in the leisure travel industry) Tj ET Q q 0 0 0 rg BT 310.73 260.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 236.25 Td (o reach our primary financial goals, we have started to implement various demand creating initiatives as we strive to create ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (additional demand for our brands that far outpaces supply) Tj ET Q q 0 0 0 rg BT 279.90 224.25 Td (, ultimately leading to higher revenue yields. ) Tj ET Q q 0 0 0 rg BT 463.55 224.25 Td (W) Tj ET Q q 0 0 0 rg BT 472.19 224.25 Td (e have also identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (opportunities that are aimed at increasing our pricing, enhancing our cruise products and services and optimizing our cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (structure while preserving the unique identities of our individual brands. ) Tj ET Q q 0 0 0 rg BT 343.69 200.25 Td (W) Tj ET Q q 0 0 0 rg BT 352.33 200.25 Td (e are making significant investments to gain further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (insight into our guests) Tj ET Q q 0 0 0 rg BT 140.70 188.25 Td ( decision making by evaluating data included in our global database of guests to identify vacationers) Tj ET Q q 0 0 0 rg BT 545.12 188.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (needs and wants and to analyze their purchasing behaviors. ) Tj ET Q q 0 0 0 rg BT 291.18 176.25 Td (W) Tj ET Q q 0 0 0 rg BT 299.82 176.25 Td (e are also implementing strategies to grow demand by increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (consumer awareness and consideration of our cruise brands through advertising.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (Furthermore, we identified new strategies and tactics to strengthen our cruise ticket revenue management processes and systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (across our portfolio of brands, such as optimizing our pricing methodologies, improving our pricing models and increasing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (brands) Tj ET Q q 0 0 0 rg BT 78.75 116.25 Td ( coordination of our global fleet deployments. ) Tj ET Q q 0 0 0 rg BT 267.13 116.25 Td (W) Tj ET Q q 0 0 0 rg BT 275.77 116.25 Td (e have tools that enable us to perform customer segmentation analyses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (evaluate our guests) Tj ET Q q 0 0 0 rg BT 128.73 104.25 Td ( decision making process and identify new market growth opportunities to expand our customer base. ) Tj ET Q q 0 0 0 rg BT 539.84 104.25 Td (W) Tj ET Q q 0 0 0 rg BT 548.47 104.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (are also implementing new initiatives to strengthen our onboard revenue programs, such as expanding our onboard retail shop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 80.25 Td (ferings and enhancing our bar and casino programs. In addition, we are adding new home ports in selected geographic areas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (to provide easier access and to reduce travel costs in order to attract more first-time cruisers. ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e believe that we have significant opportunities to continue to grow our presence in China due to its lar) Tj ET Q q 0 0 0 rg BT 469.51 740.10 Td (ge and growing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (middle-class population and expansion of their international tourism. It is estimated that Chinese cruise demand will increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (to 1.6 million annual cruisers by 2020. ) Tj ET Q q 0 0 0 rg BT 208.74 716.10 Td (The Chinese government has expressed a strong desire to transform China into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (leading global cruise market and is making substantial investments in cruise-related infrastructure. Due to the high strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (importance we place on the China cruise market, in 2014 we relocated our Chief Operations Of) Tj ET Q q 0 0 0 rg BT 430.85 692.10 Td (ficer to China to more closely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (oversee our brands) Tj ET Q q 0 0 0 rg BT 127.62 680.10 Td ( strategic initiatives, coordinate our growth strategy in China and the surrounding markets and liaise with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Chinese government of) Tj ET Q q 0 0 0 rg BT 142.63 668.10 Td (ficials. ) Tj ET Q q 0 0 0 rg BT 174.38 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 183.42 668.10 Td (ith the introduction of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.41 668.10 Td (Costa Ser) Tj ET Q q 0 0 0 rg BT 312.21 668.10 Td (ena) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.64 668.10 Td ( in 2015, we will have four ships home ported in China, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (which will represent a 140% increase in guest capacity over a two-year period and will of) Tj ET Q q 0 0 0 rg BT 407.80 656.10 Td (fer our Chinese guests diversified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (cruise products with two brands tar) Tj ET Q q 0 0 0 rg BT 190.12 644.10 Td (geting two dif) Tj ET Q q 0 0 0 rg BT 246.04 644.10 Td (ferent segments of travelers. ) Tj ET Q q 0 0 0 rg BT 363.78 644.10 Td (As we execute our strategy to accelerate growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (in China, we have the benefit of eight years of local experience to help guide our expansion and enhance our cruise products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (and services and make them even more attractive to our Chinese guests. ) Tj ET Q q 0 0 0 rg BT 341.63 620.10 Td (As part of our China cruise strategy) Tj ET Q q 0 0 0 rg BT 483.72 620.10 Td (, we are exploring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (opportunities aimed at the development of a domestic cruise company and the formation of a domestic cruise shipbuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (company) Tj ET Q q 0 0 0 rg BT 85.51 596.10 Td (, as well as port development, talent development and training, enhanced relationships with our distribution partners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (and sharing of supply chain and logistics expertise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 560.10 Td (ith 100 ships and 10.6 million guests in 2014, we have the scale to optimize our structure by utilizing our combined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (purchasing volumes and common technologies and implementing cross-brand initiatives aimed at cost containment. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (example, we have common reservation systems, shared data centers, shared port facilities and are working on cross-brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (contracting for food and beverages, air travel, hotel supplies, port and manning agency services, advertising and promotions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (shore excursions and technical operations to further utilize the scale of our combined purchases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (While we are well underway with certain initiatives and are already beginning to see their positive results, some of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (initiatives will take longer to realize their full benefits due to our size and the nature of the cruise industry) Tj ET Q q 0 0 0 rg BT 471.77 476.10 Td (. Our strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (initiatives demonstrate the benefits of communicating, coordinating and collaborating across our brands and will help us fulfill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (our vision. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (Our vision is based on four key pillars:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 404.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 404.10 Td (Health, environment, safety) Tj ET Q q 0 0 0 rg BT 195.92 404.10 Td (, security and sustainability) Tj ET Q q 0 0 0 rg BT 304.70 404.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 392.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 392.10 Td (Guests,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 380.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 380.10 Td (Employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 368.10 Td (Shareholders and other stakeholders) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 342.7669921875 m 276.0283203125 342.7669921875 l s q 0 0 0 rg BT 49.50 344.10 Td (Health, Environment, Safety) Tj ET Q q 0 0 0 rg BT 163.26 344.10 Td (, Security and Sustainability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 320.10 Td (e consider health, environment, safety) Tj ET Q q 0 0 0 rg BT 209.66 320.10 Td (, security and sustainability matters to be core guiding principles. Our uncompromising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (commitment to the safety and comfort of our guests and crew is paramount to the success of our business. ) Tj ET Q q 0 0 0 rg BT 477.83 308.10 Td (W) Tj ET Q q 0 0 0 rg BT 486.47 308.10 Td (e are committed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (operating a safe and reliable fleet and protecting the health, safety and security of our guests, employees and all others working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (on our behalf, thereby promoting an or) Tj ET Q q 0 0 0 rg BT 204.55 284.10 Td (ganization that is free of injuries, illness and loss. ) Tj ET Q q 0 0 0 rg BT 407.11 284.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.75 284.10 Td (e continue to focus on further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (enhancing the safety measures onboard all of our ships. ) Tj ET Q q 0 0 0 rg BT 276.20 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 284.84 272.10 Td (e are also devoted to protecting the environment in which our vessels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (sail and the communities in which we operate. ) Tj ET Q q 0 0 0 rg BT 239.82 260.10 Td (W) Tj ET Q q 0 0 0 rg BT 248.46 260.10 Td (e are dedicated to fully complying with, or exceeding, all relevant legal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (statutory requirements related to health, environment, safety) Tj ET Q q 0 0 0 rg BT 289.88 248.10 Td (, security and sustainability throughout our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 224.10 Td (e are developing a company-wide safety management system that standardizes our maritime related policies, procedures and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (processes and are increasing the amount of maritime safety) Tj ET Q q 0 0 0 rg BT 285.43 212.10 Td (, ship command and engine room management training for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (shipboard of) Tj ET Q q 0 0 0 rg BT 99.59 200.10 Td (ficers at our expanding global training facility in the Netherlands. ) Tj ET Q q 0 0 0 rg BT 366.55 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 375.18 200.10 Td (e are also updating our processes, systems and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (training surrounding fire prevention, detection and suppression. Furthermore, we continue to make investments in our ships) Tj ET Q q 0 0 0 rg BT 548.93 188.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (maritime systems to improve their safety and reliability) Tj ET Q q 0 0 0 rg BT 270.74 176.10 Td (, which also allows us to operate them more ef) Tj ET Q q 0 0 0 rg BT 456.62 176.10 Td (ficiently and sustainably) Tj ET Q q 0 0 0 rg BT 553.72 176.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (As a result of our ef) Tj ET Q q 0 0 0 rg BT 129.02 152.10 Td (ficiency improvements and initiatives, we have reduced our unit fuel consumption by almost 5% in 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (and 25% since 2007 and have achieved our stated goal of delivering a 20% reduction \(per unit\) in the intensity of carbon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (dioxide emissions from our shipboard operations one year prior to our tar) Tj ET Q q 0 0 0 rg BT 342.86 128.10 Td (get date. ) Tj ET Q q 0 0 0 rg BT 381.56 128.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.19 128.10 Td (e are currently developing new goals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (aimed at protecting the environment and further reducing our fuel consumption. ) Tj ET Q q 0 0 0 rg BT 373.94 116.10 Td (W) Tj ET Q q 0 0 0 rg BT 382.58 116.10 Td (e are installing new exhaust gas cleaning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (systems on our ships to achieve environmental objectives and mitigate the financial impact of the new 2015 low sulfur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (regulatory requirements. In addition, we are also implementing a series of new ener) Tj ET Q q 0 0 0 rg BT 386.15 92.10 Td (gy saving technology initiatives across our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (fleet in areas such as propulsion, air conditioning and waste heat recovery systems as well as more ef) Tj ET Q q 0 0 0 rg BT 453.64 80.10 Td (ficient lighting in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (help reduce our carbon footprint and costs. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.7669921875 m 76.7216796875 738.7669921875 l s q 0 0 0 rg BT 49.50 740.10 Td (Guests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Our goal is to consistently exceed our guests) Tj ET Q q 0 0 0 rg BT 230.66 716.10 Td ( expectations while providing them with a wide variety of exceptional vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (experiences.) Tj ET Q q 0 0 0 rg BT 104.01 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.65 704.10 Td (e believe that we can achieve this goal by continually focusing our ef) Tj ET Q q 0 0 0 rg BT 389.04 704.10 Td (forts on helping our guests choose the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (cruise brand that will meet their unique needs and desires, improving their overall vacation experiences and building state-of-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (the-art ships with innovative onboard of) Tj ET Q q 0 0 0 rg BT 209.56 680.10 Td (ferings and unequaled guest services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Our nine unique brands with worldwide sourcing of guests and diverse itinerary options allow us to expand our of) Tj ET Q q 0 0 0 rg BT 505.34 656.10 Td (ferings to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (ever increasing past guest base, while continuing to grow our business through the acquisition of new guests in established and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (emer) Tj ET Q q 0 0 0 rg BT 69.30 632.10 Td (ging markets. Our leading vacation destination experiences, including those at our unique private islands, such as Half ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Moon Cay and Princess Cays) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 167.27 624.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.21 620.10 Td (, and company-owned ports, such as those in Cozumel, Mexico and Roatan, Honduras, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (preferential access to other leading destinations, support our portfolio of first-choice cruise brands. Our cruise products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (services are tailored to specific geographic areas and lifestyles, which allows us to penetrate each geographic area more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 584.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 91.42 584.10 Td (. ) Tj ET Q q 0 0 0 rg BT 98.74 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.38 584.10 Td (e are conducting psychographic segmentation studies, including qualitative and quantitative surveys and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (analyses, to gain a more insightful and impactful understanding of our guests) Tj ET Q q 0 0 0 rg BT 360.35 572.10 Td ( needs, wants and expectations. ) Tj ET Q q 0 0 0 rg BT 490.69 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 499.33 572.10 Td (e will then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (tar) Tj ET Q q 0 0 0 rg BT 59.87 560.10 Td (get our advertising and promotions toward these specific guest segments in order to drive demand for our of) Tj ET Q q 0 0 0 rg BT 492.07 560.10 Td (ferings and better ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (guide our guests to the cruise brand experience that best matches their tastes. ) Tj ET Q q 0 0 0 rg BT 361.72 548.10 Td (These studies should enable us to better ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 536.10 Td (ferentiate each brand in the minds of vacationers and consumers-at-lar) Tj ET Q q 0 0 0 rg BT 341.52 536.10 Td (ge and adjust the product and service of) Tj ET Q q 0 0 0 rg BT 500.45 536.10 Td (ferings of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 500.10 Td (e recognize the importance of cultivating lifelong relationships with our guests and creating brand advocates through personal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (interactions with our highly trained, motivated and service-oriented employees and by providing enjoyable vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (experiences. ) Tj ET Q q 0 0 0 rg BT 104.01 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.65 476.10 Td (e are continually introducing new innovative cruise products and services, such as the Carnival LIVE) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 517.80 479.73 Td (TM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.90 476.10 Td (concert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (series and the first culinary school at sea at P&O Cruises \(UK\) designed by a celebrity chef, to attract more first-time cruisers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 452.10 Td (e also continue to add to our shipboard amenities, such as Carnival Cruise Line) Tj ET Q q 0 0 0 rg BT 377.51 452.10 Td (s Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 420.30 456.63 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.86 452.10 Td (2.0 product enhancement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 93.39 440.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 117.27 440.10 Td () Tj ET Q q 0 0 0 rg BT 120.05 440.10 Td (s Four Elements Fun Park and P&O Cruises \(Australia\)) Tj ET Q q 0 0 0 rg BT 345.03 440.10 Td (s shipboard adventure series, P&OEdge) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 504.16 443.73 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.96 440.10 Td (, to enhance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (the experience of new as well as repeat guests. ) Tj ET Q q 0 0 0 rg BT 240.63 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 249.27 428.10 Td (e are working toward providing our guests and crew with improved shipboard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (internet connectivity to enable them to share their onboard experiences with family and friends. Overall, we are committed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (preserving the positive image and reputation of all of our first choice brands and are dedicated to making our guests) Tj ET Q q 0 0 0 rg BT 515.00 404.10 Td ( experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (at every touch point before, during and after their cruise truly exceptional so that our guests become our lifelong advocates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 368.10 Td (e are building new) Tj ET Q q 0 0 0 rg BT 131.63 368.10 Td (, innovative, purpose-built ships that are lar) Tj ET Q q 0 0 0 rg BT 305.30 368.10 Td (ger and more ef) Tj ET Q q 0 0 0 rg BT 368.14 368.10 Td (ficient and have a wider range of onboard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (amenities and features, which enable us to better compete for consumers) Tj ET Q q 0 0 0 rg BT 342.26 356.10 Td ( vacation spend. ) Tj ET Q q 0 0 0 rg BT 411.78 356.10 Td (These lar) Tj ET Q q 0 0 0 rg BT 448.52 356.10 Td (ger ships enable us to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (greater economies of scale. In 2014, we introduced Princess Cruises) Tj ET Q q 0 0 0 rg BT 327.00 344.10 Td ( 3,560-passenger ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.26 344.10 Td (Regal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.53 344.10 Td ( and Costa Cruises) Tj ET Q q 0 0 0 rg BT 534.83 344.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (3,692-passenger ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.26 332.10 Td (Costa Diadema) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.76 332.10 Td (. ) Tj ET Q q 0 0 0 rg BT 186.71 332.10 Td (As of January 22, 2015, we have ten cruise ships scheduled to be delivered between February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (2015 and November 2018, some of which will replace existing capacity as older) Tj ET Q q 0 0 0 rg BT 370.39 320.10 Td (, smaller and less ef) Tj ET Q q 0 0 0 rg BT 449.35 320.10 Td (ficient ships exit our fleet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 308.10 Td (e strategically time the introduction of additional ships into our brands to allow ample time for those lines to further grow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (their guest base and absorb the new capacity) Tj ET Q q 0 0 0 rg BT 226.84 296.10 Td (. ) Tj ET Q q 0 0 0 rg BT 234.16 296.10 Td (W) Tj ET Q q 0 0 0 rg BT 242.80 296.10 Td (e have removed 16 ships from our fleet since 2006 and have agreements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (place to remove three more ships by March 2016. Based on our current ship orders and announced ship withdrawals, our net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (capacity growth rate is expected to be 2.0% in 2015 and 2.8% compounded annually through 2018. ) Tj ET Q q 0 0 0 rg BT 451.44 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 460.08 272.10 Td (e are committed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (measured capacity growth so that we achieve an optimal balance of supply and demand to maximize our profitability in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (established cruise regions, such as North ) Tj ET Q q 0 0 0 rg BT 214.19 248.10 Td (America and ) Tj ET Q q 0 0 0 rg BT 267.87 248.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.51 248.10 Td (estern Europe. ) Tj ET Q q 0 0 0 rg BT 339.08 248.10 Td (W) Tj ET Q q 0 0 0 rg BT 347.72 248.10 Td (e believe the increasing deployment of ships into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (emer) Tj ET Q q 0 0 0 rg BT 69.30 236.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 89.03 236.10 Td (Asia market may further moderate the level of supply in North ) Tj ET Q q 0 0 0 rg BT 341.46 236.10 Td (America and ) Tj ET Q q 0 0 0 rg BT 395.14 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 403.78 236.10 Td (estern Europe. In addition, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (continue to make substantial investments in our existing ship enhancement programs to improve our onboard product of) Tj ET Q q 0 0 0 rg BT 529.77 224.10 Td (ferings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (and enrich our guests) Tj ET Q q 0 0 0 rg BT 137.34 212.10 Td ( vacation experiences. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 186.76699218750002 m 93.93359375 186.76699218750002 l s q 0 0 0 rg BT 49.50 188.10 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (Our goal is to select, train and retain the finest shipboard and shoreside employees because having a team of highly motivated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (and engaged employees is key to delivering vacation experiences that exceed our guests) Tj ET Q q 0 0 0 rg BT 404.18 152.10 Td ( expectations. Understanding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (critical skills that are needed for outstanding performance is crucial in order to hire and train our crew and shoreside personnel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 128.10 Td (e believe in listening to our employees) Tj ET Q q 0 0 0 rg BT 215.13 128.10 Td ( perspectives and ideas and use employee feedback tools to monitor our progress in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (this area. ) Tj ET Q q 0 0 0 rg BT 90.41 116.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.05 116.10 Td (e also deliver on diversity and inclusion by having highly empowered and inspired employees from over 100 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (countries serving onboard our fleet and at our shoreside facilities. ) Tj ET Q q 0 0 0 rg BT 316.46 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 325.10 104.10 Td (e have structured our work processes and incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (compensation plans to reflect a culture that enables our brands to better align their individual performance with our primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (financial goals. Our management teams are aligned by geographic region to further optimize our operations, utilize our scale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (and better manage our performance. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.7669921875 m 198.0693359375 738.7669921875 l s q 0 0 0 rg BT 49.50 740.10 Td (Shareholders and Other Stakeholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 716.10 Td (e truly value our relationships with a diverse range of stakeholders, including guests, travel agents, employees, communities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (shareholders, regulatory bodies, media, creditors, shipbuilders, governments and suppliers. ) Tj ET Q q 0 0 0 rg BT 417.57 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 426.20 704.10 Td (e believe that engaging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (stakeholders in a mutually beneficial manner is critical to our long-term success and key for us to realize our vision. Our media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (communication programs are designed to strengthen these relationships so as to help us attract new cruisers and provide for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (balanced and fair reporting of cruise industry events. ) Tj ET Q q 0 0 0 rg BT 264.98 668.10 Td (As part of this ef) Tj ET Q q 0 0 0 rg BT 332.01 668.10 Td (fort, we believe we must continue to be an outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (corporate citizen in the communities in which we operate. Our brands are socially responsible and work to meet or exceed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (economic, environmental, ethical and legal responsibilities placed on them by our stakeholders. ) Tj ET Q q 0 0 0 rg BT 436.43 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 445.07 644.10 Td (e help create a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (standard of living and quality of life in our home communities and those that we visit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Strong relationships with our travel agents are also vital to our success. ) Tj ET Q q 0 0 0 rg BT 338.70 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 347.34 608.10 Td (e continue to strengthen our relationship with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (travel agent community by increasing our communication and outreach, implementing changes based on travel agent feedback, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (increasing our trade marketing presence and improving our educational programs to assist agents in stimulating cruise demand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 572.10 Td (e host travel professionals on our ships to provide them with an opportunity to better experience our products and services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (and also to engage with them on a more focused level. ) Tj ET Q q 0 0 0 rg BT 271.75 560.10 Td (The expanded use of brand communications is also highly important in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (order to raise our profile and to proactively build relationships with the travel agent community) Tj ET Q q 0 0 0 rg BT 430.41 548.10 Td (. Similarly) Tj ET Q q 0 0 0 rg BT 474.49 548.10 Td (, we are expanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (our use of social media to cultivate relationships with travel agents and guests, including the more technology savvy millennials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (and thereby build lifelong brand advocates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (B. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 498.53505859375 m 161.962890625 498.53505859375 l s q 0 0 0 rg BT 62.50 500.10 Td (Global Cruise Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 476.10 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 73.8916015625 474.53505859375 m 114.9853515625 474.53505859375 l s q 0 0 0 rg BT 73.89 476.10 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (The multi-night global cruise industry has grown significantly but still remains relatively small compared to the wider global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (vacation industry) Tj ET Q q 0 0 0 rg BT 118.00 440.10 Td (, which includes a lar) Tj ET Q q 0 0 0 rg BT 203.07 440.10 Td (ge variety of land-based vacation alternatives around the world. For example, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (only about 250,000 cabins in the global cruise industry at November 30, 2014, which is less than two percent of the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (worldwide hotel rooms. ) Tj ET Q q 0 0 0 rg BT 149.58 416.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.62 416.10 Td (ithin the global vacation industry) Tj ET Q q 0 0 0 rg BT 290.17 416.10 Td (, cruise companies compete for the discretionary income spent by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (vacationers. ) Tj ET Q q 0 0 0 rg BT 101.98 404.10 Td (A) Tj ET Q q 0 0 0 rg BT 108.65 404.10 Td ( 2014 Nielsen Global Consumer Confidence Survey found that after providing for savings and living expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (the number one global spending priority is for vacations. ) Tj ET Q q 0 0 0 rg BT 280.84 392.10 Td (As a result of these and other favorable cruise industry characteristics, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (we believe that the global cruise industry has the opportunity to capture a greater share of consumers) Tj ET Q q 0 0 0 rg BT 455.29 380.10 Td ( spending. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (Cruising of) Tj ET Q q 0 0 0 rg BT 94.60 356.10 Td (fers a broad range of products and services to suit vacationing guests of many ages, backgrounds and interests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (Cruise brands can be broadly classified as of) Tj ET Q q 0 0 0 rg BT 227.87 344.10 Td (fering contemporary) Tj ET Q q 0 0 0 rg BT 309.13 344.10 Td (, premium and luxury cruise experiences. ) Tj ET Q q 0 0 0 rg BT 479.17 344.10 Td (The contemporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (experience typically includes cruises that last seven days or less, have a more casual ambiance and are less expensive than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (premium or luxury cruises. ) Tj ET Q q 0 0 0 rg BT 162.63 320.10 Td (The premium experience typically includes cruises that last from seven to 14 days and appeal to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (more experienced cruise guest who is usually more af) Tj ET Q q 0 0 0 rg BT 264.25 308.10 Td (fluent and older) Tj ET Q q 0 0 0 rg BT 327.00 308.10 Td (. Premium cruises emphasize quality) Tj ET Q q 0 0 0 rg BT 475.76 308.10 Td (, comfort, style and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (more destination-focused itineraries, and the average pricing is normally higher than contemporary cruises. ) Tj ET Q q 0 0 0 rg BT 483.06 296.10 Td (The luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (experience is usually characterized by smaller vessel size, very high standards of accommodation and service, higher prices and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (exotic itineraries to ports that are inaccessible to lar) Tj ET Q q 0 0 0 rg BT 255.35 272.10 Td (ger ships. ) Tj ET Q q 0 0 0 rg BT 298.50 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 307.14 272.10 Td (e have product and service of) Tj ET Q q 0 0 0 rg BT 424.40 272.10 Td (ferings in each of these three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (broad classifications. Notwithstanding these classifications, there generally is overlap and competition among all cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (products and services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 224.10 Td (II. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.783203125 222.53505859375002 m 317.20703125 222.53505859375002 l s q 0 0 0 rg BT 77.78 224.10 Td (Favorable Characteristics of the Global Cruise Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 200.10 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 86.5 198.53505859375002 m 215.2255859375 198.53505859375002 l s q 0 0 0 rg BT 86.50 200.10 Td (Exceptional ) Tj ET Q q 0 0 0 rg BT 139.38 200.10 Td (V) Tj ET Q q 0 0 0 rg BT 145.68 200.10 Td (alue Pr) Tj ET Q q 0 0 0 rg BT 176.32 200.10 Td (oposition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.23 200.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 176.10 Td (e believe that the cost of a cruise vacation represents an exceptional value in comparison to alternative land-based vacations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (Cruising provides many relatively unique benefits, such as transportation to various destinations while also providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (accommodations, a generous diversity of food choices and a selection of daily entertainment options for one all-inclusive, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (competitive price. ) Tj ET Q q 0 0 0 rg BT 126.51 140.10 Td (T) Tj ET Q q 0 0 0 rg BT 131.92 140.10 Td (o make cruising even more cost ef) Tj ET Q q 0 0 0 rg BT 268.91 140.10 Td (fective and more easily accessible to vacationers, the cruise industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (typically of) Tj ET Q q 0 0 0 rg BT 95.14 128.10 Td (fers a number of drive-to homeports, which enables many cruise guests to reduce their overall vacation costs by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (eliminating or reducing air and other transportation costs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 92.10 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.0615234375 90.53505859375002 m 231.4189453125 90.53505859375002 l s q 0 0 0 rg BT 85.06 92.10 Td (Relatively Low Penetration Levels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (Based on industry data, the 2014 annual penetration rates when computed based on the number of annual cruise guests as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (percentage of the total population are as follows \(a\): ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 728.10 Td (3.4% for North ) Tj ET Q q 0 0 0 rg BT 148.27 728.10 Td (America \(b\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 716.10 Td (3.4% for ) Tj ET Q q 0 0 0 rg BT 122.44 716.10 Td (Australia and New Zealand,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 704.10 Td (2.6% for the United Kingdom \(UK\) and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 692.10 Td (1.3% for continental Europe \(Germany) Tj ET Q q 0 0 0 rg BT 241.18 692.10 Td (, Italy) Tj ET Q q 0 0 0 rg BT 263.86 692.10 Td (, France, Spain and Portugal\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 674.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 674.10 Td (2014 annual penetration rates were computed based on the historical number of cruise guests carried for at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 662.10 Td (two consecutive nights obtained from G.P) Tj ET Q q 0 0 0 rg BT 279.70 662.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.52 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.55 662.10 Td (ild \(International Limited\) \(G.P) Tj ET Q q 0 0 0 rg BT 422.96 662.10 Td (. ) Tj ET Q q 0 0 0 rg BT 427.78 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 436.82 662.10 Td (ild\), an independent cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 650.10 Td (research company) Tj ET Q q 0 0 0 rg BT 184.31 650.10 Td (, and internally developed estimates of increases in capacity) Tj ET Q q 0 0 0 rg BT 423.29 650.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 638.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 638.10 Td (For the purpose of the penetration rate calculation, North ) Tj ET Q q 0 0 0 rg BT 342.43 638.10 Td (America is only comprised of the United States of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 626.10 Td (America \(U.S.\) and Canada.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.10 Td (Based on industry data and our internal estimates, approximately 20% of the U.S. population and lower percentages of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.10 Td (European and ) Tj ET Q q 0 0 0 rg BT 106.70 590.10 Td (Australian populations have ever taken a cruise. In addition, Europeans and ) Tj ET Q q 0 0 0 rg BT 413.27 590.10 Td (Australians have significantly more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (vacation days a year than North ) Tj ET Q q 0 0 0 rg BT 178.34 578.10 Td (Americans, which presents opportunities for increases in these regions) Tj ET Q q 0 0 0 rg BT 462.80 578.10 Td ( penetration levels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (compared to North ) Tj ET Q q 0 0 0 rg BT 126.98 566.10 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (Cruising is at a very early stage of development and has lower penetration rates in emer) Tj ET Q q 0 0 0 rg BT 400.03 542.10 Td (ging markets within ) Tj ET Q q 0 0 0 rg BT 481.97 542.10 Td (Asia. ) Tj ET Q q 0 0 0 rg BT 507.62 542.10 Td (There are an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (increasing number of relatively lower penetrated markets, such as China, where economic growth has raised discretionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (income levels and thus fueled an increasing demand for vacations, including cruising.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 494.10 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.84814453125 492.53505859375 m 140.865234375 492.53505859375 l s q 0 0 0 rg BT 85.76 494.10 Td (W) Tj ET Q q 0 0 0 rg BT 95.58 494.10 Td (ide ) Tj ET Q q 0 0 0 rg BT 110.30 494.10 Td (Appeal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (Cruising appeals to a broad range of ages and income levels. Cruising provides something for every generation, from kids) Tj ET Q q 0 0 0 rg BT 542.24 470.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (clubs to an array of onboard entertainment designed to appeal to teens and adults. Cruising also of) Tj ET Q q 0 0 0 rg BT 444.21 458.10 Td (fers transportation to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (variety of destinations and a diverse range of ship types and sizes, as well as price points, to attract guests with varying tastes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (and from most income levels. ) Tj ET Q q 0 0 0 rg BT 172.90 434.10 Td (T) Tj ET Q q 0 0 0 rg BT 178.31 434.10 Td (o encourage first time cruisers, the duration of some cruises has been shortened, which has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (lowered the purchase price and thus broadened the appeal for cruising. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 398.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 398.10 Td (d. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 87.0615234375 396.53505859375 m 190.9580078125 396.53505859375 l s q 0 0 0 rg BT 87.06 398.10 Td (Positive Demand ) Tj ET Q q 0 0 0 rg BT 161.32 398.10 Td (T) Tj ET Q q 0 0 0 rg BT 167.25 398.10 Td (r) Tj ET Q q 0 0 0 rg BT 171.50 398.10 Td (ends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (The average age of populations in established cruise regions is increasing. ) Tj ET Q q 0 0 0 rg BT 350.61 374.10 Td (The average age of a cruise guest, which varies by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (brand, ranges from approximately 40 years to 60 years across the contemporary) Tj ET Q q 0 0 0 rg BT 367.63 362.10 Td (, premium and luxury cruise categories in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (established cruise regions. Between 2014 and 2024, the number of people in the cruise business) Tj ET Q q 0 0 0 rg BT 437.27 350.10 Td ( primary age group of 45 years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (and older is expected to grow by 17 million, or 12%, in the U.S. and Canada, 14 million, or 9%, in the major ) Tj ET Q q 0 0 0 rg BT 486.46 338.10 Td (W) Tj ET Q q 0 0 0 rg BT 495.10 338.10 Td (estern European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (countries and 1.6 million, or 17%, in ) Tj ET Q q 0 0 0 rg BT 198.37 326.10 Td (Australia. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (The baby boomer generation, or those born between 1946 and 1964, is the most active older population group in history) Tj ET Q q 0 0 0 rg BT 529.02 302.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.84 302.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (youngest in this group, who are in their fifties, are typically experiencing their peak earning years and some have children at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (home, making cruising for the whole family a great value. Some of the oldest in this group, who are in their late sixties, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (defying traditional stereotypes by continuing to work, having more active lifestyles and enjoying cruising with their children ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (and grandchildren.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (The fastest growing segment of the vacation industry is the millennial generation, or those born between 1980 and 2000. ) Tj ET Q q 0 0 0 rg BT 536.42 230.10 Td (W) Tj ET Q q 0 0 0 rg BT 545.46 230.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (a population of over 80 million, the millennial generation has surpassed the size of the baby boomers generation and now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (represents the lar) Tj ET Q q 0 0 0 rg BT 117.62 206.10 Td (gest generation size in history) Tj ET Q q 0 0 0 rg BT 236.38 206.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.70 206.10 Td (The millennial generation has a strong desire for travel and shared experiences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (and will continue to of) Tj ET Q q 0 0 0 rg BT 139.86 194.10 Td (fer growth and drive innovation in the vacation industry) Tj ET Q q 0 0 0 rg BT 363.04 194.10 Td (, especially as they evolve into more frequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (travelers. ) Tj ET Q q 0 0 0 rg BT 91.24 182.10 Td (This presents an opportunity for the cruise industry to attract more first time cruisers and grow its repeat cruiser base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (within this segment. For the millennial generation, vacation is typically not merely about relaxation and exploring, but rather ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (self-development and being able to share their adventures with friends and family via social media. ) Tj ET Q q 0 0 0 rg BT 450.76 158.10 Td (Also, millennials typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (prefer more af) Tj ET Q q 0 0 0 rg BT 106.50 146.10 Td (fordable vacations without sacrificing the accommodations or experiences. ) Tj ET Q q 0 0 0 rg BT 410.66 146.10 Td (The cruise industry is working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (toward meeting the millennials) Tj ET Q q 0 0 0 rg BT 176.22 134.10 Td ( unique vacation preferences, including enhancing its ships) Tj ET Q q 0 0 0 rg BT 414.85 134.10 Td ( internet connectivity) Tj ET Q q 0 0 0 rg BT 499.17 134.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (Furthermore, many emer) Tj ET Q q 0 0 0 rg BT 149.01 110.10 Td (ging international markets are experiencing growing economies and a rapid growth in middle-class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (consumers. ) Tj ET Q q 0 0 0 rg BT 99.22 98.10 Td (As their earnings power and disposable income increase, these middle-class consumers are becoming more eager to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (purchase entertainment, travel and discretionary products and services. ) Tj ET Q q 0 0 0 rg BT 337.82 86.10 Td (This demand growth provides the cruise industry the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (opportunity to expand its reach in these markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 50.10 Td (e believe the cruise industry is well-positioned to take advantage of these positive demand trends. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 728.10 Td (e. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.9384765625 726.53505859375 m 144.56640625 726.53505859375 l s q 0 0 0 rg BT 85.94 728.10 Td (Ship Mobility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The mobility of cruise ships enables cruise companies to move their vessels between regions in order to maximize profitability) Tj ET Q q 0 0 0 rg BT 555.94 704.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (For example, brands can change itineraries over time in order to cater to guest tastes or as general economic or geopolitical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (conditions warrant. ) Tj ET Q q 0 0 0 rg BT 131.52 680.10 Td (This flexibility allows cruise operators to better position themselves to attract more first-time cruisers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (provide repeat guests with new and more desirable destinations. In addition, cruise companies have the flexibility to reposition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (some of their capacity to areas with growing demand, such as ) Tj ET Q q 0 0 0 rg BT 297.76 656.10 Td (Asia. ) Tj ET Q q 0 0 0 rg BT 323.41 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 332.05 656.10 Td (e believe that this unique ability to move ships provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (the cruise industry with a competitive advantage compared to other land-based vacation alternatives. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 620.10 Td (f. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.830078125 618.53505859375 m 212.330078125 618.53505859375 l s q 0 0 0 rg BT 84.83 620.10 Td (High Guest Satisfaction Rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (Cruise guests tend to rate their overall satisfaction with a cruise vacation higher than comparable land-based hotel and resort ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (vacations.) Tj ET Q q 0 0 0 rg BT 94.21 584.10 Td (According to industry surveys, the cruise experience consistently exceeds expectations of repeat and first-time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (cruisers on a wide range of important vacation attributes. Cruising continues to receive high guest satisfaction rates because of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (the unique vacation experiences it of) Tj ET Q q 0 0 0 rg BT 196.20 560.10 Td (fers, including visiting multiple destinations without having to pack and unpack, all-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (inclusive product of) Tj ET Q q 0 0 0 rg BT 129.30 548.10 Td (ferings and state-of-the-art cruise ships with entertainment, relaxation and fun, all at an outstanding value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 524.10 Td (g. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 86.5 522.53505859375 m 268.1943359375 522.53505859375 l s q 0 0 0 rg BT 86.50 524.10 Td (Favorable Supply ) Tj ET Q q 0 0 0 rg BT 164.67 524.10 Td (V) Tj ET Q q 0 0 0 rg BT 170.97 524.10 Td (ersus Demand Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Over the last several years cruise operators have slowed their passenger capacity growth in the more established cruise markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (of North ) Tj ET Q q 0 0 0 rg BT 85.61 488.10 Td (America and ) Tj ET Q q 0 0 0 rg BT 139.29 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.93 488.10 Td (estern Europe compared to historical levels. Furthermore, smaller) Tj ET Q q 0 0 0 rg BT 412.44 488.10 Td (, older and less ef) Tj ET Q q 0 0 0 rg BT 482.51 488.10 Td (ficient cruise ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (will continue to be retired from service as they reach the end of their economic lives, no longer provide guests with the vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (experiences that they desire or do not provide suf) Tj ET Q q 0 0 0 rg BT 246.48 464.10 Td (ficient cash flows. Over time we expect demand to accelerate as global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (economic conditions improve and emer) Tj ET Q q 0 0 0 rg BT 207.61 452.10 Td (ging markets continue to develop. ) Tj ET Q q 0 0 0 rg BT 348.23 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 356.86 452.10 Td (e believe this favorable supply versus demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (balance will have a positive impact on the cruise industry) Tj ET Q q 0 0 0 rg BT 281.93 440.10 Td (s ability to grow profitably) Tj ET Q q 0 0 0 rg BT 388.49 440.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.81 440.10 Td (The cruise industry continues to maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (a measured rate of growth in established markets, such as North ) Tj ET Q q 0 0 0 rg BT 307.21 428.10 Td (America and ) Tj ET Q q 0 0 0 rg BT 360.89 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 369.52 428.10 Td (estern Europe, and is investing in emer) Tj ET Q q 0 0 0 rg BT 525.13 428.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (markets, such as China, where it believes it has greater growth opportunities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 392.10 Td (III. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.6748046875 390.53505859375 m 282.314453125 390.53505859375 l s q 0 0 0 rg BT 81.67 392.10 Td (Passenger) Tj ET Q q 0 0 0 rg BT 124.26 392.10 Td ( Capacity and Cruise Guests Carried) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (The weighted-average passenger capacities for the global cruise industry and for us are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 333.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 333.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 333.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 333.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 305.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 305.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 305.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 305.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 277.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 277.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 277.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 277.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 249.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 249.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 249.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 249.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 221.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 221.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 221.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 221.60 110.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 333.6 m 443 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 333.6 m 563 333.6 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 336.71259765625 m 72.39990234375 336.71259765625 l s q 0 0 0 rg BT 52.50 338.28 Td (Y) Tj ET Q q 0 0 0 rg BT 58.61 338.28 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 348.28 Td ( Global) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 338.28 Td ( Cruise Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 348.28 Td ( Carnival) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 338.28 Td ( Corporation & plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 324.17 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 324.17 Td (377,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 324.17 Td (162,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 310.17 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 310.17 Td (397,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 310.17 Td (174,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 296.17 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 296.17 Td (423,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 296.17 Td (186,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 282.17 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 282.17 Td (443,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 282.17 Td (195,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 268.17 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 268.17 Td (455,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 268.17 Td (200,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 254.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 254.17 Td (470,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 254.17 Td (205,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 240.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 240.17 Td (482,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 240.17 Td (210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 226.17 Td (2015 \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 226.17 Td (500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 226.17 Td (215,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 212.17 Td (2016 \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 212.17 Td (525,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 212.17 Td (225,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 198.17 Td (2017 \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 198.17 Td (552,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.25 198.17 Td (231,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 170.10 Td (Our estimates of future passenger capacity do not include any assumptions related to unannounced ship withdrawals and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 158.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 114.05 158.10 Td (, our estimates could indicate a higher growth in passenger capacity than will actually occur) Tj ET Q q 0 0 0 rg BT 480.87 158.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (The compound annual growth rates in passenger capacities for the global cruise industry and for us are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 99.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 99.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 99.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 99.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 71.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 71.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 71.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 71.60 110.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 99.60000000000002 m 443 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 99.60000000000002 m 453 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 99.60000000000002 m 563 99.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.05 114.33 Td (Global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.45 104.33 Td (Cruise Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.60 114.33 Td (Carnival) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.75 104.33 Td (Corporation & plc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 90.17 Td (2008 to 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.05 90.17 Td (4.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.05 90.17 Td (4.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 76.17 Td (2013 to 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.05 76.17 Td (2.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.05 76.17 Td (2.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 62.17 Td (2014 to 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.05 62.17 Td (4.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.05 62.17 Td (3.2%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (The number of cruise guests carried by the global cruise industry and by us are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 659.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.00 659.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 659.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 659.60 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 659.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 659.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 659.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 659.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 631.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.00 631.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 631.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 631.60 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 631.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 631.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 631.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 631.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 603.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.00 603.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 603.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 603.60 85.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 603.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 603.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 603.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 603.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 575.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.00 575.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 575.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 575.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 575.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 575.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 575.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 575.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 693.6 m 278 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 693.6 m 288 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 693.6 m 373 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 693.6 m 383 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 693.6 m 463 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 693.6 m 563 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 659.6 m 278 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 659.6 m 373 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 659.6 m 463 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 659.6 m 563 659.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 708.33 Td ( ) Tj ET Q q 0 0 0 rg BT 55.00 708.33 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.75 698.28 Td ( Global Cruise Industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.60 708.28 Td (Carnival) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.75 698.28 Td (Corporation & plc) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 662.71259765625 m 72.39990234375 662.71259765625 l s q 0 0 0 rg BT 52.50 664.28 Td (Y) Tj ET Q q 0 0 0 rg BT 58.61 664.28 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.31 664.28 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.31 664.28 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.40 664.28 Td (North ) Tj ET Q q 0 0 0 rg BT 232.90 664.28 Td (America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 684.28 Td (Europe,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.30 674.28 Td (Australia, Asia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 664.28 Td (and Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.50 664.28 Td ( ) Tj ET Q q 0 0 0 rg BT 407.82 664.28 Td (T) Tj ET Q q 0 0 0 rg BT 413.57 664.28 Td (otal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 684.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 664.28 Td ( ) Tj ET Q q 0 0 0 rg BT 511.47 664.28 Td (T) Tj ET Q q 0 0 0 rg BT 517.22 664.28 Td (otal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 650.17 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 650.17 Td (10,290,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 650.17 Td (6,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 650.17 Td (16,290,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 650.17 Td (8,183,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 636.17 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 636.17 Td (10,400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 636.17 Td (7,190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 636.17 Td (17,590,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 636.17 Td (8,519,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 622.17 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 622.17 Td (11,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 622.17 Td (8,070,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 622.17 Td (19,070,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 622.17 Td (9,147,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 608.17 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 608.17 Td (11,440,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 608.17 Td (9,050,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 608.17 Td (20,490,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 608.17 Td (9,559,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 594.17 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 594.17 Td (11,640,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 594.17 Td (9,180,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 594.17 Td (20,820,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 594.17 Td (9,829,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 580.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 580.17 Td (11,710,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 580.17 Td (9,590,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 580.17 Td (21,300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 580.17 Td (10,061,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 566.17 Td (2014 \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 566.17 Td (12,060,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 566.17 Td (9,780,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 566.17 Td (21,840,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 566.17 Td (10,566,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 537.10 Td (The estimates of the total guests carried for 2008 through 2013 were obtained from G.P) Tj ET Q q 0 0 0 rg BT 412.08 537.10 Td (. ) Tj ET Q q 0 0 0 rg BT 416.90 537.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.93 537.10 Td (ild and are based upon where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 525.10 Td (guests were sourced and not the cruise brands on which they sailed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 513.10 Td (The estimates of the total guests carried for 2014 are based on internally developed global guests) Tj ET Q q 0 0 0 rg BT 452.97 513.10 Td ( growth rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.10 Td (The compound annual growth rates for the number of cruise guests carried by the global cruise industry and by us are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 402.60 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 402.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 402.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 402.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 402.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 402.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 402.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 402.60 93.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 436.6 m 266 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 436.6 m 276 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 436.6 m 356 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 436.6 m 366 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 436.6 m 446 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 436.6 m 549 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 402.6 m 266 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 436.6 m 356 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 402.6 m 356 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 436.6 m 446 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 402.6 m 446 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 402.6 m 549 402.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.75 441.28 Td (Global Cruise Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.10 451.28 Td (Carnival) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 441.28 Td ( Corporation & plc ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 405.71259765625 m 72.39990234375 405.71259765625 l s q 0 0 0 rg BT 52.50 407.28 Td (Y) Tj ET Q q 0 0 0 rg BT 58.61 407.28 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.31 407.28 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.31 407.28 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.40 407.28 Td (North ) Tj ET Q q 0 0 0 rg BT 220.90 407.28 Td (America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 427.28 Td (Europe,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.80 417.28 Td (Australia, Asia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.50 407.28 Td (and Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 427.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 407.28 Td ( ) Tj ET Q q 0 0 0 rg BT 390.82 407.28 Td (T) Tj ET Q q 0 0 0 rg BT 396.57 407.28 Td (otal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 427.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 407.28 Td ( ) Tj ET Q q 0 0 0 rg BT 493.32 407.28 Td (T) Tj ET Q q 0 0 0 rg BT 499.07 407.28 Td (otal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 393.17 Td (2008 to 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.05 393.17 Td (2.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 393.17 Td (9.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.05 393.17 Td (5.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 393.17 Td (4.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 379.17 Td (2013 to 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.05 379.17 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 379.17 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.05 379.17 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 379.17 Td (5.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.10 Td (As we continue to expand our global presence, our revenues generated from guests sourced from outside the U.S. have grown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.10 Td (to 57% in 2014, up from 50% in 2008. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (C. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 64.2216796875 313.53505859375 m 183.23046875 313.53505859375 l s q 0 0 0 rg BT 64.22 315.10 Td (Our) Tj ET Q q 0 0 0 rg BT 81.82 315.10 Td ( Global Cruise Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 291.10 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72.3916015625 289.53505859375 m 145.248046875 289.53505859375 l s q 0 0 0 rg BT 72.39 291.10 Td (Cruise Pr) Tj ET Q q 0 0 0 rg BT 113.59 291.10 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.25 291.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 291.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (Our 100 ships sail to all of the world) Tj ET Q q 0 0 0 rg BT 198.93 267.10 Td (s major cruise destinations and the percentage of our passenger capacity deployed in each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (of these regions is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 230.60 313.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 230.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 230.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 230.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 230.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 230.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 202.60 313.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 202.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 202.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 202.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 202.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 202.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 174.60 313.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 174.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 174.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 174.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 174.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 174.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 146.60 313.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 146.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 146.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 146.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 146.60 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 146.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 230.60000000000002 m 423 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 230.60000000000002 m 493 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 230.60000000000002 m 563 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 132.60000000000002 m 423 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 119.60000000000002 m 423 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363 117.60000000000002 m 423 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 132.60000000000002 m 493 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 119.60000000000002 m 493 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 117.60000000000002 m 493 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 132.60000000000002 m 563 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 119.60000000000002 m 563 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 117.60000000000002 m 563 117.60000000000002 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 233.76259765625002 m 82.5 233.76259765625002 l s q 0 0 0 rg BT 52.50 235.33 Td (Region) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 235.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.50 235.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.50 235.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 221.17 Td (Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 221.17 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 221.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 221.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 221.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 221.17 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 221.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 207.17 Td (Mediterranean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 207.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.50 207.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.50 207.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 193.17 Td (Europe without Mediterranean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 193.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.50 193.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.50 193.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 179.17 Td (Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 179.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.50 179.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.50 179.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 165.17 Td (Alaska) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 165.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.50 165.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.50 165.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 151.17 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 151.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.50 151.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.50 151.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 137.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 137.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 137.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 137.17 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 123.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 123.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 123.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 123.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 123.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 123.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 740.25 Td (II. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.783203125 738.68505859375 m 171.6650390625 738.68505859375 l s q 0 0 0 rg BT 77.78 740.25 Td (Segment Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Each of our nine leading global, regional and national cruise brands is an operating segment that we aggregate into either the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (\(1\) North ) Tj ET Q q 0 0 0 rg BT 88.94 704.25 Td (America or \(2\) Europe, ) Tj ET Q q 0 0 0 rg BT 184.18 704.25 Td (Australia & ) Tj ET Q q 0 0 0 rg BT 233.06 704.25 Td (Asia \(EAA\) reportable cruise segments based on the similarity of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (economic and other characteristics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (As of January 22, 2015, our cruise brands) Tj ET Q q 0 0 0 rg BT 219.00 668.25 Td ( summary information is as follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 619.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 619.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 619.75 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 619.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 619.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 619.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 591.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 591.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 591.75 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 591.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 591.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 591.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 563.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 563.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 563.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 563.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 563.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 563.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 541.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 541.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 541.75 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 541.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 541.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 541.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 513.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 513.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 513.75 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 513.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 513.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 513.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 485.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 485.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 485.75 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 485.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 485.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 485.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 457.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 457.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 457.75 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 457.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 457.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 457.75 74.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 633.75 m 379 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 633.75 m 471 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 633.75 m 561 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 633.75 m 471 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 563.75 m 379 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 548.75 m 379 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 563.75 m 471 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 548.75 m 471 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 563.75 m 561 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 548.75 m 561 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 457.75 m 379 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 457.75 m 471 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 457.75 m 561 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 443.75 m 471 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 443.75 m 379 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 430.75 m 379 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 428.75 m 379 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 443.75 m 471 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 430.75 m 471 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 428.75 m 471 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 443.75 m 561 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 430.75 m 561 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 428.75 m 561 428.75 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 636.91259765625 m 114.453125 636.91259765625 l s q 0 0 0 rg BT 52.50 638.48 Td (Cruise Brands) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.45 638.48 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.50 648.48 Td ( Passenger) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.50 638.48 Td ( Capacity \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.55 648.48 Td (Percentage of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 638.48 Td (Total Capacity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.85 648.48 Td (Number) Tj ET Q q 0 0 0 rg BT 529.22 648.48 Td ( of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.90 638.48 Td (Cruise Ships) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 622.91259765625 m 116.6455078125 622.91259765625 l s q 0 0 0 rg BT 52.50 624.48 Td (North ) Tj ET Q q 0 0 0 rg BT 80.00 624.48 Td (America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.65 624.48 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 610.32 Td (Carnival Cruise Line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 610.32 Td (62,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 610.32 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 610.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 610.32 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 596.32 Td (Princess Cruises \(Princess\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 596.32 Td (44,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 596.32 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 596.32 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 582.32 Td (Holland America Line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 582.32 Td (23,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 582.32 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 582.32 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 568.32 Td (Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 568.32 Td (1,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 568.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 568.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 554.32 Td ( North America Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 554.32 Td (131,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 554.32 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 554.32 Td (62) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 530.91259765625 m 73.33740234375 530.91259765625 l s q 0 0 0 rg BT 52.50 532.48 Td (EAA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 518.32 Td (Costa Cruises \("Costa"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 518.32 Td (35,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 518.32 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 518.32 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 504.32 Td (AIDA Cruises \(AIDA\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 504.32 Td (18,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 504.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.50 504.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 490.32 Td (P&O Cruises \(UK\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 490.32 Td (14,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 490.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 490.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 476.32 Td (Cunard) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 476.32 Td (6,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 476.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 476.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 462.32 Td (P&O Cruises \(Australia\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 462.32 Td (4,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 462.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 462.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.32 Td ( EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 448.32 Td (80,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 448.32 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 448.32 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 434.32 Td (212,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 434.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 434.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 434.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 406.25 Td (In accordance with cruise industry practice, passenger capacity is calculated based on the assumption of two passengers per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 394.25 Td (cabin even though some cabins can accommodate three or more passengers. For contracted capacity increases, see Part I, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 382.25 Td (Item 1. Business. C. Our Global Cruise Business Ships Under Contract for Construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 358.25 Td (e also have a Cruise Support segment that includes our cruise port and related facilities located in Cozumel, Mexico; Grand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 346.25 Td (urk, ) Tj ET Q q 0 0 0 rg BT 73.41 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.16 346.25 Td (urks and Caicos Islands; Roatn, Honduras and Puerto Plata, Dominican Republic \(currently under development\), which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (are or will be, operated for the benefit of our cruise brands. Cruise Support also includes other services that are provided for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (benefit of all our cruise brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (In addition to our cruise operations, we own Holland ) Tj ET Q q 0 0 0 rg BT 262.79 298.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 334.99 298.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 365.08 298.25 Td (T) Tj ET Q q 0 0 0 rg BT 370.49 298.25 Td (ours, the leading tour company in ) Tj ET Q q 0 0 0 rg BT 506.85 298.25 Td (Alaska and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (the Canadian ) Tj ET Q q 0 0 0 rg BT 104.11 286.25 Td (Y) Tj ET Q q 0 0 0 rg BT 110.22 286.25 Td (ukon, which complements our ) Tj ET Q q 0 0 0 rg BT 233.26 286.25 Td (Alaska cruise operations. Our tour company owns and operates 12 hotels or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (lodges, over 300 motorcoaches and 20 glass-domed railcars and is one of the five lar) Tj ET Q q 0 0 0 rg BT 387.83 274.25 Td (gest motorcoach companies in North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 88.74 262.25 Td (This tour company and three cruise ships, the former ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.57 262.25 Td (Costa Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.18 262.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.18 262.25 Td (Costa Eur) Tj ET Q q 0 0 0 rg BT 421.65 262.25 Td (opa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 262.25 Td ( and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.59 262.25 Td ( Grand Holiday) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.92 262.25 Td (, which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (own and charter) Tj ET Q q 0 0 0 rg BT 113.71 250.25 Td (-out) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.82 250.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.32 250.25 Td (under long-term leases, comprise our ) Tj ET Q q 0 0 0 rg BT 283.21 250.25 Td (T) Tj ET Q q 0 0 0 rg BT 288.62 250.25 Td (our and Other segment as of January 22, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (See Note 1) Tj ET Q q 0 0 0 rg BT 93.01 226.25 Td (1, Segment Information to our Consolidated Financial Statements in Exhibit 13 to this Form 10-K for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (segment and geographic information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 187.85 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 187.85 Td (III. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.6748046875 186.28505859375002 m 145.8203125 186.28505859375002 l s q 0 0 0 rg BT 81.67 187.85 Td (North ) Tj ET Q q 0 0 0 rg BT 109.17 187.85 Td (America) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 145.82 187.85 Td ( ) Tj ET Q /GS0 gs q 513.00 0 0 43.80 49.50 139.06 cm /I24 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.05 Td (Almost 55% of the cruise guests in the world are sourced from the North ) Tj ET Q q 0 0 0 rg BT 342.77 127.05 Td (American region, where cruising is a mainstream ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.05 Td (alternative to land-based vacations. ) Tj ET Q q 0 0 0 rg BT 195.00 115.05 Td (Approximately 1) Tj ET Q q 0 0 0 rg BT 262.67 115.05 Td (1.7 million North ) Tj ET Q q 0 0 0 rg BT 334.34 115.05 Td (American-sourced guests took multi-night cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.05 Td (vacations in 2013, and we estimate that 12.1 million guests cruised in 2014. ) Tj ET Q q 0 0 0 rg BT 356.95 103.05 Td (According to an internal survey) Tj ET Q q 0 0 0 rg BT 482.93 103.05 Td (, up to 60% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.05 Td (North ) Tj ET Q q 0 0 0 rg BT 74.78 91.05 Td (American non-cruiser adults are likely to cruise in the next five years. ) Tj ET Q q 0 0 0 rg BT 358.57 91.05 Td (As a result of this and other favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.05 Td (characteristics of the cruise industry) Tj ET Q q 0 0 0 rg BT 193.24 79.05 Td (, we expect increasing demand in the cruise segment of the North ) Tj ET Q q 0 0 0 rg BT 456.77 79.05 Td (America vacation market.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (1) Tj ET Q q 0 0 0 rg BT 283.17 34.30 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The most popular location visited by North ) Tj ET Q q 0 0 0 rg BT 224.20 740.10 Td (America-sourced cruise guests in 2014 was the Caribbean \(including ) Tj ET Q q 0 0 0 rg BT 501.99 740.10 Td (The Bahamas\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (and other locations include the Mediterranean Sea, ) Tj ET Q q 0 0 0 rg BT 254.43 728.10 Td (Alaska, Northern Europe, Mexican Riviera, New England and Canada, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Bermuda, Hawaii, the Panama Canal and other exotic locations, such as South and Central ) Tj ET Q q 0 0 0 rg BT 413.57 716.10 Td (America, the South Pacific Islands, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Australia, New Zealand, China, Japan, South Korea, ) Tj ET Q q 0 0 0 rg BT 261.48 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 268.10 704.10 Td (ietnam, Singapore, ) Tj ET Q q 0 0 0 rg BT 345.68 704.10 Td (Thailand and the Indian Ocean. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Carnival Cruise Line, Princess, Holland ) Tj ET Q q 0 0 0 rg BT 210.86 680.10 Td (America Line and Seabourn source their guests primarily from North ) Tj ET Q q 0 0 0 rg BT 489.67 680.10 Td (America. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Carnival Cruise Line also sources some of its guests from ) Tj ET Q q 0 0 0 rg BT 282.24 668.10 Td (Australia. Princess also sources a growing number of guests from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (international regions, such as ) Tj ET Q q 0 0 0 rg BT 168.08 656.10 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 209.19 656.10 Td (Asia, the UK and continental Europe. Holland ) Tj ET Q q 0 0 0 rg BT 396.09 656.10 Td (America and Seabourn also source some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (of their guests internationally) Tj ET Q q 0 0 0 rg BT 166.32 644.10 Td (, such as from ) Tj ET Q q 0 0 0 rg BT 224.37 644.10 Td (Australia, the UK, the Netherlands and Germany) Tj ET Q q 0 0 0 rg BT 419.21 644.10 Td (. Cunard also sources a lar) Tj ET Q q 0 0 0 rg BT 527.05 644.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (portion of its guests from North ) Tj ET Q q 0 0 0 rg BT 178.38 632.10 Td (America. See Part I, Item 1. Business. C. Our Global Cruise Business ) Tj ET Q q 0 0 0 rg BT 470.56 632.10 Td (Australia and Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Global Cruise Business ) Tj ET Q q 0 0 0 rg BT 152.83 620.10 Td (Asia for additional discussion of Princess) Tj ET Q q 0 0 0 rg BT 325.67 620.10 Td ( and Carnival Cruise Line) Tj ET Q q 0 0 0 rg BT 431.76 620.10 Td (s operations in these regions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.35 596.10 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 285.06 596.10 Td (AL) Tj ET Q q 0 0 0 rg BT 298.40 596.10 Td ( CRUISE LINE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Carnival Cruise Line is a leader in contemporary cruising and operates 24 ships designed to provide fun and exceptional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (vacation experiences that appeal to a wide variety of consumers, all at an outstanding value. Founded in 1972, Carnival Cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (Line is one of the most recognizable brands in the cruise industry and carried 4.5 million guests in 2014, the most of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (individual cruise brand. Carnival Cruise Line identifies their tar) Tj ET Q q 0 0 0 rg BT 306.47 542.10 Td (get customers as The Spirited or those who like to live life to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (the fullest, look at the glass as half full, feel comfortable in their own skin and make their own fun. Carnival Cruise Line) Tj ET Q q 0 0 0 rg BT 536.59 530.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (cruises have a broad appeal to families, couples, singles and seniors and carried more than 700,000 children in 2014. Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (Cruise Line has one new ship scheduled to be delivered in ) Tj ET Q q 0 0 0 rg BT 284.16 506.10 Td (April 2016 and another one in March 2018, which together will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (increase its existing passenger capacity by 13%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (Carnival Cruise Line of) Tj ET Q q 0 0 0 rg BT 144.02 470.10 Td (fers cruises generally from three to eight days with almost all of its ships departing from 14 convenient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (U.S. home ports located along the Eastern seaboard and the Gulf and ) Tj ET Q q 0 0 0 rg BT 327.57 458.10 Td (W) Tj ET Q q 0 0 0 rg BT 336.21 458.10 Td (est coasts. Carnival Cruise Line is the leading provider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (of year) Tj ET Q q 0 0 0 rg BT 77.34 446.10 Td (-round cruises in ) Tj ET Q q 0 0 0 rg BT 146.86 446.10 Td (The Bahamas, the Caribbean and Mexico and also operates seasonal cruises in New England and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 83.93 434.10 Td (Alaska, Hawaii and the Panama Canal. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (The brand) Tj ET Q q 0 0 0 rg BT 93.09 410.10 Td (s focus continues to be on enhancing its products and services with innovations that appeal to new consumers, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (well as past guests. In 2014, Carnival Cruise Line continued the rollout of its fleet wide Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 440.55 402.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.49 398.10 Td ( 2.0 product enhancement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (initiative. ) Tj ET Q q 0 0 0 rg BT 92.37 386.10 Td (The Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 146.81 390.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.75 386.10 Td ( 2.0 program is transforming the line) Tj ET Q q 0 0 0 rg BT 301.44 386.10 Td (s guest experience through innovative dining, bar and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (entertainment concepts, as well as partnerships with popular celebrities and brands. Entertainer Geor) Tj ET Q q 0 0 0 rg BT 454.46 374.10 Td (ge Lopez is the brand) Tj ET Q q 0 0 0 rg BT 543.31 374.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (creative director for comedy and is enhancing the line) Tj ET Q q 0 0 0 rg BT 267.74 362.10 Td (s fleet wide comedy clubs; Food Network star Guy Fieri has developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (an onboard bur) Tj ET Q q 0 0 0 rg BT 109.86 350.10 Td (ger restaurant called Guy) Tj ET Q q 0 0 0 rg BT 213.42 350.10 Td (s Bur) Tj ET Q q 0 0 0 rg BT 234.63 350.10 Td (ger Joint; leading video game manufacturer EA) Tj ET Q q 0 0 0 rg BT 424.01 350.10 Td ( SPOR) Tj ET Q q 0 0 0 rg BT 450.93 350.10 Td (TS helped create the first-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (ever EA) Tj ET Q q 0 0 0 rg BT 81.99 338.10 Td ( SPOR) Tj ET Q q 0 0 0 rg BT 108.90 338.10 Td (TS Bars at sea; and through a partnership with toy and game leader Hasbro, Inc. the line has created Hasbro, ) Tj ET Q q 0 0 0 rg BT 544.96 338.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (Game Show) Tj ET Q q 0 0 0 rg BT 98.01 326.10 Td (, with lar) Tj ET Q q 0 0 0 rg BT 133.66 326.10 Td (ger) Tj ET Q q 0 0 0 rg BT 146.22 326.10 Td (-than-life adaptations of Hasbro) Tj ET Q q 0 0 0 rg BT 276.46 326.10 Td (s iconic games. ) Tj ET Q q 0 0 0 rg BT 342.65 326.10 Td (The many groundbreaking features of Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 532.61 330.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.54 326.10 Td ( 2.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (are best reflected in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.28 314.10 Td (Carnival Br) Tj ET Q q 0 0 0 rg BT 192.97 314.10 Td (eeze ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.67 314.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.61 314.10 Td (Carnival Sunshine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.78 314.10 Td (. ) Tj ET Q q 0 0 0 rg BT 310.73 314.10 Td (As of January 22, 2015, 12 of Carnival Cruise Line) Tj ET Q q 0 0 0 rg BT 518.74 314.10 Td (s ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (have some Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 130.89 306.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.82 302.10 Td ( 2.0 features, with additional vessels scheduled to receive them over the next few years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (In Spring 2016, the launch of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.20 278.10 Td (Carnival V) Tj ET Q q 0 0 0 rg BT 212.63 278.10 Td (ista) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.07 278.10 Td ( will continue the expansion of the Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 404.28 282.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.21 278.10 Td ( 2.0 enhancement program with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (introduction of new groundbreaking features including SkyRide, a breakthrough suspended open-air cycling experience, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (world's first IMAX ) Tj ET Q q 0 0 0 rg BT 128.62 254.10 Td (Theater on a ship, an expanded water park featuring the colorful Kaleid-O-Slide, the line's first raft-riding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (water tube slide, Seafood Shack, a delectable New England-inspired eatery) Tj ET Q q 0 0 0 rg BT 349.01 242.10 Td (, and an onboard brewery in the RedFrog Pub. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (These new Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 131.44 234.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.38 230.10 Td ( 2.0 features give Carnival Cruise Line yet another opportunity to continue to innovate and upgrade its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (products in exciting and groundbreaking new ways. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (In 2014, Carnival Cruise Line entered into an exclusive partnership with Dr) Tj ET Q q 0 0 0 rg BT 351.64 194.10 Td (. Seuss Enterprises to create the new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.93 194.10 Td (Seuss at Sea) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.37 194.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (program and also unveiled Camp Ocean. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.78 182.10 Td (Seuss at Sea) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.22 182.10 Td ( has been rolled out on ten Carnival Cruise Line ships and will bring the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (beloved children) Tj ET Q q 0 0 0 rg BT 119.20 170.10 Td (s brand and favorite characters to nearly the entire Carnival Cruise Line fleet by the end of 2015. Camp ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (Ocean is an exciting new marine-themed program that immerses children ages two to 1) Tj ET Q q 0 0 0 rg BT 398.18 158.10 Td (1 in the wonders of the sea through fun, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (engaging, hands on experiences that include educational games, art, music, role play and more. Camp Ocean is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (available on four Carnival Cruise Line ships and will be introduced fleet-wide by the end of 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (In 2014, Carnival Cruise Line introduced the Carnival LIVE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 291.38 114.63 Td (TM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.75 110.10 Td (concert series, which is a new onboard of) Tj ET Q q 0 0 0 rg BT 468.07 110.10 Td (fering that brings the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (best live music entertainment to the seas. ) Tj ET Q q 0 0 0 rg BT 218.44 98.10 Td (The Carnival LIVE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 296.19 102.63 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.94 98.10 Td ( concert series features a diverse roster of popular) Tj ET Q q 0 0 0 rg BT 504.34 98.10 Td (, well known ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (musicians and bands who play a series of onboard concerts for its guests at select ports-of-call. During 2014, the Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (LIVE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 72.27 78.63 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.02 74.10 Td ( concert series featured 49 performances from 15 major recording artists on eight Carnival Cruise Line ships with more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (concerts scheduled for 2015. ) Tj ET Q q 0 0 0 rg BT 169.28 62.10 Td (The Carnival LIVE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 247.03 66.63 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.78 62.10 Td ( initiative also includes enhancements to provide guests with a very high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.10 Td (caliber of entertainment in bars and lounges onboard its ships.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.25 740.25 Td (PRINCESS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 722.25 Td (Princess is the world) Tj ET Q q 0 0 0 rg BT 135.33 722.25 Td (s lar) Tj ET Q q 0 0 0 rg BT 152.08 722.25 Td (gest premium cruise line based on passenger capacity and operates a fleet of 18 ships. Princess of) Tj ET Q q 0 0 0 rg BT 544.00 722.25 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 710.25 Td (150 unique itineraries to more than 300 destinations, with cruises generally from seven to 15 days with longer exotic sailings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 698.25 Td (from 28 to 104 days, including one world cruise. In 2013, Princess began of) Tj ET Q q 0 0 0 rg BT 355.65 698.25 Td (fering three and four day cruises to provide guests, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 686.25 Td (particularly first-time Princess cruisers, an opportunity to experience the Princess products and services on shorter voyages. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 662.25 Td (Princess, whose brand name was originally made famous by the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.05 662.25 Td (Love Boat) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.88 662.25 Td ( television show) Tj ET Q q 0 0 0 rg BT 413.22 662.25 Td (, has been providing cruises since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 650.25 Td (1965. In 2015, the line will celebrate its 50) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 223.63 654.78 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.68 650.25 Td ( anniversary with an array of celebratory activities and entertainment throughout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (the year to commemorate half a century of cruising capped with a nostalgic sailing to Mexico departing exactly 50 years to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (day that the line) Tj ET Q q 0 0 0 rg BT 116.42 626.25 Td (s original ship set sail on its very first cruise. Princess rang in the 2015 New ) Tj ET Q q 0 0 0 rg BT 424.89 626.25 Td (Y) Tj ET Q q 0 0 0 rg BT 431.11 626.25 Td (ear and its 50) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 484.71 630.78 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.76 626.25 Td ( anniversary in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (unprecedented way with its first ever float in the world famous Rose Parade in Pasadena, California. ) Tj ET Q q 0 0 0 rg BT 455.77 614.25 Td (As a special feature, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (six original cast members of the Love Boat television show rode on the ship) Tj ET Q q 0 0 0 rg BT 356.38 602.25 Td (s bow and cruised down the parade route. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (The line) Tj ET Q q 0 0 0 rg BT 85.32 578.25 Td (s newest ship, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.65 578.25 Td (Regal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.91 578.25 Td (, which entered service in May 2014, was christened by the original cast of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.76 578.25 Td (Love ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (Boat) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.39 566.25 Td (. ) Tj ET Q q 0 0 0 rg BT 75.71 566.25 Td (This ship has a 3,560-passenger capacity) Tj ET Q q 0 0 0 rg BT 238.34 566.25 Td (, one of the lar) Tj ET Q q 0 0 0 rg BT 296.19 566.25 Td (gest in its fleet, and continues the evolution of the Princess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (products and services. Similar to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.31 554.25 Td (Royal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.57 554.25 Td (, which entered service in 2013, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.53 554.25 Td (Regal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.79 554.25 Td ( of) Tj ET Q q 0 0 0 rg BT 446.44 554.25 Td (fers a variety of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (features, including an over) Tj ET Q q 0 0 0 rg BT 155.93 542.25 Td (-the-water SeaW) Tj ET Q q 0 0 0 rg BT 222.59 542.25 Td (alk, which is a top-deck, glass-bottom walkway extending more than 28 feet beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (the ship) Tj ET Q q 0 0 0 rg BT 83.67 530.25 Td (s side. ) Tj ET Q q 0 0 0 rg BT 113.48 530.25 Td (The successful design platform of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.50 530.25 Td (Royal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.77 530.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.20 530.25 Td (Regal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.47 530.25 Td ( will also be featured in the brands) Tj ET Q q 0 0 0 rg BT 532.07 530.25 Td ( new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.25 Td (3,560-passenger capacity sister ship, which is scheduled to be delivered in March 2017 and will increase the brand) Tj ET Q q 0 0 0 rg BT 510.75 518.25 Td (s existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.25 Td (passenger capacity by 8%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.25 Td (Princess is a leading cruise line in international and exotic destinations, including Europe, ) Tj ET Q q 0 0 0 rg BT 410.80 482.25 Td (Australia, ) Tj ET Q q 0 0 0 rg BT 451.91 482.25 Td (Asia, the Panama Canal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.25 Td (Hawaii and South ) Tj ET Q q 0 0 0 rg BT 123.10 470.25 Td (America. Princess will have six ships sailing in 2015 throughout Europe between the months of ) Tj ET Q q 0 0 0 rg BT 509.99 470.25 Td (April and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (November) Tj ET Q q 0 0 0 rg BT 91.16 458.25 Td (. Princess is also a leading cruise line in ) Tj ET Q q 0 0 0 rg BT 254.73 458.25 Td (Alaska and will continue to dedicate seven ships to sailing there between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.25 Td (months of May and September 2015. Princess) Tj ET Q q 0 0 0 rg BT 238.73 446.25 Td ( itineraries are widely praised and have been awarded numerous times over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.25 Td (years by various travel magazines, such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.66 434.25 Td (T) Tj ET Q q 0 0 0 rg BT 226.67 434.25 Td (ravel W) Tj ET Q q 0 0 0 rg BT 257.13 434.25 Td (eekly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.66 434.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.66 434.25 Td (Recommend Magazine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.47 434.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.91 434.25 Td (Cruise Critic. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.91 434.25 Td (Some of Princess) Tj ET Q q 0 0 0 rg BT 524.94 434.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (Caribbean cruise of) Tj ET Q q 0 0 0 rg BT 127.62 422.25 Td (ferings feature a private island destination that Princess leases and operates, known as Princess Cays, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (which is located on the island of Eleuthera in ) Tj ET Q q 0 0 0 rg BT 232.32 410.25 Td (The Bahamas. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.25 Td (Princess is widely recognized as an innovative, premium cruise line committed to helping its guests Escape Completely from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (their daily routine and responsibilities. Designed with a warm, welcoming comfortable elegance, Princess) Tj ET Q q 0 0 0 rg BT 486.40 374.25 Td ( ships provide a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.25 Td (relaxed, rejuvenating retreat at sea, with signature amenities of) Tj ET Q q 0 0 0 rg BT 300.33 362.25 Td (fered consistently across most of its fleet befitting its mission to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.26 350.25 Td (The Consummate Host to its guests. Its main atrium serves as the heart of the ship, featuring its International Caf and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (specialty cof) Tj ET Q q 0 0 0 rg BT 100.13 338.25 Td (fee bar) Tj ET Q q 0 0 0 rg BT 127.21 338.25 Td (, its ) Tj ET Q q 0 0 0 rg BT 143.97 338.25 Td (V) Tj ET Q q 0 0 0 rg BT 150.59 338.25 Td (ines wine and seafood bar and a variety of entertainment throughout the day and evening. Its Movies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 76.81 326.25 Td (The Stars outdoor theaters recreate the drive-in movie experience out on deck, with first-run Hollywood movies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (major sporting events shown on a 330 square-foot poolside LED screen, complete with fresh-made popcorn. ) Tj ET Q q 0 0 0 rg BT 488.09 314.25 Td (The Sanctuary) Tj ET Q q 0 0 0 rg BT 545.48 314.25 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td (spa-like retreat reserved just for adults, and unique Ultimate Balcony Dining course-by-course dining option were industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (firsts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td (In January 2014, Princess introduced a new multi-media marketing campaign designed to redefine its brand and dif) Tj ET Q q 0 0 0 rg BT 510.57 266.25 Td (ferentiate it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.25 Td (from other cruise lines. ) Tj ET Q q 0 0 0 rg BT 147.07 254.25 Td (The campaign promotes Princess as being uniquely qualified to provide its guests with meaningful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.25 Td (travel and life experiences in both the destinations travelled and onboard the ship so that they will Come Back New) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 511.32 246.78 Td (SM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.98 242.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.25 Td (their Princess vacation. Several onboard product initiatives have been introduced to support its Come Back New) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 501.33 234.78 Td (SM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.99 230.25 Td ( program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.25 Td (including a Chocolate Journey) Tj ET Q q 0 0 0 rg BT 178.63 218.25 Td (s dessert experience featuring master chocolatier Norman Love, wines from the world) Tj ET Q q 0 0 0 rg BT 529.61 218.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.25 Td (cruising regions and a culinary academy for its guests. ) Tj ET Q q 0 0 0 rg BT 271.38 206.25 Td (Ashore, Princess of) Tj ET Q q 0 0 0 rg BT 349.25 206.25 Td (fers a comprehensive award-winning tours program, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.25 Td (from the best of each region to transformative one-of-a-kind experiences. In addition, Princess continues to enhance travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.25 Td (agent support with the Princess ) Tj ET Q q 0 0 0 rg BT 176.43 182.25 Td (Academy educational program, voted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.43 182.25 Td (Best T) Tj ET Q q 0 0 0 rg BT 354.15 182.25 Td (ravel ) Tj ET Q q 0 0 0 rg BT 377.02 182.25 Td (Agent Educational Pr) Tj ET Q q 0 0 0 rg BT 463.86 182.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.97 182.25 Td ( by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.97 182.25 Td (T) Tj ET Q q 0 0 0 rg BT 509.98 182.25 Td (ravel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 170.25 Td (W) Tj ET Q q 0 0 0 rg BT 56.91 170.25 Td (eekly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.44 170.25 Td (. ) Tj ET Q q 0 0 0 rg BT 84.39 170.25 Td (Approximately 60,000 travel agents around the world have learned about Princess) Tj ET Q q 0 0 0 rg BT 415.50 170.25 Td ( product and service of) Tj ET Q q 0 0 0 rg BT 506.95 170.25 Td (ferings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.25 Td (destinations through this program, making it one of the lar) Tj ET Q q 0 0 0 rg BT 282.61 158.25 Td (gest travel industry training programs in the world.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.25 Td (Also in 2014, Princess and Discovery Channel announced their collaboration to create ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.90 134.25 Td (Discovery at Sea) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.66 134.25 Td (, which includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.25 Td (interactive onboard activities and shore excursions designed to entertain and delight families onboard Princess ships and will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.25 Td (feature themed tours, science activities, hands-on programs and games. Beginning in early 2015, the program will bring to life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.25 Td (the nature, wildlife and history of the regions their guests are sailing. ) Tj ET Q q 0 0 0 rg BT 329.52 98.25 Td (The content will be based on top-rated Discovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (networks, such as Discovery Channel, ) Tj ET Q q 0 0 0 rg BT 204.56 86.25 Td (TLC, ) Tj ET Q q 0 0 0 rg BT 227.90 86.25 Td (Animal Planet and Science Channel and will feature elements of popular television ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.25 Td (shows, such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.17 74.25 Td (Shark W) Tj ET Q q 0 0 0 rg BT 144.41 74.25 Td (eek) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.72 74.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.72 74.25 Td (Mythbusters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.16 74.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.60 74.25 Td (Deadliest Catch) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.31 74.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td ( ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.10 740.25 Td (HOLLAND ) Tj ET Q q 0 0 0 rg BT 294.61 740.25 Td (AMERICA) Tj ET Q q 0 0 0 rg BT 342.94 740.25 Td ( LINE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 722.25 Td (Holland ) Tj ET Q q 0 0 0 rg BT 83.67 722.25 Td (America Line, which has been providing cruises for over 140 years, operates a fleet of 15 premium mid-sized ships. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 710.25 Td (Holland ) Tj ET Q q 0 0 0 rg BT 83.67 710.25 Td (America Line of) Tj ET Q q 0 0 0 rg BT 149.56 710.25 Td (fers almost 500 cruises to over 400 ports in almost 100 countries and territories on all seven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 698.25 Td (continents. ) Tj ET Q q 0 0 0 rg BT 97.92 698.25 Td (While its cruises are generally from seven to 21 days, the line also of) Tj ET Q q 0 0 0 rg BT 373.77 698.25 Td (fers longer) Tj ET Q q 0 0 0 rg BT 416.40 698.25 Td (, exotic Grand ) Tj ET Q q 0 0 0 rg BT 475.65 698.25 Td (V) Tj ET Q q 0 0 0 rg BT 481.58 698.25 Td (oyages from 55 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 686.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.13 686.25 Td (14 days, including a Grand ) Tj ET Q q 0 0 0 rg BT 164.48 686.25 Td (W) Tj ET Q q 0 0 0 rg BT 173.12 686.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 191.55 686.25 Td (V) Tj ET Q q 0 0 0 rg BT 197.48 686.25 Td (oyage. Holland ) Tj ET Q q 0 0 0 rg BT 263.02 686.25 Td (America Line is one of the leading cruise lines in ) Tj ET Q q 0 0 0 rg BT 461.85 686.25 Td (Alaska and in 2015 will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 674.25 Td (continue to dedicate seven ships to sailing there between the months of May and September) Tj ET Q q 0 0 0 rg BT 416.07 674.25 Td (. Europe also continues to be a key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 662.25 Td (destination in 2015 with six ships sailing there between the months of ) Tj ET Q q 0 0 0 rg BT 330.58 662.25 Td (April and November) Tj ET Q q 0 0 0 rg BT 412.93 662.25 Td (, of) Tj ET Q q 0 0 0 rg BT 426.08 662.25 Td (fering itineraries throughout the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 650.25 Td (region including the Eastern and ) Tj ET Q q 0 0 0 rg BT 181.78 650.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.42 650.25 Td (estern Mediterranean, the Baltic Sea, the Norwegian fjords, British Isles, Iceland and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (Atlantic crossings. In the Caribbean, most of Holland ) Tj ET Q q 0 0 0 rg BT 267.52 638.25 Td (America Line) Tj ET Q q 0 0 0 rg BT 325.54 638.25 Td (s ships visit its award-winning private island in ) Tj ET Q q 0 0 0 rg BT 516.46 638.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (Bahamas, Half Moon Cay) Tj ET Q q 0 0 0 rg BT 153.27 626.25 Td (, known for its pristine beaches, diverse shore excursions, exclusive beach cabanas and kid-friendly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (activities. Holland ) Tj ET Q q 0 0 0 rg BT 127.26 614.25 Td (America Line has one new 2,650 passenger capacity ship, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.35 614.25 Td (Koningsdam) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.91 614.25 Td (, scheduled to be delivered in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (February 2016 and a sister ship in November 2018. ) Tj ET Q q 0 0 0 rg BT 259.56 602.25 Td (The passenger capacity of Holland ) Tj ET Q q 0 0 0 rg BT 400.34 602.25 Td (America Line will increase by 12% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (after taking into consideration these two newbuilds, net of their two ships that will be transferring to P&O Cruises \(Australia\) in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (November 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (Holland ) Tj ET Q q 0 0 0 rg BT 83.67 554.25 Td (America Line) Tj ET Q q 0 0 0 rg BT 141.69 554.25 Td (s mission is to create once-in-a-lifetime experiences for its guests every time they cruise. ) Tj ET Q q 0 0 0 rg BT 501.39 554.25 Td (The brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (continues to enjoy one of the highest rates of repeat cruisers. Holland ) Tj ET Q q 0 0 0 rg BT 331.09 542.25 Td (America Line) Tj ET Q q 0 0 0 rg BT 389.11 542.25 Td (s Signature of Excellence products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (services emphasize its dedication to all aspects of the guest experience, including elegant accommodations, sophisticated five-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.25 Td (star dining and award-winning service. Its mid-sized ships are designed for more intimate cruising and feature classically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.25 Td (designed interiors, wraparound teak decks and private verandas. In addition, Holland ) Tj ET Q q 0 0 0 rg BT 393.56 506.25 Td (America Line ships have one of the most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.25 Td (extensive collections of art and antiques at sea.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.25 Td (All of Holland ) Tj ET Q q 0 0 0 rg BT 109.77 470.25 Td (America Line) Tj ET Q q 0 0 0 rg BT 167.80 470.25 Td (s ships have Culinary ) Tj ET Q q 0 0 0 rg BT 255.57 470.25 Td (Arts Centers presented by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.66 470.25 Td (Food & W) Tj ET Q q 0 0 0 rg BT 403.32 470.25 Td (ine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.54 470.25 Td ( magazine, where guests enjoy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (cooking demonstrations, private cooking lessons, wine tastings and lifestyle seminars, as well as cuisine from the recipes of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.25 Td (esteemed Culinary Council including David Burke, Jacques ) Tj ET Q q 0 0 0 rg BT 290.93 446.25 Td (T) Tj ET Q q 0 0 0 rg BT 296.34 446.25 Td (orres, Elizabeth Falkner) Tj ET Q q 0 0 0 rg BT 391.74 446.25 Td (, Jonnie Boer) Tj ET Q q 0 0 0 rg BT 444.38 446.25 Td (, Mark Best and Master Chef ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.25 Td (Rudi Sodamin. In addition, the Digital ) Tj ET Q q 0 0 0 rg BT 207.92 434.25 Td (W) Tj ET Q q 0 0 0 rg BT 216.56 434.25 Td (orkshop powered by ) Tj ET Q q 0 0 0 rg BT 300.53 434.25 Td (W) Tj ET Q q 0 0 0 rg BT 309.56 434.25 Td (indows, in collaboration with Microsoft, of) Tj ET Q q 0 0 0 rg BT 489.46 434.25 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (complimentary photo and video editing classes. In the Explorations Caf created in partnership with ) Tj ET Q q 0 0 0 rg BT 462.36 422.25 Td (The New ) Tj ET Q q 0 0 0 rg BT 501.42 422.25 Td (Y) Tj ET Q q 0 0 0 rg BT 507.64 422.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 523.29 422.25 Td (T) Tj ET Q q 0 0 0 rg BT 529.05 422.25 Td (imes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (guests will find specialty cof) Tj ET Q q 0 0 0 rg BT 164.29 410.25 Td (fees, an extensive library and music listening stations. ) Tj ET Q q 0 0 0 rg BT 384.90 410.25 Td (The Greenhouse Spa and Salon has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (extensive wellness and beauty treatments, fitness classes and exercise equipment. Other marquee partnerships bring guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.25 Td (unique onboard experiences such as B.B. King) Tj ET Q q 0 0 0 rg BT 239.46 386.25 Td (s Blues Club and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.01 386.25 Td (Dancing with the Stars at Sea) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.17 386.25 Td (, featuring theme cruises, dance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (lessons and guest dance competitions developed in partnership with the hit television program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.20 350.25 Td (SEABOURN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Seabourn provides ultra-luxury cruising vacations on smaller ships that focus on personalized service and guest recognition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (spacious all-suite accommodations, award-winning gourmet dining and unique experiences such as the Of) Tj ET Q q 0 0 0 rg BT 473.92 320.25 Td (ficer on Deck ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (culinary event and the complimentary Evening in Epheus shore event where guests enjoy a classical music concert in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (ancient ruins. Seabourn was voted the Best Small-Ship Cruise Line by readers of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.92 296.25 Td (T) Tj ET Q q 0 0 0 rg BT 391.93 296.25 Td (ravel + Leisur) Tj ET Q q 0 0 0 rg BT 449.41 296.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.85 296.25 Td ( in five of the past six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (years and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.04 284.25 Td (Cond Nast T) Tj ET Q q 0 0 0 rg BT 144.50 284.25 Td (raveler) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.37 284.25 Td ( for four of the past five years. In addition, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.60 284.25 Td (Saveur) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.37 284.25 Td ( named Seabourn Best Culinary Cruise Line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (by its panel of travel experts and editors for the past two years. Seabourn) Tj ET Q q 0 0 0 rg BT 346.36 272.25 Td (s brand of) Tj ET Q q 0 0 0 rg BT 386.17 272.25 Td (fers travelers a compelling value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (proposition that includes complimentary open bars throughout the ship and fine wines during lunch and dinner) Tj ET Q q 0 0 0 rg BT 491.36 260.25 Td (. Seabourn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (pampers its guests with value-added extras such as Massage Moments) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 330.27 252.78 Td (SM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.93 248.25 Td ( on deck and Caviar in the Surf) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 463.62 252.78 Td (SM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.29 248.25 Td ( beach parties. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (2014, the luxurious Spa at Seabourn onboard the intimate, all-suite ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.45 236.25 Td (Seabourn Odyssey) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.60 236.25 Td ( was rated as the Best Spa on a Cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (Ship by the readers of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.19 224.25 Td (Cond Nast T) Tj ET Q q 0 0 0 rg BT 198.65 224.25 Td (raveler) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.53 224.25 Td ( in the magazine) Tj ET Q q 0 0 0 rg BT 296.11 224.25 Td (s annual poll of spa facilities worldwide. Readers also voted the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (spa facilities on three other Seabourn vessels among the top ten cruise ship spas. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (Seabourn) Tj ET Q q 0 0 0 rg BT 90.05 188.25 Td (s ships cruise to destinations throughout the world, including Europe, South ) Tj ET Q q 0 0 0 rg BT 395.30 188.25 Td (Africa, ) Tj ET Q q 0 0 0 rg BT 425.29 188.25 Td (Asia, the South Pacific Islands, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Australia, the ) Tj ET Q q 0 0 0 rg BT 105.32 176.25 Td (Americas and ) Tj ET Q q 0 0 0 rg BT 162.52 176.25 Td (Antarctica, with cruises generally from seven to 14 days, with some of longer length. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (Seabourn has introduced Extended Explorations, which is a novel way for travelers to enjoy longer cruises, with the added ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (luxury of a wide range of choices regarding where and when they sail. ) Tj ET Q q 0 0 0 rg BT 335.60 152.25 Td (The new) Tj ET Q q 0 0 0 rg BT 369.66 152.25 Td (, linked itineraries allow guests to deeply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (explore more extensive regions of the world on voyages ranging from 28 to more than 100 days. In 2014, Seabourn announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (a multi-year agreement with the United Nations Educational Scientific and Cultural Or) Tj ET Q q 0 0 0 rg BT 396.71 128.25 Td (ganization \(UNESCO\) to support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (UNESCO) Tj ET Q q 0 0 0 rg BT 92.28 116.25 Td (s mission of safeguarding unique cultural and natural features around the world. ) Tj ET Q q 0 0 0 rg BT 417.01 116.25 Td (This program is designed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (promote sustainable tourism and provide Seabourn) Tj ET Q q 0 0 0 rg BT 255.85 104.25 Td (s guests with unique access to and a greater understanding and enhanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (content at more than 150 ) Tj ET Q q 0 0 0 rg BT 151.23 92.25 Td (W) Tj ET Q q 0 0 0 rg BT 159.87 92.25 Td (orld Heritage Sites visited by the line.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (Seabourn currently operates three ships, which have between 450 and 458 passenger) Tj ET Q q 0 0 0 rg BT 387.52 68.25 Td (-capacity) Tj ET Q q 0 0 0 rg BT 423.51 68.25 Td (, and two 208-passenger capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (ships. ) Tj ET Q q 0 0 0 rg BT 77.38 56.25 Td (The three lar) Tj ET Q q 0 0 0 rg BT 128.28 56.25 Td (ger ships of) Tj ET Q q 0 0 0 rg BT 174.76 56.25 Td (fer more categories of luxury suites, more dining alternatives and have some of the lar) Tj ET Q q 0 0 0 rg BT 519.18 56.25 Td (gest spa ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (facilities at sea. In response to the popularity of its spas with cruising travelers, Seabourn has created a new category of luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (accommodations called Penthouse Spa Suites, which have a spacious living area, private veranda, sweeping views of the ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (and unlimited access to the spa. Penthouse Spa Suites are currently available on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.58 716.10 Td (Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.91 716.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 414.41 716.10 Td (Quest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.74 716.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.18 716.10 Td (Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.51 716.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.01 716.10 Td (Odyssey) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.33 716.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (will be added to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.15 704.10 Td (Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.48 704.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.98 704.10 Td (Sojourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.65 704.10 Td ( in 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (All of the Seabourn ships have a service ratio of nearly one staf) Tj ET Q q 0 0 0 rg BT 303.12 680.10 Td (f member per guest and an intimate, sociable atmosphere that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (has been the hallmark of the Seabourn lifestyle since it began its operations in 1988. Seabourn has two new 604-passenger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (capacity ships scheduled for delivery in November 2016 and ) Tj ET Q q 0 0 0 rg BT 294.15 656.10 Td (April 2018. ) Tj ET Q q 0 0 0 rg BT 345.08 656.10 Td (The passenger capacity of Seabourn will increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (44% after taking into consideration these two newbuilds, net of the capacity of its three smaller ships that were sold in 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (one of which left its fleet in ) Tj ET Q q 0 0 0 rg BT 161.97 632.10 Td (April 2014 and the remaining two which will be leaving by May 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.70 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 605.70 Td (IV) Tj ET Q q 0 0 0 rg BT 72.32 605.70 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 79.82421875 604.13505859375 m 187.431640625 604.13505859375 l s q 0 0 0 rg BT 79.82 605.70 Td (Eur) Tj ET Q q 0 0 0 rg BT 96.31 605.70 Td (ope, ) Tj ET Q q 0 0 0 rg BT 115.76 605.70 Td (Australia & ) Tj ET Q q 0 0 0 rg BT 168.54 605.70 Td (Asia) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 187.43 605.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.50 581.70 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 580.13505859375 m 116.9892578125 580.13505859375 l s q 0 0 0 rg BT 85.50 581.70 Td (Eur) Tj ET Q q 0 0 0 rg BT 101.99 581.70 Td (ope) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 557.70 Td (e believe that Europe is the lar) Tj ET Q q 0 0 0 rg BT 179.57 557.70 Td (gest leisure travel vacation region in the world. However) Tj ET Q q 0 0 0 rg BT 409.09 557.70 Td (, cruising in Europe to date has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.70 Td (lower level of penetration than in North ) Tj ET Q q 0 0 0 rg BT 210.29 545.70 Td (America and represents a relatively small percentage of the European vacation markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.70 Td (Approximately 6.4 million European-sourced guests took multi-night cruise vacations in 2013 compared to 1) Tj ET Q q 0 0 0 rg BT 485.71 533.70 Td (1.7 million North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.70 Td (American-sourced guests. ) Tj ET Q q 0 0 0 rg BT 157.80 521.70 Td (Additionally) Tj ET Q q 0 0 0 rg BT 207.70 521.70 Td (, we estimate that 6.4 million European-sourced guests also cruised in 2014. Because of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.70 Td (the relatively low penetration rates and other favorable characteristics of the cruise industry) Tj ET Q q 0 0 0 rg BT 414.81 509.70 Td (, we expect increased demand in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.70 Td (cruise segments of the European vacation markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.90 Td (The most popular location visited by European-sourced cruise guests in 2014 was the Mediterranean Sea and other locations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.90 Td (include ) Tj ET Q q 0 0 0 rg BT 80.88 462.90 Td (Atlantic Isles \(including the Canary Islands and Madeira\), Northern Europe \(including Scandinavia\), the Caribbean, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.90 Td (Bermuda, the ) Tj ET Q q 0 0 0 rg BT 105.32 450.90 Td (Arabian Gulf and the Indian Ocean, China, Japan, South Korea, South ) Tj ET Q q 0 0 0 rg BT 388.31 450.90 Td (America, New ) Tj ET Q q 0 0 0 rg BT 448.74 450.90 Td (Y) Tj ET Q q 0 0 0 rg BT 454.96 450.90 Td (ork, New England and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.90 Td (Canada.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 414.90 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 414.90 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 414.90 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 95.5 413.33505859375 m 166.9013671875 413.33505859375 l s q 0 0 0 rg BT 95.50 414.90 Td (United Kingdom) Tj ET Q /GS0 gs q 281.00 0 0 50.00 165.50 359.90 cm /I25 Do Q BT /F1 24.00 Tf ET q 0 0 0 rg BT 446.50 359.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.50 359.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.90 Td (The UK provides the lar) Tj ET Q q 0 0 0 rg BT 146.51 347.90 Td (gest number of cruise guests sourced in Europe. ) Tj ET Q q 0 0 0 rg BT 342.58 347.90 Td (Approximately 1.7 million UK-sourced guests took a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.90 Td (multi-night cruise vacation in 2013, and we estimate that a similar number of guests cruised in 2014. Cruising in the UK is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.90 Td (well-established alternative to land-based vacations. P&O Cruises \(UK\) sources substantially all its guests from the UK. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.90 Td (Cunard sources approximately half of its guests from the UK and sources principally all of its other guests from North ) Tj ET Q q 0 0 0 rg BT 524.40 311.90 Td (America, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.90 Td (Germany and ) Tj ET Q q 0 0 0 rg BT 105.59 299.90 Td (Australia. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.85 287.90 Td (P&O CRUISES \(UK\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.90 Td (P&O Cruises \(UK\) is the leading and most recognized cruise brand in the UK and can trace its roots back 177 years to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.90 Td (formation of the Peninsular Steam Navigation Company) Tj ET Q q 0 0 0 rg BT 274.36 257.90 Td (. P&O Cruises \(UK\) is dedicated to providing the holiday of a lifetime ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.90 Td (to its British guests and operates a fleet of seven premium ships that vary in size from 700 to 3,100 lower berths. ) Tj ET Q q 0 0 0 rg BT 504.50 245.90 Td (Three of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.90 Td (ships of) Tj ET Q q 0 0 0 rg BT 80.71 233.90 Td (fer holidays exclusively for adults while the other ships are well-suited for families. P&O Cruises \(UK\) has a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.90 Td (3,647-passenger capacity ship, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.74 221.90 Td (Britannia,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.57 221.90 Td ( scheduled to be delivered in February 2015, which will increase its existing passenger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.90 Td (capacity by 25%. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.64 209.90 Td (Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.98 209.90 Td ( will be the lar) Tj ET Q q 0 0 0 rg BT 219.55 209.90 Td (gest cruise ship built exclusively for the British market. British Broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.90 Td (Corporation \(BBC\) Formula One racing presenter Suzi Perry started the engines of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.74 197.90 Td (Britannia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.57 197.90 Td (for the first time in 2014, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.90 Td (part of a series of creative events leading up to the christening of this new ship. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.07 185.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.90 Td (P&O Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 128.94 161.90 Td (s ships visit over 200 destinations worldwide, with cruises generally from seven to 17 days, with a number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.90 Td (of longer voyages, including two world cruises of over 100 days in 2015. ) Tj ET Q q 0 0 0 rg BT 347.04 149.90 Td (The line also of) Tj ET Q q 0 0 0 rg BT 409.34 149.90 Td (fers a number of shorter cruises ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.90 Td (designed to attract first time cruisers. In the summer) Tj ET Q q 0 0 0 rg BT 260.15 137.90 Td (, cruises generally depart from Southampton, England to the Mediterranean ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.90 Td (Sea, Scandinavia and the Baltic Sea, New England and Canada, the ) Tj ET Q q 0 0 0 rg BT 321.08 125.90 Td (Atlantic Isles and the Caribbean. In the summer) Tj ET Q q 0 0 0 rg BT 514.24 125.90 Td (, P&O ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.90 Td (Cruises \(UK\) also of) Tj ET Q q 0 0 0 rg BT 132.36 113.90 Td (fers seven or 14 day voyages departing from ) Tj ET Q q 0 0 0 rg BT 312.68 113.90 Td (V) Tj ET Q q 0 0 0 rg BT 318.79 113.90 Td (enice and Genoa, Italy and sailing in the Mediterranean. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.90 Td (the winter) Tj ET Q q 0 0 0 rg BT 89.36 101.90 Td (, the line generally of) Tj ET Q q 0 0 0 rg BT 174.43 101.90 Td (fers cruises in the Caribbean, the Mediterranean, the Canary Islands and world cruises. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.90 Td (P&O Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 128.94 77.90 Td (s fleet reflects the tastes and trends of contemporary Britain in ambiance, dining, entertainment and service. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.90 Td (This is enhanced through partnerships with British celebrity chefs Marco Pierre ) Tj ET Q q 0 0 0 rg BT 370.07 65.90 Td (White, ) Tj ET Q q 0 0 0 rg BT 398.95 65.90 Td (Atul Kochhar) Tj ET Q q 0 0 0 rg BT 453.25 65.90 Td (, James Martin and Eric ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.90 Td (Lanlard and with British wine expert Olly Smith. ) Tj ET Q q 0 0 0 rg BT 250.96 53.90 Td (The line also of) Tj ET Q q 0 0 0 rg BT 313.25 53.90 Td (fers cruises themed after the popular television series, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.68 53.90 Td (Strictly ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Come Dancing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.77 740.10 Td ( from the BBC, where professional dancers, judges and guests bring all the glamour of the ballroom to the sea. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (P&O Cruises \(UK\) provides an authentic, quality cruise experience and has an enviable reputation for trust and reliability) Tj ET Q q 0 0 0 rg BT 535.37 728.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (highlighted by high levels of customer loyalty) Tj ET Q q 0 0 0 rg BT 233.26 716.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (In 2014, P&O Cruises \(UK\) introduced a new contemporary external design on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.70 692.10 Td (Aur) Tj ET Q q 0 0 0 rg BT 384.33 692.10 Td (ora ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.72 692.10 Td (that stylishly incorporates the national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (flag of the UK sweeping down the sides of its hull. ) Tj ET Q q 0 0 0 rg BT 257.90 680.10 Td (The ship also has a blue funnel carrying an illuminated rising sun, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (represents the Oriental part of the Peninsular and Oriental name. ) Tj ET Q q 0 0 0 rg BT 312.00 668.10 Td (The new design symbolizes the future while celebrating its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (British traditions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.50 656.10 Td (Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.83 656.10 Td ( will also feature the new design when it enters service in 2015 and the remainder of the fleet will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (receive the design enhancements by the end of 2016. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.81 644.10 Td (Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 644.10 Td ( will include a number of new innovations for passengers, most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (notably the culinary school in collaboration with James Martin and the Limelight Club, which will combine great food with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (dazzling entertainment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.30 596.10 Td (CUNARD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (Cunard celebrates its 175) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 150.86 582.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.91 578.10 Td ( anniversary in 2015. ) Tj ET Q q 0 0 0 rg BT 245.16 578.10 Td (The line operates three premium/luxury ships, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.05 578.10 Td (Queen Elizabeth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.42 578.10 Td (,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.92 578.10 Td ( Queen Mary 2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.94 566.10 Td ( Queen V) Tj ET Q q 0 0 0 rg BT 100.40 566.10 Td (ictoria,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.57 566.10 Td ( and has one of the youngest fleets in the cruise industry) Tj ET Q q 0 0 0 rg BT 353.59 566.10 Td (. During 2014, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.92 566.10 Td (Queen Mary 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.68 566.10 Td ( celebrated her 10) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 546.02 570.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.08 566.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (anniversary with an onboard concert by the world renowned singer) Tj ET Q q 0 0 0 rg BT 317.07 554.10 Td (, James ) Tj ET Q q 0 0 0 rg BT 348.83 554.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.24 554.10 Td (aylor) Tj ET Q q 0 0 0 rg BT 374.38 554.10 Td (, while she sailed on a ) Tj ET Q q 0 0 0 rg BT 465.01 554.10 Td (T) Tj ET Q q 0 0 0 rg BT 470.77 554.10 Td (ransatlantic crossing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (During 2015, Cunard ships, which have between 2,000 and 2,600-passenger capacity) Tj ET Q q 0 0 0 rg BT 389.32 542.10 Td (, will sail a variety of seasonal itineraries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (including world cruises to destinations in Northern Europe, the Mediterranean Sea and New England and Canada, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (their iconic transatlantic voyages on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.39 518.10 Td (Queen Mary 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 518.10 Td (. Most of Cunard) Tj ET Q q 0 0 0 rg BT 327.76 518.10 Td (s cruises are generally from seven to 14 days with three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (world cruises of over 100 days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (Cunard of) Tj ET Q q 0 0 0 rg BT 89.59 482.10 Td (fers guests a unique experience that celebrates its British heritage and enjoys an enviable association with the British ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (Royal Family) Tj ET Q q 0 0 0 rg BT 103.57 470.10 Td (. Her Majesty the Queen is Godmother to both ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.37 470.10 Td (Queen Elizabeth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.74 470.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.18 470.10 Td (Queen Mary 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.94 470.10 Td (. Cunard provides guests with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (the opportunity to relive the golden age of ocean travel and features sophisticated five-star dining, luxurious accommodations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (and award-winning ) Tj ET Q q 0 0 0 rg BT 129.29 446.10 Td (White Star Service. Cunard) Tj ET Q q 0 0 0 rg BT 244.54 446.10 Td (s premium/luxury cruise product enables its guests to enjoy a wide variety of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (shipboard amenities and entertainment, including spas, cinemas, a planetarium onboard ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.90 434.10 Td (Queen Mary 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.66 434.10 Td (, libraries, traditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (British pubs and theaters. Its renowned guest lecture program, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.77 422.10 Td (Insight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.54 422.10 Td (s, includes prominent speakers and entertainers such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (Buzz ) Tj ET Q q 0 0 0 rg BT 72.00 410.10 Td (Aldrin, FW) Tj ET Q q 0 0 0 rg BT 117.92 410.10 Td ( De Clerk, Kim Novak and Crosby Stills and Nash for 2015. Cunard ships also feature the Queen) Tj ET Q q 0 0 0 rg BT 511.74 410.10 Td (s Grill and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (Princess Grill, which are renowned for their exclusive suites and intimate dining rooms. ) Tj ET Q q 0 0 0 rg BT 405.90 398.10 Td (T) Tj ET Q q 0 0 0 rg BT 411.31 398.10 Td (ogether) Tj ET Q q 0 0 0 rg BT 440.90 398.10 Td (, these features further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (distinguish this historic brand from all others and have made Cunard ships the Most Famous Ocean Liners In ) Tj ET Q q 0 0 0 rg BT 488.13 386.10 Td (The ) Tj ET Q q 0 0 0 rg BT 506.00 386.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.64 386.10 Td (orld) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 530.75 390.63 Td (SM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.14 386.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 59.5 360.53505859375 m 144.05078125 360.53505859375 l s q 0 0 0 rg BT 59.50 362.10 Td (Continental Eur) Tj ET Q q 0 0 0 rg BT 129.05 362.10 Td (ope) Tj ET Q /GS0 gs q 88.00 0 0 54.00 206.00 293.10 cm /I26 Do Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 294.00 293.10 Td ( ) Tj ET Q /GS0 gs q 94.00 0 0 64.00 312.00 293.10 cm /I27 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (The main countries in continental Europe for sourcing cruise guests are Germany) Tj ET Q q 0 0 0 rg BT 374.02 275.10 Td (, Italy) Tj ET Q q 0 0 0 rg BT 396.70 275.10 Td (, France and Spain. ) Tj ET Q q 0 0 0 rg BT 478.44 275.10 Td (T) Tj ET Q q 0 0 0 rg BT 483.85 275.10 Td (ogether) Tj ET Q q 0 0 0 rg BT 513.44 275.10 Td (, almost 3.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (million cruise guests were sourced from these countries for multi-night cruise vacations in 2013, and we estimate that a similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (number of guests also cruised in 2014. ) Tj ET Q q 0 0 0 rg BT 208.46 251.10 Td (The German cruise industry reached more than 1.7 million guests in 2014 and is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (second lar) Tj ET Q q 0 0 0 rg BT 90.13 239.10 Td (gest source market in Europe, after the UK. ) Tj ET Q q 0 0 0 rg BT 269.06 239.10 Td (The Italian cruise industry is the third lar) Tj ET Q q 0 0 0 rg BT 432.44 239.10 Td (gest in Europe with almost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (870,000 guests in 2014. ) Tj ET Q q 0 0 0 rg BT 149.60 227.10 Td (The French and Spanish cruise industries are the fourth and fifth lar) Tj ET Q q 0 0 0 rg BT 420.17 227.10 Td (gest in Europe with almost 520,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (guests and 470,000 guests in 2014, respectively) Tj ET Q q 0 0 0 rg BT 239.38 215.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (The principal sources for Costa) Tj ET Q q 0 0 0 rg BT 177.80 191.10 Td (s guests are from Italy) Tj ET Q q 0 0 0 rg BT 266.01 191.10 Td (, China, France and Germany) Tj ET Q q 0 0 0 rg BT 383.10 191.10 Td (, although it also sources a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (number of guests from Spain, ) Tj ET Q q 0 0 0 rg BT 170.04 179.10 Td (Ar) Tj ET Q q 0 0 0 rg BT 180.41 179.10 Td (gentina and Brazil. ) Tj ET Q q 0 0 0 rg BT 260.67 179.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 285.11 179.10 Td ( sources substantially all of its guests from Germany) Tj ET Q q 0 0 0 rg BT 494.42 179.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.40 155.10 Td (COST) Tj ET Q q 0 0 0 rg BT 315.89 155.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Costa is Europe) Tj ET Q q 0 0 0 rg BT 115.60 137.10 Td (s lar) Tj ET Q q 0 0 0 rg BT 132.36 137.10 Td (gest cruise line based on guests carried and passenger capacity) Tj ET Q q 0 0 0 rg BT 381.89 137.10 Td (. In 2014, Costa carried 1.7 million guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (sourced from around the world. It is also the number one cruise line in Italy and France and one of the lar) Tj ET Q q 0 0 0 rg BT 473.35 125.10 Td (gest cruise lines in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (German cruise industry) Tj ET Q q 0 0 0 rg BT 142.71 113.10 Td (. Costa has been providing cruises for 67 years and operates a fleet of 15 contemporary ships. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (Germany) Tj ET Q q 0 0 0 rg BT 86.06 101.10 Td (, where we also own and operate ) Tj ET Q q 0 0 0 rg BT 218.79 101.10 Td (AIDA, Costa of) Tj ET Q q 0 0 0 rg BT 282.21 101.10 Td (fers a more traditional cruise product and services catering to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 89.10 Td (ferent guest profile than ) Tj ET Q q 0 0 0 rg BT 158.17 89.10 Td (AIDA. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (Costa calls on 270 ports around the world and of) Tj ET Q q 0 0 0 rg BT 244.01 65.10 Td (fers 150 dif) Tj ET Q q 0 0 0 rg BT 289.92 65.10 Td (ferent itineraries, with cruises generally from seven to 1) Tj ET Q q 0 0 0 rg BT 513.08 65.10 Td (1 days. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (the summer) Tj ET Q q 0 0 0 rg BT 96.03 53.10 Td (, Costa deploys its ships in the Mediterranean Sea and Northern Europe. In the winter) Tj ET Q q 0 0 0 rg BT 440.27 53.10 Td (, Costa deploys its ships in ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Brazil and ) Tj ET Q q 0 0 0 rg BT 92.82 740.10 Td (Ar) Tj ET Q q 0 0 0 rg BT 103.19 740.10 Td (gentina, the Mediterranean Sea, the Caribbean and the ) Tj ET Q q 0 0 0 rg BT 322.00 740.10 Td (Arabian Gulf. Costa is an undisputed leader in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Mediterranean where it boasts a tradition spanning close to seven decades and was the first cruise company to operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Mediterranean cruises year) Tj ET Q q 0 0 0 rg BT 157.58 716.10 Td (-round. See Part I, Item 1. Business. C. Our Global Cruise Business ) Tj ET Q q 0 0 0 rg BT 444.50 716.10 Td (Asia for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (discussion of Costa) Tj ET Q q 0 0 0 rg BT 130.06 704.10 Td (s operations in ) Tj ET Q q 0 0 0 rg BT 190.33 704.10 Td (Asia. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Costa) Tj ET Q q 0 0 0 rg BT 75.06 680.10 Td (s new 3,692-passenger capacity ship, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.85 680.10 Td (Costa Diadema) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.35 680.10 Td (, was delivered in October 2014 and increased its passenger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (capacity by 1) Tj ET Q q 0 0 0 rg BT 102.44 668.10 Td (1%. ) Tj ET Q q 0 0 0 rg BT 123.09 668.10 Td (The brand) Tj ET Q q 0 0 0 rg BT 166.68 668.10 Td (s new flagship of) Tj ET Q q 0 0 0 rg BT 235.10 668.10 Td (fers unique onboard attractions, such as the Passeggiata al Mare \(or Seaside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 656.10 Td (alk\), a specifically-themed deck around the ship that resembles a gor) Tj ET Q q 0 0 0 rg BT 332.58 656.10 Td (geous Italian Riviera seafront with bars and restaurants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (In 2015, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.33 644.10 Td (Costa Diadema) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.83 644.10 Td ( will take guests to the most celebrated destinations in the ) Tj ET Q q 0 0 0 rg BT 380.65 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.29 644.10 Td (estern Mediterranean and introduce new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (excursions, such as tastings and cycling tours, which enable its guests to experience each port-of-call in a unique way) Tj ET Q q 0 0 0 rg BT 518.71 632.10 Td (. ) Tj ET Q q 0 0 0 rg BT 525.66 632.10 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (exclusive feature on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.52 620.10 Td (Costa Diadema ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.52 620.10 Td (will be Star Laser) Tj ET Q q 0 0 0 rg BT 267.93 620.10 Td (, a completely new area that will amaze guests with dif) Tj ET Q q 0 0 0 rg BT 487.39 620.10 Td (ferent styles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (interactive laser games. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (During 2014, Costa enhanced its international advertising activities to support its sales growth and launched a new advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (campaign to support its position as the world ambassador of Italy) Tj ET Q q 0 0 0 rg BT 313.34 572.10 Td (s finest. Costa) Tj ET Q q 0 0 0 rg BT 375.01 572.10 Td (s ships represent the best of Italy by of) Tj ET Q q 0 0 0 rg BT 529.24 572.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (beautiful Italian art, unique interior decorations with superb Italian mosaics, precious Murano chandeliers, fine Italian wines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (excellent Mediterranean food selections and unique shops that carry well-known Italian fashion brands. Costa attracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (international guests due to its multi-lingual service and is considered in Europe to be a top vacation provider) Tj ET Q q 0 0 0 rg BT 482.44 536.10 Td (. Costa is also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (known for of) Tj ET Q q 0 0 0 rg BT 101.53 524.10 Td (fering innovative itineraries that combine the excitement of new destinations with pampering onboard service and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (ambiance. ) Tj ET Q q 0 0 0 rg BT 95.13 512.10 Td (The spectacular Samsara spa wellness center includes a dedicated restaurant and cabins with direct access to the spa. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (In 2014, Costa debuted a new style of cruising onboard three of its smaller ships with the advent of the neoCollection. ) Tj ET Q q 0 0 0 rg BT 526.44 488.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (neoCollection cruises are an invitation to make the most of every minute and enjoy the holiday in a more leisurely way) Tj ET Q q 0 0 0 rg BT 524.83 476.10 Td (. ) Tj ET Q q 0 0 0 rg BT 532.15 476.10 Td (This is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (a new type of Costa cruise experience that is tailored to suit individual tastes and allows each guest to go at their own pace, both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (onboard and ashore, making it an ideal vacation for couples as well as groups of friends. ) Tj ET Q q 0 0 0 rg BT 407.83 452.10 Td (The exclusive cruise itineraries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (include longer port calls and sailings to destinations inaccessible by lar) Tj ET Q q 0 0 0 rg BT 333.14 440.10 Td (ger cruise ships, including destinations declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (UNESCO ) Tj ET Q q 0 0 0 rg BT 91.82 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 100.46 428.10 Td (orld Heritage Sites. ) Tj ET Q q 0 0 0 rg BT 182.76 428.10 Td (The neoCollection of) Tj ET Q q 0 0 0 rg BT 267.56 428.10 Td (fers 1) Tj ET Q q 0 0 0 rg BT 289.68 428.10 Td (1 day sailings to the most attractive destinations in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Mediterranean Sea during spring and summer) Tj ET Q q 0 0 0 rg BT 232.10 416.10 Td (, as well as 12 and 14 day cruises in Northern Europe also during the summer) Tj ET Q q 0 0 0 rg BT 541.48 416.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (The neoCollection cruises of) Tj ET Q q 0 0 0 rg BT 164.56 404.10 Td (fer a range of options, such as specially designed shore excursions for small groups and fine food ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (and wine options based on the authentic cuisine of the regions visited. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.45 368.10 Td (AIDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (AIDA, which began operating in 1996, is the leader and most recognized cruise brand in the German cruise industry) Tj ET Q q 0 0 0 rg BT 514.27 350.10 Td (. Germany ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (is our fastest growing European market and ) Tj ET Q q 0 0 0 rg BT 225.84 338.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 250.29 338.10 Td ( is our fastest growing cruise brand. ) Tj ET Q q 0 0 0 rg BT 397.76 338.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 422.20 338.10 Td ( has taken delivery of seven ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (in the past eight years and now operates ten premium ships featuring a resort casual atmosphere. ) Tj ET Q q 0 0 0 rg BT 439.38 326.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 463.83 326.10 Td ( has one new ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (scheduled to be delivered in September 2015 and another one in March 2016, which together will increase its existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (passenger capacity by 35%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 73.39 278.10 Td () Tj ET Q q 0 0 0 rg BT 76.17 278.10 Td (s two newbuilds are a new design, lar) Tj ET Q q 0 0 0 rg BT 225.95 278.10 Td (ger than ) Tj ET Q q 0 0 0 rg BT 260.38 278.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 284.27 278.10 Td () Tj ET Q q 0 0 0 rg BT 287.04 278.10 Td (s current generation of vessels and combine an advanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (technological platform featuring a new ener) Tj ET Q q 0 0 0 rg BT 224.52 266.10 Td (gy ef) Tj ET Q q 0 0 0 rg BT 244.61 266.10 Td (ficient hull design along with innovative guest features. ) Tj ET Q q 0 0 0 rg BT 471.59 266.10 Td (These 3,286-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (passenger capacity ships feature several unique amenities, such as two foil-domed outside decks that can be used year) Tj ET Q q 0 0 0 rg BT 520.80 254.10 Td (-round, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (the new Four Elements Fun Park with the world) Tj ET Q q 0 0 0 rg BT 244.48 242.10 Td (s lar) Tj ET Q q 0 0 0 rg BT 261.23 242.10 Td (gest water slide at sea, an ice-skating rink, Lanai cabins with private winter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (gardens, as well as ) Tj ET Q q 0 0 0 rg BT 126.42 230.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 150.31 230.10 Td () Tj ET Q q 0 0 0 rg BT 153.09 230.10 Td (s onboard hallmarks, such as a theater in the center of the ship) Tj ET Q q 0 0 0 rg BT 404.40 230.10 Td (s atrium and a micro-brewery) Tj ET Q q 0 0 0 rg BT 522.03 230.10 Td (. ) Tj ET Q q 0 0 0 rg BT 528.98 230.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 552.87 230.10 Td () Tj ET Q q 0 0 0 rg BT 555.65 230.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (brand image underlines its leadership in the German speaking vacation market and highlights its product) Tj ET Q q 0 0 0 rg BT 470.50 218.10 Td (s individuality) Tj ET Q q 0 0 0 rg BT 527.35 218.10 Td (, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (is Unique. Every timeAIDA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 73.94 182.10 Td ( of) Tj ET Q q 0 0 0 rg BT 84.59 182.10 Td (fers its guests cruises generally from three to 21 days, while calling on over 190 ports. In the summer) Tj ET Q q 0 0 0 rg BT 491.59 182.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.04 182.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 520.49 182.10 Td ( ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (generally sail in the North Sea, the Baltic Sea, the ) Tj ET Q q 0 0 0 rg BT 250.55 170.10 Td (Atlantic, the Mediterranean Sea, the U.S. East Coast and Canada. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (winter) Tj ET Q q 0 0 0 rg BT 74.65 158.10 Td (, ) Tj ET Q q 0 0 0 rg BT 79.09 158.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 103.54 158.10 Td ( ships generally sail in the Caribbean, Southeast ) Tj ET Q q 0 0 0 rg BT 297.11 158.10 Td (Asia, the ) Tj ET Q q 0 0 0 rg BT 334.61 158.10 Td (Arabian Gulf, Central ) Tj ET Q q 0 0 0 rg BT 424.03 158.10 Td (America, the ) Tj ET Q q 0 0 0 rg BT 477.62 158.10 Td (Atlantic Isles and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (Mediterranean Sea.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 73.39 122.10 Td () Tj ET Q q 0 0 0 rg BT 76.17 122.10 Td (s product is especially tailored for German-speaking guests and includes a German-speaking crew as well as German-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (style food and entertainment. ) Tj ET Q q 0 0 0 rg BT 170.58 110.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 194.47 110.10 Td () Tj ET Q q 0 0 0 rg BT 197.24 110.10 Td (s ships include a variety of informal and formal dining options, including buf) Tj ET Q q 0 0 0 rg BT 505.62 110.10 Td (fets, grills ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (and exclusive restaurants. ) Tj ET Q q 0 0 0 rg BT 156.97 98.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 181.41 98.10 Td ( of) Tj ET Q q 0 0 0 rg BT 192.06 98.10 Td (fers an exceptionally relaxed, yet active, cruising experience with an emphasis on a healthy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (and youthful lifestyle, choice, informality) Tj ET Q q 0 0 0 rg BT 215.47 86.10 Td (, family friendliness and activity) Tj ET Q q 0 0 0 rg BT 344.51 86.10 Td (. In 2014, ) Tj ET Q q 0 0 0 rg BT 387.29 86.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 411.73 86.10 Td ( was voted Germany) Tj ET Q q 0 0 0 rg BT 496.99 86.10 Td (s most family-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (friendly cruise company based on an independent survey) Tj ET Q q 0 0 0 rg BT 276.28 74.10 Td (. Family friendliness is a top priority onboard ) Tj ET Q q 0 0 0 rg BT 462.37 74.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 486.81 74.10 Td ( ships and is also a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (key component of its philosophy) Tj ET Q q 0 0 0 rg BT 179.95 62.10 Td (. ) Tj ET Q q 0 0 0 rg BT 187.27 62.10 Td (This includes onboard facilities designed with children in mind, family-focused of) Tj ET Q q 0 0 0 rg BT 516.17 62.10 Td (ferings, ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (warm-hearted childcare services and family-friendly cabins with connecting doors. ) Tj ET Q q 0 0 0 rg BT 386.14 740.10 Td (These features provide the perfect vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (experience for the entire family) Tj ET Q q 0 0 0 rg BT 174.90 728.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 704.10 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 702.53505859375 m 125.5 702.53505859375 l s q 0 0 0 rg BT 85.50 704.10 Td (Australia) Tj ET Q /GS0 gs q 388.00 0 0 36.00 112.00 663.10 cm /I28 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.10 Td (Approximately 840,000 ) Tj ET Q q 0 0 0 rg BT 146.99 645.10 Td (Australian and New Zealand guests took multi-night cruise vacations in 2013, and we estimate that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.10 Td (almost 950,000 guests cruised in 2014. Of these, over 70% sailed on Carnival Corporation & plc branded vessels. Cruising in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.10 Td (Australia is an established alternative to land-based vacations. However) Tj ET Q q 0 0 0 rg BT 339.00 621.10 Td (, due to the favorable characteristics of the cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.10 Td (industry) Tj ET Q q 0 0 0 rg BT 81.63 609.10 Td (, we expect increased demand in the cruise segment of the ) Tj ET Q q 0 0 0 rg BT 315.98 609.10 Td (Australian vacation market. By the end of 2015, we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.10 Td (dedicate nine ships year round and six ships on a seasonal basis to serve this market through our P&O Cruises \(Australia\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.10 Td (Princess and Carnival Cruise Line brands. Some of our other brands also source guests from ) Tj ET Q q 0 0 0 rg BT 420.54 585.10 Td (Australia and New Zealand but to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.10 Td (a lesser extent. Carnival Cruise Line and Princess are primarily marketed in North ) Tj ET Q q 0 0 0 rg BT 382.45 573.10 Td (America, so we consider them North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.10 Td (America cruise brands for our cruise segment reporting, even though some of their ships are marketed principally to ) Tj ET Q q 0 0 0 rg BT 515.75 561.10 Td (Australians ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.10 Td (and New Zealanders during certain deployments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.90 525.10 Td (P&O CRUISES \(AUSTRALIA\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 507.10 Td (P&O Cruises \(Australia\) is a leader in the ) Tj ET Q q 0 0 0 rg BT 218.35 507.10 Td (Australian cruise industry and is recognized by nine out of ten ) Tj ET Q q 0 0 0 rg BT 469.12 507.10 Td (Australians as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 495.10 Td (brand synonymous with cruising. P&O Cruises \(Australia\) was voted one of ) Tj ET Q q 0 0 0 rg BT 359.19 495.10 Td (Australia) Tj ET Q q 0 0 0 rg BT 398.62 495.10 Td (s most trusted brands by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.34 495.10 Td (Readers Digest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.71 495.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.10 Td (in 2014. ) Tj ET Q q 0 0 0 rg BT 84.60 483.10 Td (W) Tj ET Q q 0 0 0 rg BT 93.64 483.10 Td (ith over 270,000 guests annually) Tj ET Q q 0 0 0 rg BT 223.25 483.10 Td (, P&O Cruises \(Australia\) carried almost 30% of all ) Tj ET Q q 0 0 0 rg BT 432.64 483.10 Td (Australian and New Zealand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 471.10 Td (cruise guests on its three contemporary ships in 2014. Its ships of) Tj ET Q q 0 0 0 rg BT 312.89 471.10 Td (fer cruises generally from three day themed seabreaks to ten ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (day explorer trips for guests of all ages and have broad appeal to families, couples and groups of friends. In November 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (P&O Cruises \(Australia\) will take delivery of the 1,260-passenger capacity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.47 447.10 Td (R) Tj ET Q q 0 0 0 rg BT 358.40 447.10 Td (yndam ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.56 447.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.50 447.10 Td (Statendam) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.71 447.10 Td ( from Holland ) Tj ET Q q 0 0 0 rg BT 505.32 447.10 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (Line, which will be refurbished and renamed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.66 435.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 262.30 435.10 Td (Aria) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.08 435.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.51 435.10 Td (Pacific Eden) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.88 435.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 403.54 435.10 Td (. ) Tj ET Q q 0 0 0 rg BT 410.86 435.10 Td (These two ships will increase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.10 Td (line) Tj ET Q q 0 0 0 rg BT 67.27 423.10 Td (s existing capacity by 52%. ) Tj ET Q q 0 0 0 rg BT 181.42 423.10 Td (As part of their refurbishments, these ships will feature the lar) Tj ET Q q 0 0 0 rg BT 429.22 423.10 Td (gest ever array of restaurant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 411.10 Td (ferings including a market place of fresh food outlets that will replace the traditional cruise buf) Tj ET Q q 0 0 0 rg BT 437.06 411.10 Td (fet.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.10 Td (P&O Cruises \(Australia\) sails to more South Pacific Island destinations than any other cruise line and it enables guests to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.10 Td (discover these islands from New Caledonia to Fiji. In addition, remote idyllic parts of Papua New Guinea are also included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.10 Td (their itineraries. P&O Cruises \(Australia\) also of) Tj ET Q q 0 0 0 rg BT 245.94 363.10 Td (fers year round itineraries to ) Tj ET Q q 0 0 0 rg BT 361.17 363.10 Td (Australia) Tj ET Q q 0 0 0 rg BT 400.61 363.10 Td (s magnificent coast line and New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.10 Td (Zealand. ) Tj ET Q q 0 0 0 rg BT 89.02 351.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.06 351.10 Td (ith a fleet of five ships, P&O \(Australia\) will have a lar) Tj ET Q q 0 0 0 rg BT 318.37 351.10 Td (ger footprint and will be able to open more of ) Tj ET Q q 0 0 0 rg BT 502.77 351.10 Td (Australia and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.10 Td (New Zealand for cruising, of) Tj ET Q q 0 0 0 rg BT 165.11 339.10 Td (fering extended seasons from existing homeports and adding new homeports and ports-of-call. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 315.10 Td (ith almost 80 years of cruising experience, P&O Cruises \(Australia\) provides a quintessential holiday experience for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (Australians and New Zealanders. ) Tj ET Q q 0 0 0 rg BT 187.05 303.10 Td (The onboard atmosphere is laid back with a focus on great food, friendly service and exciting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (entertainment. ) Tj ET Q q 0 0 0 rg BT 111.42 291.10 Td (Australians like to be active and the line caters to that by of) Tj ET Q q 0 0 0 rg BT 348.94 291.10 Td (fering numerous activities while also giving its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.10 Td (guests flexibility and freedom of choice during their cruises. In late 2013, P&O Cruises \(Australia\) launched P&OEdge) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 529.66 283.63 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.41 279.10 Td (, one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (of the most comprehensive adventure programs on the high seas. ) Tj ET Q q 0 0 0 rg BT 313.69 267.10 Td (The P&OEdge) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 372.85 271.63 Td (TM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.60 267.10 Td ( program provides its guests with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (opportunity to climb, swing, race and jump their way to parts of the ship never seen before by guests. ) Tj ET Q q 0 0 0 rg BT 459.50 255.10 Td (The activities, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.10 Td (include repelling, ziplining, tight-rope balancing, Segway obstacle courses, rock wall climbing and many more, have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.10 Td (specifically designed to make use of the ship) Tj ET Q q 0 0 0 rg BT 231.39 231.10 Td (s existing architecture to create one of the lar) Tj ET Q q 0 0 0 rg BT 411.13 231.10 Td (gest adventure parks at sea.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.25 204.70 Td (PRINCESS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.70 Td (In 2015, Princess will deploy three premium ships on a year) Tj ET Q q 0 0 0 rg BT 289.53 186.70 Td (-round basis and another two on a seasonal basis from ) Tj ET Q q 0 0 0 rg BT 507.82 186.70 Td (Australia. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.70 Td (During 2015, Princess will have the lar) Tj ET Q q 0 0 0 rg BT 205.68 174.70 Td (gest ) Tj ET Q q 0 0 0 rg BT 223.73 174.70 Td (Australian and New Zealand passenger capacity deployment of any cruise brand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.70 Td (Princess) Tj ET Q q 0 0 0 rg BT 85.42 162.70 Td ( ships visit the South Pacific Islands, ) Tj ET Q q 0 0 0 rg BT 234.30 162.70 Td (Australia, New Zealand and ) Tj ET Q q 0 0 0 rg BT 348.43 162.70 Td (Asia and the cruises are generally from 1) Tj ET Q q 0 0 0 rg BT 512.16 162.70 Td (1 to 17 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.70 Td (days, with one world cruise of over 100 days. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.35 126.70 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 285.06 126.70 Td (AL) Tj ET Q q 0 0 0 rg BT 298.40 126.70 Td ( CRUISE LINE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.70 Td (In 2015, Carnival Cruise Line will continue to deploy two contemporary ships from ) Tj ET Q q 0 0 0 rg BT 386.66 108.70 Td (Australia, one on a year) Tj ET Q q 0 0 0 rg BT 481.70 108.70 Td (-round basis and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.70 Td (one seasonally-based. ) Tj ET Q q 0 0 0 rg BT 141.51 96.70 Td (These ships of) Tj ET Q q 0 0 0 rg BT 199.10 96.70 Td (fer cruises from three to 19 days to the South Pacific Islands and New Zealand. ) Tj ET Q q 0 0 0 rg BT 520.77 96.70 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.70 Td (ships have been refurbished to ensure they are tailored to this market, pairing the best mix of award winning ) Tj ET Q q 0 0 0 rg BT 484.38 84.70 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.70 Td (innovations to suit ) Tj ET Q q 0 0 0 rg BT 125.34 72.70 Td (Australian tastes. Since October 2012 when Carnival Cruise Line began its ) Tj ET Q q 0 0 0 rg BT 429.44 72.70 Td (Australia cruise program, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.70 Td (line has carried more than 200,000 guests and has proven extremely popular in the cruise segment of the ) Tj ET Q q 0 0 0 rg BT 469.10 60.70 Td (Australian vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.70 Td (market, particularly among families. ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 740.25 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 738.68505859375 m 104.3916015625 738.68505859375 l s q 0 0 0 rg BT 85.50 740.25 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.25 687.25 Td ( ) Tj ET Q /GS0 gs q 288.00 0 0 48.00 175.75 687.25 cm /I29 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.25 Td (Although in the early stages of development, we believe the cruise segment of the ) Tj ET Q q 0 0 0 rg BT 379.12 669.25 Td (Asian vacation markets has significant long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.25 Td (term potential for growth. In 2013, the ) Tj ET Q q 0 0 0 rg BT 207.80 657.25 Td (Asia Cruise ) Tj ET Q q 0 0 0 rg BT 256.69 657.25 Td (Association \(ACA\) estimated that there were roughly 1.3 million ) Tj ET Q q 0 0 0 rg BT 527.73 657.25 Td (Asian-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.25 Td (sourced passengers from the 12 primary source markets in ) Tj ET Q q 0 0 0 rg BT 284.71 645.25 Td (Asia, of which Chinese-sourced were the lar) Tj ET Q q 0 0 0 rg BT 461.97 645.25 Td (gest share. ) Tj ET Q q 0 0 0 rg BT 508.99 645.25 Td (The ) Tj ET Q q 0 0 0 rg BT 526.49 645.25 Td (ACA) Tj ET Q q 0 0 0 rg BT 547.05 645.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.25 Td (also estimated that ) Tj ET Q q 0 0 0 rg BT 125.87 633.25 Td (Asian demand for cruises has the ability to almost triple to four million annual cruisers by 2020, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.25 Td (Chinese source market potentially growing to roughly 1.6 million passengers. ) Tj ET Q q 0 0 0 rg BT 364.72 621.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 414.06 621.25 Td (, we view ) Tj ET Q q 0 0 0 rg BT 454.61 621.25 Td (Asia as an important part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.25 Td (of our global strategy and remain committed to capacity growth focused on the emer) Tj ET Q q 0 0 0 rg BT 387.82 609.25 Td (ging vacation markets in this region. Over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.25 Td (the past three years, we have increased our presence in the region by opening 12 sales and marketing of) Tj ET Q q 0 0 0 rg BT 463.33 597.25 Td (fices in six ) Tj ET Q q 0 0 0 rg BT 508.61 597.25 Td (Asian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.25 Td (countries and established a corporate of) Tj ET Q q 0 0 0 rg BT 207.87 585.25 Td (fice in Singapore.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 561.25 Td (e serve this market substantially through our Costa and Princess brands although some of our other brands also source guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.25 Td (from ) Tj ET Q q 0 0 0 rg BT 70.89 549.25 Td (Asia. Princess is primarily marketed in North ) Tj ET Q q 0 0 0 rg BT 256.69 549.25 Td (America, so we consider it a North ) Tj ET Q q 0 0 0 rg BT 398.31 549.25 Td (America cruise brand for our cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.25 Td (segment reporting, even though some of its ships are marketed principally to ) Tj ET Q q 0 0 0 rg BT 358.04 537.25 Td (Asians during certain deployments.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 103.5 511.68505859375 m 129.623046875 511.68505859375 l s q 0 0 0 rg BT 103.50 513.25 Td (China) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.25 Td (Over the past decade China has been, by far) Tj ET Q q 0 0 0 rg BT 224.86 489.25 Td (, the world) Tj ET Q q 0 0 0 rg BT 270.69 489.25 Td (s fastest growing tourism source market. In 2012, China) Tj ET Q q 0 0 0 rg BT 500.37 489.25 Td (s consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.25 Td (expenditures on travel abroad reached over $100 billion, making it the number one tourism source market in the world based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.25 Td (spending, according to the United Nations ) Tj ET Q q 0 0 0 rg BT 220.67 465.25 Td (W) Tj ET Q q 0 0 0 rg BT 229.31 465.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 247.74 465.25 Td (T) Tj ET Q q 0 0 0 rg BT 253.15 465.25 Td (ourism Or) Tj ET Q q 0 0 0 rg BT 293.80 465.25 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 342.77 465.25 Td (T) Tj ET Q q 0 0 0 rg BT 348.18 465.25 Td (ourism is one of the most rapidly growing sectors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.25 Td (the Chinese economy as Chinese discretionary income has increased at a compound average annual growth rate of over 10% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.25 Td (over the past five years. More than 100 million Chinese tourists are expected to have travelled abroad in 2014. Since 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.25 Td (international cruise companies have increased their investments in China, doubling the number of cruise ships, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.25 Td (increasing the routes and frequency of sailings. ) Tj ET Q q 0 0 0 rg BT 242.50 417.25 Td (As a result, the number of Chinese tourists taking cruises increased by more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.25 Td (than 50% in 2014. Based on an internal survey) Tj ET Q q 0 0 0 rg BT 238.25 405.25 Td (, by 2017 China has the potential to become one of the lar) Tj ET Q q 0 0 0 rg BT 469.40 405.25 Td (gest cruise markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.25 Td (By 2022, it is estimated that more than 75% of urban Chinese households will be in the middle class. Reflecting this potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.25 Td (growth, the Chinese government has identified cruising as an industry to further develop and is making substantial investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.25 Td (in cruise-related infrastructure, such as cruise port terminals and shipbuilding. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.25 Td (In 2006, we began sourcing our Chinese guests mostly from major areas, such as Shanghai, Beijing, Jiangsu and Guangdong, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.25 Td (which have a combined population of approximately 230 million. ) Tj ET Q q 0 0 0 rg BT 316.76 333.25 Td (W) Tj ET Q q 0 0 0 rg BT 325.40 333.25 Td (e believe the cruise segment of the Chinese vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.25 Td (market has significant long-term growth potential given its early stage of development with healthy demand from these first-tier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.25 Td (mega cities and areas, the lar) Tj ET Q q 0 0 0 rg BT 164.82 309.25 Td (ge and growing middle-class population, cruising) Tj ET Q q 0 0 0 rg BT 365.33 309.25 Td (s value proposition as a family oriented vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.25 Td (alternative for the growing middle-class Chinese consumer) Tj ET Q q 0 0 0 rg BT 285.14 297.25 Td (, the easing of travel restrictions, increasing support from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.25 Td (Chinese government and expansion of their international tourism aspirations. Due to the high importance we place on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.25 Td (emer) Tj ET Q q 0 0 0 rg BT 69.30 273.25 Td (ging China cruise market, we relocated our Chief Operations Of) Tj ET Q q 0 0 0 rg BT 325.71 273.25 Td (ficer to China in 2014 to oversee our brands) Tj ET Q q 0 0 0 rg BT 504.36 273.25 Td ( strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.25 Td (initiatives and coordinate our growth strategy in China and the surrounding markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.25 Td (As we execute our strategy to accelerate growth in China, we have the benefit of eight years of local experience to help guide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.25 Td (our expansion and enhance our cruise products and services and make them even more attractive to our Chinese guests. ) Tj ET Q q 0 0 0 rg BT 531.84 225.25 Td (As part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.25 Td (of our strategy) Tj ET Q q 0 0 0 rg BT 107.17 213.25 Td (, we are exploring opportunities aimed at the development of a domestic cruise company and the formation of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.25 Td (domestic cruise shipbuilding company) Tj ET Q q 0 0 0 rg BT 202.99 201.25 Td (, as well as local port development, talent development and training, enhanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.25 Td (relationships with our distribution partners and sharing of supply chain and logistics expertise. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.25 Td (As we continue to redeploy our ships to the region, we carefully design itineraries to fit the lifestyle of our Chinese guests. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.25 Td (example, our ships deployed in China of) Tj ET Q q 0 0 0 rg BT 211.23 153.25 Td (fer itineraries that average four to five days since our Chinese guests have significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.25 Td (fewer vacation days compared to guests in more established markets. ) Tj ET Q q 0 0 0 rg BT 330.53 141.25 Td (Also, the destinations our ships visit are driven by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.25 Td (Chinese guests) Tj ET Q q 0 0 0 rg BT 111.80 129.25 Td ( ability to obtain visas for international travel. Currently) Tj ET Q q 0 0 0 rg BT 337.77 129.25 Td (, Japan and South Korea are the preferred destinations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.25 Td (for Chinese cruisers. However) Tj ET Q q 0 0 0 rg BT 173.23 117.25 Td (, as the cruise segment of the Chinese vacation market continues to develop, we will continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.25 Td (work on identifying and developing new destinations that are both attractive and viable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.25 Td (Currently) Tj ET Q q 0 0 0 rg BT 87.18 81.25 Td (, most cruises in China are regional. In the future, as we develop the cruise market and raise consumer awareness, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.25 Td (expect to increase our of) Tj ET Q q 0 0 0 rg BT 147.61 69.25 Td (ferings of fly cruise packages. ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.40 740.25 Td (COST) Tj ET Q q 0 0 0 rg BT 315.89 740.25 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 722.25 Td (Costa began its China operations in 2006 and was the first international cruise line to home port a ship there. Costa operates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 710.25 Td (two contemporary ships from China that are primarily marketed to the Chinese. Costa is adding another ship, the 2,984-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 698.25 Td (passenger capacity) Tj ET Q q 0 0 0 rg BT 124.09 698.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.09 698.25 Td (Costa Ser) Tj ET Q q 0 0 0 rg BT 167.89 698.25 Td (ena) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.33 698.25 Td (, in ) Tj ET Q q 0 0 0 rg BT 197.05 698.25 Td (April 2015, which will increase its capacity in China by 74%. ) Tj ET Q q 0 0 0 rg BT 448.48 698.25 Td (These ships of) Tj ET Q q 0 0 0 rg BT 506.07 698.25 Td (fer a unique ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 686.25 Td (product, referred to as Italy at Sea, which provides a blend of both Italian-style hospitality) Tj ET Q q 0 0 0 rg BT 408.74 686.25 Td (, design, shopping experience and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 674.25 Td (cuisine, as well as catering to Chinese-speaking guests) Tj ET Q q 0 0 0 rg BT 270.36 674.25 Td ( desires for local cuisine and entertainment, gaming options and well-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 662.25 Td (known luxury brands in their retail shops.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (Costa of) Tj ET Q q 0 0 0 rg BT 82.93 638.25 Td (fers its guests cruises generally from four to five days. One of its ships of) Tj ET Q q 0 0 0 rg BT 378.24 638.25 Td (fers cruises to South Korea and Japan year) Tj ET Q q 0 0 0 rg BT 548.26 638.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (round. Costa) Tj ET Q q 0 0 0 rg BT 105.89 626.25 Td (s other ship also sails from China to Japan and South Korea from the spring through the fall months. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (winter months, it sails from Singapore calling on ports in Malaysia and ) Tj ET Q q 0 0 0 rg BT 336.22 614.25 Td (Thailand and from Hong Kong calling on ports in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (mainland China, ) Tj ET Q q 0 0 0 rg BT 117.92 602.25 Td (V) Tj ET Q q 0 0 0 rg BT 124.54 602.25 Td (ietnam and the Philippines. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.41 602.25 Td (Costa Ser) Tj ET Q q 0 0 0 rg BT 277.21 602.25 Td (ena) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 602.25 Td ( will also sail year) Tj ET Q q 0 0 0 rg BT 364.21 602.25 Td (-round from China to Japan and South Korea.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.25 578.25 Td (PRINCESS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (In 2014, Princess successfully entered the cruise segment of the Chinese vacation market with its four) Tj ET Q q 0 0 0 rg BT 456.97 560.25 Td (-month deployment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (2,678-passenger capacity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.07 548.25 Td (Sapphir) Tj ET Q q 0 0 0 rg BT 184.37 548.25 Td (e Princess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.25 548.25 Td (on cruises departing from Shanghai. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.93 548.25 Td (Sapphir) Tj ET Q q 0 0 0 rg BT 409.23 548.25 Td (e Princess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.11 548.25 Td (brings a new premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (cruise experience, which the line calls Princess Class to the cruise segment of the Chinese vacation market with an onboard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (product that is also customized to meet the needs of its Chinese guests. Local of) Tj ET Q q 0 0 0 rg BT 371.47 524.25 Td (ferings included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.67 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 446.08 524.25 Td (orld Leader) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.58 524.25 Td ( dinners, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.52 524.25 Td (T) Tj ET Q q 0 0 0 rg BT 535.16 524.25 Td (ai Chi ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (at sea) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.11 512.25 Td (, Ocean ) Tj ET Q q 0 0 0 rg BT 105.96 512.25 Td (V) Tj ET Q q 0 0 0 rg BT 112.59 512.25 Td (iew Hot Pot dinner) Tj ET Q q 0 0 0 rg BT 188.01 512.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.01 512.25 Td (Adventur) Tj ET Q q 0 0 0 rg BT 229.29 512.25 Td (es in English) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.96 512.25 Td ( enrichment classes and Princess Night stateroom amenities. ) Tj ET Q q 0 0 0 rg BT 535.71 512.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (China season features itineraries that are generally from three to five days and include calls at several South Korean ports. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 476.25 Td (V) Tj ET Q q 0 0 0 rg BT 68.43 476.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 75.9326171875 474.68505859375 m 243.349609375 474.68505859375 l s q 0 0 0 rg BT 75.93 476.25 Td (Ships Under) Tj ET Q q 0 0 0 rg BT 128.83 476.25 Td ( Contract for) Tj ET Q q 0 0 0 rg BT 184.74 476.25 Td ( Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.35 476.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (As of January 22, 2015, summary information of our ships under contract for construction is as follows \(a\) \(b\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 377.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 377.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 377.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 348.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 348.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 348.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 348.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 320.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 320.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 320.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 320.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 292.75 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 292.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 292.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 292.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 263.75 379.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 263.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 263.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 263.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 233.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 233.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 233.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 233.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 205.75 379.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 205.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 205.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 205.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 168.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 168.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 168.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 168.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 140.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 140.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 140.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 140.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 112.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 112.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 112.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 112.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 84.75 379.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 84.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 84.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 84.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 405.75 m 494 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 405.75 m 563 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 233.75 m 563 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 219.75 m 563 219.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 98.75 m 563 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 84.75 m 563 84.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 71.75 m 563 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 69.75 m 563 69.75 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 408.86259765625 m 158.9306640625 408.86259765625 l s q 0 0 0 rg BT 52.50 410.43 Td (Cruise Brands and Ships) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.75 420.48 Td ( Expected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.70 410.48 Td (Delivery Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.45 420.48 Td ( Passenger) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.80 410.48 Td (Capacity) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 394.91259765625 m 116.6455078125 394.91259765625 l s q 0 0 0 rg BT 52.50 396.48 Td (North America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 382.48 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60 380.91259765625 m 150.556640625 380.91259765625 l s q 0 0 0 rg BT 60.00 382.48 Td (Carnival Cruise Line) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.56 382.48 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 368.31 Td ( Carnival Vista) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 368.32 Td (4/16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 368.32 Td ( 3,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 354.32 Td ( Newbuild) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 354.32 Td (3/18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.00 354.32 Td (3,954) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 339.48 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60 337.91259765625 m 130.2685546875 337.91259765625 l s q 0 0 0 rg BT 60.00 339.48 Td (Princess Cruises) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.27 339.48 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 325.31 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 325.31 Td (Newbuild) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 325.32 Td (3/17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 325.32 Td ( 3,560) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 311.48 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60 309.91259765625 m 155 309.91259765625 l s q 0 0 0 rg BT 60.00 311.48 Td (Holland ) Tj ET Q q 0 0 0 rg BT 96.41 311.48 Td (America Line) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.00 311.48 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 297.31 Td ( Koningsdam) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 297.32 Td (2/16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 297.32 Td ( 2,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 283.32 Td ( Newbuild) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.75 283.32 Td (11/18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.00 283.32 Td (2,650) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 268.48 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60 266.91259765625 m 101.123046875 266.91259765625 l s q 0 0 0 rg BT 60.00 268.48 Td (Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 254.32 Td ( Newbuild) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.75 254.32 Td (11/16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 254.32 Td ( 604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 239.32 Td ( Newbuild) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 239.32 Td (4/18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 239.32 Td ( 604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 224.32 Td (North America Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 224.32 Td ( 18,004) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 194.91259765625 m 73.33740234375 194.91259765625 l s q 0 0 0 rg BT 52.50 196.48 Td (EAA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 173.32 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60 171.75146484375 m 137.7685546875 171.75146484375 l s q 0 0 0 rg BT 60.00 173.32 Td (P&O Cruises \(UK) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.77 173.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 173.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 159.31 Td ( Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 159.32 Td (2/15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.50 159.32 Td ( 3,647) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 131.48 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 59.72412109375 129.91259765625 m 84.72900390625 129.91259765625 l s q 0 0 0 rg BT 59.45 131.48 Td (AIDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 117.32 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 117.32 Td (AIDAprima) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 117.32 Td (9/15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.50 117.32 Td ( 3,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 103.32 Td ( Newbuild) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 103.32 Td (3/16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 103.32 Td ( 3,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 89.32 Td (EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 89.32 Td ( 10,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 75.32 Td ( 28,223) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td (Our ship construction agreements cannot be cancelled by either party without cause, and such cancellation will subject the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td (defaulting party to contractual liquidated damages. ) Tj ET Q q 0 0 0 rg BT 275.21 728.10 Td (All of our ship construction contracts except ) Tj ET Q q 0 0 0 rg BT 454.89 728.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 478.77 728.10 Td () Tj ET Q q 0 0 0 rg BT 481.55 728.10 Td (s are with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 716.10 Td (Fincantieri in Italy) Tj ET Q q 0 0 0 rg BT 141.27 716.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 166.27 716.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 190.72 716.10 Td ( ship construction contracts are with Mitsubishi Heavy Industries in Japan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td (Refer to Note 6, Commitments and Note 10, Fair ) Tj ET Q q 0 0 0 rg BT 279.21 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 285.33 704.10 Td (alue Measurements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 515.54 704.10 Td (Activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td (to our Consolidated Financial Statements in Exhibit 13 to this Form 10-K for additional ship commitment information.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 668.10 Td (VI. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.11328125 666.53505859375 m 267.216796875 666.53505859375 l s q 0 0 0 rg BT 81.11 668.10 Td (Cruise Ports and Destination Developments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (Our cruise brands provide guests with unique vacation experiences and additional home and transit ports through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (development and management of new or enhanced cruise port facilities. Creating leading destinations as well as securing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (preferred ports enables us to grow demand and deliver unique experiences to our guests. Our involvement is usually in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (cooperation with governmental entities and local operators and typically includes providing development and management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (expertise and financial commitments that are connected to long-term port usage and preferential berthing agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 584.10 Td (, sometimes we provide direct financial support or develop the port infrastructure ourselves, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (development and operation of mixed-use commercial properties. Commercial property lease revenues are included in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (cruise revenues. ) Tj ET Q q 0 0 0 rg BT 118.73 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 127.37 560.10 Td (e currently operate or are developing:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 536.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 536.10 Td (Leased or owned port facilities or have interests in joint ventures that operate leased or owned port facilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 524.10 Td (Barcelona, Spain; Civitavecchia, Naples, Savona and ) Tj ET Q q 0 0 0 rg BT 300.53 524.10 Td (T) Tj ET Q q 0 0 0 rg BT 306.29 524.10 Td (rieste, Italy; Hambur) Tj ET Q q 0 0 0 rg BT 389.13 524.10 Td (g, Germany; Juneau, ) Tj ET Q q 0 0 0 rg BT 473.83 524.10 Td (Alaska; Long Beach, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 512.10 Td (California and Marseilles, France for the benefit of our cruise brands and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 500.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 500.10 Td (Leased or owned port facilities that we have developed, or are in the process of developing, as destinations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 488.10 Td (Cozumel, Mexico; Grand ) Tj ET Q q 0 0 0 rg BT 189.74 488.10 Td (T) Tj ET Q q 0 0 0 rg BT 195.50 488.10 Td (urk, ) Tj ET Q q 0 0 0 rg BT 213.64 488.10 Td (T) Tj ET Q q 0 0 0 rg BT 219.40 488.10 Td (urks and Caicos Islands; Roatn, Honduras and Puerto Plata, Dominican Republic; as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 476.10 Td (well as private island destinations in ) Tj ET Q q 0 0 0 rg BT 233.07 476.10 Td (The Bahamas, Half Moon Cay and Princess Cays, primarily for the benefit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 464.10 Td (our North ) Tj ET Q q 0 0 0 rg BT 126.61 464.10 Td (America cruise brands.) Tj ET Q q 0 0 0 rg BT 223.89 464.10 Td (The facility in Puerto Plata, Dominican Republic, known as ) Tj ET Q q 0 0 0 rg BT 464.67 464.10 Td (Amber Cove, is a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 452.10 Td (port destination strategically located in the central Caribbean cruise region and is expected to be opened in October ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 440.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (These destinations of) Tj ET Q q 0 0 0 rg BT 134.30 416.10 Td (fer a variety of features, including shore excursions, cultural and historic exhibits, water sports, beaches, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (retail outlets and a variety of themed-dining options. ) Tj ET Q q 0 0 0 rg BT 261.77 404.10 Td (These features come together to make each of these ports-of-call a unique ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (vacation experience for our guests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (In addition, we are involved with the development, enhancement and/or financing of government-owned and operated cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (port facilities in Cape Canaveral, Fort Lauderdale and Miami, Florida; Galveston, ) Tj ET Q q 0 0 0 rg BT 378.67 356.10 Td (T) Tj ET Q q 0 0 0 rg BT 384.08 356.10 Td (exas; New Orleans, Louisiana; New ) Tj ET Q q 0 0 0 rg BT 530.33 356.10 Td (Y) Tj ET Q q 0 0 0 rg BT 536.55 356.10 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (City) Tj ET Q q 0 0 0 rg BT 66.08 344.10 Td (, New ) Tj ET Q q 0 0 0 rg BT 92.09 344.10 Td (Y) Tj ET Q q 0 0 0 rg BT 98.31 344.10 Td (ork; San Juan, Puerto Rico and St. Maarten, Kingdom of the Netherlands.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 320.10 Td (VII. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.0048828125 318.53505859375 m 201.767578125 318.53505859375 l s q 0 0 0 rg BT 85.00 320.10 Td (Cruise Ship Repair) Tj ET Q q 0 0 0 rg BT 167.06 320.10 Td ( Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 297.30 Td (e own a 40% interest in Grand Bahamas Shipyard Ltd. \(GBSL\), which is the lar) Tj ET Q q 0 0 0 rg BT 386.21 297.30 Td (gest cruise ship dry-dock repair facility in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.30 Td (the world, to support our ship repair and maintenance programs. ) Tj ET Q q 0 0 0 rg BT 311.19 285.30 Td (W) Tj ET Q q 0 0 0 rg BT 319.83 285.30 Td (e utilize this facility) Tj ET Q q 0 0 0 rg BT 398.88 285.30 Td (, as well as other ship repair facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.30 Td (for our regularly scheduled dry-dockings and certain emer) Tj ET Q q 0 0 0 rg BT 282.28 273.30 Td (gency repairs as may be required. ) Tj ET Q q 0 0 0 rg BT 421.49 273.30 Td (This repair facility) Tj ET Q q 0 0 0 rg BT 495.25 273.30 Td (, located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.30 Td (Freeport, Grand Bahamas, has three dry-docks and can accommodate almost all of our ships. ) Tj ET Q q 0 0 0 rg BT 425.50 261.30 Td (As a result, our North ) Tj ET Q q 0 0 0 rg BT 514.38 261.30 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.30 Td (brand ships based in the Caribbean primarily use this facility given its proximity to their home ports. During 2014, we had 13 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.30 Td (ships serviced at this facility) Tj ET Q q 0 0 0 rg BT 162.71 237.30 Td (. In addition, unaf) Tj ET Q q 0 0 0 rg BT 236.40 237.30 Td (filiated cruise ships and other types of ships, such as car) Tj ET Q q 0 0 0 rg BT 460.33 237.30 Td (go and oil and gas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.30 Td (tankers and of) Tj ET Q q 0 0 0 rg BT 105.96 225.30 Td (fshore units, are serviced at this facility) Tj ET Q q 0 0 0 rg BT 262.76 225.30 Td (. GBSL) Tj ET Q q 0 0 0 rg BT 295.45 225.30 Td ( generated total revenues of over $140 million in 2014, with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.30 Td (lar) Tj ET Q q 0 0 0 rg BT 59.87 213.30 Td (ge portion being derived from work on our cruise ships.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.50 Td (Royal Caribbean Cruises Ltd. \(RCCL\) also owns a 40% interest in GBSL) Tj ET Q q 0 0 0 rg BT 352.42 190.50 Td ( and an unaf) Tj ET Q q 0 0 0 rg BT 401.38 190.50 Td (filiated entity owned by Grand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.50 Td (Bahamas Port ) Tj ET Q q 0 0 0 rg BT 107.27 178.50 Td (Authority owns the remaining 20%. ) Tj ET Q q 0 0 0 rg BT 255.68 178.50 Td (W) Tj ET Q q 0 0 0 rg BT 264.32 178.50 Td (e account for our investment in GBSL) Tj ET Q q 0 0 0 rg BT 416.69 178.50 Td ( using the equity method, with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.50 Td (share of income or loss recorded in other nonoperating income or expense. ) Tj ET Q q 0 0 0 rg BT 352.74 166.50 Td (At November 30, 2014, our total net investment in, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.50 Td (including notes receivable from, GBSL) Tj ET Q q 0 0 0 rg BT 206.59 154.50 Td ( was $69 million. ) Tj ET Q q 0 0 0 rg BT 280.48 154.50 Td (At November 30, 2014, GBSL) Tj ET Q q 0 0 0 rg BT 402.88 154.50 Td ( had $164 million of outstanding debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.50 Td (and accrued interest due in equal parts to RCCL) Tj ET Q q 0 0 0 rg BT 241.29 142.50 Td ( and us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.50 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 118.50 Td (VIII. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 88.896484375 116.93505859375 m 238.8916015625 116.93505859375 l s q 0 0 0 rg BT 88.90 118.50 Td (Cruise Pricing and Payment ) Tj ET Q q 0 0 0 rg BT 212.04 118.50 Td (T) Tj ET Q q 0 0 0 rg BT 217.79 118.50 Td (erms) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.50 Td (Each of our cruise brands publishes prices for the upcoming seasons primarily through the internet, although published ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.50 Td (materials such as brochures and direct mailings are also used. Our brands have multiple pricing levels that vary by cruise line, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.50 Td (category of cabin, ship, season, duration and itinerary) Tj ET Q q 0 0 0 rg BT 263.23 70.50 Td (. Cruise prices frequently change in a dynamic pricing environment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.50 Td (are impacted by a number of factors, including the number of available cabins for sale in the marketplace and the level of guest ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (demand. Some cruise prices are reduced through special promotions and early booking, past guest recognition and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (programs. Conversely) Tj ET Q q 0 0 0 rg BT 139.67 728.10 Td (, some cruise prices are increased due to higher demand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Our bookings are generally taken several months in advance of the cruise departure date. ) Tj ET Q q 0 0 0 rg BT 407.23 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 412.64 704.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 444.21 704.10 Td (, the longer the cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (itinerary the further in advance the bookings are made. ) Tj ET Q q 0 0 0 rg BT 273.40 692.10 Td (This lead time allows us to manage our prices in relation to demand for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (available cabins through the use of advanced revenue management capabilities and other initiatives, with the typical strategy of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (filling our ships while achieving the highest possible overall net revenue yields. In addition, we have the ability to change ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (itineraries and cruise durations over time to maximize our net revenue yields. See Key Performance Non-GAAP) Tj ET Q q 0 0 0 rg BT 505.37 656.10 Td ( Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (Indicators in our "Management Discussion and ) Tj ET Q q 0 0 0 rg BT 244.09 644.10 Td (Analysis of Financial Condition and Results of Operations" in Exhibit 13 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (this Form 10-K for a discussion of net revenue yields. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (The cruise ticket price typically includes the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 584.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 584.10 Td (Accommodations,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 572.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 572.10 Td (Most meals, including snacks at numerous venues,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 560.10 Td (Access to amenities such as swimming pools, water slides, water parks, whirlpools, saunas, a health club, a jogging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 548.10 Td (track, basketball, table tennis, sun decks and libraries,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 536.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 536.10 Td (Child care and supervised youth programs,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 524.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 524.10 Td (Entertainment, such as theatrical shows, movies, comedy shows and musical performances and other venues such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 512.10 Td (nightclubs, lounges and bars, themed parties and cooking demonstrations and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.50 500.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 500.10 Td (Access to exclusive private islands and destinations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (Our brands) Tj ET Q q 0 0 0 rg BT 96.80 476.10 Td ( payment terms generally require that a guest pay a deposit to confirm their reservation and then pay the balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (due before the departure date. In ) Tj ET Q q 0 0 0 rg BT 183.88 464.10 Td (Australia and most of Europe, we are obligated to honor our guests) Tj ET Q q 0 0 0 rg BT 454.73 464.10 Td ( cruise payments made by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (them to their travel agents and tour operators regardless of whether we have received these payments. Our guests utilize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (various forms of payment, such as credit and debit cards or direct debits, to pay for their cruise ticket and onboard purchases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (which results in us incurring fees, which are included in commissions, transportation and other) Tj ET Q q 0 0 0 rg BT 428.18 428.10 Td (, and onboard and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (Our guests are subject to a cancellation fee if they cancel their cruise within a pre-defined period before sailing, unless they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (purchase a vacation protection package for the ability to obtain a refund. ) Tj ET Q q 0 0 0 rg BT 344.20 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 352.84 380.10 Td (e include this cancellation fee income in cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (passenger ticket revenues at the time of cancellation. Guests who purchase vacation protection packages will receive all or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (portion of their deposit value back in cash or in the form of a future cruise credit, in accordance with the terms of the programs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 344.10 Td (e include the premiums for these vacation protection packages in other cruise revenues. In addition, substantially all of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (brands recommend that our guests pay a voluntary hotel service char) Tj ET Q q 0 0 0 rg BT 324.23 332.10 Td (ge, which is collected by us and directly paid out to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (ships hotel service staf) Tj ET Q q 0 0 0 rg BT 140.13 320.10 Td (f. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (As a convenience to our guests, we of) Tj ET Q q 0 0 0 rg BT 200.94 296.10 Td (fer to arrange air transportation to and from airports near the home ports of our ships. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (When a guest elects to purchase air transportation from us, both our revenues and expenses generally increase by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (the same amount. ) Tj ET Q q 0 0 0 rg BT 124.21 272.10 Td (Air transportation prices typically vary by gateway) Tj ET Q q 0 0 0 rg BT 327.38 272.10 Td (, ticket class, destination and other ticket restrictions. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (2014, approximately 1) Tj ET Q q 0 0 0 rg BT 139.39 260.10 Td (1% of our guests purchased air transportation from us. In order to increase the level of our air ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (transportation services, certain of our brands of) Tj ET Q q 0 0 0 rg BT 238.42 248.10 Td (fer an air program that includes competitive air prices \(for both restricted/non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (refundable and flexible fares\) and provides our guests with next port protection, which enables them to get to the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (appropriate cruise port at no additional air cost if they miss their original port embarkation due to airline delays or other airline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (service disruptions. In addition, we charter aircraft to facilitate our guests) Tj ET Q q 0 0 0 rg BT 347.82 212.10 Td ( travel to distant locations for some of our European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (brands) Tj ET Q q 0 0 0 rg BT 78.75 200.10 Td ( cruise itineraries. ) Tj ET Q q 0 0 0 rg BT 154.92 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.56 200.10 Td (e also of) Tj ET Q q 0 0 0 rg BT 197.26 200.10 Td (fer ground transfers from and to the airport near the ship) Tj ET Q q 0 0 0 rg BT 425.52 200.10 Td (s home port as part of our transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (programs. ) Tj ET Q q 0 0 0 rg BT 94.59 188.10 Td (When a guest elects to purchase these transfer services these revenues are included in cruise passenger ticket ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (revenues. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 152.10 Td (IX. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.11328125 150.53505859375002 m 209.5556640625 150.53505859375002 l s q 0 0 0 rg BT 81.11 152.10 Td (Onboard and Other) Tj ET Q q 0 0 0 rg BT 166.50 152.10 Td ( Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Onboard and other activities are provided either directly by us or by independent concessionaires, from which we receive either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (a percentage of their revenues or a fee. In 2014, we earned 24% of our revenues from onboard and other revenue activities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (services not included in the cruise ticket price including the following:) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (22) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.50 735.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.70 735.68 Td ( ) Tj ET Q q 0 0 0 rg BT 90.50 735.68 Td (Substantially all liquor and some non-alcoholic beverage sales,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.50 723.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.70 723.68 Td ( ) Tj ET Q q 0 0 0 rg BT 90.50 723.68 Td (Casino gaming,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 370.50 735.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.70 735.68 Td ( ) Tj ET Q q 0 0 0 rg BT 388.50 735.68 Td (Communication services,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 370.50 723.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.70 723.68 Td ( ) Tj ET Q q 0 0 0 rg BT 388.50 723.68 Td (Full service spas,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.50 708.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.70 708.68 Td ( ) Tj ET Q q 0 0 0 rg BT 90.50 708.68 Td (Shore excursions, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.50 696.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.70 696.68 Td ( ) Tj ET Q q 0 0 0 rg BT 90.50 696.68 Td (Gift shop sales,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 370.50 708.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.70 708.68 Td ( ) Tj ET Q q 0 0 0 rg BT 388.50 708.68 Td (Specialty themed restaurants, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 370.50 696.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.70 696.68 Td ( ) Tj ET Q q 0 0 0 rg BT 388.50 696.68 Td (Art sales and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.50 681.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.70 681.68 Td ( ) Tj ET Q q 0 0 0 rg BT 90.50 681.68 Td (Photo sales,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 370.50 681.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.70 681.68 Td ( ) Tj ET Q q 0 0 0 rg BT 388.50 681.68 Td (Laundry and dry cleaning services.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 654.00 Td (Our brands are working on innovative ways to enhance our guests) Tj ET Q q 0 0 0 rg BT 316.46 654.00 Td ( onboard experiences and increasing our onboard revenues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 642.00 Td (such as of) Tj ET Q q 0 0 0 rg BT 89.31 642.00 Td (fering all-inclusive beverage and spa packages. ) Tj ET Q q 0 0 0 rg BT 282.93 642.00 Td (W) Tj ET Q q 0 0 0 rg BT 291.57 642.00 Td (e use various marketing and promotional tools and are supported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 630.00 Td (by point-of-sale systems permitting cashless transactions for the sale of these onboard and other products and services. ) Tj ET Q q 0 0 0 rg BT 537.42 630.00 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 618.00 Td (convenience to our guests, all our brands allow their guests to pre-book, and in most cases pre-pay) Tj ET Q q 0 0 0 rg BT 442.63 618.00 Td (, certain of their onboard and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 606.00 Td (other revenue-producing activities in advance of the cruise. Carnival Cruise Line also of) Tj ET Q q 0 0 0 rg BT 404.75 606.00 Td (fers gift cards at more than 9,000 retail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 594.00 Td (locations throughout the U.S. in 2015. ) Tj ET Q q 0 0 0 rg BT 207.09 594.00 Td (The value of these gift cards can be applied to the guest) Tj ET Q q 0 0 0 rg BT 432.28 594.00 Td (s cruise ticket price or their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.00 Td (onboard purchases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.00 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 558.00 Td (e of) Tj ET Q q 0 0 0 rg BT 73.23 558.00 Td (fer a variety of shore excursions at each ship) Tj ET Q q 0 0 0 rg BT 254.27 558.00 Td (s ports-of-call that include general sightseeing, cultural tours, adventure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 546.00 Td (outings and local boat rides and beach experiences. ) Tj ET Q q 0 0 0 rg BT 259.24 546.00 Td (W) Tj ET Q q 0 0 0 rg BT 267.88 546.00 Td (e typically utilize local operators who provide shore excursions with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 534.00 Td (guides who speak the same languages as most of our shore excursion guests. For our sailings to destinations in ) Tj ET Q q 0 0 0 rg BT 496.38 534.00 Td (Alaska, shore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.00 Td (excursions are operated by our wholly owned company) Tj ET Q q 0 0 0 rg BT 270.17 522.00 Td (, Holland ) Tj ET Q q 0 0 0 rg BT 309.34 522.00 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 381.54 522.00 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 411.63 522.00 Td (T) Tj ET Q q 0 0 0 rg BT 417.04 522.00 Td (ours, or provided by local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.00 Td (independent operators. ) Tj ET Q q 0 0 0 rg BT 145.40 510.00 Td (W) Tj ET Q q 0 0 0 rg BT 154.04 510.00 Td (e also of) Tj ET Q q 0 0 0 rg BT 187.73 510.00 Td (fer revenue-producing activities on the private islands and port destinations that we operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.00 Td (that include beach bars and restaurants, water sports, cabana rentals and chair lift and surf rider attractions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.00 Td (Our casinos are all owned and operated directly by us and are equipped according to the unique requirements of our individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.00 Td (brands, which are driven by the ships) Tj ET Q q 0 0 0 rg BT 201.22 462.00 Td ( itineraries and the market from which their guests are sourced. ) Tj ET Q q 0 0 0 rg BT 458.45 462.00 Td (W) Tj ET Q q 0 0 0 rg BT 467.08 462.00 Td (e of) Tj ET Q q 0 0 0 rg BT 482.17 462.00 Td (fer a wide variety ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.00 Td (of slot and gaming machines and a diverse mix of both traditional and specialty table games designed to meet the desires of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.00 Td (guests. ) Tj ET Q q 0 0 0 rg BT 81.82 438.00 Td (W) Tj ET Q q 0 0 0 rg BT 90.46 438.00 Td (e have also developed marketing and promotional arrangements with land-based casino companies in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.00 Td (increase the number of casino players onboard certain of our brands. ) Tj ET Q q 0 0 0 rg BT 328.38 426.00 Td (The casinos are only open when our ships are at sea in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.00 Td (international waters or when otherwise permitted by law) Tj ET Q q 0 0 0 rg BT 274.61 414.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.00 Td (In conjunction with our cruise vacations, many of our cruise brands sell pre-and post-cruise land packages of one to four days ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.00 Td (that include guided tours, hotel accommodations and related transportation services. In ) Tj ET Q q 0 0 0 rg BT 401.07 378.00 Td (Alaska and the Canadian ) Tj ET Q q 0 0 0 rg BT 502.88 378.00 Td (Y) Tj ET Q q 0 0 0 rg BT 509.00 378.00 Td (ukon, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.00 Td (utilize, to a lar) Tj ET Q q 0 0 0 rg BT 107.07 366.00 Td (ge extent, our own hotel and transportation assets. ) Tj ET Q q 0 0 0 rg BT 309.62 366.00 Td (The land portion of these ) Tj ET Q q 0 0 0 rg BT 412.10 366.00 Td (Alaska and ) Tj ET Q q 0 0 0 rg BT 458.93 366.00 Td (Y) Tj ET Q q 0 0 0 rg BT 465.05 366.00 Td (ukon vacations vary in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.00 Td (length from three to 13 days. ) Tj ET Q q 0 0 0 rg BT 166.98 354.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 216.88 354.00 Td (, we earn revenues from various promotional and other programs with destination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.00 Td (retailers, parking facilities, credit card providers and other destination-based incentives. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.00 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 318.00 Td (X. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.2216796875 316.43505859375 m 159.1845703125 316.43505859375 l s q 0 0 0 rg BT 77.22 318.00 Td (Sales Relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.00 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 294.00 Td (e sell our cruises mainly through travel agents, including retail, online and home-based agents, as well as wholesalers, general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.00 Td (sales agents and tour operators that serve our guests in their local markets. ) Tj ET Q q 0 0 0 rg BT 351.17 282.00 Td (These parties typically sell cabins to individuals and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.00 Td (groups, but occasionally will charter a full or partial ship for incentive or other lar) Tj ET Q q 0 0 0 rg BT 376.71 270.00 Td (ge events. Our individual cruise brands) Tj ET Q q 0 0 0 rg BT 538.43 270.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.00 Td (relationships with their travel agents are generally independent of each of our other brands. Our travel agent relationships are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.00 Td (generally not exclusive and travel agents generally receive a base commission, plus the potential of additional commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.00 Td (including complimentary tour conductor cabins, based on the achievement of pre-defined sales volumes. Most travel agents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.00 Td (also sell cruises and other vacations provided by our competitors. During fiscal 2014, no controlled group of travel agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.00 Td (accounted for 10% or more of our revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.00 Td (In China, we generally sell cruises to our Chinese-sourced guests by chartering our ships to travel or) Tj ET Q q 0 0 0 rg BT 450.60 186.00 Td (ganizations that have travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.00 Td (agent licenses authorized to sell travel products in China. ) Tj ET Q q 0 0 0 rg BT 282.86 174.00 Td (There are a limited number of Chinese agencies that have these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.00 Td (licenses. ) Tj ET Q q 0 0 0 rg BT 88.10 162.00 Td (As we do not have a travel agent license, we are currently unable to sell cruises or shore excursions directly to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.00 Td (guests. ) Tj ET Q q 0 0 0 rg BT 81.82 150.00 Td (Those cruises that are not fully chartered are also sold through these licensed outbound travel agencies who generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.00 Td (purchase groups of cabins from us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.00 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 114.00 Td (ravel agents are an integral part of our long-term cruise distribution network and are critical to our success. ) Tj ET Q q 0 0 0 rg BT 487.70 114.00 Td (W) Tj ET Q q 0 0 0 rg BT 496.34 114.00 Td (e utilize local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.00 Td (sales teams to motivate travel agents to support our products and services with competitive sales and pricing policies and joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.00 Td (marketing and advertising programs. ) Tj ET Q q 0 0 0 rg BT 201.50 90.00 Td (W) Tj ET Q q 0 0 0 rg BT 210.14 90.00 Td (e also employ a wide variety of educational programs, including websites, training ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.00 Td (seminars and videos, to familiarize agents with our cruise brands and their products and services. For example, Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.00 Td (Conversations is a series of events or) Tj ET Q q 0 0 0 rg BT 197.62 66.00 Td (ganized by Carnival Cruise Line that feature product training on the brand) Tj ET Q q 0 0 0 rg BT 497.24 66.00 Td (s latest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.00 Td (innovations, such as Fun Ship) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 169.23 58.53 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.79 54.00 Td (2.0. ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Substantially all of our cruise brands of) Tj ET Q q 0 0 0 rg BT 207.06 728.10 Td (fer interactive online and other education courses for travel professionals who want to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (continue learning about the cruise industry and how to ef) Tj ET Q q 0 0 0 rg BT 277.31 716.10 Td (fectively sell our cruise products and services. For example, our Costa ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (brand continues to provide support of their trade partners by not only reinforcing traditional training, such as their onboard sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (academies, but also in the digital arena with the launch of Costa Extra, Costa Booking and emotional quotation online tools in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (2014. Costa Extra, which is an online community that is fully integrated with Costa) Tj ET Q q 0 0 0 rg BT 388.89 680.10 Td (s booking engine and its contact center) Tj ET Q q 0 0 0 rg BT 544.00 680.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (serves as a social network dedicated to the Costa brand. It includes all the latest training materials, promotions for guests and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (trade, webinar functionality and capability for each travel agency to track its progress against tar) Tj ET Q q 0 0 0 rg BT 435.00 656.10 Td (gets. Costa) Tj ET Q q 0 0 0 rg BT 481.66 656.10 Td (s Booking engine is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (placed on the website of travel partners allowing them to better compete in the digital world. Emotional quotation provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (the travel agents with a capability of sending a personalized website with details of a cruise that the guest is interested in during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (the booking process. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 596.10 Td (e are a customer service driven company and continue to invest in our service or) Tj ET Q q 0 0 0 rg BT 379.50 596.10 Td (ganization to assist travel agents and guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (before, during and after their cruise. ) Tj ET Q q 0 0 0 rg BT 198.42 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.06 584.10 Td (e believe that our support systems and infrastructure are among the strongest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (vacation industry) Tj ET Q q 0 0 0 rg BT 118.00 572.10 Td (. Our investment in customer service includes the development of employees, processes and systems. ) Tj ET Q q 0 0 0 rg BT 530.22 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 538.86 572.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (continually improve our systems within the reservations and customer relationship management functions, emphasizing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (continuing support and training of the travel agency community) Tj ET Q q 0 0 0 rg BT 304.34 548.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (All of our brands have developed internet booking engines to allow travel agents to book our cruises. ) Tj ET Q q 0 0 0 rg BT 458.94 529.10 Td (W) Tj ET Q q 0 0 0 rg BT 467.58 529.10 Td (e also support travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.10 Td (agent booking capabilities through global distribution systems. ) Tj ET Q q 0 0 0 rg BT 305.68 517.10 Td (W) Tj ET Q q 0 0 0 rg BT 314.31 517.10 Td (e estimate that almost 70% of our bookings from travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 Td (agents are made electronically) Tj ET Q q 0 0 0 rg BT 170.17 505.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (All of our cruise brands have their own consumer websites that provide access to information about their products and services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (to users and enable their guests to quickly and easily book cruises and other products and services online, which is especially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (important to the millennial generation of cruisers. ) Tj ET Q q 0 0 0 rg BT 252.87 462.10 Td (These sites interface with brands) Tj ET Q q 0 0 0 rg BT 386.53 462.10 Td ( social networks, blogs and other social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (media sites, which allow them to develop greater contact and interaction with their guests before, during and after their cruise. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 438.10 Td (e also employ vacation planners who support our sales initiatives by of) Tj ET Q q 0 0 0 rg BT 341.51 438.10 Td (fering our guests cruise planning expertise and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (services. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 402.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 402.10 Td (XI. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.11328125 400.53505859375 m 168.59375 400.53505859375 l s q 0 0 0 rg BT 81.11 402.10 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 128.61 402.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (Guest feedback and research support the development of our overall marketing and business strategies to drive demand for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (cruises and increase the number of first-time cruisers. ) Tj ET Q q 0 0 0 rg BT 268.68 366.10 Td (W) Tj ET Q q 0 0 0 rg BT 277.32 366.10 Td (e measure and evaluate key drivers of guest loyalty and satisfaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (that provide valuable insights about guests) Tj ET Q q 0 0 0 rg BT 222.34 354.10 Td ( cruise experiences and the likelihood our guests will recommend our brands) Tj ET Q q 0 0 0 rg BT 531.78 354.10 Td ( cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (products and services to others. For example, we measure our guests) Tj ET Q q 0 0 0 rg BT 328.96 342.10 Td ( net promoter scores to monitor our guests) Tj ET Q q 0 0 0 rg BT 500.68 342.10 Td ( satisfaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.10 Td (with our products and services. ) Tj ET Q q 0 0 0 rg BT 179.01 330.10 Td (W) Tj ET Q q 0 0 0 rg BT 187.65 330.10 Td (e also regularly initiate customer research studies among guests, travel agents, tour operators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (and others for input on business decisions that enhance our cruise products and services for our guests. Furthermore, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (increased collaboration between our brands and access to vast databases of past guest information, we are able to perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (psychographic segmentation studies that allow us to better understand our guests) Tj ET Q q 0 0 0 rg BT 375.35 294.10 Td ( needs, wants and expectations. ) Tj ET Q q 0 0 0 rg BT 505.69 294.10 Td (The results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (these studies shape how we communicate, advertise and refine the booking process, overall onboard experience, as well as post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (cruise interactions. Our ability to identify the psychographic mix is a powerful dif) Tj ET Q q 0 0 0 rg BT 379.24 270.10 Td (ferentiator) Tj ET Q q 0 0 0 rg BT 420.48 270.10 Td (, which allows us to guide guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (to the right experiences with the appropriate brands and build advocates for life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (Each of our brands has comprehensive marketing and advertising programs to promote their products and services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (vacationers and travel agents in their source markets. Each brand) Tj ET Q q 0 0 0 rg BT 312.17 222.10 Td (s marketing activities are generally designed to reach a local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (market in the local language. ) Tj ET Q q 0 0 0 rg BT 167.61 210.10 Td (The principal mediums used for marketing and advertising are online display/advertising, online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (search, television, brand websites, direct mail, social media, e-mail, magazine, radio and outdoor billboards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 174.10 Td (e continue to expand our marketing ef) Tj ET Q q 0 0 0 rg BT 210.13 174.10 Td (forts to attract new guests online by leveraging the reach and impact of digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (marketing and social media, such as Facebook, ) Tj ET Q q 0 0 0 rg BT 240.10 162.10 Td (T) Tj ET Q q 0 0 0 rg BT 245.51 162.10 Td (witter) Tj ET Q q 0 0 0 rg BT 268.43 162.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.06 162.10 Td (Y) Tj ET Q q 0 0 0 rg BT 279.28 162.10 Td (ouT) Tj ET Q q 0 0 0 rg BT 295.04 162.10 Td (ube, Blog, Google) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.36 162.10 Td (+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.06 162.10 Td (, Flickr) Tj ET Q q 0 0 0 rg BT 402.55 162.10 Td (, Instagram and Pinterest. ) Tj ET Q q 0 0 0 rg BT 509.29 162.10 Td (This helps us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (cultivate guests as advocates of our brands, ships, itineraries and onboard products and services. ) Tj ET Q q 0 0 0 rg BT 438.28 150.10 Td (At the end of 2014, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (almost 10 million Likes on Facebook for all our brands. ) Tj ET Q q 0 0 0 rg BT 286.49 138.10 Td (W) Tj ET Q q 0 0 0 rg BT 295.13 138.10 Td (e also have blogs hosted by ship captains, cruise and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (entertainment directors, executive pursers and special guests. ) Tj ET Q q 0 0 0 rg BT 298.67 126.10 Td (W) Tj ET Q q 0 0 0 rg BT 307.31 126.10 Td (e use ) Tj ET Q q 0 0 0 rg BT 329.90 126.10 Td (T) Tj ET Q q 0 0 0 rg BT 335.31 126.10 Td (witter to enhance our customer service and as part of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (public relations strategies to inform the press, popular bloggers, fans and brand advocates of new developments and breaking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (news stories. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (In 2014, we launched our first-ever multi-brand marketing initiative incorporating all nine of our brands with television, digital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (social and contest elements. ) Tj ET Q q 0 0 0 rg BT 165.95 66.10 Td (The goal of this marketing program is to help inspire consumers to consider cruising as one of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (their top options when planning vacations and, ultimately) Tj ET Q q 0 0 0 rg BT 278.81 54.10 Td (, to grow demand for cruising with our portfolio of brands. ) Tj ET Q q 0 0 0 rg BT 518.58 54.10 Td (The ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (program elements are designed to educate consumers, and especially non-cruisers, on why cruising is a great vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (experience at an exceptional value. ) Tj ET Q q 0 0 0 rg BT 194.52 728.10 Td (The initiative also helps consumers understand how cruising has evolved with the portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (of our brands of) Tj ET Q q 0 0 0 rg BT 113.47 716.10 Td (fering the right cruise experience for everyone. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (All of our cruise brands of) Tj ET Q q 0 0 0 rg BT 155.13 692.10 Td (fer past guest recognition programs that reward repeat guests with special incentives such as reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (fares, gifts, onboard activity discounts, expedited ship embarkation and disembarkation and special onboard activities. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (addition, some of our brands of) Tj ET Q q 0 0 0 rg BT 174.85 668.10 Td (fer private-label credit cards to their guests that accumulate award points for them to redeem for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (our products and services and also provide other loyalty benefits. ) Tj ET Q q 0 0 0 rg BT 312.30 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 320.94 656.10 Td (e earn revenue from the credit card providers based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (principally on new card issuances and the volume of purchases through these credit cards which is included in our other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (revenues. Our cruise brands continue to of) Tj ET Q q 0 0 0 rg BT 221.49 632.10 Td (fer new enhancements and benefits to their past guest recognition programs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 608.10 Td (XII. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.0048828125 606.53505859375 m 133.3447265625 606.53505859375 l s q 0 0 0 rg BT 85.00 608.10 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Our revenues from the sale of passenger tickets are seasonal. Historically) Tj ET Q q 0 0 0 rg BT 344.30 584.10 Td (, demand for cruises has been greatest during our third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (fiscal quarter) Tj ET Q q 0 0 0 rg BT 101.57 572.10 Td (, which includes the Northern Hemisphere summer months. ) Tj ET Q q 0 0 0 rg BT 344.95 572.10 Td (This higher demand during the third quarter results in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (higher ticket prices and occupancy levels and, accordingly) Tj ET Q q 0 0 0 rg BT 282.64 560.10 Td (, the lar) Tj ET Q q 0 0 0 rg BT 312.73 560.10 Td (gest share of our operating income is earned during this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 82.37 548.10 Td (The seasonality of our results also increases due to ships being taken out-of-service for maintenance, which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (schedule during non-peak demand periods. In addition, substantially all of Holland ) Tj ET Q q 0 0 0 rg BT 385.54 536.10 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 457.74 536.10 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 487.83 536.10 Td (T) Tj ET Q q 0 0 0 rg BT 493.24 536.10 Td (ours) Tj ET Q q 0 0 0 rg BT 513.05 536.10 Td ( revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (and net income is generated from May through September in conjunction with the ) Tj ET Q q 0 0 0 rg BT 379.70 524.10 Td (Alaska cruise season. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 500.10 Td (XIII. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 88.896484375 498.53505859375 m 142.2265625 498.53505859375 l s q 0 0 0 rg BT 88.90 500.10 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 476.10 Td (e compete with land-based vacation alternatives throughout the world, such as hotels, resorts \(including all-inclusive resorts\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (theme parks, or) Tj ET Q q 0 0 0 rg BT 111.24 464.10 Td (ganized tours, casinos and vacation ownership properties. Our principal cruise competitors are RCCL, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Norwegian Cruise Line Holdings, Ltd. \(NCL\) and MSC Cruises. RCCL) Tj ET Q q 0 0 0 rg BT 348.26 452.10 Td ( and NCL) Tj ET Q q 0 0 0 rg BT 387.33 452.10 Td ( each own several brands as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 428.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 428.10 Td (RCCL) Tj ET Q q 0 0 0 rg BT 111.25 428.10 Td ( owns Royal Caribbean International, Celebrity Cruises, ) Tj ET Q q 0 0 0 rg BT 337.59 428.10 Td (Azamara Club Cruises, CDF Croisieres de France and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 416.10 Td (Pullmantur) Tj ET Q q 0 0 0 rg BT 129.39 416.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 404.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 404.10 Td (RCCL) Tj ET Q q 0 0 0 rg BT 111.25 404.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 130.50 404.10 Td (TUI ) Tj ET Q q 0 0 0 rg BT 149.11 404.10 Td (AG, the leading German tour operator) Tj ET Q q 0 0 0 rg BT 301.44 404.10 Td (, jointly own ) Tj ET Q q 0 0 0 rg BT 354.59 404.10 Td (TUI Cruises, a German cruise competitor) Tj ET Q q 0 0 0 rg BT 519.54 404.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 392.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 392.10 Td (NCL) Tj ET Q q 0 0 0 rg BT 105.13 392.10 Td ( owns Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Almost 85% of all 2014 global cruise guests sailed with these competitors and us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 344.10 Td (XIV) Tj ET Q q 0 0 0 rg BT 79.55 344.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 87.0458984375 342.53505859375 m 204.2626953125 342.53505859375 l s q 0 0 0 rg BT 87.05 344.10 Td (Governmental Regulations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 320.10 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 318.53505859375 m 179.09375 318.53505859375 l s q 0 0 0 rg BT 85.50 320.10 Td (Maritime Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 296.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 296.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 95.5 294.53505859375 m 129.93359375 294.53505859375 l s q 0 0 0 rg BT 95.50 296.10 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Our ships are regulated by numerous international, national, state and local laws, regulations, treaties and other legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (requirements that govern health, environmental, safety and security matters in relation to our guests, crew and ships. ) Tj ET Q q 0 0 0 rg BT 519.74 260.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (requirements change regularly) Tj ET Q q 0 0 0 rg BT 170.46 248.10 Td (, sometimes on a daily basis, depending on the itineraries of our ships and the ports and countries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (visited. If we violate or fail to comply with any of these laws, regulations, treaties and other requirements we could be fined or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (otherwise sanctioned by regulators. ) Tj ET Q q 0 0 0 rg BT 195.95 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 204.58 224.10 Td (e are committed to complying with, or exceeding, all relevant maritime requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (All of our ships, and the maritime industry as a whole, are subject to the maritime safety and security regulations established by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (the International Maritime Or) Tj ET Q q 0 0 0 rg BT 167.89 200.10 Td (ganization \(IMO\), a specialized agency of the United Nations, and its principal set of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (requirements as mandated through its International Convention for the Safety of Life at Sea \(SOLAS\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (Our ships are registered, or flagged, in ) Tj ET Q q 0 0 0 rg BT 205.66 164.10 Td (The Bahamas, Bermuda, Italy) Tj ET Q q 0 0 0 rg BT 324.69 164.10 Td (, Malta, the Netherlands, Panama, Portugal and the UK, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (which are also referred to as Flag States. ) Tj ET Q q 0 0 0 rg BT 213.98 152.10 Td (They are regulated by these Flag States through international conventions that govern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (health, environmental, safety and security matters in relation to our guests, crew and ships. Representatives of each Flag State ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (conduct periodic inspections, surveys and audits to verify compliance with these requirements. In addition, we are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (the decrees, directives, regulations and requirements of the European Union \(EU\), the U.S. and more than 400 other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (international ports that our ships visit every year) Tj ET Q q 0 0 0 rg BT 242.51 104.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (Our ships are also subject to periodic class surveys, including dry-docking inspections, by ship classification societies to verify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (that our ships have been maintained in accordance with the rules of the classification societies and that recommended repairs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (have been satisfactorily completed. Class certification is one of the necessary documents required for our cruise ships to be ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (flagged in a specific country) Tj ET Q q 0 0 0 rg BT 162.69 740.10 Td (, obtain liability insurance and legally operate as passenger cruise ships. Dry-dock frequency) Tj ET Q q 0 0 0 rg BT 535.53 740.10 Td (, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (example, is a statutory requirement mandated by SOLAS. Our ships dry-dock once or twice every five years, depending on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (age of the ship. Dry-docking, which requires that the ship be temporarily taken out-of-service, typically lasts for one or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (weeks depending on the amount of work performed. Significant dry-dock work includes hull inspection and related activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (such as scraping, pressure cleaning and bottom painting, and maintenance of steering and thruster equipment, propulsion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (engines, stabilizers and ballast tanks. ) Tj ET Q q 0 0 0 rg BT 202.06 680.10 Td (While the ship is out of the water in dry-dock, we also perform other repairs, maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (and ship improvement work. ) Tj ET Q q 0 0 0 rg BT 169.30 668.10 Td (T) Tj ET Q q 0 0 0 rg BT 174.71 668.10 Td (o the extent practical, each ship) Tj ET Q q 0 0 0 rg BT 303.54 668.10 Td (s crew including the hotel staf) Tj ET Q q 0 0 0 rg BT 423.61 668.10 Td (f remain with the ship during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (dry-dock period and assist in performing repair and maintenance work or participate in occupational, safety or other training.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (As noted above, our ships are subject to inspection by the port regulatory authorities, which are also referred to as Port State ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Control, in the various countries that they visit. Such inspections include verification of compliance with the maritime safety) Tj ET Q q 0 0 0 rg BT 549.84 620.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (security) Tj ET Q q 0 0 0 rg BT 80.51 608.10 Td (, environmental, customs, immigration, health and labor requirements applicable to each port, as well as with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (international requirements.Many countries have joined together to form regional port regulatory authorities. ) Tj ET Q q 0 0 0 rg BT 490.20 596.10 Td (Agreements have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (been signed covering Europe and the North ) Tj ET Q q 0 0 0 rg BT 225.28 584.10 Td (Atlantic, ) Tj ET Q q 0 0 0 rg BT 261.94 584.10 Td (Asia and the Pacific, the Caribbean, ) Tj ET Q q 0 0 0 rg BT 407.82 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 416.46 584.10 Td (est and Central ) Tj ET Q q 0 0 0 rg BT 478.39 584.10 Td (Africa, the Black ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Sea region, the Mediterranean Sea, the Indian Ocean and other areas. In U.S. ports, these authorities include the U.S. Coast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Guard and U.S. Customs and Border Protection and in Canada, the Canadian Coast Guard. In Italian ports these authorities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (include the Italian Coast Guard, Maritime Health and the State Police. In UK ports, these authorities include the UK Maritime ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (& Coastguard ) Tj ET Q q 0 0 0 rg BT 107.27 536.10 Td (Agency) Tj ET Q q 0 0 0 rg BT 137.72 536.10 Td (, the Department for ) Tj ET Q q 0 0 0 rg BT 221.12 536.10 Td (T) Tj ET Q q 0 0 0 rg BT 226.88 536.10 Td (ransport) Tj ET Q q 0 0 0 rg BT 262.42 536.10 Td (s Maritime and ) Tj ET Q q 0 0 0 rg BT 325.29 536.10 Td (T) Tj ET Q q 0 0 0 rg BT 331.04 536.10 Td (ransport Security Division and the local port health ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (authorities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Although not required by regulations, we voluntarily publish Sustainability Reports that address governance, commitments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (stakeholder engagement, environmental, labor) Tj ET Q q 0 0 0 rg BT 234.31 488.10 Td (, human rights, society) Tj ET Q q 0 0 0 rg BT 324.48 488.10 Td (, 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0.13333333333333333 1 rg BT 49.50 464.10 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 70.52 464.10 Td (.carnivalplc.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 137.15 464.10 Td (, were developed in accordance with the Sustainability Reporting Guidelines established by the Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Reporting Initiative, the de-facto global standard for reporting on environmental, social and governance policies, practices and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Our Boards of Directors have Health, Environment, Safety & Security Committees \(HESS Committees\), which are currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (each comprised of three independent directors. ) Tj ET Q q 0 0 0 rg BT 241.46 404.10 Td (The principal function of the HESS Committees is to assist the boards in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (fulfilling their responsibility to supervise and monitor our health, environment, safety) Tj ET Q q 0 0 0 rg BT 391.00 392.10 Td (, security and sustainability related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (policies, programs and initiatives at sea and ashore and compliance with related legal and regulatory requirements. ) Tj ET Q q 0 0 0 rg BT 512.77 380.10 Td (The HESS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Committees and our management team review all significant risks or exposures and associated mitigating actions. ) Tj ET Q q 0 0 0 rg BT 510.03 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.67 368.10 Td (e continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (to be committed to implementing appropriate measures to manage identified risks ef) Tj ET Q q 0 0 0 rg BT 386.72 356.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 421.05 356.10 Td (. ) Tj ET Q q 0 0 0 rg BT 428.00 356.10 Td (As part of our commitment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (2014, we appointed a Chief Maritime Of) Tj ET Q q 0 0 0 rg BT 212.33 344.10 Td (ficer to oversee our global maritime operations, including maritime quality assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (and policy) Tj ET Q q 0 0 0 rg BT 90.78 332.10 Td (, shipbuilding, ship refits and research and development. ) Tj ET Q q 0 0 0 rg BT 321.66 332.10 Td (T) Tj ET Q q 0 0 0 rg BT 327.07 332.10 Td (o ensure that we are compliant with the legal and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (regulatory requirements and that these areas of our business operate in an ef) Tj ET Q q 0 0 0 rg BT 353.09 320.10 Td (ficient manner we continue to, among other things:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 296.10 Td (Provide regular health, environmental, safety and security support, training, guidance and information to guests, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 284.10 Td (employees and others working on our behalf,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 272.10 Td (Develop and implement ef) Tj ET Q q 0 0 0 rg BT 191.67 272.10 Td (fective and verifiable management systems to fulfill our health, environmental, safety) Tj ET Q q 0 0 0 rg BT 533.68 272.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 260.10 Td (sustainability and security commitments,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 248.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 248.10 Td (Perform regular shoreside and shipboard audits and take appropriate action when deficiencies are identified,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 236.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 236.10 Td (Report and investigate all health, environmental, safety and security incidents and take appropriate action to prevent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 224.10 Td (recurrence,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 212.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 212.10 Td (Identify those employees responsible for managing health, safety) Tj ET Q q 0 0 0 rg BT 345.33 212.10 Td (, environment, security and sustainability programs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 200.10 Td (and ensure that there are clear lines of accountability and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 188.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 188.10 Td (Identify the aspects of our business that impact the environment and continue to take appropriate action to minimize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 176.10 Td (that impact.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 152.10 Td (e believe maritime safety) Tj ET Q q 0 0 0 rg BT 158.27 152.10 Td (, security) Tj ET Q q 0 0 0 rg BT 194.28 152.10 Td (, environmental, sustainability) Tj ET Q q 0 0 0 rg BT 314.72 152.10 Td (, health and labor matters will continue to be areas of focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (by relevant government authorities where our cruise ships operate and, accordingly) Tj ET Q q 0 0 0 rg BT 381.79 140.10 Td (, we will likely be subject to increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (compliance costs in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 104.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 104.10 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 95.5 102.53505859375002 m 218.25390625 102.53505859375002 l s q 0 0 0 rg BT 95.50 104.10 Td (Maritime Safety Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (The IMO has adopted safety standards as part of SOLAS, which apply to all of our ships. ) Tj ET Q q 0 0 0 rg BT 411.47 80.10 Td (T) Tj ET Q q 0 0 0 rg BT 416.88 80.10 Td (o help ensure guest and crew safety ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (and security) Tj ET Q q 0 0 0 rg BT 97.44 68.10 Td (, SOLAS establishes, among other things, requirements for the following: ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (26) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 735.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 735.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 735.68 Td (V) Tj ET Q q 0 0 0 rg BT 94.61 735.68 Td (essel design,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 334.50 735.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.70 735.68 Td ( ) Tj ET Q q 0 0 0 rg BT 352.50 735.68 Td (Life-saving and other equipment,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 720.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 720.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 720.68 Td (Structural features,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 334.50 720.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.70 720.68 Td ( ) Tj ET Q q 0 0 0 rg BT 352.50 720.68 Td (Fire protection and detection,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 705.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 705.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 705.68 Td (Construction and materials,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 334.50 705.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.70 705.68 Td ( ) Tj ET Q q 0 0 0 rg BT 352.50 705.68 Td (Safe management and operation and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 690.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 690.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 690.68 Td (Refurbishment standards,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 334.50 690.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.70 690.68 Td ( ) Tj ET Q q 0 0 0 rg BT 352.50 690.68 Td (Security) Tj ET Q q 0 0 0 rg BT 385.18 690.68 Td (.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 663.00 Td (All of our crew under) Tj ET Q q 0 0 0 rg BT 135.96 663.00 Td (go regular safety training that meets or exceeds all international maritime regulations, including SOLAS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 651.00 Td (requirements which are periodically revised. ) Tj ET Q q 0 0 0 rg BT 232.30 651.00 Td (These requirements apply to existing ships and ships under construction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 627.00 Td (SOLAS requires implementation of the International Safety Management Code \(ISM Code\), which provides an international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 615.00 Td (standard for the safe management and operation of ships and for pollution prevention. ) Tj ET Q q 0 0 0 rg BT 397.83 615.00 Td (The ISM Code is mandatory for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 603.00 Td (passenger vessel operators. Under the ISM Code, vessel operators are required to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 579.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 579.00 Td (Develop a Safety Management System \(SMS\) that includes, among other things, the adoption of safety and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 567.00 Td (environmental protection policies setting forth instructions and procedures for operating vessels safely and describing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 555.00 Td (procedures for responding to emer) Tj ET Q q 0 0 0 rg BT 223.05 555.00 Td (gencies and protecting the environment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 543.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 543.00 Td (Obtain a Document of Compliance \(DOC\) as well as a Safety Management Certificate \(SMC\) for each vessel they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 531.00 Td (operate.) Tj ET Q q 0 0 0 rg BT 119.74 531.00 Td (These documents are issued by the vessel) Tj ET Q q 0 0 0 rg BT 288.59 531.00 Td (s Flag State and evidence compliance with the SMS. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 519.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 519.00 Td (V) Tj ET Q q 0 0 0 rg BT 91.61 519.00 Td (erify or renew DOCs and SMCs periodically in accordance with the ISM Code. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 495.00 Td (All of our shoreside and shipboard operations and ships are regularly audited by the national authorities and maintain the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.00 Td (required certificates of compliance in accordance with the ISM Code. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.00 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 459.00 Td (e continue to implement policies and procedures that demonstrate our continuing commitment to the safety of our guests and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.00 Td (crew) Tj ET Q q 0 0 0 rg BT 68.28 447.00 Td (. ) Tj ET Q q 0 0 0 rg BT 75.60 447.00 Td (These policies and procedures include the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 423.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 423.00 Td (Expansion and acceleration of training of our bridge and engine room of) Tj ET Q q 0 0 0 rg BT 374.94 423.00 Td (ficers in maritime related best practices at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 411.00 Td (training facilities in ) Tj ET Q q 0 0 0 rg BT 165.76 411.00 Td (Almere, the Netherlands, and Rostock, Germany) Tj ET Q q 0 0 0 rg BT 360.05 411.00 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 399.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 399.00 Td (Further standardization of our detailed bridge and engine resource management procedures on all of our ships,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 387.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 387.00 Td (Expansion of our existing oversight function to monitor bridge and engine room operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 375.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 375.00 Td (Identifying and standardizing best-practice policies and procedures in health, environment, safety and security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 363.00 Td (disciplines across the entire or) Tj ET Q q 0 0 0 rg BT 206.39 363.00 Td (ganization including on all our ships and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 351.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 351.00 Td (Further enhancing our processes for auditing and continuously improving our HESS performance throughout our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 339.00 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.00 Td (As members of the Cruise Lines International ) Tj ET Q q 0 0 0 rg BT 234.18 315.00 Td (Association \(CLIA\), the global cruise industry trade association, we helped to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.00 Td (develop and have implemented policies that are intended to enhance shipboard safety throughout the cruise industry) Tj ET Q q 0 0 0 rg BT 512.87 303.00 Td (. In some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.00 Td (cases this calls for implementing best practices, which are in excess of existing legal requirements. ) Tj ET Q q 0 0 0 rg BT 449.19 291.00 Td (These policies include the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.00 Td (following: ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 257.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 257.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 257.68 Td (Location of lifejacket stowage,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 352.50 257.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 257.68 Td ( ) Tj ET Q q 0 0 0 rg BT 370.50 257.68 Td (Local sounding smoke alarms,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 242.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 242.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 242.68 Td (Harmonization of bridge procedures,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 352.50 242.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 242.68 Td ( ) Tj ET Q q 0 0 0 rg BT 370.50 242.68 Td (Reporting of crimes and missing persons,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 227.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 227.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 227.68 Td (Recording the nationality of passengers,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 352.50 227.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 227.68 Td ( ) Tj ET Q q 0 0 0 rg BT 370.50 227.68 Td (Safeguarding children in youth activity centers,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 212.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 212.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 212.68 Td (Common elements of passenger musters,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 352.50 212.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 212.68 Td ( ) Tj ET Q q 0 0 0 rg BT 370.50 212.68 Td (Security incidents,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 197.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 197.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 197.68 Td (Passage planning,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 352.50 197.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 197.68 Td ( ) Tj ET Q q 0 0 0 rg BT 370.50 197.68 Td (W) Tj ET Q q 0 0 0 rg BT 379.14 197.68 Td (aste management and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 182.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 182.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 182.68 Td (Personnel access to the bridge,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 352.50 182.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.70 182.68 Td ( ) Tj ET Q q 0 0 0 rg BT 370.50 182.68 Td (Medical facilities.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 70.50 167.68 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 167.68 Td ( ) Tj ET Q q 0 0 0 rg BT 88.50 167.68 Td (Lifeboat loading for training purposes,) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.00 Td (Further details on these and other policies can be found on ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.11764705882352941 0.13333333333333333 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 285.8232421875 138.6669921875 m 357.205078125 138.6669921875 l s q 0.11764705882352941 0.13333333333333333 1 rg BT 285.82 140.00 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 306.84 140.00 Td (.cruising.or) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 352.21 140.00 Td (g) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 357.21 140.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.00 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 116.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 116.00 Td (3. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 95.5 114.43505859375 m 227.140625 114.43505859375 l s q 0 0 0 rg BT 95.50 116.00 Td (Maritime Security Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.00 Td (Our ships are subject to numerous security requirements. ) Tj ET Q q 0 0 0 rg BT 282.04 92.00 Td (These requirements include the International Ship and Port Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.00 Td (Security Code,which is part of the broader SOLAS regulations, the U.S. Maritime ) Tj ET Q q 0 0 0 rg BT 382.31 80.00 Td (T) Tj ET Q q 0 0 0 rg BT 388.07 80.00 Td (ransportation Security ) Tj ET Q q 0 0 0 rg BT 478.61 80.00 Td (Act of 2002, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.00 Td (addresses U.S. port and waterway security and the U.S. Cruise ) Tj ET Q q 0 0 0 rg BT 302.04 68.00 Td (V) Tj ET Q q 0 0 0 rg BT 308.15 68.00 Td (essel Security and Safety ) Tj ET Q q 0 0 0 rg BT 410.35 68.00 Td (Act of 2010, which applies to all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.00 Td (our ships that embark or disembark passengers in the U.S. ) Tj ET Q q 0 0 0 rg BT 286.78 56.00 Td (These regulations include requirements as to the following: ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 728.10 Td (Implementation of specific security measures, including onboard installation of a ship security alert system, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 716.10 Td (Assessment of vessel security) Tj ET Q q 0 0 0 rg BT 204.00 716.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 704.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 94.76 704.10 Td (forts to identify and deter security threats, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 692.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.26 692.10 Td (raining, drills and exercises and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 680.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 680.10 Td (Security plans that may include guest, vehicle and baggage screening procedures, security patrols, establishment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 668.10 Td (restricted areas, personnel identification procedures, access control measures and installation of surveillance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 656.10 Td (equipment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 632.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 632.10 Td (4. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 95.5 630.53505859375 m 255.861328125 630.53505859375 l s q 0 0 0 rg BT 95.50 632.10 Td (Maritime Envir) Tj ET Q q 0 0 0 rg BT 162.80 632.10 Td (onmental Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 608.10 Td (e are subject to numerous international, national, state and local environmental laws, regulations and treaties that govern, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (among other things, air emissions, waste dischar) Tj ET Q q 0 0 0 rg BT 243.17 596.10 Td (ges, water management and disposal, and the storage, handling, use and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (disposal of hazardous substances such as chemicals, solvents and paints. Irrespective of the existing legal requirements, we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (committed to helping to preserve the environment and, in particular) Tj ET Q q 0 0 0 rg BT 319.57 572.10 Td (, the health of the world) Tj ET Q q 0 0 0 rg BT 417.88 572.10 Td (s oceans as the success of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (business is dependent on them. For example, we partner with environmental or) Tj ET Q q 0 0 0 rg BT 367.58 560.10 Td (ganizations, such as ) Tj ET Q q 0 0 0 rg BT 449.60 560.10 Td (The Nature Conservancy) Tj ET Q q 0 0 0 rg BT 548.91 560.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (support the protection of the global marine environment. ) Tj ET Q q 0 0 0 rg BT 278.43 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.06 548.10 Td (e continue to make capital and other expenditures to comply with, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (and in many cases exceed, environmental laws, regulations and treaties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Our environmental ef) Tj ET Q q 0 0 0 rg BT 135.40 512.10 Td (forts are focused on, among other things, reducing emissions such as greenhouse gases \(GHGs\) \(for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (example, carbon dioxide \(CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 172.23 498.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 500.10 Td (\) or carbon dioxide equivalents \(CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 328.49 498.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.74 500.10 Td (e\), sulfur oxide \(SOx\) and nitrogen oxide \(NOx\)\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (These emissions result from the combustion of the marine fuels consumed by our ships, which accounts for substantially all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (our total GHG and other emissions. ) Tj ET Q q 0 0 0 rg BT 196.15 476.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 245.49 476.10 Td (, reducing fuel consumption continues to be one of our most important cross-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (brand initiatives, which has and will continue to help reduce emissions and mitigate the impact of high fuel prices. ) Tj ET Q q 0 0 0 rg BT 511.98 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 520.62 464.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (and will continue to implement our ener) Tj ET Q q 0 0 0 rg BT 209.83 452.10 Td (gy-saving strategy through our environmental management systems. ) Tj ET Q q 0 0 0 rg BT 488.20 452.10 Td (This strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (includes installing some of the best available ener) Tj ET Q q 0 0 0 rg BT 248.43 440.10 Td (gy reduction technologies on our ships, such as exhaust gas cleaning, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (propulsion, air conditioning and waste heat recovery systems, more ef) Tj ET Q q 0 0 0 rg BT 329.52 428.10 Td (ficient lighting and evaluating alternative fuels and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (emission reduction technologies. In addition, we are designing more ener) Tj ET Q q 0 0 0 rg BT 344.79 416.10 Td (gy ef) Tj ET Q q 0 0 0 rg BT 364.88 416.10 Td (ficient ships that will enter our fleet in the future, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (while continuing toward reducing the fuel consumption of our existing fleet.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 380.10 Td (e had voluntarily set a goal of delivering a 20% reduction \(per unit\) from our 2005 baseline of CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 450.80 378.67 Td (2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.68 380.10 Td (emission rate from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (shipboard operations by 2015. ) Tj ET Q q 0 0 0 rg BT 175.41 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 184.05 368.10 Td (e achieved our goal one year ahead of schedule and are currently developing new goals aimed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (at protecting the environment and further reducing our fuel consumption. ) Tj ET Q q 0 0 0 rg BT 347.01 356.10 Td (W) Tj ET Q q 0 0 0 rg BT 355.65 356.10 Td (e measure our ability to use direct ener) Tj ET Q q 0 0 0 rg BT 510.68 356.10 Td (gy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 344.10 Td (ficiently by calculating the amount of primary source ener) Tj ET Q q 0 0 0 rg BT 289.60 344.10 Td (gy we consume. Our ship fuel consumption and emission rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (our total ship fuel GHG emissions are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 293.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.00 293.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 293.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 293.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 293.60 27.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 293.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 293.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 293.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 293.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 293.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 293.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 263.60 166.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.00 263.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 263.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 263.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 263.60 27.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 263.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 263.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 263.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 263.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 263.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 263.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 233.60 166.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.00 233.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.00 233.60 115.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 233.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 233.60 27.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 233.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 233.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 233.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 233.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 233.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 233.60 43.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 233.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 233.60 68.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 307.6 m 491 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 307.6 m 495 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 307.6 m 563 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 293.6 m 221 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221 293.6 m 226 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226 293.6 m 341 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 293.6 m 373 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 293.6 m 408 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 293.6 m 443 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 293.6 m 491 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 293.6 m 563 293.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.20 312.28 Td (Percentage Change Since) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 298.28 Td ( Measure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.60 298.28 Td (Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 298.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 298.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 298.28 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 298.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 298.33 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 284.17 Td (Ship Fuel Consumption Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 284.17 Td (Grams Fuel/ALB-KM \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 284.17 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 284.17 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 284.17 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.25 284.17 Td (\(2.2\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 284.17 Td (\(16.3\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 269.17 Td (Ship Fuel GHG Emission Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 269.17 Td (Grams CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 271.55 267.74 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.80 269.17 Td (e/ALB-KM \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.50 269.17 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.50 269.17 Td (280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 269.17 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.25 269.17 Td (\(2.1\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 269.17 Td (\(16.2\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 254.17 Td (SOx Emission Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 254.17 Td (Kg SOx/NM \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.45 254.17 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 254.17 Td (13.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 254.17 Td (16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.45 254.17 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 254.17 Td ( \(18.6\)%\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 239.17 Td (NOx Emission Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 239.17 Td (Kg NOx/NM \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.45 239.17 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 239.17 Td (22.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 239.17 Td (24.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.45 239.17 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.50 239.17 Td ( \(9.3\)%\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 224.17 Td (Total Ship Fuel GHG Emissions \(in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 214.17 Td (millions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 224.17 Td (T) Tj ET Q q 0 0 0 rg BT 233.91 224.17 Td (onnes CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 273.63 222.74 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.88 224.17 Td (e \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.25 224.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 224.17 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 224.17 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.25 224.17 Td (\(1.9\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 224.17 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 185.10 Td (e measure and report the ship fuel consumption rate in terms of grams of fuel per available lower berth kilometer \(ALB-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 173.10 Td (KM\). ) Tj ET Q q 0 0 0 rg BT 98.70 173.10 Td (This indicator enables us to make meaningful fuel consumption comparisons that take into account changes in fleet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 161.10 Td (size, itineraries and passenger capacity) Tj ET Q q 0 0 0 rg BT 222.06 161.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 149.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 149.10 Td (e measure and report the ship fuel GHG emission rate in terms of grams of CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 391.33 147.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.58 149.10 Td (e per ) Tj ET Q q 0 0 0 rg BT 416.24 149.10 Td (ALB-KM. ) Tj ET Q q 0 0 0 rg BT 463.00 149.10 Td (This indicator enables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 137.10 Td (us to make meaningful GHG emission reduction comparisons that take into account changes in fleet size, itineraries and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 125.10 Td (passenger capacity) Tj ET Q q 0 0 0 rg BT 142.09 125.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 113.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 113.10 Td (e measure SOx and NOx emission rates in terms of total kilograms \(Kg\) of emissions per nautical mile \(NM\). Using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 101.10 Td (an emission rate normalized by distance travelled allows us to compare our pollutant reduction ef) Tj ET Q q 0 0 0 rg BT 456.64 101.10 Td (forts over the reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 89.10 Td (periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 77.10 Td (GHG emission data collection and calculations were performed in accordance with our GHG Inventory Management Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 65.10 Td (the Greenhouse Gas Protocol and ISO 14064-3:2006. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 53.10 Td (Information for 2014 is not available as of January 29, 2015. Percentage reduction presented is from 2008 to 2013.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 728.10 Td (i. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 108.7783203125 726.53505859375 m 218.509765625 726.53505859375 l s q 0 0 0 rg BT 108.78 728.10 Td (International Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The principal international convention governing marine pollution prevention and response is the IMO) Tj ET Q q 0 0 0 rg BT 463.28 704.10 Td (s International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Convention for the Prevention of Pollution from Ships \(MARPOL\). MARPOL) Tj ET Q q 0 0 0 rg BT 376.06 692.10 Td ( includes requirements designed to prevent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (and minimize both accidental and operational pollution by oil, sewage, garbage and air emissions. ) Tj ET Q q 0 0 0 rg BT 446.43 680.10 Td (T) Tj ET Q q 0 0 0 rg BT 451.84 680.10 Td (o further these objectives, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (MARPOL) Tj ET Q q 0 0 0 rg BT 90.80 668.10 Td ( sets forth specific requirements related to vessel operations, equipment, recordkeeping and reporting that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (designed to prevent and minimize pollution. ) Tj ET Q q 0 0 0 rg BT 230.58 656.10 Td (All of our ships must carry an International Oil Pollution Prevention Certificate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (an International Sewage Pollution Prevention Certificate, an International ) Tj ET Q q 0 0 0 rg BT 345.80 644.10 Td (Air Pollution Prevention Certificate and a Garbage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Management Plan. ) Tj ET Q q 0 0 0 rg BT 129.30 632.10 Td (The ship) Tj ET Q q 0 0 0 rg BT 166.79 632.10 Td (s Flag State issues these certificates, which evidence their compliance with the MARPOL) Tj ET Q q 0 0 0 rg BT 524.94 632.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (regulations regarding prevention of pollution by oil, sewage, garbage and air emissions. Certain jurisdictions have not adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (MARPOL) Tj ET Q q 0 0 0 rg BT 90.80 608.10 Td ( but have established various national, regional or local laws and regulations to apply to these areas. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (As noted above, MARPOL) Tj ET Q q 0 0 0 rg BT 158.01 584.10 Td ( governs the prevention of pollution by oil from operational measures, as well as from accidental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (dischar) Tj ET Q q 0 0 0 rg BT 78.20 572.10 Td (ges. MARPOL) Tj ET Q q 0 0 0 rg BT 140.33 572.10 Td ( requires that dischar) Tj ET Q q 0 0 0 rg BT 223.73 572.10 Td (ges of machinery space bilge water pass through pollution prevention equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (that separates oil from the water and monitors the dischar) Tj ET Q q 0 0 0 rg BT 278.97 560.10 Td (ge to ensure that the ef) Tj ET Q q 0 0 0 rg BT 369.58 560.10 Td (fluent does not exceed 15 parts per million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (oil. Our ships must have oily water separators with oil content monitors installed and must maintain a record of certain engine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (room operations in an Oil Record Book. MARPOL) Tj ET Q q 0 0 0 rg BT 254.11 536.10 Td ( also requires that our ships have Shipboard Oil Pollution Emer) Tj ET Q q 0 0 0 rg BT 507.22 536.10 Td (gency Plans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (MARPOL) Tj ET Q q 0 0 0 rg BT 90.80 512.10 Td ( also governs the dischar) Tj ET Q q 0 0 0 rg BT 189.49 512.10 Td (ge of sewage from ships and contains regulations regarding the ships) Tj ET Q q 0 0 0 rg BT 467.56 512.10 Td ( equipment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (systems for the control of sewage dischar) Tj ET Q q 0 0 0 rg BT 214.83 500.10 Td (ge, the provision of facilities at ports and terminals for the reception of sewage and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (requirements for survey and certification. MARPOL) Tj ET Q q 0 0 0 rg BT 261.57 488.10 Td ( designates the Baltic Sea as a Special ) Tj ET Q q 0 0 0 rg BT 419.85 488.10 Td (Area where sewage dischar) Tj ET Q q 0 0 0 rg BT 533.77 488.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (from passenger ships are restricted. However) Tj ET Q q 0 0 0 rg BT 232.09 476.10 Td (, this restriction will only take ef) Tj ET Q q 0 0 0 rg BT 362.16 476.10 Td (fect upon notification of the existence of adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (reception facilities from countries whose coastlines border the Baltic Sea Special ) Tj ET Q q 0 0 0 rg BT 375.23 464.10 Td (Area. ) Tj ET Q q 0 0 0 rg BT 401.98 464.10 Td (The date this restriction will take ef) Tj ET Q q 0 0 0 rg BT 543.97 464.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (is uncertain as the underlying requirements have not yet been finalized. ) Tj ET Q q 0 0 0 rg BT 339.50 452.10 Td (These new requirements may af) Tj ET Q q 0 0 0 rg BT 467.04 452.10 Td (fect our operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (unless suitable port waste facilities are available or new technologies for onboard waste treatment are developed. ) Tj ET Q q 0 0 0 rg BT 505.81 440.10 Td (The cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (complying with these new requirements is not determinable at this time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (MARPOL) Tj ET Q q 0 0 0 rg BT 90.80 404.10 Td ( also governs the dischar) Tj ET Q q 0 0 0 rg BT 189.49 404.10 Td (ge of garbage from ships and requires a Garbage Management Plan and a Garbage Record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (Book. ) Tj ET Q q 0 0 0 rg BT 78.12 392.10 Td (As a result of MARPOL) Tj ET Q q 0 0 0 rg BT 175.52 392.10 Td ( regulations addressing garbage management, the dischar) Tj ET Q q 0 0 0 rg BT 403.87 392.10 Td (ge of all garbage to sea is prohibited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (unless the dischar) Tj ET Q q 0 0 0 rg BT 120.41 380.10 Td (ge is expressly permitted by these regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (Furthermore, MARPOL) Tj ET Q q 0 0 0 rg BT 145.79 356.10 Td ( addresses air emissions from vessels, establishes requirements for the prevention of air pollution from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (ships to reduce emissions of SOx, NOx and particulate matter) Tj ET Q q 0 0 0 rg BT 296.12 344.10 Td (. It also contains restrictions on the use of ozone depleting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (substances \(ODS\) and requires the recording of ODS use, equipment containing ODS, the emission of ODS and the disposal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (of equipment containing ODS from ships. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (As a means of managing and improving our environmental performance and compliance, we adhere to standards set by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (International Or) Tj ET Q q 0 0 0 rg BT 113.46 284.10 Td (ganization for Standardization \(ISO\), an international standard-setting body) Tj ET Q q 0 0 0 rg BT 424.38 284.10 Td (, which produces worldwide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (industrial and commercial standards. ) Tj ET Q q 0 0 0 rg BT 201.50 272.10 Td (The environmental management systems of our brands and ships are certified in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (accordance with ISO 14001, the environmental management standard that was developed to help or) Tj ET Q q 0 0 0 rg BT 448.08 260.10 Td (ganizations manage the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (environmental impacts of their processes, products and services. ISO 14001 defines an approach to setting and achieving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (environmental objectives and tar) Tj ET Q q 0 0 0 rg BT 180.11 236.10 Td (gets, within a structured management framework. ) Tj ET Q q 0 0 0 rg BT 383.10 236.10 Td (Additional MARPOL) Tj ET Q q 0 0 0 rg BT 469.68 236.10 Td ( requirements are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (discussed below in Section iv) Tj ET Q q 0 0 0 rg BT 167.17 224.10 Td (. Low Sulfur Fuel Regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 200.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 200.10 Td (ii. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 111.556640625 198.53505859375002 m 260.4482421875 198.53505859375002 l s q 0 0 0 rg BT 111.56 200.10 Td (U.S. Federal and State Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 176.10 Td (Act to Prevent Pollution from Ships authorizes the implementation of MARPOL) Tj ET Q q 0 0 0 rg BT 388.81 176.10 Td ( in the U.S. and imposes numerous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (requirements on our ships, as discussed above. ) Tj ET Q q 0 0 0 rg BT 240.58 164.10 Td (Administrative, civil and criminal penalties may be assessed for violations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (The Oil Pollution ) Tj ET Q q 0 0 0 rg BT 121.45 140.10 Td (Act of 1990 \(OP) Tj ET Q q 0 0 0 rg BT 191.35 140.10 Td (A) Tj ET Q q 0 0 0 rg BT 198.02 140.10 Td ( 90\) established a comprehensive federal liability regime, as well as prevention and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (response requirements, relating to dischar) Tj ET Q q 0 0 0 rg BT 216.21 128.10 Td (ges of oil in U.S. waters. ) Tj ET Q q 0 0 0 rg BT 319.91 128.10 Td (The major requirements include demonstrating financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (responsibility up to the liability limits and having oil spill response plans in place. ) Tj ET Q q 0 0 0 rg BT 379.56 116.10 Td (W) Tj ET Q q 0 0 0 rg BT 388.20 116.10 Td (e have Certificates of Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (Responsibility that demonstrate our ability to meet the maximum amount of OP) Tj ET Q q 0 0 0 rg BT 367.70 104.10 Td (A) Tj ET Q q 0 0 0 rg BT 374.37 104.10 Td ( 90 related liability that our ships could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (subject to for removal costs and damages, such as from an oil spill or a release of a hazardous substance. Under OP) Tj ET Q q 0 0 0 rg BT 512.33 92.10 Td (A) Tj ET Q q 0 0 0 rg BT 519.00 92.10 Td ( 90, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (owners or operators of vessels operating in U.S. waters must file ) Tj ET Q q 0 0 0 rg BT 310.10 80.10 Td (V) Tj ET Q q 0 0 0 rg BT 316.21 80.10 Td (essel Response Plans with the U.S. Coast Guard and must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (operate in compliance with these plans. Our ) Tj ET Q q 0 0 0 rg BT 227.60 68.10 Td (V) Tj ET Q q 0 0 0 rg BT 233.71 68.10 Td (essel Response Plans have been submitted to the U.S. Coast Guard and we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (operate in accordance with our plans. ) Tj ET Q q 0 0 0 rg BT 203.33 56.10 Td (As OP) Tj ET Q q 0 0 0 rg BT 228.81 56.10 Td (A) Tj ET Q q 0 0 0 rg BT 235.48 56.10 Td ( 90 expressly allows coastal states to impose liabilities and requirements beyond ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (those imposed under federal law) Tj ET Q q 0 0 0 rg BT 178.81 740.10 Td (, many U.S. states have enacted laws more stringent than OP) Tj ET Q q 0 0 0 rg BT 420.89 740.10 Td (A) Tj ET Q q 0 0 0 rg BT 427.56 740.10 Td ( 90. Some of these state laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (impose unlimited liability for oil spills and contain more stringent financial responsibility and contingency planning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (The Clean ) Tj ET Q q 0 0 0 rg BT 93.19 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 101.83 692.10 Td (ater ) Tj ET Q q 0 0 0 rg BT 118.76 692.10 Td (Act \(CW) Tj ET Q q 0 0 0 rg BT 158.47 692.10 Td (A\) and other laws and regulations provide the U.S. Environmental Protection ) Tj ET Q q 0 0 0 rg BT 473.67 692.10 Td (Agency \(EP) Tj ET Q q 0 0 0 rg BT 525.79 692.10 Td (A\) with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (the authority to regulate commercial vessels) Tj ET Q q 0 0 0 rg BT 228.42 680.10 Td ( incidental dischar) Tj ET Q q 0 0 0 rg BT 301.54 680.10 Td (ges of ballast water) Tj ET Q q 0 0 0 rg BT 378.61 680.10 Td (, bilge water) Tj ET Q q 0 0 0 rg BT 427.91 680.10 Td (, gray water) Tj ET Q q 0 0 0 rg BT 474.99 680.10 Td (, anti-fouling paints ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (and other substances during normal operations within the U.S. three mile territorial sea and inland waters. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (Pursuant to the CW) Tj ET Q q 0 0 0 rg BT 127.00 644.10 Td (A) Tj ET Q q 0 0 0 rg BT 133.67 644.10 Td ( authority) Tj ET Q q 0 0 0 rg BT 171.62 644.10 Td (, the U.S. National Pollutant Dischar) Tj ET Q q 0 0 0 rg BT 318.08 644.10 Td (ge Elimination System was designed to minimize pollution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (within U.S. territorial waters. For our af) Tj ET Q q 0 0 0 rg BT 211.51 632.10 Td (fected ships, all of the requirements are laid out in the ) Tj ET Q q 0 0 0 rg BT 429.03 632.10 Td (V) Tj ET Q q 0 0 0 rg BT 435.14 632.10 Td (essel General Permit \(VGP\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (which is an EP) Tj ET Q q 0 0 0 rg BT 108.30 620.10 Td (A) Tj ET Q q 0 0 0 rg BT 114.97 620.10 Td ( requirement. ) Tj ET Q q 0 0 0 rg BT 173.10 620.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.96 620.10 Td (VGP) Tj ET Q q 0 0 0 rg BT 210.60 620.10 Td ( establishes ef) Tj ET Q q 0 0 0 rg BT 266.51 620.10 Td (fluent limits for 27 specific dischar) Tj ET Q q 0 0 0 rg BT 406.57 620.10 Td (ges incidental to the normal operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (of a vessel. In addition to these dischar) Tj ET Q q 0 0 0 rg BT 207.33 608.10 Td (ge and vessel specific requirements, the ) Tj ET Q q 0 0 0 rg BT 368.48 608.10 Td (VGP) Tj ET Q q 0 0 0 rg BT 388.11 608.10 Td ( includes requirements for inspections, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (monitoring, reporting and record-keeping. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Our operations generate and require the transportation and disposal of both hazardous and non-hazardous solid wastes that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (subject to the requirements of the U.S. Resource Conservation and Recovery ) Tj ET Q q 0 0 0 rg BT 358.59 560.10 Td (Act. In general, vessel owners are required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (determine if their wastes are hazardous, comply with certain standards for the proper management of hazardous wastes and use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (hazardous waste manifests for shipments to approved disposal facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (In 1996, the U.S. National Invasive Species ) Tj ET Q q 0 0 0 rg BT 226.14 512.10 Td (Act \(NISA\) was enacted in response to growing reports of harmful or) Tj ET Q q 0 0 0 rg BT 512.81 512.10 Td (ganisms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (being released into U.S. waters through ballast water taken on by vessels in foreign waters. ) Tj ET Q q 0 0 0 rg BT 418.39 500.10 Td (The U.S. Coast Guard adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (regulations under NISA) Tj ET Q q 0 0 0 rg BT 144.49 488.10 Td ( in July 2004 that impose mandatory ballast water management practices for all vessels equipped with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (ballast water tanks entering U.S. waters. ) Tj ET Q q 0 0 0 rg BT 215.38 476.10 Td (These requirements can be met by performing mid-ocean ballast exchange, by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (retaining ballast water onboard the vessel or by using environmentally sound ballast water treatment methods approved by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (U.S. Coast Guard. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (The U.S. Coast Guard issued a final rule, which went into ef) Tj ET Q q 0 0 0 rg BT 290.93 428.10 Td (fect in June 2012, establishing standards for the allowable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (concentration of living or) Tj ET Q q 0 0 0 rg BT 151.23 416.10 Td (ganisms in ballast water dischar) Tj ET Q q 0 0 0 rg BT 278.80 416.10 Td (ged in U.S. waters and requiring the phase-in of U.S. Coast Guard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (approved ballast water management systems. ) Tj ET Q q 0 0 0 rg BT 235.10 404.10 Td (The standards are equivalent to those in the IMO convention. In most cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 392.10 Td (fected vessels will be required to install and operate a ballast water management system that has been approved by the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Coast Guard. ) Tj ET Q q 0 0 0 rg BT 106.72 380.10 Td (A) Tj ET Q q 0 0 0 rg BT 113.39 380.10 Td ( vessel) Tj ET Q q 0 0 0 rg BT 143.10 380.10 Td (s compliance date varies based upon the date of construction and ballast water capacity) Tj ET Q q 0 0 0 rg BT 490.93 380.10 Td (. Ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (constructed on or after December 1, 2013 must comply with these standards on delivery) Tj ET Q q 0 0 0 rg BT 400.97 368.10 Td (. Existing ships must comply by their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (first dry-dock after January 1, 2016. However) Tj ET Q q 0 0 0 rg BT 234.87 356.10 Td (, as of January 22, 2015, no ballast water management systems have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (approved by the U.S. Coast Guard and, accordingly) Tj ET Q q 0 0 0 rg BT 255.47 344.10 Td (, they are currently granting exemptions from this rule. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (Most U.S. states that border navigable waterways or sea coasts have also enacted environmental regulations that impose strict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (liability for removal costs and damages resulting from a dischar) Tj ET Q q 0 0 0 rg BT 304.52 308.10 Td (ge of oil or a release of a hazardous substance. ) Tj ET Q q 0 0 0 rg BT 495.37 308.10 Td (These laws may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (be more stringent than U.S. federal law and in some cases have no statutory limits of liability) Tj ET Q q 0 0 0 rg BT 421.54 296.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (The state of ) Tj ET Q q 0 0 0 rg BT 98.65 272.10 Td (Alaska enacted legislation that prohibits certain dischar) Tj ET Q q 0 0 0 rg BT 320.06 272.10 Td (ges in designated ) Tj ET Q q 0 0 0 rg BT 390.88 272.10 Td (Alaskan waters and sets ef) Tj ET Q q 0 0 0 rg BT 496.78 272.10 Td (fluent limits on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (others. Further) Tj ET Q q 0 0 0 rg BT 110.48 260.10 Td (, the state requires that certain dischar) Tj ET Q q 0 0 0 rg BT 261.62 260.10 Td (ges be reported and monitored to verify compliance with the standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (established by the legislation. Both the state and federal environmental regimes in ) Tj ET Q q 0 0 0 rg BT 381.63 248.10 Td (Alaska are more stringent than the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (federal requirements with regard to dischar) Tj ET Q q 0 0 0 rg BT 221.75 236.10 Td (ge from vessels in other areas. ) Tj ET Q q 0 0 0 rg BT 347.63 236.10 Td (The legislation also provides that repeat violators of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (the regulations could be prohibited from operating in ) Tj ET Q q 0 0 0 rg BT 263.34 224.10 Td (Alaskan waters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 200.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 200.10 Td (iii. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 114.3349609375 198.53505859375002 m 181.2880859375 198.53505859375002 l s q 0 0 0 rg BT 114.33 200.10 Td (EU Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (The EU has adopted a broad range of substantial environmental measures aimed at improving the quality of the environment for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (European citizens and providing them with a high quality of life. ) Tj ET Q q 0 0 0 rg BT 313.42 164.10 Td (T) Tj ET Q q 0 0 0 rg BT 318.83 164.10 Td (o support the implementation and enforcement of European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (environmental legislation, the EU has adopted directives on environmental liability and enforcement and a recommendation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (providing for minimum criteria for environmental inspections.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (The European Commission) Tj ET Q q 0 0 0 rg BT 161.71 116.10 Td (s \(EC\) strategy is to reduce atmospheric emissions from ships. ) Tj ET Q q 0 0 0 rg BT 424.80 116.10 Td (The EC strategy seeks to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (implement SOx Emission Control ) Tj ET Q q 0 0 0 rg BT 187.28 104.10 Td (Areas set out in MARPOL, as discussed below) Tj ET Q q 0 0 0 rg BT 374.39 104.10 Td (. In addition, the EC goes beyond the IMO by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (requiring the use of low sulfur \(less than 0.1%\) marine gas oil while in EU ports. ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 740.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 740.10 Td (iv) Tj ET Q q 0 0 0 rg BT 105.73 740.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 113.2265625 738.53505859375 m 236.1171875 738.53505859375 l s q 0 0 0 rg BT 113.23 740.10 Td (Low Sulfur) Tj ET Q q 0 0 0 rg BT 161.67 740.10 Td ( Fuel Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (MARPOL) Tj ET Q q 0 0 0 rg BT 90.80 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.75 716.10 Td (Annex ) Tj ET Q q 0 0 0 rg BT 121.73 716.10 Td (VI addresses air emissions from vessels in both auxiliary and main propulsion diesel engines on ships. ) Tj ET Q q 0 0 0 rg BT 535.56 716.10 Td (Annex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (VI also specifies requirements for Emission Control ) Tj ET Q q 0 0 0 rg BT 259.74 704.10 Td (Areas \(ECAs\) with stricter limitations on sulfur emissions in these areas. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Starting in January 2015, ships operating in the Baltic Sea ECA, the North Sea ECA, the North ) Tj ET Q q 0 0 0 rg BT 431.66 692.10 Td (American ECA) Tj ET Q q 0 0 0 rg BT 493.04 692.10 Td ( and the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Caribbean ECA) Tj ET Q q 0 0 0 rg BT 112.54 680.10 Td ( are required to use fuel with a sulfur content of no more than 0.1% or use alternative emission reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (methods \(2015 ECA\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (The MARPOL) Tj ET Q q 0 0 0 rg BT 108.85 644.10 Td ( global limit on fuel sulfur content outside of ECAs will be reduced to 0.5% on and after January 2020.) Tj ET Q q 0 0 0 rg BT 526.08 644.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (0.5% global standard will be subject to an IMO review by 2018 as to the availability of the required fuel oil to comply with this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (standard, taking into account the global fuel oil market supply and demand, an analysis of trends in fuel oil markets and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (other relevant issues. If the IMO determines that there is insuf) Tj ET Q q 0 0 0 rg BT 299.80 608.10 Td (ficient fuel to comply with the 0.5% standard in January 2020, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (then this requirement will be delayed to January 2025, at the latest. However) Tj ET Q q 0 0 0 rg BT 358.73 596.10 Td (, the EU Parliament and Council have set 2020 as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (the final date for the 0.5% fuel sulfur content limit to enter force, regardless of the 2018 IMO review results. ) Tj ET Q q 0 0 0 rg BT 485.57 584.10 Td (This EU Sulfur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Directive will cover EU Member States) Tj ET Q q 0 0 0 rg BT 210.65 572.10 Td ( territorial waters that are within 12 nautical miles of their coastline. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (In conjunction with an af) Tj ET Q q 0 0 0 rg BT 149.85 548.10 Td (filiate we have and will continue to develop and test exhaust gas cleaning systems' \(EGCS\) designs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (that we believe will reduce the sulfur emission levels of our higher sulfur bunker fuel to or below the levels required under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (2015 ECA) Tj ET Q q 0 0 0 rg BT 91.45 524.10 Td ( limits, the 2020 global standard and while in EU ports. ) Tj ET Q q 0 0 0 rg BT 317.53 524.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 366.87 524.10 Td (, we are installing EGCSs on many of our ships. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (In addition, to allow us suf) Tj ET Q q 0 0 0 rg BT 156.53 512.10 Td (ficient time to install EGCSs on a reasonable schedule, we have received an exemption for 32 ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (that regularly sail within the North ) Tj ET Q q 0 0 0 rg BT 190.03 500.10 Td (American and U.S. Caribbean ECAs that will delay the requirements to comply with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (2015 ECA) Tj ET Q q 0 0 0 rg BT 91.45 488.10 Td ( limit through agreed upon dates ending in 2016. EGCSs were installed on 13 ships during 2014 and by the end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (2015 we expect to have EGCSs installed on 45 ships. ) Tj ET Q q 0 0 0 rg BT 267.63 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.26 476.10 Td (e expect to have EGCSs installed on approximately 70% of our fleet by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (the end of 2017. ) Tj ET Q q 0 0 0 rg BT 119.30 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 127.94 464.10 Td (e expect these ef) Tj ET Q q 0 0 0 rg BT 194.11 464.10 Td (forts should mitigate the majority of the impact from the 2015 ECA. ) Tj ET Q q 0 0 0 rg BT 472.21 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.85 464.10 Td (e currently estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (that compliance with the 2015 ECA) Tj ET Q q 0 0 0 rg BT 192.53 452.10 Td ( will result in higher 2015 fuel expenses of about $0.10 per share, with that increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (expected to be reduced by about half in 2016 and mostly of) Tj ET Q q 0 0 0 rg BT 286.75 440.10 Td (fset in 2017. ) Tj ET Q q 0 0 0 rg BT 341.29 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.92 440.10 Td (e will incur additional EGCS operating expenses as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (we benefit from the use of this technology) Tj ET Q q 0 0 0 rg BT 217.97 428.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (As for the 2020 global standard, we believe that the magnitude of the fuel price increase from complying with this standard is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (not reasonably determinable at this time due to the uncertainty of when the global standard will become ef) Tj ET Q q 0 0 0 rg BT 474.46 392.10 Td (fective, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (be as late as 2025, and other potential mitigating factors. However) Tj ET Q q 0 0 0 rg BT 317.07 380.10 Td (, we believe the increase to our fuel expenses from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (complying with the 2020 global standard will ultimately not be material to our consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (Beyond EGCS technology) Tj ET Q q 0 0 0 rg BT 154.95 344.10 Td (, as part of our emission abatement program, we have continued our work with local port authorities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (and the EP) Tj ET Q q 0 0 0 rg BT 91.91 332.10 Td (A) Tj ET Q q 0 0 0 rg BT 98.58 332.10 Td ( to help promote the development of shore power connections in Juneau, ) Tj ET Q q 0 0 0 rg BT 391.00 332.10 Td (Alaska; Long Beach, Los ) Tj ET Q q 0 0 0 rg BT 494.59 332.10 Td (Angeles, San ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (Francisco and San Diego, California; Seattle, ) Tj ET Q q 0 0 0 rg BT 232.61 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.24 320.10 Td (ashington; Halifax, Nova Scotia and ) Tj ET Q q 0 0 0 rg BT 388.81 320.10 Td (V) Tj ET Q q 0 0 0 rg BT 394.92 320.10 Td (ancouver) Tj ET Q q 0 0 0 rg BT 431.17 320.10 Td (, British Columbia and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (equipped 26 ships with shore power technology) Tj ET Q q 0 0 0 rg BT 239.93 308.10 Td (. ) Tj ET Q q 0 0 0 rg BT 247.25 308.10 Td (This technology enables our ships to use power from the local electricity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (provider rather than running their engines while in port to power their onboard services, and thus reducing our air emissions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 86.07 284.10 Td (, in an ef) Tj ET Q q 0 0 0 rg BT 120.88 284.10 Td (fort to continue our commitment to sustainability and to playing a leading role in matters of environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (protection in the cruise industry) Tj ET Q q 0 0 0 rg BT 176.04 272.10 Td (, ) Tj ET Q q 0 0 0 rg BT 180.49 272.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 204.93 272.10 Td ( began using a liquefied natural gas \(LNG\) hybrid bar) Tj ET Q q 0 0 0 rg BT 428.84 272.10 Td (ge for ecologically friendly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (flexible power supply as an alternative to shore power) Tj ET Q q 0 0 0 rg BT 265.70 260.10 Td (, while its ships are moored in the port of Hambur) Tj ET Q q 0 0 0 rg BT 465.20 260.10 Td (g, Germany) Tj ET Q q 0 0 0 rg BT 511.76 260.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (In the long-term, the cost impacts of achieving progressively lower sulfur emission requirements may be further mitigated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (the favorable impact of future changes in the supply and demand balance for marine and other fuels, future developments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (and investments in improved sulfur emission abatement technologies, the use of alternative lower cost and lower emission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (fuels, such as LNG at sea and in port, and our continued ef) Tj ET Q q 0 0 0 rg BT 284.25 200.10 Td (forts to improve the overall fuel ef) Tj ET Q q 0 0 0 rg BT 421.80 200.10 Td (ficiency across our fleet. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (2007, we have achieved a 25% cumulative reduction in unit fuel consumption by focusing on the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 162.17 Td ( Efficiency improvements in the areas of hull coatings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 152.17 Td (and designs,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 162.17 Td ( ) Tj ET Q q 0 0 0 rg BT 335.50 162.17 Td (More ef) Tj ET Q q 0 0 0 rg BT 367.34 162.17 Td (ficient pumps, ventilation and waste heat ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.50 152.17 Td (recovery systems,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 135.17 Td ( ) Tj ET Q q 0 0 0 rg BT 79.50 135.17 Td (Improved engine performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 135.17 Td ( ) Tj ET Q q 0 0 0 rg BT 335.50 135.17 Td (New itineraries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 119.17 Td ( ) Tj ET Q q 0 0 0 rg BT 79.50 119.17 Td (More advance engine designs,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 119.17 Td ( ) Tj ET Q q 0 0 0 rg BT 335.50 119.17 Td (More ef) Tj ET Q q 0 0 0 rg BT 367.34 119.17 Td (ficient propeller designs,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 103.17 Td ( ) Tj ET Q q 0 0 0 rg BT 79.50 103.17 Td (More ef) Tj ET Q q 0 0 0 rg BT 111.34 103.17 Td (ficient LED lighting,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 103.17 Td ( ) Tj ET Q q 0 0 0 rg BT 335.50 103.17 Td (Reduction in ship speeds and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 87.17 Td ( ) Tj ET Q q 0 0 0 rg BT 79.50 87.17 Td (More ef) Tj ET Q q 0 0 0 rg BT 111.34 87.17 Td (ficient air conditioning, which is the second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 77.17 Td (lar) Tj ET Q q 0 0 0 rg BT 89.96 77.17 Td (gest user of onboard ener) Tj ET Q q 0 0 0 rg BT 190.85 77.17 Td (gy after propulsion,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 87.17 Td ( ) Tj ET Q q 0 0 0 rg BT 335.50 87.17 Td (Increased ener) Tj ET Q q 0 0 0 rg BT 393.33 87.17 Td (gy use awareness and training.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 740.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 740.10 Td (v) Tj ET Q q 0 0 0 rg BT 102.95 740.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 110.4482421875 738.53505859375 m 225.8388671875 738.53505859375 l s q 0 0 0 rg BT 110.45 740.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 122.48 740.10 Td (eenhouse Gas Emissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 716.10 Td (e have established objectives within the ISO 14001 environmental management systems of each of our brands to further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (reduce fuel consumption rates and the resulting CO) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 255.28 702.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.53 704.10 Td ( emission rates. Each year we have volunteered to participate in the Carbon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Disclosure Project \(CDP\), which provides visibility of companies) Tj ET Q q 0 0 0 rg BT 323.70 692.10 Td ( carbon footprints and activities regarding carbon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (emissions. ) Tj ET Q q 0 0 0 rg BT 96.27 680.10 Td (The CDP) Tj ET Q q 0 0 0 rg BT 133.40 680.10 Td ( rates companies on the depth and scope of their disclosures and the quality of their reporting. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (submission included details of our most recently compiled emissions data and reduction ef) Tj ET Q q 0 0 0 rg BT 411.46 668.10 Td (forts, along with our completion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (an independent, third-party verification of our GHG emissions inventory) Tj ET Q q 0 0 0 rg BT 339.61 656.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (In January 2013, the IMO approved measures to reduce emissions of GHGs from international shipping by adopting technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (and operational measures for all ships. ) Tj ET Q q 0 0 0 rg BT 208.16 620.10 Td (The technical measures apply to the design of new vessels, and the operational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (reduction measures apply to all vessels. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 584.10 Td (5. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 95.5 582.53505859375 m 220.48046875 582.53505859375 l s q 0 0 0 rg BT 95.50 584.10 Td (Maritime Health Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 560.10 Td (e are committed to providing a healthy environment for all of our guests and crew) Tj ET Q q 0 0 0 rg BT 385.16 560.10 Td (. ) Tj ET Q q 0 0 0 rg BT 392.48 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.12 560.10 Td (e collaborate with public health ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (inspection programs throughout the world, such as the Centers for Disease Control and Prevention in the U.S. \(CDC\) and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (SHIPSAN Project in the EU to ensure that development of these programs leads to enhanced health and hygiene onboard our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (ships. ) Tj ET Q q 0 0 0 rg BT 77.38 524.10 Td (Through our collaborative ef) Tj ET Q q 0 0 0 rg BT 192.43 524.10 Td (forts, we work with the authorities to develop and revise guidelines, review plans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (conduct on-site inspections for all newbuilds and significant ship renovations. In addition, we continue to maintain our ships by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (meeting, and often exceeding, applicable public health guidelines and requirements, complying with inspections, reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (communicable illnesses and conducting regular crew training and guest education programs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (In 2013, 10.1 million passengers embarked on CLIA) Tj ET Q q 0 0 0 rg BT 259.74 464.10 Td ( member cruise ships from U.S. ports. ) Tj ET Q q 0 0 0 rg BT 416.49 464.10 Td (That year) Tj ET Q q 0 0 0 rg BT 454.12 464.10 Td (, there were four norovirus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (outbreaks on cruise ships departing from U.S. ports involving a total of 834 passengers, which represents only 0.008% of cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (passengers on CLIA) Tj ET Q q 0 0 0 rg BT 130.60 440.10 Td ( member cruise ships. By contrast, the CDC reported there are approximately 20 million norovirus cases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (a typical year in the U.S., or 6.3% of the U.S. population. It is estimated that 1 in 15 ) Tj ET Q q 0 0 0 rg BT 389.72 428.10 Td (Americans contract the norovirus on land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (each year) Tj ET Q q 0 0 0 rg BT 87.12 416.10 Td (, compared to 1 in 12,000 cruise guests reporting that they have contracted the norovirus on a cruise ship each year) Tj ET Q q 0 0 0 rg BT 545.87 416.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (Although outbreaks of gastrointestinal illnesses on ships represent a small percentage of all outbreaks, the cruise industry has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (developed and implemented policies and practices to limit gastrointestinal illness onboard ships.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 368.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 368.10 Td (6. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 95.5 366.53505859375 m 218.0830078125 366.53505859375 l s q 0 0 0 rg BT 95.50 368.10 Td (Maritime Labor) Tj ET Q q 0 0 0 rg BT 165.02 368.10 Td ( Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (In 2006, the International Labor Or) Tj ET Q q 0 0 0 rg BT 190.38 344.10 Td (ganization, an agency of the United Nations that develops and oversees international labor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 91.65 332.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 125.19 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.51 332.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 186.17 332.10 Td (Maritime ) Tj ET Q q 0 0 0 rg BT 225.26 332.10 Td (Labor ) Tj ET Q q 0 0 0 rg BT 251.02 332.10 Td (Convention ) Tj ET Q q 0 0 0 rg BT 299.57 332.10 Td (\(MLC ) Tj ET Q q 0 0 0 rg BT 330.89 332.10 Td (2006\). ) Tj ET Q q 0 0 0 rg BT 363.04 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.92 332.10 Td (MLC ) Tj ET Q q 0 0 0 rg BT 388.47 332.10 Td (2006 ) Tj ET Q q 0 0 0 rg BT 410.35 332.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 445.56 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.88 332.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 514.30 332.10 Td (set ) Tj ET Q q 0 0 0 rg BT 527.29 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.50 332.10 Td (global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 90.43 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.02 320.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 144.50 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.10 320.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 178.02 320.10 Td (range ) Tj ET Q q 0 0 0 rg BT 203.39 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.87 320.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 272.73 320.10 Td (such ) Tj ET Q q 0 0 0 rg BT 294.22 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.71 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.08 320.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 363.12 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.60 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.20 320.10 Td (seafarer) Tj ET Q q 0 0 0 rg BT 413.44 320.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.09 320.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 461.14 320.10 Td (age ) Tj ET Q q 0 0 0 rg BT 478.17 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.66 320.10 Td (seafarers, ) Tj ET Q q 0 0 0 rg BT 530.85 320.10 Td (medical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (certificates, ) Tj ET Q q 0 0 0 rg BT 98.63 308.10 Td (recruitment ) Tj ET Q q 0 0 0 rg BT 147.49 308.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 188.29 308.10 Td (training, ) Tj ET Q q 0 0 0 rg BT 224.67 308.10 Td (repatriation, ) Tj ET Q q 0 0 0 rg BT 276.03 308.10 Td (food, ) Tj ET Q q 0 0 0 rg BT 299.63 308.10 Td (recreational ) Tj ET Q q 0 0 0 rg BT 349.59 308.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 389.29 308.10 Td (health ) Tj ET Q q 0 0 0 rg BT 416.49 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.70 308.10 Td (welfare, ) Tj ET Q q 0 0 0 rg BT 468.95 308.10 Td (hours ) Tj ET Q q 0 0 0 rg BT 493.94 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.04 308.10 Td (work ) Tj ET Q q 0 0 0 rg BT 528.36 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.57 308.10 Td (rest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (accommodations, ) Tj ET Q q 0 0 0 rg BT 121.88 296.10 Td (wages ) Tj ET Q q 0 0 0 rg BT 149.00 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.56 296.10 Td (entitlements. ) Tj ET Q q 0 0 0 rg BT 219.07 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.19 296.10 Td (In ) Tj ET Q q 0 0 0 rg BT 231.18 296.10 Td (August ) Tj ET Q q 0 0 0 rg BT 262.20 296.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 286.82 296.10 Td (MLC ) Tj ET Q q 0 0 0 rg BT 310.62 296.10 Td (2006 ) Tj ET Q q 0 0 0 rg BT 332.74 296.10 Td (became ) Tj ET Q q 0 0 0 rg BT 365.40 296.10 Td (ef) Tj ET Q q 0 0 0 rg BT 372.99 296.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 402.31 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.22 296.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 441.55 296.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 480.33 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.23 296.10 Td (which ) Tj ET Q q 0 0 0 rg BT 516.79 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 530.58 296.10 Td (operate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 272.10 Td (International ) Tj ET Q q 0 0 0 rg BT 122.17 272.10 Td (Convention ) Tj ET Q q 0 0 0 rg BT 171.86 272.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.88 272.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 227.33 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.47 272.10 Td (T) Tj ET Q q 0 0 0 rg BT 244.22 272.10 Td (raining, ) Tj ET Q q 0 0 0 rg BT 278.07 272.10 Td (Certification ) Tj ET Q q 0 0 0 rg BT 331.62 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.86 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 357.50 272.10 Td (atchkeeping ) Tj ET Q q 0 0 0 rg BT 408.83 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 423.51 272.10 Td (Seafarers, ) Tj ET Q q 0 0 0 rg BT 466.22 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 477.57 272.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 519.19 272.10 Td (establishes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 90.89 260.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 131.16 260.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 164.20 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.48 260.10 Td (training, ) Tj ET Q q 0 0 0 rg BT 210.58 260.10 Td (including ) Tj ET Q q 0 0 0 rg BT 250.86 260.10 Td (security ) Tj ET Q q 0 0 0 rg BT 285.01 260.10 Td (training, ) Tj ET Q q 0 0 0 rg BT 321.12 260.10 Td (certification ) Tj ET Q q 0 0 0 rg BT 371.92 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.86 260.10 Td (watchkeeping ) Tj ET Q q 0 0 0 rg BT 446.89 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.05 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 476.88 260.10 Td (seafarers. ) Tj ET Q q 0 0 0 rg BT 517.41 260.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 236.10 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 234.53505859375002 m 182.82421875 234.53505859375002 l s q 0 0 0 rg BT 85.50 236.10 Td (Consumer) Tj ET Q q 0 0 0 rg BT 129.76 236.10 Td ( Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Our ships that call on U.S. ports are regulated by the Federal Maritime Commission \(FMC\). Public Law 89-777, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (administered by the FMC, requires all our cruise brands that call on U.S. ports and embark or disembark guests in U.S. ports to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (establish financial responsibility for their liability to passengers for nonperformance of transportation, for personal injury and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (for loss of life. ) Tj ET Q q 0 0 0 rg BT 113.20 176.10 Td (The FMC) Tj ET Q q 0 0 0 rg BT 155.14 176.10 Td (s regulations require that a cruise line demonstrate its financial responsibility for nonperformance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (transportation through a guarantee, escrow arrangement, surety bond or insurance. Currently) Tj ET Q q 0 0 0 rg BT 421.50 164.10 Td (, the amount required must be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (less than 1) Tj ET Q q 0 0 0 rg BT 91.35 152.10 Td (10% of the cruise line) Tj ET Q q 0 0 0 rg BT 181.87 152.10 Td (s highest amount of customer deposits over a two-year period, up to a maximum coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (level of $22 million. Such maximum coverage amount will increase to $30 million by ) Tj ET Q q 0 0 0 rg BT 394.71 140.10 Td (April 2015. Based on this increase, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (required guarantee will be $150 million. Our Protection and Indemnity coverages are used to establish our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (responsibility for personal injury and loss of life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (In some cases in the UK, continental Europe and ) Tj ET Q q 0 0 0 rg BT 246.67 92.10 Td (Australia, we are required to obtain licenses from and post bonds or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (guarantees with various or) Tj ET Q q 0 0 0 rg BT 155.12 80.10 Td (ganizations in connection with the conduct of our business and/or our ability to meet our liabilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (the event of nonperformance of obligations to consumers. ) Tj ET Q q 0 0 0 rg BT 285.36 68.10 Td (The most significant requirement relates to ) Tj ET Q q 0 0 0 rg BT 459.20 68.10 Td (ABT) Tj ET Q q 0 0 0 rg BT 478.40 68.10 Td (A, formally known ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (as the ) Tj ET Q q 0 0 0 rg BT 74.50 56.10 Td (Association of British ) Tj ET Q q 0 0 0 rg BT 164.59 56.10 Td (T) Tj ET Q q 0 0 0 rg BT 170.34 56.10 Td (ravel ) Tj ET Q q 0 0 0 rg BT 192.28 56.10 Td (Agents, which requires us to maintain approximately $125 million of sterling-denominated ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (bonds to cover certain of our brands) Tj ET Q q 0 0 0 rg BT 196.49 740.10 Td ( UK customer deposits. ) Tj ET Q q 0 0 0 rg BT 295.18 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 303.82 740.10 Td (e are also required to pay to the UK Civil ) Tj ET Q q 0 0 0 rg BT 471.00 740.10 Td (A) Tj ET Q q 0 0 0 rg BT 477.48 740.10 Td (viation ) Tj ET Q q 0 0 0 rg BT 507.20 740.10 Td (Authority a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (non-refundable 2.50 fee per guest when we arrange a flight as part of a cruise vacation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (In the other major countries where we source our guests, we are also required to establish financial responsibility) Tj ET Q q 0 0 0 rg BT 500.93 704.10 Td (, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (obtaining a guarantee from a reputable insurance company to ensure that, in case of insolvency) Tj ET Q q 0 0 0 rg BT 428.99 692.10 Td (, our guests will be refunded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (their deposits and repatriated without additional cost if insolvency occurs after a cruise starts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.78 656.10 Td (Australia and most of Europe, we are obligated to honor our guests) Tj ET Q q 0 0 0 rg BT 330.63 656.10 Td ( cruise payments made by them to their travel agents and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (tour operators regardless of whether we receive these payments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 620.10 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 618.53505859375 m 253.6591796875 618.53505859375 l s q 0 0 0 rg BT 85.50 620.10 Td (Regulations for) Tj ET Q q 0 0 0 rg BT 151.15 620.10 Td ( Guests with Disabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (Regulations regarding ship accessibility standards are expected to be issued in the U.S. ) Tj ET Q q 0 0 0 rg BT 401.64 593.10 Td (As a result of the proposed new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (regulations, we expect that we will be required to make modifications to some of our ships but do not believe the cost of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (will have a significant impact on our consolidated financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 542.10 Td (XV) Tj ET Q q 0 0 0 rg BT 76.15 542.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.06396484375 540.53505859375 m 118.01953125 540.53505859375 l s q 0 0 0 rg BT 80.97 542.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.90 542.10 Td (raining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (Our cruise brands are committed to providing appropriate hotel and marine-related training to ensure that our shipboard crew) Tj ET Q q 0 0 0 rg BT 549.51 518.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (including of) Tj ET Q q 0 0 0 rg BT 97.92 506.10 Td (ficers, have the knowledge and skills to properly perform their jobs. ) Tj ET Q q 0 0 0 rg BT 374.33 506.10 Td (W) Tj ET Q q 0 0 0 rg BT 382.97 506.10 Td (e have a maritime training program for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (shipboard of) Tj ET Q q 0 0 0 rg BT 99.59 494.10 Td (ficers that includes two training facilities with one located in ) Tj ET Q q 0 0 0 rg BT 343.96 494.10 Td (Almere, the Netherlands, known as the Center for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (Simulator Maritime ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.16 482.10 Td (T) Tj ET Q q 0 0 0 rg BT 136.34 482.10 Td (raining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 482.10 Td ( \(CSMAR) Tj ET Q q 0 0 0 rg BT 206.51 482.10 Td (T\), and the other located in Rostock, Germany) Tj ET Q q 0 0 0 rg BT 396.08 482.10 Td (. Our goal is to be a leader in delivering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (high quality professional maritime training. Participants receive a maritime training experience that fosters critical thinking, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (problem solving, ethical decision making and skill development. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (CSMAR) Tj ET Q q 0 0 0 rg BT 83.91 434.10 Td (T) Tj ET Q q 0 0 0 rg BT 89.84 434.10 Td ( currently of) Tj ET Q q 0 0 0 rg BT 139.08 434.10 Td (fers two full mission bridge simulators, six part-task bridge simulators and the ability to simulate fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (propeller and azipod operations. In addition, CSMAR) Tj ET Q q 0 0 0 rg BT 266.36 422.10 Td (T) Tj ET Q q 0 0 0 rg BT 272.29 422.10 Td ( of) Tj ET Q q 0 0 0 rg BT 282.94 422.10 Td (fers two full mission engine control rooms with four machinery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (outstations and 16 part-task engine room simulators. ) Tj ET Q q 0 0 0 rg BT 264.01 410.10 Td (The CSMAR) Tj ET Q q 0 0 0 rg BT 316.47 410.10 Td (T) Tj ET Q q 0 0 0 rg BT 322.40 410.10 Td ( facility also features lar) Tj ET Q q 0 0 0 rg BT 418.84 410.10 Td (ge instructional classrooms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (meeting rooms and a catering facility) Tj ET Q q 0 0 0 rg BT 197.96 398.10 Td (. In 2014, we purchased land in ) Tj ET Q q 0 0 0 rg BT 327.93 398.10 Td (Almere and are having a new CSMAR) Tj ET Q q 0 0 0 rg BT 482.29 398.10 Td (T) Tj ET Q q 0 0 0 rg BT 488.22 398.10 Td ( training facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (built to include four full mission bridge simulators and four full mission engine room simulators. In addition, the new facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (will include training simulators for our shipboard safety) Tj ET Q q 0 0 0 rg BT 272.42 374.10 Td (, security and medical functions. ) Tj ET Q q 0 0 0 rg BT 407.20 374.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.83 374.10 Td (e are also having on-site ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (accommodations built for use by our shipboard of) Tj ET Q q 0 0 0 rg BT 249.00 362.10 Td (ficers during their training sessions. ) Tj ET Q q 0 0 0 rg BT 396.85 362.10 Td (The new training facility and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (accommodations are expected to open in mid-2016. ) Tj ET Q q 0 0 0 rg BT 258.70 350.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.34 350.10 Td (e expect to train more than 6,000 shipboard of) Tj ET Q q 0 0 0 rg BT 451.82 350.10 Td (ficers annually at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (expanded CSMAR) Tj ET Q q 0 0 0 rg BT 124.73 338.10 Td (T) Tj ET Q q 0 0 0 rg BT 130.66 338.10 Td ( facility) Tj ET Q q 0 0 0 rg BT 160.83 338.10 Td (. Our training facility in Rostock of) Tj ET Q q 0 0 0 rg BT 304.51 338.10 Td (fers one full mission bridge simulator) Tj ET Q q 0 0 0 rg BT 454.36 338.10 Td (, one part-task bridge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (simulator and one part-task engine room simulator) Tj ET Q q 0 0 0 rg BT 251.12 326.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 302.10 Td (e have enhanced our HESS Management System risk assessment and management capabilities by implementing shipboard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (quality assurance initiatives that will further strengthen bridge and engine control room resource management training and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (operational performance. ) Tj ET Q q 0 0 0 rg BT 154.82 278.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.46 278.10 Td (e have also established the European Cruise ) Tj ET Q q 0 0 0 rg BT 340.91 278.10 Td (Academy in Rostock, Germany) Tj ET Q q 0 0 0 rg BT 466.34 278.10 Td (, which of) Tj ET Q q 0 0 0 rg BT 506.42 278.10 Td (fers advanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (training certificates in the maritime sciences primarily related to the cruise business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (D. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 240.53505859375002 m 108.6083984375 240.53505859375002 l s q 0 0 0 rg BT 62.50 242.10 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (Our shoreside operations have an average of 10,100 full-time and 2,800 part-time/seasonal employees. ) Tj ET Q q 0 0 0 rg BT 465.02 218.10 Td (W) Tj ET Q q 0 0 0 rg BT 473.66 218.10 Td (e also employ an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (average of 81,200 crew members, including of) Tj ET Q q 0 0 0 rg BT 235.92 206.10 Td (ficers, onboard the 100 ships we currently operate, which excludes employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (who are on a leave. Holland ) Tj ET Q q 0 0 0 rg BT 166.13 194.10 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 238.33 194.10 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 268.42 194.10 Td (T) Tj ET Q q 0 0 0 rg BT 273.83 194.10 Td (ours significantly increases its work force during the late spring and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (summer months in connection with the ) Tj ET Q q 0 0 0 rg BT 207.26 182.10 Td (Alaskan cruise season, which seasonal employees are included above. ) Tj ET Q q 0 0 0 rg BT 491.98 182.10 Td (W) Tj ET Q q 0 0 0 rg BT 500.62 182.10 Td (e have entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (into agreements with unions covering certain employees on our ships and in our shoreside hotel and transportation operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 158.10 Td (e consider our employee and union relationships to be strong. ) Tj ET Q q 0 0 0 rg BT 306.51 158.10 Td (The percentages of our shipboard and shoreside employees that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (are represented by collective bar) Tj ET Q q 0 0 0 rg BT 179.25 146.10 Td (gaining agreements are 39% and 14%, respectively) Tj ET Q q 0 0 0 rg BT 383.24 146.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 122.10 Td (e source our shipboard of) Tj ET Q q 0 0 0 rg BT 159.59 122.10 Td (ficers primarily from Italy) Tj ET Q q 0 0 0 rg BT 263.63 122.10 Td (, the UK, Holland, Germany and Norway) Tj ET Q q 0 0 0 rg BT 428.21 122.10 Td (. ) Tj ET Q q 0 0 0 rg BT 435.53 122.10 Td (The remaining crew positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (are sourced from around the world, with the lar) Tj ET Q q 0 0 0 rg BT 238.42 110.10 Td (gest contingent from the Philippines, Indonesia and India. ) Tj ET Q q 0 0 0 rg BT 474.58 110.10 Td (W) Tj ET Q q 0 0 0 rg BT 483.22 110.10 Td (e utilize a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (number of manning agencies to help locate and hire most of our shipboard employees. ) Tj ET Q q 0 0 0 rg BT 399.41 98.10 Td (As manning agencies are located in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (home countries of our crew) Tj ET Q q 0 0 0 rg BT 158.81 86.10 Td (, their knowledge of the local market and culture allows them to attract high volumes of qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (candidates. ) Tj ET Q q 0 0 0 rg BT 99.02 74.10 Td (The services provided by our manning agencies may include interviewing, background and medical prescreenings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (hiring, arranging air transportation and managing medical repatriations.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (E. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 61.169921875 738.68505859375 m 119.8173828125 738.68505859375 l s q 0 0 0 rg BT 61.17 740.25 Td (Supply ) Tj ET Q q 0 0 0 rg BT 93.69 740.25 Td (Chain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Our lar) Tj ET Q q 0 0 0 rg BT 77.92 716.25 Td (gest non-payroll operating expenditures are for fuel, food and beverages, travel agency services, port facility utilization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (repairs and maintenance including dry-docking, transportation services, advertising and marketing, hotel and restaurant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (products and supplies, entertainment expenses and credit card fees. Our lar) Tj ET Q q 0 0 0 rg BT 348.66 692.25 Td (gest capital investments are for the construction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (new ships and improvements to existing ships, including EGCS and ener) Tj ET Q q 0 0 0 rg BT 340.68 680.25 Td (gy ef) Tj ET Q q 0 0 0 rg BT 360.76 680.25 Td (ficiency investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (Although we utilize a select number of suppliers for most of our food and beverages, communication services, air transportation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (services and hotel and restaurant products and supplies, most of these products and services are available from multiple sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (at competitive prices. ) Tj ET Q q 0 0 0 rg BT 140.12 632.25 Td (The use of a select number of suppliers enables us to, among other things, obtain volume discounts. ) Tj ET Q q 0 0 0 rg BT 543.47 632.25 Td (W) Tj ET Q q 0 0 0 rg BT 552.11 632.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (purchase fuel and port facility services at some of our ports-of-call from a limited number of maritime suppliers. ) Tj ET Q q 0 0 0 rg BT 503.81 620.25 Td (Almost 50% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (of our fuel purchases are provided by seven suppliers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 584.25 Td (e are continually reviewing our supply chain procurement processes and have, or expect to implement strategic initiatives to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (reduce our costs, including as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 548.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 548.25 Td (Negotiating company-wide contracts for guest, crew and shoreside employees) Tj ET Q q 0 0 0 rg BT 400.49 548.25 Td ( travel, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 536.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 536.25 Td (Reviewing our processes for purchasing food, beverages, hotel supplies, restaurant products and technical spares to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 524.25 Td (identify syner) Tj ET Q q 0 0 0 rg BT 140.58 524.25 Td (gistic opportunities and to negotiate more favorable commercial terms,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 512.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 512.25 Td (Combining warehousing facilities and optimizing logistics,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 500.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 500.25 Td (Negotiating company-wide contracts for port services and shore excursions and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 488.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 488.25 Td (Streamlining the use of manning agencies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 464.25 Td (e perform our major dry-dock and ship improvement work at dry-dock facilities in ) Tj ET Q q 0 0 0 rg BT 390.36 464.25 Td (The Bahamas, Europe, the U.S., Canada, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (Singapore and ) Tj ET Q q 0 0 0 rg BT 108.93 452.25 Td (Australia. ) Tj ET Q q 0 0 0 rg BT 152.54 452.25 Td (At January 22, 2015, we have agreements in place for the construction of ten cruise ships with two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (shipyards. ) Tj ET Q q 0 0 0 rg BT 95.15 440.25 Td (W) Tj ET Q q 0 0 0 rg BT 103.79 440.25 Td (e also purchase repair) Tj ET Q q 0 0 0 rg BT 190.29 440.25 Td (, maintenance and refurbishment items from a limited number of maritime suppliers. ) Tj ET Q q 0 0 0 rg BT 533.62 440.25 Td (W) Tj ET Q q 0 0 0 rg BT 542.26 440.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (believe there are suf) Tj ET Q q 0 0 0 rg BT 130.11 428.25 Td (ficient dry-dock and shipbuilding facilities and related suppliers to meet our anticipated repair) Tj ET Q q 0 0 0 rg BT 505.69 428.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (maintenance, ship improvement and newbuild requirements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (F) Tj ET Q q 0 0 0 rg BT 54.69 392.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 59.6904296875 390.68505859375 m 212.1025390625 390.68505859375 l s q 0 0 0 rg BT 59.69 392.25 Td (Communities in ) Tj ET Q q 0 0 0 rg BT 130.07 392.25 Td (Which ) Tj ET Q q 0 0 0 rg BT 160.73 392.25 Td (W) Tj ET Q q 0 0 0 rg BT 170.18 392.25 Td (e Operate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 368.25 Td (e help to create a higher standard of living and quality of life in our home communities and those that we visit. ) Tj ET Q q 0 0 0 rg BT 505.06 368.25 Td (W) Tj ET Q q 0 0 0 rg BT 513.70 368.25 Td (e often ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (meet with local government leaders to discuss business and community planning and ways to interact sustainably) Tj ET Q q 0 0 0 rg BT 502.37 356.25 Td (. ) Tj ET Q q 0 0 0 rg BT 509.69 356.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.32 356.25 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (promote the local destinations, develop some local ports and cruise terminals, provide emer) Tj ET Q q 0 0 0 rg BT 415.33 344.25 Td (gency aid and support and make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (philanthropic donations in some of the communities that we operate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (G. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.2783203125 306.68505859375 m 165.349609375 306.68505859375 l s q 0 0 0 rg BT 62.28 308.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 116.82 308.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.57 308.25 Td (echnology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 284.25 Td (ith the increasing size and sophistication of cruise ships, the technologies employed to create guest experiences and operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (ships have grown ever more complex and integrated. Nearly every guest experience and operational process employs cutting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (edge technologies, from the navigation, communication and radar equipment on the bridge to integrated commerce solutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (that enable guests to purchase photos and schedule shore excursions from their staterooms and staying connected with their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (family and friends back home. Our global information technology model is designed to contribute to exceeding expectations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (our guests, crew) Tj ET Q q 0 0 0 rg BT 114.11 224.25 Td (, shoreside employees and other stakeholders. Our global technology model is focused on creating innovative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (platforms and solutions to create exceptional guest experiences while leveraging common technologies to drive process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 200.25 Td (ficiency and ef) Tj ET Q q 0 0 0 rg BT 116.32 200.25 Td (fectiveness across our portfolio of brands. In order to achieve our goals, we are focusing on five areas as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 164.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 164.25 Td (Connectivity to provide reliable guest connectivity at all times and geographies and deliver the best possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 152.25 Td (connectivity experience, improve crew morale through better connectivity with family and friends and of) Tj ET Q q 0 0 0 rg BT 505.72 152.25 Td (fer support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 140.25 Td (for new services and products. For example, we expect to implement an innovative smart hybrid network that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 128.25 Td (combines land-based systems and advanced satellite connectivity to provide our guests and crew with faster and more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 116.25 Td (consistent internet service regardless of our ships) Tj ET Q q 0 0 0 rg BT 284.70 116.25 Td ( locations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 104.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 104.25 Td (Applications to of) Tj ET Q q 0 0 0 rg BT 165.03 104.25 Td (fer consistently higher quality experience for guests, crew and employees, achieve lower total cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 92.25 Td (of ownership, have more secure applications and have a stronger pipeline of solutions,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 80.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 80.25 Td (Cybersecurity to provide consistent protection of guest, employee and company data, develop best practices and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 68.25 Td (tools to combat threats and malicious activity) Tj ET Q q 0 0 0 rg BT 266.48 68.25 Td (, ensure full compliance with applicable regulations and consistently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 56.25 Td (model and implement a speedy response and recovery in case of an incident,) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 740.10 Td (Infrastructure to become more cost-ef) Tj ET Q q 0 0 0 rg BT 243.86 740.10 Td (ficient, attain higher network availability and flexibility) Tj ET Q q 0 0 0 rg BT 465.64 740.10 Td (, achieve greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 728.10 Td (collaboration between our brands, make available a higher computer power/storage capacity through leveraging our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 716.10 Td (information technology assets, reduce disruptions and improve response time to incidents and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 704.10 Td (Innovation to create proprietary platforms that enable unique and dif) Tj ET Q q 0 0 0 rg BT 366.89 704.10 Td (ferentiated guest experiences across our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 692.10 Td (portfolio of brands while amplifying individual brand characteristics and avoiding duplicate ef) Tj ET Q q 0 0 0 rg BT 463.26 692.10 Td (forts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (All of our brands have actively contributed in the design of the global information technology model and will continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (communicating, coordinating and collaborating to maximize the business value of our information technology investments by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (eliminating redundancies and driving syner) Tj ET Q q 0 0 0 rg BT 222.61 644.10 Td (gies across the brands, identifying and leveraging best practices and establishing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (common standards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (H. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 606.53505859375 m 105.283203125 606.53505859375 l s q 0 0 0 rg BT 62.50 608.10 Td (Insurance) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 584.10 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 73.8916015625 582.53505859375 m 108.3251953125 582.53505859375 l s q 0 0 0 rg BT 73.89 584.10 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 560.10 Td (e maintain insurance to cover a number of risks associated with owning and operating our vessels and other non-ship related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 75.34 548.10 Td (All such insurance policies are subject to coverage limits, exclusions and deductible levels. Insurance premiums are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (dependent on our own loss experience and the general premium requirements of our insurers. ) Tj ET Q q 0 0 0 rg BT 427.53 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 436.17 536.10 Td (e maintain certain levels of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (deductibles for substantially all the below-mentioned coverages, some of which have increased in recent years, and we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (increase our deductibles further to mitigate future premium increases. ) Tj ET Q q 0 0 0 rg BT 332.83 512.10 Td (W) Tj ET Q q 0 0 0 rg BT 341.46 512.10 Td (e do not carry coverage related to loss of earnings or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (revenues from our ships or other operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 476.10 Td (II. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.783203125 474.53505859375 m 272.021484375 474.53505859375 l s q 0 0 0 rg BT 77.78 476.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 88.15 476.10 Td (otection and Indemnity \(P&I\) Coverages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Liabilities, costs and expenses for illness and injury to crew) Tj ET Q q 0 0 0 rg BT 287.68 452.10 Td (, guest injury) Tj ET Q q 0 0 0 rg BT 339.53 452.10 Td (, pollution and other third party claims in connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (with our cruise activities are covered by our P&I clubs, which are mutual indemnity associations owned by ship owners. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 416.10 Td (e are members of two P&I clubs, which are part of a worldwide group of P&I clubs, known as the International Group of P&I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (Clubs \(the IG\). ) Tj ET Q q 0 0 0 rg BT 123.46 404.10 Td (The IG insures directly) Tj ET Q q 0 0 0 rg BT 215.29 404.10 Td (, and through broad and established reinsurance markets, a lar) Tj ET Q q 0 0 0 rg BT 462.52 404.10 Td (ge portion of the world) Tj ET Q q 0 0 0 rg BT 557.50 404.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (shipping fleets. Coverage is subject to the P&I clubs) Tj ET Q q 0 0 0 rg BT 264.28 392.10 Td ( rules and the limits of coverage are determined by the IG. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 368.10 Td (III. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.6748046875 366.53505859375 m 213.6328125 366.53505859375 l s q 0 0 0 rg BT 81.67 368.10 Td (Hull and Machinery Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 344.10 Td (e maintain insurance on the hull and machinery of each of our ships for reasonable amounts as determined by management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (The coverage for hull and machinery is provided by lar) Tj ET Q q 0 0 0 rg BT 270.07 332.10 Td (ge and well-established international marine insurers. Most insurers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (make it a condition for insurance coverage that a ship be certified as in class by a classification society that is a member of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (the International ) Tj ET Q q 0 0 0 rg BT 117.25 308.10 Td (Association of Classification Societies \(IACS\). ) Tj ET Q q 0 0 0 rg BT 316.66 308.10 Td (All of our ships are routinely inspected and certified to be in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (class by an IACS member) Tj ET Q q 0 0 0 rg BT 153.37 296.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 272.10 Td (IV) Tj ET Q q 0 0 0 rg BT 72.32 272.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 79.73388671875 270.53505859375 m 165.5859375 270.53505859375 l s q 0 0 0 rg BT 79.64 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.09 272.10 Td (ar) Tj ET Q q 0 0 0 rg BT 98.35 272.10 Td ( Risk Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 248.10 Td (e maintain war risk insurance for legal liability to crew) Tj ET Q q 0 0 0 rg BT 277.13 248.10 Td (, guests and other third parties as well as loss or damage to our vessels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (arising from war or war) Tj ET Q q 0 0 0 rg BT 144.27 236.10 Td (-like actions, including terrorist incidents. Items excluded from this coverage are claims arising from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (chemical, nuclear and biological attacks. Our primary war risk insurance coverage is provided by international marine insurers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (and our excess war risk insurance is provided by our two P&I clubs. Under the terms of our war risk insurance coverage, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (are typical for war risk policies in the marine industry) Tj ET Q q 0 0 0 rg BT 264.06 200.10 Td (, insurers can give us seven days) Tj ET Q q 0 0 0 rg BT 396.89 200.10 Td ( notice that the insurance policies will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (cancelled. However) Tj ET Q q 0 0 0 rg BT 131.00 188.10 Td (, the policies can be reinstated at dif) Tj ET Q q 0 0 0 rg BT 274.65 188.10 Td (ferent premium rates. ) Tj ET Q q 0 0 0 rg BT 365.27 188.10 Td (This gives insurers the ability to increase our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (premiums following events that they determine have increased their risk.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 152.10 Td (V) Tj ET Q q 0 0 0 rg BT 68.43 152.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 75.9326171875 150.53505859375002 m 146.58203125 150.53505859375002 l s q 0 0 0 rg BT 75.93 152.10 Td (Other) Tj ET Q q 0 0 0 rg BT 101.30 152.10 Td ( Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 128.10 Td (e maintain property insurance covering our shoreside assets and casualty insurance covering liabilities to third parties arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (from our hotel and transportation businesses, shore excursion operations and shoreside operations, including our port and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (related commercial facilities. ) Tj ET Q q 0 0 0 rg BT 170.65 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.29 104.10 Td (e also maintain workers compensation, directors and of) Tj ET Q q 0 0 0 rg BT 400.15 104.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 418.84 104.10 Td () Tj ET Q q 0 0 0 rg BT 421.61 104.10 Td (s liability and other insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (coverages.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 738.68505859375 m 253.037109375 738.68505859375 l s q 0 0 0 rg BT 62.50 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.43 740.25 Td (rademarks and Other) Tj ET Q q 0 0 0 rg BT 161.58 740.25 Td ( Intellectual Pr) Tj ET Q q 0 0 0 rg BT 225.27 740.25 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 716.25 Td (e own and have registered or licensed numerous trademarks and domain names, which we believe are widely recognized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (have considerable value. ) Tj ET Q q 0 0 0 rg BT 152.88 704.25 Td (These intangible assets enable us to distinguish our cruise products and services, ships and programs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (from those of our competitors. Our trademarks include the trade names of our cruise brands, each of which we believe is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (widely-recognized brand in the cruise industry) Tj ET Q q 0 0 0 rg BT 235.18 680.25 Td (, as well as our ship names and a wide variety of cruise products and services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 668.25 Td (e have entered into license agreements for the use of the P&O name, the P&O flag and other relevant trademarks and domain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (names in relation to cruising and related activities. ) Tj ET Q q 0 0 0 rg BT 255.92 656.25 Td (W) Tj ET Q q 0 0 0 rg BT 264.56 656.25 Td (e also have a license to use the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.95 656.25 Td (Love Boat) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.33 656.25 Td ( name and related marks. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Note 10, Fair ) Tj ET Q q 0 0 0 rg BT 109.30 644.25 Td (V) Tj ET Q q 0 0 0 rg BT 115.42 644.25 Td (alue Measurements, Derivatives Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 349.52 644.25 Td (Activities to our Consolidated Financial Statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (and Management) Tj ET Q q 0 0 0 rg BT 125.86 632.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 195.03 632.25 Td (Analysis of Financial Condition and Results of Operations Critical ) Tj ET Q q 0 0 0 rg BT 471.11 632.25 Td (Accounting Estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 56.45 620.25 Td (Asset Impairments in Exhibit 13 to this Form 10-K for additional discussion of our trademarks.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (J. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 594.68505859375 m 99.921875 594.68505859375 l s q 0 0 0 rg BT 62.50 596.25 Td (T) Tj ET Q q 0 0 0 rg BT 68.25 596.25 Td (axation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 572.25 Td ( summary of our principal taxes and exemptions in the jurisdictions where our significant operations are located is as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 548.25 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 73.8916015625 546.68505859375 m 143.90625 546.68505859375 l s q 0 0 0 rg BT 73.89 548.25 Td (U.S. Income ) Tj ET Q q 0 0 0 rg BT 128.15 548.25 Td (T) Tj ET Q q 0 0 0 rg BT 133.91 548.25 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 524.25 Td (e are primarily foreign corporations engaged in the business of operating cruise ships in international transportation. ) Tj ET Q q 0 0 0 rg BT 527.27 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 535.91 524.25 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (own and operate, among other businesses, the U.S. hotel and transportation business of Holland ) Tj ET Q q 0 0 0 rg BT 434.43 512.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 506.63 512.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 536.72 512.25 Td (T) Tj ET Q q 0 0 0 rg BT 542.13 512.25 Td (ours ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (through U.S. corporations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (Our North ) Tj ET Q q 0 0 0 rg BT 92.83 476.25 Td (American cruise ship businesses and certain ship-owning subsidiaries are engaged in a trade or business within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (U.S. Depending on its itinerary) Tj ET Q q 0 0 0 rg BT 176.33 464.25 Td (, any particular ship may generate income from sources within the U.S. ) Tj ET Q q 0 0 0 rg BT 466.07 464.25 Td (W) Tj ET Q q 0 0 0 rg BT 474.71 464.25 Td (e believe that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (U.S. source income and the income of our ship-owning subsidiaries, to the extent derived from, or incidental to, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (international operation of a ship or ships, is currently exempt from U.S. federal income and branch profit taxes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (Our domestic U.S. operations, principally the hotel and transportation business of Holland ) Tj ET Q q 0 0 0 rg BT 412.49 416.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 484.70 416.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 514.78 416.25 Td (T) Tj ET Q q 0 0 0 rg BT 520.19 416.25 Td (ours, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (subject to federal and state income taxation in the U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 380.25 Td (a. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 378.68505859375 m 325.490234375 378.68505859375 l s q 0 0 0 rg BT 85.50 380.25 Td (Application of Section 883 of the Internal Revenue Code) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (In general, under Section 883 of the Internal Revenue Code, certain non-U.S. corporations \(such as our North ) Tj ET Q q 0 0 0 rg BT 489.65 356.25 Td (American cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (ship businesses\) are not subject to U.S. federal income tax or branch profits tax on U.S. source income derived from, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (incidental to, the international operation of a ship or ships. ) Tj ET Q q 0 0 0 rg BT 287.50 332.25 Td (Applicable U.S. ) Tj ET Q q 0 0 0 rg BT 353.98 332.25 Td (T) Tj ET Q q 0 0 0 rg BT 359.73 332.25 Td (reasury regulations provide in general that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (foreign corporation will qualify for the benefits of Section 883 if, in relevant part, \(i\) the foreign country in which the foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (corporation is or) Tj ET Q q 0 0 0 rg BT 115.41 308.25 Td (ganized grants an equivalent exemption to corporations or) Tj ET Q q 0 0 0 rg BT 347.66 308.25 Td (ganized in the U.S. \(an equivalent exemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (jurisdiction\) and \(ii\) the foreign corporation meets a defined publicly-traded test. Subsidiaries of foreign corporations that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 284.25 Td (ganized in an equivalent exemption jurisdiction and meet the publicly-traded test also benefit from Section 883. ) Tj ET Q q 0 0 0 rg BT 509.56 284.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.20 284.25 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (that Panama is an equivalent exemption jurisdiction and Carnival Corporation currently qualifies as a publicly-traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (corporation under the regulations. ) Tj ET Q q 0 0 0 rg BT 189.46 260.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 238.80 260.25 Td (, substantially all of Carnival Corporation) Tj ET Q q 0 0 0 rg BT 408.21 260.25 Td (s income is exempt from U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (income and branch profit taxes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (Regulations under Section 883 list items that the Internal Revenue Service \(IRS\) does not consider to be incidental to ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 98.10 212.25 Td (Among the items identified as not incidental are income from the sale of air transportation, transfers, shore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (excursions and pre- and post-cruise land packages to the extent earned from sources within the U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 176.25 Td (b. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 174.68505859375 m 298.390625 174.68505859375 l s q 0 0 0 rg BT 85.50 176.25 Td (Exemption Under) Tj ET Q q 0 0 0 rg BT 161.71 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.66 176.25 Td (Applicable Income ) Tj ET Q q 0 0 0 rg BT 246.26 176.25 Td (T) Tj ET Q q 0 0 0 rg BT 252.01 176.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 264.33 176.25 Td (T) Tj ET Q q 0 0 0 rg BT 270.26 176.25 Td (r) Tj ET Q q 0 0 0 rg BT 274.51 176.25 Td (eaties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 152.25 Td (e believe that the U.S. source transportation income earned by Carnival plc and its Italian resident subsidiary currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (qualifies for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 74.50 116.25 Td (c. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 85.5 114.68505859375 m 179.6748046875 114.68505859375 l s q 0 0 0 rg BT 85.50 116.25 Td (U.S. State Income ) Tj ET Q q 0 0 0 rg BT 163.92 116.25 Td (T) Tj ET Q q 0 0 0 rg BT 169.67 116.25 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (Carnival Corporation and Carnival plc and certain of their subsidiaries are subject to various U.S. state income taxes generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (imposed on each state) Tj ET Q q 0 0 0 rg BT 140.31 80.25 Td (s portion of the U.S. source income subject to U.S. federal income taxes. However) Tj ET Q q 0 0 0 rg BT 472.32 80.25 Td (, the state of ) Tj ET Q q 0 0 0 rg BT 523.14 80.25 Td (Alaska ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (imposes an income tax on its allocated portion of the total income of our companies doing business in ) Tj ET Q q 0 0 0 rg BT 458.87 68.25 Td (Alaska and certain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (their subsidiaries.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 728.10 Td (II. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.783203125 726.53505859375 m 211.1474609375 726.53505859375 l s q 0 0 0 rg BT 77.78 728.10 Td (UK and ) Tj ET Q q 0 0 0 rg BT 113.35 728.10 Td (Australian Income ) Tj ET Q q 0 0 0 rg BT 195.40 728.10 Td (T) Tj ET Q q 0 0 0 rg BT 201.15 728.10 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Cunard, P&O Cruises \(UK\) and P&O Cruises \(Australia\) are divisions of Carnival plc and have elected to enter the UK tonnage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (tax under a rolling 10-year term and, accordingly) Tj ET Q q 0 0 0 rg BT 245.44 692.10 Td (, reapply every year) Tj ET Q q 0 0 0 rg BT 324.29 692.10 Td (. Companies to which the tonnage tax regime applies pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (corporation taxes on profits calculated by reference to the net tonnage of qualifying ships. UK corporation tax is not char) Tj ET Q q 0 0 0 rg BT 535.55 680.10 Td (geable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (under the normal UK tax rules on these brands) Tj ET Q q 0 0 0 rg BT 238.70 668.10 Td ( relevant shipping income. Relevant shipping income includes income from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (operation of qualifying ships and from shipping related activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other matters, operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (qualifying ships that are strategically and commercially managed in the UK. Companies within UK tonnage tax are also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (subject to a seafarer training requirement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to normal UK corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (tax. Dividends received from subsidiaries of Carnival plc doing business outside the UK are generally exempt from UK ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (corporation tax.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (P&O Cruises \(Australia\) and all of the other cruise ships operated internationally by Carnival plc for the cruise segment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (Australian vacation market are exempt from ) Tj ET Q q 0 0 0 rg BT 228.32 524.10 Td (Australian corporation tax by virtue of the UK/Australian income tax treaty) Tj ET Q q 0 0 0 rg BT 529.80 524.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 500.10 Td (III. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 81.6748046875 498.53505859375 m 218.916015625 498.53505859375 l s q 0 0 0 rg BT 81.67 500.10 Td (Italian and German Income ) Tj ET Q q 0 0 0 rg BT 203.16 500.10 Td (T) Tj ET Q q 0 0 0 rg BT 208.92 500.10 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (In early 2015, Costa and ) Tj ET Q q 0 0 0 rg BT 149.48 476.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 173.92 476.10 Td ( will reelect to enter the Italian tonnage tax regime through 2024 and can reapply for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (additional ten-year period beginning in early 2025. Companies to which the tonnage tax regime applies pay corporation taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (on shipping profits calculated by reference to the net tonnage of qualifying ships. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (Most of Costa) Tj ET Q q 0 0 0 rg BT 108.95 428.10 Td (s and ) Tj ET Q q 0 0 0 rg BT 131.73 428.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 155.61 428.10 Td () Tj ET Q q 0 0 0 rg BT 158.39 428.10 Td (s earnings not considered to be shipping profits for Italian tonnage tax purposes will be taxed at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 416.10 Td (fective tax rate of 5.5% under the Italian International shipping tax regime since all of their ships are Italian registered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (Substantially all of ) Tj ET Q q 0 0 0 rg BT 127.00 392.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 150.88 392.10 Td () Tj ET Q q 0 0 0 rg BT 153.66 392.10 Td (s earnings are exempt from Italian and German corporation tax by virtue of the Italy/Germany income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (tax treaty) Tj ET Q q 0 0 0 rg BT 86.33 380.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 356.10 Td (IV) Tj ET Q q 0 0 0 rg BT 72.32 356.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.32421875 354.53505859375 m 263.837890625 354.53505859375 l s q 0 0 0 rg BT 77.32 356.10 Td (Income and Other) Tj ET Q q 0 0 0 rg BT 155.47 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.79 356.10 Td (T) Tj ET Q q 0 0 0 rg BT 163.54 356.10 Td (axes in ) Tj ET Q q 0 0 0 rg BT 194.66 356.10 Td (Asian Countries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Substantially all of our brands) Tj ET Q q 0 0 0 rg BT 172.63 332.10 Td ( income from their international operation in ) Tj ET Q q 0 0 0 rg BT 352.85 332.10 Td (Asian countries is exempt from local corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (tax by virtue of relevant income tax treaties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 296.10 Td (V) Tj ET Q q 0 0 0 rg BT 68.43 296.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 73.4326171875 294.53505859375 m 98.88916015625 294.53505859375 l s q 0 0 0 rg BT 73.43 296.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (In addition to or in place of income taxes, virtually all jurisdictions where our ships call impose taxes, fees and other char) Tj ET Q q 0 0 0 rg BT 535.01 272.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (based on guest counts, ship tonnage, passenger capacity or some other measure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (K. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 234.53505859375002 m 318.037109375 234.53505859375002 l s q 0 0 0 rg BT 62.50 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.95 236.10 Td (ebsite ) Tj ET Q q 0 0 0 rg BT 98.33 236.10 Td (Access to Carnival Corporation & plc SEC Reports) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Our Form 10-K, joint Quarterly Reports on Form 10-Q, joint Current Reports on Form 8-K, joint Proxy Statement related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (annual shareholders meeting, Section 16 filings and all amendments to those reports are available free of char) Tj ET Q q 0 0 0 rg BT 487.78 200.10 Td (ge on our home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (pages at ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.11764705882352941 0.13333333333333333 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 84.4853515625 186.76699218750002 m 177.6884765625 186.76699218750002 l s q 0.11764705882352941 0.13333333333333333 1 rg BT 84.49 188.10 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 105.50 188.10 Td (.carnivalcorp.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 177.69 188.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.11764705882352941 0.13333333333333333 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 197.126953125 186.76699218750002 m 284.7783203125 186.76699218750002 l s q 0.11764705882352941 0.13333333333333333 1 rg BT 197.13 188.10 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 218.14 188.10 Td (.carnivalplc.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 284.78 188.10 Td ( and on the SEC) Tj ET Q q 0 0 0 rg BT 352.55 188.10 Td (s home page at ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.11764705882352941 0.13333333333333333 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 414.75390625 186.76699218750002 m 468.5380859375 186.76699218750002 l s q 0.11764705882352941 0.13333333333333333 1 rg BT 414.75 188.10 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 435.77 188.10 Td (.sec.gov) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.54 188.10 Td ( as soon as reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (practicable after we have electronically filed or furnished these reports with the SEC. ) Tj ET Q q 0 0 0 rg BT 395.02 176.10 Td (The content of any website referred to in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (this Form 10-K is not incorporated by reference into this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (L. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 138.53505859375002 m 176.1181640625 138.53505859375002 l s q 0 0 0 rg BT 62.50 140.10 Td (Industry and Market Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (This Form 10-K includes market share and industry data and forecasts that we obtained from industry publications, third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (surveys and internal company surveys. Industry publications, including those from CLIA, G.P) Tj ET Q q 0 0 0 rg BT 427.78 104.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.60 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.63 104.10 Td (ild and surveys and forecasts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (generally state that the information contained therein has been obtained from sources believed to be reliable. CLIA) Tj ET Q q 0 0 0 rg BT 511.00 92.10 Td ( is a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (profit marketing and training or) Tj ET Q q 0 0 0 rg BT 175.95 80.10 Td (ganization formed in 1975 to promote cruising and of) Tj ET Q q 0 0 0 rg BT 390.16 80.10 Td (fer support and training for the travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (agent community in North ) Tj ET Q q 0 0 0 rg BT 157.26 68.10 Td (America.In addition, CLIA) Tj ET Q q 0 0 0 rg BT 270.57 68.10 Td ( participates in the regulatory and policy development process while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (supporting measures that foster a safe, secure and healthy cruise ship environment. ) Tj ET Q q 0 0 0 rg BT 385.23 56.10 Td (Also, CLIA) Tj ET Q q 0 0 0 rg BT 431.90 56.10 Td ( facilitates strategic ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (relationships between cruise industry suppliers and or) Tj ET Q q 0 0 0 rg BT 264.27 740.10 Td (ganizations, cruise lines, ports and shipyards and provides a forum for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (interaction with governmental agencies. ) Tj ET Q q 0 0 0 rg BT 213.89 728.10 Td (All CLIA) Tj ET Q q 0 0 0 rg BT 251.95 728.10 Td ( information, obtained from the CLIA) Tj ET Q q 0 0 0 rg BT 403.03 728.10 Td ( website ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.11764705882352941 0.13333333333333333 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 438.572265625 726.7669921875 m 509.9541015625 726.7669921875 l s q 0.11764705882352941 0.13333333333333333 1 rg BT 438.57 728.10 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 459.59 728.10 Td (.cruising.or) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 504.95 728.10 Td (g) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 509.95 728.10 Td (, relates to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (the CLIA) Tj ET Q q 0 0 0 rg BT 87.00 716.10 Td ( member cruise lines. In 2013, CLIA) Tj ET Q q 0 0 0 rg BT 236.13 716.10 Td ( mer) Tj ET Q q 0 0 0 rg BT 254.00 716.10 Td (ged with similar or) Tj ET Q q 0 0 0 rg BT 329.64 716.10 Td (ganizations outside of North ) Tj ET Q q 0 0 0 rg BT 445.17 716.10 Td (America and represents 63 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (cruise brands that operate 95% of cruise industry capacity) Tj ET Q q 0 0 0 rg BT 280.43 704.10 Td (. G.P) Tj ET Q q 0 0 0 rg BT 302.84 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.16 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 314.20 704.10 Td (ild is an authoritative source of cruise industry statistics and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (publishes a number of reports and industry reviews. ) Tj ET Q q 0 0 0 rg BT 261.13 692.10 Td (All G.P) Tj ET Q q 0 0 0 rg BT 290.58 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 295.40 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 304.44 692.10 Td (ild information is obtained from their annual Cruise Industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Statistical Review) Tj ET Q q 0 0 0 rg BT 121.34 680.10 Td (. ) Tj ET Q q 0 0 0 rg BT 128.28 680.10 Td (All other references to third party information are publicly available at nominal or no cost. ) Tj ET Q q 0 0 0 rg BT 494.92 680.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.56 680.10 Td (e use the most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (currently available industry and market data to support statements as to our market positions. ) Tj ET Q q 0 0 0 rg BT 426.08 668.10 Td (Although we believe that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (industry publications and third-party sources are reliable, we have not independently verified any of the data. Similarly) Tj ET Q q 0 0 0 rg BT 527.31 656.10 Td (, while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (we believe our internal estimates with respect to our industry are reliable, they have not been verified by any independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (sources. ) Tj ET Q q 0 0 0 rg BT 86.81 632.10 Td (While we are not aware of any misstatements regarding any industry data presented herein, our estimates, in particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (as they relate to market share and our general expectations, involve risks and uncertainties and are subject to change based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (various factors, including those discussed under Part I, Item 1A. Risk Factors and Exhibit 13, Management) Tj ET Q q 0 0 0 rg BT 480.25 608.10 Td (s Discussion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (Analysis of Financial Condition and Results of Operations, in this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Item 1A. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 91.7119140625 570.53505859375 m 145.8720703125 570.53505859375 l s q 0 0 0 rg BT 91.71 572.10 Td (Risk Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.87 572.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 548.10 Td (ou should carefully consider the specific risk factors set forth below and the other information contained or incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (reference in this Form 10-K, as these are important factors that could cause our actual results, performance or achievements to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 524.10 Td (fer materially from our expected or historical results. Some of the statements in this item and elsewhere in this Form 10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (are forward-looking statements.For a discussion of those statements and of other factors to consider see the Cautionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Note Concerning Factors ) Tj ET Q q 0 0 0 rg BT 152.35 500.10 Td (That May ) Tj ET Q q 0 0 0 rg BT 193.46 500.10 Td (Af) Tj ET Q q 0 0 0 rg BT 203.83 500.10 Td (fect Future Results section below) Tj ET Q q 0 0 0 rg BT 340.92 500.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 476.10 Td (General economic and business conditions may adversely impact consumer demand for vacations and, consequently) Tj ET Q q 0 0 0 rg BT 524.52 476.10 Td (, r) Tj ET Q q 0 0 0 rg BT 533.04 476.10 Td (educe ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 464.10 Td (our cruise brands) Tj ET Q q 0 0 0 rg BT 131.83 464.10 Td ( net r) Tj ET Q q 0 0 0 rg BT 152.57 464.10 Td (evenue yields and pr) Tj ET Q q 0 0 0 rg BT 234.67 464.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 273.01 464.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Demand for cruises is in part dependent on the underlying perceived or actual economic condition of the countries from which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (cruise companies source their guests. ) Tj ET Q q 0 0 0 rg BT 202.51 428.10 Td (Adverse changes in the perceived or actual economic climate, such as global or regional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (recessions, higher unemployment and underemployment rates; declines in income levels; securities, real estate and other market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (declines and volatility; increasing taxation; higher fuel prices and healthcare costs; more restrictive credit markets; higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (interest rates and changes in governmental regulations, could reduce our potential vacationers) Tj ET Q q 0 0 0 rg BT 426.95 392.10 Td ( discretionary incomes, net worth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (or their consumer confidence. Consequently) Tj ET Q q 0 0 0 rg BT 228.24 380.10 Td (, this may negatively af) Tj ET Q q 0 0 0 rg BT 321.64 380.10 Td (fect demand for vacations, including cruise vacations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (which are a discretionary purchase. Decreases in demand could lead to price reductions which, in turn, could reduce the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (profitability of our business. ) Tj ET Q q 0 0 0 rg BT 167.64 356.10 Td (These ticket price reductions may result in a less af) Tj ET Q q 0 0 0 rg BT 372.11 356.10 Td (fluent guest base, which along with decreases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (in discretionary income or consumer confidence could also result in lower onboard revenues that could also have a negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 332.10 Td (fect on our net revenue yields and profitability) Tj ET Q q 0 0 0 rg BT 242.21 332.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 308.10 Td (Incr) Tj ET Q q 0 0 0 rg BT 74.79 308.10 Td (eases in fuel prices may adversely affect our operations, financial condition and liquidity) Tj ET Q q 0 0 0 rg BT 431.12 308.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Economic, market and political conditions around the world, such as fuel demand, regulatory requirements, supply disruptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (and related infrastructure needs, make it dif) Tj ET Q q 0 0 0 rg BT 223.41 272.10 Td (ficult to predict the future price and availability of fuel. Fuel costs accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (20%, 21% and 23% of our cruise operating expenses in 2014, 2013 and 2012, respectively) Tj ET Q q 0 0 0 rg BT 410.71 260.10 Td (. Future increases in the global price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (of fuel would increase the cost of our cruise ship operations as well as some of our other expenses, such as crew travel, freight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (and commodity prices. Furthermore, volatility in fuel prices could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 423.08 236.10 Td (fect on our operations, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (condition and liquidity) Tj ET Q q 0 0 0 rg BT 139.95 224.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.27 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.91 224.10 Td (e may be unable to implement additional fuel conservation initiatives and other best practices or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (increase ticket prices and collect fuel supplements, which would help to fully or partially of) Tj ET Q q 0 0 0 rg BT 415.59 212.10 Td (fset these fuel price increases. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (risks relating to environmental laws and regulations, continuing financial viability of air service providers and failures to keep ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (pace with technology below for additional information regarding our fuel risks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 164.10 Td (o mitigate a portion of our economic risk attributable to potential fuel price increases, we have established a fuel derivatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 90.70 152.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.11 152.10 Td (o date under this program, we have bought Brent crude oil \(Brent\) call options and sold Brent put options, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (collectively referred to as zero cost collars, that establish ceiling and floor prices. ) Tj ET Q q 0 0 0 rg BT 378.64 140.10 Td (These derivatives are based on Brent prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (whereas the actual fuel used on our ships is marine fuel. Changes in the Brent prices may not show a high degree of correlation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (with changes in our underlying marine fuel prices. In addition, there can be no assurance that our fuel derivatives program will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (provide a suf) Tj ET Q q 0 0 0 rg BT 101.53 104.10 Td (ficient level of protection against increases in fuel prices or that our counterparties will be able to perform, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (in the case of a counterparty bankruptcy) Tj ET Q q 0 0 0 rg BT 209.34 92.10 Td (. ) Tj ET Q q 0 0 0 rg BT 216.66 92.10 Td (The zero cost collars will reduce the benefit we currently expect to obtain from lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (2015 fuel prices since the current Brent prices are below the floor of our 2015 zero cost collars. ) Tj ET Q q 0 0 0 rg BT 435.48 80.10 Td (Also, the fuel derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (contracts may create significant volatility in our U.S. GAAP) Tj ET Q q 0 0 0 rg BT 290.74 68.10 Td ( earnings due to volatility in fuel prices over the contracts) Tj ET Q q 0 0 0 rg BT 523.81 68.10 Td ( terms. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e believe that our land-based vacation competitors) Tj ET Q q 0 0 0 rg BT 261.76 740.10 Td ( operating costs are less af) Tj ET Q q 0 0 0 rg BT 366.82 740.10 Td (fected by fuel price increases than cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 99.21 728.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 148.55 728.10 Td (, fuel price increases may adversely impact cruise companies more than their land-based competitors. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 706.10 Td (Incidents, the spr) Tj ET Q q 0 0 0 rg BT 127.28 706.10 Td (ead of contagious diseases and thr) Tj ET Q q 0 0 0 rg BT 265.52 706.10 Td (eats ther) Tj ET Q q 0 0 0 rg BT 299.86 706.10 Td (eof, adverse weather conditions or other natural disasters and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 694.10 Td (other incidents affecting the health, safety) Tj ET Q q 0 0 0 rg BT 225.69 694.10 Td (, security and satisfaction of guests and cr) Tj ET Q q 0 0 0 rg BT 394.19 694.10 Td (ew could have an adverse effect on our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 682.10 Td (sales and pr) Tj ET Q q 0 0 0 rg BT 107.02 682.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 145.36 682.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (The operation of cruise ships, hotels, land tours, port and related commercial facilities and shore excursions involve the risk of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (incidents, including those caused by the improper operation or maintenance of ships, motorcoaches and trains; guest and crew ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (illnesses, such as from the spread of contagious diseases; mechanical failures, fires and collisions and the resulting costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (incurred on emer) Tj ET Q q 0 0 0 rg BT 117.62 622.10 Td (gency ship repairs; repair delays; groundings; navigational errors; oil spills and other maritime and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (environmental mishaps; missing passengers and other incidents at sea or while in port or on land, which may cause injury and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (death, guest and crew discomfort and the alteration of itineraries or cancellation of a cruise or series of cruises or tours. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Although our uncompromising commitment to the safety and comfort of our guests and crew is paramount to the success of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (business, our ships have been involved in accidents and other incidents in the past. ) Tj ET Q q 0 0 0 rg BT 384.52 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 393.16 574.10 Td (e may experience similar or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (incidents in the future, even though we have and will implement policies, procedures and best practices to limit their future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (occurrence. ) Tj ET Q q 0 0 0 rg BT 100.67 550.10 Td (These types of incidents may bring into question guest and crew health, safety) Tj ET Q q 0 0 0 rg BT 413.00 550.10 Td (, security and satisfaction and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 538.10 Td (fect our brands) Tj ET Q q 0 0 0 rg BT 160.47 538.10 Td ( reputations and demand for our brands, and cruising in general, and may af) Tj ET Q q 0 0 0 rg BT 463.25 538.10 Td (fect our sales and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 96.62 526.10 Td (, may result in additional costs to our business, litigation against us and increasing government or other regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (oversight. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (In particular) Tj ET Q q 0 0 0 rg BT 98.24 490.10 Td (, our ability to ef) Tj ET Q q 0 0 0 rg BT 164.99 490.10 Td (fectively and ef) Tj ET Q q 0 0 0 rg BT 227.00 490.10 Td (ficiently operate shipboard and shoreside activities may be impacted by widespread ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (public health issues/illnesses or health warnings resulting in, among other things, reduced demand for cruises and cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (cancellations and employee absenteeism that could have an adverse ef) Tj ET Q q 0 0 0 rg BT 330.03 466.10 Td (fect on our sales and profitability) Tj ET Q q 0 0 0 rg BT 461.84 466.10 Td (. For example, a severe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (outbreak of the influenza virus or some other pandemic could, among other things, disrupt our ability to embark/disembark ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (passengers and crew) Tj ET Q q 0 0 0 rg BT 131.04 442.10 Td (, disrupt air travel to and from ports, increase costs for prevention and treatment and adversely af) Tj ET Q q 0 0 0 rg BT 518.50 442.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (supply chain. ) Tj ET Q q 0 0 0 rg BT 107.64 430.10 Td (This could also adversely impact cruise demand in areas unaf) Tj ET Q q 0 0 0 rg BT 353.21 430.10 Td (fected by such an outbreak.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (In addition, as mentioned above, our ships are subject to the risks of mechanical failures and accidents, for which we have had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (to incur repair and equipment replacement expenditures. If these occur in the future, we may be unable to procure spare parts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (or new equipment when needed or make repairs without incurring significant expenditures or suspension of service. ) Tj ET Q q 0 0 0 rg BT 517.70 382.10 Td (A) Tj ET Q q 0 0 0 rg BT 524.37 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (significant performance deficiency or problem on any one or more of our ships could have an adverse ef) Tj ET Q q 0 0 0 rg BT 466.66 370.10 Td (fect on our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Our cruise ships, hotels, land tours, port and related commercial facilities, shore excursions and other service providers may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (impacted by adverse weather patterns or other natural disasters, such as hurricanes, earthquakes, floods, fires, tornados, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (tsunamis, typhoons and volcanic eruptions. ) Tj ET Q q 0 0 0 rg BT 227.07 310.10 Td (These events could result in, among other things, increased port related and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (costs. It is possible that we could be forced to alter itineraries or cancel a cruise or a series of cruises or tours due to these or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (other factors, which would have an adverse ef) Tj ET Q q 0 0 0 rg BT 233.13 286.10 Td (fect on our sales and profitability) Tj ET Q q 0 0 0 rg BT 364.94 286.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (The frequency of extreme weather events such as hurricanes and floods, which may be caused by climate change, may not only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (cause disruption, alteration, or cancellation of cruises but may also adversely impact commercial airline flights, other transport ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (and shore excursion activities or prevent our guests from electing to cruise altogether) Tj ET Q q 0 0 0 rg BT 389.39 238.10 Td (. Such extreme weather events may also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (disrupt the supply of provisions, fuel and shore power) Tj ET Q q 0 0 0 rg BT 264.90 226.10 Td (, and may limit our ability to safely embark and disembark our guests. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (addition, these extreme weather conditions could result in increased wave and wind activity) Tj ET Q q 0 0 0 rg BT 415.68 214.10 Td (, which would make it more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (challenging to sail and dock our ships and could cause sea/motion sickness among guests and crew) Tj ET Q q 0 0 0 rg BT 444.59 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 451.91 202.10 Td (These events could have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (adverse impact on the safety and satisfaction of cruising and could have an adverse impact on our sales and profitability) Tj ET Q q 0 0 0 rg BT 528.42 190.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 178.10 Td (, these extreme weather conditions could cause property damage to our ships, port and related commercial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (business facilities and other assets and impact our ability to provide our cruise products and services as well as to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (insurance coverage for operations in such areas at reasonable rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (Furthermore, some of the same factors that impact our guests) Tj ET Q q 0 0 0 rg BT 297.02 130.10 Td ( decisions to cruise with us may also impact our ability to employ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (qualified crew) Tj ET Q q 0 0 0 rg BT 106.32 118.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 94.10 Td (The international political climate, armed conflicts, terr) Tj ET Q q 0 0 0 rg BT 282.55 94.10 Td (orist and pirate attacks, vessel seizur) Tj ET Q q 0 0 0 rg BT 430.50 94.10 Td (es, and thr) Tj ET Q q 0 0 0 rg BT 472.63 94.10 Td (eats ther) Tj ET Q q 0 0 0 rg BT 506.97 94.10 Td (eof, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 82.10 Td (other world events affecting the safety and security of travel could adversely affect the demand for cruises and could harm ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 70.10 Td (our sales and pr) Tj ET Q q 0 0 0 rg BT 123.41 70.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 161.75 70.10 Td (.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Demand for cruises and other vacation options has been and is expected to continue to be af) Tj ET Q q 0 0 0 rg BT 416.98 740.10 Td (fected by the public) Tj ET Q q 0 0 0 rg BT 498.89 740.10 Td (s attitude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (towards the safety and security of travel. Factors including, but not limited to, past acts of terrorism, threats of additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (terrorist attacks, drug-related violence in Mexico, pirate attacks and vessel seizures of) Tj ET Q q 0 0 0 rg BT 392.24 716.10 Td (f the east and west coasts of ) Tj ET Q q 0 0 0 rg BT 505.82 716.10 Td (Africa, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (national government travel advisories, political instability in North ) Tj ET Q q 0 0 0 rg BT 318.61 704.10 Td (Africa, the Middle East, the Baltics and elsewhere, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (geopolitical issues between China and Japan and general concerns over the safety and security aspects of traveling have had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (significant adverse impact on demand and pricing in the travel and vacation industry in the past and may have an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (impact in the future. Decreases in demand may lead to price reductions, which in turn would reduce our profitability) Tj ET Q q 0 0 0 rg BT 516.76 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.08 668.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (types of events could also impact our ability to source qualified crew from throughout the world at competitive costs and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (therefore, increase our shipboard crew costs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 620.10 Td (Negative publicity concerning the cruise industry in general or us in particular) Tj ET Q q 0 0 0 rg BT 374.29 620.10 Td (, including any adverse envir) Tj ET Q q 0 0 0 rg BT 490.27 620.10 Td (onmental impacts ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 608.10 Td (of cruising, could impact the demand for cruises, affect our r) Tj ET Q q 0 0 0 rg BT 301.99 608.10 Td (eputation and harm our sales and pr) Tj ET Q q 0 0 0 rg BT 448.29 608.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 486.63 608.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Incidents involving cruise ships, in particular our cruise ships, and media coverage thereof, as well as adverse media publicity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (concerning the cruise vacation industry in general, or unusual weather patterns or other natural disasters or disruptions, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (hurricanes and earthquakes, could impact demand for our cruises. In addition, any events which impact the travel industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (more generally may negatively impact guests) Tj ET Q q 0 0 0 rg BT 233.42 548.10 Td ( ability or desire to travel to or from our ships or interrupt our ability to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (services and goods from key vendors in our supply chain. ) Tj ET Q q 0 0 0 rg BT 284.46 536.10 Td (Any of the foregoing could have an adverse impact on our result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (operations and on the cruise industry) Tj ET Q q 0 0 0 rg BT 199.74 524.10 Td (s performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Maintaining a good reputation is critical to our business. Reports and media coverage of ship incidents at sea or while in port, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (including missing guests, improper conduct by our employees, guests or agents, crimes, dissatisfied guests, crew and guest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (illnesses, such as incidents of stomach flu, parasitic outbreaks or other contagious diseases, security breaches, terrorist threats ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (and attacks and other adverse events can result in negative publicity) Tj ET Q q 0 0 0 rg BT 320.42 464.10 Td (, which could lead to a negative perception regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (safety of our ships and the satisfaction of our guests. In addition, negative publicity regarding adverse environmental impacts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (of cruising, such as climate change and oil spills, could diminish our reputation. ) Tj ET Q q 0 0 0 rg BT 373.98 440.10 Td (The considerable expansion in the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (social media over recent years has increased the ways in which our reputation can be impacted, and the speed with which it can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (occur) Tj ET Q q 0 0 0 rg BT 71.16 416.10 Td (. ) Tj ET Q q 0 0 0 rg BT 78.10 416.10 Td (Anything that damages our reputation, whether or not justified, could have an adverse impact on demand, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (lead to price reductions and a reduction in our sales and profitability) Tj ET Q q 0 0 0 rg BT 321.82 404.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 380.10 Td (Geographic r) Tj ET Q q 0 0 0 rg BT 112.29 380.10 Td (egions in which we try to expand our business may be slow to develop and ultimately not develop how we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 368.10 Td (expect, thus r) Tj ET Q q 0 0 0 rg BT 111.72 368.10 Td (esulting in the slower gr) Tj ET Q q 0 0 0 rg BT 208.57 368.10 Td (owth and pr) Tj ET Q q 0 0 0 rg BT 256.54 368.10 Td (ofitability of our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (As we expand our global presence in emer) Tj ET Q q 0 0 0 rg BT 219.53 344.10 Td (ging markets, such as ) Tj ET Q q 0 0 0 rg BT 307.58 344.10 Td (Asia, it requires, among other things, significant levels of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 104.59 332.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.23 332.10 Td (e may not recover our investments in these markets, and we cannot be certain that these markets will ultimately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (develop as we expect. ) Tj ET Q q 0 0 0 rg BT 141.69 320.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 191.02 320.10 Td (, our business expansion may not produce the returns that we had expected, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (adversely impact the growth and profitability of our business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 284.10 Td (W) Tj ET Q q 0 0 0 rg BT 65.91 284.10 Td (e ar) Tj ET Q q 0 0 0 rg BT 81.37 284.10 Td (e subject to many economic, market and political factors that ar) Tj ET Q q 0 0 0 rg BT 337.34 284.10 Td (e beyond our contr) Tj ET Q q 0 0 0 rg BT 412.79 284.10 Td (ol, which could incr) Tj ET Q q 0 0 0 rg BT 492.41 284.10 Td (ease our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 272.10 Td (operating, financing and other costs and could harm sales and pr) Tj ET Q q 0 0 0 rg BT 320.62 272.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 358.95 272.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (Some of our operating costs including, but not limited to, food, payroll, port costs, repairs and maintenance, security and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (commodity-based items are subject to increases because of market forces, economic or political instability or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (circumstances beyond our control. In addition, interest rates, currency exchange rate fluctuations and our ability to obtain debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (or equity financing are dependent on many economic, market and political factors. Increases in operating or financing costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 122.62 200.10 Td (fect our results because we may not be able to recover these increased costs through price increases char) Tj ET Q q 0 0 0 rg BT 539.76 200.10 Td (ged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (to our guests and such increases may adversely impact our liquidity and credit ratings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (It is possible that jurisdictions or ports-of-call that we regularly visit may also decide to assess new) Tj ET Q q 0 0 0 rg BT 444.88 164.10 Td (, or change existing, taxes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (fees and other char) Tj ET Q q 0 0 0 rg BT 125.11 152.10 Td (ges specifically tar) Tj ET Q q 0 0 0 rg BT 199.90 152.10 Td (geted to the cruise industry) Tj ET Q q 0 0 0 rg BT 307.55 152.10 Td (, its employees and guests, including, but not limited to, value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (added taxes on cruise tickets and onboard revenues, which could increase our operating costs and could decrease the demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (for cruises and ultimately decrease our net revenue yields and net income. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 104.10 Td (Changes in and compliance with envir) Tj ET Q q 0 0 0 rg BT 212.27 104.10 Td (onmental laws and r) Tj ET Q q 0 0 0 rg BT 293.85 104.10 Td (egulations could adversely affect our operations and thus impact ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 92.10 Td (our pr) Tj ET Q q 0 0 0 rg BT 83.41 92.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 121.75 92.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (Some environmental groups have lobbied for more stringent regulation of cruise ships. Some groups have also generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (negative publicity about the cruise business and its environmental impact. ) Tj ET Q q 0 0 0 rg BT 349.80 56.10 Td (V) Tj ET Q q 0 0 0 rg BT 355.92 56.10 Td (arious agencies and regulatory or) Tj ET Q q 0 0 0 rg BT 488.46 56.10 Td (ganizations have ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (enacted or are considering new regulations or policies, such as stricter emission limits to reduce GHG ef) Tj ET Q q 0 0 0 rg BT 466.69 740.10 Td (fects, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (adversely impact the cruise industry) Tj ET Q q 0 0 0 rg BT 193.25 728.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The IMO has amended the MARPOL) Tj ET Q q 0 0 0 rg BT 199.93 704.10 Td ( regulations to reduce emissions from ships. ) Tj ET Q q 0 0 0 rg BT 380.19 704.10 Td (As described in Maritime Environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Regulations as referenced below) Tj ET Q q 0 0 0 rg BT 183.51 692.10 Td (, these changes will result in reductions in ship SOx emissions by requiring progressive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (reductions in the sulfur content in fuel or the use of abatement technologies. ) Tj ET Q q 0 0 0 rg BT 358.40 680.10 Td (These limits will be further reduced in designated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (ECAs, including ECAs that have been or could be proposed in other prime cruising areas, such as around ) Tj ET Q q 0 0 0 rg BT 472.73 668.10 Td (Australia, Hong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Kong, Japan, the Mediterranean Sea and Mexico. ) Tj ET Q q 0 0 0 rg BT 251.38 656.10 Td (As a result of these amendments, we have elected to install EGCSs on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (of our ships, which we believe will enable our SOx emissions to meet the MARPOL) Tj ET Q q 0 0 0 rg BT 387.14 644.10 Td ( current and probable future requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (without the use of low sulfur fuel, in all material respects. However) Tj ET Q q 0 0 0 rg BT 321.80 632.10 Td (, if this type of technology is not widely used within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (shipping industry it is possible that there could be limited availability of high sulfur fuels because of low demand and the cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (of such fuel may increase. ) Tj ET Q q 0 0 0 rg BT 159.00 608.10 Td (The increase in fuel prices caused by these regulations may impact our other expenses including, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (not limited to, crew travel, freight and commodity prices and may have an adverse impact on our profitability) Tj ET Q q 0 0 0 rg BT 486.77 596.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (From time to time initiatives to limit GHG emissions are introduced around the world. For example, numerous bills related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (climate change have been introduced in the U.S. Congress, which could adversely impact our business. ) Tj ET Q q 0 0 0 rg BT 466.99 560.10 Td (While not all are likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (to become law) Tj ET Q q 0 0 0 rg BT 107.16 548.10 Td (, there are indications that additional climate change related mandates could be forthcoming, and they may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (significantly impact our costs, including, among other things, increasing fuel prices, including new taxes on bunker fuel, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (establishment of costly emissions trading schemes and increasing newbuild and operational costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Environmental laws and regulations or liabilities arising from past or future releases of, or exposure to, hazardous substances or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (vessel dischar) Tj ET Q q 0 0 0 rg BT 105.13 488.10 Td (ges, including ballast water and waste disposal, could materially increase our cost of compliance or otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 476.10 Td (fect our business, results of operations and financial condition. See Part I, Item 1. Business. C. Our Global Cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Business-Governmental Regulations - Maritime Regulations for additional information regarding these regulations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 440.10 Td (Changes in and compliance with laws and r) Tj ET Q q 0 0 0 rg BT 233.96 440.10 Td (egulations r) Tj ET Q q 0 0 0 rg BT 281.64 440.10 Td (elating to the pr) Tj ET Q q 0 0 0 rg BT 345.43 440.10 Td (otection of persons with disabilities, employment, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 428.10 Td (health, safety) Tj ET Q q 0 0 0 rg BT 111.27 428.10 Td (, security and other r) Tj ET Q q 0 0 0 rg BT 195.05 428.10 Td (egulations under which we operate could incr) Tj ET Q q 0 0 0 rg BT 378.54 428.10 Td (ease our costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 404.10 Td (e are subject to numerous international, national, state and local laws, regulations, treaties and employee union agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (related to, among other things, persons with disabilities, employment, health, safety and security) Tj ET Q q 0 0 0 rg BT 434.60 392.10 Td (. Failure to comply with these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (laws, regulations, treaties and agreements could lead to enforcement actions, fines, civil or criminal penalties or the assertion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (litigation claims and damages. ) Tj ET Q q 0 0 0 rg BT 175.96 368.10 Td (These issues are, and we believe will continue to be, an area of focus by the relevant authorities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (throughout the world. ) Tj ET Q q 0 0 0 rg BT 140.88 356.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 190.22 356.10 Td (, new legislation, regulations or treaties, or changes thereto, could impact our operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (would likely subject us to increased compliance costs in the future. In addition, training of crew may become more time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (consuming and may increase our operating costs due to increasing regulatory and other requirements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 308.10 Td (Changes in and compliance with income tax laws and r) Tj ET Q q 0 0 0 rg BT 280.05 308.10 Td (egulations and income tax tr) Tj ET Q q 0 0 0 rg BT 394.11 308.10 Td (eaties may adversely affect the taxation of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 296.10 Td (our shipping income and our pr) Tj ET Q q 0 0 0 rg BT 185.63 296.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 223.96 296.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 272.10 Td (e believe that substantially all of the income earned by Carnival Corporation, Carnival plc and their ship owning or operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (subsidiaries qualifies for taxation based on ship tonnage and are exempt from taxation or are otherwise subject to minimal taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (in the jurisdictions where the entities are incorporated or do business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 224.10 Td (e believe that Panama and the jurisdictions where the ship owning and operating subsidiaries of Carnival Corporation are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (formed are equivalent exemption jurisdictions for purposes of Section 883 of the Internal Revenue Code. ) Tj ET Q q 0 0 0 rg BT 474.48 212.10 Td (The laws of Panama ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (and the other jurisdictions where our ships are owned or operated are subject to change and, in the future, may no longer qualify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (as equivalent exemption jurisdictions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (The IRS interpretation of Section 883 could dif) Tj ET Q q 0 0 0 rg BT 238.45 164.10 Td (fer materially from ours. In addition, provisions of the Internal Revenue Code, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (including Section 883, are subject to legislative change at any time. Moreover) Tj ET Q q 0 0 0 rg BT 363.45 152.10 Td (, changes could occur in the future with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (to the trading volume or trading frequency of Carnival Corporation shares. ) Tj ET Q q 0 0 0 rg BT 352.47 140.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 401.81 140.10 Td (, it is possible that Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (and its ship-owning or operating subsidiaries whose tax exemption is based on Section 883 could lose this exemption.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (There is no authority that directly addresses the ef) Tj ET Q q 0 0 0 rg BT 249.25 104.10 Td (fect, if any) Tj ET Q q 0 0 0 rg BT 291.63 104.10 Td (, of a DLC arrangement on the availability of benefits under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (treaties and, accordingly) Tj ET Q q 0 0 0 rg BT 146.86 92.10 Td (, their application to our operations is not free from doubt. ) Tj ET Q q 0 0 0 rg BT 384.40 92.10 Td (The applicable treaties may be revoked by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (either applicable country) Tj ET Q q 0 0 0 rg BT 148.25 80.10 Td (, replaced or modified with new agreements that treat income from international operation of ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 68.10 Td (ferently than the agreements currently in force or may be interpreted by one of its countries dif) Tj ET Q q 0 0 0 rg BT 438.99 68.10 Td (ferently from us.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (If we did not qualify for tonnage tax, exemption, treaties or minimal taxes, or if the laws that provide for these tax systems were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (changed, we would have significantly higher income tax expense. In many jurisdictions, the benefit of tonnage tax or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (preferential tax regimes would be replaced with taxation at normal statutory rates. In the absence of Section 883 or an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (applicable income tax treaty in the U.S., we would be subject to the net income and branch profits tax regimes of Section 882 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (and Section 884 of the Internal Revenue Code. In combination, these provisions would result in the taxation of our U.S. source ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (shipping income, net of applicable deductions, at a current federal corporate income tax rate of up to 35%, state income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (rates would vary and our net after) Tj ET Q q 0 0 0 rg BT 184.25 668.10 Td (-tax income would be potentially subject to a further branch profits tax of 30%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 644.10 Td (e are subject to the continual examination of our income tax returns by tax authorities in the jurisdictions where we operate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (There can be no assurance that the outcome from these examinations will not adversely af) Tj ET Q q 0 0 0 rg BT 409.19 632.10 Td (fect our net income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (As budgetary constraints continue to adversely impact the jurisdictions in which we operate, or for other reasons, increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (income or other taxes af) Tj ET Q q 0 0 0 rg BT 145.95 596.10 Td (fecting our operations may be imposed. Some social activist groups have lobbied for more taxation on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (income generated by cruise companies. Certain groups have also generated negative publicity for us. In recent years, certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (members of the U.S. Congress have proposed various forms of legislation that would result in higher taxation on income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (generated by cruise companies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 536.10 Td (Our inability to implement our shipbuilding pr) Tj ET Q q 0 0 0 rg BT 244.79 536.10 Td (ograms and ship r) Tj ET Q q 0 0 0 rg BT 317.49 536.10 Td (epairs, maintenance and r) Tj ET Q q 0 0 0 rg BT 422.10 536.10 Td (efurbishments on terms that ar) Tj ET Q q 0 0 0 rg BT 544.51 536.10 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 524.10 Td (favorable or consistent with our expectations could r) Tj ET Q q 0 0 0 rg BT 270.05 524.10 Td (educe our pr) Tj ET Q q 0 0 0 rg BT 320.78 524.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 359.11 524.10 Td (. In addition, we expect incr) Tj ET Q q 0 0 0 rg BT 473.15 524.10 Td (eases to our r) Tj ET Q q 0 0 0 rg BT 527.50 524.10 Td (epairs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 512.10 Td (and maintenance expenses and r) Tj ET Q q 0 0 0 rg BT 188.65 512.10 Td (efurbishment costs as our fleet ages.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (The construction, repair) Tj ET Q q 0 0 0 rg BT 144.90 488.10 Td (, maintenance and refurbishment of cruise ships are complex processes and involve risks similar to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (those encountered in other lar) Tj ET Q q 0 0 0 rg BT 168.16 476.10 Td (ge and sophisticated construction, repair) Tj ET Q q 0 0 0 rg BT 329.10 476.10 Td (, maintenance and refurbishment projects. ) Tj ET Q q 0 0 0 rg BT 501.63 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.27 476.10 Td (e could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (experience delays and cost overruns in completing such work. ) Tj ET Q q 0 0 0 rg BT 302.48 464.10 Td (As our fleet ages, our repair and maintenance expenses will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (increase, and thus may require additional repair and maintenance work to be performed. In addition, other events, such as work ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (stoppages, other labor actions, insolvencies, force majeure events or other financial dif) Tj ET Q q 0 0 0 rg BT 404.74 440.10 Td (ficulties experienced at the shipyards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (and their subcontractors and suppliers who build, repair) Tj ET Q q 0 0 0 rg BT 271.82 428.10 Td (, maintain or refurbish our ships could also delay or prevent the delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (of our ships under construction and prevent or delay the completion of the refurbishment, repair and maintenance of existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (ships in our fleet. ) Tj ET Q q 0 0 0 rg BT 123.75 404.10 Td (These events could adversely af) Tj ET Q q 0 0 0 rg BT 251.30 404.10 Td (fect our profitability) Tj ET Q q 0 0 0 rg BT 331.73 404.10 Td (, including delays or cancellations of cruises or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (unscheduled dry-docks and repairs. In addition, the consolidation of the control of certain cruise shipyards or cruise shipyard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (voluntary capacity reductions or insolvencies could result in less shipyard availability thus reducing competition and increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (prices. Furthermore, the lack of qualified shipyard repair facilities could result in the inability to repair and maintain our ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (on a timely basis, which could also result in reduced profitability) Tj ET Q q 0 0 0 rg BT 308.51 356.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (As of January 22, 2015, we had entered into foreign currency zero cost collars for three of our euro-denominated shipbuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (contracts. However) Tj ET Q q 0 0 0 rg BT 129.34 320.10 Td (, if the shipyard with which we have contracted is unable to perform under the related contracts, the foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (currency zero cost collars related to the shipyard) Tj ET Q q 0 0 0 rg BT 246.36 308.10 Td (s shipbuilding contract payments would still have to be honored. ) Tj ET Q q 0 0 0 rg BT 509.47 308.10 Td (This might ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (require us to realize a loss on existing foreign currency zero cost collars without an of) Tj ET Q q 0 0 0 rg BT 392.26 296.10 Td (fsetting gain on our foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (denominated shipbuilding contract payments, thus resulting in an adverse ef) Tj ET Q q 0 0 0 rg BT 353.69 284.10 Td (fect on our financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (The cost of shipbuilding orders that we may place in the future that is denominated in a dif) Tj ET Q q 0 0 0 rg BT 412.28 260.10 Td (ferent currency than our cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (brands) Tj ET Q q 0 0 0 rg BT 78.75 248.10 Td ( or the shipyards) Tj ET Q q 0 0 0 rg BT 147.71 248.10 Td ( functional currency is expected to be af) Tj ET Q q 0 0 0 rg BT 307.74 248.10 Td (fected by foreign currency exchange rate fluctuations. ) Tj ET Q q 0 0 0 rg BT 528.28 248.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (foreign currency exchange rate fluctuations may af) Tj ET Q q 0 0 0 rg BT 253.11 236.10 Td (fect our desire to order new cruise ships. In addition, the prices of various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (commodities that are used in the construction of ships, such as steel, can be subject to volatile price changes and, accordingly) Tj ET Q q 0 0 0 rg BT 550.09 224.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (the cost of future newbuilds may increase, which could have an adverse impact on our profitability) Tj ET Q q 0 0 0 rg BT 444.28 212.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (In connection with our shipbuilding contracts, we do not anticipate any contractual breakage or cancellations on our part. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 176.10 Td (, if any were to occur) Tj ET Q q 0 0 0 rg BT 170.31 176.10 Td (, it could result in, among other things, the forfeiture of our payments and the imposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (contractual liquidated damages. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 140.10 Td (Lack of continuing availability of attractive, convenient and safe port destinations on terms that ar) Tj ET Q q 0 0 0 rg BT 453.36 140.10 Td (e favorable or consistent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 128.10 Td (with our expectations could adversely affect our net r) Tj ET Q q 0 0 0 rg BT 271.97 128.10 Td (evenue yields and net income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 104.10 Td (e believe that attractive, convenient and safe port destinations, including ports that are not overly congested with tourists, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (major reasons why our guests choose a cruise versus an alternative vacation option. ) Tj ET Q q 0 0 0 rg BT 388.39 92.10 Td (The continuing availability of these types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (of ports on terms that are favorable or consistent with our expectations, including the port facilities where our guests embark ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (and disembark, is af) Tj ET Q q 0 0 0 rg BT 129.85 68.10 Td (fected by a number of factors including, but not limited to, existing capacity constraints \(particularly during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (the Caribbean winter months and Mediterranean summer months\), security) Tj ET Q q 0 0 0 rg BT 349.05 56.10 Td (, safety and environmental concerns, adverse ) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (weather conditions and other natural disasters, financial and other limitations on port development in established or emer) Tj ET Q q 0 0 0 rg BT 533.35 740.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (markets, political instability) Tj ET Q q 0 0 0 rg BT 160.77 728.10 Td (, exclusivity arrangements that ports may have with our competitors, port operator consolidation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (local governmental regulations and local community concerns about both port development and other adverse impacts on their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (communities from additional tourists. ) Tj ET Q q 0 0 0 rg BT 204.86 704.10 Td (The inability to continue to utilize, maintain, rebuild, if necessary) Tj ET Q q 0 0 0 rg BT 466.36 704.10 Td (, and increase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (number of ports that our ships call on could adversely af) Tj ET Q q 0 0 0 rg BT 274.82 692.10 Td (fect our net revenue yields and net income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 668.10 Td (Continuing financial viability of our travel agent distribution system, air service pr) Tj ET Q q 0 0 0 rg BT 390.88 668.10 Td (oviders and other key vendors in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 656.10 Td (supply chain is essential to allowing us to pr) Tj ET Q q 0 0 0 rg BT 236.46 656.10 Td (ofitably operate our business. In addition, r) Tj ET Q q 0 0 0 rg BT 413.03 656.10 Td (eductions in the availability of, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 644.10 Td (incr) Tj ET Q q 0 0 0 rg BT 74.24 644.10 Td (eases in the prices for) Tj ET Q q 0 0 0 rg BT 160.89 644.10 Td (, the services and pr) Tj ET Q q 0 0 0 rg BT 241.34 644.10 Td (oducts pr) Tj ET Q q 0 0 0 rg BT 278.47 644.10 Td (ovided by these vendors can adversely impact our net income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Primarily all of our guests book their cruises through independent travel agents, including wholesalers, general sales agents and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (tour operators. ) Tj ET Q q 0 0 0 rg BT 112.63 608.10 Td (These parties generally sell and market our cruises on a nonexclusive basis. Our competitors may of) Tj ET Q q 0 0 0 rg BT 515.39 608.10 Td (fer higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (commissions and incentives and thus adversely impact our business. Significant disruptions, contractions or consolidations to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (our travel agent distribution system, such as those caused by a reduction in travel and related commission income as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (an economic slowdown could have an adverse ef) Tj ET Q q 0 0 0 rg BT 245.08 572.10 Td (fect on our sales and profitability) Tj ET Q q 0 0 0 rg BT 376.89 572.10 Td (. In addition, we currently extend credit to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (certain of our lar) Tj ET Q q 0 0 0 rg BT 116.23 560.10 Td (ger European travel agents and tour operators and, accordingly) Tj ET Q q 0 0 0 rg BT 366.87 560.10 Td (, if such agents and operators cannot repay their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (debts to us, it will adversely impact our cash flows and operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (Many of our guests and substantially all our crew depend on scheduled or chartered commercial airline services to transport ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (them to or from the airports near the ports where our cruises embark and disembark. Changes or disruptions in commercial or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (chartered airline services as a result of strikes, labor unrest, financial instability or viability) Tj ET Q q 0 0 0 rg BT 412.34 500.10 Td (, adverse weather conditions, airport ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (delays, consolidation of carriers, or other events or the lack of availability due to schedule changes or a high level of airline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (bookings could adversely af) Tj ET Q q 0 0 0 rg BT 161.79 476.10 Td (fect our ability to deliver guests and crew to or from our cruise ships and increase our costs which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (would, in turn, have an adverse ef) Tj ET Q q 0 0 0 rg BT 184.83 464.10 Td (fect on our results of operations. In addition, increases in the prices of airfares due to, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (other things, rising fuel prices and airline consolidations would increase the overall vacation price to our guests and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 440.10 Td (fect demand for our cruises, as well as increase our airfare for our crew) Tj ET Q q 0 0 0 rg BT 382.12 440.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 416.10 Td (ravel agents may face increased pressure from our competitors, particularly in the North ) Tj ET Q q 0 0 0 rg BT 409.57 416.10 Td (America market, to sell and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (these competitor cruises exclusively) Tj ET Q q 0 0 0 rg BT 193.53 404.10 Td (. If such exclusive arrangements were introduced, there can be no assurance that we will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (able to find alternative distribution channels to ensure our customer base would not be af) Tj ET Q q 0 0 0 rg BT 404.77 392.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Economic downturns may impact the financial viability of other key vendors in our supply chain and the interruption in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (services or goods we purchase from them could adversely impact our operations and profitability) Tj ET Q q 0 0 0 rg BT 437.35 356.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 332.10 Td (Disruptions and other damages to our information technology and other networks and operations, and br) Tj ET Q q 0 0 0 rg BT 481.18 332.10 Td (eaches in data ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 320.10 Td (security could r) Tj ET Q q 0 0 0 rg BT 120.89 320.10 Td (esult in decr) Tj ET Q q 0 0 0 rg BT 169.96 320.10 Td (eases in our net income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (Our ability to increase revenues and control costs, as well as our ability to serve guests most ef) Tj ET Q q 0 0 0 rg BT 428.11 296.10 Td (fectively depends in part on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (reliability of our sophisticated technologies and system networks. ) Tj ET Q q 0 0 0 rg BT 316.49 284.10 Td (W) Tj ET Q q 0 0 0 rg BT 325.13 284.10 Td (e use communication applications, information technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (and other systems to manage our inventory of cabins held for sale and set pricing in order to maximize our revenue yields and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (to optimize the ef) Tj ET Q q 0 0 0 rg BT 119.57 260.10 Td (fectiveness and ef) Tj ET Q q 0 0 0 rg BT 191.02 260.10 Td (ficiency of our shoreside and shipboard operations. Gaining unauthorized access to digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (systems and networks for purposes of misappropriating assets or sensitive financial, medical or other personal or business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (information, corrupting data, causing shoreside or shipboard operational disruptions and other cyber) Tj ET Q q 0 0 0 rg BT 450.03 236.10 Td (-related risks could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (adversely impact our guest services and satisfaction, employee relationships, business plans, ship safety and our reputation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Global companies are repeatedly being tar) Tj ET Q q 0 0 0 rg BT 218.41 212.10 Td (geted to gain access to critical company) Tj ET Q q 0 0 0 rg BT 377.14 212.10 Td (, guest and other information. In addition, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (operation and maintenance of our systems is in some cases dependent on third-party technologies and service providers for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (which there is no certainty of uninterrupted availability or through which hackers could gain access to sensitive information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (These potential disruptions and cyber attacks could negatively af) Tj ET Q q 0 0 0 rg BT 308.68 176.10 Td (fect costs, customer demand, system availability and pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (for our cruises. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (Our principal of) Tj ET Q q 0 0 0 rg BT 113.74 140.10 Td (fices are located in ) Tj ET Q q 0 0 0 rg BT 190.93 140.10 Td (Australia, Germany) Tj ET Q q 0 0 0 rg BT 269.14 140.10 Td (, Italy) Tj ET Q q 0 0 0 rg BT 291.81 140.10 Td (, the UK and the U.S. ) Tj ET Q q 0 0 0 rg BT 382.36 140.10 Td (Although we have developed disaster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (recovery and similar business contingency plans, actual or threatened natural disasters \(for example, hurricanes, earthquakes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (floods, fires, tornados, tsunamis, typhoons and volcanic eruptions\) or similar events in these locations may have a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (impact on our business continuity) Tj ET Q q 0 0 0 rg BT 183.84 104.10 Td (, reputation and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 80.10 Td (A) Tj ET Q q 0 0 0 rg BT 64.43 80.10 Td ( failur) Tj ET Q q 0 0 0 rg BT 88.78 80.10 Td (e to keep pace with developments in technology could impair our operations or competitive position.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Our business continues to demand the use of sophisticated systems and technology) Tj ET Q q 0 0 0 rg BT 380.18 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.50 740.10 Td (These systems and technologies may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (require refinement, updating and replacement with more advanced systems. If we are unable to do so on a timely basis or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (within reasonable cost parameters, our business could suf) Tj ET Q q 0 0 0 rg BT 279.26 716.10 Td (fer) Tj ET Q q 0 0 0 rg BT 289.81 716.10 Td (. ) Tj ET Q q 0 0 0 rg BT 297.13 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.76 716.10 Td (e also may not achieve the benefits that we anticipate from any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (new system or technology) Tj ET Q q 0 0 0 rg BT 153.55 704.10 Td (, and a failure to do so could result in materially higher than anticipated costs and could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (impair our operating results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 65.91 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 72.94 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 92.18 668.10 Td (lose ) Tj ET Q q 0 0 0 rg BT 110.88 668.10 Td (business ) Tj ET Q q 0 0 0 rg BT 147.36 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.72 668.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 207.53 668.10 Td (thr) Tj ET Q q 0 0 0 rg BT 218.83 668.10 Td (oughout ) Tj ET Q q 0 0 0 rg BT 254.19 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.00 668.10 Td (wider ) Tj ET Q q 0 0 0 rg BT 294.36 668.10 Td (vacation ) Tj ET Q q 0 0 0 rg BT 331.38 668.10 Td (industry) Tj ET Q q 0 0 0 rg BT 363.61 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.69 668.10 Td (which ) Tj ET Q q 0 0 0 rg BT 395.17 668.10 Td (could ) Tj ET Q q 0 0 0 rg BT 419.97 668.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 460.87 668.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 485.67 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.15 668.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 547.52 668.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 96.55 656.10 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 632.10 Td (e face significant competition from other cruise brands on the basis of cruise pricing, travel agent preference and the types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (and sizes of ships and cabins, services and destinations being of) Tj ET Q q 0 0 0 rg BT 304.54 620.10 Td (fered by them to cruise guests. In addition, new cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (competitors with existing brand appeal may choose to enter the cruise industry or there may be other new cruise competitors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (that may choose to enter the established or emer) Tj ET Q q 0 0 0 rg BT 242.03 596.10 Td (ging cruise segments of the global vacation markets. ) Tj ET Q q 0 0 0 rg BT 456.79 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 465.43 596.10 Td (e try to dif) Tj ET Q q 0 0 0 rg BT 507.18 596.10 Td (ferentiate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (ourselves from our cruise competitors by of) Tj ET Q q 0 0 0 rg BT 224.28 584.10 Td (fering a wide variety of brands, itineraries, products and services to our guests, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (the acceptance of each of) Tj ET Q q 0 0 0 rg BT 150.36 572.10 Td (fering is not certain and consumers) Tj ET Q q 0 0 0 rg BT 293.18 572.10 Td ( preferences are always subject to change. It is possible that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (programs to motivate previous guests to cruise with us again may not be successful and they may elect not to cruise with us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (again. In addition, we may choose to enhance our older ships with innovative amenities and improvements in order for those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (ships to be more competitive with other cruise ships. ) Tj ET Q q 0 0 0 rg BT 264.74 536.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 316.85 536.10 Td (, without these investments or otherwise these older ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (may become less competitive, which could result in lower profitability and ship impairment char) Tj ET Q q 0 0 0 rg BT 436.44 524.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 457.09 524.10 Td (The used cruise ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (market is small. ) Tj ET Q q 0 0 0 rg BT 117.55 512.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 166.88 512.10 Td (, if we need to dispose of a ship, we cannot be assured of finding a viable buyer to purchase it at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (price that meets our expectations, which could result in ship impairment char) Tj ET Q q 0 0 0 rg BT 357.56 500.10 Td (ges and losses on ship disposals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (In addition, we operate in the wider vacation industry and cruising is only one of many alternatives for people choosing a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (vacation. ) Tj ET Q q 0 0 0 rg BT 90.69 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.33 464.10 Td (e therefore risk losing business not only to other cruise lines, but also to vacation operators that provide other travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (and leisure options, including, but not limited to, hotels, resorts, theme parks, packaged holidays and tours, casino operators and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (vacation ownership properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (In the event that we do not compete ef) Tj ET Q q 0 0 0 rg BT 202.60 416.10 Td (fectively with other cruise companies and other vacation alternatives, our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (operations and financial condition could be adversely af) Tj ET Q q 0 0 0 rg BT 273.41 404.10 Td (fected. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 380.10 Td (Over) Tj ET Q q 0 0 0 rg BT 78.12 380.10 Td (capacity in the cruise ship and land-based vacation industry could have a negative impact on our net r) Tj ET Q q 0 0 0 rg BT 489.06 380.10 Td (evenue yields and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 368.10 Td (incr) Tj ET Q q 0 0 0 rg BT 74.24 368.10 Td (ease operating costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.30 Td (Although cruising capacity in most of the established markets has grown at a slower pace in recent years, we expect it to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.30 Td (continue to increase in both the established and emer) Tj ET Q q 0 0 0 rg BT 260.92 333.30 Td (ging markets. Since the cruise industry relies on long-lived ships, we face ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.30 Td (the risk that our industry) Tj ET Q q 0 0 0 rg BT 150.60 321.30 Td (s capacity will grow beyond its demand. ) Tj ET Q q 0 0 0 rg BT 316.77 321.30 Td (The wider vacation industry may also face increases in land-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.30 Td (based vacation capacity) Tj ET Q q 0 0 0 rg BT 143.80 309.30 Td (, which may impact us as well. ) Tj ET Q q 0 0 0 rg BT 271.93 309.30 Td (W) Tj ET Q q 0 0 0 rg BT 280.56 309.30 Td (e typically aim to fill our new capacity at favorable revenue yields ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.30 Td (despite the new competing cruise and land-based capacity growth. ) Tj ET Q q 0 0 0 rg BT 319.13 297.30 Td (Also, to the extent that we or our competitors deploy ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.30 Td (to a particular itinerary and the resulting capacity in that region exceeds the demand, we may lower pricing and profitability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.30 Td (may be lower than initially anticipated. Should net revenue yields be negatively impacted, our results of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.30 Td (financial condition could be adversely af) Tj ET Q q 0 0 0 rg BT 212.31 261.30 Td (fected. In addition, increased cruise capacity could impact our ability to retain and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.30 Td (attract qualified crew) Tj ET Q q 0 0 0 rg BT 133.80 249.30 Td (, including of) Tj ET Q q 0 0 0 rg BT 187.22 249.30 Td (ficers, at competitive rates and, therefore, increase our shipboard employee costs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 225.30 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 225.30 Td (The loss of key personnel or our ability to r) Tj ET Q q 0 0 0 rg BT 231.73 225.30 Td (ecruit or r) Tj ET Q q 0 0 0 rg BT 272.46 225.30 Td (etain qualified personnel could adversely affect our r) Tj ET Q q 0 0 0 rg BT 485.11 225.30 Td (esults of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 213.30 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.78 213.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 189.30 Td (e rely upon the ability) Tj ET Q q 0 0 0 rg BT 145.24 189.30 Td (, expertise, judgment, discretion, integrity and good faith of our senior management team. Our success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.30 Td (is also dependent upon our personnel and our ability to recruit and train high quality employees, including appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.30 Td (shipboard and shoreside emer) Tj ET Q q 0 0 0 rg BT 168.45 165.30 Td (gency response training. ) Tj ET Q q 0 0 0 rg BT 270.74 165.30 Td (W) Tj ET Q q 0 0 0 rg BT 279.38 165.30 Td (e hire a significant number of new crew every year and, thus, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.30 Td (ability to adequately train them is critical to our cruise business. ) Tj ET Q q 0 0 0 rg BT 310.09 153.30 Td (W) Tj ET Q q 0 0 0 rg BT 318.72 153.30 Td (e must continue to recruit, retain and motivate management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.30 Td (and other employees to enable us to maintain our current business and support our projected growth. ) Tj ET Q q 0 0 0 rg BT 456.44 141.30 Td (The loss of services of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.30 Td (any of our key management could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 292.54 129.30 Td (fect on our business. ) Tj ET Q q 0 0 0 rg BT 379.57 129.30 Td (W) Tj ET Q q 0 0 0 rg BT 388.21 129.30 Td (e are not protected by life insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.30 Td (covering any of our personnel. ) Tj ET Q q 0 0 0 rg BT 176.78 117.30 Td (W) Tj ET Q q 0 0 0 rg BT 185.42 117.30 Td (e do not have employment agreements with our of) Tj ET Q q 0 0 0 rg BT 386.29 117.30 Td (ficers, except for our President and Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.30 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.35 105.30 Td (ficer and the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 232.39 105.30 Td (ficer of the Costa Group.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 81.30 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 81.30 Td (Union disputes and other employee r) Tj ET Q q 0 0 0 rg BT 206.16 81.30 Td (elationship issues could adversely affect our financial r) Tj ET Q q 0 0 0 rg BT 427.70 81.30 Td (esults.) 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In addition, existing collective bar) Tj ET Q q 0 0 0 rg BT 355.70 716.10 Td (gaining agreements may not prevent a strike or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (work stoppage on our ships. ) Tj ET Q q 0 0 0 rg BT 166.81 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.45 704.10 Td (e may also be subject to or af) Tj ET Q q 0 0 0 rg BT 292.17 704.10 Td (fected by work stoppages unrelated to our business or collective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (bar) Tj ET Q q 0 0 0 rg BT 62.09 692.10 Td (gaining agreements. ) Tj ET Q q 0 0 0 rg BT 147.06 692.10 Td (Any such work stoppages or potential work stoppages could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 494.83 692.10 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (financial results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 656.10 Td (The impact of disruptions in the global financial markets or other events may negatively affect the ability of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 644.10 Td (counterparties and others to perform their obligations to us and thus, adversely affect our financial position and r) Tj ET Q q 0 0 0 rg BT 514.77 644.10 Td (esults of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 632.10 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (The ability of our counterparties to perform, primarily with respect to our cash equivalents, investments, committed financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (facilities, contingent obligations, derivative instruments, insurance contracts, new ship progress payment guarantees and ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (charter agreements may adversely impact us if any of their financial positions weaken materially or they suf) Tj ET Q q 0 0 0 rg BT 481.38 584.10 Td (fer other financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (disruptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (For example, the last severe economic downturn, including failures of banks and financial service companies and the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (liquidity crisis, disrupted the capital and credit markets. ) Tj ET Q q 0 0 0 rg BT 276.39 536.10 Td (Additional economic concerns from some countries continue to strain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (the financial markets both in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 276.01 524.10 Td (. ) Tj ET Q q 0 0 0 rg BT 282.96 524.10 Td (A) Tj ET Q q 0 0 0 rg BT 289.63 524.10 Td ( recurrence of these or other disruptions could cause our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (counterparties and others to breach their obligations to us under our contracts with them, which may have a negative impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (our cash flows, including our ability to meet our obligations, results of operations and financial condition. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 476.10 Td (Our success depends upon the continued str) Tj ET Q q 0 0 0 rg BT 234.21 476.10 Td (ength of our cruise brands and our ability to implement our strategies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 452.10 Td (e believe that our cruise branding has contributed significantly to the success of our business and enhancing and maintaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (our branding is critical to expanding our brands) Tj ET Q q 0 0 0 rg BT 242.32 440.10 Td ( customer bases. ) Tj ET Q q 0 0 0 rg BT 312.95 440.10 Td (The ability of our brands to successfully tar) Tj ET Q q 0 0 0 rg BT 486.89 440.10 Td (get dif) Tj ET Q q 0 0 0 rg BT 512.54 440.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (segments of the vacation markets in which they operate enables us to strengthen our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 404.10 Td (e believe that our ability to ef) Tj ET Q q 0 0 0 rg BT 175.69 404.10 Td (fectively use our scale and extend best practices and technologies across our brands is critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (for implementing our strategic initiatives, such as maximizing our revenue management processes, exceeding guest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (expectations, improving our overall fleet management and optimizing our cost structure and, therefore, achieving our vision and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (reaching our primary financial goals. In the event that we are not successful in implementing our strategies, our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (operations and financial condition could be adversely af) Tj ET Q q 0 0 0 rg BT 273.41 356.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 332.10 Td (Our international operations ar) Tj ET Q q 0 0 0 rg BT 185.63 332.10 Td (e subject to additional risks not generally applicable to our U.S. operations and may r) Tj ET Q q 0 0 0 rg BT 530.79 332.10 Td (esult in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 320.10 Td (incr) Tj ET Q q 0 0 0 rg BT 74.24 320.10 Td (eased costs and adversely affect our financial position and r) Tj ET Q q 0 0 0 rg BT 315.22 320.10 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (Our international operations are subject to additional risks including adverse changes in foreign countries) Tj ET Q q 0 0 0 rg BT 473.35 296.10 Td ( political systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (social unrest, restrictions and taxes on the withdrawal of foreign investments and earnings and other payments by subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (government policies against the vacation or maritime industries, limitations on issuing Chinese cruisers international travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (visas, local cabotage requirements, investment restrictions or requirements, diminished ability to legally enforce our intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (property and contractual rights in foreign countries and commercial instability caused by corruption. ) Tj ET Q q 0 0 0 rg BT 456.14 248.10 Td (The growth of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (international operations in China could be adversely impacted by changes in the Chinese government) Tj ET Q q 0 0 0 rg BT 457.44 236.10 Td (s policies. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (our international operations may also be subject to adverse changes in foreign currency exchange restrictions, and changes in or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (application of foreign taxation structures including duties and value-added taxes. If we are unable to address these risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (adequately) Tj ET Q q 0 0 0 rg BT 92.16 200.10 Td (, our financial position and results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 370.79 200.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (Operating internationally also exposes us to numerous and sometimes conflicting legal and regulatory requirements. In many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (parts of the world, including countries in which we operate, practices in the local business communities might not conform to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (international business standards. ) Tj ET Q q 0 0 0 rg BT 184.02 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 192.65 152.10 Td (e may not be successful in ensuring that our employees and other representatives stationed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (throughout the world properly adhere to our policies or applicable laws or regulations. Failure to adhere to our policies or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (applicable laws or regulations could result in penalties, sanctions, damage to our reputation and related costs, which in turn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (could negatively af) Tj ET Q q 0 0 0 rg BT 125.96 116.10 Td (fect our results of operations and cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 92.10 Td (Our decisions to self-insur) Tj ET Q q 0 0 0 rg BT 164.52 92.10 Td (e against various risks or the inability to obtain insurance for certain risks at r) Tj ET Q q 0 0 0 rg BT 479.69 92.10 Td (easonable rates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 80.10 Td (could r) Tj ET Q q 0 0 0 rg BT 86.74 80.10 Td (esult in higher expenses or lower r) Tj ET Q q 0 0 0 rg BT 225.24 80.10 Td (evenues. ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e seek to maintain comprehensive insurance coverage at commercially reasonable rates. ) Tj ET Q q 0 0 0 rg BT 414.19 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 422.83 740.10 Td (e believe that our current coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (is adequate to protect us against most of the significant risks involved in the conduct of our business, although we do elect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (self-insure or use higher deductibles for substantially all the insurable risks we face in order to minimize the cost of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (insurance policies. ) Tj ET Q q 0 0 0 rg BT 128.37 704.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 177.70 704.10 Td (, we are not protected against all risks, such as loss of use of a ship,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.08 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.58 704.10 Td (which could result in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (unexpected decrease in our revenue in the event of an incident. Further) Tj ET Q q 0 0 0 rg BT 335.37 692.10 Td (, significant incidents could result in higher insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (premiums commencing on the policy renewal dates or the inability to obtain coverage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 656.10 Td (e may also be subject to additional premium costs based not only on our own claims record but also on the claims records of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (all other members of the P&I associations that we receive indemnity coverage for tort liability) Tj ET Q q 0 0 0 rg BT 425.40 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.72 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.36 644.10 Td (e are also subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (additional P&I premium assessments for various reasons including, but not limited to, investment or underwriting shortfalls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (experienced by our P&I clubs. In addition, if we or other ship-owners sustain significant losses, our ability to obtain future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (insurance coverage at commercially reasonable rates could be materially adversely af) Tj ET Q q 0 0 0 rg BT 390.82 608.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 77.19 584.10 Td (, we cannot be certain that af) Tj ET Q q 0 0 0 rg BT 192.22 584.10 Td (fordable and viable direct insurance and reinsurance markets will be available to us in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (future. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 548.10 Td (Litigation, enfor) Tj ET Q q 0 0 0 rg BT 123.69 548.10 Td (cement actions, fines or penalties could adversely impact our financial condition or r) Tj ET Q q 0 0 0 rg BT 464.65 548.10 Td (esults of operations and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 536.10 Td (damage our r) Tj ET Q q 0 0 0 rg BT 112.57 536.10 Td (eputation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Our business is subject to various international laws and regulations that could lead to enforcement actions, fines, civil or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (criminal penalties or the assertion of litigation claims and damages. In addition, improper conduct by our employees or agents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (could damage our reputation and lead to litigation or legal proceedings that could result in significant awards or settlements to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 78.20 476.10 Td (fs and civil or criminal penalties, including substantial monetary fines. Such events could lead to an adverse impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (our financial condition or results of operations, if not mitigated by our insurance coverage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (As a result of our ship or other incidents, litigation claims, enforcement actions and regulatory actions and investigations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (including, but not limited to, those arising from personal injury) Tj ET Q q 0 0 0 rg BT 301.32 428.10 Td (, loss of life, loss of or damage to personal property) Tj ET Q q 0 0 0 rg BT 506.73 428.10 Td (, business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (interruption losses or environmental damage to any af) Tj ET Q q 0 0 0 rg BT 265.09 416.10 Td (fected coastal waters and the surrounding areas, may be asserted or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (brought against various parties including us. ) Tj ET Q q 0 0 0 rg BT 231.51 404.10 Td (The time and attention of our management may also be diverted in defending such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (claims, actions and investigations. ) Tj ET Q q 0 0 0 rg BT 191.24 392.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.88 392.10 Td (e may also incur costs both in defending against any claims, actions and investigations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (and for any judgments, fines, civil or criminal penalties if such claims, actions or investigations are adversely determined and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (not covered by our insurance policies. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 344.10 Td (Fluctuations in for) Tj ET Q q 0 0 0 rg BT 133.13 344.10 Td (eign curr) Tj ET Q q 0 0 0 rg BT 169.70 344.10 Td (ency exchange rates could adversely affect our financial r) Tj ET Q q 0 0 0 rg BT 401.47 344.10 Td (esults.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 320.10 Td (e earn revenues, pay expenses, purchase and own assets and incur liabilities in currencies other than the U.S. dollar; most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (significantly) Tj ET Q q 0 0 0 rg BT 98.84 308.10 Td (, the euro, sterling and ) Tj ET Q q 0 0 0 rg BT 190.21 308.10 Td (Australian dollars. ) Tj ET Q q 0 0 0 rg BT 268.90 308.10 Td (W) Tj ET Q q 0 0 0 rg BT 277.54 308.10 Td (e derived 57%, 56% and 54% of our revenues from guests sourced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (from outside of the U.S. in 2014, 2013 and 2012, respectively) Tj ET Q q 0 0 0 rg BT 296.03 296.10 Td (. Because our consolidated financial statements are presented in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (U.S. dollars, we must translate revenues and expenses, as well as assets and liabilities, into U.S. dollars at exchange rates in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 272.10 Td (fect during or at the end of each reporting period. ) Tj ET Q q 0 0 0 rg BT 259.05 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.69 272.10 Td (e report currency transactions in the functional currencies of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (reporting units, excluding fuel which is always transacted and reported in U.S. dollars regardless of the functional currency of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (the reporting unit. Furthermore, we convert a significant amount of these currencies into U.S. dollar) Tj ET Q q 0 0 0 rg BT 450.78 248.10 Td (. ) Tj ET Q q 0 0 0 rg BT 458.10 248.10 Td (Therefore, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (strengthening of the U.S. dollar against our other major currencies, will adversely af) Tj ET Q q 0 0 0 rg BT 386.16 236.10 Td (fect our U.S. dollar financial results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (will reduce the U.S. dollar amount received upon conversion of these currencies into U.S. dollars. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 200.10 Td (Whether) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.38 200.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.88 200.10 Td (our futur) Tj ET Q q 0 0 0 rg BT 130.35 200.10 Td (e operating cash flow will be sufficient to fund futur) Tj ET Q q 0 0 0 rg BT 337.46 200.10 Td (e obligations and whether we will be able to obtain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 188.10 Td (financing, if necessary) Tj ET Q q 0 0 0 rg BT 148.21 188.10 Td (, in sufficient amounts and on terms that ar) Tj ET Q q 0 0 0 rg BT 320.34 188.10 Td (e favorable or consistent with our expectations may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 176.10 Td (adversely impact our financial r) Tj ET Q q 0 0 0 rg BT 187.00 176.10 Td (esults. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (Our forecasted cash flows from future operations may be adversely af) Tj ET Q q 0 0 0 rg BT 328.66 152.10 Td (fected by various factors, including, but not limited to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (declines in guest demand and consumer confidence; a weakening economy; increases in fuel prices; ship incidents; negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (publicity; terrorist and pirate attacks and the threats thereof; the impact of the spread of contagious diseases such as influenza ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (virus; increased competition; overcapacity; adverse foreign currency exchange movements and other factors noted under these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (Risk Factors. ) Tj ET Q q 0 0 0 rg BT 115.97 104.10 Td (T) Tj ET Q q 0 0 0 rg BT 121.38 104.10 Td (o the extent that we are required, or choose, to fund future cash requirements, including current and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (shipbuilding commitments and debt repayments, from sources other than cash flow from operations, available cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (committed external sources of liquidity) Tj ET Q q 0 0 0 rg BT 206.03 80.10 Td (, including committed ship and other financings, we will have to secure such financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (from export credit agencies or banks or through the of) Tj ET Q q 0 0 0 rg BT 265.64 68.10 Td (fering of debt and equity securities in the public or private markets. ) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (There is no guarantee that such financings will be available in the future to fund our future obligations, or that they will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (available on terms consistent with our expectations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Our access to and the cost of financing will depend on, among other things, conditions in the global financing markets, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (availability of suf) Tj ET Q q 0 0 0 rg BT 119.86 692.10 Td (ficient amounts of financing and the maintenance of our investment grade long-term senior unsecured credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (ratings. If our long-term senior unsecured credit ratings were to be downgraded or assigned a negative outlook, our access to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (and cost of debt financing may be negatively impacted. Further) Tj ET Q q 0 0 0 rg BT 304.85 668.10 Td (, the terms of future debt agreements could include more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (restrictive covenants, which may restrict our business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Our ability to maintain our credit facilities may also be impacted by material changes in our ownership. More specifically) Tj ET Q q 0 0 0 rg BT 538.14 632.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (may be required to prepay our debt facilities if a person or group of persons acting in concert gain control of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Corporation & plc, other than the ) Tj ET Q q 0 0 0 rg BT 184.75 608.10 Td (Arison family) Tj ET Q q 0 0 0 rg BT 239.92 608.10 Td (, including Micky ) Tj ET Q q 0 0 0 rg BT 313.25 608.10 Td (Arison, our Chairman of the Boards of Directors. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 584.10 Td (The DLC arrangement involves risks not associated with the mor) Tj ET Q q 0 0 0 rg BT 318.95 584.10 Td (e common ways of combining the operations of two ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 572.10 Td (companies and these risks may have an adverse effect on the economic performance of the companies and their r) Tj ET Q q 0 0 0 rg BT 510.79 572.10 Td (espective ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 560.10 Td (shar) Tj ET Q q 0 0 0 rg BT 75.91 560.10 Td (e prices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (The DLC arrangement is a relatively uncommon way of combining the management and operations of two companies and it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (involves dif) Tj ET Q q 0 0 0 rg BT 96.81 524.10 Td (ferent issues and risks from those associated with the other more common ways of forming a business combination, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (such as a mer) Tj ET Q q 0 0 0 rg BT 103.46 512.10 Td (ger or exchange of) Tj ET Q q 0 0 0 rg BT 177.97 512.10 Td (fer to create a wholly owned subsidiary) Tj ET Q q 0 0 0 rg BT 335.04 512.10 Td (. In our DLC arrangement, the combination is ef) Tj ET Q q 0 0 0 rg BT 530.64 512.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (primarily by means of contracts between Carnival Corporation and Carnival plc and not by operation of a statute or court order) Tj ET Q q 0 0 0 rg BT 557.12 500.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (The legal ef) Tj ET Q q 0 0 0 rg BT 97.07 488.10 Td (fect of these contractual rights may be dif) Tj ET Q q 0 0 0 rg BT 263.21 488.10 Td (ferent from the legal ef) Tj ET Q q 0 0 0 rg BT 355.20 488.10 Td (fect of a mer) Tj ET Q q 0 0 0 rg BT 405.82 488.10 Td (ger or amalgamation under statute or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (court order) Tj ET Q q 0 0 0 rg BT 93.25 476.10 Td (, and there may be dif) Tj ET Q q 0 0 0 rg BT 180.25 476.10 Td (ficulties in enforcing these contractual rights. Shareholders and creditors of either company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (might challenge the validity of the contracts or their lack of standing to enforce rights under these contracts, and courts may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (interpret or enforce these contracts in a manner inconsistent with the express provisions and intentions we included in such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (contracts. In addition, shareholders and creditors of other companies might successfully challenge other DLC arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (and establish legal precedents that could increase the risk of a successful challenge to our DLC arrangement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 404.10 Td (Carnival Corporation and Carnival plc ar) Tj ET Q q 0 0 0 rg BT 227.86 404.10 Td (e not U.S. corporations, and our shar) Tj ET Q q 0 0 0 rg BT 377.77 404.10 Td (eholders may be subject to the uncertainties ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 392.10 Td (of a for) Tj ET Q q 0 0 0 rg BT 87.58 392.10 Td (eign legal system in pr) Tj ET Q q 0 0 0 rg BT 177.75 392.10 Td (otecting their inter) Tj ET Q q 0 0 0 rg BT 252.36 392.10 Td (ests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Carnival Corporation) Tj ET Q q 0 0 0 rg BT 137.54 368.10 Td (s corporate af) Tj ET Q q 0 0 0 rg BT 191.77 368.10 Td (fairs are governed by its ) Tj ET Q q 0 0 0 rg BT 290.72 368.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 314.89 368.10 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 409.58 368.10 Td (Articles of Incorporation \(Articles\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 356.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 90.42 356.10 Td (Amended and Restated By-Laws \(By-Laws\) and by the laws of Panama. Carnival plc is governed by its ) Tj ET Q q 0 0 0 rg BT 518.92 356.10 Td (Articles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (Association and by the laws of England and ) Tj ET Q q 0 0 0 rg BT 227.62 344.10 Td (W) Tj ET Q q 0 0 0 rg BT 236.25 344.10 Td (ales. ) Tj ET Q q 0 0 0 rg BT 259.12 344.10 Td (The contracts that control the relationship between Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (and Carnival plc under the DLC arrangement are governed by the laws of Panama, the Isle of Man and the Cayman Islands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (The laws of Panama, England and ) Tj ET Q q 0 0 0 rg BT 188.45 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.08 320.10 Td (ales, the Isle of Man and the Cayman Islands may dif) Tj ET Q q 0 0 0 rg BT 409.90 320.10 Td (fer in some respects from the laws in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (the U.S. ) Tj ET Q q 0 0 0 rg BT 86.82 308.10 Td (Thus, our public shareholders may have more dif) Tj ET Q q 0 0 0 rg BT 283.25 308.10 Td (ficulty in protecting their interest with respect to actions by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (management, directors and controlling shareholders than would otherwise be the case for a U.S. shareholder in a U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Corporation or a UK shareholder in a UK Corporation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 260.10 Td (A) Tj ET Q q 0 0 0 rg BT 64.43 260.10 Td ( small gr) Tj ET Q q 0 0 0 rg BT 99.62 260.10 Td (oup of shar) Tj ET Q q 0 0 0 rg BT 144.81 260.10 Td (eholders owns a significant portion of the total combined voting power of our outstanding shar) Tj ET Q q 0 0 0 rg BT 524.99 260.10 Td (es and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 248.10 Td (may be able to effectively contr) Tj ET Q q 0 0 0 rg BT 183.35 248.10 Td (ol the outcome of shar) Tj ET Q q 0 0 0 rg BT 272.42 248.10 Td (eholder voting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (As of January 20, 2015, a small group of shareholders consisting of some members of the ) Tj ET Q q 0 0 0 rg BT 409.99 224.10 Td (Arison family) Tj ET Q q 0 0 0 rg BT 465.16 224.10 Td (, including Micky ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Arison, beneficially owned approximately 22% of the total combined voting power of Carnival Corporation & plc. Depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (upon the nature and extent of the shareholder vote, this group of shareholders may have the power to ef) Tj ET Q q 0 0 0 rg BT 462.80 200.10 Td (fectively control, or at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (least significantly influence, the outcome of certain shareholder votes and, therefore, the corporate actions requiring such votes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 164.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 68.13 164.10 Td (ovisions in Carnival Corporation) Tj ET Q q 0 0 0 rg BT 203.79 164.10 Td (s and Carnival plc) Tj ET Q q 0 0 0 rg BT 280.00 164.10 Td (s constitutional documents may pr) Tj ET Q q 0 0 0 rg BT 416.84 164.10 Td (event or discourage takeovers and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 152.10 Td (business combinations that our shar) Tj ET Q q 0 0 0 rg BT 203.14 152.10 Td (eholders might consider to be in their best inter) Tj ET Q q 0 0 0 rg BT 393.30 152.10 Td (ests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Carnival Corporation) Tj ET Q q 0 0 0 rg BT 137.54 128.10 Td (s ) Tj ET Q q 0 0 0 rg BT 143.38 128.10 Td (Articles and By-Laws and Carnival plc) Tj ET Q q 0 0 0 rg BT 302.50 128.10 Td (s ) Tj ET Q q 0 0 0 rg BT 308.34 128.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 352.77 128.10 Td (Association contain provisions that may delay) Tj ET Q q 0 0 0 rg BT 536.81 128.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (defer) Tj ET Q q 0 0 0 rg BT 69.64 116.10 Td (, prevent or render more dif) Tj ET Q q 0 0 0 rg BT 179.96 116.10 Td (ficult a takeover attempt that our shareholders consider to be in their best interests. ) Tj ET Q q 0 0 0 rg BT 514.86 116.10 Td (As a result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (these provisions may prevent our shareholders from receiving a premium to the market price of our shares of) Tj ET Q q 0 0 0 rg BT 485.01 104.10 Td (fered by a bidder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (in a takeover context. Even in the absence of a takeover attempt, the existence of these provisions may adversely af) Tj ET Q q 0 0 0 rg BT 513.03 92.10 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (prevailing market price of our shares if they are viewed as discouraging takeover attempts in the future. ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 96.61 740.10 Td (, Carnival Corporation) Tj ET Q q 0 0 0 rg BT 189.65 740.10 Td (s ) Tj ET Q q 0 0 0 rg BT 195.49 740.10 Td (Articles contain provisions that prevent third parties, other than the ) Tj ET Q q 0 0 0 rg BT 465.70 740.10 Td (Arison family and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (trusts established for their benefit, from acquiring beneficial ownership of more than 4.9% of outstanding Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (shares without the consent of its Board of Directors and provide for the lapse of rights, and sale, of any shares acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (excess of that limit. ) Tj ET Q q 0 0 0 rg BT 132.63 704.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 158.27 704.10 Td (fect of these provisions may preclude third parties from seeking to acquire a controlling interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (us in transactions that shareholders might consider to be in their best interests and may prevent them from receiving a premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (above market price for their shares. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 654.53505859375 m 346.31640625 654.53505859375 l s q 0 0 0 rg BT 49.50 656.10 Td (Cautionary Note Concerning Factors ) Tj ET Q q 0 0 0 rg BT 210.41 656.10 Td (That May ) Tj ET Q q 0 0 0 rg BT 254.86 656.10 Td (Affect Futur) Tj ET Q q 0 0 0 rg BT 308.26 656.10 Td (e Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Some of the statements, estimates or projections contained in this Form 10-K are forward-looking statements that involve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (risks, uncertainties and assumptions with respect to us, including some statements concerning future results, outlooks, plans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (goals and other events which have not yet occurred. ) Tj ET Q q 0 0 0 rg BT 261.75 608.10 Td (These statements are intended to qualify for the safe harbors from liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (provided by Section 27A) Tj ET Q q 0 0 0 rg BT 149.21 596.10 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 218.64 596.10 Td (Act of 1933 and Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 445.80 596.10 Td (Act of 1934. ) Tj ET Q q 0 0 0 rg BT 500.52 596.10 Td (All statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (other than statements of historical facts are statements that could be deemed forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 473.63 584.10 Td (These statements are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (the beliefs and assumptions of our management. ) Tj ET Q q 0 0 0 rg BT 247.33 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.96 560.10 Td (e have tried, whenever possible, to identify these statements by using words ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (like will, may) Tj ET Q q 0 0 0 rg BT 117.43 548.10 Td (, could, should, would, believe, depends, expect, goal, anticipate, forecast, project, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (future, intend, plan, estimate, tar) Tj ET Q q 0 0 0 rg BT 219.22 536.10 Td (get, indicate and similar expressions of future intent or the negative of such terms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Forward-looking statements include those statements that may impact, among other things, the forecasting of our non-GAAP) Tj ET Q q 0 0 0 rg BT 549.86 512.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (earnings per share; net revenue yields; booking levels; pricing; occupancy; operating, financing and tax costs, including fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (expenses; net cruise costs per available lower berth day; estimates of ship depreciable lives and residual values; liquidity; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (goodwill, ship and trademark fair values and outlook. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Certain of the risks we are exposed to are identified in this Item 1A. Risk Factors. ) Tj ET Q q 0 0 0 rg BT 390.06 452.10 Td (This item contains important cautionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (statements and a discussion of the known factors that we consider could materially af) Tj ET Q q 0 0 0 rg BT 390.61 440.10 Td (fect the accuracy of our forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (statements and adversely af) Tj ET Q q 0 0 0 rg BT 159.55 428.10 Td (fect our business, results of operations and financial position. It is not possible to predict or identify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (all such risks. ) Tj ET Q q 0 0 0 rg BT 109.04 416.10 Td (There may be additional risks that we consider immaterial or which are not known. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (this Form 10-K, any updates or revisions to any such forward-looking statements to reflect any change in expectations or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (events, conditions or circumstances on which any such statements are based. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Item 1B. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 91.16015625 330.53505859375 m 210.96484375 330.53505859375 l s q 0 0 0 rg BT 91.16 332.10 Td (Unr) Tj ET Q q 0 0 0 rg BT 108.20 332.10 Td (esolved Staff Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.96 332.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Item 2. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 282.53505859375 m 128.7333984375 282.53505859375 l s q 0 0 0 rg BT 84.49 284.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 94.86 284.10 Td (operties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.73 284.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (As of January 22, 2015, the Carnival Corporation and Carnival plc headquarters and our lar) Tj ET Q q 0 0 0 rg BT 415.33 260.10 Td (ger shoreside locations are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 222.60 195.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 222.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 222.60 151.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 222.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 222.60 92.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 222.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 222.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 182.60 195.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 182.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 182.60 151.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 182.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 182.60 92.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 182.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 182.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 142.60 195.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 142.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 142.60 151.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 142.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 142.60 92.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 142.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 142.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 95.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 95.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 95.60 151.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 95.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 95.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 95.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 95.60 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 222.60000000000002 m 401 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 222.60000000000002 m 498 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 222.60000000000002 m 561 222.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 227.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60 225.71259765625007 m 116.6796875 225.71259765625007 l s q 0 0 0 rg BT 60.00 227.28 Td (Entity/Brand) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.35 227.28 Td ( Location) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.10 227.28 Td (Square Footage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.60 227.28 Td (Own/Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 213.17 Td (Carnival Corporation headquarters and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.50 203.17 Td (Carnival Cruise Line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 213.17 Td (Miami, FL U.S.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.60 213.17 Td (463,000/12,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.70 213.17 Td (Own/Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 188.17 Td (Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 188.17 Td (Santa Clarita, CA U.S.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 188.17 Td (311,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 188.17 Td (Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 173.17 Td (Holland America Line, Holland America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.50 163.17 Td (Princess Alaska Tours and Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 163.17 Td (Seattle, ) Tj ET Q q 0 0 0 rg BT 284.53 163.17 Td (W) Tj ET Q q 0 0 0 rg BT 292.86 163.17 Td (A) Tj ET Q q 0 0 0 rg BT 299.53 163.17 Td ( U.S.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.75 163.17 Td (184,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 163.17 Td (Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 148.17 Td (Costa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 148.17 Td (Genoa, Italy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.60 148.17 Td (224,000/66,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.70 148.17 Td (Own/Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 133.17 Td (Carnival plc headquarters, Cunard and P&O) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.50 123.17 Td (Cruises \(UK\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 133.17 Td (Southampton, England) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 133.17 Td (150,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 133.17 Td (Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 108.17 Td (AIDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 108.17 Td (Rostock and Hamburg, Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.60 108.17 Td (224,000/80,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.70 108.17 Td (Own/Lease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 86.17 Td (P&O Cruises \(Australia\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 86.17 Td (Sydney, NSW Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.25 86.17 Td (57,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 86.17 Td (Lease) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (In addition, we own, lease or have controlling interests in port facilities in Barcelona, Spain; Cozumel, Mexico; Grand ) Tj ET Q q 0 0 0 rg BT 525.31 740.10 Td (T) Tj ET Q q 0 0 0 rg BT 531.06 740.10 Td (urk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 728.10 Td (urks & Caicos Islands; Juneau, ) Tj ET Q q 0 0 0 rg BT 180.80 728.10 Td (Alaska; Long Beach, California; Puerto Plata, Dominican Republic and Roatn, Honduras. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.30 Td (Holland ) Tj ET Q q 0 0 0 rg BT 83.67 705.30 Td (America Line) Tj ET Q q 0 0 0 rg BT 141.69 705.30 Td (s and Princess) Tj ET Q q 0 0 0 rg BT 200.94 705.30 Td ( private islands, Half Moon Cay and Princess Cays, respectively) Tj ET Q q 0 0 0 rg BT 464.78 705.30 Td (, are briefly described in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.30 Td (Part I, Item 1. Business. C. Our Global Cruise Business. ) Tj ET Q q 0 0 0 rg BT 287.63 693.30 Td (The hotel properties owned and operated by Holland ) Tj ET Q q 0 0 0 rg BT 500.34 693.30 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.30 Td (Princess ) Tj ET Q q 0 0 0 rg BT 84.78 681.30 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 114.87 681.30 Td (T) Tj ET Q q 0 0 0 rg BT 120.28 681.30 Td (ours and three cruise ships that we own and charter) Tj ET Q q 0 0 0 rg BT 324.73 681.30 Td (-out under long-term bareboat charter agreements are also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.30 Td (briefly described in Part I. Item 1. Business. C. Our Global Cruise Business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.30 Td (Information about our cruise ships, including the number each of our cruise brands operate, their passenger capacity and their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.30 Td (primary regions or countries from which they source their guests, as well as information regarding our cruise ships under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.30 Td (construction may be found under Part I. Item 1. Business. C. Our Global Cruise Business, and Note 6, Commitments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.30 Td (Note 10, Fair ) Tj ET Q q 0 0 0 rg BT 109.30 609.30 Td (V) Tj ET Q q 0 0 0 rg BT 115.42 609.30 Td (alue Measurements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 345.63 609.30 Td (Activities to our Consolidated Financial Statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.30 Td (in Exhibit 13 to this Form 10-K. ) Tj ET Q q 0 0 0 rg BT 183.12 597.30 Td (Also, information about maritime regulations and issues that may af) Tj ET Q q 0 0 0 rg BT 455.10 597.30 Td (fect our cruise ships can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.30 Td (be found in Part I. Item 1. Business. C. Our Global Cruise Business Maritime Regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.30 Td (Our cruise ships in operation, headquarters, ports, private islands and other shoreside facilities, including Holland ) Tj ET Q q 0 0 0 rg BT 505.78 561.30 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.30 Td (Princess ) Tj ET Q q 0 0 0 rg BT 84.78 549.30 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 114.87 549.30 Td (T) Tj ET Q q 0 0 0 rg BT 120.28 549.30 Td (ours) Tj ET Q q 0 0 0 rg BT 140.09 549.30 Td ( properties are all well maintained and in good condition. ) Tj ET Q q 0 0 0 rg BT 373.73 549.30 Td (W) Tj ET Q q 0 0 0 rg BT 382.37 549.30 Td (e evaluate our needs periodically and obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.30 Td (additional facilities when deemed necessary) Tj ET Q q 0 0 0 rg BT 224.89 537.30 Td (. ) Tj ET Q q 0 0 0 rg BT 232.21 537.30 Td (W) Tj ET Q q 0 0 0 rg BT 240.85 537.30 Td (e believe that our facilities are adequate for our current needs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.30 Td (Item 3. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 511.73505859375 m 162.3515625 511.73505859375 l s q 0 0 0 rg BT 84.49 513.30 Td (Legal Pr) Tj ET Q q 0 0 0 rg BT 121.24 513.30 Td (oceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.35 513.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.30 Td (On ) Tj ET Q q 0 0 0 rg BT 64.19 489.30 Td (August ) Tj ET Q q 0 0 0 rg BT 96.26 489.30 Td (28, ) Tj ET Q q 0 0 0 rg BT 111.93 489.30 Td (2013, ) Tj ET Q q 0 0 0 rg BT 137.60 489.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.99 489.30 Td (UK ) Tj ET Q q 0 0 0 rg BT 170.61 489.30 Td (Maritime ) Tj ET Q q 0 0 0 rg BT 210.99 489.30 Td (& ) Tj ET Q q 0 0 0 rg BT 221.95 489.30 Td (Coastguard ) Tj ET Q q 0 0 0 rg BT 269.96 489.30 Td (Agency ) Tj ET Q q 0 0 0 rg BT 304.24 489.30 Td (began ) Tj ET Q q 0 0 0 rg BT 331.29 489.30 Td (an ) Tj ET Q q 0 0 0 rg BT 343.90 489.30 Td (investigation ) Tj ET Q q 0 0 0 rg BT 398.73 489.30 Td (into ) Tj ET Q q 0 0 0 rg BT 417.46 489.30 Td (allegations ) Tj ET Q q 0 0 0 rg BT 463.95 489.30 Td (that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.12 489.30 Td (Caribbean ) Tj ET Q q 0 0 0 rg BT 528.07 489.30 Td (Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 489.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.30 Td (breached ) Tj ET Q q 0 0 0 rg BT 88.08 477.30 Td (international ) Tj ET Q q 0 0 0 rg BT 141.12 477.30 Td (pollution ) Tj ET Q q 0 0 0 rg BT 179.73 477.30 Td (laws. ) Tj ET Q q 0 0 0 rg BT 203.06 477.30 Td ( ) Tj ET Q q 0 0 0 rg BT 205.38 477.30 Td (W) Tj ET Q q 0 0 0 rg BT 214.02 477.30 Td (e ) Tj ET Q q 0 0 0 rg BT 220.96 477.30 Td (are ) Tj ET Q q 0 0 0 rg BT 235.67 477.30 Td (conducting ) Tj ET Q q 0 0 0 rg BT 282.60 477.30 Td (our ) Tj ET Q q 0 0 0 rg BT 298.43 477.30 Td (own ) Tj ET Q q 0 0 0 rg BT 318.15 477.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 351.19 477.30 Td (investigation ) Tj ET Q q 0 0 0 rg BT 405.35 477.30 Td (into ) Tj ET Q q 0 0 0 rg BT 423.41 477.30 Td (this ) Tj ET Q q 0 0 0 rg BT 440.36 477.30 Td (matter) Tj ET Q q 0 0 0 rg BT 465.35 477.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.30 Td (On ) Tj ET Q q 0 0 0 rg BT 63.43 453.30 Td (December ) Tj ET Q q 0 0 0 rg BT 106.23 453.30 Td (28, ) Tj ET Q q 0 0 0 rg BT 120.44 453.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 144.66 453.30 Td (the ) Tj ET Q q 0 0 0 rg BT 158.59 453.30 Td (Egyptian ) Tj ET Q q 0 0 0 rg BT 196.40 453.30 Td (Environmental ) Tj ET Q q 0 0 0 rg BT 257.17 453.30 Td (Af) Tj ET Q q 0 0 0 rg BT 267.54 453.30 Td (fairs ) Tj ET Q q 0 0 0 rg BT 286.64 453.30 Td (Agency ) Tj ET Q q 0 0 0 rg BT 319.45 453.30 Td (began ) Tj ET Q q 0 0 0 rg BT 345.04 453.30 Td (an ) Tj ET Q q 0 0 0 rg BT 356.19 453.30 Td (investigation ) Tj ET Q q 0 0 0 rg BT 409.57 453.30 Td (into ) Tj ET Q q 0 0 0 rg BT 426.84 453.30 Td (allegations ) Tj ET Q q 0 0 0 rg BT 471.87 453.30 Td (that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.58 453.30 Td (Costa ) Tj ET Q q 0 0 0 rg BT 513.63 453.30 Td (neoClassica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.52 453.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.30 Td (breached ) Tj ET Q q 0 0 0 rg BT 88.08 441.30 Td (Egyptian ) Tj ET Q q 0 0 0 rg BT 126.69 441.30 Td (environmental ) Tj ET Q q 0 0 0 rg BT 186.95 441.30 Td (laws. ) Tj ET Q q 0 0 0 rg BT 210.10 441.30 Td (W) Tj ET Q q 0 0 0 rg BT 218.73 441.30 Td (e ) Tj ET Q q 0 0 0 rg BT 225.67 441.30 Td (are ) Tj ET Q q 0 0 0 rg BT 240.38 441.30 Td (conducting ) Tj ET Q q 0 0 0 rg BT 287.31 441.30 Td (our ) Tj ET Q q 0 0 0 rg BT 303.14 441.30 Td (own ) Tj ET Q q 0 0 0 rg BT 322.86 441.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 355.91 441.30 Td (investigation ) Tj ET Q q 0 0 0 rg BT 410.07 441.30 Td (into ) Tj ET Q q 0 0 0 rg BT 428.12 441.30 Td (this ) Tj ET Q q 0 0 0 rg BT 445.07 441.30 Td (matter) Tj ET Q q 0 0 0 rg BT 470.06 441.30 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.30 Td (Item 4. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 415.73505859375 m 189.0166015625 415.73505859375 l s q 0 0 0 rg BT 84.49 417.30 Td (Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 178.19 417.30 Td (es.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.02 417.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.50 Td (None. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 370.13505859375 m 206.12109375 370.13505859375 l s q 0 0 0 rg BT 49.50 371.70 Td (Executive Officers of the Registrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.12 371.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.90 Td (Pursuant to General Instruction G\(3\), the information regarding our executive of) Tj ET Q q 0 0 0 rg BT 371.17 348.90 Td (ficers called for by Item 401\(b\) of Regulation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.90 Td (S-K is hereby included in Part I of this Form 10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.90 Td (The table below sets forth the name, age, years of service and title of each of our executive of) Tj ET Q q 0 0 0 rg BT 423.61 312.90 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 453.13 312.90 Td (T) Tj ET Q q 0 0 0 rg BT 458.89 312.90 Td (itles listed relate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.90 Td (positions within Carnival Corporation and Carnival plc unless otherwise noted. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 252.40 187.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 252.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 252.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 252.40 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 252.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 252.40 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.40 187.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 224.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 224.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 224.40 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 224.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 224.40 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 196.40 187.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 196.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 196.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 196.40 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 196.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 196.40 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 168.40 187.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 168.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 168.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 168.40 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 168.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 168.40 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 140.40 187.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 140.40 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 140.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 140.40 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 140.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 140.40 225.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 266.4 m 278 266.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 266.4 m 334 266.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 266.4 m 563 266.4 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 269.56259765625 m 77.490234375 269.56259765625 l s q 0 0 0 rg BT 52.50 271.13 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.65 271.13 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.10 281.13 Td (Years of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.85 271.13 Td (Service \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.05 271.08 Td (Title) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 242.97 Td (Micky Arison) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 242.97 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 242.97 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 242.97 Td (Chairman of the Boards of Directors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 228.97 Td (David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 228.97 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 228.97 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 228.97 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 214.97 Td (Alan B. Buckelew) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 214.97 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 214.97 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 214.97 Td (Chief Operations Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 200.97 Td (Arnold W. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 200.97 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 200.97 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 200.97 Td (President and Chief Executive Officer and Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 186.97 Td (Larry Freedman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 186.97 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 186.97 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 186.97 Td (Chief Accounting Officer and Controller) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 172.97 Td (Stein Kruse) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 172.97 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 172.97 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 172.97 Td (Chief Executive Officer of Holland America Group) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 158.97 Td (Josh Leibowitz) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 158.97 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 158.97 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 158.97 Td (Chief Strategy Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 144.97 Td (David Noyes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 144.97 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 144.97 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 144.97 Td (Chief Executive Officer of Carnival UK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 130.97 Td (Arnaldo Perez) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 130.97 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 130.97 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 130.97 Td (General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 116.97 Td (Michael Thamm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 116.97 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.50 116.97 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 116.97 Td (Chief Executive Officer of Costa Group) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 88.90 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 88.90 Td (Y) Tj ET Q q 0 0 0 rg BT 91.72 88.90 Td (ears of service with us or Carnival plc predecessor companies.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 80.5 738.68505859375 m 259.357421875 738.68505859375 l s q 0 0 0 rg BT 80.50 740.25 Td (Business Experience of Executive Officers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Micky ) Tj ET Q q 0 0 0 rg BT 77.56 716.25 Td (Arison has been Chairman of the Boards of Directors since 1990 and a Director since 1987. He was Chief Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 704.25 Td (ficer from 1979 to 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (David Bernstein has been Chief Financial Of) Tj ET Q q 0 0 0 rg BT 229.27 680.25 Td (ficer since 2007. From 2003 to 2007, he was ) Tj ET Q q 0 0 0 rg BT 412.39 680.25 Td (T) Tj ET Q q 0 0 0 rg BT 418.15 680.25 Td (reasurer) Tj ET Q q 0 0 0 rg BT 449.79 680.25 Td (. From 1998 to 2003, he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (was Chief Financial Of) Tj ET Q q 0 0 0 rg BT 142.35 668.25 Td (ficer of Cunard and Seabourn.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Alan B. Buckelew has been Chief Operations Of) Tj ET Q q 0 0 0 rg BT 244.27 644.25 Td (ficer since 2013. From 2007 to 2013, he was Chief Executive Of) Tj ET Q q 0 0 0 rg BT 502.63 644.25 Td (ficer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (Princess. He was President of Princess from 2004 to 2013. From 2004 to 2007, he was also Chief Operating Of) Tj ET Q q 0 0 0 rg BT 499.26 632.25 Td (ficer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (Cunard. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 80.15 596.25 Td (W) Tj ET Q q 0 0 0 rg BT 88.67 596.25 Td (. Donald has been President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 297.04 596.25 Td (ficer since 2013. He has been a Director since 2001. He is also a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (Principal of ) Tj ET Q q 0 0 0 rg BT 98.38 584.25 Td (A) Tj ET Q q 0 0 0 rg BT 104.80 584.25 Td (WDPLC LLC, a private investment company) Tj ET Q q 0 0 0 rg BT 285.78 584.25 Td (. From 2010 to 2012, he was President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 539.44 584.25 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.15 572.25 Td (The Executive Leadership Counsel, a professional network of ) Tj ET Q q 0 0 0 rg BT 309.24 572.25 Td (African-American executives of major U.S. companies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (Larry Freedman has been Chief ) Tj ET Q q 0 0 0 rg BT 178.06 548.25 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 237.59 548.25 Td (ficer since 2007 and Controller since 1998. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (Stein Kruse has been the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 228.43 524.25 Td (ficer of Holland ) Tj ET Q q 0 0 0 rg BT 294.24 524.25 Td (America Group since 2013. In this capacity) Tj ET Q q 0 0 0 rg BT 470.20 524.25 Td (, he has full operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (responsibility for Holland ) Tj ET Q q 0 0 0 rg BT 154.77 512.25 Td (America Line, Princess, Seabourn and Holland ) Tj ET Q q 0 0 0 rg BT 344.72 512.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 416.92 512.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 447.01 512.25 Td (T) Tj ET Q q 0 0 0 rg BT 452.42 512.25 Td (ours. From 2004 to 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (he was President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 213.71 500.25 Td (ficer of Holland ) Tj ET Q q 0 0 0 rg BT 279.52 500.25 Td (America Line. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (Josh Leibowitz has been Chief Strategy Of) Tj ET Q q 0 0 0 rg BT 220.95 476.25 Td (ficer since 2013 where he oversees strategic sourcing, cross-brand marketing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (global strategy) Tj ET Q q 0 0 0 rg BT 108.00 464.25 Td (. From 2001 to 2013, he was employed by McKinsey & Co., an international consulting firm, where he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (ultimately served as Managing Partner of the Miami of) Tj ET Q q 0 0 0 rg BT 269.26 452.25 Td (fice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (David Noyes has been Chief Executive Of) Tj ET Q q 0 0 0 rg BT 219.27 428.25 Td (ficer of Carnival UK since October 2014. In this capacity) Tj ET Q q 0 0 0 rg BT 450.48 428.25 Td (, he has full operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (responsibility for P&O Cruises \(UK\) and Cunard. From 201) Tj ET Q q 0 0 0 rg BT 292.44 416.25 Td (1 to September 2014, he was Executive ) Tj ET Q q 0 0 0 rg BT 452.78 416.25 Td (V) Tj ET Q q 0 0 0 rg BT 459.40 416.25 Td (ice President of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Operations for Carnival UK. From 2009 to 201) Tj ET Q q 0 0 0 rg BT 237.99 404.25 Td (1, he was Chief Executive Of) Tj ET Q q 0 0 0 rg BT 355.55 404.25 Td (ficer of Gray Dawes, an independent business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (travel management company) Tj ET Q q 0 0 0 rg BT 164.36 392.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (Arnaldo Perez has been General Counsel and Secretary since 1995. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Michael ) Tj ET Q q 0 0 0 rg BT 84.58 344.25 Td (Thamm has been Chief Executive Of) Tj ET Q q 0 0 0 rg BT 232.96 344.25 Td (ficer of Costa Group since 2012. In this capacity) Tj ET Q q 0 0 0 rg BT 428.92 344.25 Td (, he has full operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (responsibility for Costa Crociere S.p.A. and ) Tj ET Q q 0 0 0 rg BT 226.98 332.25 Td (AIDA. From 2004 to 2012, he was President of ) Tj ET Q q 0 0 0 rg BT 421.40 332.25 Td (AIDA.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 308.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 308.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 308.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 308.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (Item 5. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 282.68505859375 m 524.109375 282.68505859375 l s q 0 0 0 rg BT 84.49 284.25 Td (Market for) Tj ET Q q 0 0 0 rg BT 131.79 284.25 Td ( Registrants) Tj ET Q q 0 0 0 rg BT 185.75 284.25 Td ( Common Equity) Tj ET Q q 0 0 0 rg BT 258.55 284.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 350.31 284.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 433.73 284.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 452.16 284.25 Td (chases of Equity ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 270.68505859375 m 91.1552734375 270.68505859375 l s q 0 0 0 rg BT 49.50 272.25 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.16 272.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (A. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 246.68505859375 m 149.4287109375 246.68505859375 l s q 0 0 0 rg BT 62.50 248.25 Td (Market Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (The information required by Item 201\(a\) of Regulation S-K, Market Information, is shown in Exhibit 13 and is incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (reference into this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (B. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 186.68505859375 m 96.38671875 186.68505859375 l s q 0 0 0 rg BT 62.50 188.25 Td (Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (The information required by Item 201\(b\) of Regulation S-K, Holders, is shown in Exhibit 13 and is incorporated by reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (into this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (C. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 126.68505859375 m 105.29296875 126.68505859375 l s q 0 0 0 rg BT 62.50 128.25 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (Carnival Corporation and Carnival plc declared quarterly cash dividends on all of their common stock and ordinary shares as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (follows: ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (50) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 718.50 201.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 718.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 718.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 718.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 718.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 718.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 718.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 718.50 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 690.50 201.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 690.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 690.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 690.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 690.50 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 732.5 m 325 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 732.5 m 329 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 732.5 m 404 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 732.5 m 408 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 732.5 m 483 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 732.5 m 487 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 732.5 m 563 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 718.5 m 325 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 718.5 m 404 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 718.5 m 483 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 718.5 m 563 718.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.90 737.18 Td (Quarters Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.55 723.23 Td (February 28/29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 723.23 Td (May 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.45 723.23 Td (August 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.10 723.23 Td (November 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 709.07 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 709.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 709.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 709.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.25 709.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 695.07 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 695.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 695.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 695.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.25 695.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 681.07 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 681.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 681.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 681.07 Td ($0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.95 681.07 Td ( $0.75 \(a\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.00 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 67.50 653.00 Td (Includes the regular quarterly dividend of $0.25 per share and a special dividend of $0.50 per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.00 Td (All dividends for both Carnival Corporation and Carnival plc are declared in U.S. dollars. If declared, holders of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.00 Td (Corporation common stock and Carnival plc ) Tj ET Q q 0 0 0 rg BT 229.47 617.00 Td (American Depository Shares receive a dividend payable in U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 521.98 617.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.00 Td (dividends payable for Carnival plc ordinary shares are payable in sterling, unless the shareholders elect to receive the dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.00 Td (in U.S. dollars. Dividends payable in sterling will be converted from U.S. dollars into sterling at the U.S. dollar to sterling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.00 Td (exchange rate quoted by the Bank of England in London at 12:00 p.m. on the next combined U.S. and UK business day that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.00 Td (follows the quarter end.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.00 Td (The payment and amount of any future dividend is within the discretion of the Boards of Directors. Our dividends were and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.00 Td (will be based on a number of factors, including our earnings, liquidity position, financial condition, tone of business, capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.00 Td (requirements, credit ratings and the availability and cost of obtaining new debt. ) Tj ET Q q 0 0 0 rg BT 371.17 521.00 Td (W) Tj ET Q q 0 0 0 rg BT 379.81 521.00 Td (e cannot be certain that Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.00 Td (and Carnival plc will continue their dividend in the future, and if so, the amount and timing of such future dividends are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.00 Td (determinable and may be dif) Tj ET Q q 0 0 0 rg BT 163.72 497.00 Td (ferent than the levels and have a dif) Tj ET Q q 0 0 0 rg BT 305.97 497.00 Td (ferent timing than are disclosed above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.00 Td (D. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 471.43505859375 m 357.9931640625 471.43505859375 l s q 0 0 0 rg BT 62.50 473.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 106.10 473.00 Td (Authorized for) Tj ET Q q 0 0 0 rg BT 169.52 473.00 Td ( Issuance under) Tj ET Q q 0 0 0 rg BT 236.58 473.00 Td ( Equity Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.00 Td (The information required by Item 201\(d\) of Regulation S-K is incorporated by reference to Part III. Item 12 of this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.00 Td (E. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 423.43505859375 m 148.8623046875 423.43505859375 l s q 0 0 0 rg BT 62.50 425.00 Td (Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.00 Td (The information required by Item 201\(e\) of Regulation S-K, Performance Graph, is shown in Exhibit 13 and is incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.00 Td (reference into this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.00 Td (F) Tj ET Q q 0 0 0 rg BT 54.69 365.00 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 363.43505859375 m 408.7451171875 363.43505859375 l s q 0 0 0 rg BT 62.50 365.00 Td (Issuer) Tj ET Q q 0 0 0 rg BT 88.43 365.00 Td ( Pur) Tj ET Q q 0 0 0 rg BT 106.86 365.00 Td (chases of Equity Securities; Use of Pr) Tj ET Q q 0 0 0 rg BT 265.55 365.00 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 303.40 365.00 Td (om Register) Tj ET Q q 0 0 0 rg BT 354.59 365.00 Td (ed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.00 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 341.00 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 73.8916015625 339.43505859375 m 190.1025390625 339.43505859375 l s q 0 0 0 rg BT 73.89 341.00 Td (Repur) Tj ET Q q 0 0 0 rg BT 100.93 341.00 Td (chase ) Tj ET Q q 0 0 0 rg BT 126.21 341.00 Td (Authorizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.00 Td (Our Boards of Directors have authorized, subject to certain restrictions, the repurchase of up to an aggregate of $1 billion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.00 Td (Carnival Corporation common stock and/or Carnival plc ordinary shares \(the Repurchase Program\). ) Tj ET Q q 0 0 0 rg BT 463.08 305.00 Td (The Repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.00 Td (Program does not have an expiration date and may be discontinued by our Boards of Directors at any time. During the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.00 Td (ended November 30, 2014, there were no repurchases of Carnival Corporation common stock or Carnival plc ordinary shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.00 Td (under the Repurchase Program. Since March 2013, the remaining availability under the Repurchase Program has been $975 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.00 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.00 Td (In addition to the Repurchase Program, the Boards of Directors authorized, in October 2008, the repurchase of up to 19.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.00 Td (million Carnival plc ordinary shares and, in January 2013, the repurchase of up to 32.8 million shares of Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.00 Td (common stock under the Stock Swap programs described below) Tj ET Q q 0 0 0 rg BT 305.46 209.00 Td (. ) Tj ET Q q 0 0 0 rg BT 312.41 209.00 Td (At January 22, 2015, the remaining availability under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.00 Td (Stock Swap programs was 18.1 million Carnival plc ordinary shares and 32.0 million shares of Carnival Corporation common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.00 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.00 Td (Carnival plc ordinary share repurchases under both the Repurchase Program and the Stock Swap programs require annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.00 Td (shareholder approval. ) Tj ET Q q 0 0 0 rg BT 140.95 149.00 Td (The existing shareholder approval is limited to a maximum of 21.5 million ordinary shares and is valid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.00 Td (until the earlier of the conclusion of the Carnival plc 2015 annual general meeting or October 16, 2015. Depending on market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.00 Td (conditions and other factors, we may repurchase shares of Carnival Corporation common stock and/or Carnival plc ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.00 Td (shares under the Repurchase Program and the Stock Swap programs concurrently) Tj ET Q q 0 0 0 rg BT 374.87 113.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.00 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 89.00 Td (II. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.783203125 87.43505859375 m 172.0458984375 87.43505859375 l s q 0 0 0 rg BT 77.78 89.00 Td (Stock Swap Pr) Tj ET Q q 0 0 0 rg BT 140.39 89.00 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.05 89.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.00 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 65.00 Td (e use the Stock Swap programs in situations where we can obtain an economic benefit because either Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.00 Td (common stock or Carnival plc ordinary shares are trading at a price that is at a premium or discount to the price of Carnival plc ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (ordinary shares or Carnival Corporation common stock, as the case may be. ) Tj ET Q q 0 0 0 rg BT 356.92 740.10 Td (Any realized economic benefit under the Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Swap programs is used for general corporate purposes, which could include repurchasing additional stock under the Repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (In the event Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to issue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (sell shares of Carnival Corporation common stock through a sales agent, from time to time at prevailing market prices in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (ordinary brokers) Tj ET Q q 0 0 0 rg BT 118.46 668.10 Td ( transactions, and use the sale proceeds to repurchase Carnival plc ordinary shares in the UK market on at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (an equivalent basis. Based on an authorization provided by the Board of Directors in October 2008, Carnival Corporation was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (authorized to issue and sell up to 19.2 million shares of its common stock in the U.S. market and had 18.1 million shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (remaining at January 22, 2015. ) Tj ET Q q 0 0 0 rg BT 177.81 632.10 Td (Any sales of Carnival Corporation shares have been or will be registered under the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (In the event Carnival Corporation common stock trades at a discount to Carnival plc ordinary shares, we may elect to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (existing ordinary shares of Carnival plc, with such sales made by Carnival Corporation or Carnival Investments Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (through a sales agent, from time to time at prevailing market prices in ordinary brokers) Tj ET Q q 0 0 0 rg BT 400.04 572.10 Td ( transactions, and use the sale proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (to repurchase shares of Carnival Corporation common stock in the U.S. market on at least an equivalent basis. Based on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (authorization provided by the Board of Directors in January 2013, Carnival Corporation or Carnival Investments Limited was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (authorized to sell up to 32.8 million Carnival plc ordinary shares in the UK market and had 32.0 million shares remaining at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (January 22, 2015. ) Tj ET Q q 0 0 0 rg BT 125.05 524.10 Td (Any sales of Carnival plc ordinary shares have been or will be registered under the Securities ) Tj ET Q q 0 0 0 rg BT 499.92 524.10 Td (Act. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Item 6. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 498.53505859375 m 185.0322265625 498.53505859375 l s q 0 0 0 rg BT 84.49 500.10 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.03 500.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (The information required by Item 6. Selected Financial Data, is shown in Exhibit 13 and is incorporated by reference into this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Item 7. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 438.53505859375 m 463.62109375 438.53505859375 l s q 0 0 0 rg BT 84.49 440.10 Td (Management) Tj ET Q q 0 0 0 rg BT 143.55 440.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 215.53 440.10 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.62 440.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (The information required by Item 7. Management) Tj ET Q q 0 0 0 rg BT 251.38 416.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 320.55 416.10 Td (Analysis of Financial Condition and Results of Operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (is shown in Exhibit 13 and is incorporated by reference into this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Item 7A. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 91.7119140625 378.53505859375 m 350.427734375 378.53505859375 l s q 0 0 0 rg BT 91.71 380.10 Td (Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 256.81 380.10 Td (es ) Tj ET Q q 0 0 0 rg BT 267.09 380.10 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.43 380.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (The information required by Item 7A. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 370.53 356.10 Td (About Market Risk, is shown in Management) Tj ET Q q 0 0 0 rg BT 555.78 356.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.28 344.10 Td (Analysis of Financial Condition and Results of Operations in Exhibit 13 and is incorporated by reference into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (Item 8. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 306.53505859375 m 283.943359375 306.53505859375 l s q 0 0 0 rg BT 84.49 308.10 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.94 308.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (The financial statements, together with the report thereon of PricewaterhouseCoopersLLP) Tj ET Q q 0 0 0 rg BT 410.77 284.10 Td (, dated January 29, 2015, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Selected Quarterly Financial Data \(Unaudited\) are shown in Exhibit 13 and are incorporated by reference into this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (Item 9. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 84.490234375 246.53505859375002 m 464.16796875 246.53505859375002 l s q 0 0 0 rg BT 84.49 248.10 Td (Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 181.28 248.10 Td (eements with ) Tj ET Q q 0 0 0 rg BT 239.05 248.10 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 307.39 248.10 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 459.73 248.10 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.17 248.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Item 9A. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 91.7119140625 198.53505859375002 m 197.830078125 198.53505859375002 l s q 0 0 0 rg BT 91.71 200.10 Td (Contr) Tj ET Q q 0 0 0 rg BT 117.08 200.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 160.24 200.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 189.50 200.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.83 200.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (A. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 174.53505859375002 m 275.3857421875 174.53505859375002 l s q 0 0 0 rg BT 62.50 176.10 Td (Evaluation of Disclosur) Tj ET Q q 0 0 0 rg BT 162.33 176.10 Td (e Contr) Tj ET Q q 0 0 0 rg BT 194.64 176.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 237.80 176.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 267.06 176.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (in the reports that we file or submit under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 316.09 140.10 Td (Act of 1934, is recorded, processed, summarized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (reported, within the time periods specified in the U.S. Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 420.81 128.10 Td (s rules and forms. Disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (disclosed by us in our reports that we file or submit under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 380.81 104.10 Td (Act of 1934 is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (communicated to our management, including our principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 428.63 92.10 Td (ficers, or persons performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (similar functions, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 201.78 740.10 Td (ficer and our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 330.16 740.10 Td (ficer have evaluated our disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (procedures and have concluded, as of November 30, 2014, that they are ef) Tj ET Q q 0 0 0 rg BT 346.15 728.10 Td (fective as described above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (B. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 702.53505859375 m 387.314453125 702.53505859375 l s q 0 0 0 rg BT 62.50 704.10 Td (Management) Tj ET Q q 0 0 0 rg BT 121.56 704.10 Td (s ) Tj ET Q q 0 0 0 rg BT 127.40 704.10 Td (Annual Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 270.00 704.10 Td (ol over) Tj ET Q q 0 0 0 rg BT 298.98 704.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (is defined in the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 199.46 668.10 Td (Act of 1934 Rule 13a-15\(f\). Under the supervision and with the participation of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (management, including our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 295.92 656.10 Td (ficer and our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 424.30 656.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 442.21 656.10 Td (, we conducted an evaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (of the ef) Tj ET Q q 0 0 0 rg BT 82.63 644.10 Td (fectiveness of our internal control over financial reporting based on the 1992 Internal Control Integrated Framework, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 220.42 632.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 293.83 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 299.58 632.10 Td (readway Commission \(COSO Framework\). Based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (evaluation under the COSO Framework, our management concluded that our internal control over financial reporting was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 608.10 Td (fective as of November 30, 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (PricewaterhouseCoopers LLP) Tj ET Q q 0 0 0 rg BT 168.08 584.10 Td (, the independent registered certified public accounting firm that audited our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (financial statements incorporated in this Form 10-K, has also audited the ef) Tj ET Q q 0 0 0 rg BT 350.35 572.10 Td (fectiveness of our internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (reporting as of November 30, 2014 as stated in their report, which is shown in Exhibit 13 and is incorporated by reference into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (C. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 522.53505859375 m 292.6953125 522.53505859375 l s q 0 0 0 rg BT 62.50 524.10 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 175.39 524.10 Td (ol over) Tj ET Q q 0 0 0 rg BT 204.36 524.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (There have been no changes in our internal control over financial reporting during the quarter ended November 30, 2014 that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (have materially af) Tj ET Q q 0 0 0 rg BT 121.50 488.10 Td (fected or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 305.96 488.10 Td (fect our internal control over financial reporting. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.50 464.10 Td (P) Tj ET Q q 0 0 0 rg BT 306.87 464.10 Td (AR) Tj ET Q q 0 0 0 rg BT 320.96 464.10 Td (T) Tj ET Q q 0 0 0 rg BT 327.45 464.10 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Item 10. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 89.490234375 438.53505859375 m 332.5712890625 438.53505859375 l s q 0 0 0 rg BT 89.49 440.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 103.75 440.10 Td (ectors, Executive Officers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.57 440.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 416.10 Td (e have adopted a code of ethics that applies to our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 394.23 416.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 412.15 416.10 Td (, Chief Operations Of) Tj ET Q q 0 0 0 rg BT 498.61 416.10 Td (ficer and senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (financial of) Tj ET Q q 0 0 0 rg BT 95.13 404.10 Td (ficers, including the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 252.13 404.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 270.04 404.10 Td (, Chief ) Tj ET Q q 0 0 0 rg BT 299.21 404.10 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 358.73 404.10 Td (ficer and Controller) Tj ET Q q 0 0 0 rg BT 437.19 404.10 Td (, and other persons performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (similar functions. Our code of ethics applies to all our other employees as well. ) Tj ET Q q 0 0 0 rg BT 373.68 392.10 Td (This code of ethics is posted on our website, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (which is located at ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.11764705882352941 0.13333333333333333 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 126.697265625 378.7669921875 m 219.900390625 378.7669921875 l s q 0.11764705882352941 0.13333333333333333 1 rg BT 126.70 380.10 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 147.71 380.10 Td (.carnivalcorp.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 219.90 380.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.11764705882352941 0.13333333333333333 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 239.3388671875 378.7669921875 m 326.990234375 378.7669921875 l s q 0.11764705882352941 0.13333333333333333 1 rg BT 239.34 380.10 Td (www) Tj ET Q q 0.11764705882352941 0.13333333333333333 1 rg BT 260.35 380.10 Td (.carnivalplc.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 326.99 380.10 Td (. ) Tj ET Q q 0 0 0 rg BT 334.31 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 342.95 380.10 Td (e intend to satisfy the disclosure requirement under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Item 10 of Form 8-K regarding any amendments to, or waivers from, any provisions of this code of ethics by posting such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (information on our website, at the addresses specified above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (The additional information required by Item 10 is incorporated herein by reference to the Carnival Corporation and Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (joint definitive Proxy Statement to be filed with the U.S. Securities and Exchange Commission not later than 120 days after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (close of the 2014 fiscal year) Tj ET Q q 0 0 0 rg BT 161.56 308.10 Td (, except that the information concerning the Carnival Corporation and Carnival plc executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 296.10 Td (ficers called for by Item 401\(b\) of Regulation S-K is included in Part I of this Form 10-K. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Item 1) Tj ET Q q 0 0 0 rg BT 76.44 272.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 88.9384765625 270.53505859375 m 194.7685546875 270.53505859375 l s q 0 0 0 rg BT 88.94 272.10 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.77 272.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (The information required by Item 1) Tj ET Q q 0 0 0 rg BT 191.03 248.10 Td (1 is incorporated herein by reference to the Carnival Corporation and Carnival plc joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (definitive Proxy Statement to be filed with the U.S. Securities and Exchange Commission not later than 120 days after the close ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (of the 2014 fiscal year) Tj ET Q q 0 0 0 rg BT 138.36 224.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Item 12. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 89.490234375 198.53505859375002 m 522.87890625 198.53505859375002 l s q 0 0 0 rg BT 89.49 200.10 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder) Tj ET Q q 0 0 0 rg BT 486.51 200.10 Td ( Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.88 200.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.22 176.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 62.5 174.53505859375002 m 360.4931640625 174.53505859375002 l s q 0 0 0 rg BT 62.50 176.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 106.10 176.10 Td (Authorized for) Tj ET Q q 0 0 0 rg BT 169.52 176.10 Td ( Issuance under) Tj ET Q q 0 0 0 rg BT 236.58 176.10 Td ( Equity Compensation Plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 152.10 Td (I. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 73.8916015625 150.53505859375002 m 167.5 150.53505859375002 l s q 0 0 0 rg BT 73.89 152.10 Td (Carnival Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Set forth below is a table that summarizes compensation plans \(including individual compensation arrangements\) under which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (Carnival Corporation equity securities are authorized for issuance as of November 30, 2014. ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (53) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 677.50 111.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.00 677.50 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 677.50 20.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 677.50 8.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 677.50 90.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 677.50 9.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 677.50 141.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 677.50 37.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 607.50 111.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.00 607.50 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 607.50 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 607.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 607.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 607.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 607.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 607.50 37.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161 692.5 m 258 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 692.5 m 376 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 692.5 m 526 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 692.5 m 563 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161 607.5 m 258 607.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161 593.5 m 258 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161 591.5 m 258 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 607.5 m 376 607.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 593.5 m 376 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 591.5 m 376 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 607.5 m 526 607.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 593.5 m 526 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 591.5 m 526 591.5 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 695.61259765625 m 111.09375 695.61259765625 l s q 0 0 0 rg BT 52.50 697.18 Td (Plan category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.65 737.23 Td (Number of securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.15 727.23 Td (to be issued upon) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.70 717.23 Td (exercise of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.65 707.23 Td (outstanding options,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.45 697.23 Td (warrants and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.85 737.23 Td (Weighted-average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.15 727.23 Td (exercise price of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.20 717.23 Td (outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.95 707.23 Td (options, warrants) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 697.23 Td (and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.55 737.23 Td (Number of securities remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.75 727.23 Td (available for future issuance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 717.23 Td (under equity compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.85 707.23 Td (plans \(excluding securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.20 697.23 Td (reflected in column \(1\)\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.15 683.23 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 667.17 Td (Equity compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 657.17 Td (plans approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 647.17 Td (security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 647.17 Td ( 3,176,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 657.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 647.17 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 647.17 Td ( $52.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 647.17 Td ( 12,447,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.50 647.17 Td (\(b\) \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 632.17 Td (Equity compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 622.17 Td (plans not approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 612.17 Td (security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.65 612.17 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 612.17 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 612.17 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 598.07 Td ( 3,176,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 598.07 Td ( $52.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 598.07 Td ( 12,447,974) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.00 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 569.00 Td (Includes outstanding options to purchase Carnival Corporation common stock under the Carnival Corporation 2002 Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 557.00 Td (Plan and Carnival Corporation 2001 Outside Director Stock Plan. ) Tj ET Q q 0 0 0 rg BT 330.40 557.00 Td (Also includes 2,375,557 restricted share units outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 545.00 Td (under the Carnival Corporation 201) Tj ET Q q 0 0 0 rg BT 205.87 545.00 Td (1 Stock Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.00 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 533.00 Td (Includes Carnival Corporation common stock available for issuance as of November 30, 2014 as follows: 2,253,501 under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 521.00 Td (the Carnival Corporation Employee Stock Purchase Plan, which includes 30,427 shares subject to purchase during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 509.00 Td (current purchase period and 10,194,473 under the Carnival Corporation 201) Tj ET Q q 0 0 0 rg BT 367.21 509.00 Td (1 Stock Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.00 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 497.00 Td (In addition to options, the Carnival Corporation 201) Tj ET Q q 0 0 0 rg BT 270.43 497.00 Td (1 Stock Plan provides for the award of restricted shares and restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 485.00 Td (share units without limitation on the number of shares that can be awarded in either form.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 461.00 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 461.00 Td (II. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 77.783203125 459.43505859375 m 130.83984375 459.43505859375 l s q 0 0 0 rg BT 77.78 461.00 Td (Carnival plc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.00 Td (Set forth below is a table that summarizes compensation plans \(including individual compensation arrangements\) under which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.00 Td (Carnival plc equity securities are authorized for issuance as of November 30, 2014.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 333.50 113.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 168.00 333.50 103.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 333.50 22.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 333.50 9.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 333.50 89.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 333.50 9.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 333.50 143.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 333.50 20.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 263.50 113.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 168.00 263.50 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 263.50 22.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 263.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 263.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 263.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 263.50 143.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.00 263.50 20.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 348.5 m 271 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 348.5 m 391 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 348.5 m 543 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 263.5 m 271 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 249.5 m 271 249.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 247.5 m 271 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 263.5 m 391 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 249.5 m 391 249.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 247.5 m 391 247.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 263.5 m 543 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 249.5 m 543 249.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 247.5 m 543 247.5 l s BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 57.5 351.61259765625 m 116.09375 351.61259765625 l s q 0 0 0 rg BT 57.50 353.18 Td (Plan category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.65 393.23 Td (Number of securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.15 383.23 Td (to be issued upon) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.70 373.23 Td (exercise of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.65 363.23 Td (outstanding options,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.45 353.23 Td (warrants and rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.35 393.23 Td (Weighted-average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.65 383.23 Td (exercise price of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.70 373.23 Td (outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.45 363.23 Td (options, warrants) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.10 353.23 Td (and rights \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.55 393.23 Td (Number of securities remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.75 383.23 Td (available for future issuance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 373.23 Td (under equity compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.85 363.23 Td (plans \(excluding securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.20 353.23 Td (reflected in column \(1\)\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.15 339.23 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 323.17 Td (Equity compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 313.17 Td (plans approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 303.17 Td (security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.00 303.17 Td ( 1,177,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 313.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 303.17 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 303.17 Td ( $46.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 303.17 Td ( 8,419,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.50 313.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.50 303.17 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 288.17 Td (Equity compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 278.17 Td (plans not approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 268.17 Td (security holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 268.17 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 268.17 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 268.17 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 254.07 Td ( 1,177,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 254.07 Td ( $46.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 254.07 Td ( 8,419,820) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.00 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 225.00 Td (Converted from sterling, if applicable, using the November 28, 2014 exchange rate of $1.56:1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.00 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 213.00 Td (Includes outstanding options to purchase Carnival plc ordinary shares under the Carnival plc Executive Share Option Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 201.00 Td (and Carnival plc 2005 Employee Share Plan. ) Tj ET Q q 0 0 0 rg BT 247.63 201.00 Td (Also includes 920,490 restricted share units outstanding under the Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 189.00 Td (plc 2005 Employee Share Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.00 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 177.00 Td (In addition to options, the Carnival plc 2005 Employee Share Plan provides for the award of restricted shares and restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 165.00 Td (share units without limitation on the number of shares that can be awarded in either form.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.00 Td (The additional information required by Item 12 is incorporated herein by reference to the Carnival Corporation and Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.00 Td (joint definitive Proxy Statement to be filed with the U.S. Securities and Exchange Commission not later than 120 days after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.00 Td (close of the 2014 fiscal year) Tj ET Q q 0 0 0 rg BT 161.40 117.00 Td (.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Items 13 and 14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 740.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 124.5048828125 738.68505859375 m 564.353515625 738.68505859375 l s q 0 0 0 rg BT 124.50 740.25 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 273.78 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 279.71 740.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 366.48 740.25 Td (ector) Tj ET Q q 0 0 0 rg BT 387.94 740.25 Td ( Independence and Principal ) Tj ET Q q 0 0 0 rg BT 512.41 740.25 Td (Accountant ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 726.68505859375 m 124.4853515625 726.68505859375 l s q 0 0 0 rg BT 49.50 728.25 Td (Fees and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.49 728.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.49 728.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (The information required by Items 13 and 14 is incorporated herein by reference to the Carnival Corporation and Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (joint definitive Proxy Statement to be filed with the U.S. Securities and Exchange Commission not later than 120 days after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (close of the 2014 fiscal year) Tj ET Q q 0 0 0 rg BT 161.40 680.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 656.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 656.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 656.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 656.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (Item 15. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 89.490234375 630.68505859375 m 276.7412109375 630.68505859375 l s q 0 0 0 rg BT 89.49 632.25 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.74 632.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td ( \(a\) \(1\) ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 87.8203125 606.68505859375 m 177.537109375 606.68505859375 l s q 0 0 0 rg BT 87.82 608.25 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (The financial statements shown in Exhibit 13 are incorporated herein by reference into this Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td ( \(2\) ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 86.16015625 558.68505859375 m 216.716796875 558.68505859375 l s q 0 0 0 rg BT 86.16 560.25 Td (Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (All schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (instruction or are inapplicable and, therefore, have been omitted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td ( \(3\) ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 86.16015625 498.68505859375 m 121.7314453125 498.68505859375 l s q 0 0 0 rg BT 86.16 500.25 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (The exhibits listed on the accompanying Index to Exhibits are filed or incorporated by reference as part of this Form 10-K and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (such Index to Exhibits is hereby incorporated herein by reference.) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (55) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.68505859375 m 113.77734375 738.68505859375 l s q 0 0 0 rg BT 49.50 740.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 80.43 740.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 366.37 716.25 Td (Act of 1934, each of the registrants has duly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (caused this report to be signed on its behalf by the undersigned thereunto duly authorized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 683.42 Td (CARNIVAL CORPORATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 683.42 Td (CARNIVAL PLC) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52.5 667.0833984375 m 137.5048828125 667.0833984375 l s q 0 0 0 rg BT 52.50 668.42 Td (/s/ Arnold W. Donald) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 354.5 667.0833984375 m 439.5048828125 667.0833984375 l s q 0 0 0 rg BT 354.50 668.42 Td (/s/ Arnold W. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 653.42 Td (President and Chief Executive Officer and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 653.42 Td (President and Chief Executive Officer and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 638.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 638.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 623.42 Td (January 29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 623.42 Td (January 29, 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 275.55 595.25 Td (Act of 1934, this report has been signed below by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.25 Td (persons on behalf of each of the registrants and in the capacities and on the dates indicated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 562.42 Td (CARNIVAL CORPORATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 562.42 Td (CARNIVAL PLC) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52.5 546.0833984375 m 137.5048828125 546.0833984375 l s q 0 0 0 rg BT 52.50 547.42 Td (/s/ Arnold W. Donald) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 354.5 546.0833984375 m 439.5048828125 546.0833984375 l s q 0 0 0 rg BT 354.50 547.42 Td (/s/ Arnold W. 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 361.42 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 361.42 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.20 361.42 Td (10/15/03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.25 333.32 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 333.32 Td (Equalization and Governance Agreement, dated April) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 323.32 Td (17, 2003, between Carnival Corporation and P&O) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 313.32 Td (Princess Cruises plc.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 263.42 Td ( S-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 263.42 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 263.42 Td (5/30/03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.25 235.32 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 235.32 Td (Carnival plc Deed of Guarantee, dated as of April 17,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 225.32 Td (2003, between Carnival Corporation and Carnival plc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.70 224.42 Td (S-3 & F-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 224.42 Td (4.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 224.42 Td (6/19/03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.25 196.32 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 196.32 Td (Specimen Common Stock Certificate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.70 195.42 Td (S-3 & F-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 195.42 Td (4.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 195.42 Td (6/19/03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.25 167.32 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 167.32 Td (Pairing Agreement, dated as of April 17, 2003, between) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 157.32 Td (Carnival Corporation, The Law Debenture Trust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 147.32 Td (Corporation \(Cayman\) Limited, as trustee, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 137.32 Td (Computershare Investor Services \(formerly SunTrust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 127.32 Td (Bank\), as transfer agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.20 127.42 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 127.42 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 127.42 Td (4/17/03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.25 99.32 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 99.32 Td (Voting Trust Deed, dated as of April 17, 2003, between) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 89.32 Td (Carnival Corporation and The Law Debenture Trust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 79.32 Td (Corporation \(Cayman\) Limited, as trustee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.20 78.42 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 78.42 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 78.42 Td (4/17/03) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (58) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 735.66259765625 m 152.16796875 735.66259765625 l s q 0 0 0 rg BT 52.50 737.23 Td (INDEX TO EXHIBITS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.25 722.07 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 722.07 Td (SVE Special Voting Deed, dated as of April 17, 2003,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 712.07 Td (between Carnival Corporation, DLS SVC Limited,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 702.07 Td (P&O Princess Cruises plc, The Law Debenture Trust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 692.07 Td (Corporation \(Cayman\) Limited, as trustee, and The Law) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 682.07 Td (Debenture Trust Corporation, P.L.C.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.20 681.17 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 681.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 681.17 Td (4/17/03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.75 653.07 Td (4.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 653.07 Td (Form of Amended and Restated Deposit Agreement and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 643.07 Td (holders from time to time of receipts issued thereunder.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.35 652.17 Td (Post ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.60 642.17 Td (Amend-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.85 632.17 Td (ment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.95 622.17 Td (Form F-6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 622.17 Td (99-a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 622.17 Td (4/15/03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.75 594.07 Td (4.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 594.07 Td (Form of Indenture, dated March 1, 1993, between) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 584.07 Td (Carnival Cruise Lines, Inc. and First Trust National) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 574.07 Td (Association, as Trustee, relating to the Debt Securities,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 564.07 Td (including form of Debt Security.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.05 563.17 Td (S-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 563.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 563.17 Td (3/2/93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.75 535.07 Td (4.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 535.07 Td (Second Supplemental Indenture, dated December 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 525.07 Td (2003, between Carnival plc and Carnival Corporation to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 515.07 Td (The Bank of New York, as Trustee, relating to 7.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 505.07 Td (debentures due 2027.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 504.17 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 504.17 Td (4.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 504.17 Td (2/25/04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 476.07 Td ( 4.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 475.17 Td (Specimen Ordinary Share Certificate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.05 475.17 Td (S-3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 475.17 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 475.17 Td (7/2/09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 451.23 Td (Material contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 418.07 Td (10.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 418.07 Td (Carnival Corporation Nonqualified Retirement Plan for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 408.07 Td (Highly Compensated Employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 407.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 407.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 407.17 Td (9/28/07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.75 379.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 379.07 Td (Amendment and Restatement Agreement dated June 16,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 369.07 Td (2014 in respect of the Multicurrency Revolving) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 359.07 Td (Facilities Agreement dated May 18, 2011, among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 349.07 Td (Carnival Corporation, Carnival plc and certain of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 339.07 Td (Carnival Corporation and Carnival plc subsidiaries,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 329.07 Td (Bank of America Merrill Lynch International Limited as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 319.07 Td (facilities agent and a syndicate of financial institutions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 317.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 317.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 317.17 Td (10/3/14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 289.07 Td (10.3*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 289.07 Td (Carnival Corporation Fun Ship Nonqualified Savings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 279.07 Td (Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 278.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 278.17 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 278.17 Td (2/27/98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 250.07 Td (10.4*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 250.07 Td (Amendment to the Carnival Corporation Nonqualified) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 240.07 Td (Retirement Plan for Highly Compensated Employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 239.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 239.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 239.17 Td (3/30/07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 211.07 Td (10.5*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 211.07 Td (Carnival Cruise Lines, Inc. Non-Qualified Retirement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 201.07 Td (Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 200.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 200.17 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 210.17 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 200.17 Td (2/22/91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 172.07 Td (10.6*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 172.07 Td (Consulting Agreement/ Registration Rights Agreement,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 162.07 Td (dated June 14, 1991, between Carnival Corporation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 152.07 Td (Ted Arison.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 151.17 Td (S-3A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 151.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 151.17 Td (7/16/91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 123.07 Td (10.7*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 123.07 Td (First Amendment to Consulting Agreement/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 113.07 Td (Registration Rights Agreement between Carnival) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 103.07 Td (Corporation and Ted Arison.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 102.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 102.17 Td (10.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 102.17 Td (2/25/93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 74.07 Td (10.8*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 74.07 Td (Form of Appointment Letter for Non-Executive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 64.07 Td (Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 63.17 Td (10-Q ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 63.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 63.17 Td (6/27/08) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (59) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 735.66259765625 m 152.16796875 735.66259765625 l s q 0 0 0 rg BT 52.50 737.23 Td (INDEX TO EXHIBITS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 722.07 Td (10.9*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 722.07 Td (Form of Appointment Letter for Executive Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 721.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 721.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 721.17 Td (6/27/08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 693.07 Td (10.10*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 693.07 Td (Amended and Restated Carnival plc 2005 Employee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 683.07 Td (Share Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 682.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 682.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 682.17 Td (4/2/09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.90 654.07 Td (10.11*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 654.07 Td (Carnival Corporation Supplemental Executive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 644.07 Td (Retirement Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 643.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 643.17 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 643.17 Td (2/28/00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 615.07 Td (10.12*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 615.07 Td (Amendment to the Carnival Corporation Supplemental) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 605.07 Td (Executive Retirement Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 604.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 604.17 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 604.17 Td (2/28/01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 576.07 Td (10.13*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 576.07 Td (Amendment to the Carnival Corporation Fun Ship) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 566.07 Td (Nonqualified Savings Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 565.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 565.17 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 565.17 Td (2/28/00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 537.07 Td (10.14*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 537.07 Td (Amendment to the Carnival Corporation Fun Ship) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 527.07 Td (Nonqualified Savings Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 526.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 526.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 526.17 Td (3/30/07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 498.07 Td (10.15*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 498.07 Td (Amendment to the Carnival Corporation Fun Ship) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 488.07 Td (Nonqualified Savings Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 487.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 487.17 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 487.17 Td (2/28/01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 459.07 Td (10.16*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 459.07 Td (Amendment to the Carnival Corporation Fun Ship) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 449.07 Td (Nonqualified Savings Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 448.17 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.75 448.17 Td (10.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 448.17 Td (2/28/02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 420.07 Td (10.17*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 420.07 Td (Amendment to the Carnival Corporation Supplemental) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 410.07 Td (Executive Retirement Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 409.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 409.17 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 409.17 Td (3/30/07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 381.07 Td (10.18*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 381.07 Td (Amended and Restated Carnival Corporation 2001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 371.07 Td (Outside Director Stock Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 370.17 Td (10-Q ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 370.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 370.17 Td (6/30/09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.75 342.07 Td (10.19*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 342.07 Td (Amended and Restated Carnival Corporation 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 332.07 Td (Stock Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.70 331.17 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 331.17 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 331.17 Td (4/2/09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.25 303.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 303.07 Td (Succession Agreement, dated as of May 28, 2002, to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 293.07 Td (Registration Rights Agreement, dated June 14, 1991,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 283.07 Td (between Carnival Corporation and Ted Arison.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 125.17 Td (X) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 34.30 Td (64) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 734.66259765625 m 152.16796875 734.66259765625 l s q 0 0 0 rg BT 52.50 736.23 Td (INDEX TO EXHIBITS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 721.23 Td (Interactive data file) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 707.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 706.17 Td (The consolidated financial statements from Carnival) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 696.17 Td (Corporation & plcs Form 10-K for the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 686.17 Td (November 30, 2014, as filed with the SEC on January) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 676.17 Td (29, 2015 formatted in XBRL, are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 661.17 Td (\(i\) the Consolidated Statements of Income for the years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 651.17 Td (ended November 30, 2014, 2013 and 2012;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 651.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 636.17 Td (\(ii\) the Consolidated Statements of Comprehensive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 626.17 Td (Income for the years ended November 30, 2014, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 616.17 Td (and 2012;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 616.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 602.07 Td (\(iii\) the Consolidated Balance Sheets at November 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 592.07 Td (2014 and 2013;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 591.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 577.07 Td (\(iv\) the Consolidated Statements of Cash Flows for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 567.07 Td (years ended November 30, 2014, 2013 and 2012;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 566.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 551.17 Td (\(v\) the Consolidated Statements of Shareholders) Tj ET Q q 0 0 0 rg BT 304.66 551.17 Td ( Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 541.17 Td (for the years ended November 30, 2014, 2013 and 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 531.17 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 531.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 517.07 Td (\(vi\) the notes to the consolidated financial statements,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 507.07 Td (tagged in summary and detail.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.35 506.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.00 Td (*Indicates a management contract or compensation plan or arrangement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.00 Td (**These items are furnished and not filed.) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Exhibit 4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (January 22, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Securities and Exchange Commission) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (450 Fifth Street, N.W) Tj ET Q q 0 0 0 rg BT 136.02 634.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Judiciary Plaza) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 610.25 Td (ashington, DC 20549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (RE: Carnival Corporation, Commission File No. 001-9610, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td ( Carnival plc, Commission File No. 001-15136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Gentlemen:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Pursuant to Item 601\(b\) \(4\) \(iii\) of Regulation S-K promulgated under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 431.58 526.25 Td (Act of 1934, as amended, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Carnival Corporation and Carnival plc \(the Companies\) hereby agree to furnish copies of certain long-term debt instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (to the Securities and Exchange Commission upon the request of the Commission and, in accordance with such regulation, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (instruments are not being filed as part of the joint ) Tj ET Q q 0 0 0 rg BT 249.40 490.25 Td (Annual Report on Form 10-K of the Companies for their year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (November 30, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 454.25 Td (ery truly yours,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 87.05 430.25 Td (AL) Tj ET Q q 0 0 0 rg BT 100.00 430.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 148.63 430.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 174.46 430.25 Td (AND CARNIV) Tj ET Q q 0 0 0 rg BT 235.67 430.25 Td (AL) Tj ET Q q 0 0 0 rg BT 248.63 430.25 Td ( PLC) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 380.9169921875 m 266 380.9169921875 l s q 0 0 0 rg BT 50.00 382.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 61.40 382.25 Td (Arnaldo Perez ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (General Counsel and Secretary) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.80 742.25 Td (Exhibit 12) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 668.75 m 317.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 668.75 m 335.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 668.75 m 344.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 668.75 m 372.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 668.75 m 383.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 668.75 m 393.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 668.75 m 428.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 668.75 m 432.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 668.75 m 441.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 668.75 m 476.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 668.75 m 481.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 668.75 m 488.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 668.75 m 525.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 668.75 m 317.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 654.75 m 317.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 668.75 m 335.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 654.75 m 335.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 668.75 m 344.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 654.75 m 344.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 654.75 m 372.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 654.75 m 383.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 654.75 m 393.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 654.75 m 428.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 654.75 m 432.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 654.75 m 441.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 654.75 m 476.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 654.75 m 481.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 654.75 m 488.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 654.75 m 525.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 610.75 m 317.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 595.75 m 317.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 610.75 m 335.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 595.75 m 335.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 610.75 m 372.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 595.75 m 372.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 610.75 m 383.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 595.75 m 383.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 610.75 m 428.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 595.75 m 428.5 595.75 l s 0 0 0 RG /GS0 gs 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524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 524.75 m 432.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 524.75 m 476.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 524.75 m 481.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 524.75 m 525.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 498.75 m 317.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 498.75 m 335.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 498.75 m 372.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 498.75 m 383.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 498.75 m 428.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 498.75 m 432.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 498.75 m 476.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 498.75 m 481.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 498.75 m 525.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 457.75 m 317.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 443.75 m 317.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 441.75 m 317.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 457.75 m 335.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 443.75 m 335.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 441.75 m 335.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 457.75 m 372.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 443.75 m 372.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 441.75 m 372.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 457.75 m 383.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 443.75 m 383.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 441.75 m 383.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 457.75 m 428.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 443.75 m 428.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 441.75 m 428.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 457.75 m 432.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 443.75 m 432.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 441.75 m 432.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 457.75 m 476.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 443.75 m 476.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 441.75 m 476.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 457.75 m 481.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 443.75 m 481.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 441.75 m 481.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 457.75 m 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0 J 0 j 3 M 428.5 428.75 m 432.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 426.75 m 432.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 428.75 m 476.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 426.75 m 476.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 428.75 m 481.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 426.75 m 481.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 428.75 m 525.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 426.75 m 525.5 426.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.85 722.48 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 244.56 722.48 Td (AL) Tj ET Q q 0 0 0 rg BT 257.90 722.48 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 310.21 722.48 Td (TION & PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.75 712.48 Td (RA) Tj ET Q q 0 0 0 rg BT 198.45 712.48 Td (TIO OF) Tj ET Q q 0 0 0 rg BT 232.81 712.48 Td ( EARNINGS ) Tj ET Q q 0 0 0 rg BT 290.41 712.48 Td (T) Tj ET Q q 0 0 0 rg BT 296.90 712.48 Td (O FIXED CHARGES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.70 702.32 Td (\(in millions, except ratios\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.95 673.48 Td ( Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 659.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 659.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.50 659.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 659.48 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.50 659.48 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 631.32 Td ($1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.10 631.32 Td ($1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 631.32 Td ($1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 631.32 Td ($1,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 631.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.10 631.32 Td (1,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.32 Td (Income tax \(benefit\) expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 616.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.30 616.37 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 616.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 616.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 616.32 Td ( -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 616.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.32 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.10 601.32 Td (1,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.10 601.32 Td (1,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.10 601.32 Td (1,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 601.32 Td (1,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.10 601.32 Td (1,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 575.32 Td (Fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.32 Td ( Interest expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 560.32 Td (288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 560.32 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 560.32 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 560.32 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 560.32 Td (378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.32 Td ( Interest portion of rent expense \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 545.32 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 545.32 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 545.32 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 545.32 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 545.32 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.32 Td ( Capitalized interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 530.32 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 530.32 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 530.32 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 530.32 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 530.32 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 504.32 Td (Total fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 504.32 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 504.32 Td (354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 504.32 Td (372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 504.32 Td (406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 504.32 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.32 Td (Fixed charges not affecting earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.32 Td ( Capitalized interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 463.37 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 463.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.30 463.37 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 463.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 463.37 Td (\(17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 463.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 463.37 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 463.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 463.37 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 463.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.32 Td (Earnings before fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 448.32 Td ($1,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.10 448.32 Td ($1,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 448.32 Td ($1,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 448.32 Td ($2,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.10 448.32 Td ($2,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.32 Td (Ratio of earnings to fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 433.32 Td ( 4.7x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 433.32 Td ( 4.0x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.50 433.32 Td ( 4.5x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 433.32 Td ( 5.7x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 433.32 Td ( 5.6x) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td ( \(a\) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.) 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0 rg BT 301.82 676.25 Td ( CONTENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 665.45 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 643.2833984375 m 251.92578125 643.2833984375 l s q 0 0 1 rg BT 53.00 644.62 Td (CONSOLIDA) Tj ET Q q 0 0 1 rg BT 109.67 644.62 Td (TED ST) Tj ET Q q 0 0 1 rg BT 142.48 644.62 Td (A) Tj ET Q q 0 0 1 rg BT 148.59 644.62 Td (TEMENTS OF INCOME) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 545.1 643.2833984375 m 558.9916015625 643.2833984375 l s q 0 0 1 rg BT 545.10 644.62 Td (F-2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 624.2833984375 m 338.322265625 624.2833984375 l s q 0 0 1 rg BT 53.00 625.62 Td (CONSOLIDA) Tj ET Q q 0 0 1 rg BT 109.67 625.62 Td (TED ST) Tj ET Q q 0 0 1 rg BT 142.48 625.62 Td (A) Tj ET Q q 0 0 1 rg BT 148.59 625.62 Td (TEMENTS OF COMPREHENSIVE INCOME) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 545.1 624.2833984375 m 558.9916015625 624.2833984375 l s q 0 0 1 rg BT 545.10 625.62 Td (F-3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 605.2833984375 m 218 605.2833984375 l s q 0 0 1 rg BT 53.00 606.62 Td (CONSOLIDA) Tj ET Q q 0 0 1 rg BT 109.67 606.62 Td 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Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 567.2833984375 m 333.4931640625 567.2833984375 l s q 0 0 1 rg BT 53.00 568.62 Td (CONSOLIDA) Tj ET Q q 0 0 1 rg BT 109.67 568.62 Td (TED ST) Tj ET Q q 0 0 1 rg BT 142.48 568.62 Td (A) Tj ET Q q 0 0 1 rg BT 148.59 568.62 Td (TEMENTS OF SHAREHOLDERS) Tj ET Q q 0 0 1 rg BT 293.97 568.62 Td ( EQUITY) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 545.1 567.2833984375 m 558.9916015625 567.2833984375 l s q 0 0 1 rg BT 545.10 568.62 Td (F-6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 548.2833984375 m 300.9052734375 548.2833984375 l s q 0 0 1 rg BT 53.00 549.62 Td (NOTES ) Tj ET Q q 0 0 1 rg BT 87.54 549.62 Td (T) Tj ET Q q 0 0 1 rg BT 93.47 549.62 Td (O CONSOLIDA) Tj ET Q q 0 0 1 rg BT 159.86 549.62 Td (TED FINANCIAL) Tj ET Q q 0 0 1 rg BT 235.31 549.62 Td ( ST) Tj ET Q q 0 0 1 rg BT 248.68 549.62 Td (A) Tj ET Q q 0 0 1 rg BT 254.80 549.62 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 545.1 548.2833984375 m 558.9916015625 548.2833984375 l s q 0 0 1 rg BT 545.10 549.62 Td (F-7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 529.2833984375 m 427.2822265625 529.2833984375 l s q 0 0 1 rg BT 53.00 530.62 Td (REPOR) Tj ET Q q 0 0 1 rg BT 84.63 530.62 Td (T) Tj ET Q q 0 0 1 rg BT 90.56 530.62 Td ( OF INDEPENDENT) Tj ET Q q 0 0 1 rg BT 177.59 530.62 Td ( REGISTERED CER) Tj ET Q q 0 0 1 rg BT 262.55 530.62 Td (TIFIED PUBLIC ) Tj ET Q q 0 0 1 rg BT 334.22 530.62 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540.1 529.2833984375 m 558.9916015625 529.2833984375 l s q 0 0 1 rg BT 540.10 530.62 Td (F-35) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 510.28339843749995 m 485.1826171875 510.28339843749995 l s q 0 0 1 rg BT 53.00 511.62 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 1 rg BT 197.46 511.62 Td (AND ) Tj ET Q q 0 0 1 rg BT 221.07 511.62 Td (ANAL) Tj ET Q q 0 0 1 rg BT 247.84 511.62 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0 1 rg BT 340.82 511.62 Td ( CONDITION ) Tj ET Q q 0 0 1 rg BT 400.81 511.62 Td (AND RESUL) Tj ET Q q 0 0 1 rg BT 455.73 511.62 Td (TS OF ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 500.28339843749995 m 114.1181640625 500.28339843749995 l s q 0 0 1 rg BT 53.00 501.62 Td 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0 J 0 j 3 M 428.5 164.75 m 493.5 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 162.75 m 493.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 164.75 m 562.5 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 162.75 m 562.5 162.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 687.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.10 686.98 Td (Years Ended November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 674.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 673.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 673.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 673.98 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 660.48 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 646.32 Td (Cruise) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.32 Td (Passenger tickets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 630.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 630.42 Td (11,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 630.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 630.42 Td (11,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 630.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 630.42 Td (11,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 616.32 Td (Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 615.42 Td (3,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 615.42 Td (3,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 615.42 Td (3,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 601.32 Td (Tour and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 600.42 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 600.42 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 600.42 Td (211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 585.42 Td (15,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 585.42 Td (15,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 585.42 Td (15,382) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 571.48 Td (Operating Costs and Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 557.32 Td (Cruise) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 542.32 Td (Commissions, transportation and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 541.42 Td (2,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 541.42 Td (2,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 541.42 Td (2,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 527.32 Td (Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 526.42 Td (519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 526.42 Td (539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 526.42 Td (558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 512.32 Td (Fuel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 511.42 Td (2,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 511.42 Td (2,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 511.42 Td (2,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 497.32 Td (Payroll and related) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 496.42 Td (1,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 496.42 Td (1,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 496.42 Td (1,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 482.32 Td (Food) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 481.42 Td (1,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 481.42 Td (983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 481.42 Td (960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 467.32 Td (Other ship operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 466.42 Td (2,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 466.42 Td (2,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 466.42 Td (2,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 452.32 Td (Tour and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 451.42 Td (160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 451.42 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 451.42 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 436.42 Td (10,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 436.42 Td (10,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 436.42 Td (10,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 422.32 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 421.42 Td (2,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 421.42 Td (1,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 421.42 Td (1,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 407.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 406.42 Td (1,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 406.42 Td (1,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 406.42 Td (1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 392.32 Td (Ibero goodwill and trademark impairment charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 391.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 391.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 391.42 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 376.42 Td (14,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 376.42 Td (14,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 376.42 Td (13,740) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 362.48 Td (Operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 361.42 Td (1,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 361.42 Td (1,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 361.42 Td (1,642) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 347.48 Td (Nonoperating \(Expense\) Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 333.32 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 332.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 332.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 332.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 318.32 Td (Interest expense, net of capitalized interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 317.47 Td (\(288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 317.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 317.47 Td (\(319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 317.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 317.47 Td (\(336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 317.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 303.32 Td (\(Losses\) gains on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 302.47 Td (\(271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 302.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 302.42 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 302.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 302.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 288.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 287.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 287.47 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 287.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 272.47 Td (\(547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 272.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 272.47 Td (\(280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 272.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 272.47 Td (\(340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 272.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 258.48 Td (Income Before Income Taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 257.42 Td (1,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 257.42 Td (1,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 257.42 Td (1,302) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 243.48 Td (Income Tax \(Expense\) Benefit, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 242.47 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 242.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 242.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 242.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 242.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 228.48 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 227.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 227.42 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 227.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 227.42 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 227.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 227.42 Td (1,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 213.48 Td (Earnings Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 199.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 198.42 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 198.42 Td (1.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 198.42 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 184.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 183.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 183.42 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 183.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 183.42 Td (1.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 183.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 183.42 Td (1.67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 169.48 Td (Dividends Declared Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 168.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 168.42 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 168.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 168.42 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 168.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 168.42 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.35 742.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 263.06 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 276.40 742.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 328.71 742.25 Td (TION& PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.75 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 214.57 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 249.13 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 255.60 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 320.52 730.25 Td ( COMPREHENSIVE INCOME) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.10 718.25 Td (\(in millions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 669.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 669.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 669.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 669.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 669.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 640.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 640.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 640.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 640.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 640.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 610.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 610.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 610.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 610.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 610.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 682.75 m 424.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 682.75 m 428.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 682.75 m 493.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 682.75 m 497.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 682.75 m 424.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 669.75 m 424.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 682.75 m 493.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 669.75 m 493.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 669.75 m 562.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 669.75 m 424.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 654.75 m 424.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 669.75 m 493.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 654.75 m 493.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 669.75 m 562.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 654.75 m 562.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 610.75 m 424.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 610.75 m 493.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 610.75 m 562.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 595.75 m 424.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 595.75 m 493.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 595.75 m 562.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 581.75 m 424.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 579.75 m 424.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 581.75 m 493.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 579.75 m 493.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 581.75 m 562.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 579.75 m 562.5 579.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 687.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.10 686.98 Td (Years Ended November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 674.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 673.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 673.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 673.98 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 660.48 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 659.42 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 659.42 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 659.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 659.42 Td (1,298) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 645.48 Td (Items Included in Other Comprehensive \(Loss\) Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 631.32 Td (Change in foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 630.47 Td (\(746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 630.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 630.42 Td (332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 630.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 616.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 615.47 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 615.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 615.42 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 615.47 Td (\(23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 615.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.48 Td (Other Comprehensive \(Loss\) Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 600.47 Td (\(777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 600.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 600.42 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 600.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 586.48 Td (Total Comprehensive Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 585.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 585.42 Td (459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 585.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 585.42 Td (1,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 585.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 585.42 Td (1,300) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.35 742.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 263.06 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 276.40 742.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 328.71 742.25 Td (TION& PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.40 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 730.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.90 718.25 Td (\(in millions, except par values\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 669.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 669.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 669.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 641.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 641.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 611.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 611.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 581.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 581.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 581.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 551.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 551.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 551.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 521.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 521.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 521.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 491.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 491.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 491.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 491.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 462.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 462.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 462.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 462.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 433.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 433.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 403.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 403.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 373.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 373.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 343.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 343.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 343.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 313.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 313.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 313.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.75 378.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 285.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 285.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 285.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 245.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 245.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 245.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 245.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 215.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 215.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 215.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 175.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 175.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 175.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 175.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 682.75 m 493.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 682.75 m 497.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 682.75 m 493.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 669.75 m 493.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 669.75 m 562.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 566.75 m 493.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 566.75 m 562.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 551.75 m 493.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 551.75 m 562.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 491.75 m 493.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 491.75 m 562.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 477.75 m 493.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 475.75 m 493.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 477.75 m 562.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 475.75 m 562.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 358.75 m 493.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 358.75 m 562.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 343.75 m 493.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 343.75 m 562.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 175.75 m 493.5 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 175.75 m 562.5 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 160.75 m 493.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 160.75 m 562.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 146.75 m 493.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 144.75 m 493.5 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 146.75 m 562.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 144.75 m 562.5 144.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 687.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 686.98 Td (November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 674.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 673.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 673.98 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 660.48 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.48 Td (Current Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 632.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 631.42 Td (331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 631.42 Td (462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 617.32 Td (Trade and other receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 616.42 Td (332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 616.42 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 602.32 Td (Insurance recoverables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 601.42 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 601.42 Td (381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 587.32 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 586.42 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 586.42 Td (374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 572.32 Td (Prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 571.42 Td (322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 571.42 Td (315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 557.32 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 556.42 Td (1,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 556.42 Td (1,937) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 542.48 Td (Property and Equipment, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 541.42 Td (32,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 541.42 Td (32,905) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 527.48 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 526.42 Td (3,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 526.42 Td (3,210) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 512.48 Td (Other Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 511.42 Td (1,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 511.42 Td (1,292) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 497.48 Td (Other Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 496.42 Td (859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 496.42 Td (760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 481.42 Td (39,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 481.42 Td (40,104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 467.48 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 453.48 Td (Current Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 439.32 Td (Short-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 438.42 Td (666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 438.42 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 424.32 Td (Current portion of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 423.42 Td (1,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 423.42 Td (1,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 409.32 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 408.42 Td (626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 408.42 Td (639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 394.32 Td (Claims reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 393.42 Td (262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 393.42 Td (456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 379.32 Td (Accrued liabilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 378.42 Td (1,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 378.42 Td (1,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 364.32 Td (Customer deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 363.42 Td (3,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 363.42 Td (3,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 349.32 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 348.42 Td (6,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 348.42 Td (6,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 334.48 Td (Long-Term Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 333.42 Td (7,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 333.42 Td (8,092) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 319.48 Td (Other Long-Term Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 318.42 Td (960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 318.42 Td (736) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 304.48 Td (Commitments and Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 290.48 Td (Shareholders Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 276.32 Td (Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 652 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 266.32 Td ( shares at 2014 and 651 shares at 2013 issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 265.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 265.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 251.32 Td (Ordinary shares of Carnival plc, $1.66 par value; 216 shares at 2014 and 2013 issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 250.42 Td (358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 250.42 Td (358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 236.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 235.42 Td (8,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 235.42 Td (8,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 221.32 Td (Retained earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 220.42 Td (19,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 220.42 Td (18,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 206.32 Td (Accumulated other comprehensive \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 205.47 Td (\(616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 205.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 205.42 Td (161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 191.32 Td (T) Tj ET Q q 0 0 0 rg BT 70.76 191.32 Td (reasury stock, 59 shares at 2014 and 2013 of Carnival Corporation and 32 shares at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 181.32 Td ( 2014 and 2013 of Carnival plc, at cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 180.47 Td (\(3,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 180.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 180.47 Td (\(3,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 180.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 166.32 Td (Total shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 165.42 Td (24,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 165.42 Td (24,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 150.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 150.42 Td (39,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 150.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 150.42 Td (40,104) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.35 742.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 263.06 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 276.40 742.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 328.71 742.25 Td (TION& PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.65 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 730.25 Td ( CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.10 718.25 Td (\(in millions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.75 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 669.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 669.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 669.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 669.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 669.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.75 512.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 610.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 610.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 610.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 610.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 610.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 580.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 580.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 580.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 550.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 550.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 550.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 550.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 520.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 520.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 520.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 520.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 490.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 490.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 490.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 460.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 460.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 460.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 430.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 430.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 430.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 430.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 430.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 430.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 401.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 401.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 401.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 401.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 401.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 401.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 371.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 371.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 371.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 371.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 371.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 341.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 341.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 341.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 341.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 312.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 312.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 312.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 282.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 282.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 282.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 282.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 282.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 252.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 252.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 252.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 252.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 252.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 252.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 222.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 222.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 222.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 222.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 222.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 222.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 192.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 192.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 192.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 192.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 192.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 192.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 162.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 162.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 162.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 162.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 162.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 162.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 682.75 m 424.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 682.75 m 428.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 682.75 m 493.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 682.75 m 497.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 669.75 m 424.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 669.75 m 493.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 669.75 m 562.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 430.75 m 424.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 430.75 m 493.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 430.75 m 562.5 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 415.75 m 424.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 415.75 m 493.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 415.75 m 562.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 341.75 m 424.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 341.75 m 493.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 341.75 m 562.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 326.75 m 424.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 326.75 m 493.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 326.75 m 562.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 207.75 m 424.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 207.75 m 493.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 207.75 m 562.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 192.75 m 424.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 192.75 m 493.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 192.75 m 562.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 177.75 m 424.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 177.75 m 493.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 177.75 m 562.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 147.75 m 424.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 147.75 m 493.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 147.75 m 562.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 133.75 m 424.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 131.75 m 424.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 147.75 m 493.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 133.75 m 493.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 131.75 m 493.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 133.75 m 562.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 131.75 m 562.5 131.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 687.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.10 686.98 Td (Years Ended November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 674.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 673.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 673.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 673.98 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 660.48 Td (OPERATING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 645.42 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 645.42 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 645.42 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.32 Td (Adjustments to reconcile net income to net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 616.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 615.42 Td (1,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 615.42 Td (1,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 615.42 Td (1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 601.32 Td (Losses on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 600.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 600.42 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 600.42 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 586.32 Td (Goodwill, trademark and other impairment charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 585.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 585.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 585.42 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 571.32 Td (Share-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 570.42 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 570.42 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 570.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 556.32 Td (Losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 555.42 Td (271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 555.47 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 555.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 555.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 541.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 540.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 540.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 540.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 526.32 Td (Changes in operating assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 511.32 Td (Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 510.42 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 510.47 Td (\(128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 510.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 510.47 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 510.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 496.32 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 495.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 495.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 495.47 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 495.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 481.32 Td (Insurance recoverables, prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 480.42 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 480.42 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 480.42 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 466.32 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 465.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 465.42 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 465.47 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 465.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 451.32 Td (Claims reserves and accrued and other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 450.47 Td (\(379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 450.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 450.47 Td (\(330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 450.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 450.47 Td (\(192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 450.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 436.32 Td (Customer deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 435.42 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 435.47 Td (\(105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 435.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 435.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 435.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 421.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 420.42 Td (3,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 420.42 Td (2,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 420.42 Td (2,999) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 406.48 Td (INVESTING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 392.32 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 391.47 Td (\(2,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 391.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 391.47 Td (\(2,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 391.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 391.47 Td (\(2,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 391.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.32 Td (Proceeds from sale of ships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 376.42 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 376.42 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 376.42 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.32 Td (Insurance proceeds for a ship) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 361.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 361.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 361.42 Td (508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 347.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 346.42 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 346.42 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 346.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 332.32 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 331.47 Td (\(2,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 331.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 331.47 Td (\(2,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 331.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 331.47 Td (\(1,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 331.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 317.48 Td (FINANCING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 303.32 Td (Proceeds from \(repayments of\) short-term borrowings, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 302.42 Td (617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 302.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 302.47 Td (\(224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 302.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.32 Td (Principal repayments of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 287.47 Td (\(2,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 287.47 Td (\(2,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 287.47 Td (\(1,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 273.32 Td (Proceeds from issuance of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 272.42 Td (1,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 272.42 Td (2,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 272.42 Td (946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.32 Td (Dividends paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 257.47 Td (\(776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 257.47 Td (\(1,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 257.47 Td (\(779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 243.32 Td (Purchases of treasury stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 242.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 242.47 Td (\(138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 242.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 242.47 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 242.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 228.32 Td (Sales of treasury stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 227.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 227.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 227.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 213.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 212.47 Td (\(29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 212.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 212.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 212.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 198.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 197.47 Td (\(1,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 197.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 197.47 Td (\(780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 197.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 197.47 Td (\(1,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 197.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 183.32 Td (Effect of exchange rate changes on cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 182.47 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 182.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 182.47 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 182.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 182.47 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 182.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 168.32 Td (Net \(decrease\) increase in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 167.47 Td (\(131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 167.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 167.47 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 167.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 167.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 153.32 Td (Cash and cash equivalents at beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 152.42 Td (462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 152.42 Td (465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 152.42 Td (450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 138.32 Td (Cash and cash equivalents at end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 137.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 137.42 Td (331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 137.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 137.42 Td (462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 137.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 137.42 Td (465) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.35 742.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 263.06 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 276.40 742.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 328.71 742.25 Td (TION& PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.10 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 217.92 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 252.47 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 258.95 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 323.87 730.25 Td ( SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 412.31 730.25 Td ( EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.10 718.25 Td (\(in millions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 658.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 658.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 658.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 658.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 658.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 658.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 658.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 658.75 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 658.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 658.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 658.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 658.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 658.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 658.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 628.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 628.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 628.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 628.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 628.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 628.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 628.75 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 628.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 628.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 628.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 628.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 628.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 628.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 598.75 145.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 598.75 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 598.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 598.75 46.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 598.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 598.75 46.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 598.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 598.75 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 598.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 598.75 62.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 598.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 598.75 48.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 598.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 598.75 58.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 548.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 548.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 548.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 548.75 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 548.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 548.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 548.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 518.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 518.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 518.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 518.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 518.75 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 518.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 518.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 518.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.75 145.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 478.75 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 478.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 478.75 46.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 478.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 478.75 46.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 478.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 478.75 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 478.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 478.75 62.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 478.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 478.75 48.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 478.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 478.75 58.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 428.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 428.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 428.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 428.75 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 428.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 428.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 428.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 398.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 398.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 398.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 398.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 398.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 398.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 398.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 398.75 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 398.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 398.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 398.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 398.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 398.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 398.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 368.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 368.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 368.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 368.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 368.75 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 368.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 368.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 368.75 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 658.75 m 237.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 658.75 m 287.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 658.75 m 337.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 658.75 m 382.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 658.75 m 448.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 658.75 m 500.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 658.75 m 562.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 563.75 m 237.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 563.75 m 287.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 563.75 m 337.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 563.75 m 382.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 563.75 m 448.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 563.75 m 500.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 563.75 m 562.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 443.75 m 237.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 443.75 m 287.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 443.75 m 337.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 443.75 m 382.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 443.75 m 448.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 443.75 m 500.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 443.75 m 562.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 368.75 m 237.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 354.75 m 237.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 352.75 m 237.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 368.75 m 287.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 354.75 m 287.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 352.75 m 287.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 368.75 m 337.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 354.75 m 337.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 352.75 m 337.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 368.75 m 382.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 354.75 m 382.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 352.75 m 382.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 368.75 m 448.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 354.75 m 448.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 352.75 m 448.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 368.75 m 500.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 354.75 m 500.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 352.75 m 500.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 368.75 m 562.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 354.75 m 562.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 352.75 m 562.5 352.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.20 670.98 Td (Common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.10 662.98 Td (stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.75 670.98 Td (Ordinary) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.15 662.98 Td (shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.75 678.98 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.75 670.98 Td (paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.40 662.98 Td (capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.15 670.98 Td (Retained) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 662.98 Td (earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.30 686.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.95 678.98 Td (other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.50 670.98 Td (comprehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.85 662.98 Td (\(loss\) income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.55 670.98 Td (Treasury) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.10 662.98 Td (stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.25 678.98 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.00 670.98 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.30 662.98 Td (equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 648.43 Td (BalancesatNovember30,2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.65 648.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 648.42 Td (357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 648.42 Td (8,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 648.42 Td (18,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 648.47 Td (\(209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 648.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 648.47 Td (\(2,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 648.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 648.42 Td (23,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 634.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 633.42 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 633.42 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 619.32 Td (Other comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 618.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 618.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 604.32 Td (Cash dividends declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 603.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 603.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 603.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 603.47 Td (\(1,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 603.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 603.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 603.47 Td (\(1,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 589.32 Td (Purchases of treasury stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 579.32 Td ( under the Repurchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 569.32 Td ( Program and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 568.42 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 568.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 568.47 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 568.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 568.47 Td (\(35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 568.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 554.48 Td (BalancesatNovember30,2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.65 553.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 553.42 Td (357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 553.42 Td (8,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 553.42 Td (18,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 553.47 Td (\(207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 553.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 553.47 Td (\(2,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 553.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 553.42 Td (23,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 539.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 538.42 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 538.42 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 524.32 Td (Other comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 523.42 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 523.42 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 509.32 Td (Cash dividends declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 508.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 508.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 508.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.30 508.47 Td (\(775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 508.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 508.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 508.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 508.47 Td (\(775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 508.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 494.32 Td (Purchases and sales under the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 484.32 Td ( Stock Swap program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 483.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 483.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 483.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 483.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 483.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 483.47 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 483.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 483.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 469.32 Td (Purchases of treasury stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 459.32 Td ( under the Repurchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 449.32 Td ( Program and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.65 448.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 448.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 448.42 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 448.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 448.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 448.47 Td (\(110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 448.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 448.47 Td (\(45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 448.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.48 Td (BalancesatNovember30,2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.65 433.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 433.42 Td (358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 433.42 Td (8,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 433.42 Td (18,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 433.42 Td (161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 433.47 Td (\(3,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 433.42 Td (24,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 419.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 418.42 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 418.42 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 404.32 Td (Other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 403.47 Td (\(777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 403.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 403.47 Td (\(777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 389.32 Td (Cash dividends declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.30 388.47 Td (\(777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 388.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 388.47 Td (\(777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 374.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 373.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 373.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 373.42 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 373.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 373.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 373.47 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 373.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 373.42 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 358.43 Td (BalancesatNovember30,2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.65 358.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 358.42 Td (358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 358.42 Td (8,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 358.42 Td (19,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 358.47 Td (\(616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 358.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 358.47 Td (\(3,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 358.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 358.42 Td (24,288) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.35 742.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 263.06 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 276.40 742.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 328.71 742.25 Td (TION& PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 730.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 730.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (NOTE 1 General) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (Description of Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (Carnival Corporation is incorporated in Panama and Carnival plc is incorporated in England and ) Tj ET Q q 0 0 0 rg BT 438.05 672.25 Td (W) Tj ET Q q 0 0 0 rg BT 446.68 672.25 Td (ales.Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (and Carnival plc operate a dual listed company \(DLC\), whereby the businesses of Carnival Corporation and Carnival plc are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (combined through a number of contracts and through provisions in Carnival Corporation) Tj ET Q q 0 0 0 rg BT 407.98 648.25 Td (s ) Tj ET Q q 0 0 0 rg BT 413.82 648.25 Td (Articles of Incorporation and By-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (Laws and Carnival plc) Tj ET Q q 0 0 0 rg BT 143.03 636.25 Td (s ) Tj ET Q q 0 0 0 rg BT 148.87 636.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 193.30 636.25 Td (Association.) Tj ET Q q 0 0 0 rg BT 245.34 636.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.38 636.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.38 636.25 Td ( companies operate as if they are a single economic enterprise, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (each has retained its separate legal identity) Tj ET Q q 0 0 0 rg BT 220.39 624.25 Td (.Each company) Tj ET Q q 0 0 0 rg BT 287.30 624.25 Td (s shares are publicly traded; on the New ) Tj ET Q q 0 0 0 rg BT 449.66 624.25 Td (Y) Tj ET Q q 0 0 0 rg BT 455.88 624.25 Td (ork Stock Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (\(NYSE\) for Carnival Corporation and the London Stock Exchange for Carnival plc.In addition, Carnival plc ) Tj ET Q q 0 0 0 rg BT 496.55 612.25 Td (American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (Depository Shares are traded on the NYSE \(see Note3\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.25 Td (The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.25 Td (subsidiaries.) Tj ET Q q 0 0 0 rg BT 102.04 567.25 Td (T) Tj ET Q q 0 0 0 rg BT 107.45 567.25 Td (ogether with their consolidated subsidiaries, they are referred to collectively in these consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (statements and elsewhere in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.35 555.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.35 555.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.30 555.25 Td (Annual Report as Carnival Corporation& plc, our) Tj ET Q q 0 0 0 rg BT 417.29 555.25 Td (, us and we.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 534.25 Td (e are the lar) Tj ET Q q 0 0 0 rg BT 105.37 534.25 Td (gest cruise company and among the lar) Tj ET Q q 0 0 0 rg BT 261.25 534.25 Td (gest leisure travel companies in the world.Each of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.01 534.25 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.22 534.25 Td ( leading global, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.25 Td (regional and national brands is an operating segment that we aggregate into either the \(1\)North ) Tj ET Q q 0 0 0 rg BT 433.76 522.25 Td (America or \(2\)Europe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.25 Td (Australia& ) Tj ET Q q 0 0 0 rg BT 98.88 510.25 Td (Asia \(EAA\) reportable cruise segments \(see Note 1) Tj ET Q q 0 0 0 rg BT 312.59 510.25 Td (1\). ) Tj ET Q q 0 0 0 rg BT 325.37 510.25 Td (As of January22, 2015, our cruise brands) Tj ET Q q 0 0 0 rg BT 494.87 510.25 Td ( summary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.25 Td (information is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 453.75 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 453.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 453.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 453.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 453.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 453.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 453.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 423.75 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 423.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 423.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 423.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 393.75 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 393.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 393.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 393.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 393.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 393.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 393.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 363.75 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 363.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 363.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 363.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 333.75 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 333.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 333.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 333.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 333.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.75 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 303.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 303.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 303.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 303.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 303.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 303.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 273.75 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 273.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 273.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 273.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 273.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 273.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 558.50 273.75 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 453.75 m 431.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 453.75 m 493.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 453.75 m 558.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 378.75 m 431.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 378.75 m 493.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 378.75 m 558.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 363.75 m 431.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 363.75 m 493.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 363.75 m 558.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 273.75 m 431.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 258.75 m 431.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 273.75 m 493.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 258.75 m 493.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 273.75 m 558.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 258.75 m 558.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 244.75 m 431.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 242.75 m 431.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 244.75 m 493.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 242.75 m 493.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 244.75 m 558.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 242.75 m 558.5 242.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 458.43 Td (Cruise Brands) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.70 468.43 Td (Passenger) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.75 458.43 Td (Capacity \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.45 478.43 Td (Percentage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.70 468.43 Td (of Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.80 458.43 Td (Capacity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.35 468.43 Td (Numberof) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.40 458.43 Td (CruiseShips) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 442.91259765625 m 117.1455078125 442.91259765625 l s q 0 0 0 rg BT 53.00 444.48 Td (North America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 429.32 Td (Carnival Cruise Line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 428.42 Td (62,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 428.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 428.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 428.42 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 414.32 Td (Princess Cruises \(Princess\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 413.42 Td (44,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 413.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 413.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.32 Td (Holland America Line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 398.42 Td (23,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 398.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 398.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.32 Td (Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 383.42 Td (1,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 383.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 383.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 369.32 Td (North America Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 368.42 Td (131,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 368.42 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 368.42 Td (62) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 352.91259765625 m 73.83740234375 352.91259765625 l s q 0 0 0 rg BT 53.00 354.48 Td (EAA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 339.32 Td (Costa Cruises \(Costa\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 338.42 Td (35,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 338.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 338.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.32 Td (AIDA Cruises \(AIDA\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 323.42 Td (18,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 323.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 323.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 309.32 Td (P&O Cruises \(UK\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 308.42 Td (14,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 308.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 308.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.32 Td (Cunard) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 293.42 Td (6,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 293.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 293.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 279.32 Td (P&O Cruises \(Australia\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 278.42 Td (4,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 278.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 278.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 264.32 Td (EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 263.42 Td (80,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 263.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 263.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 248.42 Td (212,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 248.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 248.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 248.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 233.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 221.45 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 221.45 Td (In accordance with cruise industry practice, passenger capacity is calculated based on the assumption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.62 221.45 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.62 221.45 Td ( passengers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 209.45 Td (per cabin even though some cabins can accommodate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.59 209.45 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.57 209.45 Td ( or more passengers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.45 Td (NOTE 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 199.46 173.45 Td (Accounting Policies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.45 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 95.93 154.45 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.45 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 133.45 Td (e consolidate entities over which we have control, as typically evidenced by a voting control of greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.54 133.45 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.87 133.45 Td ( or for which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.45 Td (we are the primary beneficiary) Tj ET Q q 0 0 0 rg BT 172.06 121.45 Td (, whereby we have the power to direct the most significant activities and the obligation to absorb ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.45 Td (significant losses or receive significant benefits from the entity \(see Note 3\).) Tj ET Q q 0 0 0 rg BT 357.78 109.45 Td (W) Tj ET Q q 0 0 0 rg BT 366.42 109.45 Td (e do not separately present our noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.45 Td (interests in the consolidated financial statements since the amounts are insignificant. For af) Tj ET Q q 0 0 0 rg BT 413.88 97.45 Td (filiates we do not control but where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.45 Td (significant influence over financial and operating policies exists, as typically evidenced by a voting control of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.25 85.45 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.58 85.45 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.36 85.45 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.69 85.45 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.45 Td (investment is accounted for using the equity method.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 742.25 Td (eparation of Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (United States of ) Tj ET Q q 0 0 0 rg BT 116.38 713.25 Td (America requires management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 409.72 713.25 Td (fect the amounts reported and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (disclosed in our financial statements. ) Tj ET Q q 0 0 0 rg BT 199.97 701.25 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 288.37 701.25 Td (fer from the estimates used in preparing our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (statements.) Tj ET Q q 0 0 0 rg BT 96.66 689.25 Td (All significant intercompany balances and transactions are eliminated in consolidation. Certain prior period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (amounts have been reclassified in the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows to conform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (to the current period presentation. ) Tj ET Q q 0 0 0 rg BT 187.55 665.25 Td (The reclassifications in the Consolidated Statements of Cash Flows had no impact on net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (cash provided by operating activities and net cash used in investing and financing activities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 627.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Cash and cash equivalents include investments with maturities of three months or less at acquisition, which are stated at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (cost.) Tj ET Q q 0 0 0 rg BT 70.56 598.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.06 598.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 598.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.20 598.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.20 598.25 Td (, cash and cash equivalents are comprised of cash on hand, money market funds and time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (deposits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (Inventories consist substantially of food and beverages, hotel and restaurant products and supplies, fuel and gift shop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.25 Td (merchandise held for resale, which are all carried at the lower of cost or market.Cost is determined using the weighted-average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (or first-in, first-out methods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 493.25 Td (operty and Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (Property and equipment are stated at cost.Depreciation and amortization were computed using the straight-line method over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (our estimates of useful lives and residual values, as a percentage of original cost, as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 432.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 432.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 432.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 432.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 382.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 382.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 382.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 352.75 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 352.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 352.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 352.75 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 432.75 m 468.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 432.75 m 562.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 432.75 m 468.5 432.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.40 436.98 Td (Years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.10 444.98 Td (Residual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 436.98 Td (Values) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 423.32 Td (Ships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 422.42 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.80 422.42 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Ship improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.30 407.42 Td (Shorter of remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.85 397.42 Td (ship life or useful) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.55 387.42 Td (life \(3-28\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.80 387.42 Td ( 0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 373.32 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 372.42 Td (10-35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 372.42 Td (0% or 10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 358.32 Td (Computer hardware and software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 357.42 Td (3-10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 357.42 Td (0% or 10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 343.32 Td (Transportation equipment and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 342.42 Td (3-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 342.42 Td (0% or 10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 328.32 Td (Leasehold improvements, including port facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.20 327.42 Td (Shorter of lease term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.10 317.42 Td (or related asset life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 307.42 Td (\(3-30\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 307.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (The cruise industry is very capital intensive, and at January 22, 2015, we operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.73 282.25 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.73 282.25 Td ( cruise ships. ) Tj ET Q q 0 0 0 rg BT 449.99 282.25 Td (Therefore, we have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.25 Td (capital program that we develop for the improvement of our ships and for asset replacements in order to enhance the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 258.25 Td (fectiveness and ef) Tj ET Q q 0 0 0 rg BT 129.04 258.25 Td (ficiency of our operations; comply with, or exceed all relevant legal and statutory requirements related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (health, environment, safety) Tj ET Q q 0 0 0 rg BT 158.20 246.25 Td (, security and sustainability; and gain strategic benefits or provide newer improved product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.25 Td (innovations to our guests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.25 Td (Ship improvement costs that we believe add value to our ships, such as those discussed above, are capitalized to the ships and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.25 Td (depreciated over the shorter of their or the ships) Tj ET Q q 0 0 0 rg BT 244.18 201.25 Td ( estimated remaining useful life, while costs of repairs and maintenance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td (including minor improvement costs and dry-dock expenses, are char) Tj ET Q q 0 0 0 rg BT 323.35 189.25 Td (ged to expense as incurred and included in other ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (operating expenses. Dry-dock costs primarily represent planned major maintenance activities that are incurred when a ship is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.25 Td (taken out-of-service for scheduled maintenance. ) Tj ET Q q 0 0 0 rg BT 244.73 165.25 Td (W) Tj ET Q q 0 0 0 rg BT 253.37 165.25 Td (e capitalize interest as part of the cost of acquiring ships and other capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td (projects during their construction period. ) Tj ET Q q 0 0 0 rg BT 215.89 153.25 Td (The specifically identified or estimated cost and accumulated depreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.25 Td (previously capitalized ship components are written-of) Tj ET Q q 0 0 0 rg BT 265.03 141.25 Td (f upon retirement, which may result in a loss on disposal that is also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.25 Td (included in other ship operating expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 108.25 Td (e review our long-lived assets, principally our ships, for impairment whenever events or changes in circumstances indicate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.25 Td (that the carrying amounts of these assets may not be fully recoverable. Upon the occurrence of a triggering event, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (assessment of possible impairment is based on our ability to recover the carrying value of our asset, which is determined by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (using the asset) Tj ET Q q 0 0 0 rg BT 111.10 72.25 Td (s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (carrying value of the asset, an impairment char) Tj ET Q q 0 0 0 rg BT 237.52 60.25 Td (ge is recognized for the excess, if any) Tj ET Q q 0 0 0 rg BT 387.36 60.25 Td (, of the asset) Tj ET Q q 0 0 0 rg BT 440.13 60.25 Td (s carrying value over its ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (F-9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (estimated fair value. ) Tj ET Q q 0 0 0 rg BT 133.30 742.10 Td (As it relates to our ships, the lowest level for which we maintain identifiable cash flows that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (independent of the cash flows of other assets and liabilities is at the individual ship level.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 709.10 Td ( significant amount of judgment is required in estimating the future cash flows and fair values of our cruise ships.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 98.70 654.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.34 654.10 Td (e review our goodwill for impairment at least annually and, when events or circumstances dictate, more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 90.44 642.10 Td (. ) Tj ET Q q 0 0 0 rg BT 94.89 642.10 Td (All of our goodwill has been allocated to our reporting units, also referred to as cruise brands. ) Tj ET Q q 0 0 0 rg BT 480.98 642.10 Td (The impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (review for goodwill allows us to first assess qualitative factors to determine whether it is necessary to perform the more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (detailed two-step quantitative goodwill impairment test. ) Tj ET Q q 0 0 0 rg BT 276.16 618.10 Td (W) Tj ET Q q 0 0 0 rg BT 284.79 618.10 Td (e would perform the quantitative test if our qualitative assessment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (determined it is more-likely-than-not that a cruise brand) Tj ET Q q 0 0 0 rg BT 276.87 606.10 Td (s estimated fair value is less than its carrying amount. ) Tj ET Q q 0 0 0 rg BT 493.58 606.10 Td (W) Tj ET Q q 0 0 0 rg BT 502.22 606.10 Td (e may also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (elect to bypass the qualitative assessment and proceed directly to the quantitative test for any cruise brand. ) Tj ET Q q 0 0 0 rg BT 478.01 594.10 Td (When performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (the quantitative test, if the estimated fair value of the cruise brand exceeds its carrying value, no further analysis or write-down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (of goodwill is required. However) Tj ET Q q 0 0 0 rg BT 182.62 570.10 Td (, if the estimated fair value of the cruise brand is less than the carrying value of its net assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (the estimated fair value of the cruise brand is assigned to all its underlying assets and liabilities, including both recognized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (unrecognized tangible and intangible assets, based on their fair values. If necessary) Tj ET Q q 0 0 0 rg BT 381.73 546.10 Td (, goodwill is then written down to its implied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 510.10 Td (rademarks represent substantially all of our other intangibles. For certain acquisitions, we have allocated a portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (purchase prices to the acquiree) Tj ET Q q 0 0 0 rg BT 176.05 498.10 Td (s identified trademarks. ) Tj ET Q q 0 0 0 rg BT 272.50 498.10 Td (T) Tj ET Q q 0 0 0 rg BT 278.26 498.10 Td (rademarks are estimated to have an indefinite useful life and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (therefore, are not amortizable, but are reviewed for impairment at least annually and, when events or circumstances dictate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (more frequently) Tj ET Q q 0 0 0 rg BT 113.49 474.10 Td (. ) Tj ET Q q 0 0 0 rg BT 118.31 474.10 Td (The impairment review for trademarks also allows us to first assess qualitative factors to determine whether it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (is necessary to perform a more detailed quantitative trademark impairment test. ) Tj ET Q q 0 0 0 rg BT 369.70 462.10 Td (W) Tj ET Q q 0 0 0 rg BT 378.34 462.10 Td (e would perform the quantitative test if our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (qualitative assessment determined it was more-likely-than-not that the trademarks are impaired. ) Tj ET Q q 0 0 0 rg BT 435.24 450.10 Td (W) Tj ET Q q 0 0 0 rg BT 443.88 450.10 Td (e may also elect to bypass ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (the qualitative assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (carrying value exceeds their estimated fair value. ) Tj ET Q q 0 0 0 rg BT 248.61 426.10 Td (The costs of developing and maintaining our trademarks are expensed as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 393.10 Td ( significant amount of judgment is also required in estimating the fair values of our cruise brands and trademarks.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (Revenue and Expense Recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (Guest cruise deposits represent unearned revenues and are initially included in customer deposit liabilities when received. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. ) Tj ET Q q 0 0 0 rg BT 461.40 314.10 Td (The impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (basis is not significant. Future travel discount vouchers issued to guests are included as a reduction of cruise passenger ticket ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (revenues when such vouchers are utilized. Guest cancellation fees are recognized in cruise passenger ticket revenues at the time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (of the cancellation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (Our sale to guests of air and other transportation to and from airports near the home ports of our ships and the related cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (purchasing these services are included in cruise passenger ticket revenues and cruise transportation costs, respectively) Tj ET Q q 0 0 0 rg BT 521.12 233.10 Td (. ) Tj ET Q q 0 0 0 rg BT 525.94 233.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (proceeds that we collect from the sales of third-party shore excursions and on behalf of our onboard concessionaires, net of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (amounts remitted to them, are included in onboard and other cruise revenues as concession revenues. ) Tj ET Q q 0 0 0 rg BT 456.26 209.10 Td (All of these amounts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (recognized on a completed voyage or pro rata basis as discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (Cruise passenger ticket revenues include fees, taxes and char) Tj ET Q q 0 0 0 rg BT 293.33 176.10 Td (ges collected by us from our guests. ) Tj ET Q q 0 0 0 rg BT 438.86 176.10 Td (A) Tj ET Q q 0 0 0 rg BT 445.53 176.10 Td ( portion of these fees, taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (and char) Tj ET Q q 0 0 0 rg BT 83.96 164.10 Td (ges vary with guest head counts and are directly imposed on a revenue-producing arrangement. ) Tj ET Q q 0 0 0 rg BT 467.26 164.10 Td (This portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (fees, taxes and char) Tj ET Q q 0 0 0 rg BT 128.11 152.10 Td (ges is expensed in commissions, transportation and other costs when the corresponding revenues are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 98.68 140.10 Td (These fees, taxes and char) Tj ET Q q 0 0 0 rg BT 203.17 140.10 Td (ges included in passenger ticket revenues and commissions, transportation and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (costs were $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.43 128.10 Td (532 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.82 128.10 Td (, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.82 128.10 Td (517 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.21 128.10 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.65 128.10 Td (477 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.04 128.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.82 128.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.82 128.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.82 128.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.82 128.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.26 128.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.26 128.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 422.92 128.10 Td (. ) Tj ET Q q 0 0 0 rg BT 427.74 128.10 Td (The remaining portion of fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (taxes and char) Tj ET Q q 0 0 0 rg BT 107.01 116.10 Td (ges are also included in cruise passenger ticket revenues but are expensed in other ship operating expenses when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (the corresponding revenues are recognized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (Revenues and expenses from our hotel and transportation operations, which are included in our ) Tj ET Q q 0 0 0 rg BT 433.32 87.10 Td (T) Tj ET Q q 0 0 0 rg BT 438.73 87.10 Td (our and Other segment, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (recognized at the time the services are performed or expenses are incurred. Revenues from the long-term leasing of ships, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (which are also included in our ) Tj ET Q q 0 0 0 rg BT 173.12 63.10 Td (T) Tj ET Q q 0 0 0 rg BT 178.53 63.10 Td (our and Other segment, are recognized ratably over the term of the charter agreement using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (straight-line method \(see Note 1) Tj ET Q q 0 0 0 rg BT 178.48 51.10 Td (1\).) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 725.25 Td (e maintain insurance to cover a number of risks including illness and injury to crew) Tj ET Q q 0 0 0 rg BT 391.79 725.25 Td (, guest injuries, pollution, other third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (party claims in connection with our cruise activities, damages to hull and machinery for each of our ships, war risks, workers) Tj ET Q q 0 0 0 rg BT 552.72 713.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (compensation, employee health, directors and of) Tj ET Q q 0 0 0 rg BT 243.92 701.25 Td (ficers liability) Tj ET Q q 0 0 0 rg BT 299.09 701.25 Td (, property damages and general liabilities for third-party claims. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 689.25 Td (e recognize insurance recoverables from third-party insurers for incurred expenses at the time the recovery is probable and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (upon realization for amounts in excess of incurred expenses. ) Tj ET Q q 0 0 0 rg BT 293.81 677.25 Td (All of our insurance policies are subject to coverage limits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (exclusions and deductible levels.) Tj ET Q q 0 0 0 rg BT 183.95 665.25 Td (The liabilities associated with crew illnesses and crew and guest injury claims, including all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (claims experience, loss development factors and other assumptions. ) Tj ET Q q 0 0 0 rg BT 323.08 641.25 Td (While we believe our estimated accrued claims reserves are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (adequate, the ultimate losses will dif) Tj ET Q q 0 0 0 rg BT 195.89 629.25 Td (fer) Tj ET Q q 0 0 0 rg BT 206.44 629.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 608.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 608.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.65 608.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.65 608.25 Td (, substantially all of our aggregated short-term and long-term insurance recoverables are for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (crew) Tj ET Q q 0 0 0 rg BT 68.78 596.25 Td (, guest and other third-party claims related to the January 2012 ship incident. ) Tj ET Q q 0 0 0 rg BT 377.87 596.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.37 596.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.07 596.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.51 596.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.51 596.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (majority of our aggregated short-term and long-term claims reserves also relate to this January 2012 ship incident. ) Tj ET Q q 0 0 0 rg BT 508.76 584.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.71 572.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.15 572.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.15 572.25 Td (, our long-term insurance recoverables and long-term claims reserve are included in other assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (and other long-term liabilities, respectively) Tj ET Q q 0 0 0 rg BT 221.80 560.25 Td (, and are not material. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (Selling and ) Tj ET Q q 0 0 0 rg BT 99.47 536.25 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (Selling expenses include a broad range of advertising, such as marketing and promotional expenses. ) Tj ET Q q 0 0 0 rg BT 452.11 519.25 Td (Advertising is char) Tj ET Q q 0 0 0 rg BT 528.03 519.25 Td (ged to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (expense as incurred, except for media production costs. Brochures and media production costs are recorded as prepaid expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (and char) Tj ET Q q 0 0 0 rg BT 83.96 495.25 Td (ged to expense as consumed or upon the first airing of the advertisement, respectively) Tj ET Q q 0 0 0 rg BT 426.54 495.25 Td (. ) Tj ET Q q 0 0 0 rg BT 430.99 495.25 Td (Advertising expenses totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.25 Td ($623 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 483.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.39 483.25 Td ($588 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.78 483.25 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.22 483.25 Td (527 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.61 483.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.39 483.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.39 483.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.39 483.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.39 483.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.83 483.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.83 483.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 378.49 483.25 Td (. ) Tj ET Q q 0 0 0 rg BT 382.94 483.25 Td (Administrative expenses represent the costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.25 Td (of our shoreside ship support, reservations and other administrative functions, and includes salaries and related benefits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.25 Td (professional fees and occupancy costs, which are typically expensed as incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (For) Tj ET Q q 0 0 0 rg BT 65.37 433.25 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 107.12 433.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 128.88 433.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.81 433.25 Td (ranslations and ) Tj ET Q q 0 0 0 rg BT 202.98 433.25 Td (T) Tj ET Q q 0 0 0 rg BT 208.91 433.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (Each business determines its functional currency by reference to its primary economic environment. ) Tj ET Q q 0 0 0 rg BT 453.01 416.25 Td (W) Tj ET Q q 0 0 0 rg BT 461.65 416.25 Td (e translate the assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (liabilities of our foreign operations that have functional currencies other than the U.S. dollar at exchange rates in ef) Tj ET Q q 0 0 0 rg BT 510.21 404.25 Td (fect at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (balance sheet date. Revenues and expenses of these foreign operations are translated at weighted-average exchange rates for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.37 380.25 Td (Their equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (component of accumulated other comprehensive income \(AOCI\), which is a separate component of shareholders) Tj ET Q q 0 0 0 rg BT 512.97 368.25 Td ( equity) Tj ET Q q 0 0 0 rg BT 539.82 368.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (Therefore, the U.S. dollar value of the non-equity translated items in our consolidated financial statements will fluctuate from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (period to period, depending on the changing value of the U.S. dollar versus these currencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 323.25 Td (e execute transactions in a number of dif) Tj ET Q q 0 0 0 rg BT 220.89 323.25 Td (ferent currencies, principally the U.S. dollar) Tj ET Q q 0 0 0 rg BT 396.54 323.25 Td (, euro, sterling and ) Tj ET Q q 0 0 0 rg BT 473.19 323.25 Td (Australian dollar) Tj ET Q q 0 0 0 rg BT 540.12 323.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (Exchange rate gains and losses arising from changes in foreign currency exchange rates between the time an expense is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (recorded and when it is settled as well as the remeasurement of monetary assets and liabilities, all denominated in a currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (other than the functional currency of the entity involved, are recognized currently in nonoperating earnings, unless such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (monetary liabilities have been designated to act as hedges of net investments in our foreign operations. ) Tj ET Q q 0 0 0 rg BT 463.31 275.25 Td (The net gains or losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (resulting from these "nonoperating foreign currency transactions" were insignificant in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.72 263.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.72 263.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.72 263.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.72 263.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.16 263.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.16 263.25 Td (. In addition, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (unrealized gains or losses on our long-term intercompany receivables denominated in a non-functional currency) Tj ET Q q 0 0 0 rg BT 497.25 251.25 Td (, which are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (expected to be repaid in the foreseeable future and are therefore considered to form part of our net investments, are recorded as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (foreign currency translation adjustments, which are included as a component of ) Tj ET Q q 0 0 0 rg BT 369.90 227.25 Td (AOCI.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.38 201.25 Td (e-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 184.25 Td (e recognize compensation expense for all share-based compensation awards using the fair value method. For time-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (period or to the retirement eligibility date, if less than the vesting period, when vesting is not contingent upon any future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (performance. For performance-based share awards, we generally recognize compensation cost ratably using the straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (attribution method over the expected vesting period based on the probability of the performance condition being achieved. If all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (compensation expense will be reversed and future compensation expense will be adjusted accordingly) Tj ET Q q 0 0 0 rg BT 457.55 112.25 Td (. For market-based share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (the tar) Tj ET Q q 0 0 0 rg BT 75.08 88.25 Td (get market conditions are not expected to be met, compensation expense will still be recognized. In addition, we estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (the amount of expected forfeitures based on historical forfeiture experience when calculating compensation cost. If the actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (forfeitures that occur are significantly dif) Tj ET Q q 0 0 0 rg BT 214.47 64.25 Td (ferent from the estimate, then we revise our estimates. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.70 31.60 Td (F-1) Tj ET Q q 0 0 0 rg BT 310.22 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Earnings Per) Tj ET Q q 0 0 0 rg BT 106.21 742.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 129.09 742.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (each period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights \(see Note 3\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (NOTE 3 DLC ) Tj ET Q q 0 0 0 rg BT 118.90 668.25 Td (Arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 651.25 Td (In 2003, Carnival Corporation and Carnival plc completed a DLC transaction, which implemented Carnival Corporationand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 639.25 Td (Carnival plc) Tj ET Q q 0 0 0 rg BT 101.93 639.25 Td (s DLC arrangement. ) Tj ET Q q 0 0 0 rg BT 185.61 639.25 Td (The contracts governing the DLC arrangement provide that Carnival Corporation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.25 Td (Carnival plc each continue to have separate boards of directors, but the boards and senior executive management of both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.25 Td (companies are identical. ) Tj ET Q q 0 0 0 rg BT 149.22 615.25 Td (The constitutional documents of each of the companies also provide that, on most matters, the holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.25 Td (of the common equity of both companies ef) Tj ET Q q 0 0 0 rg BT 224.50 603.25 Td (fectively vote as a single body) Tj ET Q q 0 0 0 rg BT 345.20 603.25 Td (. On specified matters where the interests of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.25 Td (Corporation) Tj ET Q q 0 0 0 rg BT 101.10 591.25 Td (s shareholders may dif) Tj ET Q q 0 0 0 rg BT 191.18 591.25 Td (fer from the interests of Carnival plc) Tj ET Q q 0 0 0 rg BT 340.01 591.25 Td (s shareholders \(a class rights action such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.25 Td (transactions primarily designed to amend or unwind the DLC arrangement\), each shareholder body will vote separately as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.25 Td (class. Generally) Tj ET Q q 0 0 0 rg BT 113.21 567.25 Td (, no class rights action will be implemented unless approved by both shareholder bodies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (Upon the closing of the DLC transaction, Carnival Corporation and Carnival plc also executed the Equalization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.25 Td (Governance ) Tj ET Q q 0 0 0 rg BT 100.25 531.25 Td (Agreement, which provides for the equalization of dividends and liquidation distributions based on an equalization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (ratio and contains provisions relating to the governance of the DLC arrangement. Because the equalization ratio is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.29 519.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.29 519.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.07 519.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.07 519.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.07 519.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.51 519.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (Carnival plc ordinary share is entitled to the same distributions, subject to the terms of the Equalization and Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (Agreement, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.25 495.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.69 495.25 Td ( share of Carnival Corporation common stock. In a liquidation of either company or both companies, if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.25 Td (hypothetical potential per share liquidation distributions to each company) Tj ET Q q 0 0 0 rg BT 347.15 483.25 Td (s shareholders are not equivalent, taking into account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.25 Td (the relative value of the two companies) Tj ET Q q 0 0 0 rg BT 209.75 471.25 Td ( assets and the indebtedness of each company) Tj ET Q q 0 0 0 rg BT 391.54 471.25 Td (, to the extent that one company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.25 Td (greater net assets so that any liquidation distribution to its shareholders would not be equivalent on a per share basis, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.25 Td (company with the ability to make a higher net distribution is required to make a payment to the other company to equalize the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.25 Td (possible net distribution to shareholders, subject to certain exceptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (At the closing of the DLC transaction, Carnival Corporation and Carnival plc also executed deeds of guarantee. Under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.25 Td (terms of Carnival Corporation) Tj ET Q q 0 0 0 rg BT 173.58 402.25 Td (s deed of guarantee, Carnival Corporation has agreed to guarantee all indebtedness and certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (other monetary obligations of Carnival plc that are incurred under agreements entered into on or after the closing date of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (DLC transaction. ) Tj ET Q q 0 0 0 rg BT 121.19 378.25 Td (The terms of Carnival plc) Tj ET Q q 0 0 0 rg BT 226.71 378.25 Td (s deed of guarantee mirror those of Carnival Corporation) Tj ET Q q 0 0 0 rg BT 457.20 378.25 Td (s. In addition, Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (Corporation and Carnival plc have each extended their respective deeds of guarantee to the other) Tj ET Q q 0 0 0 rg BT 437.43 366.25 Td () Tj ET Q q 0 0 0 rg BT 440.21 366.25 Td (s pre-DLC indebtedness and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (certain other monetary obligations, or alternatively have provided standalone guarantees in lieu of utilization of these deeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (guarantee, thus ef) Tj ET Q q 0 0 0 rg BT 120.62 342.25 Td (fectively cross guaranteeing all Carnival Corporation and Carnival plc indebtedness and certain other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (monetary obligations. Each deed of guarantee provides that the creditors to whom the obligations are owed are intended third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (party beneficiaries of such deed of guarantee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.25 Td (The deeds of guarantee are governed and construed in accordance with the laws of the Isle of Man. Subject to the terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (deeds of guarantee, the holders of indebtedness and other obligations that are subject to the deeds of guarantee will have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.25 Td (recourse to both Carnival plc and Carnival Corporation, though a Carnival plc creditor must first make written demand on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.25 Td (Carnival plc and a Carnival Corporation creditor on Carnival Corporation. Once the written demand is made by letter or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (form of notice, the holders of indebtedness or other obligations may immediately commence an action against the relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.25 Td (guarantor) Tj ET Q q 0 0 0 rg BT 87.76 237.25 Td (. ) Tj ET Q q 0 0 0 rg BT 92.21 237.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 141.55 237.25 Td (, there is no requirement under the deeds of guarantee to obtain a judgment, take other enforcement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.25 Td (actions or wait any period of time prior to taking steps against the relevant guarantor) Tj ET Q q 0 0 0 rg BT 387.68 225.25 Td (. ) Tj ET Q q 0 0 0 rg BT 392.13 225.25 Td (All actions or proceedings arising out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.25 Td (or in connection with the deeds of guarantee must be exclusively brought in courts in England.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (Under the terms of the DLC transaction documents, Carnival Corporation and Carnival plc are permitted to transfer assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (between the companies, make loans to or investments in each other and otherwise enter into intercompany transactions. ) Tj ET Q q 0 0 0 rg BT 530.50 180.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.25 Td (companies have entered into some of these types of transactions and may enter into additional transactions in the future to take ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (advantage of the flexibility provided by the DLC arrangement, and to operate both companies as a single unified economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (enterprise in the most ef) Tj ET Q q 0 0 0 rg BT 146.46 144.25 Td (fective manner) Tj ET Q q 0 0 0 rg BT 205.59 144.25 Td (. In addition, under the terms of the Equalization and Governance ) Tj ET Q q 0 0 0 rg BT 469.67 144.25 Td (Agreement and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.25 Td (deeds of guarantee, the cash flows and assets of one company are required to be used to pay the obligations of the other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 120.25 Td (, if necessary) Tj ET Q q 0 0 0 rg BT 137.83 120.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.25 Td (Given the DLC arrangement, we believe that providing separate financial statements for each of Carnival Corporation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.25 Td (Carnival plc would not present a true and fair view of the economic realities of their operations. ) Tj ET Q q 0 0 0 rg BT 434.87 87.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 484.21 87.25 Td (, separate financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.25 Td (statements for both Carnival Corporation and Carnival plc have not been presented.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (NOTE 4 Pr) Tj ET Q q 0 0 0 rg BT 106.21 742.25 Td (operty and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (Property and equipment consisted of the following \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 714.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 677.95 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 677.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 677.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 677.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 677.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.95 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 647.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 647.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 647.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 647.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 607.95 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 607.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 607.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 607.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 607.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.95 346.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 577.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 577.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 577.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 577.95 18.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 690.95 m 461.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 690.95 m 479.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 690.95 m 544.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 677.95 m 461.5 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 677.95 m 544.5 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 647.95 m 461.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 647.95 m 544.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 592.95 m 461.5 592.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 592.95 m 544.5 592.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 562.95 m 461.5 562.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 562.95 m 544.5 562.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 562.95 m 461.5 562.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 548.95 m 461.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 546.95 m 461.5 546.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 562.95 m 544.5 562.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 548.95 m 544.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 546.95 m 544.5 546.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 695.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.30 695.18 Td (November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.00 695.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 682.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.50 682.18 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.00 682.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.50 682.18 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.00 682.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.52 Td (Ships, including ship improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 667.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 667.62 Td (42,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 667.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 667.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 667.62 Td (42,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 667.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 653.52 Td (Ships under construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 652.62 Td (533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 652.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 652.62 Td (535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 652.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 637.62 Td (43,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 637.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 637.62 Td (42,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 637.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.52 Td (Land, buildings and improvements, including leasehold improvements and port ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.52 Td ( facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 612.62 Td (1,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 612.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 612.62 Td (971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 612.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.52 Td (Computer hardware and software, transportation equipment and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 597.62 Td (1,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 597.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 597.62 Td (1,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 597.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.52 Td (Total property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 582.62 Td (45,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 582.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 582.62 Td (45,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 582.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.52 Td (Less accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 567.67 Td (\(13,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 567.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.80 567.67 Td (\(12,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 567.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 552.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 552.62 Td (32,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 552.62 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 552.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 552.62 Td (32,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 552.62 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 537.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 525.65 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 525.65 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.95 525.65 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.66 525.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 525.65 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.10 525.65 Td (, the net carrying values of ships and ships under construction for our North ) Tj ET Q q 0 0 0 rg BT 516.75 525.65 Td (America, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 513.65 Td (EAA, Cruise Support and ) Tj ET Q q 0 0 0 rg BT 185.54 513.65 Td (T) Tj ET Q q 0 0 0 rg BT 190.95 513.65 Td (our and Other segments were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.63 513.65 Td ($18.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.74 513.65 Td (, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.74 513.65 Td (12.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.86 513.65 Td (, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.86 513.65 Td (0.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.97 513.65 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.41 513.65 Td (0.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.52 513.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 501.65 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.45 501.65 Td (18.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.56 501.65 Td (, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.56 501.65 Td (13.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.68 501.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.68 501.65 Td ($0.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.79 501.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.23 501.65 Td ($0.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.34 501.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 357.00 501.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.65 Td (Ships under construction include progress payments for the construction of new ships, as well as design and engineering fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.65 Td (capitalized interest, construction oversight costs and various owner supplied items.Capitalized interest, substantially all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.65 Td (included in our ships under construction, amounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.02 456.65 Td ($21 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.41 456.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.41 456.65 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.80 456.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.24 456.65 Td ($17 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.63 456.65 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.41 456.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.41 456.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.41 456.65 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.41 456.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.85 456.65 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.85 456.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 444.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.65 Td (Repairs and maintenance expenses, including minor improvement costs and dry-dock expenses, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.66 423.65 Td ($918 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.05 423.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.05 423.65 Td ($954 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 411.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 411.65 Td ($832 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.72 411.65 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.50 411.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 411.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 411.65 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.50 411.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.94 411.65 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.94 411.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 299.60 411.65 Td (, and are substantially all included in other ship operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.65 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.65 Td (During 2012, we wrote-of) Tj ET Q q 0 0 0 rg BT 154.24 378.65 Td (f the net carrying value of a ship related to the January 2012 ship incident and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.89 378.65 Td (395 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.28 378.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.65 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.16 366.65 Td ($508 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.55 366.65 Td (\) of hull and machinery insurance proceeds for the total loss of the ship. ) Tj ET Q q 0 0 0 rg BT 404.64 366.65 Td (As a result, in 2012 we recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.71 366.65 Td (14 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 354.65 Td ( \(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.55 354.65 Td ($17 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.94 354.65 Td (\) of proceeds in excess of the net carrying value of the ship as a reduction of other ship operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.65 Td (expenses. In addition, during 2012 we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.79 342.65 Td ($28 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.18 342.65 Td ( of January 2012 ship incident-related expenses, that were not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.65 Td (covered by insurance and are principally included in other ship operating expenses. See Note 7 for a discussion of loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.65 Td (contingencies related to the January 2012 ship incident.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.65 Td (See Note 10 for a discussion regarding ship sales and impairments. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (NOTE 5 Unsecur) Tj ET Q q 0 0 0 rg BT 131.21 742.25 Td (ed Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (Long-term debt and short-term borrowings consisted of the following \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.28 725.25 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 714.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 669.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 669.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 669.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 669.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 669.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 669.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 669.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 640.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 640.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 640.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 640.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 640.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 640.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 640.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 610.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 610.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 610.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 610.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 610.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 610.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 610.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.95 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 580.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 580.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 580.95 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 580.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 580.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 580.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 580.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 551.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 551.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 551.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 551.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 551.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 551.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 551.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 521.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 521.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 521.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 521.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 521.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 521.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 521.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 521.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 492.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 492.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 492.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 492.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 492.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 492.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 492.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 492.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 462.95 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 462.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 462.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 462.95 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 462.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 462.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 462.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 462.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 433.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 433.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 433.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 433.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 433.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 433.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 433.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 403.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 403.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 403.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 403.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 403.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 403.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 403.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 373.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 373.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 373.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 373.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 373.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 373.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 373.95 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.95 272.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 343.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 343.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 343.95 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 343.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 343.95 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 343.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 343.95 54.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 690.95 m 386.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 690.95 m 390.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 690.95 m 447.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 690.95 m 504.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 690.95 m 508.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 690.95 m 562.5 690.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 669.95 m 386.5 669.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 669.95 m 447.5 669.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 669.95 m 504.5 669.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 669.95 m 562.5 669.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 373.95 m 504.5 373.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 373.95 m 562.5 373.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 328.95 m 504.5 328.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 328.95 m 562.5 328.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 328.95 m 504.5 328.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 314.95 m 504.5 314.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 312.95 m 504.5 312.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 328.95 m 562.5 328.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 314.95 m 562.5 314.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 312.95 m 562.5 312.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 695.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.80 695.18 Td (November 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 695.18 Td (November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.15 674.18 Td (Interest Rates) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.50 682.18 Td (Maturities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.45 674.18 Td (Through) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.65 674.18 Td (2014 \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.65 674.18 Td (2013 \(a\)) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 659.11259765625 m 124.572265625 659.11259765625 l s q 0 0 0 rg BT 53.00 660.68 Td (Long-Term Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 645.68 Td (Export Credit Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.52 Td (Fixed rate \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 630.62 Td (4.2% to 5.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 630.62 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 630.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 630.62 Td (1,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 630.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 630.62 Td (1,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.52 Td (Euro fixed rate \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 615.62 Td (3.8% to 4.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 615.62 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 615.62 Td (340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 615.62 Td (408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.52 Td (Floating rate \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 600.62 Td (1.4% to 1.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 600.62 Td (2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 600.62 Td (1,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 600.62 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.52 Td (Euro floating rate \(b\) \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 585.62 Td (0.3% to 1.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 585.62 Td (2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 585.62 Td (1,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 585.62 Td (1,742) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 571.68 Td (Bank Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 557.52 Td (Fixed rate \(b\) \(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 556.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 556.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 556.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 556.62 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.52 Td (Euro fixed rate \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.55 541.62 Td (3.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 541.62 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 541.62 Td (221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 541.62 Td (276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.52 Td (Floating rate \(b\) \(e\) \(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 526.62 Td (0.7% to 1.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 526.62 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 526.62 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 526.62 Td (850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.52 Td (Euro floating rate \(b\) \(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.55 511.62 Td (0.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 511.62 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 511.62 Td (249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 511.62 Td (138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 497.68 Td (Private Placement Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 483.52 Td (Fixed rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 482.62 Td (5.9% to 6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 482.62 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 482.62 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 482.62 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 468.52 Td (Euro fixed rate \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 467.62 Td (6.9% to 7.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 467.62 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 467.62 Td (153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 467.62 Td (194) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 453.68 Td (Publicly-Traded Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 439.52 Td (Fixed rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 438.62 Td (1.2% to 7.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 438.62 Td (2028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 438.62 Td (2,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 438.62 Td (2,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 424.68 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.75 423.62 Td (3.8% to 7.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 423.62 Td (2030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 423.62 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 423.62 Td (27) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 408.11259765625 m 155.5 408.11259765625 l s q 0 0 0 rg BT 53.00 409.68 Td (Short-Term Borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.52 Td (Euro bank loans \(h\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.55 393.62 Td (1.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 393.62 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 393.62 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 393.62 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.52 Td (U.S. dollar-denominated commercial paper \(h\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.55 378.62 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 378.62 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 378.62 Td (653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 378.62 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 364.68 Td (Total Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 363.62 Td (9,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 363.62 Td (9,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.52 Td (Less short-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.30 348.67 Td (\(666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 348.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 348.67 Td (\(60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 348.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 334.52 Td (Less current portion of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 333.67 Td (\(1,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 333.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 333.67 Td (\(1,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 333.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 319.68 Td (Total Long-term Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 318.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 318.62 Td (7,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 318.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 318.62 Td (8,092) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 303.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 291.65 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 291.65 Td (The debt table does not include the impact of our foreign currency and interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 443.38 291.65 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.88 291.65 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.59 291.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.59 291.65 Td (67%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.92 291.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 279.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.39 279.65 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.72 279.65 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.55 279.65 Td (69%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.88 279.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.32 279.65 Td (31%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.65 279.65 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.86 279.65 Td (November30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.57 279.65 Td (\) of our debt was U.S. dollar and euro-denominated, respectively) Tj ET Q q 0 0 0 rg BT 528.29 279.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 267.65 Td (including the ef) Tj ET Q q 0 0 0 rg BT 143.03 267.65 Td (fect of foreign currency swaps. ) Tj ET Q q 0 0 0 rg BT 269.09 267.65 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.59 267.65 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.29 267.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.29 267.65 Td (52%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.62 267.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.06 267.65 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.39 267.65 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.22 267.65 Td (59%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.55 267.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.99 267.65 Td (41%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.32 267.65 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.54 267.65 Td (November30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 255.65 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.45 255.65 Td (\) of our debt bore fixed and floating interest rates, respectively) Tj ET Q q 0 0 0 rg BT 349.99 255.65 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 417.56 255.65 Td (fect of interest rate swaps. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 243.65 Td (Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 231.65 Td (substantially all of our debt agreements, including our main revolving credit facility) Tj ET Q q 0 0 0 rg BT 415.26 231.65 Td (, contain one or more financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 219.65 Td (covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders) Tj ET Q q 0 0 0 rg BT 557.08 219.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 207.65 Td (equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 195.65 Td (other indebtedness. Generally) Tj ET Q q 0 0 0 rg BT 198.93 195.65 Td (, if an event of default under any debt agreement occurs, then pursuant to cross default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 183.65 Td (acceleration clauses, substantially all of our outstanding debt and derivative contract payables \(see Note 10\) could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 171.65 Td (become due, and all debt and derivative contracts could be terminated. ) Tj ET Q q 0 0 0 rg BT 364.51 171.65 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.01 171.65 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.71 171.65 Td (, we believe we were in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 159.65 Td (compliance with all of our debt covenants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 147.65 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 147.65 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.83 147.65 Td ($2.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.94 147.65 Td ( of debt whose interest rates, and in the case of our main revolver its commitment fees, would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 135.65 Td (increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 123.65 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 123.65 Td (In 2014, we repaid an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.06 123.65 Td ($590 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.45 123.65 Td ( outstanding under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.38 123.65 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.38 123.65 Td ( export credit facilities prior to their maturities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 111.65 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.06 111.65 Td (May 2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.89 111.65 Td (. In addition, in 2014 we borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.25 111.65 Td ($554 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.64 111.65 Td ( under an export credit facility) Tj ET Q q 0 0 0 rg BT 468.33 111.65 Td (, the proceeds of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 99.65 Td (were used to pay for a portion of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 213.74 99.65 Td (Regal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 99.65 Td () Tj ET Q q 0 0 0 rg BT 276.59 99.65 Td ( purchase price and is due in semi-annual installments through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.75 99.65 Td (May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 87.65 Td (2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.45 87.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 75.65 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 75.65 Td (In 2014, we borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.26 75.65 Td ($498 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 75.65 Td ( under a euro-denominated export credit facility) Tj ET Q q 0 0 0 rg BT 413.59 75.65 Td (, the proceeds of which were used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 63.65 Td (pay for a portion of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.70 63.65 Td (Costa Diadema's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.73 63.65 Td (purchase price and is due in semi-annual installments through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.39 63.65 Td (October 2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.10 63.65 Td (. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 742.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 742.10 Td (In 2014, we restructured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.69 742.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.69 742.10 Td ( floating rate bank loan facilities that had an aggregate outstanding balance of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.63 742.10 Td (250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 730.10 Td (and were previously due through 2016. ) Tj ET Q q 0 0 0 rg BT 239.40 730.10 Td (The restructuring converted the terms into perpetual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.16 730.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.60 730.10 Td (-year maturities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 718.10 Td (added a $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.77 718.10 Td (150 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.16 718.10 Td ( tranche, which was used to repay a portion of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.98 718.10 Td ($500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.37 718.10 Td ( fixed rate bank loan in 2014 prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 706.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.40 706.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.40 706.10 Td ( maturity date. ) Tj ET Q q 0 0 0 rg BT 172.75 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 181.39 706.10 Td (e can terminate this facility at any time upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.16 706.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 706.10 Td ( days notice, and the bank can terminate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 694.10 Td (facility at any time upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.70 694.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.14 694.10 Td (-year) Tj ET Q q 0 0 0 rg BT 216.05 694.10 Td () Tj ET Q q 0 0 0 rg BT 218.82 694.10 Td (s notice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 682.10 Td (\(f\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 682.10 Td (In 2014, we borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.26 682.10 Td ($150 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 682.10 Td ( under a floating rate bank loan, which is due in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.93 682.10 Td (September 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.19 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.01 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 494.65 682.10 Td (e used the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 670.10 Td (proceeds of this loan for general corporate purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.37 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 658.10 Td (\(g\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 658.10 Td (In 2014, we borrowed $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.26 658.10 Td (275 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 658.10 Td ( under a euro-denominated floating rate revolving bank loan facility) Tj ET Q q 0 0 0 rg BT 493.85 658.10 Td (, the proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 646.10 Td (which were used for general corporate purposes. ) Tj ET Q q 0 0 0 rg BT 276.86 646.10 Td (This facility has a perpetual term although we can terminate it at any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 634.10 Td (time, and the bank can terminate the facility at any time upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.42 634.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.64 634.10 Td ( months notice. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 622.10 Td (\(h\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 622.10 Td (The interest rate associated with our short-term borrowings represents an aggregate-weighted average interest rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 601.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 601.10 Td (, the scheduled annual maturities of our debt were as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 590.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.80 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 553.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 553.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 553.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 553.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 553.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 553.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 553.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 553.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 553.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 553.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 553.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 553.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 553.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.80 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 523.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 523.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 523.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 523.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 523.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 523.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 523.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 523.80 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 566.8 m 238.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 566.8 m 242.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 566.8 m 292.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 566.8 m 296.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 566.8 m 346.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 566.8 m 350.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 566.8 m 400.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 566.8 m 404.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 566.8 m 454.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 566.8 m 238.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 553.8 m 238.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 566.8 m 292.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 553.8 m 292.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 566.8 m 346.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 553.8 m 346.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 566.8 m 400.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 553.8 m 400.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 566.8 m 454.5 566.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 553.8 m 454.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 553.8 m 508.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 553.8 m 562.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 553.8 m 238.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 553.8 m 292.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 553.8 m 346.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 553.8 m 400.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 553.8 m 454.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 553.8 m 508.5 553.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 523.8 m 238.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 523.8 m 292.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 523.8 m 346.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 523.8 m 400.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 523.8 m 454.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 523.8 m 508.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 523.8 m 562.5 523.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 509.8 m 238.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 507.8 m 238.5 507.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 509.8 m 292.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 507.8 m 292.5 507.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 509.8 m 346.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 507.8 m 346.5 507.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 509.8 m 400.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 507.8 m 400.5 507.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 509.8 m 454.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 507.8 m 454.5 507.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 509.8 m 508.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 507.8 m 508.5 507.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 509.8 m 562.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 507.8 m 562.5 507.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 571.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.00 571.03 Td (Fiscal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 571.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.00 571.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 558.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.00 558.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 558.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 558.03 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.00 558.03 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 558.03 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 558.03 Td (Thereafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 558.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.37 Td (Short-termborrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 543.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 543.47 Td (666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 543.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 543.47 Td (666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.37 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 528.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.15 528.47 Td (1,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 528.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 528.47 Td (1,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 528.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 528.47 Td (634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 528.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 528.47 Td (1,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 528.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 528.47 Td (685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 528.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 528.47 Td (2,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 528.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 528.47 Td (8,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 513.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.15 513.47 Td (1,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 513.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 513.47 Td (1,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 513.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 513.47 Td (634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 513.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 513.47 Td (1,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 513.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 513.47 Td (685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 513.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 513.47 Td (2,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 513.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 513.47 Td (9,088) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.30 Td (Debt issuance costs are generally amortized to interest expense using the straight-line method, which approximates the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.30 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 476.30 Td (fective interest method, over the term of the debt. In addition, all debt issue discounts are amortized to interest expense using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.30 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 464.30 Td (fective interest rate method over the term of the notes.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 721.10 Td (Committed Ship Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 704.10 Td (e have unsecured euro and U.S. dollar long-term export credit committed ship financings in order to pay for a portion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (ships) Tj ET Q q 0 0 0 rg BT 73.15 692.10 Td ( purchase prices. ) Tj ET Q q 0 0 0 rg BT 142.38 692.10 Td (These commitments, if drawn, are repayable semi-annually over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.29 692.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.29 692.10 Td ( years. ) Tj ET Q q 0 0 0 rg BT 440.70 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 449.34 692.10 Td (e have the option to cancel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (each one at specified dates prior to the underlying ship) Tj ET Q q 0 0 0 rg BT 271.32 680.10 Td (s delivery date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (At January22, 2015, our committed ship financings are as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 648.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 595.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 595.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 595.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 565.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 565.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 565.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 535.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 535.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 535.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 505.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 505.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 505.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 475.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 475.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 475.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 475.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 445.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 445.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 445.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 415.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 415.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 415.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 415.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 385.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 385.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 385.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 385.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 608.8 m 493.5 608.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 608.8 m 562.5 608.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 490.8 m 562.5 490.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 475.8 m 562.5 475.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 385.8 m 562.5 385.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 370.8 m 562.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 356.8 m 562.5 356.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 354.8 m 562.5 354.8 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 611.780078125 m 138.14453125 611.780078125 l s q 0 0 0 rg BT 53.00 613.03 Td (Cruise Brands and Ships) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.70 629.03 Td (FiscalYear) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 621.03 Td (Scheduled for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 613.03 Td (Funding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.45 613.03 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 600.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.00 600.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.90 600.03 Td (\(inmillions\)) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 584.96259765625 m 117.1455078125 584.96259765625 l s q 0 0 0 rg BT 53.00 586.53 Td (North America) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 568.91259765625 m 143.556640625 568.91259765625 l s q 0 0 0 rg BT 53.00 570.48 Td (Carnival Cruise Line) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 555.51 Td (Carnival Vista) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 555.47 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 555.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 555.47 Td (483) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 538.91259765625 m 148 538.91259765625 l s q 0 0 0 rg BT 53.00 540.48 Td (Holland America Line) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 526.36 Td (Koningsdam) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 525.47 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 525.47 Td (379) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 509.96259765625 m 94.123046875 509.96259765625 l s q 0 0 0 rg BT 53.00 511.53 Td (Seabourn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.37 Td (Newbuild \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 495.47 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 495.47 Td (204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 481.37 Td (North America Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 480.47 Td (1,066) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 464.96259765625 m 73.83740234375 464.96259765625 l s q 0 0 0 rg BT 53.00 466.53 Td (EAA) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 449.96259765625 m 78.28076171875 449.96259765625 l s q 0 0 0 rg BT 53.00 451.53 Td (AIDA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 436.36 Td (AIDAprima \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 435.47 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 435.47 Td (393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.37 Td (Newbuild \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 420.47 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 420.47 Td (393) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 404.96259765625 m 134.0986328125 404.96259765625 l s q 0 0 0 rg BT 53.00 406.53 Td (P&O Cruises \(UK\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 391.36 Td (Britannia \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 390.47 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 390.47 Td (480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 376.37 Td (EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 375.47 Td (1,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 360.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 360.47 Td (2,332) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.30 Td (\(a\) Commitments are euro-denominated.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.30 Td (Revolving Cr) Tj ET Q q 0 0 0 rg BT 106.76 320.30 Td (edit Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.30 Td (In June 2014, Carnival Corporation, Carnival plc and certain of Carnival plc) Tj ET Q q 0 0 0 rg BT 357.97 299.30 Td (s subsidiaries amended and replaced their existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.30 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.55 287.30 Td (-year multi-currency revolving credit facility of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.24 287.30 Td (2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.36 287.30 Td ( \(comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.17 287.30 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.28 287.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.28 287.30 Td (450 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.68 287.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.11 287.30 Td (150 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.51 287.30 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.30 Td (with a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.38 275.30 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.92 275.30 Td (-year multi-currency revolving credit facility \(the Facility\). ) Tj ET Q q 0 0 0 rg BT 359.41 275.30 Td (This Facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.57 275.30 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.69 275.30 Td ( \(comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.50 275.30 Td ($1.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 263.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.11 263.30 Td (500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 263.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.94 263.30 Td (150 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.33 263.30 Td (\) at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.88 263.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 263.30 Td ( expires in June 2019, and we have options to extend this Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.30 Td (through June 2021 subject to the approval of each bank. ) Tj ET Q q 0 0 0 rg BT 276.15 251.30 Td (The Facility currently bears interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.09 251.30 Td (LIBOR/EURIBOR plus a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.30 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 239.30 Td (gin of 40 basis points \(bps\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.85 239.30 Td (. ) Tj ET Q q 0 0 0 rg BT 187.67 239.30 Td (The mar) Tj ET Q q 0 0 0 rg BT 221.08 239.30 Td (gin varies based on changes to Carnival Corporation) Tj ET Q q 0 0 0 rg BT 433.53 239.30 Td (s and Carnival plc) Tj ET Q q 0 0 0 rg BT 508.79 239.30 Td (s long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.30 Td (senior unsecured credit ratings. ) Tj ET Q q 0 0 0 rg BT 177.28 227.30 Td (W) Tj ET Q q 0 0 0 rg BT 185.91 227.30 Td (e are required to pay a commitment fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.11 227.30 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.44 227.30 Td ( of the mar) Tj ET Q q 0 0 0 rg BT 417.86 227.30 Td (gin per annum on any undrawn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.30 Td (portion. ) Tj ET Q q 0 0 0 rg BT 83.71 215.30 Td (W) Tj ET Q q 0 0 0 rg BT 92.34 215.30 Td (e will also incur an additional utilization fee of 10 bps, 20 bps or 40 bps if equal to or less than one-third, more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.30 Td (one-third or more than two-thirds of the Facility) Tj ET Q q 0 0 0 rg BT 241.81 203.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 294.47 203.30 Td (, is drawn on the total amount outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.28 203.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 182.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 182.30 Td (, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.74 182.30 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.74 182.30 Td ( other undrawn revolving credit facilities for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.96 182.30 Td ($300 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.35 182.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.79 182.30 Td ($75 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.18 182.30 Td ( that expire in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.30 Td (2020 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 162.10 170.30 Td (, and provide us with additional liquidity) Tj ET Q q 0 0 0 rg BT 324.49 170.30 Td (. ) Tj ET Q q 0 0 0 rg BT 328.94 170.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.44 170.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.14 170.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.14 170.30 Td ($2.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.26 170.30 Td ( was available under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.30 Td (all of our revolving credit facilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.30 Td (NOTE 6 Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.30 Td (Ship Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 102.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 102.30 Td (, as adjusted for our new ship orders through January 22, 2015, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.98 102.30 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.20 102.30 Td ( ships under contract for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.30 Td (construction with an aggregate passenger capacity of more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.85 90.30 Td (28,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.35 90.30 Td ( lower berths. ) Tj ET Q q 0 0 0 rg BT 391.37 90.30 Td (The estimated total cost of these ships is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.30 Td ($6.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.11 78.30 Td (, which includes the contract prices with the shipyards, design and engineering fees, capitalized interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.30 Td (construction oversight costs and various owner supplied items. ) Tj ET Q q 0 0 0 rg BT 303.39 66.30 Td (W) Tj ET Q q 0 0 0 rg BT 312.03 66.30 Td (e have paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.06 66.30 Td ($0.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.17 66.30 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.28 66.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.99 66.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (anticipate paying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.08 742.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.20 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.20 742.10 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.31 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.31 742.10 Td ($0.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.42 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.86 742.10 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.98 742.10 Td ( of the remaining estimated total costs in 2015, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2017 and 2018, respectively) Tj ET Q q 0 0 0 rg BT 162.10 730.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (Operating Leases, Port Facilities and Other) Tj ET Q q 0 0 0 rg BT 235.90 704.10 Td ( Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 687.10 Td (Rent expense under our operating leases, principally for of) Tj ET Q q 0 0 0 rg BT 284.46 687.10 Td (fice and warehouse space, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.40 687.10 Td ($63 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 687.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 687.10 Td ($61 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.19 687.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.63 687.10 Td ($57 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 675.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 675.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.67 675.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.67 675.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.67 675.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.67 675.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.11 675.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.11 675.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 228.77 675.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 654.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 654.10 Td (, minimum amounts payable for our operating leases, with initial or remaining terms in excess of one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 642.10 Td (, and for the annual usage of port facilities and other contractual commitments with remaining terms in excess of one year) Tj ET Q q 0 0 0 rg BT 553.75 642.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (were as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 619.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.80 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 582.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 582.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 582.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 582.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 582.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 582.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 582.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 582.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 582.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 582.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 582.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 582.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 582.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.80 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 552.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 552.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 552.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 552.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 552.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 552.80 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 552.80 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 595.8 m 238.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 595.8 m 242.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 595.8 m 292.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 595.8 m 296.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 595.8 m 346.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 595.8 m 350.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 595.8 m 400.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 595.8 m 404.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 595.8 m 454.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 595.8 m 238.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 582.8 m 238.5 582.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 595.8 m 292.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 582.8 m 292.5 582.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 582.8 m 346.5 582.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 582.8 m 400.5 582.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 582.8 m 454.5 582.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 582.8 m 508.5 582.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 582.8 m 562.5 582.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 552.8 m 238.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 552.8 m 292.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 552.8 m 346.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 552.8 m 400.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 552.8 m 454.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 552.8 m 508.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 552.8 m 562.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 538.8 m 238.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 536.8 m 238.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 538.8 m 292.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 536.8 m 292.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 538.8 m 346.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 536.8 m 346.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 538.8 m 400.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 536.8 m 400.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 538.8 m 454.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 536.8 m 454.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 538.8 m 508.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 536.8 m 508.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 538.8 m 562.5 538.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 536.8 m 562.5 536.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 600.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.00 600.03 Td (Fiscal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 600.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.00 600.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 587.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.00 587.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 587.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 587.03 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.00 587.03 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 587.03 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 587.03 Td (Thereafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 587.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.37 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 572.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.65 572.47 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 572.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 572.47 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 572.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 572.47 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 572.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 572.47 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 572.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 572.47 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 572.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 572.47 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 572.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 572.47 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.37 Td (Port facilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 557.47 Td (231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 557.47 Td (188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 557.47 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 557.47 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 557.47 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 557.47 Td (600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 557.47 Td (1,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 542.47 Td (287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 542.47 Td (233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 542.47 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 542.47 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 542.47 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 542.47 Td (747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 542.47 Td (1,667) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 517.30 Td (NOTE 7 Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.30 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.30 Td (As a result of the January 2012 ship incident, litigation claims, enforcement actions, regulatory actions and investigations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.30 Td (including, but not limited to, those arising from personal injury) Tj ET Q q 0 0 0 rg BT 301.82 467.30 Td (, loss of life, loss of or damage to personal property) Tj ET Q q 0 0 0 rg BT 507.23 467.30 Td (, business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.30 Td (interruption losses or environmental damage to any af) Tj ET Q q 0 0 0 rg BT 265.59 455.30 Td (fected coastal waters and the surrounding areas, have been and may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.30 Td (asserted or brought against various parties, including us.) Tj ET Q q 0 0 0 rg BT 277.55 443.30 Td (The existing assertions are ongoing and there are significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.30 Td (jurisdictional uncertainties. ) Tj ET Q q 0 0 0 rg BT 161.18 431.30 Td (The ultimate outcome of these matters cannot be determined at this time. However) Tj ET Q q 0 0 0 rg BT 491.50 431.30 Td (, we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.30 Td (expect these matters to have a significant impact on our results of operations because we have insurance coverage for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.30 Td (types of third-party claims. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.30 Td (The UK Maritime & Coastguard ) Tj ET Q q 0 0 0 rg BT 182.48 386.30 Td (Agency and the U.S. Department of Justice are investigating allegations that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.44 386.30 Td (Caribbean ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 374.30 Td (Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.44 374.30 Td ( breached international pollution laws. ) Tj ET Q q 0 0 0 rg BT 240.32 374.30 Td (W) Tj ET Q q 0 0 0 rg BT 248.96 374.30 Td (e are cooperating with the investigations, including conducting our own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.30 Td (internal investigation into the matter) Tj ET Q q 0 0 0 rg BT 194.97 362.30 Td (. ) Tj ET Q q 0 0 0 rg BT 199.79 362.30 Td (The ultimate outcome of this matter cannot be determined at this time. However) Tj ET Q q 0 0 0 rg BT 520.12 362.30 Td (, we do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.30 Td (not expect it to have a significant impact on our results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 329.30 Td (, in the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.30 Td (of these claims and lawsuits are covered by insurance and, accordingly) Tj ET Q q 0 0 0 rg BT 332.86 317.30 Td (, the maximum amount of our liability) Tj ET Q q 0 0 0 rg BT 485.24 317.30 Td (, net of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.30 Td (insurance recoverables, is typically limited to our self-insurance retention levels. Management believes the ultimate outcome of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.30 Td (these claims and lawsuits will not have a material adverse impact on our consolidated financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.30 Td (Contingent Obligations Lease Out and Lease Back ) Tj ET Q q 0 0 0 rg BT 275.40 272.30 Td (T) Tj ET Q q 0 0 0 rg BT 281.33 272.30 Td (ype \(LILO\) ) Tj ET Q q 0 0 0 rg BT 342.82 272.30 Td (T) Tj ET Q q 0 0 0 rg BT 348.75 272.30 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 255.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 255.30 Td (, Carnival Corporation had estimated contingent obligations totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.43 255.30 Td ($397 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.82 255.30 Td (, excluding termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.30 Td (payments as discussed below) Tj ET Q q 0 0 0 rg BT 166.27 243.30 Td (, to participants in LILO transactions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.67 243.30 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.67 243.30 Td ( of its ships. ) Tj ET Q q 0 0 0 rg BT 395.96 243.30 Td (At the inception of these leases, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.30 Td (aggregate of the net present value of these obligations was paid by Carnival Corporation to a group of major financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.30 Td (institutions, who agreed to act as payment undertakers and directly pay these obligations. ) Tj ET Q q 0 0 0 rg BT 408.52 219.30 Td (As a result, these contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.30 Td (obligations are considered extinguished and neither the funds nor the contingent obligations have been included in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.30 Td (Consolidated Balance Sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.30 Td (In the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (participants, we estimate that it would, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 162.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.55 162.30 Td (, be responsible for a termination payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 162.30 Td ($31 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.39 162.30 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.30 Td (2017, Carnival Corporation has the right to exercise options that would terminate these LILO transactions at no cost to it.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.30 Td (If the credit rating of one of the financial institutions who is directly paying the contingent obligations falls below ) Tj ET Q q 0 0 0 rg BT 506.84 129.30 Td (AA-, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.30 Td (below ) Tj ET Q q 0 0 0 rg BT 76.39 117.30 Td (A- for the other financial institution, then Carnival Corporation will be required to replace the applicable financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.30 Td (institution with another financial institution whose credit rating is at least ) Tj ET Q q 0 0 0 rg BT 344.67 105.30 Td (AA) Tj ET Q q 0 0 0 rg BT 358.56 105.30 Td ( or meets other specified credit requirements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.30 Td (such circumstances, it would incur additional costs, although we estimate that they would not be material to our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.30 Td (financial statements. ) Tj ET Q q 0 0 0 rg BT 134.51 81.30 Td (The financial institution payment undertaker subject to the ) Tj ET Q q 0 0 0 rg BT 370.56 81.30 Td (AA- credit rating threshold has a credit rating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 69.30 Td (AA, and the financial institution subject to the ) Tj ET Q q 0 0 0 rg BT 247.19 69.30 Td (A- credit rating threshold has a credit rating of ) Tj ET Q q 0 0 0 rg BT 435.18 69.30 Td (A+. If Carnival Corporation's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.30 Td (credit rating, which is BBB+, falls below BBB, it will be required to provide a standby letter of credit for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.05 57.30 Td ($36 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.44 57.30 Td (, or) Tj ET Q q 0 0 0 rg BT 532.37 57.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.30 Td (alternatively) Tj ET Q q 0 0 0 rg BT 99.33 45.30 Td (, provide mortgages for this aggregate amount on these two ships.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Contingent Obligations Indemnifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (Some of the debt contracts that we enter into include indemnification provisions that obligate us to make payments to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (counterparty if certain events occur) Tj ET Q q 0 0 0 rg BT 191.04 713.25 Td (. ) Tj ET Q q 0 0 0 rg BT 195.86 713.25 Td (These contingencies generally relate to changes in taxes and changes in laws that increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (lender capital costs and other similar costs. ) Tj ET Q q 0 0 0 rg BT 224.21 701.25 Td (The indemnification clauses are often standard contractual terms and were entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (into in the normal course of business. ) Tj ET Q q 0 0 0 rg BT 202.02 689.25 Td (There are no stated or notional amounts included in the indemnification clauses, and we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (are not able to estimate the maximum potential amount of future payments, if any) Tj ET Q q 0 0 0 rg BT 375.92 677.25 Td (, under these indemnification clauses. ) Tj ET Q q 0 0 0 rg BT 528.75 677.25 Td (W) Tj ET Q q 0 0 0 rg BT 537.39 677.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (have not been required to make any material payments under such indemnification clauses in the past and, under current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (circumstances, we do not believe a request for material future indemnification payments is probable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (NOTE 8 ) Tj ET Q q 0 0 0 rg BT 95.66 632.25 Td (T) Tj ET Q q 0 0 0 rg BT 101.41 632.25 Td (axation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 615.25 Td ( summary of our principal taxes and exemptions in the jurisdictions where our significant operations are located is as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (U.S. Income ) Tj ET Q q 0 0 0 rg BT 104.26 589.25 Td (T) Tj ET Q q 0 0 0 rg BT 110.01 589.25 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 572.25 Td (e are primarily foreign corporations engaged in the business of operating cruise ships in international transportation. ) Tj ET Q q 0 0 0 rg BT 525.27 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 533.91 572.25 Td (e also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (own and operate, among other businesses, the U.S. hotel and transportation business of Holland ) Tj ET Q q 0 0 0 rg BT 434.93 560.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 507.13 560.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 537.22 560.25 Td (T) Tj ET Q q 0 0 0 rg BT 542.63 560.25 Td (ours ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (through U.S. corporations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (Our North ) Tj ET Q q 0 0 0 rg BT 93.33 527.25 Td (American cruise ship businesses and certain ship-owning subsidiaries are engaged in a trade or business within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (U.S.Depending on its itinerary) Tj ET Q q 0 0 0 rg BT 174.33 515.25 Td (, any particular ship may generate income from sources within the U.S. ) Tj ET Q q 0 0 0 rg BT 461.57 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 470.21 515.25 Td (e believe that our U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (source income and the income of our ship-owning subsidiaries, to the extent derived from, or incidental to, the international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (operation of a ship or ships, is currently exempt from U.S. federal income and branch profit taxes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (In general, under Section883 of the Internal Revenue Code, certain non-U.S. corporations \(such as our North ) Tj ET Q q 0 0 0 rg BT 490.15 470.25 Td (American cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (ship businesses\) are not subject to U.S. federal income tax or branch profits tax on U.S. source income derived from, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (incidental to, the international operation of a ship or ships. ) Tj ET Q q 0 0 0 rg BT 285.50 446.25 Td (Applicable U.S. ) Tj ET Q q 0 0 0 rg BT 351.98 446.25 Td (T) Tj ET Q q 0 0 0 rg BT 357.73 446.25 Td (reasury regulations provide in general that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (foreign corporation will qualify for the benefits of Section883 if, in relevant part, \(i\)the foreign country in which the foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (corporation is or) Tj ET Q q 0 0 0 rg BT 115.91 422.25 Td (ganized grants an equivalent exemption to corporations or) Tj ET Q q 0 0 0 rg BT 348.16 422.25 Td (ganized in the U.S. \(an equivalent exemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (jurisdiction\) and \(ii\)the foreign corporation meets a defined publicly-traded test. Subsidiaries of foreign corporations that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 398.25 Td (ganized in an equivalent exemption jurisdiction and meet the publicly-traded test also benefit from Section883. ) Tj ET Q q 0 0 0 rg BT 507.56 398.25 Td (W) Tj ET Q q 0 0 0 rg BT 516.20 398.25 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (that Panama is an equivalent exemption jurisdiction and Carnival Corporation currently qualifies as a publicly-traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (corporation under the regulations. ) Tj ET Q q 0 0 0 rg BT 187.46 374.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 236.80 374.25 Td (, substantially all of Carnival Corporation) Tj ET Q q 0 0 0 rg BT 406.21 374.25 Td (s income is exempt from U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (income and branch profit taxes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.25 Td (Regulations under Section883 list items that the Internal Revenue Service \(IRS\) does not consider to be incidental to ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.10 329.25 Td (Among the items identified as not incidental are income from the sale of air transportation, transfers, shore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (excursions and pre- and post-cruise land packages to the extent earned from sources within the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 296.25 Td (e believe that the U.S. source transportation income earned by Carnival plc and its Italian resident subsidiary currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (qualifies for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (Our domestic U.S. operations, principally the hotel and transportation business of Holland ) Tj ET Q q 0 0 0 rg BT 412.99 260.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 485.20 260.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 515.28 260.25 Td (T) Tj ET Q q 0 0 0 rg BT 520.69 260.25 Td (ours, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td (subject to federal and state income taxation in the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (Carnival Corporation and Carnival plc and certain of their subsidiaries are subject to various U.S. state income taxes generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (imposed on each state) Tj ET Q q 0 0 0 rg BT 140.81 215.25 Td (s portion of the U.S. source income subject to U.S. federal income taxes. However) Tj ET Q q 0 0 0 rg BT 470.32 215.25 Td (, the state of ) Tj ET Q q 0 0 0 rg BT 521.14 215.25 Td (Alaska ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (imposes an income tax on its allocated portion of the total income of our companies doing business in ) Tj ET Q q 0 0 0 rg BT 459.37 203.25 Td (Alaska and certain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (their subsidiaries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.25 Td (UK and ) Tj ET Q q 0 0 0 rg BT 85.57 165.25 Td (Australian Income ) Tj ET Q q 0 0 0 rg BT 167.61 165.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.36 165.25 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (Cunard, P&O Cruises \(UK\) and P&O Cruises \(Australia\) are divisions of Carnival plc and have elected to enter the UK ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (tonnage tax on a rolling 10-year term and, accordingly) Tj ET Q q 0 0 0 rg BT 267.33 136.25 Td (, reapply every year) Tj ET Q q 0 0 0 rg BT 346.18 136.25 Td (. Companies to which the tonnage tax regime applies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (pay corporation taxes on profits calculated by reference to the net tonnage of qualifying ships. UK corporation tax is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 112.25 Td (geable under the normal UK tax rules on these brands) Tj ET Q q 0 0 0 rg BT 284.82 112.25 Td ( relevant shipping income. Relevant shipping income includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (income from the operation of qualifying ships and from shipping related activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other matters, operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.25 Td (qualifying ships that are strategically and commercially managed in the UK. Companies within UK tonnage tax are also subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.25 Td (to a seafarer training requirement.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to normal UK corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (tax. Dividends received from subsidiaries of Carnival plc doing business outside the UK are generally exempt from UK ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (corporation tax.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (P&O Cruises \(Australia\) and all of the other cruise ships operated internationally by Carnival plc for the cruise segment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Australian vacation market are exempt from ) Tj ET Q q 0 0 0 rg BT 228.82 685.10 Td (Australian corporation tax by virtue of the UK/Australian income tax treaty) Tj ET Q q 0 0 0 rg BT 530.30 685.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (Italian and German Income ) Tj ET Q q 0 0 0 rg BT 171.49 659.10 Td (T) Tj ET Q q 0 0 0 rg BT 177.24 659.10 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (In early 2015, Costa and ) Tj ET Q q 0 0 0 rg BT 149.98 642.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 174.42 642.10 Td ( will reelect to enter the Italian tonnage tax regime through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.39 642.10 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.39 642.10 Td ( and can reapply for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.49 630.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.71 630.10 Td (-year period beginning in early 2025.Companies to which the tonnage tax regime applies pay corporation taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (on shipping profits calculated by reference to the net tonnage of qualifying ships.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (Most of Costa) Tj ET Q q 0 0 0 rg BT 109.45 601.10 Td (s and ) Tj ET Q q 0 0 0 rg BT 132.23 601.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 156.11 601.10 Td () Tj ET Q q 0 0 0 rg BT 158.89 601.10 Td (s earnings not considered to be shipping profits for Italian tonnage tax purposes will be taxed at an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 589.10 Td (fective tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.32 589.10 Td (5.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.15 589.10 Td ( under the Italian International shipping tax regime since all of their ships are Italian registered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (Substantially all of ) Tj ET Q q 0 0 0 rg BT 127.50 572.10 Td (AIDA) Tj ET Q q 0 0 0 rg BT 151.38 572.10 Td () Tj ET Q q 0 0 0 rg BT 154.16 572.10 Td (s earnings are exempt from Italian and German corporation tax by virtue of the Italy/Germany ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (income tax treaty) Tj ET Q q 0 0 0 rg BT 118.76 560.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (Income and Other) Tj ET Q q 0 0 0 rg BT 128.15 534.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.47 534.10 Td (T) Tj ET Q q 0 0 0 rg BT 136.22 534.10 Td (axes in ) Tj ET Q q 0 0 0 rg BT 167.34 534.10 Td (Asian Countries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (Substantially all of our brands) Tj ET Q q 0 0 0 rg BT 173.13 517.10 Td ( income from their international operation in ) Tj ET Q q 0 0 0 rg BT 353.35 517.10 Td (Asian countries is exempt from local corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (tax by virtue of relevant income tax treaties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 462.10 Td (e recognize income tax benefits for uncertain tax positions, based solely on their technical merits, when it is more likely than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (not to be sustained upon examination by the relevant tax authority) Tj ET Q q 0 0 0 rg BT 313.73 450.10 Td (. ) Tj ET Q q 0 0 0 rg BT 318.55 450.10 Td (The tax benefit to be recognized is measured as the lar) Tj ET Q q 0 0 0 rg BT 536.05 450.10 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (amount of benefit that is greater than 50% likely of being realized upon ultimate resolution. ) Tj ET Q q 0 0 0 rg BT 418.23 438.10 Td (All interest expense related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (income tax liabilities is included in income tax expense. Based on all known facts and circumstances and current tax law) Tj ET Q q 0 0 0 rg BT 531.98 426.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (believe that the total amount of our uncertain income tax position liabilities and related accrued interest are not significant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (our financial position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 378.10 Td (e do not expect to incur income taxes on future distributions of undistributed earnings of foreign subsidiaries and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 96.55 366.10 Td (, no deferred income taxes have been provided for the distribution of these earnings. In addition to or in place of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (income taxes, virtually all jurisdictions where our ships call impose taxes, fees and other char) Tj ET Q q 0 0 0 rg BT 423.60 354.10 Td (ges based on guest counts, ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (tonnage, passenger capacity or some other measure, and these taxes, fees and other char) Tj ET Q q 0 0 0 rg BT 401.34 342.10 Td (ges are included in commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (transportation and other costs and other ship operating expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (NOTE 9 Shar) Tj ET Q q 0 0 0 rg BT 116.22 306.10 Td (eholders) Tj ET Q q 0 0 0 rg BT 154.92 306.10 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (Carnival Corporation) Tj ET Q q 0 0 0 rg BT 138.04 289.10 Td (s ) Tj ET Q q 0 0 0 rg BT 143.88 289.10 Td (Articles of Incorporation authorize its Board of Directors, at its discretion, to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.07 289.10 Td (40 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.46 289.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (shares of preferred stock. ) Tj ET Q q 0 0 0 rg BT 153.01 277.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.51 277.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.22 277.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.66 277.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.66 277.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.66 277.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.66 277.10 Td ( Carnival Corporation preferred stock had been issued and only a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (nominal amount of Carnival plc preference shares had been issued. Our Boards of Directors have authorized, subject to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (restrictions, the repurchase of up to an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.70 253.10 Td ($1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.31 253.10 Td ( of Carnival Corporation common stock and/or Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (ordinary shares \(the Repurchase Program\). ) Tj ET Q q 0 0 0 rg BT 232.52 241.10 Td (The Repurchase Program does not have an expiration date and may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (discontinued by our Boards of Directors at any time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (During 2014, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.24 208.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.24 208.10 Td ( repurchases of Carnival Corporation common stock under the Repurchase Program. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.53 208.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.53 208.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 196.10 Td (, we repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.97 196.10 Td (2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.86 196.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.30 196.10 Td (2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.19 196.10 Td ( shares of Carnival Corporation common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.03 196.10 Td ($103 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.42 196.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.86 196.10 Td ($90 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 184.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 184.10 Td (, under the Repurchase Program. During 2014, 2013 and 2012, there were no repurchases of Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (ordinary shares under the Repurchase Program. Since March 2013, the remaining availability under the Repurchase Program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (has been $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.21 160.10 Td (975 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.60 160.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (In addition to the Repurchase Program, the Boards of Directors authorized, in October 2008, the repurchase of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.08 139.10 Td (19.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 127.10 Td ( Carnival plc ordinary shares and, in January 2013, the repurchase of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.36 127.10 Td (32.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 127.10 Td ( shares of Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (common stock under the Stock Swap programs described below) Tj ET Q q 0 0 0 rg BT 305.96 115.10 Td (. Depending on market conditions and other factors, we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (repurchase shares of Carnival Corporation common stock and/or Carnival plc ordinary shares under the Repurchase Program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (and the Stock Swap programs concurrently) Tj ET Q q 0 0 0 rg BT 221.81 91.10 Td (. ) Tj ET Q q 0 0 0 rg BT 226.63 91.10 Td (W) Tj ET Q q 0 0 0 rg BT 235.26 91.10 Td (e use the Stock Swap programs in situations where we can obtain an economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (benefit because either Carnival Corporation common stock or Carnival plc ordinary shares are trading at a price that is at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (premium or discount to the price of Carnival plc ordinary shares or Carnival Corporation common stock, as the case may be. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (Any realized economic benefit under the Stock Swap programs is used for general corporate purposes, which could include ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (repurchasing additional stock under the Repurchase Program. Carnival plc ordinary share repurchases under both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Repurchase Program and the Stock Swap programs require annual shareholder approval. ) Tj ET Q q 0 0 0 rg BT 406.93 730.10 Td (The existing shareholder approval is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (limited to a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 718.10 Td (21.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.82 718.10 Td ( ordinary shares and is valid until the earlier of the conclusion of the Carnival plc 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (annual general meeting or October 16, 2015. ) Tj ET Q q 0 0 0 rg BT 230.78 706.10 Td (At January22, 2015, the remaining availability under the Stock Swap programs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 694.10 Td (18.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 694.10 Td ( Carnival plc ordinary shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 694.10 Td (32.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.79 694.10 Td ( shares of Carnival Corporation common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (During 2014 and 2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.27 673.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.27 673.10 Td ( Carnival Corporation common stock or Carnival plc ordinary shares were sold or repurchased under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (the Stock Swap programs. During 2013, Carnival Investments Limited, a wholly owned subsidiary of Carnival Corporation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.17 649.10 Td (0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.06 649.10 Td ( of Carnival plc ordinary shares for net proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 649.10 Td ($35 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.04 649.10 Td (. Substantially all of the net proceeds from these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (sales were used to repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.78 637.10 Td (0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.67 637.10 Td ( shares of Carnival Corporation common stock. Pursuant to our Stock Swap programs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (Carnival Corporation sold these Carnival plc ordinary shares owned by Carnival Investments Limited only to the extent it was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (able to repurchase shares of Carnival Corporation common stock in the U.S. market on at least an equivalent basis. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (2013, no Carnival Corporation common stock was sold or Carnival plc ordinary shares were repurchased under the Stock Swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (programs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 568.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 568.10 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.62 568.10 Td (15.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.51 568.10 Td ( shares of Carnival Corporation common stock reserved for issuance under its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (employee benefit and dividend reinvestment plans. ) Tj ET Q q 0 0 0 rg BT 255.78 556.10 Td (At November 30, 2014, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 556.10 Td (8.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.29 556.10 Td ( ordinary shares of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (plc authorized for future issuance under its employee benefit plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (On November 15, 2012, our Boards of Directors declared a special dividend to holders of Carnival Corporation common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (and Carnival plc ordinary shares of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.29 515.10 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.79 515.10 Td ( per share, or $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.48 515.10 Td (0.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.60 515.10 Td (, which was paid in December 2012. ) Tj ET Q q 0 0 0 rg BT 464.99 515.10 Td (The special dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (was in addition to our $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.71 503.10 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.21 503.10 Td ( per share regular 2012 quarterly dividend. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (Accumulated other comprehensive \(loss\) income was as follows \(in millions\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 445.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 445.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 445.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 415.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 415.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 415.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 385.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 385.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 385.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 458.6 m 493.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 458.6 m 497.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 458.6 m 562.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 458.6 m 493.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 445.6 m 493.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 458.6 m 562.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 445.6 m 562.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 385.6 m 493.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 385.6 m 562.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 385.6 m 493.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 371.6 m 493.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 369.6 m 493.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 385.6 m 562.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 371.6 m 562.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 369.6 m 562.5 369.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 462.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 462.83 Td (November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 449.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 449.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 449.83 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.17 Td (Cumulative foreign currency translation adjustments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 435.32 Td (\(512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 435.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 435.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 435.27 Td (234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.17 Td (Unrecognized pension expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 420.32 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 420.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 420.32 Td (\(97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 420.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.17 Td (Unrealized losses on marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 405.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 405.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 405.32 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 405.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.17 Td (Net \(losses\) gains on cash flow derivative hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 390.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 390.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 390.27 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 375.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 375.32 Td (\(616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 375.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 375.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 375.27 Td (161) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (During 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 350.10 Td ($18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.22 350.10 Td ( of unrecognized pension expenses were reclassified out of accumulated other comprehensive \(loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (income, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.20 338.10 Td ($12 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.59 338.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.03 338.10 Td ($6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.42 338.10 Td ( were included in payroll and related expenses and selling and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (expenses, respectively) Tj ET Q q 0 0 0 rg BT 138.76 326.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (NOTE 10 Fair) Tj ET Q q 0 0 0 rg BT 118.98 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.30 293.10 Td (V) Tj ET Q q 0 0 0 rg BT 127.61 293.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 180.47 293.10 Td (ements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 373.80 293.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.14 276.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 276.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.77 276.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 129.63 276.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (U.S. accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. ) Tj ET Q q 0 0 0 rg BT 494.12 259.10 Td (The hierarchy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities \(Level 1 measurement\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (and the lowest priority to unobservable inputs \(Level 3 measurement\). ) Tj ET Q q 0 0 0 rg BT 333.35 235.10 Td (This hierarchy requires entities to maximize the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (observable inputs and minimize the use of unobservable inputs. ) Tj ET Q q 0 0 0 rg BT 306.43 223.10 Td (The three levels of inputs used to measure fair value are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.10 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 190.10 Td (Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 178.10 Td (the ability to access. ) Tj ET Q q 0 0 0 rg BT 148.50 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 154.62 178.10 Td (aluation of these items does not entail a significant amount of judgment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.10 157.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 157.10 Td (Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 145.10 Td (identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 133.10 Td (observable for the assets or liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.10 112.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 112.10 Td (Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 100.10 Td (to the fair value of the assets or liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (independent and knowledgeable market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 362.48 67.10 Td (Therefore, even when market assumptions are ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (not readily available, our own assumptions are set to reflect those that we believe market participants would use in pricing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (asset or liability at the measurement date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (The fair value measurement of a financial asset or financial liability must reflect the nonperformance risk of the counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (and us.) Tj ET Q q 0 0 0 rg BT 80.65 697.10 Td (Therefore, the impact of our counterparty) Tj ET Q q 0 0 0 rg BT 249.46 697.10 Td (s creditworthiness was considered when in an asset position, and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (creditworthiness was considered when in a liability position in the fair value measurement of our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (instruments.Creditworthiness did not have a significant impact on the fair values of our financial instruments at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.45 673.10 Td (November30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 661.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 661.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 661.10 Td (.Both the counterparties and we are expected to continue to perform under the contractual terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (instruments. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 637.10 Td (, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (in a current or future market exchange.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 601.10 Td (Financial Instruments that are Not Measured at Fair V) Tj ET Q q 0 0 0 rg BT 301.83 601.10 Td (alue on a Recurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (The estimated carrying and fair values and basis of valuation of our financial instrument assets and liabilities that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (measured at fair value on a recurring basis were as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 561.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.80 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 511.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 511.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 511.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 511.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 511.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 511.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 511.80 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 511.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 511.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 511.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 511.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 511.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 511.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 511.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 511.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.80 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 481.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 481.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 481.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 481.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 481.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 481.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 481.80 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 481.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 481.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 481.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 481.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 481.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 481.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 481.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 481.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 451.80 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 451.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 451.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 451.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 451.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 451.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 451.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 451.80 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 451.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 451.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 451.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 451.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 451.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 451.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 451.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 451.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 421.80 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 421.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 421.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 421.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 421.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 421.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 421.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 421.80 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 421.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 421.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 421.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 421.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 421.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 421.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 421.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 421.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.80 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 391.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 391.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 391.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 391.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 391.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 391.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 391.80 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 391.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 391.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 391.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 391.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 391.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 391.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 391.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 391.80 42.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 537.8 m 241.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 537.8 m 245.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 537.8 m 283.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 537.8 m 287.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 537.8 m 327.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 537.8 m 331.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 537.8 m 368.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 537.8 m 417.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 537.8 m 421.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 537.8 m 463.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 537.8 m 467.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 537.8 m 512.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 537.8 m 516.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 537.8 m 558.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 524.8 m 283.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 524.8 m 287.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 524.8 m 327.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 524.8 m 331.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 524.8 m 368.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 537.8 m 463.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 524.8 m 463.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 537.8 m 467.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 524.8 m 467.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 537.8 m 512.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 524.8 m 512.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 537.8 m 516.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 524.8 m 516.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 537.8 m 558.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 524.8 m 558.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 511.8 m 241.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 511.8 m 283.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 511.8 m 327.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 524.8 m 368.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 511.8 m 368.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 511.8 m 417.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 511.8 m 463.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 511.8 m 512.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 524.8 m 558.5 524.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 511.8 m 558.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 451.8 m 241.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 451.8 m 283.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 451.8 m 327.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 451.8 m 368.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 451.8 m 417.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 451.8 m 463.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 451.8 m 512.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 451.8 m 558.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 437.8 m 241.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 435.8 m 241.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 437.8 m 283.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 435.8 m 283.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 437.8 m 327.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 435.8 m 327.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 451.8 m 368.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 437.8 m 368.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 435.8 m 368.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 437.8 m 417.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 435.8 m 417.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 437.8 m 463.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 435.8 m 463.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 437.8 m 512.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 435.8 m 512.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 451.8 m 558.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 437.8 m 558.5 437.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 435.8 m 558.5 435.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 391.8 m 241.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 391.8 m 283.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 391.8 m 327.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 391.8 m 417.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 391.8 m 463.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 391.8 m 512.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 377.8 m 241.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 375.8 m 241.5 375.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 377.8 m 283.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 375.8 m 283.5 375.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 377.8 m 327.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 375.8 m 327.5 375.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 391.8 m 368.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 377.8 m 368.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 375.8 m 368.5 375.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 377.8 m 417.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 375.8 m 417.5 375.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 377.8 m 463.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 375.8 m 463.5 375.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 377.8 m 512.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 375.8 m 512.5 375.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 391.8 m 558.5 391.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 377.8 m 558.5 377.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 375.8 m 558.5 375.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 542.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.30 542.03 Td (November 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.30 542.03 Td (November 30, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 529.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.70 524.03 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.85 516.03 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.65 529.03 Td (FairValue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.70 524.03 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.85 516.03 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.65 529.03 Td (FairValue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 516.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.65 516.03 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.65 516.03 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.15 516.03 Td (Level 3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.65 516.03 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.15 516.03 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.65 516.03 Td (Level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.37 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 487.37 Td (Cash and cash equivalents \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 486.47 Td (240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 486.47 Td (240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 486.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 486.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 486.47 Td (349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 486.47 Td (349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 486.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 486.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 486.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 472.37 Td (Restricted cash \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.65 471.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 471.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 471.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 471.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 471.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 471.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 471.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 471.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 457.37 Td (Long-term other assets \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 456.47 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 456.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 456.47 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 456.47 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 456.47 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 456.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 456.47 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 456.47 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 442.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 441.47 Td (407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 441.47 Td (252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 441.47 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 441.47 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 441.47 Td (459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 441.47 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 441.47 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 441.47 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.37 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 412.37 Td (Fixed rate debt \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.10 411.47 Td (4,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.10 411.47 Td (4,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 411.47 Td (5,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 411.47 Td (5,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 397.37 Td (Floating rate debt \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.10 396.47 Td (4,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 396.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.10 396.47 Td (4,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 396.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 396.47 Td (3,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 396.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 396.47 Td (3,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 396.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 382.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.10 381.47 Td (9,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 381.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.10 381.47 Td (9,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 381.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 381.47 Td (9,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 381.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 381.47 Td (9,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 381.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 381.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 366.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 354.50 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 354.50 Td (Cash and cash equivalents are comprised of cash on hand, and at November 30, 2013 also include time deposits. Due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 342.50 Td (their short maturities, the carrying values approximate their fair values.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 330.50 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 330.50 Td (Restricted cash is comprised of a money market deposit account. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 318.50 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 318.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.95 318.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.66 318.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 318.50 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.10 318.50 Td (, long-term other assets were substantially all comprised of notes and other receivables. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 306.50 Td (The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 294.50 Td (discounted at appropriate market interest rates. ) Tj ET Q q 0 0 0 rg BT 269.92 294.50 Td (The fair values of our Level 3 notes receivable were estimated using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 282.50 Td (risk-adjusted discount rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 270.50 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 270.50 Td (Debt does not include the impact of interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 304.37 270.50 Td (The net dif) Tj ET Q q 0 0 0 rg BT 348.06 270.50 Td (ference between the fair value of our fixed rate debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 258.50 Td (and its carrying value was due to the market interest rates in existence at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.56 258.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.27 258.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.71 258.50 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.71 258.50 Td ( being lower than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 246.50 Td (the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. ) Tj ET Q q 0 0 0 rg BT 506.45 246.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 234.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.16 234.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.60 234.50 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.60 234.50 Td (, the net dif) Tj ET Q q 0 0 0 rg BT 244.96 234.50 Td (ference between the fair value of our floating rate debt and its carrying value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 222.50 Td (was due to the market interest rates in existence at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 222.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.41 222.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.85 222.50 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.85 222.50 Td ( being slightly higher and slightly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 210.50 Td (lower) Tj ET Q q 0 0 0 rg BT 102.82 210.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 155.48 210.50 Td (, than the floating interest rates on these debt obligations, including the impact of any changes in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 198.50 Td (credit ratings. ) Tj ET Q q 0 0 0 rg BT 137.75 198.50 Td (The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 186.50 Td (markets that are not suf) Tj ET Q q 0 0 0 rg BT 174.13 186.50 Td (ficiently active to be Level 1 and, accordingly) Tj ET Q q 0 0 0 rg BT 357.29 186.50 Td (, are considered Level 2. ) Tj ET Q q 0 0 0 rg BT 457.90 186.50 Td (The fair values of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 174.50 Td (other debt were estimated based on appropriate market interest rates being applied to this debt. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-21) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (Financial Instruments that are Measured at Fair V) Tj ET Q q 0 0 0 rg BT 284.33 742.25 Td (alue on a Recurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (The estimated fair value and basis of valuation of our financial instrument assets and liabilities that are measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (on a recurring basis were as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 702.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.95 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 665.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 665.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 665.95 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 665.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 665.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 665.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 665.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 665.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 665.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 665.95 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 665.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.95 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 635.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 635.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 635.95 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 635.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 635.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 635.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 635.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 635.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 635.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 635.95 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 635.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.95 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 605.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 605.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 605.95 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 605.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 605.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 605.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 605.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 605.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 605.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 605.95 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 605.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.95 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 575.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 575.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 575.95 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 575.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 575.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 575.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 575.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 575.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 575.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 575.95 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 575.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.95 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 545.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 545.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 545.95 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 545.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 545.95 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 545.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 545.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 545.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 545.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 545.95 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 545.95 47.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 678.95 m 298.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 678.95 m 302.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 678.95 m 351.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 678.95 m 355.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 678.95 m 402.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 678.95 m 456.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 678.95 m 460.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 678.95 m 510.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 678.95 m 515.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 678.95 m 562.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 665.95 m 298.5 665.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 665.95 m 351.5 665.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 665.95 m 402.5 665.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 665.95 m 456.5 665.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 665.95 m 510.5 665.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 678.95 m 562.5 678.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 665.95 m 562.5 665.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 575.95 m 298.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 575.95 m 351.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 575.95 m 402.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 575.95 m 456.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 575.95 m 510.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 575.95 m 562.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 561.95 m 298.5 561.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 559.95 m 298.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 575.95 m 351.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 561.95 m 351.5 561.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 559.95 m 351.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 575.95 m 402.5 575.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 561.95 m 402.5 561.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 559.95 m 402.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 561.95 m 456.5 561.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 559.95 m 456.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 561.95 m 510.5 561.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 559.95 m 510.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 561.95 m 562.5 561.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 559.95 m 562.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 530.95 m 298.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 530.95 m 351.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 530.95 m 456.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 530.95 m 510.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 516.95 m 298.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 514.95 m 298.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 516.95 m 351.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 514.95 m 351.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 530.95 m 402.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 516.95 m 402.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 514.95 m 402.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 516.95 m 456.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 514.95 m 456.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 516.95 m 510.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 514.95 m 510.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 530.95 m 562.5 530.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 516.95 m 562.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 514.95 m 562.5 514.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 683.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.30 683.18 Td (November 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.30 683.18 Td (November 30, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 670.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.65 670.18 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.15 670.18 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.15 670.18 Td (Level 3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.65 670.18 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.65 670.18 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 670.18 Td (Level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.52 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 641.52 Td (Cash equivalents \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 640.62 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 640.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 640.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 640.62 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 640.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 640.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 626.52 Td (Restricted cash \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 625.62 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 625.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 625.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 625.62 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 625.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 625.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 611.52 Td (Marketable securities held in rabbi trusts \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 610.62 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 610.62 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 610.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 610.62 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 610.62 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 610.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 596.52 Td (Derivative financial instruments \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 595.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 595.62 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 595.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 595.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 595.62 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 595.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 581.52 Td (Long-term other asset \(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 580.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 580.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 580.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 580.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 580.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 580.62 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 566.52 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.00 565.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 565.62 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 565.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 565.62 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 565.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 565.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 565.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 565.62 Td (254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 565.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 565.62 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 565.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 565.62 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.52 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 536.52 Td (Derivative financial instruments \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.00 535.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 535.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 535.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 535.62 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 535.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 535.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 535.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 535.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 535.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 535.62 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 535.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 535.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 521.52 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.00 520.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 520.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 520.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 520.62 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 520.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 520.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 520.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 520.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 520.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 520.62 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 520.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 520.62 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 505.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 493.65 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 493.65 Td (Cash equivalents are comprised of money market funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 481.65 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 481.65 Td (The majority of restricted cash is comprised of money market funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 469.65 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 469.65 Td (At November 30, 2014 and 2013, marketable securities held in rabbi trusts were comprised of Level 1 bonds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 457.65 Td (frequently-priced mutual funds invested in common stocks, money market funds and Level 2 other investments. ) Tj ET Q q 0 0 0 rg BT 531.00 457.65 Td (Their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 445.65 Td (use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 433.65 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 433.65 Td (See Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 249.57 433.65 Td (Activities section below for detailed information regarding our derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 421.65 Td (financial instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 409.65 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 409.65 Td (Long-term other asset is comprised of an auction-rate security) Tj ET Q q 0 0 0 rg BT 328.05 409.65 Td (. ) Tj ET Q q 0 0 0 rg BT 332.87 409.65 Td (The fair value was based on a broker quote in an inactive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 397.65 Td (market, which is considered a Level 3 input.During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.23 397.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.23 397.65 Td (, there were no purchases or sales pertaining to this auction-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 385.65 Td (rate security and, accordingly) Tj ET Q q 0 0 0 rg BT 198.08 385.65 Td (, the change in its fair value was based solely on the strengthening of the underlying credit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.65 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 364.65 Td (e measure our derivatives using valuations that are calibrated to the initial trade prices.Subsequent valuations are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.65 Td (observable inputs and other variables included in the valuation models such as interest rate, yield and commodity price curves, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.65 Td (forward currency exchange rates, credit spreads, maturity dates, volatilities and netting arrangements.) Tj ET Q q 0 0 0 rg BT 458.55 340.65 Td (W) Tj ET Q q 0 0 0 rg BT 467.19 340.65 Td (e use the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.65 Td (approach to value derivatives for foreign currency options and forwards, interest rate swaps and fuel derivatives using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.65 Td (observable market data for all significant inputs and standard valuation techniques to convert future amounts to a single present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.65 Td (value amount, assuming that participants are motivated, but not compelled to transact. ) Tj ET Q q 0 0 0 rg BT 396.67 304.65 Td (W) Tj ET Q q 0 0 0 rg BT 405.31 304.65 Td (e also corroborate our fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.65 Td (estimates using valuations provided by our counterparties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 271.65 Td (Nonfinancial Instruments that are Measured at Fair V) Tj ET Q q 0 0 0 rg BT 298.78 271.65 Td (alue on a Nonrecurring Basis) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 250.65 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.50 250.65 Td (Sales and Impairments of Ships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.65 Td (In November 2014, we sold the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.58 226.65 Td (672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.58 226.65 Td (-passenger capacity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.65 226.65 Td (Ocean Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.69 226.65 Td ( for a total gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.11 226.65 Td ($24 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.50 226.65 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.27 226.65 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.66 226.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.65 Td (was recognized in the fourth quarter of 2014 as a reduction in other ship operating expenses. ) Tj ET Q q 0 0 0 rg BT 422.20 214.65 Td (W) Tj ET Q q 0 0 0 rg BT 430.84 214.65 Td (e provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.83 214.65 Td ($66 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.22 214.65 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.65 Td (financing to the buyer) Tj ET Q q 0 0 0 rg BT 137.63 202.65 Td (, which is due in semi-annual installments through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.76 202.65 Td (November 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.47 202.65 Td (. Prior to the ship) Tj ET Q q 0 0 0 rg BT 478.41 202.65 Td (s delivery in March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.65 Td (2016, we will continue to operate it under a bareboat charter agreement. ) Tj ET Q q 0 0 0 rg BT 339.88 190.65 Td (As a result of the sale-leaseback accounting for this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.65 Td (transaction, the remaining gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.18 178.65 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.57 178.65 Td ( will be recognized as a reduction in other ship operating expenses over the term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.65 Td (of the bareboat charter agreement through March 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.65 Td (In November 2014, we entered into a bareboat charter/sale agreement under which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.18 142.65 Td (1,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.68 142.65 Td (-passenger capacity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.75 142.65 Td (Grand ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 130.65 Td (Holiday) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.22 130.65 Td ( was chartered to an unrelated entity in January 2015 through March 2025. Under this agreement, ownership of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.31 130.65 Td (Grand ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 118.65 Td (Holiday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.72 118.65 Td (will be transferred to the buyer in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.06 118.65 Td (March 2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.66 118.65 Td (. ) Tj ET Q q 0 0 0 rg BT 274.48 118.65 Td (This transaction did not meet the criteria to qualify as a sales-type lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.65 Td (and, accordingly) Tj ET Q q 0 0 0 rg BT 115.99 106.65 Td (, it will be accounted for as an operating lease whereby we will recognize the charter revenue over the term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.65 Td (the agreement. ) Tj ET Q q 0 0 0 rg BT 110.81 94.65 Td (As a result of this transaction, we performed a ship impairment review and recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.68 94.65 Td ($31 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.08 94.65 Td ( impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.65 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 82.65 Td (ge in other ship operating expenses during the fourth quarter of 2014. ) Tj ET Q q 0 0 0 rg BT 347.05 82.65 Td (The estimated fair value of the ship was substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.65 Td (all determined based on the expected collectability of the bareboat charter payments, which is considered a Level 3 input.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Due to the expected absorption of Ibero Cruises) Tj ET Q q 0 0 0 rg BT 243.92 742.10 Td ( \(Ibero\) operations into Costa in November 2014, and certain ship specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (facts and circumstances, such as size, age, condition, viable alternative itineraries and historical operating cash flows, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (performed an undiscounted future cash flow analysis of Ibero) Tj ET Q q 0 0 0 rg BT 298.81 718.10 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.20 718.10 Td (Grand Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.59 718.10 Td ( as of May 31, 2014 to determine if the ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (was impaired. ) Tj ET Q q 0 0 0 rg BT 108.41 706.10 Td (The principal assumptions used in our undiscounted cash flow analysis consisted of forecasted future operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (results, including net revenue yields and net cruise costs including fuel prices, and the estimated residual value, which are all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (considered Level 3 inputs, and the then expected transfer of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.30 682.10 Td (Grand Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.69 682.10 Td ( into Costa in November 2014. Based on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (undiscounted cash flow analysis, we determined that the net carrying value for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.84 670.10 Td (Grand Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.23 670.10 Td ( exceeded its estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (undiscounted future cash flows. ) Tj ET Q q 0 0 0 rg BT 179.14 658.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 228.48 658.10 Td (, we then estimated the May 31, 2014 fair value of this ship based on its discounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (future cash flows and compared the estimated fair value to its net carrying value. ) Tj ET Q q 0 0 0 rg BT 375.16 646.10 Td (As a result, we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.39 646.10 Td ($22 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.78 646.10 Td ( ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 634.10 Td (ge in other ship operating expenses during the second quarter of 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (In December 2014, we entered into a bareboat charter/sale agreement under which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.06 610.10 Td (1,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.56 610.10 Td (-passenger capacity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.63 610.10 Td (Costa ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Celebration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.27 598.10 Td (\(formerly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 141.09 598.10 Td (Grand Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.48 598.10 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.81 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.31 598.10 Td (was chartered to an unrelated entity in December 2014 through December 2024. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Under this agreement, ownership of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.07 586.10 Td (Costa Celebration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.18 586.10 Td (will be transferred to the buyer in December 2024. ) Tj ET Q q 0 0 0 rg BT 476.93 586.10 Td (This transaction did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (not meet the criteria to qualify as a sales-type lease and, accordingly) Tj ET Q q 0 0 0 rg BT 322.57 574.10 Td (, it will be accounted for as an operating lease whereby we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (will recognize the charter revenue over the term of the agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (During the third quarter of 2013, we recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.10 538.10 Td ($73 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.49 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.93 538.10 Td ($103 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.32 538.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 440.28 538.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 496.09 538.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 526.93 538.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.70 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.94 526.10 Td (Costa Classica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.23 526.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 179.89 526.10 Td (. In November 2013, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.42 526.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 296.26 526.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.03 526.10 Td ( was taken out-of-service, and during the second quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (2014 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 514.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 103.34 514.10 Td (oyager ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.61 514.10 Td (was sold and we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.23 514.10 Td ($37 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.62 514.10 Td ( gain as a reduction in other ship operating expenses. ) Tj ET Q q 0 0 0 rg BT 515.55 514.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (estimated fair values of these ships at the time of impairment were based on their undiscounted cash flow analyses, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (included principal assumptions similar to most of those discussed above for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.23 490.10 Td (Grand Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.62 490.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (During 2012, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.83 466.10 Td (Costa ) Tj ET Q q 0 0 0 rg BT 131.49 466.10 Td (Allegra ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.98 466.10 Td (suf) Tj ET Q q 0 0 0 rg BT 176.03 466.10 Td (fered damage and, accordingly) Tj ET Q q 0 0 0 rg BT 298.65 466.10 Td (, we decided to withdraw this ship from operations resulting in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td ($34 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 454.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 164.52 454.10 Td (ge, which is included in other ship operating expenses. In addition, during 2012, we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.04 454.10 Td ($17 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 442.10 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.55 442.10 Td (Costa ) Tj ET Q q 0 0 0 rg BT 121.21 442.10 Td (Allegra ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.71 442.10 Td (incident-related expenses, which are principally included in other ship operating expenses. In October ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (2012, we sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.33 430.10 Td (Costa ) Tj ET Q q 0 0 0 rg BT 133.99 430.10 Td (Allegra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.98 430.10 Td (. Furthermore, during 2012, we recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.10 430.10 Td ($23 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.49 430.10 Td ( of ship impairment char) Tj ET Q q 0 0 0 rg BT 482.62 430.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Seabourn Legend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.77 418.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.71 418.10 Td (Seabourn Pride ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.25 418.10 Td (in other ship operating expenses. ) Tj ET Q q 0 0 0 rg BT 338.93 418.10 Td (The estimated fair value for all three of these ships was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (determined based on their sales value, which is considered a Level 3 input.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 385.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 385.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.83 385.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 385.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.27 385.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.27 385.10 Td (, we recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.79 385.10 Td ($53 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.18 385.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.18 385.10 Td ($176 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.57 385.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.01 385.10 Td ($57 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.40 385.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 432.07 385.10 Td (, of ship impairment char) Tj ET Q q 0 0 0 rg BT 532.69 385.10 Td (ges in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (other ship operating expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 352.10 Td (V) Tj ET Q q 0 0 0 rg BT 92.30 352.10 Td (aluation of Goodwill and Other) Tj ET Q q 0 0 0 rg BT 226.03 352.10 Td ( Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (The reconciliation of the changes in the carrying amounts of our goodwill, which goodwill has been allocated to our North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (America and EAA) Tj ET Q q 0 0 0 rg BT 123.86 323.10 Td ( cruise brands, was as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 312.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 276.80 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 276.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 276.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 276.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 276.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 276.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 246.80 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 246.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 246.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 246.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 246.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 246.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 216.80 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 216.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 216.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 216.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 216.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 216.80 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 276.79999999999995 m 422.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 276.79999999999995 m 492.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 276.79999999999995 m 562.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 246.79999999999995 m 422.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 246.79999999999995 m 492.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 246.79999999999995 m 562.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 216.79999999999995 m 422.5 216.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 216.79999999999995 m 492.5 216.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 216.79999999999995 m 562.5 216.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 202.79999999999995 m 422.5 202.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 200.79999999999995 m 422.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 202.79999999999995 m 492.5 202.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 200.79999999999995 m 492.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 202.79999999999995 m 562.5 202.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 200.79999999999995 m 562.5 200.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.30 289.03 Td (NorthAmerica) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.20 281.03 Td (Cruise Brands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.75 289.03 Td (EAA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.20 281.03 Td (CruiseBrands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.25 281.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 267.37 Td (Balance at November30, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 266.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 266.47 Td (1,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 266.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 266.47 Td (1,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 266.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 266.47 Td (3,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 252.37 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 251.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 251.47 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 251.47 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 237.37 Td (Balance at November30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 236.47 Td (1,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 236.47 Td (1,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 236.47 Td (3,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.37 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 221.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 221.52 Td (\(83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 221.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 221.52 Td (\(83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 221.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 207.37 Td (Balance at November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 206.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 206.47 Td (1,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 206.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 206.47 Td (1,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 206.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 206.47 Td (3,127) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 191.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.50 Td (At July 31, 2014, all of our cruise brands carried goodwill, except for Ibero and Seabourn. ) Tj ET Q q 0 0 0 rg BT 412.68 179.50 Td (As of that date, we performed our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.50 Td (annual goodwill impairment reviews, which included performing a qualitative assessment for all cruise brands that carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.50 Td (goodwill, except for Carnival Cruise Line, Cunard and P&O Cruises \(UK\). Qualitative factors such as industry and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.50 Td (conditions, macroeconomic conditions, changes to the weighted-average cost of capital \(W) Tj ET Q q 0 0 0 rg BT 417.65 143.50 Td (ACC\), overall financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.50 Td (performance, changes in fuel prices and capital expenditures were considered in the qualitative assessment to determine how ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.50 Td (changes in these factors would af) Tj ET Q q 0 0 0 rg BT 182.83 119.50 Td (fect each of these cruise brands) Tj ET Q q 0 0 0 rg BT 310.63 119.50 Td ( estimated fair values. Based on our qualitative assessments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.50 Td (we determined it was more-likely-than-not that each of these cruise brands) Tj ET Q q 0 0 0 rg BT 351.37 107.50 Td ( estimated fair values exceeded their carrying values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.50 Td (and, therefore, we did not proceed to the two-step quantitative goodwill impairment reviews.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.50 Td (As of July 31, 2014, we also performed our annual goodwill impairment reviews of Carnival Cruise Line) Tj ET Q q 0 0 0 rg BT 473.24 71.50 Td (s, Cunard) Tj ET Q q 0 0 0 rg BT 514.35 71.50 Td (s and P&O ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.50 Td (Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 106.38 59.50 Td (s goodwill. ) Tj ET Q q 0 0 0 rg BT 153.15 59.50 Td (W) Tj ET Q q 0 0 0 rg BT 161.79 59.50 Td (e did not perform a qualitative assessment but instead proceeded directly to step one of the two-step ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.50 Td (quantitative goodwill impairment review and compared each of Carnival Cruise Line) Tj ET Q q 0 0 0 rg BT 393.22 47.50 Td (s, Cunard) Tj ET Q q 0 0 0 rg BT 434.33 47.50 Td (s and P&O Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 537.10 47.50 Td (s ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (estimated fair value to the carrying value of their allocated net assets. ) Tj ET Q q 0 0 0 rg BT 329.43 742.10 Td (Their estimated cruise brand fair value was based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discounted future cash flow analysis. ) Tj ET Q q 0 0 0 rg BT 200.34 730.10 Td (The principal assumptions used in our cash flow analyses consisted of forecasted future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (operating results, including net revenue yields and net cruise costs including fuel prices; capacity changes, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (expected rotation of vessels into, or out of, Carnival Cruise Line, Cunard and P&O Cruises \(UK\); capital expenditures; ) Tj ET Q q 0 0 0 rg BT 528.32 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 536.65 706.10 Td (ACC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of market participants, adjusted for the risk attributable to the geographic regions in which Carnival Cruise Line, Cunard and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (P&O Cruises \(UK\) operate and terminal values, which are all considered Level 3 inputs. Based on the discounted cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (analyses, we determined that each of Carnival Cruise Line) Tj ET Q q 0 0 0 rg BT 286.30 670.10 Td (s, Cunard) Tj ET Q q 0 0 0 rg BT 327.41 670.10 Td (s and P&O Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 430.19 670.10 Td (s estimated fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (significantly exceeded their carrying value and, therefore, we did not proceed to step two of the impairment reviews.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 636.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 636.10 Td (, accumulated goodwill impairment char) Tj ET Q q 0 0 0 rg BT 303.92 636.10 Td (ges were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.67 636.10 Td ($153 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.07 636.10 Td (, which are all related to Ibero and were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (recognized in 2012.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.10 Td (The reconciliation of the changes in the carrying amounts of our intangible assets not subject to amortization, which represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.10 Td (trademarks that have been allocated to our North ) Tj ET Q q 0 0 0 rg BT 247.15 591.10 Td (America and EAA) Tj ET Q q 0 0 0 rg BT 321.01 591.10 Td ( cruise brands, was as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 580.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 548.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 548.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 548.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 548.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 548.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 518.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 518.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 518.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 518.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 518.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 518.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 488.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 488.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 488.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 488.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 488.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 488.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 548.8 m 424.5 548.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 548.8 m 493.5 548.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 548.8 m 562.5 548.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 518.8 m 424.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 518.8 m 493.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.8 m 562.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 488.8 m 424.5 488.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 488.8 m 493.5 488.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 488.8 m 562.5 488.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 474.8 m 424.5 474.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 472.8 m 424.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 474.8 m 493.5 474.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 472.8 m 493.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 474.8 m 562.5 474.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 472.8 m 562.5 472.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.80 561.03 Td (NorthAmerica) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.70 553.03 Td (Cruise Brands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.25 561.03 Td (EAA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.70 553.03 Td (CruiseBrands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 553.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.37 Td (Balance at November30, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 538.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 538.47 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 538.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 538.47 Td (372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 538.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 538.47 Td (1,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.37 Td (Ibero trademarks impairment charge \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 523.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 523.52 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 523.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 523.52 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 523.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.37 Td (Balance at November30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 508.47 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 508.47 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 508.47 Td (1,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 494.37 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 493.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 493.52 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 493.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 493.52 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 493.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 479.37 Td (Balance at November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 478.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 478.47 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 478.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 478.47 Td (338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 478.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 478.47 Td (1,265) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 463.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 451.50 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 451.50 Td (In 2013, we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.74 451.50 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.13 451.50 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 298.26 451.50 Td (ge to fully write-of) Tj ET Q q 0 0 0 rg BT 373.89 451.50 Td (f Ibero) Tj ET Q q 0 0 0 rg BT 403.59 451.50 Td (s trademarks) Tj ET Q q 0 0 0 rg BT 457.00 451.50 Td ( carrying value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.50 Td (At July 31, 2014, our cruise brands that have significant trademarks recorded include ) Tj ET Q q 0 0 0 rg BT 392.40 427.50 Td (AIDA, P&O Cruises \(Australia\), P&O ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.50 Td (Cruises \(UK\) and Princess. ) Tj ET Q q 0 0 0 rg BT 160.82 415.50 Td (As of that date, we performed our annual trademark impairment reviews for these cruise brands, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.50 Td (which included performing a qualitative assessment for ) Tj ET Q q 0 0 0 rg BT 273.55 403.50 Td (AIDA, P&O Cruises \(Australia\) and Princess. Qualitative factors such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.50 Td (as industry and market conditions, macroeconomic conditions, changes to the ) Tj ET Q q 0 0 0 rg BT 362.52 391.50 Td (W) Tj ET Q q 0 0 0 rg BT 370.85 391.50 Td (ACC, changes in royalty rates and overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.50 Td (financial performance were considered in the qualitative assessment to determine how changes in these factors would af) Tj ET Q q 0 0 0 rg BT 530.20 379.50 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.50 Td (estimated fair values for each of these cruise brands) Tj ET Q q 0 0 0 rg BT 259.72 367.50 Td ( recorded trademarks. Based on our qualitative assessments, we determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.50 Td (it was more likely-than-not that the estimated fair value for ) Tj ET Q q 0 0 0 rg BT 288.26 355.50 Td (AIDA) Tj ET Q q 0 0 0 rg BT 312.14 355.50 Td () Tj ET Q q 0 0 0 rg BT 314.92 355.50 Td (s, P&O Cruises \(Australia\)) Tj ET Q q 0 0 0 rg BT 425.47 355.50 Td (s and Princess) Tj ET Q q 0 0 0 rg BT 484.72 355.50 Td ( recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.50 Td (trademarks exceeded their carrying value and, therefore, none of these trademarks were impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.50 Td (As of July 31, 2014, we also performed our annual trademark impairment review of P&O Cruises \(UK\). ) Tj ET Q q 0 0 0 rg BT 469.17 319.50 Td (W) Tj ET Q q 0 0 0 rg BT 477.80 319.50 Td (e did not perform a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.50 Td (qualitative assessment but instead proceeded directly to the quantitative trademark impairment review) Tj ET Q q 0 0 0 rg BT 457.27 307.50 Td (. Our quantitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.50 Td (assessment included estimating P&O Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 257.48 295.50 Td (s trademarks fair value based upon a discounted future cash flow analysis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.50 Td (which estimated the amount of royalties that we are relieved from having to pay for use of the associated trademarks, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.50 Td (upon forecasted cruise revenues and a market participant) Tj ET Q q 0 0 0 rg BT 280.18 271.50 Td (s royalty rate. ) Tj ET Q q 0 0 0 rg BT 337.20 271.50 Td (The royalty rate was estimated primarily using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.50 Td (comparable royalty agreements for similar industries. Based on our quantitative assessment, we determined that the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.50 Td (fair value for P&O Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 184.14 247.50 Td (s trademarks significantly exceeded their carrying values and, therefore, none of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.50 Td (trademarks were impaired.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.50 Td (In 2013, we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.29 214.50 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.68 214.50 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 267.81 214.50 Td (ge related to an investment, leaving an insignificant carrying value at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.50 Td (November30, 2014 and 2013. In 2012, we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.44 202.50 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.83 202.50 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 391.95 202.50 Td (ge to write-of) Tj ET Q q 0 0 0 rg BT 446.20 202.50 Td (f a portion of Ibero) Tj ET Q q 0 0 0 rg BT 525.06 202.50 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.50 Td (trademarks) Tj ET Q q 0 0 0 rg BT 97.01 190.50 Td ( carrying value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 169.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 169.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.65 169.50 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.65 169.50 Td (, our intangible assets subject to amortization are not significant to our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.50 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.50 Td (The determination of our cruise brand, cruise ship and trademark fair values includes numerous assumptions that are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (various risks and uncertainties.) Tj ET Q q 0 0 0 rg BT 176.18 124.50 Td (W) Tj ET Q q 0 0 0 rg BT 184.81 124.50 Td (e believe that we have made reasonable estimates and judgments in determining whether our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.50 Td (goodwill, cruise ships and trademarks have been impaired.However) Tj ET Q q 0 0 0 rg BT 323.40 112.50 Td (, if there is a change in assumptions used or if there is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.50 Td (change in the conditions or circumstances influencing fair values in the future, then we may need to recognize an impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.50 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 88.50 Td (ge.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 208.34 742.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 725.25 Td (e utilize derivative and nonderivative financial instruments, such as foreign currency forwards, options and swaps, foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (currency exchange rates, and interest rate swaps to manage our interest rate exposure in order to achieve a desired proportion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (fixed and floating rate debt.In addition, we utilize our fuel derivatives program to mitigate a portion of the risk to our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (cash flows attributable to potential fuel price increases, which we define as our economic risk. Our policy is to not use any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (financial instruments for trading or other speculative purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.25 Td (All derivatives are recorded at fair value. ) Tj ET Q q 0 0 0 rg BT 216.40 644.25 Td (The changes in fair value are recognized currently in earnings if the derivatives do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (qualify as ef) Tj ET Q q 0 0 0 rg BT 99.24 632.25 Td (fective hedges, or if we do not seek to qualify for hedge accounting treatment, such as for our fuel derivatives.If a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (derivative is designated as a fair value hedge, then changes in the fair value of the derivative are of) Tj ET Q q 0 0 0 rg BT 444.93 620.25 Td (fset against the changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (the fair value of the underlying hedged item.If a derivative is designated as a cash flow hedge, then the ef) Tj ET Q q 0 0 0 rg BT 473.55 608.25 Td (fective portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (changes in the fair value of the derivative is recognized as a component of ) Tj ET Q q 0 0 0 rg BT 348.77 596.25 Td (AOCI until the underlying hedged item is recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (in earnings or the forecasted transaction is no longer probable.If a derivative or a nonderivative financial instrument is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (designated as a hedge of our net investment in a foreign operation, then changes in the fair value of the financial instrument are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (recognized as a component of ) Tj ET Q q 0 0 0 rg BT 171.34 560.25 Td (AOCI to of) Tj ET Q q 0 0 0 rg BT 216.71 560.25 Td (fset a portion of the change in the translated value of the net investment being hedged, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (until the investment is sold or substantially liquidated.) Tj ET Q q 0 0 0 rg BT 268.96 548.25 Td (W) Tj ET Q q 0 0 0 rg BT 277.60 548.25 Td (e formally document hedging relationships for all derivative and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (nonderivative hedges and the underlying hedged items, as well as our risk management objectives and strategies for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (undertaking the hedge transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 503.25 Td (e classify the fair values of all our derivative contracts as either current or long-term, depending on whether the maturity date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (of the derivative contract is within or beyond one year from the balance sheet date.) Tj ET Q q 0 0 0 rg BT 383.58 491.25 Td (The cash flows from derivatives treated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (hedges are classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged.Our cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (flows related to fuel derivatives are classified within investing activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (The estimated fair values of our derivative financial instruments and their location in the Consolidated Balance Sheets were as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 423.45 Td () Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-25) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 722.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 722.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 722.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 722.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 722.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 722.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 692.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 692.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 692.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 692.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 692.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 662.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 662.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 662.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 632.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 632.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 632.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 632.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 632.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 602.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 602.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 602.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 602.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 602.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 572.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 572.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 572.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 542.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 542.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 542.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 542.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 542.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 512.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 512.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 512.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 512.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 512.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 482.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 482.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 482.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 452.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 452.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 452.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 422.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 422.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 422.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 392.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 392.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 392.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 392.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 362.50 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 362.50 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 362.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 362.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 362.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 735.5 m 493.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 735.5 m 497.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 722.5 m 424.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 722.5 m 493.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 722.5 m 562.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 617.5 m 493.5 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 617.5 m 562.5 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 602.5 m 493.5 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 602.5 m 562.5 602.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 557.5 m 493.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 557.5 m 562.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 557.5 m 493.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 542.5 m 493.5 542.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 557.5 m 562.5 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 542.5 m 562.5 542.5 l s 0 0 0 RG /GS0 gs 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 346.5 m 493.5 346.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 348.5 m 562.5 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 346.5 m 562.5 346.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.30 739.73 Td (November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.00 726.73 Td (BalanceSheetLocation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 726.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 726.73 Td (2013) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 711.66259765625 m 124.3671875 711.66259765625 l s q 0 0 0 rg BT 53.00 713.23 Td (Derivative assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.07 Td (Derivatives designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 683.07 Td (Net investment hedges \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 682.17 Td (Prepaidexpensesandother) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 682.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 667.17 Td (Other assets long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 667.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 667.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 653.07 Td (Foreign currency zero cost collars \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 652.17 Td (Other assets long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 652.17 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 638.07 Td (Interest rate swaps \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 637.17 Td (Prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 637.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 637.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 622.17 Td (Other assets long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 622.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 622.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 607.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 607.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 593.07 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 578.07 Td (Fuel \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 577.17 Td (Prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 577.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 577.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 562.17 Td (Other assets long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 562.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 562.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 547.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 547.17 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 533.07 Td (Total derivative assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 532.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 532.17 Td (60) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 516.66259765625 m 138.8154296875 516.66259765625 l s q 0 0 0 rg BT 53.00 518.23 Td (Derivative liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 503.07 Td (Derivatives designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 488.07 Td (Net investment hedges \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 487.17 Td (Accruedliabilitiesandother) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 487.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 487.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 487.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 487.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 473.07 Td (Foreign currency zero cost collars \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 472.17 Td (Accruedliabilitiesandother) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 472.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 472.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 458.07 Td (Interest rate swaps \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 457.17 Td (Accrued liabilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 457.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 457.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 442.17 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 442.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 442.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 427.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 427.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.07 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 398.07 Td (Fuel \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 397.17 Td (Accrued liabilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 397.17 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 397.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 382.17 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 382.17 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 382.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 367.17 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 367.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 353.07 Td (Total derivative liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 352.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 352.17 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 352.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 352.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 337.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 325.20 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 325.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.95 325.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.66 325.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 325.20 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.10 325.20 Td (, we had foreign currency forwards totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.14 325.20 Td ($403 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.53 325.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.97 325.20 Td ($578 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.36 325.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 313.20 Td (respectively) Tj ET Q q 0 0 0 rg BT 128.11 313.20 Td (, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 301.20 Td (functional currency) Tj ET Q q 0 0 0 rg BT 157.82 301.20 Td (. ) Tj ET Q q 0 0 0 rg BT 162.27 301.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.77 301.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.47 301.20 Td (, these foreign currency forwards settle through July 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 289.20 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 289.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.95 289.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.66 289.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 289.20 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.10 289.20 Td (, we had foreign currency derivatives consisting of foreign currency zero cost collars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 277.20 Td (that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 265.20 Td (See Newbuild Currency Risks below for additional information regarding these derivatives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 253.20 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 253.20 Td (W) Tj ET Q q 0 0 0 rg BT 89.09 253.20 Td (e have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 241.20 Td (exchange for making fixed interest rate payments. ) Tj ET Q q 0 0 0 rg BT 282.60 241.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.10 241.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.81 241.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.24 241.20 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.24 241.20 Td (, these interest rate swap agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 229.20 Td (ef) Tj ET Q q 0 0 0 rg BT 88.04 229.20 Td (fectively changed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.33 229.20 Td ($750 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.73 229.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.16 229.20 Td ($909 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.56 229.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 336.22 229.20 Td (, of EURIBOR-based floating rate euro debt to fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 217.20 Td (rate euro debt. ) Tj ET Q q 0 0 0 rg BT 140.24 217.20 Td (These interest rate swaps settle through March 2025. In addition, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.11 217.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.82 217.20 Td ( and 2013 we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 205.20 Td (had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 193.20 Td (exchange for making floating interest rate payments. ) Tj ET Q q 0 0 0 rg BT 293.16 193.20 Td (At November 30, 2014 and 2013, these interest rate swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 181.20 Td (agreements ef) Tj ET Q q 0 0 0 rg BT 136.07 181.20 Td (fectively changed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.37 181.20 Td ($500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.76 181.20 Td ( of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. ) Tj ET Q q 0 0 0 rg BT 522.45 181.20 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 169.20 Td (interest rate swaps settle through February 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 157.20 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 157.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.95 157.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.66 157.20 Td ( and 2013, we had fuel derivatives consisting of zero cost collars on Brent crude oil \(Brent\) to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 145.20 Td (cover a portion of our estimated fuel consumption through 2018 and through 2017, respectively) Tj ET Q q 0 0 0 rg BT 462.49 145.20 Td (. See Fuel Price Risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 133.20 Td (below for additional information regarding these fuel derivatives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.20 Td (Our derivative contracts include rights of of) Tj ET Q q 0 0 0 rg BT 225.32 109.20 Td (fset with our counterparties. ) Tj ET Q q 0 0 0 rg BT 339.82 109.20 Td (W) Tj ET Q q 0 0 0 rg BT 348.46 109.20 Td (e have elected to net certain of our derivative assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.20 Td (and liabilities within counterparties. ) Tj ET Q q 0 0 0 rg BT 196.17 97.20 Td (The amounts recognized within assets and liabilities were as follows \(in millions\):) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-26) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 695.50 167.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 695.50 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 695.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 695.50 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 695.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 695.50 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 695.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 695.50 61.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 695.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 695.50 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 611.50 167.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 611.50 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 611.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 611.50 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 611.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 611.50 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 611.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 611.50 61.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 611.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 611.50 68.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 735.5 m 283.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 695.5 m 283.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 735.5 m 287.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 735.5 m 353.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 695.5 m 353.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 735.5 m 357.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 735.5 m 424.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 695.5 m 424.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 735.5 m 428.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 735.5 m 489.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 695.5 m 489.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 735.5 m 493.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 735.5 m 561.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 695.5 m 561.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 648.5 m 283.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 648.5 m 287.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 648.5 m 353.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 648.5 m 357.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 648.5 m 424.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 648.5 m 428.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 648.5 m 489.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 648.5 m 493.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 648.5 m 561.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 611.5 m 283.5 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 611.5 m 353.5 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 611.5 m 424.5 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 611.5 m 489.5 611.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 611.5 m 561.5 611.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.80 739.73 Td (November 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.20 699.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.70 715.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.85 707.73 Td (Offset in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.10 699.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 723.73 Td (Total Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.90 715.73 Td (Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.00 707.73 Td (Presented in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.60 699.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.20 723.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.15 715.73 Td (not Offset in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 707.73 Td (the Balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.15 699.73 Td (Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.65 699.73 Td (Net Amounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 686.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.00 686.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 686.07 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 686.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 686.12 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 686.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 686.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 686.07 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 686.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 686.12 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 686.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 686.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 686.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 673.07 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.00 673.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 673.07 Td (342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 673.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 673.12 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 673.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 673.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 673.07 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 673.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 673.12 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 673.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 673.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 673.07 Td (264) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.80 652.73 Td (November 30, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.20 615.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.70 631.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.85 623.73 Td (Offset in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.10 615.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 639.73 Td (Total Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.90 631.73 Td (Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.00 623.73 Td (Presented in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.60 615.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.20 639.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.15 631.73 Td (not Offset in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 623.73 Td (the Balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.15 615.73 Td (Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.65 615.73 Td (Net Amounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 602.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.00 602.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 602.07 Td (137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 602.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 602.12 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 602.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 602.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 602.07 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 602.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 602.12 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 602.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 602.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 602.07 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 589.07 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.00 589.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 589.07 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 589.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 589.12 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 589.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 589.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 589.07 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 589.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 589.12 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 589.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 589.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 589.07 Td (24) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.00 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.63 565.00 Td (fective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.00 Td (\(loss\) income were as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 542.20 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 507.70 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 507.70 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 507.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 507.70 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 507.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 507.70 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 479.70 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 479.70 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 479.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 479.70 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 479.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 479.70 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 519.7 m 424.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 519.7 m 428.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 519.7 m 493.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 519.7 m 497.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 519.7 m 562.5 519.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 507.7 m 424.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 507.7 m 493.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 507.7 m 562.5 507.7 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 523.65 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 523.78 Td (November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 511.65 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 511.78 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 511.78 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 511.78 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 498.27 Td (Net investment hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 498.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 498.32 Td (\(11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 498.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 498.27 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.27 Td (Foreign currency zero cost collars cash flow hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 484.32 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 484.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 484.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 484.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 484.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.27 Td (Interest rate swaps cash flow hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 470.32 Td (\(28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 470.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 470.32 Td (\(11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.20 Td (There are no credit risk related contingent features in our derivative agreements, except for bilateral credit provisions within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.20 Td (our fuel derivative counterparty agreements. ) Tj ET Q q 0 0 0 rg BT 229.74 433.20 Td (These provisions require interest-bearing, non-restricted cash to be posted or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.20 Td (received as collateral to the extent the fuel derivative fair value payable to or receivable from an individual counterparty) Tj ET Q q 0 0 0 rg BT 529.69 421.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.20 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 409.20 Td (, exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.81 409.20 Td ($100 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.20 409.20 Td (. ) Tj ET Q q 0 0 0 rg BT 192.65 409.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.15 409.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.85 409.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.29 409.20 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.29 409.20 Td (, no collateral was required to be posted to or received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.20 Td (from our fuel derivative counterparties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.20 Td (The amount of estimated cash flow hedges) Tj ET Q q 0 0 0 rg BT 223.65 376.20 Td ( unrealized gains and losses that are expected to be reclassified to earnings in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.20 Td (next twelve months is not significant.) Tj ET Q q 0 0 0 rg BT 202.30 364.20 Td (W) Tj ET Q q 0 0 0 rg BT 210.94 364.20 Td (e have not provided additional disclosures of the impact that derivative instruments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.20 Td (hedging activities have on our consolidated financial statements as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.92 352.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.62 352.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.06 352.20 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.06 352.20 Td ( and for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.20 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.71 340.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.71 340.20 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.71 340.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.15 340.20 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.15 340.20 Td ( where such impacts were not significant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 314.20 Td (Fuel Price Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.20 Td (Our exposure to market risk for changes in fuel prices substantially all relates to the consumption of fuel on our ships. ) Tj ET Q q 0 0 0 rg BT 524.15 297.20 Td (W) Tj ET Q q 0 0 0 rg BT 532.79 297.20 Td (e use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.20 Td (our fuel derivatives program to mitigate a portion of our economic risk attributable to potential fuel price increases. ) Tj ET Q q 0 0 0 rg BT 513.83 285.20 Td (W) Tj ET Q q 0 0 0 rg BT 522.47 285.20 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.20 Td (designed our fuel derivatives program to maximize operational flexibility by utilizing derivative markets with significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.20 Td (trading liquidity and our program currently consists of zero cost collars on Brent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.20 Td (All of our derivatives are based on Brent prices whereas the actual fuel used on our ships is marine fuel. Changes in the Brent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.20 Td (prices may not show a high degree of correlation with changes in our underlying marine fuel prices. ) Tj ET Q q 0 0 0 rg BT 451.91 228.20 Td (W) Tj ET Q q 0 0 0 rg BT 460.55 228.20 Td (e will not realize any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.20 Td (economic gain or loss upon the monthly maturities of our zero cost collars unless the average monthly price of Brent is above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.20 Td (the ceiling price or below the floor price. ) Tj ET Q q 0 0 0 rg BT 216.14 204.20 Td (W) Tj ET Q q 0 0 0 rg BT 224.78 204.20 Td (e believe that these derivatives will act as economic hedges; however) Tj ET Q q 0 0 0 rg BT 501.49 204.20 Td (, hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.20 Td (accounting is not applied. ) Tj ET Q q 0 0 0 rg BT 154.70 192.20 Td (As part of our fuel derivatives program, we will continue to evaluate various derivative products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.20 Td (strategies. In 2014, 2013 and 2012, our unrealized \(losses\) gains, net on fuel derivatives were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.73 180.20 Td ($\(268\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.78 180.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.78 180.20 Td ($36 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.17 180.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.20 Td ($6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.39 168.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 144.05 168.20 Td (, and in 2014 and 2012, our realized losses, net were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.22 168.20 Td ($\(3\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.27 168.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.71 168.20 Td ($\(13\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.76 168.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 529.42 168.20 Td (. ) Tj ET Q q 0 0 0 rg BT 534.24 168.20 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.20 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 156.20 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.93 156.20 Td ( realized gains or losses in 2013. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 742.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.21 742.10 Td (, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (estimated fuel consumption as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 690.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 690.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 690.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 690.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 690.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 690.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 690.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 690.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 690.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 660.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 660.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 660.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 660.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 660.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 630.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 630.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 630.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 630.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 630.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 630.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 630.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 630.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 630.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 600.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 600.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 600.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 600.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 600.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 570.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 570.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 570.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 570.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 570.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 570.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 570.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 570.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 570.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 540.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 540.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 540.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 540.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 540.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 510.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 510.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 510.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 510.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 510.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 510.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 480.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 480.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 480.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 480.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 480.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 450.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 450.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 450.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 450.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 450.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 450.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 420.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 420.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 420.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 420.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 420.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 390.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 390.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 390.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 390.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 390.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 390.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 360.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 360.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 360.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 360.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 360.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 360.60 81.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 177.5 690.6 m 249.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 690.6 m 325.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 690.6 m 401.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 690.6 m 477.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 690.6 m 562.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 585.6 m 325.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 585.6 m 325.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 571.6 m 325.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 569.6 m 325.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 510.6 m 325.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 496.6 m 325.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 494.6 m 325.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 420.6 m 325.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 420.6 m 325.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 406.6 m 325.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 404.6 m 325.5 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 360.6 m 325.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 360.6 m 325.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 346.6 m 325.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 344.6 m 325.5 344.6 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 693.580078125 m 100.31640625 693.580078125 l s q 0 0 0 rg BT 53.00 694.83 Td (Maturities \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.60 702.83 Td (Transaction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.40 694.83 Td (Dates) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.40 702.83 Td (Barrels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.65 694.83 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.50 702.83 Td (Weighted-Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.30 694.83 Td (Floor Prices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.50 702.83 Td (Weighted-Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.30 694.83 Td (Ceiling Prices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.80 710.83 Td (PercentofEstimated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 702.83 Td (Fuel Consumption) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.10 694.83 Td (Covered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.17 Td (Fiscal 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 665.27 Td (November2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 665.27 Td (2,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 665.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 665.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 665.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 665.27 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 650.27 Td (February 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 650.27 Td (2,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 650.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 650.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 650.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 650.27 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 635.27 Td (June 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 635.27 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 635.27 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 635.27 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 620.27 Td (April 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 620.27 Td (1,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 620.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 620.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 620.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 620.27 Td (111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 605.27 Td (May 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 605.27 Td (1,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 605.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 605.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 605.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 605.27 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 590.27 Td (October 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 590.27 Td (1,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 590.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 590.27 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 590.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 590.27 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 575.27 Td (10,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.30 575.27 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.17 Td (Fiscal 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 545.27 Td (June 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 545.27 Td (3,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 545.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 545.27 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 530.27 Td (February 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 530.27 Td (2,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 530.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 530.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 530.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 530.27 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 515.27 Td (April 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 515.27 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 515.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 515.27 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 500.27 Td (8,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.30 500.27 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.17 Td (Fiscal 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 470.27 Td (February 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 470.27 Td (3,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 470.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 470.27 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 455.27 Td (April 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 455.27 Td (2,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 455.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 455.27 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 440.27 Td (January 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 440.27 Td (1,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 440.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 440.27 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 425.27 Td (October 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 425.27 Td (1,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 425.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 425.27 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 410.27 Td (8,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.30 410.27 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.17 Td (Fiscal 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 380.27 Td (January 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 380.27 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 380.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 380.27 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 365.27 Td (October 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 365.27 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 365.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 365.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 365.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 365.27 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 350.27 Td (5,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.30 350.27 Td (28%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 335.30 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 323.30 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 323.30 Td (Fuel derivatives mature evenly over each month within the above fiscal periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 297.30 Td (For) Tj ET Q q 0 0 0 rg BT 77.37 297.30 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 119.12 297.30 Td (ency Exchange Rate Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 280.30 Td (Overall Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 263.30 Td (e manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.30 Td (activities, including netting certain exposures to take advantage of any natural of) Tj ET Q q 0 0 0 rg BT 372.49 251.30 Td (fsets and, when considered appropriate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.30 Td (through the use of derivative and nonderivative financial instruments.Our primary focus is to manage the economic foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.30 Td (currency exchange risks faced by our operations, which are the ultimate foreign currency exchange risks that would be realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.30 Td (by us if we exchanged one currency for another) Tj ET Q q 0 0 0 rg BT 240.07 215.30 Td (, and not accounting risks.) Tj ET Q q 0 0 0 rg BT 347.37 215.30 Td (While we will continue to monitor our exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.30 Td (these economic risks, we do not currently hedge our foreign currency exchange risks with derivative or nonderivative financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.30 Td (instruments, with the exception of certain of our ship commitments and net investments in foreign operations. ) Tj ET Q q 0 0 0 rg BT 491.39 191.30 Td (The financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.30 Td (impacts of the hedging instruments we do employ generally of) Tj ET Q q 0 0 0 rg BT 300.04 179.30 Td (fset the changes in the underlying exposures being hedged.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 153.30 Td (Operational Curr) Tj ET Q q 0 0 0 rg BT 174.64 153.30 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.30 Td (Our European and ) Tj ET Q q 0 0 0 rg BT 125.25 136.30 Td (Australian cruise brands generate significant revenues and incur significant expenses in their euro, sterling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.30 Td (or ) Tj ET Q q 0 0 0 rg BT 60.28 124.30 Td (Australian dollar functional currency) Tj ET Q q 0 0 0 rg BT 207.63 124.30 Td (, which subjects us to "foreign currency translational" risk related to these currencies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 112.30 Td (, exchange rate fluctuations of the euro, sterling and ) Tj ET Q q 0 0 0 rg BT 308.98 112.30 Td (Australian dollar against the U.S. dollar will af) Tj ET Q q 0 0 0 rg BT 496.26 112.30 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.30 Td (reported financial results since the reporting currency for our consolidated financial statements is the U.S. dollar) Tj ET Q q 0 0 0 rg BT 498.47 100.30 Td (.) Tj ET Q q 0 0 0 rg BT 502.92 100.30 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.30 Td (strengthening of the U.S. dollar against these foreign currencies has the financial statement ef) Tj ET Q q 0 0 0 rg BT 423.86 88.30 Td (fect of decreasing the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.30 Td (values reported for these cruise brands) Tj ET Q q 0 0 0 rg BT 206.69 76.30 Td ( revenues and expenses.) Tj ET Q q 0 0 0 rg BT 304.72 76.30 Td (Any weakening of the U.S. dollar has the opposite ef) Tj ET Q q 0 0 0 rg BT 516.43 76.30 Td (fect.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Most of our brands also have non-functional currency risk related to their international sales operations, which has become an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (increasingly lar) Tj ET Q q 0 0 0 rg BT 111.74 730.10 Td (ger part of most of their businesses over time, and principally includes the euro, sterling and ) Tj ET Q q 0 0 0 rg BT 482.20 730.10 Td (Australian and U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (dollars. In addition, all of our brands have non-functional currency expenses for a portion of their operating expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 706.10 Td (, we also have "foreign currency transactional" risks related to changes in the exchange rates for our brands) Tj ET Q q 0 0 0 rg BT 531.03 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (revenues and expenses that are in a currency other than their functional currency) Tj ET Q q 0 0 0 rg BT 371.43 694.10 Td (. However) Tj ET Q q 0 0 0 rg BT 412.68 694.10 Td (, these brands) Tj ET Q q 0 0 0 rg BT 469.97 694.10 Td ( revenues and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (expenses in non-functional currencies create some degree of natural of) Tj ET Q q 0 0 0 rg BT 332.19 682.10 Td (fset from these currency exchange movements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (addition, we monitor this foreign currency transactional risk in order to measure its impact on our results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.50 644.10 Td (Investment Curr) Tj ET Q q 0 0 0 rg BT 171.25 644.10 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 627.10 Td (e consider our investments in foreign operations to be denominated in relatively stable currencies and of a long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.10 Td (nature.) Tj ET Q q 0 0 0 rg BT 79.80 615.10 Td (W) Tj ET Q q 0 0 0 rg BT 88.44 615.10 Td (e partially mitigate our net investment currency exposures by denominating a portion of our foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.10 Td (intercompany payables in our foreign operations) Tj ET Q q 0 0 0 rg BT 246.69 603.10 Td ( functional currencies, substantially all sterling.) Tj ET Q q 0 0 0 rg BT 438.31 603.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.75 603.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.46 603.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 591.10 Td (, we have designated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.80 591.10 Td ($2.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.91 591.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.35 591.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.47 591.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 320.13 591.10 Td (, of our foreign currency intercompany payables as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (nonderivative hedges of our net investments in foreign operations.) Tj ET Q q 0 0 0 rg BT 317.16 579.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 366.49 579.10 Td (, we have included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.96 579.10 Td ($359 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.36 579.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.79 579.10 Td ($234 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 567.10 Td ( of cumulative foreign currency transaction nonderivative gains in the cumulative translation adjustment component of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (AOCI at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.66 555.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.37 555.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.81 555.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.81 555.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 258.47 555.10 Td (, which of) Tj ET Q q 0 0 0 rg BT 298.55 555.10 Td (fsets a portion of the losses recorded in ) Tj ET Q q 0 0 0 rg BT 456.85 555.10 Td (AOCI upon translating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.10 Td (our foreign operations) Tj ET Q q 0 0 0 rg BT 141.45 543.10 Td ( net assets into U.S. dollars. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.88 543.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.88 543.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.88 543.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.88 543.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.32 543.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.32 543.10 Td (, we recognized foreign currency nonderivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.10 Td (transaction gains \(losses\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.86 531.10 Td ($125 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.25 531.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.25 531.10 Td ($\(9\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.31 531.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.74 531.10 Td ($39 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.14 531.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 386.80 531.10 Td (, in the cumulative translation adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.10 Td (component of ) Tj ET Q q 0 0 0 rg BT 107.21 519.10 Td (AOCI.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 493.10 Td (Newbuild Curr) Tj ET Q q 0 0 0 rg BT 164.10 493.10 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (Our shipbuilding contracts are typically denominated in euros. Our decisions regarding whether or not to hedge a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (functional currency ship commitment for our cruise brands are made on a case-by-case basis, taking into consideration the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (amount and duration of the exposure, market volatility) Tj ET Q q 0 0 0 rg BT 267.63 452.10 Td (, economic trends, our overall expected net cash flows by currency and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (other of) Tj ET Q q 0 0 0 rg BT 81.20 440.10 Td (fsetting risks. ) Tj ET Q q 0 0 0 rg BT 137.40 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 146.04 440.10 Td (e use foreign currency derivative contracts and have used nonderivative financial instruments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (manage foreign currency exchange rate risk for some of our ship construction payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (In July 2012, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of P&O ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (Cruises \(UK\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.10 395.10 Td (Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.44 395.10 Td () Tj ET Q q 0 0 0 rg BT 147.22 395.10 Td (s euro-denominated shipyard payments. ) Tj ET Q q 0 0 0 rg BT 308.94 395.10 Td (These collars mature in February 2015 at a weighted-average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (ceiling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.54 383.10 Td ($287 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.93 383.10 Td ( and a weighted-average floor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 383.10 Td ($266 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.04 383.10 Td (. In June 2014, we entered into additional foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (zero cost collars that are also designated as cash flow hedges for the remaining portion of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 409.88 371.10 Td (Britannia) Tj ET Q q 0 0 0 rg BT 450.25 371.10 Td (s) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 371.10 Td ( euro-denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (shipyard payments. ) Tj ET Q q 0 0 0 rg BT 130.08 359.10 Td (These collars also mature in February 2015 at a weighted-average ceiling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.63 359.10 Td ($281 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.02 359.10 Td ( and a weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (average floor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.35 347.10 Td ($274 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.74 347.10 Td (. If the spot rate is between the weighted-average ceiling and floor rates on the date of maturity) Tj ET Q q 0 0 0 rg BT 546.95 347.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (then we would not owe or receive any payments under these collars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (On January 22, 2015, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (a Princess and Seabourn newbuilds) Tj ET Q q 0 0 0 rg BT 193.67 302.10 Td ( euro-denominated shipyard payments. ) Tj ET Q q 0 0 0 rg BT 351.50 302.10 Td (The Princess newbuild) Tj ET Q q 0 0 0 rg BT 445.38 302.10 Td (s collars mature in March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (2017 at a weighted-average ceiling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.27 290.10 Td ($590 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.66 290.10 Td ( and a weighted-average floor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.37 290.10 Td ($504 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.76 290.10 Td (. ) Tj ET Q q 0 0 0 rg BT 443.58 290.10 Td (The Seabourn newbuild) Tj ET Q q 0 0 0 rg BT 541.89 290.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (collars mature in November 2016 at a weighted-average ceiling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.67 278.10 Td ($221 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.06 278.10 Td ( and a weighted-average floor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.78 278.10 Td ($185 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.17 278.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (If the spot rate is between the weighted-average ceiling and floor rates on the date of maturity) Tj ET Q q 0 0 0 rg BT 424.20 266.10 Td (, then we would not owe or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (receive any payments under these collars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (At January 22, 2015, substantially all of our remaining newbuild currency exchange rate risk relates to euro-denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (newbuild construction payments for a Carnival Cruise Line, Holland ) Tj ET Q q 0 0 0 rg BT 326.61 221.10 Td (America Line and Seabourn newbuild, which represent a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (total unhedged commitment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.53 209.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.64 209.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (The cost of shipbuilding orders that we may place in the future that is denominated in a dif) Tj ET Q q 0 0 0 rg BT 412.78 188.10 Td (ferent currency than our cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (brands) Tj ET Q q 0 0 0 rg BT 79.25 176.10 Td ( or the shipyards) Tj ET Q q 0 0 0 rg BT 148.21 176.10 Td ( functional currency is expected to be af) Tj ET Q q 0 0 0 rg BT 308.24 176.10 Td (fected by foreign currency exchange rate fluctuations.) Tj ET Q q 0 0 0 rg BT 526.28 176.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (foreign currency exchange rate fluctuations may af) Tj ET Q q 0 0 0 rg BT 253.61 164.10 Td (fect our desire to order new cruise ships.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 138.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 84.98 138.10 Td (est Rate Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 121.10 Td (e manage our exposure to fluctuations in interest rates through our debt portfolio management and investment strategies.) Tj ET Q q 0 0 0 rg BT 543.32 121.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.96 121.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (through the use of interest rate swaps and the issuance of new debt or the early retirement of existing debt. ) Tj ET Q q 0 0 0 rg BT 477.37 97.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.87 97.10 Td (November30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 85.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 85.10 Td (52%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 85.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.77 85.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 85.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.93 85.10 Td (59%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.26 85.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.70 85.10 Td (41%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.03 85.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.24 85.10 Td (November30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.95 85.10 Td (\) of our debt bore fixed and floating interest rates, respectively) Tj ET Q q 0 0 0 rg BT 534.49 85.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (including the ef) Tj ET Q q 0 0 0 rg BT 112.58 73.10 Td (fect of interest rate swaps. In addition, to the extent that we have excess cash available for investment, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (purchase high quality short-term investments with floating interest rates, which of) Tj ET Q q 0 0 0 rg BT 377.80 61.10 Td (fset a portion of the impact of interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (fluctuations arising from our floating interest rate debt portfolio.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Concentrations of Cr) Tj ET Q q 0 0 0 rg BT 140.36 742.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (institutions with which we conduct significant business.Our maximum exposure under foreign currency and fuel derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (contracts and interest rate swap agreements that are in-the-money) Tj ET Q q 0 0 0 rg BT 311.46 701.25 Td (, which were not material at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.58 701.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.29 701.25 Td (, is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (replacement cost, net of any collateral received or contractually allowed of) Tj ET Q q 0 0 0 rg BT 348.84 689.25 Td (fset, in the event of nonperformance by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (counterparties to the contracts, all of which are currently our lending banks.) Tj ET Q q 0 0 0 rg BT 355.27 677.25 Td (W) Tj ET Q q 0 0 0 rg BT 363.91 677.25 Td (e seek to minimize credit risk exposure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (including counterparty nonperformance primarily associated with our cash equivalents, investments, committed financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (facilities, contingent obligations, derivative instruments, insurance contracts and new ship progress payment guarantees, by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (normally conducting business with lar) Tj ET Q q 0 0 0 rg BT 202.57 641.25 Td (ge, well-established financial institutions, insurance companies and export credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (agencies, and by diversifying our counterparties.In addition, we have guidelines regarding credit ratings and investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.25 Td (maturities that we follow to help safeguard liquidity and minimize risk.) Tj ET Q q 0 0 0 rg BT 337.53 617.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.17 617.25 Td (e normally do require collateral and/or guarantees to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.25 Td (support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards.) Tj ET Q q 0 0 0 rg BT 534.43 605.25 Td (W) Tj ET Q q 0 0 0 rg BT 543.07 605.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.25 Td (currently believe the risk of nonperformance by any of our significant counterparties is remote.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.42 593.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 572.25 Td (e also monitor the creditworthiness of travel agencies and tour operators in ) Tj ET Q q 0 0 0 rg BT 359.66 572.25 Td (Asia, ) Tj ET Q q 0 0 0 rg BT 382.44 572.25 Td (Australia and Europe and credit and debit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (card providers to which we extend credit in the normal course of our business, which includes charter) Tj ET Q q 0 0 0 rg BT 456.06 560.25 Td (-hire agreements in ) Tj ET Q q 0 0 0 rg BT 535.20 560.25 Td (Asia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (prior to sailing.Our credit exposure also includes contingent obligations related to cash payments received directly by travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (agents and tour operators for cash collected by them on cruise sales in ) Tj ET Q q 0 0 0 rg BT 331.86 536.25 Td (Australia and most of Europe where we are obligated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (honor our guests' cruise payments made by them to their travel agents and tour operators regardless of whether we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (received these payments. Concentrations of credit risk associated with these receivables, charter) Tj ET Q q 0 0 0 rg BT 433.81 512.25 Td (-hire agreements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (contingent obligations are not considered to be material, primarily due to the lar) Tj ET Q q 0 0 0 rg BT 369.44 500.25 Td (ge number of unrelated accounts within our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.25 Td (customer base, the amount of these contingent obligations and their short maturities. ) Tj ET Q q 0 0 0 rg BT 389.74 488.25 Td (W) Tj ET Q q 0 0 0 rg BT 398.38 488.25 Td (e have experienced only minimal credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (losses on our trade receivables and related contingent obligations.) Tj ET Q q 0 0 0 rg BT 315.29 476.25 Td (W) Tj ET Q q 0 0 0 rg BT 323.93 476.25 Td (e do not normally require collateral or other security to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (support normal credit sales.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 197 0 obj <>] /Rotate 0 /Contents 198 0 R>> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 85.29 742.25 Td (1 Segment Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 725.25 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.95 725.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.94 725.25 Td ( reportable cruise segments that are comprised of our \(1\)North ) Tj ET Q q 0 0 0 rg BT 361.02 725.25 Td (America cruise brands, \(2\)EAA) Tj ET Q q 0 0 0 rg BT 490.14 725.25 Td ( cruise brands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (and \(3\) Cruise Support. In addition, we have a ) Tj ET Q q 0 0 0 rg BT 237.28 713.25 Td (T) Tj ET Q q 0 0 0 rg BT 242.69 713.25 Td (our and Other segment. Our segments are reported on the same basis as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (internally reported information that is provided to our chief operating decision maker \(CODM\), who is the President and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.57 689.25 Td (ficer of Carnival Corporation and Carnival plc. Decisions to allocate resources and assess performance for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (Carnival Corporation& plc are made by the CODM upon review of the segment results across all of our cruise brands and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (other segments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.25 Td (Our North ) Tj ET Q q 0 0 0 rg BT 93.33 644.25 Td (America cruise segment includes Carnival Cruise Line, Holland ) Tj ET Q q 0 0 0 rg BT 351.31 644.25 Td (America Line, Princess and Seabourn. Our EAA) Tj ET Q q 0 0 0 rg BT 545.15 644.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (cruise segment includes ) Tj ET Q q 0 0 0 rg BT 147.48 632.25 Td (AIDA, Costa, Cunard, P&O Cruises \(Australia\), P&O Cruises \(UK\) and prior to November 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (Ibero. ) Tj ET Q q 0 0 0 rg BT 75.92 620.25 Td (These individual cruise brand operating segments have been aggregated into two reportable segments based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (similarity of their economic and other characteristics, including types of customers, regulatory environment, ship maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (requirements, supporting systems and processes and products and services they provide. Our Cruise Support segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (represents certain of our port and related facilities and other services that are provided for the benefit of our cruise brands. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 572.25 Td (our and Other segment represents the hotel and transportation operations of Holland ) Tj ET Q q 0 0 0 rg BT 393.65 572.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 465.85 572.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 495.94 572.25 Td (T) Tj ET Q q 0 0 0 rg BT 501.35 572.25 Td (ours. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.40 572.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.40 572.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.65 560.25 Td (T) Tj ET Q q 0 0 0 rg BT 71.06 560.25 Td (our and Other segment also included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.46 560.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.46 560.25 Td ( ships that we chartered to an unaf) Tj ET Q q 0 0 0 rg BT 372.18 560.25 Td (filiated entity) Tj ET Q q 0 0 0 rg BT 425.12 560.25 Td (. In ) Tj ET Q q 0 0 0 rg BT 440.40 560.25 Td (April 2013, we sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.34 560.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.78 560.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (these two ships and recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.85 548.25 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.24 548.25 Td ( gain as a reduction of ) Tj ET Q q 0 0 0 rg BT 321.14 548.25 Td (T) Tj ET Q q 0 0 0 rg BT 326.55 548.25 Td (our and Other operating expenses. ) Tj ET Q q 0 0 0 rg BT 465.40 548.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 514.73 548.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (subsequent to this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.17 536.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.17 536.25 Td ( sale and through November 30, 2014, our ) Tj ET Q q 0 0 0 rg BT 315.62 536.25 Td (T) Tj ET Q q 0 0 0 rg BT 321.03 536.25 Td (our and Other segment included only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 536.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.54 536.25 Td ( ship. ) Tj ET Q q 0 0 0 rg BT 510.53 536.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (significant accounting policies of our segments are the same as those described in Note 2 Summary of Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (Accounting Policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (Selected information for our segments as of and for the years ended November30 was as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 480.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 440.95 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 440.95 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 440.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 440.95 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 440.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 440.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 440.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 440.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 440.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 440.95 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 440.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 440.95 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 440.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 440.95 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 440.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.95 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 400.95 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 400.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 400.95 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 400.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 400.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 400.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 400.95 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 400.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 400.95 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 400.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 400.95 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 400.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 400.95 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 544.50 400.95 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 370.95 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 370.95 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 370.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 370.95 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 370.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 370.95 56.00 -15.00 re f /GS0 gs 0.8 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271.00 290.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 290.62 Td (1,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 290.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 290.62 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 290.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 290.62 Td (956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 290.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 290.62 Td (1,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 290.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 290.62 Td (22,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 290.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.52 Td (EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.10 275.62 Td (5,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 275.62 Td (4,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 275.62 Td (686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 275.62 Td (599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 275.62 Td (471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 275.62 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 275.62 Td (642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 275.62 Td (16,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 275.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.52 Td (Cruise Support) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.65 260.62 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.65 260.62 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 260.62 Td (136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 260.62 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 260.67 Td (\(97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 260.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 260.62 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 260.62 Td (1,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 260.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.52 Td (Tour and Other \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 245.62 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 245.62 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 245.62 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 245.62 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 245.62 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 245.62 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 245.62 Td (514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 245.62 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 231.52 Td (Intersegment elimination \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.30 230.62 Td (\(126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.65 230.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.30 230.62 Td (\(126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 230.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 230.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 230.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 230.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 230.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 230.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 230.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.00 215.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.10 215.62 Td (15,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 215.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.10 215.62 Td (10,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 215.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 215.62 Td (1,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 215.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 215.62 Td (1,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 215.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 215.62 Td (1,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 215.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 215.62 Td (2,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 215.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 215.62 Td (40,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 215.62 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 200.11259765625005 m 73 200.11259765625005 l s q 0 0 0 rg BT 53.00 201.68 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 186.52 Td (North America Cruise) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 176.52 Td (Brands \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.00 175.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.10 175.62 Td (9,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 175.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 175.62 Td (6,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 175.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 175.62 Td (949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 175.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 175.62 Td (898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 175.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 175.62 Td (1,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 175.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 175.62 Td (990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 175.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 175.62 Td (21,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 175.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.52 Td (EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.10 160.62 Td (5,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 160.62 Td (4,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 160.62 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 160.62 Td (561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 160.62 Td (433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 160.62 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 160.62 Td (1,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 160.62 Td (15,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 160.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 146.52 Td (Cruise Support) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.65 145.62 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.65 145.62 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 145.62 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 145.62 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 145.67 Td (\(78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 145.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 145.62 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 145.62 Td (888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 145.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 131.52 Td (Tour and Other \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 130.62 Td (211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 130.62 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 130.62 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 130.62 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 130.62 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 130.62 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 130.62 Td (486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 130.62 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 116.52 Td (Intersegment elimination \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.30 115.62 Td (\(106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.65 115.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.30 115.62 Td (\(106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 115.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 115.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 115.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 115.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 115.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 115.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 115.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.00 100.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.10 100.62 Td (15,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 100.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.10 100.62 Td (10,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 100.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 100.62 Td (1,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 100.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 100.62 Td (1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 100.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 100.62 Td (1,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 100.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 100.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 100.62 Td (2,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 100.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 100.62 Td (39,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.00 100.62 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 85.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 73.65 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 73.65 Td (A) Tj ET Q q 0 0 0 rg BT 87.12 73.65 Td ( portion of the North ) Tj ET Q q 0 0 0 rg BT 171.83 73.65 Td (America cruise brands) Tj ET Q q 0 0 0 rg BT 264.38 73.65 Td ( segment revenues includes revenues for the tour portion of a cruise when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 61.65 Td (a land tour package is sold along with a cruise by either Holland ) Tj ET Q q 0 0 0 rg BT 339.55 61.65 Td (America Line or Princess. ) Tj ET Q q 0 0 0 rg BT 446.28 61.65 Td (These intersegment tour ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 742.10 Td (revenues, which are included in our ) Tj ET Q q 0 0 0 rg BT 225.49 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 230.90 742.10 Td (our and Other segment, are eliminated directly against the North ) Tj ET Q q 0 0 0 rg BT 490.54 742.10 Td (America cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 730.10 Td (brands) Tj ET Q q 0 0 0 rg BT 109.70 730.10 Td ( segment revenues and operating expenses in the line Intersegment elimination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 718.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 718.10 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.83 718.10 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.22 718.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.00 718.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.43 718.10 Td ($173 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.83 718.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.60 718.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.60 718.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 378.56 718.10 Td (ges related to Ibero) Tj ET Q q 0 0 0 rg BT 458.25 718.10 Td (s goodwill and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 706.10 Td (trademarks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 694.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 85.86 694.10 Td (our and Other segment assets primarily include hotels and lodges in the state of ) Tj ET Q q 0 0 0 rg BT 405.23 694.10 Td (Alaska and the Canadian ) Tj ET Q q 0 0 0 rg BT 507.05 694.10 Td (Y) Tj ET Q q 0 0 0 rg BT 513.16 694.10 Td (ukon, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 682.10 Td (motorcoaches used for sightseeing and charters, glass-domed railcars, which run on the ) Tj ET Q q 0 0 0 rg BT 431.46 682.10 Td (Alaska Railroad, and our owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 670.10 Td (ships that we leased out under long-term charters to an unaf) Tj ET Q q 0 0 0 rg BT 319.08 670.10 Td (filiated entity) Tj ET Q q 0 0 0 rg BT 372.03 670.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (Non-U.S. revenues for our cruise brands represent sales generated from outside the U.S. principally by non-U.S. travel agents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (and tour operators. Substantially all of our long-lived assets are located outside of the U.S. and consist of our ships and ships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (under construction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Revenues by geographic areas, which are based on where our guests are sourced and not the cruise brands on which they sailed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (were as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 581.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 542.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 542.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 542.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 542.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 542.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 512.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 512.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 512.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 512.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 512.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 482.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 482.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 482.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 482.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 482.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 555.8 m 424.5 555.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 555.8 m 428.5 555.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 555.8 m 493.5 555.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 555.8 m 497.5 555.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 555.8 m 562.5 555.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 542.8 m 424.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 542.8 m 493.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 542.8 m 562.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 482.8 m 424.5 482.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 482.8 m 493.5 482.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 482.8 m 562.5 482.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 482.8 m 424.5 482.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 468.8 m 424.5 468.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 466.8 m 424.5 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 482.8 m 493.5 482.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 468.8 m 493.5 468.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 466.8 m 493.5 466.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 482.8 m 562.5 482.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 468.8 m 562.5 468.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 466.8 m 562.5 466.8 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.47 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.50 560.47 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.10 560.03 Td (Years Ended November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 547.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 547.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 547.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 547.03 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 533.37 Td (North America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 532.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 532.47 Td (7,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 532.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 532.47 Td (7,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 532.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 532.47 Td (7,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 518.37 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 517.47 Td (5,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 517.47 Td (5,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 517.47 Td (5,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 503.37 Td (Australia and Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 502.47 Td (2,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 502.47 Td (1,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 502.47 Td (1,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 487.47 Td (349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 487.47 Td (520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 487.47 Td (557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 472.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 472.47 Td (15,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 472.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 472.47 Td (15,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 472.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 472.47 Td (15,382) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.30 Td (NOTE 12 Compensation Plans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 427.30 Td (Equity Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 410.30 Td (e issue our share-based compensation awards under the Carnival Corporation and Carnival plc stock plans, which have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.30 Td (aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.19 398.30 Td (18.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.08 398.30 Td ( shares available for future grant at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.96 398.30 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.67 398.30 Td (. ) Tj ET Q q 0 0 0 rg BT 377.49 398.30 Td (These plans allow us to issue time-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.30 Td (share \(TBS\) awards, which include restricted stock awards \(RSAs\) and restricted stock units \(RSUs\), performance-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.30 Td (share \(PBS\) awards, market-based share \(MBS\) awards and stock options \(collectively equity awards\). Equity awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.30 Td (are principally granted to management level employees and members of our Boards of Directors. ) Tj ET Q q 0 0 0 rg BT 440.52 362.30 Td (The plans are administered by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.30 Td (a committee of our independent directors \(the Committee\) that determines which employees are eligible to participate, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.30 Td (monetary value or number of shares for which equity awards are to be granted and the amounts that may be exercised or sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.30 Td (within a specified term. ) Tj ET Q q 0 0 0 rg BT 146.73 326.30 Td (These plans allow us to fulfill our equity award obligations using shares purchased in the open market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.30 Td (or with unissued or treasury shares. Certain equity awards provide for accelerated vesting if we have a change in control, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.30 Td (defined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.30 Td (Our total share-based compensation expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.82 281.30 Td ($52 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.21 281.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.21 281.30 Td ($42 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.61 281.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.04 281.30 Td ($39 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.44 281.30 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.21 281.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.21 281.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.21 281.30 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.21 281.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 281.30 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 281.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 269.30 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.43 269.30 Td ($48 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.82 269.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.82 269.30 Td ($39 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 269.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 269.30 Td ($36 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.04 269.30 Td ( has been included in selling and administrative expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 257.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 257.30 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 257.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 257.30 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 257.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 187.10 257.30 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.04 257.30 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.43 257.30 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.21 257.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.21 257.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 257.30 Td ($3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.04 257.30 Td ( in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.09 257.30 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.09 257.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.53 257.30 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.53 257.30 Td ( in cruise payroll and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.30 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 219.30 Td (TBS, PBS and MBS ) Tj ET Q q 0 0 0 rg BT 160.98 219.30 Td (A) Tj ET Q q 0 0 0 rg BT 167.46 219.30 Td (wards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.30 Td (RSAs generally have the same rights as Carnival Corporation common stock, except for transfer restrictions and forfeiture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.30 Td (provisions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.67 190.30 Td (RSAs have been granted to certain of) Tj ET Q q 0 0 0 rg BT 245.88 190.30 Td (ficers and non-executive board members and vest at the end of three years,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.93 190.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.30 Td (except for shares released from restriction to satisfy retirement eligible tax obligations \(tax release shares\). In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.30 Td (Carnival Corporation and Carnival plc grant RSUs, which also vest at the end of three years, except for tax release shares, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.30 Td (accrue forfeitable dividend equivalents on each outstanding RSU, in the form of additional RSUs, based on dividends declared.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.31 154.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.30 Td (The share-based compensation expense for ) Tj ET Q q 0 0 0 rg BT 224.47 142.30 Td (TBS awards is based on the quoted market price of the Carnival Corporation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.30 Td (Carnival plc shares on the date of grant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.30 Td (In 2014 and 2013, the Committee approved PBS awards to be granted to certain key Carnival Corporation& plc executives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.30 Td (The share-based compensation expense for these PBS awards is based on the quoted market price of the Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.30 Td (or Carnival plc shares and expected total shareholder return rank relative to certain peer companies on the date of grant and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.30 Td (probability of our annual earnings tar) Tj ET Q q 0 0 0 rg BT 198.94 73.30 Td (get for each year over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.55 73.30 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.53 73.30 Td (-year period being achieved. Our 2014 PBS awards also have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.30 Td (a return on invested capital \("ROIC"\) tar) Tj ET Q q 0 0 0 rg BT 212.37 61.30 Td (get. ) Tj ET Q q 0 0 0 rg BT 229.41 61.30 Td (The PBS awards granted in 2014 and 2013 provide an opportunity to earn from ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.21 742.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.99 742.10 Td (200%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.32 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 742.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.96 742.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.74 742.10 Td (187.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.57 742.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 236.23 742.10 Td (, of the number of tar) Tj ET Q q 0 0 0 rg BT 321.02 742.10 Td (get shares underlying the award achieved for each year over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.94 730.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.92 730.10 Td (-year period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (In 2012, the Committee approved PBS awards to be granted to certain key Carnival Corporation& plc executives. ) Tj ET Q q 0 0 0 rg BT 509.70 709.10 Td (The share-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (based compensation expense for these PBS awards is based on the quoted market price of the Carnival Corporation or Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (plc shares on the date of grant and the probability of our earnings per share growth over a three-year period being achieved. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (These PBS awards provide an opportunity to earn from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.56 673.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.77 673.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.55 673.10 Td (200%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.88 673.10 Td ( of the number of tar) Tj ET Q q 0 0 0 rg BT 409.17 673.10 Td (get shares underlying the award ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (achieved at the end of the third year) Tj ET Q q 0 0 0 rg BT 192.99 661.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.44 661.10 Td (All PBS awards will accrue forfeitable dividend equivalents based on dividends declared.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 640.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 640.10 Td ( and 2013, the Committee approved MBS awards to be granted to certain senior executives. ) Tj ET Q q 0 0 0 rg BT 449.72 640.10 Td (The MBS awards granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (in 2014 and 2013 were valued at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.02 628.10 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.41 628.10 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.85 628.10 Td (4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.24 628.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 342.90 628.10 Td (, as of the date of grant. ) Tj ET Q q 0 0 0 rg BT 439.63 628.10 Td (The share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (compensation expense for all of the MBS awards were based on the quoted market prices of the Carnival Corporation common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (stock or the Carnival plc ordinary shares on the date of grant and the probability of certain market conditions being achieved. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (One-half of all of the MBS awards are expensed evenly over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.13 592.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.11 592.10 Td (-year period and the remaining half are expensed evenly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.21 580.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.67 580.10 Td (-year period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 559.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.34 559.10 Td (, ) Tj ET Q q 0 0 0 rg BT 226.16 559.10 Td (TBS, PBS and MBS award activity was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 498.60 135.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 498.60 56.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 498.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 498.60 63.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 498.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 498.60 56.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 498.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 498.60 63.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 498.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 498.60 56.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 498.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 498.60 63.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 461.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 461.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 461.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 461.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 461.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 461.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 461.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.60 135.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 431.60 56.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 431.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 431.60 63.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 431.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 431.60 56.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 431.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 431.60 63.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 431.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 431.60 56.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 431.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 431.60 63.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 535.6 m 241.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 535.6 m 245.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 535.6 m 308.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 535.6 m 368.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 535.6 m 372.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 535.6 m 435.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 535.6 m 495.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 535.6 m 499.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 535.6 m 562.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 498.6 m 241.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 498.6 m 308.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 498.6 m 368.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 498.6 m 435.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 498.6 m 495.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 498.6 m 562.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 498.6 m 495.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 498.6 m 562.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 431.6 m 241.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 431.6 m 368.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 409.6 m 241.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 407.6 m 241.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 409.6 m 368.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 407.6 m 368.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 431.6 m 495.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 409.6 m 495.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 407.6 m 495.5 407.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 539.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.10 539.83 Td (TBS Awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.30 539.83 Td (PBS Awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.00 539.83 Td (MBS Awards) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 502.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.50 502.83 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.90 526.83 Td (Weighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.55 518.83 Td (Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.80 510.83 Td (GrantDateFair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.85 502.83 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 502.83 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.90 526.83 Td (Weighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.55 518.83 Td (Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.80 510.83 Td (GrantDateFair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.85 502.83 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.50 502.83 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.90 526.83 Td (W) Tj ET Q q 0 0 0 rg BT 520.46 526.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.55 518.83 Td (A) Tj ET Q q 0 0 0 rg BT 521.73 518.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.80 510.83 Td (GrantDateFair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.85 502.83 Td (V) Tj ET Q q 0 0 0 rg BT 525.89 502.83 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 489.17 Td (Outstanding at November 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 479.22 Td ( 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.60 481.27 Td (3,026,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 481.27 Td (37.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 481.27 Td (510,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 481.27 Td (35.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 481.27 Td (93,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 481.27 Td (47.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.60 466.27 Td (1,184,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 466.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 466.27 Td (41.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 466.27 Td (228,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 466.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 466.27 Td (36.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 466.27 Td (176,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 466.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 466.27 Td (73.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.17 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.80 451.27 Td (\(862,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 451.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 451.27 Td (45.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 451.32 Td (\(31,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 451.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 451.27 Td (33.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 451.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 451.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 437.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.80 436.27 Td (\(138,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 436.27 Td (39.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.80 436.32 Td (\(134,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 436.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 436.27 Td (42.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 436.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 436.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 436.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.17 Td (Outstanding at November 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.17 Td ( 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.60 413.27 Td (3,210,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 413.27 Td (36.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 413.27 Td (572,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 413.27 Td (34.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 413.27 Td (270,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 413.27 Td (64.11) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (The total grant date fair value of ) Tj ET Q q 0 0 0 rg BT 181.70 388.10 Td (TBS, PBS and MBS awards vested was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.82 388.10 Td ($41 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.21 388.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.21 388.10 Td ($42 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.60 388.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.04 388.10 Td ($52 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.43 388.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.21 388.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.21 388.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 376.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 376.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 376.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.10 376.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.55 376.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.99 376.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.70 376.10 Td (, there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.24 376.10 Td ($55 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.63 376.10 Td ( of total unrecognized compensation cost related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.10 364.10 Td (TBS, PBS and MBS awards. ) Tj ET Q q 0 0 0 rg BT 177.06 364.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.50 364.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.21 364.10 Td (, the total unrecognized compensation costs are expected to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (recognized over a weighted-average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.02 352.10 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.52 352.10 Td ( years for both ) Tj ET Q q 0 0 0 rg BT 308.87 352.10 Td (TBS and PBS awards and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.70 352.10 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.20 352.10 Td ( years for MBS awards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 326.10 Td (Stock Option Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (In 2007 and 2008, the Committee decided to cease granting stock options to our employees and non-executive board members, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 297.10 Td (, and to instead grant them ) Tj ET Q q 0 0 0 rg BT 206.06 297.10 Td (TBS awards. ) Tj ET Q q 0 0 0 rg BT 259.67 297.10 Td (A) Tj ET Q q 0 0 0 rg BT 266.34 297.10 Td ( combined summary of Carnival Corporation and Carnival plc stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (option activity during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 285.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.66 285.10 Td ( related to stock options previously granted was as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 274.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 207.80 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 207.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 207.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 207.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 207.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 207.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 207.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 207.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 179.80 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 179.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 179.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 179.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 179.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 179.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 179.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 179.80 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 219.79999999999995 m 355.5 219.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 219.79999999999995 m 424.5 219.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 219.79999999999995 m 493.5 219.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 219.79999999999995 m 562.5 219.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 165.79999999999995 m 355.5 165.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 152.79999999999995 m 355.5 152.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 150.79999999999995 m 355.5 150.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 152.79999999999995 m 493.5 152.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 150.79999999999995 m 493.5 150.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 152.79999999999995 m 562.5 152.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 150.79999999999995 m 562.5 150.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.00 224.03 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.90 240.03 Td (Weighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.55 232.03 Td (Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.25 224.03 Td (Exercise Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.90 255.88 Td (Weighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.55 247.88 Td (Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.80 239.88 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 231.88 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.30 223.88 Td (Term) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.00 240.03 Td (Aggregate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 232.03 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.20 224.03 Td (Value \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.35 211.88 Td (\(in years\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.90 211.88 Td (\(inmillions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 198.37 Td (Outstanding at November30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 198.37 Td (3,922,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 198.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 198.37 Td (48.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 184.37 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 184.42 Td (\(17,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 184.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 184.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 184.37 Td (39.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 170.37 Td (Forfeited or expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.30 170.42 Td (\(2,845,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 170.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 170.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 170.37 Td (46.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 156.37 Td (Outstanding and exercisable at November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 156.37 Td (1,059,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 156.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 156.37 Td (51.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 156.37 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 156.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 156.37 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 141.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 129.50 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 129.50 Td (The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 117.50 Td (exercise price at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.91 117.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.61 117.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.50 Td (As of the dates of exercise, there was a nominal intrinsic value of options exercised in 2014 and a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.76 96.50 Td ($3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.15 96.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.59 96.50 Td ($7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 84.50 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.67 84.50 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.67 84.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.11 84.50 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.11 84.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 203.77 84.50 Td (. ) Tj ET Q q 0 0 0 rg BT 208.22 84.50 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.66 84.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.37 84.50 Td (, there is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.02 84.50 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.02 84.50 Td ( unrecognized compensation cost as there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.78 84.50 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.78 84.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.50 Td (unvested stock options. Our stock options will expire through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.86 72.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.86 72.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Defined Benefit Pension Plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 725.25 Td (e have several single-employer defined benefit pension plans, which cover some of our shipboard and shoreside employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (The U.S. and UK shoreside employee plans are closed to new membership and are funded at or above the level required by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (U.S. or UK regulations. Substantially all of the remaining defined benefit plans are unfunded. In determining all of our plans) Tj ET Q q 0 0 0 rg BT 551.63 701.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (benefit obligations at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.92 689.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.63 689.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.07 689.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.07 689.25 Td (, we assumed weighted-average discount rates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.33 689.25 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.16 689.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.60 689.25 Td (4.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.43 689.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 677.25 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 677.25 Td (The net asset or net liability positions under these single-employer defined benefit pension plans are not material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.25 Td (In addition, we participate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.74 656.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.74 656.25 Td ( multiemployer defined benefit pension plans in the UK, the British Merchant Navy Of) Tj ET Q q 0 0 0 rg BT 530.81 656.25 Td (ficers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.25 Td (Pension Fund \(registration number 10005645\) \(MNOPF\), and the British Merchant Navy Ratings Pension Fund \(registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (number 10005646\) \(MNRPF\), which are referred to as the multiemployer plans. ) Tj ET Q q 0 0 0 rg BT 391.11 632.25 Td (The MNOPF is divided into two sections, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (the New Section and the Old Section. ) Tj ET Q q 0 0 0 rg BT 220.32 620.25 Td (The multiemployer plans are maintained for the benefit of the employees of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (participating employers who make contributions to the plans. However) Tj ET Q q 0 0 0 rg BT 333.70 608.25 Td (, contributions made by employers, including us, may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (used to provide benefits to employees of other participating employers, and if any of the participating employers withdraw ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (from the multiemployer plans or fail to make their required contributions, any unfunded obligations would be the responsibility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (of the remaining participating employers. ) Tj ET Q q 0 0 0 rg BT 218.10 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 226.74 572.25 Td (e are contractually obligated to make all required contributions as determined by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (the plans) Tj ET Q q 0 0 0 rg BT 88.41 560.25 Td ( trustees. ) Tj ET Q q 0 0 0 rg BT 125.91 560.25 Td (All of our multiemployer plans are closed to new membership, and the MNOPF Old Section is also closed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (further benefit accrual and is fully funded. Based on the most recent actuarial reviews of the MNOPF New Section and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (MNRPF at March31, 2014 and March 31, 2013, respectively) Tj ET Q q 0 0 0 rg BT 295.42 536.25 Td (, it was determined that these plans were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.09 536.25 Td (87%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.42 536.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.86 536.25 Td (74%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.19 536.25 Td ( funded, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 524.25 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 524.25 Td (The multiemployer plans have implemented recovery plans, as appropriate, whereby their estimated funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (deficits are to be recovered through funding contributions from participating employers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 491.25 Td (e expense our portion of the MNOPF deficit as amounts are invoiced by) Tj ET Q q 0 0 0 rg BT 346.25 491.25 Td (, and become due and payable to, the trustees. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 479.25 Td ( and 2012, our contributions to the MNOPF fund were not material and did not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.54 479.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.87 479.25 Td ( of total contributions to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (fund. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.16 467.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.16 467.25 Td (, we received and paid in full a special assessment invoice from the MNOPF trustee for our additional share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (MNOPF New Section deficit. ) Tj ET Q q 0 0 0 rg BT 170.83 455.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 220.16 455.25 Td (, we expensed the invoice of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.51 455.25 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.90 455.25 Td ( in cruise payroll and related expense in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 443.25 Td (, which exceeded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 443.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 443.25 Td ( of total contributions to the fund. In addition, we accrue and expense our portion of the MNRPF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (deficit based on our estimated probable obligation from the most recent actuarial review) Tj ET Q q 0 0 0 rg BT 402.00 431.25 Td (. In 2014, we expensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.70 431.25 Td ($18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.09 431.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (our estimated probable obligation relating to our allocated share of the MNRPF deficit in cruise payroll and related expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (As of November 30, 2014, our remaining estimated obligation of the MNRPF deficit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.94 407.25 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.33 407.25 Td ( after contributing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.03 407.25 Td ($24 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 395.25 Td ( in 2014. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 395.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 395.25 Td (, our contributions to the MNRPF are expected to exceed 5% of total contributions to the fund. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.64 395.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.64 395.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 383.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 383.25 Td (, our contributions to the MNRPF were not material and did not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.66 383.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.99 383.25 Td ( of total contributions to the fund. It is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (possible that we will be required to fund and expense additional amounts for the multiemployer plans in the future, however) Tj ET Q q 0 0 0 rg BT 546.14 371.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (such amounts are not expected to be material to our consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 338.25 Td (otal expense for all defined benefit pension plans, including the multiemployer plans, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.26 338.25 Td ($69 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 338.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 338.25 Td ($62 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.04 338.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.48 338.25 Td ($45 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 326.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.67 326.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.67 326.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.67 326.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.67 326.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.11 326.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.11 326.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 228.77 326.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (Defined Contribution Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 283.25 Td (e have several defined contribution plans available to most of our employees. ) Tj ET Q q 0 0 0 rg BT 370.30 283.25 Td (W) Tj ET Q q 0 0 0 rg BT 378.94 283.25 Td (e contribute to these plans based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (employee contributions, salary levels and length of service. ) Tj ET Q q 0 0 0 rg BT 289.75 271.25 Td (T) Tj ET Q q 0 0 0 rg BT 295.16 271.25 Td (otal expense for these plans was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.23 271.25 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.62 271.25 Td ( in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.67 271.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.67 271.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 259.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 259.25 Td ($22 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.83 259.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.61 259.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.61 259.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (NOTE 13 Earnings Per) Tj ET Q q 0 0 0 rg BT 157.05 742.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 179.93 742.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (Our basic and diluted earnings per share were computed as follows \(in millions, except per share data\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 714.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 679.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 679.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 679.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 679.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 679.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 679.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.95 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 651.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 651.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 651.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 651.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 651.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 622.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 622.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 622.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 622.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 622.95 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 691.95 m 424.5 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 691.95 m 428.5 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 691.95 m 493.5 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 691.95 m 497.5 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 691.95 m 562.5 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 691.95 m 424.5 691.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 679.95 m 424.5 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 679.95 m 493.5 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 679.95 m 562.5 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 679.95 m 424.5 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 666.95 m 424.5 666.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 664.95 m 424.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 679.95 m 493.5 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 666.95 m 493.5 666.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 664.95 m 493.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 679.95 m 562.5 679.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 666.95 m 562.5 666.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 664.95 m 562.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 636.95 m 424.5 636.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 636.95 m 493.5 636.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 636.95 m 562.5 636.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 623.95 m 424.5 623.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 621.95 m 424.5 621.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 623.95 m 493.5 623.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 621.95 m 493.5 621.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 623.95 m 562.5 623.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 621.95 m 562.5 621.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 609.95 m 424.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 607.95 m 424.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 621.95 m 493.5 621.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 623.95 m 493.5 623.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 609.95 m 493.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 607.95 m 493.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 621.95 m 562.5 621.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 623.95 m 562.5 623.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 609.95 m 562.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 607.95 m 562.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 584.95 m 424.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 582.95 m 424.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 584.95 m 493.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 582.95 m 493.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.95 m 562.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.95 m 562.5 582.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 695.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.10 696.03 Td (Years Ended November 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 683.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 684.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 684.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 684.03 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.52 Td (Net income for basic and diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 670.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 670.52 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 670.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 670.52 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 670.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 670.52 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.52 Td (Weighted-average common and ordinary shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 656.52 Td (776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 656.52 Td (775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 656.52 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.52 Td (Dilutive effect of equity plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 641.62 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 641.62 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 641.62 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.52 Td (Diluted weighted-average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 627.52 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 627.52 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 627.52 Td (779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.52 Td (Basic and diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 613.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 613.52 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 613.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 613.52 Td (1.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 613.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 613.52 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.52 Td (Anti-dilutive equity awards excluded from diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.52 Td ( computations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 588.62 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 588.62 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 588.62 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 560.45 Td (NOTE 14 Supplemental Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.45 Td (Cash paid for interest, net of capitalized interest, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 543.45 Td ($297 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.04 543.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.04 543.45 Td ($301 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.43 543.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.87 543.45 Td ($347 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.26 543.45 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.04 543.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.04 543.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.04 543.45 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.04 543.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.48 543.45 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.48 543.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 531.45 Td (. In addition, cash paid for income taxes, net of recoveries, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.57 531.45 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.96 531.45 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.74 531.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.74 531.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.18 531.45 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.57 531.45 Td ( in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.63 531.45 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.63 531.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.45 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 519.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (REPOR) Tj ET Q q 0 0 0 rg BT 81.63 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 87.56 742.10 Td ( OF INDEPENDENT) Tj ET Q q 0 0 0 rg BT 174.59 742.10 Td ( REGISTERED CER) Tj ET Q q 0 0 0 rg BT 259.55 742.10 Td (TIFIED PUBLIC ) Tj ET Q q 0 0 0 rg BT 331.22 742.10 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 721.10 Td (o the Boards of Directors and Shareholders of Carnival Corporation and Carnival plc:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td (comprehensive income, cash flows and shareholders) Tj ET Q q 0 0 0 rg BT 262.52 688.10 Td ( equity present fairly) Tj ET Q q 0 0 0 rg BT 344.90 688.10 Td (, in all material respects, the financial position of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (Carnival Corporation& plc \(comprising Carnival Corporation and Carnival plc and their respective subsidiaries, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (Company\) at November30, 2014 and November30, 2013, and the results of their operations and their cash flows for each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (the three years in the period ended November30, 2014 in conformity with accounting principles generally accepted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (United States of ) Tj ET Q q 0 0 0 rg BT 116.38 640.10 Td (America. ) Tj ET Q q 0 0 0 rg BT 155.25 640.10 Td (Also in our opinion, the Company maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 446.67 640.10 Td (fective internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (financial reporting as of November30, 2014, based on criteria established in the 1992 Internal Control - Integrated Framework, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 220.92 616.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 294.33 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 300.08 616.10 Td (readway Commission \(COSO Framework\). ) Tj ET Q q 0 0 0 rg BT 485.15 616.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 544.86 616.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (management is responsible for these financial statements, for maintaining ef) Tj ET Q q 0 0 0 rg BT 354.72 604.10 Td (fective internal control over financial reporting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (for its assessment of the ef) Tj ET Q q 0 0 0 rg BT 156.18 592.10 Td (fectiveness of internal control over financial reporting, included in Management) Tj ET Q q 0 0 0 rg BT 479.40 592.10 Td (s Report on Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (Control Over Financial Reporting appearing under Item9A) Tj ET Q q 0 0 0 rg BT 287.44 580.10 Td ( of the 2014 ) Tj ET Q q 0 0 0 rg BT 337.44 580.10 Td (Annual Report on Form 10-K. Our responsibility is to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (express opinions on these financial statements and on the Company) Tj ET Q q 0 0 0 rg BT 323.00 568.10 Td (s internal control over financial reporting based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (integrated audits. ) Tj ET Q q 0 0 0 rg BT 121.19 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.82 556.10 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 450.01 556.10 Td (Accounting Oversight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (Board \(United States\). ) Tj ET Q q 0 0 0 rg BT 142.02 544.10 Td (Those standards require that we plan and perform the audits to obtain reasonable assurance about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (whether the financial statements are free of material misstatement and whether ef) Tj ET Q q 0 0 0 rg BT 374.95 532.10 Td (fective internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (risk that a material weakness exists, and testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 411.10 472.10 Td (fectiveness of internal control based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 111.46 448.10 Td (W) Tj ET Q q 0 0 0 rg BT 120.10 448.10 Td (e believe that our audits provide a reasonable basis for our opinions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 427.10 Td ( company) Tj ET Q q 0 0 0 rg BT 98.60 427.10 Td (s internal control over financial reporting is a process designed to provide reasonable assurance regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 177.72 403.10 Td (A) Tj ET Q q 0 0 0 rg BT 184.39 403.10 Td ( company) Tj ET Q q 0 0 0 rg BT 226.33 403.10 Td (s internal control over financial reporting includes those policies and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (that \(i\)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (dispositions of the assets of the company; \(ii\)provide reasonable assurance that transactions are recorded as necessary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (expenditures of the company are being made only in accordance with authorizations of management and directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (company; and \(iii\)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (disposition of the company) Tj ET Q q 0 0 0 rg BT 161.38 331.10 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 306.97 331.10 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 518.20 310.10 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.27 298.10 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 263.7669921875 m 178.955078125 263.7669921875 l s q 0 0 0 rg BT 50.00 265.10 Td (/s/PricewaterhouseCoopers LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (Miami, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (January29, 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 20.10 Td (F-36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 13.50 753.75 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 163.52 753.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 187.14 753.75 Td (ANAL) Tj ET Q q 0 0 0 rg BT 214.55 753.75 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 252.81 753.75 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 311.42 753.75 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 374.77 753.75 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 431.36 753.75 Td (TS OF) Tj ET Q q 0 0 0 rg BT 459.61 753.75 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 496.37 753.75 Td (TIONS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 13.50 735.75 Td (Cautionary Note Concerning Factors ) Tj ET Q q 0 0 0 rg BT 174.41 735.75 Td (That May ) Tj ET Q q 0 0 0 rg BT 218.86 735.75 Td (Affect Futur) Tj ET Q q 0 0 0 rg BT 272.26 735.75 Td (e Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 717.75 Td (Some of the statements, estimates or projections contained in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.61 717.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.61 717.75 Td ( ) Tj ET Q q 0 0 0 rg BT 299.56 717.75 Td (Annual Report are forward-looking statements that involve risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 705.75 Td (uncertainties and assumptions with respect to us, including some statements concerning future results, outlooks, plans, goals and other events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 693.75 Td (which have not yet occurred. ) Tj ET Q q 0 0 0 rg BT 131.61 693.75 Td (These statements are intended to qualify for the safe harbors from liability provided by Section 27A) Tj ET Q q 0 0 0 rg BT 530.66 693.75 Td ( of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 681.75 Td (Act of 1933 and Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 240.66 681.75 Td (Act of 1934. ) Tj ET Q q 0 0 0 rg BT 292.88 681.75 Td (All statements other than statements of historical facts are statements that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 669.75 Td (could be deemed forward-looking. ) Tj ET Q q 0 0 0 rg BT 154.11 669.75 Td (These statements are based on current expectations, estimates, forecasts and projections about our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 657.75 Td (and the industry in which we operate and the beliefs and assumptions of our management. ) Tj ET Q q 0 0 0 rg BT 376.00 657.75 Td (W) Tj ET Q q 0 0 0 rg BT 384.64 657.75 Td (e have tried, whenever possible, to identify these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 645.75 Td (statements by using words like will, may) Tj ET Q q 0 0 0 rg BT 189.76 645.75 Td (, could, should, would, believe, depends, expect, goal, anticipate, forecast, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 633.75 Td (project, future, intend, plan, estimate, tar) Tj ET Q q 0 0 0 rg BT 224.86 633.75 Td (get, indicate and similar expressions of future intent or the negative of such terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 615.75 Td (Forward-looking statements include those statements that may impact, among other things, the forecasting of our non-GAAP) Tj ET Q q 0 0 0 rg BT 513.86 615.75 Td ( earnings per share; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 603.75 Td (net revenue yields; booking levels; pricing; occupancy; operating, financing and tax costs, including fuel expenses; net cruise costs per available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 591.75 Td (lower berth day; estimates of ship depreciable lives and residual values; liquidity; goodwill, ship and trademark fair values and outlook. Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 579.75 Td (forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 567.75 Td (achievements to dif) Tj ET Q q 0 0 0 rg BT 91.63 567.75 Td (fer materially from those expressed or implied in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.84 567.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.84 567.75 Td ( ) Tj ET Q q 0 0 0 rg BT 328.79 567.75 Td (Annual Report. ) Tj ET Q q 0 0 0 rg BT 392.77 567.75 Td (This note contains important cautionary statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 555.75 Td (of the known factors that we consider could materially af) Tj ET Q q 0 0 0 rg BT 241.85 555.75 Td (fect the accuracy of our forward-looking statements and adversely af) Tj ET Q q 0 0 0 rg BT 516.83 555.75 Td (fect our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 543.75 Td (results of operations and financial position. It is not possible to predict or identify all such risks. ) Tj ET Q q 0 0 0 rg BT 399.09 543.75 Td (There may be additional risks that we consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 531.75 Td (immaterial or which are unknown. ) Tj ET Q q 0 0 0 rg BT 153.83 531.75 Td (These factors include, but are not limited to, the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 507.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 507.75 Td (general economic and business conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 495.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 495.75 Td (increases in fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 483.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 483.75 Td (incidents, the spread of contagious diseases and threats thereof, adverse weather conditions or other natural disasters and other incidents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 471.75 Td (af) Tj ET Q q 0 0 0 rg BT 30.09 471.75 Td (fecting the health, safety) Tj ET Q q 0 0 0 rg BT 127.73 471.75 Td (, security and satisfaction of guests and crew;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 459.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 459.75 Td (the international political climate, armed conflicts, terrorist and pirate attacks, vessel seizures, and threats thereof, and other world events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 447.75 Td (af) Tj ET Q q 0 0 0 rg BT 30.09 447.75 Td (fecting the safety and security of travel; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 435.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 435.75 Td (negative publicity concerning the cruise industry in general or us in particular) Tj ET Q q 0 0 0 rg BT 332.83 435.75 Td (, including any adverse environmental impacts of cruising;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 423.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 423.75 Td (geographic regions in which we try to expand our business may be slow to develop and ultimately not develop how we expect;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 411.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 411.75 Td (economic, market and political factors that are beyond our control, which could increase our operating, financing and other costs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 399.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 399.75 Td (changes in and compliance with laws and regulations relating to the protection of persons with disabilities, employment, environment, health, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 387.75 Td (safety) Tj ET Q q 0 0 0 rg BT 45.73 387.75 Td (, security) Tj ET Q q 0 0 0 rg BT 81.73 387.75 Td (, tax and other regulations under which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 375.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 375.75 Td (our inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 363.75 Td (consistent with our expectations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 351.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 351.75 Td (increases to our repairs and maintenance expenses and refurbishment costs as our fleet ages;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 339.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 339.75 Td (lack of continuing availability of attractive, convenient and safe port destinations on terms that are favorable or consistent with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 327.75 Td (expectations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 315.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 315.75 Td (continuing financial viability of our travel agent distribution system, air service providers and other key vendors in our supply chain and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 303.75 Td (reductions in the availability of, and increases in the prices for) Tj ET Q q 0 0 0 rg BT 271.18 303.75 Td (, the services and products provided by these vendors;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 291.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 291.75 Td (disruptions and other damages to our information technology and other networks and operations, and breaches in data security;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 279.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 279.75 Td (failure to keep pace with developments in technology;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 267.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 267.75 Td (competition from and overcapacity in the cruise ship and land-based vacation industry;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 12.50 255.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 255.75 Td (loss of key personnel or our ability to recruit or retain qualified personnel;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 12.50 243.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 243.75 Td (union disputes and other employee relationship issues;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 231.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 231.75 Td (disruptions in the global financial markets or other events that may negatively af) Tj ET Q q 0 0 0 rg BT 344.45 231.75 Td (fect the ability of our counterparties and others to perform their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 219.75 Td (obligations to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 207.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 207.75 Td (the continued strength of our cruise brands and our ability to implement our strategies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 195.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 195.75 Td (additional risks to our international operations not generally applicable to our U.S. operations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 183.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 183.75 Td (our decisions to self-insure against various risks or our inability to obtain insurance for certain risks at reasonable rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 171.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 171.75 Td (litigation, enforcement actions, fines or penalties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 159.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 159.75 Td (fluctuations in foreign currency exchange rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 147.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 147.75 Td (whether our future operating cash flow will be suf) Tj ET Q q 0 0 0 rg BT 222.81 147.75 Td (ficient to fund future obligations and whether we will be able to obtain financing, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 135.75 Td (necessary) Tj ET Q q 0 0 0 rg BT 60.72 135.75 Td (, in suf) Tj ET Q q 0 0 0 rg BT 88.04 135.75 Td (ficient amounts and on terms that are favorable or consistent with our expectations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 123.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 123.75 Td (risks associated with our DLC arrangement;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 111.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 111.75 Td (uncertainties of a foreign legal system as Carnival Corporation and Carnival plc are not U.S. corporations and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 99.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 22.50 99.75 Td (the ability of a small group of shareholders to ef) Tj ET Q q 0 0 0 rg BT 214.77 99.75 Td (fectively control the outcome of shareholder voting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 81.75 Td (Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 69.75 Td (or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.03 69.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.03 69.75 Td ( ) Tj ET Q q 0 0 0 rg BT 481.98 69.75 Td (Annual Report, any updates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 57.75 Td (or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 13.50 45.75 Td (such statements are based.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.00 742.25 Td ( Executive Overview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 718.25 Td (Overall, 2014 was a strong year as we turned the corner with improved earnings and positive net revenue yields, despite the loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 706.25 Td (attractive itineraries due to geopolitical factors and lar) Tj ET Q q 0 0 0 rg BT 243.11 706.25 Td (ge cruise industry capacity increases in the Caribbean. ) Tj ET Q q 0 0 0 rg BT 462.57 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 471.21 706.25 Td (e continued to gain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 694.25 Td (momentum and achieved about a 1 percentage point increase in ROIC, as we move towards our goal of double digit ROIC in the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 682.25 Td (three to four years, while maintaining a strong balance sheet. \(W) Tj ET Q q 0 0 0 rg BT 284.99 682.25 Td (e define ROIC as the twelve-month non-GAAP) Tj ET Q q 0 0 0 rg BT 474.58 682.25 Td ( earnings before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 670.25 Td (interest divided by the monthly average of debt plus equity minus construction-in-progress.\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 648.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 74.41 648.25 Td ( net income for 2014 increased 24% to $1.5 billion \($1.2 billion U.S. GAAP\). ) Tj ET Q q 0 0 0 rg BT 387.80 648.25 Td (W) Tj ET Q q 0 0 0 rg BT 396.43 648.25 Td (e saw strong profit improvement at both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 636.25 Td (our Carnival Cruise Line and Costa brands and enjoyed several early wins from our cross-brand collaboration ef) Tj ET Q q 0 0 0 rg BT 476.13 636.25 Td (forts that contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 624.25 Td (to our improved 2014 results, particularly in the area of onboard revenues. ) Tj ET Q q 0 0 0 rg BT 326.73 624.25 Td (The increase in our non-GAAP) Tj ET Q q 0 0 0 rg BT 453.82 624.25 Td ( net income was driven by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 612.25 Td (slightly higher net revenue yields \(constant dollar\), an increase in capacity and lower fuel prices and fuel consumption per ) Tj ET Q q 0 0 0 rg BT 517.39 612.25 Td (ALBD ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 600.25 Td (\(available lower berth day\), partially of) Tj ET Q q 0 0 0 rg BT 192.85 600.25 Td (fset by slightly higher net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 421.13 600.25 Td (ALBD \(constant dollar\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 578.25 Td (Our slightly higher net revenue yield \(constant dollar\) was due to a more than 3% increase in net onboard and other revenue yields, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 566.25 Td (partially of) Tj ET Q q 0 0 0 rg BT 70.97 566.25 Td (fset by slightly lower net passenger ticket revenue yields. ) Tj ET Q q 0 0 0 rg BT 302.39 566.25 Td (The growth in net onboard and other revenue yields was driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 554.25 Td (by increases in primarily all the net onboard revenue categories on both sides of the ) Tj ET Q q 0 0 0 rg BT 363.28 554.25 Td (Atlantic. ) Tj ET Q q 0 0 0 rg BT 400.32 554.25 Td (The slight decrease in net passenger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 542.25 Td (ticket revenue yields was driven by our North ) Tj ET Q q 0 0 0 rg BT 211.95 542.25 Td (America brands' facing a promotional pricing environment in the Caribbean resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 530.25 Td (from the lar) Tj ET Q q 0 0 0 rg BT 74.02 530.25 Td (ge increase in cruise industry capacity) Tj ET Q q 0 0 0 rg BT 225.81 530.25 Td (, partially of) Tj ET Q q 0 0 0 rg BT 274.78 530.25 Td (fset by improvements at our continental European brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 508.25 Td (Our moderate capacity growth was driven by our new ship deliveries, partially of) Tj ET Q q 0 0 0 rg BT 352.00 508.25 Td (fset by our ship sales. During 2014, we introduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 496.25 Td (Princess Cruises) Tj ET Q q 0 0 0 rg BT 95.42 496.25 Td ( 3,560-passenger ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.68 496.25 Td (Regal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.94 496.25 Td ( and Costa Cruises) Tj ET Q q 0 0 0 rg BT 303.25 496.25 Td ( 3,692-passenger ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.50 496.25 Td (Costa Diadema) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 496.25 Td (. ) Tj ET Q q 0 0 0 rg BT 440.82 496.25 Td (W) Tj ET Q q 0 0 0 rg BT 449.46 496.25 Td (e are building new) Tj ET Q q 0 0 0 rg BT 522.95 496.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 484.25 Td (innovative, purpose-built ships that are lar) Tj ET Q q 0 0 0 rg BT 195.67 484.25 Td (ger and more ef) Tj ET Q q 0 0 0 rg BT 258.51 484.25 Td (ficient and have a wider range of onboard amenities and features, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 472.25 Td (enable us to better compete for consumers) Tj ET Q q 0 0 0 rg BT 198.42 472.25 Td ( vacation spend. ) Tj ET Q q 0 0 0 rg BT 267.94 472.25 Td (These lar) Tj ET Q q 0 0 0 rg BT 304.68 472.25 Td (ger ships enable us to obtain greater economies of scale. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 460.25 Td (addition, we continue to make substantial investments in our existing ship enhancement programs to improve our onboard product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 448.25 Td (of) Tj ET Q q 0 0 0 rg BT 35.15 448.25 Td (ferings and enrich our guests) Tj ET Q q 0 0 0 rg BT 153.26 448.25 Td ( vacation experiences. Furthermore, in 2014 we sold four of our smaller) Tj ET Q q 0 0 0 rg BT 440.27 448.25 Td (, less ef) Tj ET Q q 0 0 0 rg BT 470.36 448.25 Td (ficient vessels: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.01 448.25 Td (Costa ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 27.00 436.25 Td (Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.77 436.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.77 436.25 Td (Costa V) Tj ET Q q 0 0 0 rg BT 110.61 436.25 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.38 436.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.38 436.25 Td (Grand Holiday) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.21 436.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.65 436.25 Td (Ocean Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.69 436.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 414.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 414.25 Td (e benefited from a reduction in fuel prices, which resulted in $126 million of savings. In addition, we had an almost 5% reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 402.25 Td (in fuel consumption per ) Tj ET Q q 0 0 0 rg BT 124.21 402.25 Td (ALBD thus saving another $107 million of fuel expense compared to 2013, which continued our multiple-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 390.25 Td (year cumulative unit fuel consumption savings trend that has reached 25% since 2007. ) Tj ET Q q 0 0 0 rg BT 375.06 390.25 Td (W) Tj ET Q q 0 0 0 rg BT 383.69 390.25 Td (e achieved our stated goal of delivering a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 378.25 Td (20% reduction \(per unit\) in the intensity of carbon dioxide emissions from our shipboard operations one year prior to our tar) Tj ET Q q 0 0 0 rg BT 523.92 378.25 Td (get date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 366.25 Td (and are currently developing new goals aimed at protecting the environment and further reducing our fuel consumption. ) Tj ET Q q 0 0 0 rg BT 508.88 366.25 Td (W) Tj ET Q q 0 0 0 rg BT 517.52 366.25 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 354.25 Td (installing new exhaust gas cleaning systems on our ships to achieve environmental objectives and mitigate the financial impact of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 342.25 Td (new 2015 low sulfur regulatory requirements. ) Tj ET Q q 0 0 0 rg BT 215.11 342.25 Td (W) Tj ET Q q 0 0 0 rg BT 223.74 342.25 Td (e are also implementing a series of new ener) Tj ET Q q 0 0 0 rg BT 401.27 342.25 Td (gy saving technology initiatives across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 330.25 Td (our fleet in areas such as propulsion, air conditioning and waste heat recovery systems as well as more ef) Tj ET Q q 0 0 0 rg BT 446.97 330.25 Td (ficient lighting in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 318.25 Td (help reduce our carbon footprint and costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.25 Td (Our ability to generate significant operating cash flows allows us to internally fund our capital investments. ) Tj ET Q q 0 0 0 rg BT 459.21 296.25 Td (W) Tj ET Q q 0 0 0 rg BT 467.85 296.25 Td (e generated $3.4 billion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.25 Td (of cash from operations, 21% higher than last year) Tj ET Q q 0 0 0 rg BT 228.48 284.25 Td (, and used $2.5 billion to fund investing activities, leaving us with almost $1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.25 Td (billion, most of which was returned to shareholders through our regular quarterly dividend. Our goal is to return "excess free cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.25 Td (flows" \(defined as cash flows from operations less investing activities and regularly scheduled quarterly dividends\) to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.25 Td (shareholders in the form of additional dividends and/or share buybacks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 226.25 Td (e identified new strategies and tactics to strengthen our cruise ticket revenue management processes and systems across our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 214.25 Td (portfolio of brands, such as optimizing our pricing methodologies, improving our pricing models and increasing our brands) Tj ET Q q 0 0 0 rg BT 522.83 214.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 202.25 Td (coordination of our global fleet deployments. Our objectives are to drive greater penetration, more ef) Tj ET Q q 0 0 0 rg BT 430.56 202.25 Td (fective capacity management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 190.25 Td (and improve revenue yields. In addition, we have started to implement various demand creating initiatives as we strive to create ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 178.25 Td (additional demand for our brands that far outpaces supply) Tj ET Q q 0 0 0 rg BT 257.40 178.25 Td (, ultimately leading to higher revenue yields.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 156.25 Td (Our goal is to consistently exceed our guests) Tj ET Q q 0 0 0 rg BT 208.16 156.25 Td ( expectations while providing them with a wide variety of exceptional vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 144.25 Td (experiences. ) Tj ET Q q 0 0 0 rg BT 81.51 144.25 Td (T) Tj ET Q q 0 0 0 rg BT 86.92 144.25 Td (o this end, we are conducting psychographic segmentation studies to gain a more insightful and impactful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 132.25 Td (understanding of our guests) Tj ET Q q 0 0 0 rg BT 140.40 132.25 Td ( needs, wants and expectations. ) Tj ET Q q 0 0 0 rg BT 270.74 132.25 Td (W) Tj ET Q q 0 0 0 rg BT 279.38 132.25 Td (e will then tar) Tj ET Q q 0 0 0 rg BT 334.46 132.25 Td (get our advertising and promotions toward these specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 120.25 Td (guest segments in order to drive demand for our of) Tj ET Q q 0 0 0 rg BT 229.82 120.25 Td (ferings and better guide our guests to the cruise brand experience that best matches ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 108.25 Td (their tastes. ) Tj ET Q q 0 0 0 rg BT 77.36 108.25 Td (These studies should enable us to better dif) Tj ET Q q 0 0 0 rg BT 249.64 108.25 Td (ferentiate each brand in the minds of vacationers and consumers-at-lar) Tj ET Q q 0 0 0 rg BT 530.73 108.25 Td (ge and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 96.25 Td (adjust the product and service of) Tj ET Q q 0 0 0 rg BT 157.05 96.25 Td (ferings of our brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 74.25 Td (Strong relationships with our travel agents are also vital to our success. In 2014, we continued to strengthen our relationship with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 62.25 Td (travel agent community by increasing our communication and outreach, implementing changes based on travel agent feedback, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 50.25 Td (increasing our trade marketing presence and improving our educational programs to assist agents in stimulating cruise demand. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 742.10 Td (In 2014, our operating income in China significantly increased due to a combination of capacity growth and revenue yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 730.10 Td (improvement. ) Tj ET Q q 0 0 0 rg BT 85.14 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 93.78 730.10 Td (e believe that we have significant opportunities to continue to grow our presence in China due to its lar) Tj ET Q q 0 0 0 rg BT 505.15 730.10 Td (ge and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 718.10 Td (growing middle-class population and expansion of their international tourism. Due to the high strategic importance we place on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 706.10 Td (China cruise market, in 2014 we relocated our Chief Operations Of) Tj ET Q q 0 0 0 rg BT 295.90 706.10 Td (ficer to China to more closely oversee our brands) Tj ET Q q 0 0 0 rg BT 495.65 706.10 Td ( strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 694.10 Td (initiatives, coordinate our growth strategy in China and the surrounding markets and liaise with Chinese government of) Tj ET Q q 0 0 0 rg BT 504.21 694.10 Td (ficials. ) Tj ET Q q 0 0 0 rg BT 535.96 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 545.00 694.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 682.10 Td (the introduction of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.93 682.10 Td (Costa Ser) Tj ET Q q 0 0 0 rg BT 142.73 682.10 Td (ena) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.17 682.10 Td ( in 2015, we will have four ships home ported in China, which will represent a 140% increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 670.10 Td (guest capacity over a two-year period and will of) Tj ET Q q 0 0 0 rg BT 222.85 670.10 Td (fer our Chinese guests diversified cruise products with two brands tar) Tj ET Q q 0 0 0 rg BT 500.38 670.10 Td (geting two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 658.10 Td (dif) Tj ET Q q 0 0 0 rg BT 37.93 658.10 Td (ferent segments of travelers. ) Tj ET Q q 0 0 0 rg BT 155.66 658.10 Td (As part of our China cruise strategy) Tj ET Q q 0 0 0 rg BT 297.75 658.10 Td (, we are exploring opportunities aimed at the development of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 646.10 Td (domestic cruise company and the formation of a domestic cruise shipbuilding company) Tj ET Q q 0 0 0 rg BT 375.98 646.10 Td (, as well as port development, talent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 634.10 Td (development and training, enhanced relationships with our distribution partners and sharing of supply chain and logistics expertise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 612.10 Td (W) Tj ET Q q 0 0 0 rg BT 36.04 612.10 Td (ith 100 ships and 10.6 million guests in 2014, we have the scale to optimize our structure by utilizing our combined purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 600.10 Td (volumes and common technologies and implementing cross-brand initiatives aimed at cost containment. In 2014, we continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 588.10 Td (working on expanding cross-brand contracting for food and beverages and began working on cross-brand contracting for air travel to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 576.10 Td (further utilize the scale of our combined purchases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 554.10 Td (Our uncompromising commitment to the safety and comfort of our guests and crew is paramount to the success of our business. ) Tj ET Q q 0 0 0 rg BT 543.66 554.10 Td (W) Tj ET Q q 0 0 0 rg BT 552.29 554.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 542.10 Td (are developing a company-wide safety management system that standardizes our maritime related policies, procedures and processes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 530.10 Td (and are increasing the amount of maritime safety) Tj ET Q q 0 0 0 rg BT 222.11 530.10 Td (, ship command and engine room management training for our shipboard of) Tj ET Q q 0 0 0 rg BT 525.18 530.10 Td (ficers at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 518.10 Td (our expanding global training facility in the Netherlands. ) Tj ET Q q 0 0 0 rg BT 259.53 518.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.17 518.10 Td (e are also updating our processes, systems and training surrounding fire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 506.10 Td (prevention, detection and suppression. Furthermore, we continue to make investments in our ships) Tj ET Q q 0 0 0 rg BT 425.62 506.10 Td ( maritime systems to improve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 494.10 Td (their safety and reliability) Tj ET Q q 0 0 0 rg BT 129.37 494.10 Td (, which also allows us to operate them more ef) Tj ET Q q 0 0 0 rg BT 315.25 494.10 Td (ficiently and sustainably) Tj ET Q q 0 0 0 rg BT 412.35 494.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 472.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 472.10 Td (e employ an average of 81,200 crew members, including of) Tj ET Q q 0 0 0 rg BT 273.43 472.10 Td (ficers, onboard the 100 ships we currently operate, which exclude crew ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 460.10 Td (who are on a leave. ) Tj ET Q q 0 0 0 rg BT 109.28 460.10 Td (W) Tj ET Q q 0 0 0 rg BT 117.92 460.10 Td (e also have an average of 10,100 full-time shoreside employees and 2,800 part-time/seasonal employees. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 448.10 Td (goal is to select, train and retain the finest shipboard and shoreside employees because having a team of highly motivated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 436.10 Td (engaged employees is key to delivering vacation experiences that exceed our guests) Tj ET Q q 0 0 0 rg BT 364.74 436.10 Td ( expectations. ) Tj ET Q q 0 0 0 rg BT 424.54 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 433.18 436.10 Td (e have structured our work ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 424.10 Td (processes and incentive compensation plans to reflect a culture that enables our brands to better align their individual performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 412.10 Td (with our primary financial goals. Our management teams are aligned by geographic region to further optimize our operations, utilize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 400.10 Td (our scale and better manage our performance. In 2014, we accelerated our cross-brand collaboration and streamlined our non-guest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 388.10 Td (facing operations within the Holland ) Tj ET Q q 0 0 0 rg BT 175.58 388.10 Td (America Line, Princess and Seabourn group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 366.10 Td (While we are well underway with certain initiatives discussed above and are already beginning to see their positive results, some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 354.10 Td (our initiatives will take longer to realize their full benefits due to our size and the nature of the cruise industry) Tj ET Q q 0 0 0 rg BT 465.10 354.10 Td (. Our strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 342.10 Td (initiatives demonstrate the benefits of communicating, coordinating and collaborating across our brands and will help us fulfill our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 330.10 Td (vision to deliver unmatched joyful vacation experiences and breakthrough total shareholder returns by exceeding guests) Tj ET Q q 0 0 0 rg BT 508.88 330.10 Td ( expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 318.10 Td (and achieving the full benefits inherent in our scale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.10 Td (As of January 22, 2015, we have ten cruise ships scheduled to be delivered between February 2015 and November 2018, some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.10 Td (which will replace existing capacity as older) Tj ET Q q 0 0 0 rg BT 204.31 284.10 Td (, smaller and less ef) Tj ET Q q 0 0 0 rg BT 283.27 284.10 Td (ficient ships exit our fleet. ) Tj ET Q q 0 0 0 rg BT 390.28 284.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.92 284.10 Td (e strategically time the introduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.10 Td (additional ships into our brands to allow ample time for those lines to further grow their guest base and absorb the new capacity) Tj ET Q q 0 0 0 rg BT 537.33 272.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.65 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 553.29 272.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.10 Td (have removed 16 ships from our fleet since 2006 and have agreements in place to remove three more ships by March 2016. Based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.10 Td (our current ship orders and announced ship withdrawals, our net capacity growth rate is expected to be 2.0% in 2015 and 2.8% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 236.10 Td (compounded annually through 2018. ) Tj ET Q q 0 0 0 rg BT 179.02 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 187.65 236.10 Td (e are committed to measured capacity growth so that we achieve an optimal balance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 224.10 Td (supply and demand to maximize our profitability in established cruise regions, such as North ) Tj ET Q q 0 0 0 rg BT 400.54 224.10 Td (America and ) Tj ET Q q 0 0 0 rg BT 454.22 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 462.85 224.10 Td (estern Europe. ) Tj ET Q q 0 0 0 rg BT 525.43 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.07 224.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.10 Td (believe the increasing deployment of ships into the emer) Tj ET Q q 0 0 0 rg BT 252.86 212.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 272.59 212.10 Td (Asia market may further moderate the level of supply in North ) Tj ET Q q 0 0 0 rg BT 525.02 212.10 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 43.76 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 52.40 200.10 Td (estern Europe.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 178.10 Td (Outlook for) Tj ET Q q 0 0 0 rg BT 77.10 178.10 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.43 178.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.43 178.10 Td ( First Quarter) Tj ET Q q 0 0 0 rg BT 175.78 178.10 Td ( and Full ) Tj ET Q q 0 0 0 rg BT 216.26 178.10 Td (Y) Tj ET Q q 0 0 0 rg BT 222.37 178.10 Td (ear) Tj ET Q q 0 0 0 rg BT 236.07 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 154.10 Td (On December 19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.31 154.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.31 154.10 Td (, we said that we expected our non-GAAP) Tj ET Q q 0 0 0 rg BT 288.78 154.10 Td ( diluted earnings per share for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.67 154.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.67 154.10 Td ( first quarter and full year to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 142.10 Td (be in the ranges of $0.07 to $0.1) Tj ET Q q 0 0 0 rg BT 155.77 142.10 Td (1 and $2.30 to $2.60, respectively \(see Key Performance Non-GAAP) Tj ET Q q 0 0 0 rg BT 436.99 142.10 Td ( Financial Indicators\). Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 130.10 Td (guidance was based on fuel prices of $421 per metric ton and $436 per metric ton for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.66 130.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.66 130.10 Td ( first quarter and full year) Tj ET Q q 0 0 0 rg BT 506.72 130.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 559.38 130.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 118.10 Td (In addition, our guidance was based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.85 118.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.85 118.10 Td ( first quarter and full year currency rates of $1.23 to the euro, $1.57 to sterling and $0.83 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 106.10 Td (to the ) Tj ET Q q 0 0 0 rg BT 51.44 106.10 Td (Australian dollar) Tj ET Q q 0 0 0 rg BT 118.37 106.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.19 106.10 Td (The fuel and currency assumptions used in our guidance change daily and, accordingly) Tj ET Q q 0 0 0 rg BT 470.48 106.10 Td (, our forecasts change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 94.10 Td (daily based on the changes in these assumptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 70.10 Td (The above forward-looking statements involve risks, uncertainties and assumptions with respect to us.) Tj ET Q q 0 0 0 rg BT 438.12 70.10 Td (There are many factors that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 58.10 Td (could cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 168.44 58.10 Td (fer materially from those expressed above including, but not limited to, general economic and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 46.10 Td (business conditions, increases in fuel prices, incidents, spread of contagious diseases, adverse weather conditions, geopolitical events, ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 742.10 Td (negative publicity and other factors that could adversely impact our revenues, costs and expenses.) Tj ET Q q 0 0 0 rg BT 420.39 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 426.61 742.10 Td (ou should read the above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 730.10 Td (forward-looking statements together with the discussion of these and other risks under Cautionary Note Concerning Factors ) Tj ET Q q 0 0 0 rg BT 528.92 730.10 Td (That ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 718.10 Td (May ) Tj ET Q q 0 0 0 rg BT 47.28 718.10 Td (Af) Tj ET Q q 0 0 0 rg BT 57.65 718.10 Td (fect Future Results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 694.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 61.71 694.10 Td (Accounting Estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 670.10 Td (Our critical accounting estimates are those that we believe require our most significant judgments about the ef) Tj ET Q q 0 0 0 rg BT 467.23 670.10 Td (fect of matters that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 658.10 Td (inherently uncertain.) Tj ET Q q 0 0 0 rg BT 111.69 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 118.36 658.10 Td ( discussion of our critical accounting estimates, the underlying judgments and uncertainties used to make them ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 646.10 Td (and the likelihood that materially dif) Tj ET Q q 0 0 0 rg BT 173.17 646.10 Td (ferent estimates would be reported under dif) Tj ET Q q 0 0 0 rg BT 350.14 646.10 Td (ferent conditions or using dif) Tj ET Q q 0 0 0 rg BT 466.05 646.10 Td (ferent assumptions is as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 634.10 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 610.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 610.10 Td (Ship ) Tj ET Q q 0 0 0 rg BT 84.41 610.10 Td (Accounting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 586.10 Td (Our most significant assets are our ships, including ship improvements and ships under construction, which represent 80% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 574.10 Td (total assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.82 574.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.53 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 167.35 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.98 574.10 Td (e make several critical accounting estimates with respect to our ship accounting.First, in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 562.10 Td (to compute our ships) Tj ET Q q 0 0 0 rg BT 113.19 562.10 Td ( depreciation expense, which represented 1) Tj ET Q q 0 0 0 rg BT 284.97 562.10 Td (1% of our cruise costs and expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 562.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 562.10 Td (, we have to estimate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 550.10 Td (useful life of each of our ships as well as their residual values.Secondly) Tj ET Q q 0 0 0 rg BT 314.60 550.10 Td (, we account for ship improvement costs by capitalizing those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 538.10 Td (costs that we believe add value to our ships and have a useful life greater than one year) Tj ET Q q 0 0 0 rg BT 374.52 538.10 Td (, and depreciate those improvements over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 526.10 Td (shorter of their or the ships) Tj ET Q q 0 0 0 rg BT 137.62 526.10 Td ( estimated remaining useful life, while the costs of repairs and maintenance, including minor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 514.10 Td (improvement costs and dry-dock expenses, are char) Tj ET Q q 0 0 0 rg BT 233.69 514.10 Td (ged to expense as incurred.Finally) Tj ET Q q 0 0 0 rg BT 372.44 514.10 Td (, when we record the retirement of a ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 502.10 Td (component that is included within the ship) Tj ET Q q 0 0 0 rg BT 199.75 502.10 Td (s cost basis, we may have to estimate the net book value of the asset being retired in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 490.10 Td (to remove it from the ship) Tj ET Q q 0 0 0 rg BT 133.92 490.10 Td (s cost basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 466.10 Td (e determine the useful life of our ships and ship improvements based on our estimates of the period over which the assets will be of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 454.10 Td (economic benefit to us, including the impact of long-term vacation market conditions, marketing and technical obsolescence, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 442.10 Td (competition, physical deterioration, historical useful lives of similarly-built ships, regulatory constraints and maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 430.10 Td (requirements.In addition, we consider estimates of the weighted-average useful lives of the ships) Tj ET Q q 0 0 0 rg BT 419.19 430.10 Td ( major component systems, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 418.10 Td (the hull, cabins, main electric, superstructure and engines.) Tj ET Q q 0 0 0 rg BT 261.18 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 266.59 418.10 Td (aking all this into consideration, we have estimated our new ships) Tj ET Q q 0 0 0 rg BT 532.18 418.10 Td ( useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 406.10 Td (lives at 30 years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 382.10 Td (e determine the residual value of our ships based on our long-term estimates of their resale value at the end of their useful life to us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 370.10 Td (but before the end of their physical and economic lives to others, historical resale values of our and other cruise ships and viability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 358.10 Td (the secondary cruise ship market. ) Tj ET Q q 0 0 0 rg BT 162.88 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 171.52 358.10 Td (e have estimated our residual values at 15% of our original ship cost.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 334.10 Td (Given the lar) Tj ET Q q 0 0 0 rg BT 79.02 334.10 Td (ge size and complexity of our ships, ship accounting estimates require considerable judgment and are inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.10 Td (uncertain.) Tj ET Q q 0 0 0 rg BT 69.02 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.66 322.10 Td (e do not have cost segregation studies performed to specifically componentize our ships.In addition, since we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 310.10 Td (separately componentize our ships, we do not identify and track depreciation of original ship components.) Tj ET Q q 0 0 0 rg BT 453.65 310.10 Td (Therefore, we typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 298.10 Td (have to estimate the net book value of components that are retired, based primarily upon their replacement cost, their age and their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 286.10 Td (original estimated useful lives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 262.10 Td (If materially dif) Tj ET Q q 0 0 0 rg BT 90.13 262.10 Td (ferent conditions existed, or if we materially changed our assumptions of ship useful lives and residual values, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 250.10 Td (depreciation expense, loss on retirement of ship components and net book value of our ships would be materially dif) Tj ET Q q 0 0 0 rg BT 492.54 250.10 Td (ferent.In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 238.10 Td (addition, if we change our assumptions in making our determinations as to whether improvements to a ship add value, the amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 226.10 Td (we expense each year as repair and maintenance expense could increase, which would be partially of) Tj ET Q q 0 0 0 rg BT 430.53 226.10 Td (fset by a decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 214.10 Td (depreciation expense, resulting from a reduction in capitalized costs.Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.90 214.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.90 214.10 Td ( ship depreciation expense would have increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 202.10 Td (approximately $50 million assuming we had reduced our estimated 30-year ship useful life estimate by one year at the time we took ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 190.10 Td (delivery or acquired each of our ships.In addition, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.49 190.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.49 190.10 Td ( ship depreciation expense would have increased by approximately $205 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 178.10 Td (million assuming we had estimated our ships to have no residual value at the time of their delivery or acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 154.10 Td (e believe that the estimates we made for ship accounting purposes are reasonable and our methods are consistently applied in all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 142.10 Td (material respects and, accordingly) Tj ET Q q 0 0 0 rg BT 162.96 142.10 Td (, result in depreciation expense that is based on a rational and systematic method to equitably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 130.10 Td (allocate the costs of our ships to the periods during which we use them.In addition, we believe that the estimates we made are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 118.10 Td (reasonable and our methods consistently applied in all material respects in determining \(1\) the useful life and residual values of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 106.10 Td (ships, including ship improvements; \(2\) which improvement costs add value to our ships and \(3\) the net book value of ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 94.10 Td (component assets being retired.Finally) Tj ET Q q 0 0 0 rg BT 183.26 94.10 Td (, we believe our critical ship accounting estimates are generally comparable with those of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 82.10 Td (other major cruise companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 742.25 Td (Asset Impairments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 718.25 Td (Impairment reviews of our cruise ships, goodwill and trademarks require us to make significant estimates to determine the fair values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 706.25 Td (of these assets and cruise brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 682.25 Td (For our cruise ships, we perform our impairment reviews, if required, at the individual cruise ship level, which is the lowest level for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 670.25 Td (which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities.See Note 10 - Fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 658.25 Td (V) Tj ET Q q 0 0 0 rg BT 33.11 658.25 Td (alue Measurements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 263.33 658.25 Td (Activities in the consolidated financial statements for a discussion of ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 646.25 Td (impairment char) Tj ET Q q 0 0 0 rg BT 92.63 646.25 Td (ges recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.21 646.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.21 646.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.21 646.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.21 646.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.65 646.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 646.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 622.25 Td (e believe it is more-likely-than-not \(ML) Tj ET Q q 0 0 0 rg BT 198.83 622.25 Td (TN\) that each of our cruise brands) Tj ET Q q 0 0 0 rg BT 343.03 622.25 Td ( estimated fair value that carry goodwill at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 610.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.71 610.25 Td ( exceeded their carrying value.) Tj ET Q q 0 0 0 rg BT 232.01 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 240.65 610.25 Td (e also believe that it is ML) Tj ET Q q 0 0 0 rg BT 346.38 610.25 Td (TN that the estimated fair value of each of our cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 598.25 Td (brands) Tj ET Q q 0 0 0 rg BT 56.25 598.25 Td ( trademarks recorded at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.86 598.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.57 598.25 Td ( exceeded their carrying values.See Note 10 - Fair ) Tj ET Q q 0 0 0 rg BT 442.02 598.25 Td (V) Tj ET Q q 0 0 0 rg BT 448.14 598.25 Td (alue Measurements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 586.25 Td (Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 174.74 586.25 Td (Activities in the consolidated financial statements for additional discussion of our goodwill and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 574.25 Td (trademark impairment reviews. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 550.25 Td (The determination of fair value includes numerous assumptions that are subject to various risks and uncertainties, unless a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 538.25 Td (comparable, viable actively-traded market exists, which is usually not the case for cruise ships, cruise brands and trademarks. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 526.25 Td (ships) Tj ET Q q 0 0 0 rg BT 50.15 526.25 Td ( fair values are typically estimated based either on ship sales price negotiations or discounted future cash flows.) Tj ET Q q 0 0 0 rg BT 498.44 526.25 Td (The principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 514.25 Td (assumptions used to calculate our discounted future cash flows include forecasted future operating results over the expected period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 502.25 Td (we believe the ships will have economic benefit to us and their estimated residual values. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 478.25 Td (In performing qualitative assessments of our cruise brands that carry goodwill, qualitative factors that we consider to determine their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 466.25 Td (ef) Tj ET Q q 0 0 0 rg BT 34.59 466.25 Td (fect on each of the cruise brand) Tj ET Q q 0 0 0 rg BT 162.86 466.25 Td (s estimated fair values include industry and market conditions, macroeconomic conditions, changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 37.10 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 45.43 454.25 Td (ACC, overall financial performance, changes in fuel prices and capital expenditures. In determining the estimated fair values of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 442.25 Td (cruise brands utilizing discounted future cash flow analysis for our quantitative goodwill impairment tests, significant judgments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 430.25 Td (made related to forecasting future operating results, including net revenue yields and net cruise costs including fuel prices; capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 418.25 Td (changes, including the expected rotation of vessels into, or out of, the cruise brand; capital expenditures; ) Tj ET Q q 0 0 0 rg BT 446.97 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 455.30 418.25 Td (ACC of market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 406.25 Td (participants, adjusted for the risk attributable to the geographic region in which the cruise brand operates and terminal values.In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 394.25 Td (addition, third-party appraisers are sometimes used to help determine fair values of cruise brands and trademarks, and their valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 382.25 Td (methodologies are also typically subject to uncertainties similar to those discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 358.25 Td (In addition, in performing our qualitative assessments of our cruise brands) Tj ET Q q 0 0 0 rg BT 327.02 358.25 Td ( significant trademarks, qualitative factors that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 346.25 Td (consider to determine their ef) Tj ET Q q 0 0 0 rg BT 144.55 346.25 Td (fect on each of the cruise brand) Tj ET Q q 0 0 0 rg BT 272.82 346.25 Td (s recorded trademarks) Tj ET Q q 0 0 0 rg BT 363.70 346.25 Td ( estimated fair values include industry and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 334.25 Td (market conditions, macroeconomic conditions, changes to the ) Tj ET Q q 0 0 0 rg BT 276.47 334.25 Td (W) Tj ET Q q 0 0 0 rg BT 284.80 334.25 Td (ACC, changes in royalty rates and overall financial performance. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.25 Td (determining our trademark estimated fair values for our quantitative impairment tests, we also use discounted future cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 310.25 Td (analysis, which requires some of the same significant judgments discussed above. Specifically) Tj ET Q q 0 0 0 rg BT 403.76 310.25 Td (, determining the estimated amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 298.25 Td (royalties that we are relieved from having to pay for the use of the associated trademarks is based upon forecasted cruise revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 286.25 Td (and a market participant) Tj ET Q q 0 0 0 rg BT 126.68 286.25 Td (s royalty rate. ) Tj ET Q q 0 0 0 rg BT 183.70 286.25 Td (The royalty rates are estimated primarily using comparable royalty agreements for similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 274.25 Td (industries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 250.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 250.25 Td (e believe that we have made reasonable estimates and judgments in determining whether our cruise ships, goodwill and trademarks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 238.25 Td (have been impaired.However) Tj ET Q q 0 0 0 rg BT 146.55 238.25 Td (, if there is a change in assumptions used or if there is a change in the conditions or circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 226.25 Td (influencing fair values in the future, then we may need to recognize an impairment char) Tj ET Q q 0 0 0 rg BT 377.51 226.25 Td (ge.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 202.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 202.25 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 178.25 Td (e periodically assess the potential liabilities related to any lawsuits or claims brought against us, as well as for other known ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 166.25 Td (unasserted claims, including environmental, legal, regulatory) Tj ET Q q 0 0 0 rg BT 270.72 166.25 Td (, guest and crew and tax matters.In addition, we periodically assess the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 154.25 Td (recoverability of our trade and other receivables, charter) Tj ET Q q 0 0 0 rg BT 251.68 154.25 Td (-hire agreements and other counterparty credit exposures, such as contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 142.25 Td (nonperformance by financial and other institutions with which we conduct significant business. Our credit exposure includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 130.25 Td (contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 118.25 Td (cruise sales in ) Tj ET Q q 0 0 0 rg BT 85.04 118.25 Td (Australia and most of Europe where we are obligated to honor our guests) Tj ET Q q 0 0 0 rg BT 380.33 118.25 Td ( cruise payments made by them to their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 106.25 Td (travel agents and tour operators regardless of whether we have received these payments. ) Tj ET Q q 0 0 0 rg BT 382.23 106.25 Td (While it is typically very dif) Tj ET Q q 0 0 0 rg BT 495.08 106.25 Td (ficult to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 94.25 Td (determine the timing and ultimate outcome of these matters, we use our best judgment to determine if it is probable, or ML) Tj ET Q q 0 0 0 rg BT 518.46 94.25 Td (TN for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 82.25 Td (income tax matters, that we will incur an expense related to the settlement or final adjudication of such matters and whether a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 70.25 Td (reasonable estimation of such probable or ML) Tj ET Q q 0 0 0 rg BT 210.47 70.25 Td (TN loss, if any) Tj ET Q q 0 0 0 rg BT 269.26 70.25 Td (, can be made.In assessing probable losses, we make estimates of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 58.25 Td (amount of probable insurance recoveries, if any) Tj ET Q q 0 0 0 rg BT 217.11 58.25 Td (, which are recorded as assets.) Tj ET Q q 0 0 0 rg BT 340.21 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 348.85 58.25 Td (e accrue a liability and establish a reserve when we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 46.25 Td (believe a loss is probable or ML) Tj ET Q q 0 0 0 rg BT 154.94 46.25 Td (TN for income tax matters, and the amount of the loss can be reasonably estimated in accordance ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 742.10 Td (with U.S. generally accepted accounting principles \(U.S. GAAP\).Such accruals and reserves are typically based on developments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 730.10 Td (to date, management) Tj ET Q q 0 0 0 rg BT 112.80 730.10 Td (s estimates of the outcomes of these matters, our experience in contesting, litigating and settling other similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 718.10 Td (non-income tax matters, historical claims experience, actuarially determined estimates of liabilities and any related insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 706.10 Td (coverages.See Note 7 - Contingencies, Note 8 - T) Tj ET Q q 0 0 0 rg BT 240.39 706.10 Td (axation and Note 10 - Fair ) Tj ET Q q 0 0 0 rg BT 356.83 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 362.95 706.10 Td (alue Measurements, Derivative Instruments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 694.10 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 63.39 694.10 Td (Activities in the consolidated financial statements for additional information concerning our contingencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 670.10 Td (Given the inherent uncertainty related to the eventual outcome of these matters and potential insurance recoveries, it is possible that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 658.10 Td (all or some of these matters may be resolved for amounts materially dif) Tj ET Q q 0 0 0 rg BT 312.29 658.10 Td (ferent from any provisions or disclosures that we may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 646.10 Td (made with respect to their resolution.In addition, as new information becomes available, we may need to reassess the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 634.10 Td (asset or liability that needs to be accrued related to our contingencies.) Tj ET Q q 0 0 0 rg BT 307.18 634.10 Td (All such revisions in our estimates could materially impact our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 622.10 Td (results of operations and financial position. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 598.10 Td (Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 574.10 Td (e earn substantially all of our cruise revenues from the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.10 Td (sales of passenger cruise tickets and, in some cases, the sale of air and other transportation to and from airports near our ships) Tj ET Q q 0 0 0 rg BT 540.66 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.10 Td (home ports and cancellation fees. ) Tj ET Q q 0 0 0 rg BT 171.88 538.10 Td (The cruise ticket price typically includes accommodations, most meals, some non-alcoholic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 526.10 Td (beverages and most onboard entertainment. ) Tj ET Q q 0 0 0 rg BT 212.43 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 221.06 526.10 Td (e also collect fees, taxes and other char) Tj ET Q q 0 0 0 rg BT 376.92 526.10 Td (ges from our guests, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 514.10 Td (sales of goods and services primarily onboard our ships not included in the cruise ticket price including substantially all liquor and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.10 Td (some non-alcoholic beverage sales, casino gaming, shore excursions, gift shop sales, photo sales, communication services, full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 490.10 Td (service spas, specialty themed restaurants, cruise vacation protection programs and pre- and post-cruise land packages.) Tj ET Q q 0 0 0 rg BT 513.42 490.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 478.10 Td (goods and services are provided either directly by us or by independent concessionaires, from which we receive either a percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 466.10 Td (of their revenues or a fee. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 442.10 Td (e incur cruise operating costs and expenses for the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 418.10 Td (the costs of passenger cruise bookings, which represent costs that are directly associated with passenger cruise ticket revenues, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.10 Td (include travel agent commissions, air and other transportation related costs, fees, taxes and other char) Tj ET Q q 0 0 0 rg BT 441.51 406.10 Td (ges that vary with guest head ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 394.10 Td (counts and related credit and debit card or direct debit fees,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 382.10 Td (onboard and other cruise costs, which represent costs that are directly associated with onboard and other revenues, and include the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.10 Td (costs of liquor and some non-alcoholic beverages, costs of tangible goods sold by us in our gift shops and from our photo sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.10 Td (communication costs, costs of cruise vacation protection programs, costs of pre- and post-cruise land packages and related credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.10 Td (and debit card or direct debit fees.Concession revenues do not have significant associated expenses because the costs and services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 334.10 Td (incurred for concession revenues are borne by our concessionaires,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.10 Td (fuel costs, which include fuel delivery costs,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.10 Td (payroll and related costs, which represent all costs related to our shipboard personnel, including deck and engine crew) Tj ET Q q 0 0 0 rg BT 507.69 310.10 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 298.10 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 298.10 Td (ficers, and hotel and administrative employees, while costs associated with our shoreside personnel are included in selling and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 286.10 Td (administrative expenses,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 274.10 Td (food costs, which include both our guest and crew food costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 262.10 Td (other ship operating expenses, which include port costs that do not vary with guest head counts, repairs and maintenance, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 250.10 Td (minor improvements and dry-dock expenses, hotel costs, entertainment, gains and losses on ship sales, ship impairments, freight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 238.10 Td (and logistics, insurance premiums and all other ship operating expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 214.10 Td (For segment information related to our North ) Tj ET Q q 0 0 0 rg BT 210.02 214.10 Td (America and EAA) Tj ET Q q 0 0 0 rg BT 283.88 214.10 Td ( cruise brands) Tj ET Q q 0 0 0 rg BT 342.00 214.10 Td ( revenues, expenses, operating income and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 202.10 Td (financial information, see Note 1) Tj ET Q q 0 0 0 rg BT 158.53 202.10 Td (1 - Segment Information in the consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 221 0 obj <>] /Rotate 0 /Contents 222 0 R>> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td (Statistical Information) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 703.75 340.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 703.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.75 703.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.75 703.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.75 703.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 703.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 675.75 340.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 675.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.75 675.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.75 675.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.75 675.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 675.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 647.75 340.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 647.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.75 647.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.75 647.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.75 647.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 647.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 619.75 340.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 619.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.75 619.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.75 619.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.75 619.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 619.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 591.75 340.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 591.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.75 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.75 591.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.75 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 591.75 62.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 717.75 m 428.75 717.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.75 717.75 m 432.75 717.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.75 717.75 m 495.75 717.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.75 717.75 m 499.75 717.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 717.75 m 561.75 717.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 703.75 m 428.75 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.75 717.75 m 495.75 717.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.75 703.75 m 495.75 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 717.75 m 561.75 717.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 703.75 m 561.75 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 703.75 m 428.75 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 703.75 m 561.75 703.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.75 722.43 Td (Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.25 708.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.75 708.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.25 708.43 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 694.32 Td (ALBDs \(in thousands\) \(a\) \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.40 694.32 Td (76,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.40 694.32 Td (74,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.40 694.32 Td (71,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 680.32 Td (Occupancy percentage \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 680.32 Td (104.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.90 680.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 680.32 Td (105.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.90 680.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 680.32 Td (105.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.90 680.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 666.32 Td (Passengers carried \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.40 666.32 Td (10,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.40 666.32 Td (10,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 666.32 Td (9,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 652.32 Td (Fuel consumption in metric tons \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 652.32 Td (3,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 652.32 Td (3,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 652.32 Td (3,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 638.32 Td (Fuel consumption in metric tons per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 638.32 Td (0.042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 638.32 Td (0.044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 638.32 Td (0.047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 624.32 Td (Fuel cost per metric ton consumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.25 624.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.90 624.32 Td (636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.25 624.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 624.32 Td (676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.25 624.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.90 624.32 Td (710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 610.32 Td (Currencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 596.32 Td ( U.S. dollar to 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.25 596.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 596.32 Td (1.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.25 596.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 596.32 Td (1.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.25 596.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 596.32 Td (1.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 582.32 Td ( U.S. dollar to 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.25 582.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 582.32 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.25 582.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 582.32 Td (1.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.25 582.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 582.32 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 568.32 Td ( U.S. dollar to Australian dollar) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.25 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 568.32 Td (0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.25 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 568.32 Td (0.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.25 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 568.32 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 540.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 63.00 540.25 Td (ALBD is a standard measure of passenger capacity for the period that we use to approximate rate and capacity variances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 528.25 Td (based on consistently applied formulas, that we use to perform analyses to determine the main non-capacity driven factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 516.25 Td (that cause our cruise revenues and expenses to vary) Tj ET Q q 0 0 0 rg BT 268.38 516.25 Td (.) Tj ET Q q 0 0 0 rg BT 272.83 516.25 Td (ALBDs assume that each cabin we of) Tj ET Q q 0 0 0 rg BT 423.16 516.25 Td (fer for sale accommodates two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 504.25 Td (passengers and is computed by multiplying passenger capacity by revenue-producing ship operating days in the period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 480.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 63.00 480.25 Td (In 2014, we had a 2.7% capacity increase in ) Tj ET Q q 0 0 0 rg BT 240.99 480.25 Td (ALBDs compared to 2013 comprised of a 4.3% capacity increase in our North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 468.25 Td (America brands and a minor capacity increase in our EAA) Tj ET Q q 0 0 0 rg BT 296.52 468.25 Td ( brands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 444.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 444.25 Td (Our North ) Tj ET Q q 0 0 0 rg BT 106.33 444.25 Td (America brands) Tj ET Q q 0 0 0 rg BT 172.50 444.25 Td ( capacity increase was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 432.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 432.25 Td (the full year impact from one Princess 3,560-passenger capacity ship delivered in 2013;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 420.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 420.25 Td (the partial year impact from one Princess 3,560-passenger capacity ship delivered in 2014 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 408.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 408.25 Td (fewer ship dry-dock days in 2014 compared to 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 396.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 384.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 384.25 Td (In 2013, we had a 2.9% capacity increase in ) Tj ET Q q 0 0 0 rg BT 240.99 384.25 Td (ALBDs compared to 2012 comprised of a 3.4% and 2.5% capacity increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 372.25 Td (our EAA) Tj ET Q q 0 0 0 rg BT 98.83 372.25 Td ( brands and North ) Tj ET Q q 0 0 0 rg BT 172.71 372.25 Td (America brands, respectively) Tj ET Q q 0 0 0 rg BT 288.95 372.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 348.25 Td (Our EAA) Tj ET Q q 0 0 0 rg BT 101.05 348.25 Td ( brands) Tj ET Q q 0 0 0 rg BT 132.80 348.25 Td ( capacity increase was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 336.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 336.25 Td (the full year impact from one ) Tj ET Q q 0 0 0 rg BT 217.85 336.25 Td (AIDA) Tj ET Q q 0 0 0 rg BT 242.29 336.25 Td ( 2,194-passenger capacity ship and one Costa 2,984-passenger capacity ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 324.25 Td (both delivered in 2012;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 312.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 312.25 Td (the partial year impact from one ) Tj ET Q q 0 0 0 rg BT 229.50 312.25 Td (AIDA) Tj ET Q q 0 0 0 rg BT 253.95 312.25 Td ( 2,194-passenger capacity ship delivered in 2013 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 300.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 300.25 Td (fewer ship dry-dock days in 2013 compared to 2012.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.00 276.25 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 212.42 276.25 Td (fset by the full year impact from the removal of two Costa ships and the sale of one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 264.25 Td (P&O Cruises \(Australia\) 1,462-passenger capacity ship all in 2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 240.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 240.25 Td (Our North ) Tj ET Q q 0 0 0 rg BT 106.33 240.25 Td (America brands) Tj ET Q q 0 0 0 rg BT 172.50 240.25 Td ( capacity increase was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 228.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 228.25 Td (the full year impact from one Carnival Cruise Line 3,690-passenger capacity ship delivered in 2012 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 216.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 216.25 Td (the partial year impact from one Princess 3,560-passenger capacity ship delivered in 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.82 192.25 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 213.24 192.25 Td (fset by more ship dry-dock days in 2013 compared to 2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 168.25 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 63.00 168.25 Td (In accordance with cruise industry practice, occupancy is calculated using a denominator of ) Tj ET Q q 0 0 0 rg BT 431.75 168.25 Td (ALBDs, which assumes two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 156.25 Td (passengers per cabin even though some cabins can accommodate three or more passengers. Percentages in excess of 100% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 144.25 Td (indicate that on average more than two passengers occupied some cabins.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 740.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.00 728.10 Td ( Compar) Tj ET Q q 0 0 0 rg BT 84.87 728.10 Td (ed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.20 728.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.20 728.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 704.10 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 680.10 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (Cruise passenger ticket revenues made up 75% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 656.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 656.10 Td ( total revenues.Cruise passenger ticket revenues increased by $241 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (2.1%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.11 644.10 Td ($1) Tj ET Q q 0 0 0 rg BT 72.74 644.10 Td (1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.85 644.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.63 644.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.63 644.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.07 644.10 Td ($1) Tj ET Q q 0 0 0 rg BT 180.70 644.10 Td (1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.81 644.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.59 644.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.59 644.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (This increase was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 608.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 608.10 Td ($309 million - 2.7% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 608.10 Td (ALBDs and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 596.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 596.10 Td ($102 million - foreign currency translational impact from a weaker U.S. dollar against the euro and sterling, net of a stronger U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 584.10 Td (dollar against the ) Tj ET Q q 0 0 0 rg BT 133.82 584.10 Td (Australian dollar \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.56 584.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.56 584.10 Td ( net currency impact\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 158.42 560.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 548.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 548.10 Td ($1) Tj ET Q q 0 0 0 rg BT 72.63 548.10 Td (14 million - 1.0 percentage point decrease in occupancy and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 536.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 536.10 Td ($37 million - decrease in cruise ticket pricing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (The remaining 25% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 512.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 512.10 Td ( total revenues were substantially all comprised of onboard and other cruise revenues, which increased by $182 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (million, or 5.1%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 500.10 Td ($3.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.94 500.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.72 500.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.72 500.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.16 500.10 Td ($3.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.27 500.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.05 500.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.05 500.10 Td (.) Tj ET Q q 0 0 0 rg BT 294.87 500.10 Td (This increase was principally due to our 2.7% capacity increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (ALBDs, which accounted for $96 million, and higher onboard spending by our guests, which accounted for $92 million, partially of) Tj ET Q q 0 0 0 rg BT 555.32 488.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.10 Td (a 1.0 percentage point decrease in occupancy) Tj ET Q q 0 0 0 rg BT 207.09 476.10 Td (, which accounted for $36 million. Onboard and other revenues included concession revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (of $1.1 billion in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 464.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.00 464.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.44 464.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.44 464.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 440.10 Td (North ) Tj ET Q q 0 0 0 rg BT 81.50 440.10 Td (America Brands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 416.10 Td (Cruise passenger ticket revenues made up 73% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 416.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 416.10 Td ( total revenues.Cruise passenger ticket revenues increased slightly by $19 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (million to $6.9 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.56 404.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.56 404.10 Td ( from $6.8 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.89 404.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.89 404.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (This increase was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 368.10 Td ($294 million - 4.3% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 368.10 Td (ALBDs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 344.10 Td (This increase was partially of) Tj ET Q q 0 0 0 rg BT 144.55 344.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 332.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 332.10 Td ($130 million - 2.0 percentage point decrease in occupancy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 320.10 Td ($75 million - decrease in cruise ticket pricing and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 308.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 308.10 Td ($58 million - decrease in air transportation revenues from guests who purchased their tickets from us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.10 Td (Our cruise ticket pricing decrease was driven by the promotional pricing environment in the Caribbean resulting from the lar) Tj ET Q q 0 0 0 rg BT 525.55 284.10 Td (ge increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.10 Td (cruise industry capacity) Tj ET Q q 0 0 0 rg BT 121.32 272.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.10 Td (The remaining 27% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 248.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 248.10 Td ( total revenues were comprised of onboard and other cruise revenues, which increased by $168 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 236.10 Td (7.0%, to $2.6 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 236.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 236.10 Td ( from $2.4 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.33 236.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.33 236.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.10 Td (This increase was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 200.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 200.10 Td ($103 million - 4.3% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 200.10 Td (ALBDs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 188.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 188.10 Td ($78 million - higher onboard spending by our guests and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 176.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 176.10 Td ($20 million - higher other third-party revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 152.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 158.42 152.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 140.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 140.10 Td ($46 million - 2.0 percentage point decrease in occupancy) Tj ET Q q 0 0 0 rg BT 290.88 140.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 116.10 Td (Onboard and other revenues included concession revenues of $735 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.86 116.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.86 116.10 Td ( and $727 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.47 116.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.47 116.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 92.10 Td (EAA) Tj ET Q q 0 0 0 rg BT 74.56 92.10 Td ( Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 68.10 Td (Cruise passenger ticket revenues made up 82% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 68.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 68.10 Td ( total revenues.Cruise passenger ticket revenues increased by $223 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 56.10 Td (4.6%, to $5.0 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 56.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 56.10 Td ( from $4.8 billion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.05 56.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.05 56.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (This increase was substantially due to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 716.10 Td ($102 million - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.72 716.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.72 716.10 Td ( net currency impact;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 704.10 Td ($49 million - increase in air transportation revenues from guests who purchased their tickets from us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 692.10 Td ($39 million - increase in cruise ticket pricing and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 680.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 680.10 Td ($23 million - slight increase in occupancy) Tj ET Q q 0 0 0 rg BT 230.08 680.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (The remaining 18% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 656.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 656.10 Td ( total revenues were comprised of onboard and other cruise revenues, which increased by $19 million, or 1.7%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (and remained at $1.1 billion in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.53 644.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.53 644.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.97 644.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.97 644.10 Td (.Onboard and other revenues included concession revenues of $367 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.83 644.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.83 644.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (and $370 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 632.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.11 632.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 608.10 Td (Costs and Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (Operating costs and expenses decreased by $221 million, or 2.1%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.27 560.10 Td ($10.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.38 560.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.16 560.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.16 560.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.60 560.10 Td ($10.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.71 560.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.49 560.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.49 560.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (This decrease was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 524.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 524.10 Td ($176 million - nonrecurrence in 2014 of impairment char) Tj ET Q q 0 0 0 rg BT 291.64 524.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.45 524.10 Td (Costa Classica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.74 524.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.17 524.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 458.01 524.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.78 524.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 512.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 512.10 Td ($126 million - lower fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 500.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 500.10 Td ($107 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 234.92 500.10 Td (ALBD;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 488.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 488.10 Td ($64 million - decreases in commissions, transportation and other related expenses primarily due to a decrease in air transportation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 476.10 Td (costs related to guests who purchased their tickets from us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 464.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 464.10 Td ($56 million - nonrecurrence in 2014 of additional costs and expenses related to the 2013 voyage disruptions, net of third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 452.10 Td (insurance recoverables of $20 million;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 440.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 440.10 Td ($51 million - gains from the sales of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.75 440.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 241.59 440.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.36 440.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.80 440.10 Td (Ocean Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.84 440.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 428.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 428.10 Td ($40 million - lower dry-dock and other ship repair and maintenance expenses and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 416.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 416.10 Td ($38 million - 1.0 percentage point decrease in occupancy) Tj ET Q q 0 0 0 rg BT 290.88 416.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 392.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 392.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 380.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 380.10 Td ($278 million - 2.7% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 380.10 Td (ALBDs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 368.10 Td ($59 million - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.72 368.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.72 368.10 Td ( net currency impact;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 356.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 356.10 Td ($53 million - impairment char) Tj ET Q q 0 0 0 rg BT 183.35 356.10 Td (ges related to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.66 356.10 Td ( Costa Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.77 356.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.21 356.10 Td (Grand Holiday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.54 356.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 344.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 344.10 Td ($47 million - various other operating expenses, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 332.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 320.10 Td (Selling and administrative expenses increased by $175 million, or 9.3%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.16 320.10 Td ($2.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.28 320.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.05 320.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.05 320.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.49 320.10 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.61 320.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.38 320.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.38 320.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.10 Td (Depreciation and amortization expenses increased by $47 million, or 3.0%, and remained at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.88 296.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.99 296.10 Td ( in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.05 296.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.05 296.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.49 296.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.49 296.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.10 Td (Our total costs and expenses as a percentage of revenues decreased to 89% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 272.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.10 272.10 Td ( from 91% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 272.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 272.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.50 248.10 Td (North ) Tj ET Q q 0 0 0 rg BT 84.00 248.10 Td (America Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 224.10 Td (Operating costs and expenses decreased slightly by $22 million and remained at $6.3 billion in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.86 224.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.86 224.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 224.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 224.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.10 Td (This decrease was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 188.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 188.10 Td ($103 million - decreases in commissions, transportation and other related expenses primarily due to a decrease in air ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 176.10 Td (transportation costs related to guests who purchased their tickets from us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 164.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 164.10 Td ($87 million - lower fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 152.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 152.10 Td ($58 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 229.92 152.10 Td (ALBD;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 140.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 140.10 Td ($56 million - nonrecurrence in 2014 of additional costs and expenses related to the 2013 voyage disruptions, net of third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 128.10 Td (insurance recoverables of $20 million;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 116.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 116.10 Td ($43 million - 2.0 percentage point decrease in occupancy; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 104.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 104.10 Td ($43 million - lower dry-dock and other ship repair and maintenance expenses and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 92.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 92.10 Td ($14 million - gain from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.97 92.10 Td (Ocean Princess.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 728.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 716.10 Td ($271 million - 4.3% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 716.10 Td (ALBDs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 704.10 Td ($39 million - nonrecurrence in 2014 of an intersegment transaction, which was fully of) Tj ET Q q 0 0 0 rg BT 410.50 704.10 Td (fset in our Cruise Support segment and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 692.10 Td ($72 million - various other operating expenses, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (Our total costs and expenses as a percentage of revenues decreased to 89% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 668.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.10 668.10 Td ( from 90% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 668.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 668.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 644.10 Td (EAA) Tj ET Q q 0 0 0 rg BT 79.06 644.10 Td ( Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (Operating costs and expenses decreased by $223 million, or 5.4%, to $3.9 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.16 620.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.16 620.10 Td ( from $4.1 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.49 620.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.49 620.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.10 Td (This decrease was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 584.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 584.10 Td ($176 million - nonrecurrence in 2014 of impairment char) Tj ET Q q 0 0 0 rg BT 291.64 584.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.45 584.10 Td (Costa Classica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.74 584.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.17 584.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 458.01 584.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.78 584.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 572.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 572.10 Td ($51 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 229.92 572.10 Td (ALBD;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 560.10 Td ($41 million - lower fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 548.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 548.10 Td ($39 million - lower dry-dock and other ship repair and maintenance expenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 536.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 536.10 Td ($37 million - gain from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.97 536.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 233.81 536.10 Td (oyager ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.08 536.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 524.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 524.10 Td ($37 million - various other operating expenses, net. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 500.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 488.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 488.10 Td ($59 million - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.72 488.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.72 488.10 Td ( net currency impact;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 476.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 476.10 Td ($53 million - impairment char) Tj ET Q q 0 0 0 rg BT 183.35 476.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.16 476.10 Td (Costa Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.77 476.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.21 476.10 Td (Grand Holiday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.54 476.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 464.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 464.10 Td ($46 million - increases in commissions, transportation and other related expenses principally due to an increase in air ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 452.10 Td (transportation costs related to guests who purchased their tickets from us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.10 Td (Our total costs and expenses as a percentage of revenues decreased to 86% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 428.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.10 428.10 Td ( from 92% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 428.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 428.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 404.10 Td (Operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (Our consolidated operating income increased by $440 million, or 33%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.88 380.10 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.99 380.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.77 380.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.77 380.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.21 380.10 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.32 380.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.10 380.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.10 380.10 Td (. Our North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 368.10 Td (America brands) Tj ET Q q 0 0 0 rg BT 93.17 368.10 Td ( operating income increased by $105 million, or 1) Tj ET Q q 0 0 0 rg BT 292.47 368.10 Td (1%, to $1.1 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.97 368.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.97 368.10 Td ( from $956 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.58 368.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.58 368.10 Td (, and our EAA) Tj ET Q q 0 0 0 rg BT 566.35 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.10 Td (brands) Tj ET Q q 0 0 0 rg BT 56.25 356.10 Td ( operating income increased by $422 million, or 90%, to $893 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.70 356.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.70 356.10 Td ( from $471 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.31 356.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.31 356.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.13 356.10 Td (These changes were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 344.10 Td (primarily due to the reasons discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 320.10 Td (Nonoperating Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.10 Td (Net interest expense decreased by $31 million, or 9.7%, to $288 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.49 296.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.49 296.10 Td ( from $319 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.10 296.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 296.10 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.93 296.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.93 296.10 Td (, losses on fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.10 Td (derivatives, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.42 284.10 Td ($271 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.81 284.10 Td ( were substantially all comprised of unrealized losses, net, and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.24 284.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.24 284.10 Td ( gains on fuel derivatives, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.31 284.10 Td ($36 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.89 272.10 Td ( were all comprised of unrealized gains, net. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 243.10 Td (Key Performance Non-GAAP) Tj ET Q q 0 0 0 rg BT 167.13 243.10 Td ( Financial Indicators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 219.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 219.10 Td (e use net cruise revenues per ) Tj ET Q q 0 0 0 rg BT 152.25 219.10 Td (ALBD \(net revenue yields\), net cruise costs per ) Tj ET Q q 0 0 0 rg BT 353.57 219.10 Td (ALBD and net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 538.52 219.10 Td (ALBD as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 207.10 Td (significant non-GAAP) Tj ET Q q 0 0 0 rg BT 116.90 207.10 Td ( financial measures of our cruise segments) Tj ET Q q 0 0 0 rg BT 289.43 207.10 Td ( financial performance.) Tj ET Q q 0 0 0 rg BT 384.75 207.10 Td (These measures enable us to separate the impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 195.10 Td (of predictable capacity changes from the more unpredictable rate changes that af) Tj ET Q q 0 0 0 rg BT 349.16 195.10 Td (fect our business; gains and losses on ship sales and ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 183.10 Td (impairments, net; and restructuring expenses that are not part of our core operating business.) Tj ET Q q 0 0 0 rg BT 399.49 183.10 Td (W) Tj ET Q q 0 0 0 rg BT 408.12 183.10 Td (e believe these non-GAAP) Tj ET Q q 0 0 0 rg BT 514.67 183.10 Td ( measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 171.10 Td (provide useful information to investors and expanded insight to measure our revenue and cost performance as a supplement to our U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 159.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 53.86 159.10 Td ( consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 135.10 Td (Net revenue yields are commonly used in the cruise industry to measure a company) Tj ET Q q 0 0 0 rg BT 364.40 135.10 Td (s cruise segment revenue performance and for revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 123.10 Td (management purposes. ) Tj ET Q q 0 0 0 rg BT 120.96 123.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.60 123.10 Td (e use net cruise revenues rather than gross cruise revenues to calculate net revenue yields.) Tj ET Q q 0 0 0 rg BT 508.68 123.10 Td (W) Tj ET Q q 0 0 0 rg BT 517.32 123.10 Td (e believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 111.10 Td (net cruise revenues is a more meaningful measure in determining revenue yield than gross cruise revenues because it reflects the cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 99.10 Td (revenues earned net of our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 87.10 Td (other costs that are directly associated with onboard and other revenues and credit and debit card fees.Substantially all of our remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 75.10 Td (cruise costs are lar) Tj ET Q q 0 0 0 rg BT 100.95 75.10 Td (gely fixed, except for the impact of changing prices and food expenses, once our ship capacity levels have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 63.10 Td (determined.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 229 0 obj <>] /Rotate 0 /Contents 230 0 R>> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 740.10 Td (Net passenger ticket revenues reflect gross passenger ticket revenues, net of commissions, transportation and other costs. Net onboard and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (other revenues reflect gross onboard and other revenues, net of onboard and other cruise costs. Net passenger ticket revenue yields and net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (onboard and other revenue yields are computed by dividing net passenger ticket revenues and net onboard and other revenues by ) Tj ET Q q 0 0 0 rg BT 544.05 716.10 Td (ALBDs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.10 Td (Net cruise costs per ) Tj ET Q q 0 0 0 rg BT 107.53 692.10 Td (ALBD and net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 292.48 692.10 Td (ALBD are the most significant measures we use to monitor our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 680.10 Td (control our cruise segments) Tj ET Q q 0 0 0 rg BT 139.84 680.10 Td ( costs rather than gross cruise costs per ) Tj ET Q q 0 0 0 rg BT 297.58 680.10 Td (ALBD.) Tj ET Q q 0 0 0 rg BT 329.62 680.10 Td (W) Tj ET Q q 0 0 0 rg BT 338.25 680.10 Td (e exclude the same variable costs that are included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (calculation of net cruise revenues to calculate net cruise costs with and without fuel to avoid duplicating these variable costs in our non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 53.86 656.10 Td ( financial measures. In addition, we exclude gains and losses on ship sales and ship impairments, net and restructuring expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (from our calculation of net cruise costs with and without fuel as they are not considered part of our core operating business and, therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (are not an indication of our future earnings performance. ) Tj ET Q q 0 0 0 rg BT 255.80 632.10 Td (As such, we also believe it is more meaningful for gains and losses on ship sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (and ship impairments, net and restructuring expenses to be excluded from our net income and earnings per share and, accordingly) Tj ET Q q 0 0 0 rg BT 545.35 620.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (present non-GAAP) Tj ET Q q 0 0 0 rg BT 103.56 608.10 Td ( net income and non-GAAP) Tj ET Q q 0 0 0 rg BT 214.84 608.10 Td ( earnings per share excluding these items. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 584.10 Td (In addition, because our EAA) Tj ET Q q 0 0 0 rg BT 145.58 584.10 Td ( cruise brands utilize the euro, sterling and ) Tj ET Q q 0 0 0 rg BT 317.47 584.10 Td (Australian dollar to measure their results and financial condition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.10 Td (the translation of those operations to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (weakens against these foreign currencies.) Tj ET Q q 0 0 0 rg BT 194.71 548.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 244.05 548.10 Td (, we also monitor and report these non-GAAP) Tj ET Q q 0 0 0 rg BT 427.53 548.10 Td ( financial measures assuming the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.21 548.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.21 548.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.94 536.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.94 536.10 Td ( periods) Tj ET Q q 0 0 0 rg BT 98.46 536.10 Td ( currency exchange rates have remained constant with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.97 536.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.97 536.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.41 536.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.41 536.10 Td ( periods) Tj ET Q q 0 0 0 rg BT 425.94 536.10 Td ( rates, respectively) Tj ET Q q 0 0 0 rg BT 499.97 536.10 Td (, or on a constant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (dollar basis, in order to remove the impact of changes in exchange rates on the translation of our EAA) Tj ET Q q 0 0 0 rg BT 439.37 524.10 Td ( brands. ) Tj ET Q q 0 0 0 rg BT 473.35 524.10 Td (W) Tj ET Q q 0 0 0 rg BT 481.99 524.10 Td (e believe that this is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (useful measure since it facilitates a comparative view of the changes in our business in a fluctuating currency exchange rate environment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (Although our constant dollar basis measure removes the foreign currency translational impact as discussed above, it does not remove the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.10 Td (foreign currency transactional impact from changes in exchange rates on our brands' revenues and expenses that are denominated in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (currency other than their functional currency) Tj ET Q q 0 0 0 rg BT 205.43 464.10 Td (. Historically) Tj ET Q q 0 0 0 rg BT 257.00 464.10 Td (, the foreign currency transactional impact has not been significant when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 452.10 Td (measuring the periodic changes in our results of operations. However) Tj ET Q q 0 0 0 rg BT 304.29 452.10 Td (, given the continuing expansion of our global business and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 440.10 Td (heightened volatility in foreign currency exchange rates, we believe the foreign currency transactional impact will be more significant in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.10 Td (measuring our 2015 results compared to 2014 than in previous years. See Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 491.61 428.10 Td (About Market Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 416.10 Td (for a further discussion of the 2015 impact of foreign currency exchange rate changes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 392.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 392.10 Td (e believe that the goodwill, trademark and other impairment char) Tj ET Q q 0 0 0 rg BT 295.36 392.10 Td (ges and restructuring expenses recognized in 2014, 2013 and 2012 are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (special char) Tj ET Q q 0 0 0 rg BT 74.29 380.10 Td (ges and, therefore, are also not an indication of our future earnings performance. ) Tj ET Q q 0 0 0 rg BT 398.05 380.10 Td (As such, we believe it is more meaningful for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 368.10 Td (these impairment char) Tj ET Q q 0 0 0 rg BT 115.67 368.10 Td (ges and restructuring expenses to be excluded from our net income and earnings per share and, accordingly) Tj ET Q q 0 0 0 rg BT 544.04 368.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.10 Td (present non-GAAP) Tj ET Q q 0 0 0 rg BT 103.56 356.10 Td ( net income and non-GAAP) Tj ET Q q 0 0 0 rg BT 214.84 356.10 Td ( earnings per share excluding these char) Tj ET Q q 0 0 0 rg BT 374.59 356.10 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 332.10 Td (Under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 100.89 332.10 Td (, the realized and unrealized gains and losses on fuel derivatives not qualifying as fuel hedges are recognized currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 320.10 Td (in earnings. ) Tj ET Q q 0 0 0 rg BT 75.97 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 84.61 320.10 Td (e believe that unrealized gains and losses on fuel derivatives are not an indication of our earnings performance since they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.10 Td (relate to future periods and may not ultimately be realized in our future earnings. ) Tj ET Q q 0 0 0 rg BT 352.54 308.10 Td (Therefore, we believe it is more meaningful for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.10 Td (unrealized gains and losses on fuel derivatives to be excluded from our net income and earnings per share and, accordingly) Tj ET Q q 0 0 0 rg BT 518.40 296.10 Td (, we present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 72.19 284.10 Td ( net income and non-GAAP) Tj ET Q q 0 0 0 rg BT 183.46 284.10 Td ( earnings per share excluding these unrealized gains and losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 260.10 Td (e have not included in our earnings guidance the impact of unrealized gains and losses on fuel derivatives because these unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.10 Td (amounts involve a significant amount of uncertainty) Tj ET Q q 0 0 0 rg BT 235.19 248.10 Td (, and we do not believe they are an indication of our future earnings performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 236.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 76.34 236.10 Td (, our earnings guidance is presented on a non-GAAP) Tj ET Q q 0 0 0 rg BT 286.75 236.10 Td ( basis only) Tj ET Q q 0 0 0 rg BT 328.88 236.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.32 236.10 Td (As a result, we did not present a reconciliation between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 224.10 Td (forecasted non-GAAP) Tj ET Q q 0 0 0 rg BT 115.77 224.10 Td ( diluted earnings per share guidance and forecasted U.S. GAAP) Tj ET Q q 0 0 0 rg BT 370.04 224.10 Td ( diluted earnings per share guidance, since we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.10 Td (believe that the reconciliation information would be meaningful. However) Tj ET Q q 0 0 0 rg BT 324.00 212.10 Td (, we do forecast realized gains and losses on fuel derivatives by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.10 Td (applying current Brent prices to the derivatives that settle in the forecast period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 176.10 Td (Our consolidated financial statements are prepared in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 356.89 176.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.71 176.10 Td (The presentation of our non-GAAP) Tj ET Q q 0 0 0 rg BT 502.97 176.10 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 164.10 Td (information is not intended to be considered in isolation from, as substitute for) Tj ET Q q 0 0 0 rg BT 340.71 164.10 Td (, or superior to the financial information prepared in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 152.10 Td (accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 141.14 152.10 Td (. ) Tj ET Q q 0 0 0 rg BT 145.96 152.10 Td (There are no specific rules for determining our non-GAAP) Tj ET Q q 0 0 0 rg BT 380.51 152.10 Td ( current and constant dollar financial measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 140.10 Td (and, accordingly) Tj ET Q q 0 0 0 rg BT 92.99 140.10 Td (, they are susceptible to varying calculations, and it is possible that they may not be exactly comparable to the like-kind ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 128.10 Td (information presented by other companies, which is a potential risk associated with using these measures to compare us to other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 116.10 Td (companies. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 231 0 obj <>] /Rotate 0 /Contents 232 0 R>> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (Consolidated gross and net revenue yields were computed by dividing the gross and net cruise revenues by ) Tj ET Q q 0 0 0 rg BT 456.62 728.10 Td (ALBDs as follows \(dollars in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (millions, except yields\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 655.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 655.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 655.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 655.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 655.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 655.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 627.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 627.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 627.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 627.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 627.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 627.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 599.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 599.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 599.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 571.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 571.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 542.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 542.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 542.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 542.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 542.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 542.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 512.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 512.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 512.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 483.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 483.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 483.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 483.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 483.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 483.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 454.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 454.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 454.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 454.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 454.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 454.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 425.60 188.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 425.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 425.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 425.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 425.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 425.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 396.60 188.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 396.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 396.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 396.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 396.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 396.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 396.60 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 691.6 m 284.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 691.6 m 288.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 691.6 m 358.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 691.6 m 362.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 691.6 m 432.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 691.6 m 436.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 691.6 m 506.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 691.6 m 510.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 691.6 m 580.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 659.6 m 284.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 659.6 m 358.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 659.6 m 432.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 659.6 m 506.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 691.6 m 580.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 659.6 m 580.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 627.6 m 284.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 627.6 m 358.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 627.6 m 432.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 627.6 m 506.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 627.6 m 580.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 571.6 m 284.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 557.6 m 284.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 571.6 m 358.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 557.6 m 358.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 571.6 m 432.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 557.6 m 432.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 571.6 m 506.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 557.6 m 506.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 571.6 m 580.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 557.6 m 580.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 527.6 m 284.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 513.6 m 284.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 511.6 m 284.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 527.6 m 358.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 513.6 m 358.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 511.6 m 358.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 527.6 m 432.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 513.6 m 432.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 511.6 m 432.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 527.6 m 506.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 513.6 m 506.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 511.6 m 506.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 527.6 m 580.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 513.6 m 580.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 511.6 m 580.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 498.6 m 284.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 496.6 m 284.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 498.6 m 358.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 496.6 m 358.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 498.6 m 432.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 496.6 m 432.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 498.6 m 506.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 496.6 m 506.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 498.6 m 580.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 496.6 m 580.5 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 469.6 m 26.5 454.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 469.6 m 214.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 469.6 m 284.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 469.6 m 288.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 469.6 m 358.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 469.6 m 362.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 469.6 m 432.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 469.6 m 436.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 469.6 m 506.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 469.6 m 510.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 469.6 m 580.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 469.6 m 584.5 454.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 469.6 m 584.5 469.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 454.6 m 26.5 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 454.6 m 584.5 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 440.6 m 26.5 425.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 440.6 m 584.5 425.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 425.6 m 26.5 411.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 425.6 m 584.5 411.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 411.6 m 26.5 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 411.6 m 584.5 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 396.6 m 26.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 381.6 m 214.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 381.6 m 284.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 381.6 m 288.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 381.6 m 358.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 381.6 m 362.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 381.6 m 432.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 381.6 m 436.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 381.6 m 506.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 381.6 m 510.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 381.6 m 580.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 396.6 m 584.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 381.6 m 584.5 381.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.00 696.28 Td (Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.00 664.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 682.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.55 672.33 Td (Constant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.45 662.33 Td (Dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 664.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.00 682.33 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.55 672.33 Td (Constant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.45 662.33 Td (Dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.00 664.28 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 646.17 Td (Passenger ticket revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 646.17 Td (11,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.00 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 646.17 Td (11,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 646.17 Td (11,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 646.17 Td (11,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 646.17 Td (11,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 632.17 Td (Onboard and other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.15 632.17 Td (3,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 632.17 Td (3,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 632.17 Td (3,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 632.17 Td (3,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 632.17 Td (3,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 618.28 Td (Gross cruise revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 618.17 Td (15,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 618.17 Td (15,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 618.17 Td (15,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 618.17 Td (15,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 618.17 Td (15,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 604.17 Td (Less cruise costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 590.17 Td ( Commissions, transportation and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.80 590.17 Td (\(2,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.45 590.17 Td (\(2,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.45 590.17 Td (\(2,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.45 590.17 Td (\(2,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 590.17 Td (\(2,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 576.17 Td ( Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.30 576.17 Td (\(519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.95 576.17 Td (\(516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.95 576.17 Td (\(539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.95 576.17 Td (\(538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 576.17 Td (\(558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.80 562.17 Td (\(2,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.45 562.17 Td (\(2,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.45 562.17 Td (\(2,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.45 562.17 Td (\(2,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 562.17 Td (\(2,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 547.27 Td (Net passenger ticket revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.15 547.27 Td (9,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 547.27 Td (9,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 547.27 Td (9,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 547.27 Td (9,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 547.27 Td (9,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 532.27 Td (Net onboard and other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.15 532.27 Td (3,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 532.27 Td (3,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 532.27 Td (3,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 532.27 Td (3,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 532.27 Td (2,955) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 517.28 Td (Net cruise revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 517.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 517.27 Td (12,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.00 517.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 517.27 Td (12,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 517.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 517.27 Td (12,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 517.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 517.27 Td (12,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 517.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 517.27 Td (12,321) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 502.28 Td (ALBDs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 502.27 Td (75,999,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.25 502.27 Td (75,999,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 502.27 Td (74,032,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.25 502.27 Td (74,032,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 502.27 Td (71,975,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 488.28 Td (Gross revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 488.17 Td (206.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 488.17 Td (204.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 488.17 Td (205.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 488.17 Td (204.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 488.17 Td (210.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 474.17 Td (% increase \(decrease\) vs. prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 474.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 474.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.45 474.17 Td (\(0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 474.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.45 474.17 Td (\(2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 474.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.45 474.17 Td (\(2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 474.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 459.28 Td ( Net revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 459.27 Td (169.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.00 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 459.27 Td (167.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 459.27 Td (167.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 459.27 Td (166.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 459.27 Td (171.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 445.17 Td ( % increase \(decrease\) vs. prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 445.17 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 445.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 445.17 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 445.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.45 445.17 Td (\(2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 445.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.45 445.17 Td (\(2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 445.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 430.28 Td ( Net passenger ticket revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.15 430.27 Td (126.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.80 430.27 Td (125.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 430.27 Td (126.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 430.27 Td (125.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 430.27 Td (130.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 416.17 Td ( % decrease vs. prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 416.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 416.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.45 416.17 Td (\(0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 416.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.45 416.17 Td (\(3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 416.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.45 416.17 Td (\(3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 416.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 401.28 Td ( Net onboard and other revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.15 401.27 Td (42.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 401.27 Td (42.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 401.27 Td (41.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 401.27 Td (41.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 401.27 Td (41.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 386.27 Td ( % increase vs. prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 386.27 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 386.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 386.27 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 386.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 386.27 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 386.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 386.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 386.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 233 0 obj <>] /Rotate 0 /Contents 234 0 R>> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 740.10 Td (Consolidated gross and net cruise costs and net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 341.65 740.10 Td (ALBD were computed by dividing the gross and net cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (costs and net cruise costs excluding fuel by ) Tj ET Q q 0 0 0 rg BT 201.96 728.10 Td (ALBDs as follows \(dollars in millions, except costs per ) Tj ET Q q 0 0 0 rg BT 425.82 728.10 Td (ALBD\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 667.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 667.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 667.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 667.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 639.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 639.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 639.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 639.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 639.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 639.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 611.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 611.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 611.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 611.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 611.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 611.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 583.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 583.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 583.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 583.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 583.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 583.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 583.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 555.60 229.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 555.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 555.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 555.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 555.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 555.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 555.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 555.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 555.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 555.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 555.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 528.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 528.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 528.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 528.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 528.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 528.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 528.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 499.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 499.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 499.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 499.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 499.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 499.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 499.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 470.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 470.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 470.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 470.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 470.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 470.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 470.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 442.60 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 442.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 442.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 442.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 442.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 442.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 442.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 442.60 4.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 703.6 m 318.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 703.6 m 322.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 703.6 m 385.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 703.6 m 389.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 703.6 m 449.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 703.6 m 453.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 703.6 m 513.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 703.6 m 517.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 703.6 m 580.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 671.6 m 318.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 671.6 m 385.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 703.6 m 449.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 671.6 m 449.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 671.6 m 513.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 703.6 m 580.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 671.6 m 580.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 639.6 m 318.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 639.6 m 385.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 639.6 m 449.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 639.6 m 513.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 639.6 m 580.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 555.6 m 318.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 555.6 m 385.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 555.6 m 449.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 555.6 m 513.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 555.6 m 580.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 528.6 m 318.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 528.6 m 385.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 528.6 m 449.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 528.6 m 513.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 528.6 m 580.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 515.6 m 318.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 513.6 m 318.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 515.6 m 385.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 513.6 m 385.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 515.6 m 449.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 513.6 m 449.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 515.6 m 513.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 513.6 m 513.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 515.6 m 580.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 513.6 m 580.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 500.6 m 318.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 498.6 m 318.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 500.6 m 385.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 498.6 m 385.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 500.6 m 449.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 498.6 m 449.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 500.6 m 513.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 498.6 m 513.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 500.6 m 580.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 498.6 m 580.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 498.6 m 385.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 500.6 m 385.5 500.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 470.6 m 255.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 470.6 m 318.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 470.6 m 322.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 470.6 m 385.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 470.6 m 389.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 470.6 m 449.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 470.6 m 453.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 470.6 m 513.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 470.6 m 517.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 470.6 m 580.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 470.6 m 584.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 470.6 m 26.5 456.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 470.6 m 584.5 456.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 456.6 m 26.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 456.6 m 584.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 442.6 m 26.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 442.6 m 584.5 427.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 427.6 m 26.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 413.6 m 255.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 413.6 m 318.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 413.6 m 322.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 413.6 m 385.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 413.6 m 389.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 413.6 m 449.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 413.6 m 453.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 413.6 m 513.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 413.6 m 517.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 413.6 m 580.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 427.6 m 584.5 413.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 580.5 413.6 m 584.5 413.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.50 708.28 Td (Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.50 676.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.50 694.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.05 684.33 Td (Constant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.95 674.33 Td (Dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 676.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 694.33 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.55 684.33 Td (Constant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.45 674.33 Td (Dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.50 676.28 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 658.17 Td (Cruise operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.75 658.17 Td (10,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 658.17 Td (10,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 658.17 Td (10,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 658.17 Td (10,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 658.17 Td (10,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 644.17 Td (Cruise selling and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.75 644.17 Td (2,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.75 644.17 Td (2,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 644.17 Td (1,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 644.17 Td (1,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 644.17 Td (1,713) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 630.28 Td (Gross cruise costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.75 630.17 Td (12,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 630.17 Td (12,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 630.17 Td (12,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 630.17 Td (12,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 630.17 Td (11,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 616.17 Td (Less cruise costs included above) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 602.17 Td ( Commissions, transportation and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.45 602.17 Td (\(2,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.45 602.17 Td (\(2,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 602.22 Td (\(2,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 602.22 Td (\(2,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 602.17 Td (\(2,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 588.17 Td ( Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.95 588.17 Td (\(519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 588.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.95 588.17 Td (\(516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 588.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 588.22 Td (\(539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 588.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.30 588.22 Td (\(538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 588.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 588.17 Td (\(558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 588.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.50 574.17 Td (Losses on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.95 574.17 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.95 574.17 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 574.22 Td (\(178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.30 574.22 Td (\(167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 574.17 Td (\(49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 574.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 560.17 Td ( Restructuring expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.95 560.17 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 560.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.95 560.17 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 560.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 560.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 560.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 560.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 546.33 Td (Net cruise costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.75 546.17 Td (9,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.75 546.17 Td (9,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 546.17 Td (9,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 546.17 Td (9,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 546.17 Td (8,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 533.17 Td (Less fuel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.45 533.17 Td (\(2,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 533.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.45 533.17 Td (\(2,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 533.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 533.22 Td (\(2,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 533.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 533.22 Td (\(2,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 533.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 533.17 Td (\(2,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 533.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 519.28 Td (Net cruise costs excluding fuel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.75 519.17 Td (7,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.75 519.17 Td (7,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 519.17 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 519.17 Td (7,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 519.17 Td (6,599) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 504.28 Td (ALBDs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.25 504.27 Td (75,999,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.25 504.27 Td (75,999,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.60 504.27 Td (74,032,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.60 504.27 Td (74,032,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 504.27 Td (71,975,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 490.28 Td (Gross cruise costs per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 490.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.75 490.17 Td (161.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 490.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 490.17 Td (160.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 490.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 490.17 Td (166.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 490.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 490.17 Td (166.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 490.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 490.17 Td (165.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 475.27 Td (% \(decrease\) increase vs. prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.45 475.27 Td (\(3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 475.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 475.27 Td (\(3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 475.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 475.27 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 475.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 475.27 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 475.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 461.28 Td ( Net cruise costs per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 461.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.75 461.17 Td (124.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 461.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.75 461.17 Td (123.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 461.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 461.17 Td (126.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 461.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 461.17 Td (125.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 461.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 461.17 Td (124.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 447.17 Td ( % \(decrease\) increase vs. prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.45 447.17 Td (\(1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 447.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 447.17 Td (\(1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 447.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 447.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 447.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 447.17 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 447.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 432.28 Td ( Net cruise costs excluding fuel per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.75 432.27 Td (97.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.75 432.27 Td (96.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 432.27 Td (96.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 432.27 Td (95.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 432.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 432.27 Td (91.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 418.17 Td ( % increase vs. prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.80 418.17 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 418.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 418.17 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 418.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 418.17 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 418.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 418.17 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 418.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 390.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 74.41 390.10 Td ( diluted earnings per share was computed as follows \(in millions, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 342.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 342.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 342.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 342.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 342.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 342.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 342.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 313.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 313.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 313.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 313.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 313.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 313.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 313.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 283.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 283.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 283.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 283.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 283.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 283.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 283.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 253.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 253.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 253.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 253.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 253.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 253.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 253.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 220.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 220.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 220.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 220.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 220.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 220.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 220.60 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 191.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 191.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 191.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 191.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 191.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 191.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 191.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 161.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 161.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 161.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 161.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 161.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 161.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 161.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 131.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 131.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 131.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 131.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 131.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 131.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 131.60 18.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 356.6 m 380.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 356.6 m 398.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 356.6 m 473.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 356.6 m 491.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 356.6 m 566.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 342.6 m 380.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 356.6 m 473.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 342.6 m 473.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 356.6 m 566.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 342.6 m 566.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 253.60000000000002 m 566.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 253.60000000000002 m 380.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 240.60000000000002 m 380.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 238.60000000000002 m 380.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 253.60000000000002 m 473.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 240.60000000000002 m 473.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 238.60000000000002 m 473.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 253.60000000000002 m 566.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 240.60000000000002 m 566.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 238.60000000000002 m 566.5 238.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 225.60000000000002 m 380.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 223.60000000000002 m 380.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 225.60000000000002 m 473.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 223.60000000000002 m 473.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 225.60000000000002 m 566.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 223.60000000000002 m 566.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 220.60000000000002 m 26.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 220.60000000000002 m 305.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 220.60000000000002 m 380.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 220.60000000000002 m 398.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 220.60000000000002 m 473.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 220.60000000000002 m 491.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 220.60000000000002 m 566.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 220.60000000000002 m 584.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 220.60000000000002 m 584.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 206.60000000000002 m 26.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 206.60000000000002 m 584.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 191.60000000000002 m 26.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 191.60000000000002 m 584.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 176.60000000000002 m 26.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 176.60000000000002 m 584.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 161.60000000000002 m 26.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 161.60000000000002 m 584.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 146.60000000000002 m 26.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 146.60000000000002 m 584.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 131.60000000000002 m 26.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 131.60000000000002 m 380.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 117.60000000000002 m 380.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 115.60000000000002 m 380.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 131.60000000000002 m 473.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 117.60000000000002 m 473.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 115.60000000000002 m 473.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 131.60000000000002 m 566.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 117.60000000000002 m 566.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 115.60000000000002 m 566.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 131.60000000000002 m 584.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 116.60000000000002 m 26.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 112.60000000000002 m 305.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 112.60000000000002 m 380.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 112.60000000000002 m 398.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 112.60000000000002 m 473.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 112.60000000000002 m 491.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 112.60000000000002 m 566.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 584.5 116.60000000000002 m 584.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 566.5 112.60000000000002 m 584.5 112.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.50 361.28 Td (Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.50 347.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.50 347.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 347.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 333.28 Td (Net income - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 318.28 Td ( U.S. GAAP net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 318.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 318.27 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 318.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 318.27 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 318.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 318.27 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 303.27 Td ( Losses on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 303.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 303.27 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 303.27 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 303.27 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 303.27 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.00 303.27 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 288.27 Td ( Goodwill, trademark and other impairment charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 288.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 288.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 288.27 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 288.27 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.00 288.27 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 273.27 Td ( Restructuring expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 273.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 273.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 273.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 258.27 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 258.27 Td (268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 258.32 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 258.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 258.27 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 258.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 244.28 Td ( Non-GAAP net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 244.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 244.17 Td (1,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 244.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 244.17 Td (1,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 244.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 244.17 Td (1,514) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 229.28 Td (Weighted-average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 229.27 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 229.27 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 229.27 Td (779) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 211.28 Td ( Earnings per share - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 196.28 Td ( U.S. GAAP earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 196.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 196.27 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 196.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 196.27 Td (1.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 196.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 196.27 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 181.27 Td ( Losses on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 181.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 181.27 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 181.27 Td (0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 181.27 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 181.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.00 181.27 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 166.27 Td ( Goodwill, trademark and other impairment charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 166.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 166.27 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 166.27 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 166.27 Td (0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.00 166.27 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 151.27 Td ( Restructuring expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 151.27 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 151.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 151.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 136.27 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 136.27 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 136.32 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 136.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 136.27 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 136.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 121.28 Td ( Non-GAAP earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 121.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 121.27 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 121.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 121.27 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 121.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 121.27 Td (1.94) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 101.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 101.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 175.00 101.10 Td (ges of $22 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.71 101.10 Td (Grand Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.10 101.10 Td ( and $31 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.59 101.10 Td (Grand Holiday) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.42 101.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 533.39 101.10 Td (fset by gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 89.10 Td (of $37 million from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.25 89.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 219.09 89.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.86 89.10 Td ( and $14 million from the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.72 89.10 Td (Ocean Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.76 89.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 77.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 77.10 Td (Substantially due to $176 million of impairment char) Tj ET Q q 0 0 0 rg BT 275.29 77.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.10 77.10 Td (Costa Classica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.38 77.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.82 77.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 441.66 77.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.43 77.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 518.40 77.10 Td (fset by a $15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 65.10 Td (million gain in our ) Tj ET Q q 0 0 0 rg BT 140.04 65.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.45 65.10 Td (our and Other segment from the sale of a former Holland ) Tj ET Q q 0 0 0 rg BT 375.65 65.10 Td (America Line ship, which was on charter to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 53.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 80.59 53.10 Td (filiated entity) Tj ET Q q 0 0 0 rg BT 133.53 53.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 235 0 obj <>] /Rotate 0 /Contents 236 0 R>> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 740.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 740.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 175.00 740.10 Td (ges of $34 million for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.71 740.10 Td (Costa ) Tj ET Q q 0 0 0 rg BT 290.37 740.10 Td (Allegra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.37 740.10 Td ( and $23 million for two Seabourn ships, partially of) Tj ET Q q 0 0 0 rg BT 530.16 740.10 Td (fset by an $8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 728.10 Td (million gain on the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.20 728.10 Td (Pacific Sun) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.02 728.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 716.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 716.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 175.00 716.10 Td (ges of $14 million for an investment and $13 million for Ibero) Tj ET Q q 0 0 0 rg BT 426.90 716.10 Td (s remaining trademarks) Tj ET Q q 0 0 0 rg BT 523.35 716.10 Td ( carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 704.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 692.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 692.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 175.00 692.10 Td (ges for Ibero) Tj ET Q q 0 0 0 rg BT 228.87 692.10 Td (s goodwill and trademarks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (Net cruise revenues increased by $447 million, or 3.6%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.44 668.10 Td ($12.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.55 668.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.33 668.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.33 668.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.77 668.10 Td ($12.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.88 668.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.66 668.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.66 668.10 Td (.) Tj ET Q q 0 0 0 rg BT 461.48 668.10 Td (This increase was caused by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (our 2.7% capacity increase in ) Tj ET Q q 0 0 0 rg BT 146.95 656.10 Td (ALBDs, which accounted for $330 million, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 656.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.30 656.10 Td ( net currency impact, which accounted for $92 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (and a slight increase in constant dollar net revenue yields, which accounted for $24 million. ) Tj ET Q q 0 0 0 rg BT 395.88 644.10 Td (The increase in net revenue yields on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (constant dollar basis was caused by a 3.4% increase in net onboard and other revenue yields, partially of) Tj ET Q q 0 0 0 rg BT 444.18 632.10 Td (fset by a slight decrease in net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (passenger ticket revenue yields. ) Tj ET Q q 0 0 0 rg BT 156.49 620.10 Td (The 3.4% increase in net onboard and other revenue yields resulted from a 3.7% increase from our North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (America brands and a 2.8% increase from our EAA) Tj ET Q q 0 0 0 rg BT 233.31 608.10 Td ( brands, which included increases in primarily all the net onboard revenue categories. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.10 Td (The slight decrease in net passenger ticket revenue yields was driven by our North ) Tj ET Q q 0 0 0 rg BT 358.56 596.10 Td (America brands' promotional pricing environment in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 584.10 Td (Caribbean resulting from the lar) Tj ET Q q 0 0 0 rg BT 155.11 584.10 Td (ge increase in cruise industry capacity) Tj ET Q q 0 0 0 rg BT 306.90 584.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 355.87 584.10 Td (fset by improvements at our continental European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.10 Td (brands. Gross cruise revenues increased by $423 million, or 2.8%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.99 572.10 Td ($15.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.11 572.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.88 572.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.88 572.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.32 572.10 Td ($15.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.44 572.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.21 572.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.21 572.10 Td ( for lar) Tj ET Q q 0 0 0 rg BT 524.24 572.10 Td (gely the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (reasons as discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (Net cruise costs excluding fuel increased by $294 million, or 4.1%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.88 536.10 Td ($7.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.99 536.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.77 536.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.77 536.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.21 536.10 Td ($7.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.32 536.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 536.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.10 536.10 Td (.) Tj ET Q q 0 0 0 rg BT 495.92 536.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (caused by our 2.7% capacity increase in ) Tj ET Q q 0 0 0 rg BT 189.16 524.10 Td (ALBDs, which accounted for $190 million, a slight increase in constant dollar net cruise costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (excluding fuel per ) Tj ET Q q 0 0 0 rg BT 101.70 512.10 Td (ALBD, which accounted for $55 million, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.10 512.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 512.10 Td ( net currency impact, which accounted for $49 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (Fuel costs decreased by $175 million, or 7.9%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.52 488.10 Td ($2.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.64 488.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.41 488.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.41 488.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.85 488.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.97 488.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.74 488.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.74 488.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.56 488.10 Td (This was caused by lower fuel prices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.10 Td (which accounted for $126 million, and lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 296.66 476.10 Td (ALBD, which accounted for $107 million, partially of) Tj ET Q q 0 0 0 rg BT 513.37 476.10 Td (fset by our 2.7% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (capacity increase in ) Tj ET Q q 0 0 0 rg BT 107.79 464.10 Td (ALBDs, which accounted for $59 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 440.10 Td (Gross cruise costs decreased slightly by $63 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.80 440.10 Td ($12.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.91 440.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.69 440.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.69 440.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.13 440.10 Td ($12.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.24 440.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.02 440.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.02 440.10 Td ( for principally the same reasons as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.10 Td (discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.00 404.10 Td ( Compar) Tj ET Q q 0 0 0 rg BT 84.87 404.10 Td (ed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.20 404.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.20 404.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 380.10 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 356.10 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 332.10 Td (Cruise passenger ticket revenues made up 75% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 332.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 332.10 Td ( total revenues.Cruise passenger ticket revenues decreased slightly by $10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 320.10 Td (million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.67 320.10 Td ($1) Tj ET Q q 0 0 0 rg BT 78.30 320.10 Td (1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.41 320.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.19 320.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.19 320.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.63 320.10 Td ($1) Tj ET Q q 0 0 0 rg BT 186.26 320.10 Td (1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.37 320.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 320.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 320.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.10 Td (This decrease was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 284.10 Td ($358 million - decrease in cruise ticket pricing and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 272.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 272.10 Td ($42 million - decrease in occupancy) Tj ET Q q 0 0 0 rg BT 207.02 272.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.10 Td (These decreases were of) Tj ET Q q 0 0 0 rg BT 124.26 248.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 236.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 236.10 Td ($333 million - 2.9% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 236.10 Td (ALBDs and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 224.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 224.10 Td ($67 million - foreign currency translational impact from a weaker U.S. dollar against the euro, net of a stronger U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 212.10 Td (against the sterling and ) Tj ET Q q 0 0 0 rg BT 157.42 212.10 Td (Australian dollar \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.17 212.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.17 212.10 Td ( net currency impact\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 188.10 Td (The remaining 25% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 188.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 188.10 Td ( total revenues were substantially all comprised of onboard and other cruise revenues, which increased by $85 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 176.10 Td (million, or 2.4%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 176.10 Td ($3.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.94 176.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.72 176.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.72 176.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.16 176.10 Td ($3.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.27 176.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.05 176.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.05 176.10 Td (.) Tj ET Q q 0 0 0 rg BT 294.87 176.10 Td (This increase was caused by our 2.9% capacity increase in ) Tj ET Q q 0 0 0 rg BT 530.61 176.10 Td (ALBDs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 164.10 Td (which accounted for $100 million, partially of) Tj ET Q q 0 0 0 rg BT 211.49 164.10 Td (fset by lower other revenues, which accounted for $23 million. Onboard and other revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 152.10 Td (included concession revenues of $1.1 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.07 152.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.07 152.10 Td (, which were flat compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.96 152.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.96 152.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 128.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.50 128.10 Td (North ) Tj ET Q q 0 0 0 rg BT 84.00 128.10 Td (America Brands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 104.10 Td (Cruise passenger ticket revenues made up 74% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 104.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 104.10 Td ( total revenues.Cruise passenger ticket revenues decreased slightly by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 92.10 Td ( $40 million to $6.8 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.56 92.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.56 92.10 Td ( from $6.9 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.89 92.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.89 92.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 68.10 Td (This decrease was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 56.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 56.10 Td ($168 million - decrease in cruise ticket pricing and) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 237 0 obj <>] /Rotate 0 /Contents 238 0 R>> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 740.10 Td ($79 million - slight decrease in occupancy) Tj ET Q q 0 0 0 rg BT 231.75 740.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 716.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 704.10 Td ($173 million - 2.5% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 704.10 Td (ALBDs and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 692.10 Td ($37 million - increase in air transportation revenues from guests who purchased their tickets from us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (Our cruise ticket pricing decline was driven by promotional pricing at Carnival Cruise Line.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (The remaining 26% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 644.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 644.10 Td ( total revenues were comprised of onboard and other cruise revenues, which increased slightly by $27 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (and remained at $2.4 billion in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.53 632.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.53 632.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.97 632.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.97 632.10 Td (.) Tj ET Q q 0 0 0 rg BT 236.79 632.10 Td (This increase was caused by our 2.5% capacity increase in ) Tj ET Q q 0 0 0 rg BT 472.53 632.10 Td (ALBDs, which accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (for $60 million, partially of) Tj ET Q q 0 0 0 rg BT 136.52 620.10 Td (fset by a slight decrease in occupancy) Tj ET Q q 0 0 0 rg BT 286.92 620.10 Td (, which accounted for $27 million.Onboard and other revenues included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (concession revenues of $727 million in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.69 608.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.69 608.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.13 608.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.13 608.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 584.10 Td (EAA) Tj ET Q q 0 0 0 rg BT 79.06 584.10 Td ( Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (Cruise passenger ticket revenues made up 81% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 560.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 560.10 Td ( total revenues. Cruise passenger ticket revenues increased slightly by $33 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (million and remained at $4.8 billion in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.92 548.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.92 548.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.36 548.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.36 548.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (This increase was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 512.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 512.10 Td ($163 million - 3.4% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 512.10 Td (ALBDs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 500.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 500.10 Td ($67 million - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.72 500.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.72 500.10 Td ( net currency impact and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 488.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 488.10 Td ($47 million - slight increase in occupancy) Tj ET Q q 0 0 0 rg BT 230.08 488.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 158.42 464.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 452.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 452.10 Td ($191 million - decrease in cruise ticket pricing and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 440.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 440.10 Td ($44 million - decrease in air transportation revenues from guests who purchased their tickets from us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 416.10 Td (Our cruise ticket pricing decline, which was af) Tj ET Q q 0 0 0 rg BT 213.42 416.10 Td (fected by the ongoing challenging economic environment in Europe, was caused by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (European brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (The remaining 19% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 380.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 380.10 Td ( total revenues were comprised of onboard and other cruise revenues, which increased by $45 million, or 4.3% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 368.10 Td (to $1.1 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.17 368.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.17 368.10 Td ( from $1.0 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 368.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.50 368.10 Td (.) Tj ET Q q 0 0 0 rg BT 224.32 368.10 Td (This increase was principally due to our 3.4% capacity increase in ) Tj ET Q q 0 0 0 rg BT 490.89 368.10 Td (ALBDs, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.10 Td (accounted for $36 million.Onboard and other revenues included concession revenues of $370 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.44 356.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.44 356.10 Td ( and $356 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.05 356.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.05 356.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 332.10 Td (Costs and Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.10 Td (Operating costs and expenses increased by $304 million, or 2.9%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.61 284.10 Td ($10.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.72 284.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 284.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 284.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.94 284.10 Td ($10.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.05 284.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.83 284.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.83 284.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.10 Td (This increase was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 248.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 248.10 Td ($291 million - 2.9% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 248.10 Td (ALBDs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 236.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 236.10 Td ($176 million - impairment char) Tj ET Q q 0 0 0 rg BT 188.35 236.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.16 236.10 Td (Costa Classica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.45 236.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.88 236.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 354.72 236.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.49 236.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 224.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 224.10 Td ($56 million - additional costs and expenses related to the 2013 voyage disruptions, net of third-party insurance recoverables of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 212.10 Td ($20 million;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 200.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 200.10 Td ($46 million - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.72 200.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.72 200.10 Td ( net currency impact;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 188.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 188.10 Td ($46 million - higher dry-dock and other ship repair and maintenance expenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 176.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 176.10 Td ($34 million - nonrecurrence in 2013 of Costa) Tj ET Q q 0 0 0 rg BT 246.57 176.10 Td (s insurance proceeds for a ship in excess of its net book value \("Costa) Tj ET Q q 0 0 0 rg BT 528.08 176.10 Td (s excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 164.10 Td (insurance proceeds"\) and Cunard) Tj ET Q q 0 0 0 rg BT 198.42 164.10 Td (s litigation settlement; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 152.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 152.10 Td ($20 million - higher insurance premiums;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 140.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 140.10 Td ($15 million - MNOPF special expense assessment and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 128.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 128.10 Td ($14 million - new market development initiative costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 116.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 104.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 158.42 104.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 92.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 92.10 Td ($131 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 234.92 92.10 Td (ALBD;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 80.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 80.10 Td ($1) Tj ET Q q 0 0 0 rg BT 72.63 80.10 Td (1) Tj ET Q q 0 0 0 rg BT 77.26 80.10 Td (1 million - lower fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 68.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 68.10 Td ($65 million - decreases in commissions, transportation and other related expenses driven by lower cruise ticket pricing, partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 56.10 Td (of) Tj ET Q q 0 0 0 rg BT 71.15 56.10 Td (fset by increases in air transportation costs related to guests who purchased their tickets from us;) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 239 0 obj <>] /Rotate 0 /Contents 240 0 R>> endobj 240 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 740.10 Td ($34 million - nonrecurrence in 2013 of the 2012 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.23 740.10 Td (Costa ) Tj ET Q q 0 0 0 rg BT 283.89 740.10 Td (Allegra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.88 740.10 Td ( ship impairment char) Tj ET Q q 0 0 0 rg BT 401.18 740.10 Td (ge; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 728.10 Td ($29 million - nonrecurrence in 2013 of the January 2012 ship incident-related expenses and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 716.10 Td ($24 million - various other operating expenses, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.10 Td (Selling and administrative expenses increased by $159 million, or 9.2%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.16 692.10 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.28 692.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.05 692.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.05 692.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.49 692.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.61 692.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.38 692.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.38 692.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (Depreciation and amortization expenses increased by $61 million, or 4.0%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 668.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.91 668.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.69 668.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.69 668.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.13 668.10 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.24 668.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.02 668.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.02 668.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (In 2013, a $13 million impairment char) Tj ET Q q 0 0 0 rg BT 184.29 644.10 Td (ge was recorded for Ibero) Tj ET Q q 0 0 0 rg BT 289.79 644.10 Td (s trademarks. In 2012, $173 million of impairment char) Tj ET Q q 0 0 0 rg BT 511.78 644.10 Td (ges were recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (for Ibero) Tj ET Q q 0 0 0 rg BT 65.04 632.10 Td (s goodwill and trademarks. See Note 10 - Fair ) Tj ET Q q 0 0 0 rg BT 255.92 632.10 Td (V) Tj ET Q q 0 0 0 rg BT 262.03 632.10 Td (alue Measurements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 492.25 632.10 Td (Activities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (consolidated financial statements for additional discussion of these impairment char) Tj ET Q q 0 0 0 rg BT 362.56 620.10 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.10 Td (Our total costs and expenses as a percentage of revenues increased to 91% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.44 596.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.44 596.10 Td ( from 89% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.99 596.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.99 596.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td (North ) Tj ET Q q 0 0 0 rg BT 81.50 572.10 Td (America Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (Operating costs and expenses increased by $179 million, or 2.9%, to $6.3 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.50 548.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.50 548.10 Td ( from $6.1 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.83 548.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.83 548.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (This increase was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 512.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 512.10 Td ($154 million - 2.5% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 512.10 Td (ALBDs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 500.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 500.10 Td ($63 million - higher dry-dock and other ship repair and maintenance expenses; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 488.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 488.10 Td ($56 million - additional costs and expenses related to the 2013 voyage disruptions, net of third-party insurance recoverables of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 476.10 Td ($20 million; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 464.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 464.10 Td ($23 million - increases in commissions, transportation and other related expenses driven by increases in air transportation costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 452.10 Td (related to guests who purchased their tickets from us, partially of) Tj ET Q q 0 0 0 rg BT 322.47 452.10 Td (fset by the impact of lower cruise ticket pricing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 440.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 440.10 Td ($14 million - new market development initiative costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 428.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 428.10 Td ($45 million - various other operating expenses, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 158.42 404.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 392.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 392.10 Td ($58 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 229.92 392.10 Td (ALBD; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 380.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 380.10 Td ($53 million - lower fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 368.10 Td ($39 million - intersegment transaction, which was fully of) Tj ET Q q 0 0 0 rg BT 295.27 368.10 Td (fset in our Cruise Support segment and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 356.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 356.10 Td ($26 million - slight decrease in occupancy) Tj ET Q q 0 0 0 rg BT 231.75 356.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 332.10 Td (Selling and administrative expenses increased by $99 million, or 10%, to $1.0 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.55 332.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 332.10 Td ( from $949 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.16 332.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.16 332.10 Td (. ) Tj ET Q q 0 0 0 rg BT 513.98 332.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 320.10 Td (caused by higher advertising spend, which accounted for $57 million, new market development initiative costs, which accounted for $26 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.10 Td (million, and our 2.5% capacity increase in ) Tj ET Q q 0 0 0 rg BT 197.78 308.10 Td (ALBDs, which accounted for $24 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.10 Td (Our total costs and expenses as a percentage of revenues increased to 90% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.44 284.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.44 284.10 Td ( from 86% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.99 284.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.99 284.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.50 260.10 Td (EAA) Tj ET Q q 0 0 0 rg BT 77.06 260.10 Td ( Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 236.10 Td (Operating costs and expenses increased by $127 million, or 3.2%, $4.1 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.22 236.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.22 236.10 Td ( from $4.0 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.55 236.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.55 236.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.10 Td (This increase was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 200.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 200.10 Td ($176 million - impairment char) Tj ET Q q 0 0 0 rg BT 188.35 200.10 Td (ges related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.16 200.10 Td (Costa Classica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.45 200.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.88 200.10 Td (Costa V) Tj ET Q q 0 0 0 rg BT 354.72 200.10 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.49 200.10 Td (; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 188.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 188.10 Td ($136 million - 3.4% capacity increase in ) Tj ET Q q 0 0 0 rg BT 226.84 188.10 Td (ALBDs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 176.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 176.10 Td ($46 million - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.72 176.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.72 176.10 Td ( net currency impact; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 164.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 164.10 Td ($34 million - nonrecurrence in 2013 of Costa) Tj ET Q q 0 0 0 rg BT 246.57 164.10 Td (s excess insurance proceeds and Cunard) Tj ET Q q 0 0 0 rg BT 409.57 164.10 Td (s litigation settlement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 152.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 152.10 Td ($9 million - MNOPF special expense assessment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 128.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 158.42 128.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 116.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 116.10 Td ($100 million - decreases in commissions, transportation and other related expenses driven by lower cruise ticket pricing and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 104.10 Td (decrease in air transportation costs related to guests who purchased their tickets from us; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 92.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 92.10 Td ($72 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 229.92 92.10 Td (ALBD; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 80.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 80.10 Td ($58 million - lower fuel prices; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 68.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 68.10 Td ($34 million - nonrecurrence in 2013 of the 2012 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.23 68.10 Td (Costa ) Tj ET Q q 0 0 0 rg BT 283.89 68.10 Td (Allegra) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.88 68.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 382.01 68.10 Td (ge and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 56.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 56.10 Td ($29 million - nonrecurrence in 2013 of the January 2012 ship incident-related expenses. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (In 2013, a $13 million impairment char) Tj ET Q q 0 0 0 rg BT 184.29 728.10 Td (ge was recorded for Ibero) Tj ET Q q 0 0 0 rg BT 289.79 728.10 Td (s trademarks. In 2012, $173 million of impairment char) Tj ET Q q 0 0 0 rg BT 511.78 728.10 Td (ges were recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (for Ibero) Tj ET Q q 0 0 0 rg BT 65.04 716.10 Td (s goodwill and trademarks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.10 Td (Our total costs and expenses as a percentage of revenues decreased to 92% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 692.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.10 692.10 Td ( from 93% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 692.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 692.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 668.10 Td ( Operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (Our consolidated operating income decreased by $290 million, or 18%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.54 644.10 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 644.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.43 644.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.43 644.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.87 644.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.98 644.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.76 644.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.76 644.10 Td (. Our North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (America brands) Tj ET Q q 0 0 0 rg BT 93.17 632.10 Td ( operating income decreased by $321 million, or 25%, to $956 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.28 632.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.28 632.10 Td ( from $1.3 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.61 632.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.61 632.10 Td (, and our EAA) Tj ET Q q 0 0 0 rg BT 568.38 632.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (brands) Tj ET Q q 0 0 0 rg BT 56.25 620.10 Td ( operating income increased by $38 million, or 8.8%, to $471 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.20 620.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.20 620.10 Td ( from $433 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.81 620.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.81 620.10 Td (. ) Tj ET Q q 0 0 0 rg BT 479.63 620.10 Td (These changes were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (primarily due to the reasons discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 584.10 Td (Key Performance Non-GAAP) Tj ET Q q 0 0 0 rg BT 171.63 584.10 Td ( Financial Indicators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (Net cruise revenues increased slightly by $83 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.78 560.10 Td ($12.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.89 560.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.67 560.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.67 560.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.11 560.10 Td ($12.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.22 560.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 560.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 560.10 Td (.) Tj ET Q q 0 0 0 rg BT 449.82 560.10 Td (This was caused by our 2.9% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (capacity increase in ) Tj ET Q q 0 0 0 rg BT 107.79 548.10 Td (ALBDs, which accounted for $352 million, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.08 548.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.08 548.10 Td ( net currency impact, which accounted for $58 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 70.97 536.10 Td (fset by a 2.6% decrease in constant dollar net revenue yields, which accounted for $327 million. ) Tj ET Q q 0 0 0 rg BT 457.61 536.10 Td (The 2.6% decrease in net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (revenue yields on a constant dollar basis was caused by a 3.5% decrease in net passenger ticket revenue yields, partially of) Tj ET Q q 0 0 0 rg BT 517.20 524.10 Td (fset by a slight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (increase in net onboard and other revenue yields. ) Tj ET Q q 0 0 0 rg BT 225.35 512.10 Td (The 3.5% decrease in net passenger ticket revenue yields was driven by our North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (America brands) Tj ET Q q 0 0 0 rg BT 93.17 500.10 Td ( 3.8% net yield decrease, which was driven by promotional pricing at Carnival Cruise Line. In addition, our EAA) Tj ET Q q 0 0 0 rg BT 546.39 500.10 Td ( brands) Tj ET Q q 0 0 0 rg BT 578.14 500.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (net passenger ticket revenue yields decreased 2.8%, which was af) Tj ET Q q 0 0 0 rg BT 289.21 488.10 Td (fected by the ongoing challenging economic environment in Europe. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.10 Td (Although Costa) Tj ET Q q 0 0 0 rg BT 92.83 476.10 Td (s net passenger ticket revenue yields increased, they were more than of) Tj ET Q q 0 0 0 rg BT 376.43 476.10 Td (fset by decreases at our other European brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (Gross cruise revenues increased slightly by $75 million and remained at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.76 464.10 Td ($15.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.87 464.10 Td ( in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.93 464.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.93 464.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.37 464.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.37 464.10 Td ( for lar) Tj ET Q q 0 0 0 rg BT 488.39 464.10 Td (gely the same reasons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 452.10 Td (as discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.10 Td (Net cruise costs excluding fuel increased by $525 million, or 8.0%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.88 428.10 Td ($7.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.99 428.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.77 428.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.77 428.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.21 428.10 Td ($6.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.32 428.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 428.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.10 428.10 Td (.) Tj ET Q q 0 0 0 rg BT 495.92 428.10 Td (The increase was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 416.10 Td (caused by a 4.6% increase in constant dollar net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 344.95 416.10 Td (ALBD, which accounted for $313 million, our 2.9% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (capacity increase in ) Tj ET Q q 0 0 0 rg BT 107.79 404.10 Td (ALBDs, which accounted for $189 million, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.08 404.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.08 404.10 Td ( net currency impact, which accounted for $23 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (The 4.6% increase in constant dollar net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 313.85 380.10 Td (ALBD was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 368.10 Td ($56 million - additional costs and expenses related to the 2013 voyage disruptions, net of third-party insurance recoverables of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 356.10 Td ($20 million; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 344.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 344.10 Td ($46 million - higher dry-dock and other ship repair and maintenance expenses; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 332.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 332.10 Td ($44 million - higher advertising spend; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 320.10 Td ($40 million - new market development initiative costs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 308.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 308.10 Td ($34 million - nonrecurrence in 2013 of Costa) Tj ET Q q 0 0 0 rg BT 246.57 308.10 Td (s excess insurance proceeds and Cunard) Tj ET Q q 0 0 0 rg BT 409.57 308.10 Td (s litigation settlement; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 296.10 Td ($20 million - higher insurance premiums; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 284.10 Td ($15 million - MNOPF special expense assessment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 272.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 272.10 Td ($87 million - various other operating expenses, net. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 158.42 248.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 236.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 236.10 Td ($29 million - nonrecurrence in 2013 of the January 2012 ship incident-related expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.10 Td (Fuel costs decreased by $173 million, or 7.3%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.52 212.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.64 212.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.41 212.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.41 212.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.85 212.10 Td ($2.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.97 212.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.74 212.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.74 212.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.56 212.10 Td (This was caused by a 5.3% decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.10 Td (fuel consumption per ) Tj ET Q q 0 0 0 rg BT 113.93 200.10 Td (ALBD, which accounted for $131 million, and lower fuel prices, which accounted for $1) Tj ET Q q 0 0 0 rg BT 469.56 200.10 Td (1) Tj ET Q q 0 0 0 rg BT 474.19 200.10 Td (1 million, partially of) Tj ET Q q 0 0 0 rg BT 559.55 200.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 188.10 Td (by our 2.9% capacity increase in ) Tj ET Q q 0 0 0 rg BT 159.45 188.10 Td (ALBDs, which accounted for $68 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 164.10 Td (Gross cruise costs increased by $473 million, or 4.0% to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.30 164.10 Td ($12.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.41 164.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.19 164.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.19 164.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.63 164.10 Td ($1) Tj ET Q q 0 0 0 rg BT 373.25 164.10 Td (1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.37 164.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 164.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 164.10 Td ( for principally the same reasons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 152.10 Td (as discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 131.10 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 66.47 131.10 Td (, Financial Condition and Capital Resour) Tj ET Q q 0 0 0 rg BT 242.43 131.10 Td (ces ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 107.10 Td (Our primary financial goals are to profitably grow our cruise business and increase our return on invested capital, reaching double digit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 95.10 Td (returns in the next three to four years, while maintaining a strong balance sheet. Our ability to generate significant operating cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 83.10 Td (allows us to internally fund our capital investments. Our goal is to return excess free cash flows to our shareholders in the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 71.10 Td (additional dividends and/or share buybacks. In addition, we are committed to maintaining our strong investment grade credit ratings, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 59.10 Td (are among the highest in the leisure travel industry) Tj ET Q q 0 0 0 rg BT 229.07 59.10 Td (. Other objectives of our capital structure policy are to maintain a suf) Tj ET Q q 0 0 0 rg BT 504.63 59.10 Td (ficient level of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 47.10 Td (liquidity with our available cash and cash equivalents and committed financings for immediate and future liquidity needs, and a reasonable ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 740.10 Td (debt maturity profile that is spread out over a number of years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (Based on our historical results, projections and financial condition, we believe that our future operating cash flows and liquidity will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.10 Td (suf) Tj ET Q q 0 0 0 rg BT 39.04 704.10 Td (ficient to fund all of our expected capital projects including shipbuilding commitments, ship improvements, debt service requirements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.10 Td (working capital needs and other firm commitments over the next several years. ) Tj ET Q q 0 0 0 rg BT 345.33 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 353.96 692.10 Td (e believe that our ability to generate significant operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 680.10 Td (cash flows and our strong balance sheet as evidenced by our investment grade credit ratings provide us with the ability in most financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (credit market environments to obtain debt financing, as needed. Our future operating cash flows and our ability to issue debt can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (adversely impacted by numerous factors outside our control including, but not limited to, those noted under Cautionary Note Concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 58.76 644.10 Td (That May ) Tj ET Q q 0 0 0 rg BT 99.86 644.10 Td (Af) Tj ET Q q 0 0 0 rg BT 110.23 644.10 Td (fect Future Results.If our long-term senior unsecured credit ratings were to be downgraded or assigned a negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (outlook, our access to and cost of debt financing may be negatively impacted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 608.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 608.10 Td (, we had a working capital deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.10 608.10 Td ($5.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.21 608.10 Td (.) Tj ET Q q 0 0 0 rg BT 317.03 608.10 Td (This deficit included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.28 608.10 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.40 608.10 Td ( of current customer deposits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.10 Td (which represent the passenger revenues already collected for cruises departing over the next twelve months and, accordingly) Tj ET Q q 0 0 0 rg BT 524.77 596.10 Td (, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 584.10 Td (substantially more like deferred revenue balances rather than actual current cash liabilities. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.73 584.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.43 584.10 Td ( working capital deficit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.10 Td (also included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.54 572.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.66 572.10 Td ( of current debt obligations.) Tj ET Q q 0 0 0 rg BT 241.78 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 250.42 572.10 Td (e continue to generate significant cash from operations and have a strong balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (sheet.) Tj ET Q q 0 0 0 rg BT 52.37 560.10 Td (This strong balance sheet provides us with the ability to refinance our current debt obligations before, or as they become due, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (most financial credit market environments.) Tj ET Q q 0 0 0 rg BT 201.21 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 209.85 548.10 Td (e also have our revolving credit facilities available to provide long-term rollover financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (should the need arise, or if we choose to do so.) Tj ET Q q 0 0 0 rg BT 216.13 536.10 Td (After excluding current customer deposits and current debt obligations from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.71 524.10 Td ( working capital deficit balance, our non-GAAP) Tj ET Q q 0 0 0 rg BT 298.78 524.10 Td ( adjusted working capital deficit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.18 524.10 Td ($661 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.57 524.10 Td (.Our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (model, along with our strong balance sheet and unsecured revolving credit facilities, allows us to operate with a working capital deficit and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (still meet our operating, investing and financing needs. ) Tj ET Q q 0 0 0 rg BT 248.99 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 257.63 500.10 Td (e believe we will continue to have working capital deficits for the foreseeable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 460.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 460.00 Td (November30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 460.00 Td (, the U.S. dollar was $1.63 to sterling, $1.36 to the euro and $0.91 to the ) Tj ET Q q 0 0 0 rg BT 410.00 460.00 Td (Australian dollar) Tj ET Q q 0 0 0 rg BT 476.93 460.00 Td (. Had these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.14 460.00 Td (November30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 448.00 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 448.00 Td ( currency exchange rates been used to translate our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.29 448.00 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 448.00 Td ( non-U.S. dollar functional currency operations) Tj ET Q q 0 0 0 rg BT 524.70 448.00 Td ( assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 436.00 Td (liabilities instead of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.09 436.00 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.80 436.00 Td ( U.S. dollar exchange rates of $1.56 to sterling, $1.25 to the euro and $0.85 to the ) Tj ET Q q 0 0 0 rg BT 530.78 436.00 Td (Australian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 424.00 Td (dollar) Tj ET Q q 0 0 0 rg BT 49.92 424.00 Td (, our total assets and liabilities would have been higher by $1.2 billion and $565 million, respectively) Tj ET Q q 0 0 0 rg BT 453.92 424.00 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 400.00 Td (Sour) Tj ET Q q 0 0 0 rg BT 60.88 400.00 Td (ces and Uses of Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 376.00 Td (Our business provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.49 376.00 Td ($3.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.60 376.00 Td ( of net cash from operations during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.62 376.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.62 376.00 Td (, an increase of $596 million, or 21%, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.40 376.00 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 580.51 376.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 364.00 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 37.28 364.00 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.28 364.00 Td (.) Tj ET Q q 0 0 0 rg BT 62.10 364.00 Td (This increase was substantially due to more cash being provided from our operating results and an increase in customer deposits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 340.00 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.83 340.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.83 340.00 Td (, our expenditures for capital projects were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 340.00 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.76 340.00 Td (, of which $1.5 billion was spent on our ongoing new shipbuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 328.00 Td (program, substantially for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.09 328.00 Td (Regal Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.35 328.00 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 212.79 328.00 Td (Costa Diadema) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.29 328.00 Td (.In addition to our new shipbuilding program, we had capital expenditures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 316.00 Td (of $754 million for ship improvements and replacements and $305 million for information technology) Tj ET Q q 0 0 0 rg BT 435.44 316.00 Td (, buildings and improvements, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 304.00 Td (other assets. Furthermore, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.64 304.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.64 304.00 Td ( we sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.47 304.00 Td (Costa V) Tj ET Q q 0 0 0 rg BT 230.31 304.00 Td (oyager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.08 304.00 Td ( and received $42 million in cash proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.50 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.83 284.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.83 284.50 Td (, we borrowed a net $617 million of short-term borrowings in connection with our availability of, and needs for) Tj ET Q q 0 0 0 rg BT 523.44 284.50 Td (, cash at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.50 Td (various times throughout the year) Tj ET Q q 0 0 0 rg BT 160.86 272.50 Td (. In addition, during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.07 272.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.07 272.50 Td ( we repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.22 272.50 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.33 272.50 Td ( of long-term debt, including early repayments of $839 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.50 Td (million of three bank loans and $590 million of two export credit facilities. Furthermore, during 2014 we borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.23 260.50 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.34 260.50 Td ( of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.50 Td (long-term debt under two export credit facilities and three bank loans. Finally) Tj ET Q q 0 0 0 rg BT 336.81 248.50 Td (, during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.42 248.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.42 248.50 Td ( we paid cash dividends of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.29 248.50 Td ($776 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.68 248.50 Td (. ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 245 0 obj <>] /Rotate 0 /Contents 246 0 R>> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 740.25 Td (Futur) Tj ET Q q 0 0 0 rg BT 65.32 740.25 Td (e Commitments and Funding Sour) Tj ET Q q 0 0 0 rg BT 212.94 740.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 716.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 716.25 Td (, our contractual cash obligations, including ship construction contracts entered into through January 22, 2015, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.25 Td (as follows \(in millions\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 665.75 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 665.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 665.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 665.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 665.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 665.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 665.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 665.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 637.75 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 637.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 637.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 637.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 637.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 637.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 637.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 637.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 597.75 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 597.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 597.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 597.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 597.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 597.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 597.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 597.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 597.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 569.75 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 569.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 569.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 569.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 569.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 569.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 569.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 569.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 569.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 541.75 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 541.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 541.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 541.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 541.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 541.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 541.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 541.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 541.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 513.75 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 513.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 513.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 513.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 513.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 513.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 513.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 513.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 513.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 513.75 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 679.75 m 280.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 679.75 m 284.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 679.75 m 328.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 679.75 m 332.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 679.75 m 372.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 679.75 m 376.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 679.75 m 423.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 679.75 m 427.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 679.75 m 471.5 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 665.75 m 280.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 665.75 m 328.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 665.75 m 372.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 665.75 m 423.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 665.75 m 471.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 665.75 m 531.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 665.75 m 580.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 499.75 m 280.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 486.75 m 280.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 484.75 m 280.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 499.75 m 328.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 486.75 m 328.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 484.75 m 328.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 499.75 m 372.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 486.75 m 372.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 484.75 m 372.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 499.75 m 423.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 486.75 m 423.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 484.75 m 423.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 499.75 m 471.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 486.75 m 471.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 484.75 m 471.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 499.75 m 531.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 486.75 m 531.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 484.75 m 531.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 499.75 m 580.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 486.75 m 580.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 484.75 m 580.5 484.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.25 684.43 Td (Payments Due by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.00 670.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.00 670.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 670.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.50 670.43 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 670.43 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.10 670.43 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.55 670.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 29 654.86259765625 m 200.3916015625 654.86259765625 l s q 0 0 0 rg BT 29.00 656.43 Td (Recorded ) Tj ET Q q 0 0 0 rg BT 72.60 656.43 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 126.76 656.43 Td (Cash ) Tj ET Q q 0 0 0 rg BT 150.93 656.43 Td (Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 642.32 Td (Short-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 642.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 642.32 Td (666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.00 642.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 642.32 Td (666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 628.32 Td (Long-term debt \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 628.32 Td (1,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 628.32 Td (1,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 628.32 Td (634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 628.32 Td (1,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 628.32 Td (685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 628.32 Td (2,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 628.32 Td (8,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 614.32 Td (Other long-term liabilities reflected on the balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 602.32 Td ( sheet \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 602.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 602.42 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 602.42 Td (187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 602.42 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 602.42 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 602.42 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 602.42 Td (824) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 29 586.86259765625 m 210.2109375 586.86259765625 l s q 0 0 0 rg BT 29.00 588.43 Td (Unrecorded Contractual Cash Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 574.32 Td (Shipbuilding \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 574.32 Td (1,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 574.32 Td (1,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 574.32 Td (815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 574.32 Td (1,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 574.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 574.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 574.32 Td (5,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 560.32 Td (Operating leases \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 560.32 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 560.32 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 560.32 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 560.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 560.32 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 560.32 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 560.32 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 546.32 Td (Port facilities and other \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 546.32 Td (231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 546.32 Td (188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 546.32 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 546.32 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 546.32 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 546.32 Td (600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 546.32 Td (1,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 532.32 Td (Purchase obligations \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 532.32 Td (903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 532.32 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 532.32 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 532.32 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 532.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 532.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 532.32 Td (1,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 518.32 Td (Fixed rate interest payments \(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 518.32 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 518.32 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 518.32 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 518.32 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 518.32 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 518.32 Td (331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 518.32 Td (986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 504.32 Td (Floating rate interest payments \(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 504.32 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 504.32 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 504.32 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 504.32 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 504.32 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 504.32 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 504.32 Td (346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 490.43 Td (Total Contractual Cash Obligations \(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 490.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 490.32 Td (4,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 490.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 490.32 Td (4,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 490.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 490.32 Td (2,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 490.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 490.32 Td (3,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 490.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 490.32 Td (981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 490.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 490.32 Td (4,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.00 490.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.10 490.32 Td (19,582) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 462.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 63.00 462.25 Td (Our long-term debt has a weighted-average maturity of 4.3 years. See Note 5 - Unsecured Debt in the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 450.25 Td (statements for additional information regarding these debt obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 438.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 63.00 438.25 Td (Represents cash outflows for certain of our long-term liabilities that could be reasonably estimated.) Tj ET Q q 0 0 0 rg BT 462.42 438.25 Td (The primary outflows are for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 426.25 Td (estimates of our compensation plans) Tj ET Q q 0 0 0 rg BT 211.11 426.25 Td ( obligations, crew and guest claims, uncertain income tax position liabilities and certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 414.25 Td (deferred income taxes.Customer deposits and certain other deferred income taxes have been excluded from the table because they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 402.25 Td (do not require a cash settlement in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 390.25 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 63.00 390.25 Td (Our shipbuilding contractual obligations are legal commitments and, accordingly) Tj ET Q q 0 0 0 rg BT 386.99 390.25 Td (, cannot be cancelled without cause by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (shipyards or us, and such cancellation will subject the defaulting party to significant contractual liquidating damage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 366.25 Td (payments.See Note 6 - Commitments in the consolidated financial statements for additional information regarding these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 354.25 Td (contractual cash obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 342.25 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 63.00 342.25 Td (Represents legally-binding commitments to purchase inventory and other goods and services made in the normal course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 330.25 Td (business to meet operational requirements.Many of our contracts contain clauses that allow us to terminate the contract with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 318.25 Td (notice, either with or without a termination penalty) Tj ET Q q 0 0 0 rg BT 266.18 318.25 Td (.) Tj ET Q q 0 0 0 rg BT 271.00 318.25 Td (T) Tj ET Q q 0 0 0 rg BT 276.41 318.25 Td (ermination penalties are generally an amount less than the original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 306.25 Td (obligation.Historically) Tj ET Q q 0 0 0 rg BT 155.11 306.25 Td (, we have not had any significant defaults of our contractual obligations or incurred significant penalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 294.25 Td (for their termination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 282.25 Td (\(e\) ) Tj ET Q q 0 0 0 rg BT 63.00 282.25 Td (Fixed rate interest payments represent cash outflows for fixed interest payments, including interest swapped from a floating rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 270.25 Td (to a fixed rate.Floating rate interest payments represent forecasted cash outflows for interest payments on floating rate debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (including interest swapped from a fixed rate to a floating rate, using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 258.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.51 258.25 Td ( forward interest rates for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (remaining terms of the loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 234.25 Td (\(f\) ) Tj ET Q q 0 0 0 rg BT 63.00 234.25 Td (Amounts payable in foreign currencies, which are principally the euro, sterling and ) Tj ET Q q 0 0 0 rg BT 397.34 234.25 Td (Australian dollars, are based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 222.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.71 222.25 Td ( exchange rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 198.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.44 198.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.15 198.25 Td (, as adjusted for our new ship orders through January 22, 2015, our total annual capital expenditures consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 186.25 Td (ships under contract for construction, estimated improvements to existing ships and shoreside assets and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 186.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 186.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 186.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.80 186.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.80 186.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 186.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.24 186.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.24 186.25 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 174.25 Td (expected to be $3.0 billion, $3.3 billion, $2.1 billion and $2.5 billion, respectively) Tj ET Q q 0 0 0 rg BT 353.80 174.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 150.25 Td (The year) Tj ET Q q 0 0 0 rg BT 62.05 150.25 Td (-over) Tj ET Q q 0 0 0 rg BT 82.95 150.25 Td (-year percentage increase in our annual capacity is currently expected to be 2.0%, 4.4%, 2.8% and 1.9% for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.55 150.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.55 150.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.55 150.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.55 150.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 138.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 138.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 138.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 138.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 139.10 138.25 Td (. ) Tj ET Q q 0 0 0 rg BT 143.92 138.25 Td (These percentage increases are expected to result primarily from contracted new ships entering service, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 126.25 Td (partially of) Tj ET Q q 0 0 0 rg BT 70.97 126.25 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.41 126.25 Td (Costa Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.02 126.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.02 126.25 Td (Grand Holiday) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.85 126.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.29 126.25 Td (Seabourn Pride) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.34 126.25 Td ( having left the fleet through January 22, 2015, and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.00 126.25 Td ( Seabourn ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 27.00 114.25 Td (Legend) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.44 114.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.44 114.25 Td (Seabourn Spirit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 114.25 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.93 114.25 Td (Ocean Princess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.47 114.25 Td (leaving the fleet by ) Tj ET Q q 0 0 0 rg BT 288.33 114.25 Td (April 2015, May 2015 and March 2016, respectively) Tj ET Q q 0 0 0 rg BT 498.47 114.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 90.25 Td ( Our Boards of Directors have authorized, subject to certain restrictions, the repurchase of up to an aggregate of $1 billion of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 78.25 Td (Corporation common stock and/or Carnival plc ordinary shares under the Repurchase Program. Since March 2013, the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 66.25 Td (availability under the Repurchase Program was $975 million. See Note 9 - Shareholders) Tj ET Q q 0 0 0 rg BT 386.44 66.25 Td ( Equity in the consolidated financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 54.25 Td (for a further discussion of the Repurchase Program.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 247 0 obj <>] /Rotate 0 /Contents 248 0 R>> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (In addition to the Repurchase Program, the Boards of Directors authorized, in October 2008, the repurchase of up to 19.2 million Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (plc ordinary shares and, in January 2013, the repurchase of up to 32.8 million shares of Carnival Corporation common stock under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.10 Td (Stock Swap programs. Depending on market conditions and other factors, we may repurchase shares of Carnival Corporation common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.10 Td (stock and/or Carnival plc ordinary shares under the Repurchase Program and the Stock Swap programs concurrently) Tj ET Q q 0 0 0 rg BT 492.05 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 496.87 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 505.51 692.10 Td (e use the Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 680.10 Td (Swap programs in situations where we can obtain an economic benefit because either Carnival Corporation common stock or Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (ordinary shares are trading at a price that is at a premium or discount to the price of Carnival plc ordinary shares or Carnival Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (common stock, as the case may be.) Tj ET Q q 0 0 0 rg BT 169.46 656.10 Td (Any realized economic benefit under the Stock Swap programs is used for general corporate purposes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (which could include repurchasing additional stock under the Repurchase Program.Carnival plc ordinary share repurchases under both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (Repurchase Program and the Stock Swap programs require annual shareholder approval. ) Tj ET Q q 0 0 0 rg BT 383.93 632.10 Td (The existing shareholder approval is limited to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (maximum of 21.5 million ordinary shares and is valid until the earlier of the conclusion of the Carnival plc 2015 annual general meeting or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (October 16, 2015. Finally) Tj ET Q q 0 0 0 rg BT 129.39 608.10 Td (, under the Stock Swap programs, any sales of the Carnival Corporation common stock and Carnival plc ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.10 Td (shares have been or will be registered under the Securities ) Tj ET Q q 0 0 0 rg BT 261.36 596.10 Td (Act of 1933. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.10 Td (At January 22, 2015, the remaining availability under the Stock Swap programs was 18.1 million Carnival plc ordinary shares and 32.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (million shares of Carnival Corporation common stock.See Note 9 - Shareholders) Tj ET Q q 0 0 0 rg BT 359.51 560.10 Td ( Equity in the consolidated financial statements for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (further discussion of the Stock Swap programs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 524.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 524.10 Td (, we had liquidity of $4.9 billion.Our liquidity consisted of $92 million of cash and cash equivalents, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (excludes $239 million of cash used for current operations, $2.3 billion available for borrowing under our revolving credit facilities, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (our commercial paper borrowings, and $2.5 billion under our committed future financings, which are comprised of ship export credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (facilities. Of this $2.5 billion, $0.9 billion and $1.6 billion are scheduled to be funded in 2015 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 493.76 488.10 Td (.) Tj ET Q q 0 0 0 rg BT 498.21 488.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.71 488.10 Td (November30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 476.10 Td (, substantially all of our revolving credit facilities are scheduled to mature in 2019, except for $300 million that matures in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (2020.) Tj ET Q q 0 0 0 rg BT 51.82 464.10 Td (These commitments are from numerous lar) Tj ET Q q 0 0 0 rg BT 224.08 464.10 Td (ge and well-established banks and export credit agencies, which we believe will honor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 452.10 Td (their contractual agreements with us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.10 Td (Substantially all of our debt agreements contain financial covenants as described in Note 5 - Unsecured Debt in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 416.10 Td (financial statements.) Tj ET Q q 0 0 0 rg BT 111.14 416.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.64 416.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.35 416.10 Td (, we believe we were in compliance with our debt covenants. In addition, based on, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (other things, our forecasted operating results, financial condition and cash flows, we expect to be in compliance with our debt covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 392.10 Td (for the foreseeable future.Generally) Tj ET Q q 0 0 0 rg BT 171.55 392.10 Td (, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (clauses, substantially all of our outstanding debt and derivative contract payables could become due, and all debt and derivative contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 368.10 Td (could be terminated.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 344.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 106.43 344.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 320.10 Td (e are not a party to any of) Tj ET Q q 0 0 0 rg BT 137.91 320.10 Td (f-balance sheet arrangements, including guarantee contracts, retained or contingent interests, certain derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.10 Td (instruments and variable interest entities that either have, or are reasonably likely to have, a current or future material ef) Tj ET Q q 0 0 0 rg BT 506.35 308.10 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.10 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 272.10 Td (Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 192.10 272.10 Td (es ) Tj ET Q q 0 0 0 rg BT 202.38 272.10 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.10 Td (For a discussion of our hedging strategies and market risks, see the discussion below and Note 10 - Fair ) Tj ET Q q 0 0 0 rg BT 448.40 248.10 Td (V) Tj ET Q q 0 0 0 rg BT 454.51 248.10 Td (alue Measurements, Derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 236.10 Td (Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 130.04 236.10 Td (Activities in the consolidated financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 212.10 Td (For) Tj ET Q q 0 0 0 rg BT 55.87 212.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 97.62 212.10 Td (ency Exchange Rate Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.57 212.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 188.10 Td (Operational Curr) Tj ET Q q 0 0 0 rg BT 129.64 188.10 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 164.10 Td (e have foreign operations that have functional currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 365.67 164.10 Td (, which result in foreign currency translational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 152.10 Td (impacts. Our operations execute transactions in a number of currencies dif) Tj ET Q q 0 0 0 rg BT 324.21 152.10 Td (ferent than their functional currencies, principally the euro, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 140.10 Td (sterling and ) Tj ET Q q 0 0 0 rg BT 75.88 140.10 Td (Australian and U.S. dollars, which result in foreign currency transactional impacts. Based on a 10% hypothetical change in all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 128.10 Td (currency exchange rates that were used in our December 19, 2014 guidance, we estimate that our 2015 first quarter and full year December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 116.10 Td (19, 2014 non-GAAP) Tj ET Q q 0 0 0 rg BT 109.69 116.10 Td ( guidance would change by $0.04 per share and $0.30 per share, respectively) Tj ET Q q 0 0 0 rg BT 416.43 116.10 Td (, including both the foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 104.10 Td (translational and transactional impacts.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 249 0 obj <>] /Rotate 0 /Contents 250 0 R>> endobj 250 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F-56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 740.25 Td (Investment Curr) Tj ET Q q 0 0 0 rg BT 125.75 740.25 Td (ency Risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 716.25 Td (e have $403 million of foreign currency forwards that are designated as hedges of our net investments in foreign operations, which have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.25 Td (a euro-denominated functional currency) Tj ET Q q 0 0 0 rg BT 186.56 704.25 Td (, thus partially of) Tj ET Q q 0 0 0 rg BT 254.70 704.25 Td (fsetting this foreign currency exchange rate risk.Based on a 10% hypothetical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.25 Td (change in the U.S. dollar to euro exchange rate as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.87 692.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.57 692.25 Td (, we estimate that these foreign currency forwards) Tj ET Q q 0 0 0 rg BT 521.08 692.25 Td ( fair values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 680.25 Td (would change by $40 million, which would be of) Tj ET Q q 0 0 0 rg BT 223.73 680.25 Td (fset by a corresponding change of $40 million in the U.S. dollar value of our net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.25 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 644.25 Td (Newbuild Curr) Tj ET Q q 0 0 0 rg BT 119.10 644.25 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.25 Td (In 2012, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of P&O Cruises \(UK\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 27.00 608.25 Td (Britannia) Tj ET Q q 0 0 0 rg BT 67.38 608.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.77 608.25 Td (euro-denominated shipyard payments. ) Tj ET Q q 0 0 0 rg BT 229.10 608.25 Td (These collars mature in February 2015 at a weighted-average ceiling of $287 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.25 Td (and a weighted-average floor of $266 million. In 2014, we entered into foreign currency zero cost collars that are also designated as cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 584.25 Td (flow hedges for the remaining unhedged portion of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.61 584.25 Td (Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.95 584.25 Td () Tj ET Q q 0 0 0 rg BT 274.72 584.25 Td (s euro-denominated shipyard payments. ) Tj ET Q q 0 0 0 rg BT 436.45 584.25 Td (These collars also mature in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.25 Td (February 2015 at a weighted-average ceiling of $281 million and a weighted-average floor of $274 million. If the spot rate is between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.25 Td (weighted average ceiling and floor rates on the date of maturity) Tj ET Q q 0 0 0 rg BT 280.14 560.25 Td (, then we would not owe or receive any payments under these collars. ) Tj ET Q q 0 0 0 rg BT 560.33 560.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.71 548.25 Td (, the estimated fair value of these outstanding foreign currency zero cost collars was a nominal liability) Tj ET Q q 0 0 0 rg BT 517.86 548.25 Td (. Based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.25 Td (10% hypothetical increase or decrease in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.75 536.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.46 536.25 Td ( sterling rates to euro exchange rates, we estimate the fair value of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.25 Td (collars would increase $26 million or decrease $27 million, respectively) Tj ET Q q 0 0 0 rg BT 314.60 524.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.25 Td (On January 22, 2015, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of a Princess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.25 Td (and Seabourn newbuilds' euro-denominated shipyard payments. ) Tj ET Q q 0 0 0 rg BT 284.95 488.25 Td (The Princess newbuild) Tj ET Q q 0 0 0 rg BT 378.82 488.25 Td (s collars mature in March 2017 at a weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.25 Td (average ceiling of $590 million and a weighted-average floor of $504 million. ) Tj ET Q q 0 0 0 rg BT 341.44 476.25 Td (The Seabourn newbuild) Tj ET Q q 0 0 0 rg BT 439.75 476.25 Td (s collars mature in November 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.25 Td (at a weighted-average ceiling of $221 million and a weighted-average floor of $185 million. If the spot rate is between the weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 452.25 Td (average ceiling and floor rates on the date of maturity) Tj ET Q q 0 0 0 rg BT 240.98 452.25 Td (, then we would not owe or receive any payments under these collars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.25 Td (At January 22, 2015, substantially all of our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 416.25 Td (construction payments for a Carnival Cruise Line, Holland ) Tj ET Q q 0 0 0 rg BT 263.89 416.25 Td (America Line and Seabourn newbuild, which represent a total unhedged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.25 Td (commitment of $1.7 billion. ) Tj ET Q q 0 0 0 rg BT 141.81 404.25 Td (The functional currency cost of each of these ships will increase or decrease based on changes in the exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 392.25 Td (rates until the payments are made under the shipbuilding contract, or we enter into a foreign currency hedge. Based on a 10% hypothetical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.25 Td (change in the U.S. dollar to euro exchange rates as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.76 380.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.46 380.25 Td (, the unpaid cost of these ships would have a corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 368.25 Td (change of $171 million. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 344.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 79.98 344.25 Td (est Rate Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 320.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 320.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 320.25 Td (, we have interest rate swaps that have ef) Tj ET Q q 0 0 0 rg BT 282.57 320.25 Td (fectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.25 Td (based floating rate debt and $750 million of EURIBOR-based floating rate euro debt to fixed rate euro debt. Based on a 10% hypothetical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.25 Td (change in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.81 296.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.52 296.25 Td ( market interest rates, the fair value of all our debt and related interest rate swaps would change by $96 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.25 Td (million.In addition, based on a 10% hypothetical change in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.77 284.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.48 284.25 Td ( market interest rates, our annual interest expense on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.25 Td (floating rate debt, including the ef) Tj ET Q q 0 0 0 rg BT 162.88 272.25 Td (fect of our interest rate swaps, would change by an insignificant amount. Substantially all of our fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.25 Td (rate debt can only be called or prepaid by incurring additional costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 40.50 236.25 Td (Fuel Price Risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.25 Td (Our exposure to market risk for changes in fuel prices substantially all relates to the consumption of fuel on our ships. ) Tj ET Q q 0 0 0 rg BT 501.15 212.25 Td (W) Tj ET Q q 0 0 0 rg BT 509.79 212.25 Td (e expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.25 Td (consume approximately 3.2 million metric tons of fuel in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.06 200.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.06 200.25 Td (. Based on a 10% hypothetical change in our December 19, 2014 guidances) Tj ET Q q 0 0 0 rg BT 582.78 200.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 188.25 Td (forecasted average fuel price, we estimate that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.51 188.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.51 188.25 Td ( fuel expense, excluding the ef) Tj ET Q q 0 0 0 rg BT 372.50 188.25 Td (fect of zero cost collar fuel derivatives, would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 176.25 Td (change by $139 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 152.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 152.25 Td (e mitigate a portion of our economic risk attributable to potential fuel price increases through the use of Brent zero cost collars. ) Tj ET Q q 0 0 0 rg BT 546.68 152.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 140.25 Td (actual fuel we use on our ships is marine fuel. See Note 10 - Fair ) Tj ET Q q 0 0 0 rg BT 292.85 140.25 Td (V) Tj ET Q q 0 0 0 rg BT 298.97 140.25 Td (alue Measurements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 529.18 140.25 Td (Activities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 128.25 Td (the consolidated financial statements for additional discussion of our fuel derivatives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 104.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 104.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 104.25 Td (, our fuel derivatives cover a portion of our estimated fuel consumption through 2018. ) Tj ET Q q 0 0 0 rg BT 465.24 104.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.74 104.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.44 104.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 92.25 Td (estimated fair value of our outstanding fuel derivative contracts was a net liability of $229 million. Based on a 10% hypothetical increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 80.25 Td (or decrease in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.74 80.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.45 80.25 Td ( Brent forward price curve, we estimate the fair value of our fuel derivatives would increase $127 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 68.25 Td (million or decrease $152 million, respectively) Tj ET Q q 0 0 0 rg BT 210.19 68.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 251 0 obj <>] /Rotate 0 /Contents 252 0 R>> endobj 252 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 161.97 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 178.17 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 184.10 742.25 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (The selected consolidated financial data presented below for 2010 through 2014 and as of the end of each such year) Tj ET Q q 0 0 0 rg BT 512.49 718.25 Td (, except for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (the statistical data, are derived from our audited consolidated financial statements and should be read in conjunction with those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (consolidated financial statements and the related notes. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 641.75 236.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 641.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 641.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 641.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 641.75 15.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 641.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 641.75 18.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 641.75 7.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 641.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 641.75 18.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 641.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 641.75 18.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 614.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 614.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 614.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 614.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 614.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 614.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 614.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 614.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 614.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 614.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 614.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 614.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 586.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 586.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 586.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 586.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 586.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 586.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 586.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 586.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 586.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 586.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 586.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 586.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 558.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 558.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 558.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 558.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 558.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 558.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 558.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 558.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 558.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 558.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 558.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 558.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 530.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 530.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 530.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 530.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 530.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 530.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 530.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 530.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 530.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 530.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 530.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 530.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 498.75 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 498.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 498.75 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 498.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 498.75 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 498.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 498.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 498.75 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 498.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 498.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 498.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 498.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 469.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 469.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 469.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 469.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 469.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 469.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 469.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 469.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 469.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 469.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 469.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 469.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 441.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 441.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 441.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 441.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 441.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 441.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 441.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 441.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 441.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 441.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 441.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 441.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 409.75 236.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 409.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 409.75 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 409.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 409.75 15.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 409.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 409.75 18.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 409.75 7.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 409.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 409.75 18.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 409.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 409.75 18.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 382.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 382.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 382.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 382.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 382.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 382.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 382.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 382.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 382.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 382.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 382.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 382.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 354.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 354.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 354.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 354.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 354.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 354.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 354.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 354.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 354.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 354.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 354.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 354.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 326.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 326.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 326.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 326.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 326.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 326.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 326.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 326.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 326.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 326.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 326.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 326.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 298.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 298.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 298.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 298.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 298.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 298.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 298.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 298.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 298.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 298.75 18.00 -14.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 262.50 145.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 145.75 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 145.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 145.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 145.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 145.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 145.75 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 145.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 145.75 18.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 145.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 566.50 145.75 18.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 669.75 m 308.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 669.75 m 325.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 669.75 m 371.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 669.75 m 386.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 669.75 m 432.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 669.75 m 450.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 669.75 m 457.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 669.75 m 503.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 669.75 m 521.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 669.75 m 566.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 655.75 m 308.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 655.75 m 371.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 655.75 m 432.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 655.75 m 503.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 655.75 m 566.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 228.75 m 308.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 228.75 m 325.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 228.75 m 371.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 228.75 m 386.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 228.75 m 432.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 228.75 m 450.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 228.75 m 457.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 228.75 m 503.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 228.75 m 521.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 228.75 m 566.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 214.75 m 308.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 214.75 m 371.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 214.75 m 432.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 214.75 m 503.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 214.75 m 566.5 214.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 674.43 Td (Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 660.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 660.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 660.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.25 660.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.50 660.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.85 646.43 Td (\(dollars in millions, except per share, per ton and currency data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 632.48 Td (Statements of Income Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 619.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 619.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 619.32 Td (15,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 619.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 619.32 Td (15,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 619.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 619.32 Td (15,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 619.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 619.32 Td (15,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 619.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 619.32 Td (14,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 605.32 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 605.32 Td (1,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 605.32 Td (1,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 605.32 Td (1,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 605.32 Td (2,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 605.32 Td (2,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 591.32 Td (Net income \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 591.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 591.32 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 591.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 591.32 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 591.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 591.32 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 591.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 591.32 Td (1,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 591.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 591.32 Td (1,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 577.32 Td (Earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 563.32 Td ( Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 563.32 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 563.32 Td (1.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 563.32 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 563.32 Td (2.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 563.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 563.32 Td (2.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 549.32 Td ( Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 549.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 549.32 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 549.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 549.32 Td (1.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 549.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 549.32 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 549.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 549.32 Td (2.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 549.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 549.32 Td (2.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 535.32 Td (Non-GAAP net income \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 535.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 535.32 Td (1,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 535.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 535.32 Td (1,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 535.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 535.32 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 535.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 535.32 Td (1,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 535.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 535.32 Td (1,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 521.32 Td (Non-GAAP earnings per share - diluted \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 521.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 521.32 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 521.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 521.32 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 521.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 521.32 Td (1.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 521.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 521.32 Td (2.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 521.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 521.32 Td (2.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 507.32 Td (Dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 507.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 507.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 507.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 507.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 507.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 507.32 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 507.32 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 507.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 507.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 507.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 507.32 Td (0.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 488.43 Td (Statements of Cash Flow Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 474.32 Td (Cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 474.32 Td (3,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 474.32 Td (2,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 474.32 Td (2,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 474.32 Td (3,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 474.32 Td (3,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 460.32 Td (Cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 460.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 460.32 Td (2,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 460.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 460.32 Td (2,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 460.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 460.32 Td (1,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 460.32 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 460.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 460.32 Td (2,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 460.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 460.32 Td (3,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 446.32 Td (Capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 446.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 446.32 Td (2,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 446.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 446.32 Td (2,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 446.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 446.32 Td (2,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 446.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 446.32 Td (2,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 446.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 446.32 Td (3,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 432.32 Td (Cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 432.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 432.32 Td (1,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 432.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 432.32 Td (780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 432.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 432.32 Td (1,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 432.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 432.32 Td (1,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 432.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 432.32 Td (404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 418.32 Td (Dividends paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 418.32 Td (776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 418.32 Td (1,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 418.32 Td (779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 418.32 Td (671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 418.32 Td (237) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 400.48 Td (Statistical Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 387.32 Td (ALBDs \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 387.32 Td (76,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 387.32 Td (74,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 387.32 Td (71,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 387.32 Td (69,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 387.32 Td (66,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 373.32 Td (Occupancy percentage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 373.32 Td (104.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 373.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 373.32 Td (105.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 373.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 373.32 Td (105.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 373.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 373.32 Td (106.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 373.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 373.32 Td (105.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.00 373.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 359.32 Td (Passengers carried \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 359.32 Td (10,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 359.32 Td (10,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 359.32 Td (9,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 359.32 Td (9,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 359.32 Td (9,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 345.32 Td (Fuel consumption in metric tons \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 345.32 Td (3,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 345.32 Td (3,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 345.32 Td (3,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 345.32 Td (3,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 345.32 Td (3,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 331.32 Td (Fuel consumption in metric tons per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 331.32 Td (0.042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 331.32 Td (0.044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 331.32 Td (0.047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 331.32 Td (0.049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 331.32 Td (0.050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 317.32 Td (Fuel cost per metric ton consumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 317.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 317.32 Td (636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 317.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 317.32 Td (676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 317.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 317.32 Td (710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 317.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 317.32 Td (646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 317.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 317.32 Td (489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 303.32 Td (Currencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 289.32 Td ( U.S. dollar to 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 289.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 289.32 Td (1.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 289.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 289.32 Td (1.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 289.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 289.32 Td (1.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 289.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 289.32 Td (1.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 289.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 289.32 Td (1.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 275.32 Td ( U.S. dollar to 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 275.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 275.32 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 275.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 275.32 Td (1.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 275.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 275.32 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 275.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 275.32 Td (1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 275.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 275.32 Td (1.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 261.32 Td ( U.S. dollar to Australian dollar) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 261.32 Td (0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 261.32 Td (0.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 261.32 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 261.32 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 261.32 Td (0.91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.15 233.43 Td (As of November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 219.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 219.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 219.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.25 219.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.50 219.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.30 205.43 Td (\(dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 191.48 Td (Balance Sheet and Other Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 178.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 178.32 Td (39,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 178.32 Td (40,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 178.32 Td (39,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 178.32 Td (38,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 178.32 Td (37,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 164.32 Td (Total debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 164.32 Td (9,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 164.32 Td (9,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 164.32 Td (8,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 164.32 Td (9,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 164.32 Td (9,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 150.32 Td (Total shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 150.32 Td (24,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 150.32 Td (24,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 150.32 Td (23,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 150.32 Td (23,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 150.32 Td (23,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 136.32 Td (Total debt to capital \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 136.32 Td (27.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 136.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 136.32 Td (28.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 136.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 136.32 Td (27.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 136.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 136.32 Td (28.2) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 506.00 135.97 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 136.32 Td (28.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.00 136.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 253 0 obj <>] /Rotate 0 /Contents 254 0 R>> endobj 254 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 133.41 742.10 Td ( net income and fully diluted earnings per share were computed as follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 691.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 691.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 691.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 691.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 691.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 691.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 691.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 691.60 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 691.60 22.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 691.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 691.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 691.60 21.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 664.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 664.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 664.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 664.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 664.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 664.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 664.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 664.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 664.60 22.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 664.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 664.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 664.60 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 635.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 635.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 635.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 635.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 635.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 635.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 635.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 635.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 635.60 22.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 635.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 635.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 635.60 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 607.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 607.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 607.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 607.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 607.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 607.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 607.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 607.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 607.60 22.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 607.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 607.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 607.60 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 571.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 571.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 571.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 571.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 571.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 571.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 571.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 571.60 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 571.60 22.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 571.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 571.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 571.60 21.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 544.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 544.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 544.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 544.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 544.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 544.60 22.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 544.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 544.60 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 516.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 516.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 516.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 516.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 516.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 516.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 516.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 516.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 516.60 22.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 516.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 516.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 516.60 21.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 488.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 488.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 488.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 488.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 488.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 488.60 22.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 488.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 563.50 488.60 21.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 705.6 m 346.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 705.6 m 350.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 705.6 m 394.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 705.6 m 398.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 705.6 m 443.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 705.6 m 447.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 705.6 m 493.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 705.6 m 515.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 705.6 m 519.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 705.6 m 563.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 691.6 m 346.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 691.6 m 394.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 691.6 m 443.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 691.6 m 493.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 691.6 m 563.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 607.6 m 346.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 607.6 m 346.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 594.6 m 346.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 592.6 m 346.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 607.6 m 394.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 594.6 m 394.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 592.6 m 394.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 607.6 m 443.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 594.6 m 443.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 592.6 m 443.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 607.6 m 493.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 594.6 m 493.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 592.6 m 493.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 607.6 m 563.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 594.6 m 563.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 592.6 m 563.5 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 576.6 m 346.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 574.6 m 346.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 576.6 m 394.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 574.6 m 394.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 576.6 m 443.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 574.6 m 443.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 576.6 m 493.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 574.6 m 493.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 576.6 m 563.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 574.6 m 563.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 488.6 m 346.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 475.6 m 346.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 473.6 m 346.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 488.6 m 394.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 475.6 m 394.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 473.6 m 394.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 488.6 m 443.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 475.6 m 443.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 473.6 m 443.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 488.6 m 493.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 475.6 m 493.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 473.6 m 493.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 488.6 m 563.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 475.6 m 563.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 473.6 m 563.5 473.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 710.28 Td (As of November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 696.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 696.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.50 696.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.25 696.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.00 696.28 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 682.33 Td (Net income - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 669.28 Td ( U.S. GAAP net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 669.17 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 669.17 Td (1,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 669.17 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 669.17 Td (1,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 669.17 Td (1,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 655.17 Td ( Losses \(gains\) on ship sales and ship impairments, net \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 655.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 655.17 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 655.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 655.17 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 655.17 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 655.17 Td (\(44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.65 655.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.00 655.17 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 640.27 Td ( Goodwill, trademark and other impairment charges \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 640.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 640.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 640.27 Td (173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 640.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 640.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 626.17 Td ( Restructuring expenses \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 626.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 626.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 626.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 626.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 626.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 612.17 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 612.17 Td (268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 612.22 Td (\(36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.30 612.22 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 612.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 612.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 598.28 Td ( Non-GAAP net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 598.17 Td (1,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 598.17 Td (1,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 598.17 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 598.17 Td (1,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 598.17 Td (1,934) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 580.28 Td (Weighted-average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 580.17 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 580.17 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 580.17 Td (779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 580.17 Td (789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 580.17 Td (805) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 562.33 Td (Earnings per share - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 549.28 Td ( U.S. GAAP earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 549.17 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 549.17 Td (1.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 549.17 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 549.17 Td (2.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 549.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.15 549.17 Td (2.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 535.17 Td ( Losses \(gains\) on ship sales and ship impairments, net \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 535.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 535.17 Td (0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 535.17 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 535.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 535.17 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.80 535.17 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.65 535.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.00 535.17 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 521.17 Td ( Goodwill, trademark and other impairment charges \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 521.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 521.17 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 521.17 Td (0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 521.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 521.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 507.17 Td ( Restructuring expenses \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 507.17 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 507.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 507.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 507.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 507.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 493.17 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 493.17 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.80 493.22 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 493.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 493.22 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 493.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 493.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 493.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 479.28 Td ( Non-GAAP earnings per share \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 479.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 479.17 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 479.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 479.17 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 479.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 479.17 Td (1.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 479.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 479.17 Td (2.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 479.17 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 479.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.15 479.17 Td (2.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.00 479.17 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 457.10 Td (\(i\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 457.10 Td (See Key Performance Non-GAAP) Tj ET Q q 0 0 0 rg BT 263.53 457.10 Td ( Financial Indicators for further discussion of the losses \(gains\) on ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 445.10 Td (sales and ship impairments, net; goodwill, trademark and other impairment char) Tj ET Q q 0 0 0 rg BT 441.73 445.10 Td (ges and restructuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 433.10 Td (expenses for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.45 433.10 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.16 433.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.16 433.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.16 433.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.10 433.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.10 433.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 421.10 Td (\(ii\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 421.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 234.00 421.10 Td (ges related to the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.41 421.10 Td (Costa Marina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.25 421.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.68 421.10 Td (Pacific Sun) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 421.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 409.10 Td (\(iii\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 409.10 Td (Represents the 2010 gain on the sale of P&O Cruises \(UK\)) Tj ET Q q 0 0 0 rg BT 360.85 409.10 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.24 409.10 Td (Artemis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.35 409.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 86.00 397.10 Td (Includes a special dividend of $0.50 per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 86.00 385.10 Td (Net of $508 million of insurance proceeds received for the total loss of a ship.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 86.00 373.10 Td (Percentage of total debt to the sum of total debt and shareholders) Tj ET Q q 0 0 0 rg BT 348.23 373.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 375.08 373.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 255 0 obj <>] /Rotate 0 /Contents 256 0 R>> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td (MARKET) Tj ET Q q 0 0 0 rg BT 71.82 742.25 Td ( PRICE FOR COMMON ST) Tj ET Q q 0 0 0 rg BT 194.97 742.25 Td (OCK ) Tj ET Q q 0 0 0 rg BT 219.70 742.25 Td (AND ORDINAR) Tj ET Q q 0 0 0 rg BT 291.29 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 298.14 742.25 Td ( SHARES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 712.85 Td (Carnival Corporation) Tj ET Q q 0 0 0 rg BT 115.04 712.85 Td (s common stock, together with paired trust shares of beneficial interest in the P&O Princess Special ) Tj ET Q q 0 0 0 rg BT 516.15 712.85 Td (V) Tj ET Q q 0 0 0 rg BT 522.08 712.85 Td (oting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 700.85 Td (T) Tj ET Q q 0 0 0 rg BT 32.76 700.85 Td (rust, which holds a Special ) Tj ET Q q 0 0 0 rg BT 142.56 700.85 Td (V) Tj ET Q q 0 0 0 rg BT 148.49 700.85 Td (oting Share of Carnival plc, is traded on the NYSE under the symbol CCL. Carnival plc) Tj ET Q q 0 0 0 rg BT 511.47 700.85 Td (s ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 688.85 Td (shares trade on the London Stock Exchange under the symbol CCL. Carnival plc) Tj ET Q q 0 0 0 rg BT 362.19 688.85 Td (s ) Tj ET Q q 0 0 0 rg BT 368.03 688.85 Td (American Depository Shares \(ADSs\), each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 676.85 Td (one of which represents one Carnival plc ordinary share, are traded on the NYSE under the symbol CUK. ) Tj ET Q q 0 0 0 rg BT 460.57 676.85 Td (The depository for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 664.85 Td (ADSs is JPMor) Tj ET Q q 0 0 0 rg BT 89.06 664.85 Td (gan Chase Bank.) Tj ET Q q 0 0 0 rg BT 158.87 664.85 Td (The daily high and low stock sales price for the periods indicated on their primary exchange was as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 652.85 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 574.35 222.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 574.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 574.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 574.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 574.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 574.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 574.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 574.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 574.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 574.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.50 574.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 574.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 574.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 546.35 222.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 546.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 546.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 546.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 546.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 546.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 546.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 546.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 546.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 546.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.50 546.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 546.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 546.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 498.35 222.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 498.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 498.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 498.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 498.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 498.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 498.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 498.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 498.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 498.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.50 498.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 498.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 498.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 470.35 222.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 470.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 470.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 470.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 470.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 470.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 470.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 470.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 470.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 470.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 534.50 470.35 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 470.35 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 470.35 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 616.35 m 310.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 616.35 m 314.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 616.35 m 366.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 616.35 m 422.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 616.35 m 426.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 616.35 m 478.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 616.35 m 482.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 616.35 m 534.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 616.35 m 538.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 616.35 m 590.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 602.35 m 310.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 602.35 m 314.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 602.35 m 366.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 602.35 m 422.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 602.35 m 426.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 602.35 m 478.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 602.35 m 534.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 602.35 m 538.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 602.35 m 590.5 602.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 588.35 m 310.5 588.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 588.35 m 366.5 588.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 588.35 m 422.5 588.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 588.35 m 478.5 588.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 588.35 m 534.5 588.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 588.35 m 590.5 588.35 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.15 621.03 Td (Carnival Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.45 621.03 Td (Carnival plc) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.90 607.03 Td (Per Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.40 607.03 Td (Per Ordinary Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 607.03 Td (Per ADS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.40 593.03 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.55 593.03 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.40 593.03 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.55 593.03 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.40 593.03 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.55 593.03 Td (Low) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 39 577.46259765625 m 59 577.46259765625 l s q 0 0 0 rg BT 39.00 579.03 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 564.92 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 564.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 564.92 Td (44.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 564.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 564.92 Td (33.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 564.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 564.92 Td (28.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 564.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 564.92 Td (20.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 564.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 564.92 Td (44.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 564.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 564.92 Td (33.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 550.92 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 550.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 550.92 Td (40.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 550.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 550.92 Td (35.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 550.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 550.92 Td (24.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 550.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 550.92 Td (20.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 550.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 550.92 Td (41.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 550.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 550.92 Td (35.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 536.92 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 536.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 536.92 Td (40.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 536.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 536.92 Td (35.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 536.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 536.92 Td (25.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 536.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 536.92 Td (21.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 536.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 536.92 Td (41.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 536.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 536.92 Td (36.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 522.92 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 522.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 522.92 Td (41.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 522.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 522.92 Td (34.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 522.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 522.92 Td (26.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 522.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 522.92 Td (21.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 522.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 522.92 Td (42.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 522.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 522.92 Td (35.04) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 39 501.46259765625 m 59 501.46259765625 l s q 0 0 0 rg BT 39.00 503.03 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 488.92 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 488.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 488.92 Td (37.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 488.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 488.92 Td (31.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 488.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 488.92 Td (24.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 488.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 488.92 Td (20.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 488.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 488.92 Td (39.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 488.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 488.92 Td (32.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 474.92 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 474.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 474.92 Td (38.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 474.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 474.92 Td (32.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 474.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 474.92 Td (26.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 474.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 474.92 Td (21.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 474.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 474.92 Td (39.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 474.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 474.92 Td (32.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 460.92 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 460.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 460.92 Td (36.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 460.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 460.92 Td (32.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 460.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 460.92 Td (25.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 460.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 460.92 Td (20.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 460.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 460.92 Td (38.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 460.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 460.92 Td (33.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 446.92 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 446.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 446.92 Td (39.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 446.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 446.92 Td (34.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 446.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 446.92 Td (26.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 446.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 446.92 Td (23.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 446.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 446.92 Td (41.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 446.92 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 446.92 Td (36.05) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 418.85 Td (As of January 20, 2015, there were 3,476 holders of record of Carnival Corporation common stock and 33,508 holders of record of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 406.85 Td (Carnival plc ordinary shares and 104 holders of record of Carnival plc ) Tj ET Q q 0 0 0 rg BT 309.69 406.85 Td (ADSs.) Tj ET Q q 0 0 0 rg BT 338.41 406.85 Td (The past performance of our share prices cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 394.85 Td (relied on as a guide to their future performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 370.85 Td (All dividends for both Carnival Corporation and Carnival plc are declared in U.S. dollars.If declared, holders of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 358.85 Td (Corporation common stock and Carnival plc ) Tj ET Q q 0 0 0 rg BT 206.97 358.85 Td (ADSs receive a dividend payable in U.S. dollars.) Tj ET Q q 0 0 0 rg BT 405.35 358.85 Td (The dividends payable for Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 346.85 Td (ordinary shares are payable in sterling, unless the shareholders elect to receive the dividends in U.S. dollars.Dividends payable in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 334.85 Td (sterling will be converted from U.S. dollars into sterling at the U.S. dollar to sterling exchange rate quoted by the Bank of England in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.85 Td (London at 12:00 p.m. on the next combined U.S. and UK business day that follows the quarter end. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 298.85 Td (The payment and amount of any future dividend is within the discretion of the Boards of Directors.Our dividends were and will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 286.85 Td (based on a number of factors, including our earnings, liquidity position, financial condition, tone of business, capital requirements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 274.85 Td (credit ratings and the availability and cost of obtaining new debt.) Tj ET Q q 0 0 0 rg BT 288.97 274.85 Td (W) Tj ET Q q 0 0 0 rg BT 297.61 274.85 Td (e cannot be certain that Carnival Corporation and Carnival plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 262.85 Td (will continue their dividend in the future, and if so, the amount and timing of such future dividends are not determinable and may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 250.85 Td (dif) Tj ET Q q 0 0 0 rg BT 37.93 250.85 Td (ferent than prior declarations.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 257 0 obj <>] /Rotate 0 /Contents 258 0 R>> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ST) Tj ET Q q 0 0 0 rg BT 62.05 742.25 Td (OCK PERFORMANCE GRAPHS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 718.25 Td (Carnival Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (The following graph compares the Price Performance of $100 if invested in Carnival Corporation common stock with the Price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Performance of $100 if invested in each of the Dow Jones U.S. Recreational Services Index \(the Dow Jones Recreational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Index\), the FTSE 100 Index, the Morningstar Leisure/Lodging/Resorts and Casinos Blended Index \(the Morningstar Leisure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Index\) and the S&P) Tj ET Q q 0 0 0 rg BT 133.22 658.25 Td ( 500 Index.) Tj ET Q q 0 0 0 rg BT 180.81 658.25 Td (The Price Performance, as used in the Performance Graph, is calculated by assuming $100 is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (invested at the beginning of the period in Carnival Corporation common stock at a price equal to the market value. ) Tj ET Q q 0 0 0 rg BT 510.15 646.25 Td (At the end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (of each year) Tj ET Q q 0 0 0 rg BT 98.45 634.25 Td (, the total value of the investment is computed by taking the number of shares owned, assuming Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Corporation dividends are reinvested, multiplied by the market price of the shares. ) Tj ET Q /GS0 gs q 498.00 0 0 348.00 57.00 257.25 cm /I30 Do Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 187.75 315.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 187.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 187.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 187.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 187.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 187.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 187.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 187.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 187.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 187.75 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 187.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 187.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 187.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 159.75 315.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 159.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 159.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 159.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 159.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 159.75 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 159.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 131.75 315.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 131.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 131.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 131.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 131.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 131.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 131.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 131.75 36.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 131.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 131.75 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 538.50 131.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 131.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 131.75 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 205.75 m 377.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 205.75 m 381.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 205.75 m 417.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 205.75 m 421.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 205.75 m 457.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 205.75 m 461.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 205.75 m 497.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 205.75 m 501.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 205.75 m 538.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 205.75 m 542.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 542.5 205.75 m 580.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 205.75 m 377.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 191.75 m 377.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 205.75 m 381.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 205.75 m 417.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 191.75 m 417.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 205.75 m 421.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 205.75 m 457.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 191.75 m 457.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 205.75 m 461.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 205.75 m 497.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 191.75 m 497.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 205.75 m 501.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 205.75 m 538.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 191.75 m 538.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 542.5 191.75 m 580.5 191.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 230.43 Td (Assumes $100 Invested on November 30, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 220.43 Td (Assumes Dividends Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.50 210.43 Td (Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.00 196.43 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.00 196.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.25 196.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 196.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 196.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.00 196.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 178.32 Td (Carnival Corporation Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.60 178.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 178.32 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.60 178.32 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 178.32 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 178.32 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 178.32 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 164.32 Td (Dow Jones Recreational Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.60 164.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 164.32 Td (134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.60 164.32 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 164.32 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 164.32 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 164.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 164.32 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 150.32 Td (FTSE 100 Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.60 150.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 150.32 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.60 150.32 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 150.32 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 150.32 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 150.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 150.32 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 136.32 Td (Morningstar Leisure Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 136.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.60 136.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 136.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 136.32 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 136.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.60 136.32 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 136.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 136.32 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 136.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 136.32 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 136.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 136.32 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 122.32 Td (S&P 500 Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.60 122.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 122.32 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.60 122.32 Td (119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 122.32 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 122.32 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 122.32 Td (210) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 259 0 obj <>] /Rotate 0 /Contents 260 0 R>> endobj 260 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 742.25 Td (Carnival plc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (The following graph compares the Price Performance of $100 invested in Carnival plc ) Tj ET Q q 0 0 0 rg BT 397.40 718.25 Td (ADSs, each representing one ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (share of Carnival plc, with the Price Performance of $100 invested in each of the indexes noted below) Tj ET Q q 0 0 0 rg BT 457.55 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 462.37 706.25 Td (The Price Performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (is calculated in the same manner as previously discussed. ) Tj ET Q /GS0 gs q 497.00 0 0 351.00 57.50 326.25 cm /I31 Do Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 268.75 281.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 268.75 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 268.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 268.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 268.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 268.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 268.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 268.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 268.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 268.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 268.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 268.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 268.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 240.75 281.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 240.75 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 240.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 240.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 240.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 240.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 240.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 240.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 240.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 240.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 240.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 240.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 240.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 212.75 281.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 212.75 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 212.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 212.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 212.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 212.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 212.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 212.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 212.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 212.75 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 212.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 536.50 212.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 580.50 212.75 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 286.75 m 348.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 286.75 m 352.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 286.75 m 394.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 286.75 m 398.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 286.75 m 440.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 286.75 m 444.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 286.75 m 486.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 286.75 m 490.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 286.75 m 532.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 286.75 m 536.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 286.75 m 580.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 272.75 m 348.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 272.75 m 394.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 272.75 m 440.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 272.75 m 486.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 272.75 m 532.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 272.75 m 580.5 272.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 311.43 Td (Assumes $100 Invested on November 30, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 301.43 Td (Assumes Dividends Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.50 291.43 Td (Years Ended November 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.50 277.43 Td (2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.00 277.43 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.25 277.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 277.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 277.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.00 277.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 259.32 Td (Carnival plc ADS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 259.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 259.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 259.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 259.32 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 259.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 259.32 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 259.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 259.32 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 259.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 259.32 Td (121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.00 259.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 259.32 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 245.32 Td (Dow Jones Recreational Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 245.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 245.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 245.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 245.32 Td (134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 245.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 245.32 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 245.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 245.32 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 245.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 245.32 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.00 245.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 245.32 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 231.32 Td (FTSE 100 Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 231.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 231.32 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 231.32 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 231.32 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 231.32 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.00 231.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 231.32 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 217.32 Td (Morningstar Leisure Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 217.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 217.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 217.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 217.32 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 217.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 217.32 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 217.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 217.32 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 217.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 217.32 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.00 217.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 217.32 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 203.32 Td (S&P 500 Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 203.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 203.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 203.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 203.32 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 203.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 203.32 Td (119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 203.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 203.32 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 203.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 203.32 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.00 203.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 203.32 Td (210) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 261 0 obj <>] /Rotate 0 /Contents 262 0 R>> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td (SELECTED QUAR) Tj ET Q q 0 0 0 rg BT 111.95 742.25 Td (TERL) Tj ET Q q 0 0 0 rg BT 138.26 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 145.11 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 203.73 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 219.93 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 225.86 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 232.53 742.25 Td ( \(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 718.25 Td (Our revenues from the sale of passenger tickets are seasonal.Historically) Tj ET Q q 0 0 0 rg BT 319.30 718.25 Td (, demand for cruises has been greatest during our third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 706.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 54.92 706.25 Td (, which includes the Northern Hemisphere summer months.) Tj ET Q q 0 0 0 rg BT 295.79 706.25 Td (This higher demand during the third quarter results in higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 694.25 Td (ticket prices and occupancy levels and, accordingly) Tj ET Q q 0 0 0 rg BT 232.10 694.25 Td (, the lar) Tj ET Q q 0 0 0 rg BT 262.18 694.25 Td (gest share of our operating income is earned during this period.) Tj ET Q q 0 0 0 rg BT 517.48 694.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 682.25 Td (seasonality of our results also increases due to ships being taken out-of-service for maintenance, which we schedule during non-peak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 670.25 Td (demand periods.In addition, substantially all of Holland ) Tj ET Q q 0 0 0 rg BT 254.74 670.25 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 326.94 670.25 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 357.03 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 362.44 670.25 Td (ours) Tj ET Q q 0 0 0 rg BT 382.25 670.25 Td ( revenue and net income is generated from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 658.25 Td (May through September in conjunction with the ) Tj ET Q q 0 0 0 rg BT 221.14 658.25 Td (Alaska cruise season. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 634.25 Td (Quarterly financial results for 2014 were as follows \(in millions, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 591.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 563.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 535.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 535.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 535.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 535.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 535.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 507.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 479.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 479.75 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 609.75 m 383.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 609.75 m 387.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 609.75 m 452.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 609.75 m 456.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 609.75 m 521.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 609.75 m 525.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 609.75 m 590.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 595.75 m 383.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 595.75 m 452.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 595.75 m 521.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 595.75 m 590.5 595.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.40 614.43 Td (Quarters Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.45 600.43 Td ( February 28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.50 600.43 Td (May 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.95 600.43 Td (August 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.10 600.43 Td (November 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 582.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 582.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 582.32 Td (3,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 582.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 582.32 Td (3,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 582.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 582.32 Td (4,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 582.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 582.32 Td (3,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 568.32 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 568.32 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 568.32 Td (155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 568.32 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 568.32 Td (267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 554.32 Td (Net \(loss\) income \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 554.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.30 554.37 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 554.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 554.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 554.32 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 554.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 554.32 Td (1,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 554.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.30 554.32 Td (\(102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 586.65 554.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 540.32 Td (\(Loss\) earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 526.32 Td ( Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 526.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.80 526.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 526.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 526.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 526.32 Td (0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 526.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 526.32 Td (1.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 526.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.80 526.32 Td (\(0.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 586.65 526.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 512.32 Td ( Diluted \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.80 512.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 512.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 512.32 Td (0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 512.32 Td (1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 512.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.80 512.32 Td (\(0.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 586.65 512.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 498.32 Td (Non-GAAP net income \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 498.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 498.32 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 498.32 Td (1,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 498.32 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 484.32 Td (Non-GAAP earnings per share - diluted \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 484.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 484.32 Td (0.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 484.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 484.32 Td (0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 484.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 484.32 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 484.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 484.32 Td (0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 470.32 Td (Dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 470.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 470.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 470.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 470.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 470.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 470.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 470.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 470.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 442.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 442.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 110.41 442.25 Td ( net income and fully diluted earnings per share were computed as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 403.75 282.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 403.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 403.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 403.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 403.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 376.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 376.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 376.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 376.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 376.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 376.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 376.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 376.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 376.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 348.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 348.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 348.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 348.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 348.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 348.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 348.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 348.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 348.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 316.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 316.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 316.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 316.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 316.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 316.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 316.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 316.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 316.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 285.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 285.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 285.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 285.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 285.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 285.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 285.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 285.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 285.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 257.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 257.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 257.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 257.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 257.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 257.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 257.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 257.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 257.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 229.75 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 229.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 229.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 229.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 229.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 229.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 229.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 229.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 229.75 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 417.75 m 383.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 417.75 m 387.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 417.75 m 452.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 417.75 m 456.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 417.75 m 521.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 417.75 m 525.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 417.75 m 590.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 403.75 m 383.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 403.75 m 452.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 403.75 m 521.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 403.75 m 590.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 334.75 m 383.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 321.75 m 383.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 319.75 m 383.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 334.75 m 452.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 321.75 m 452.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 319.75 m 452.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 334.75 m 521.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 321.75 m 521.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 319.75 m 521.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 334.75 m 590.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 321.75 m 590.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 319.75 m 590.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 303.75 m 383.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 301.75 m 383.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 303.75 m 452.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 301.75 m 452.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 303.75 m 521.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 301.75 m 521.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 303.75 m 590.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 301.75 m 590.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 229.75 m 383.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 216.75 m 383.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 214.75 m 383.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 229.75 m 452.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 216.75 m 452.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 214.75 m 452.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 229.75 m 521.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 216.75 m 521.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 214.75 m 521.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 229.75 m 590.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 216.75 m 590.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 214.75 m 590.5 214.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.40 422.43 Td (Quarters Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.95 408.43 Td (February 28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 408.43 Td ( May 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.95 408.43 Td ( August 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.10 408.43 Td (November 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 394.48 Td (Net income - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 381.43 Td ( U.S. GAAP net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 381.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.30 381.37 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 381.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 381.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 381.32 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 381.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 381.32 Td (1,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 381.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.30 381.32 Td (\(102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 586.65 381.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 367.32 Td ( \(Gains\) on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 367.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.30 367.37 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 367.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 367.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 367.32 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 353.32 Td ( Restructuring expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 353.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 353.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 353.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 353.32 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 339.32 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 339.32 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.30 339.37 Td (\(11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 339.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 339.37 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 339.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 339.32 Td (277) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 325.43 Td ( Non-GAAP net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 325.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 325.32 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 325.32 Td (1,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 325.32 Td (210) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 307.43 Td (Weighted-average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 307.32 Td (776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 307.32 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 307.32 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 307.32 Td (776) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 289.48 Td (Earnings per share - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 276.43 Td ( U.S. GAAP \(loss\) earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 276.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.80 276.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 276.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 276.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 276.32 Td (0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 276.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 276.32 Td (1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 276.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.80 276.32 Td (\(0.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 586.65 276.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 262.32 Td ( \(Gains\) on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 262.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 262.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 262.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 262.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 262.32 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 248.32 Td ( Restructuring expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 248.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 248.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 248.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 248.32 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 234.32 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 234.32 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 234.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 234.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.80 234.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 234.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 234.32 Td (0.36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 220.43 Td ( Non-GAAP earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 220.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 220.32 Td (0.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 220.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 220.32 Td (0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 220.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 220.32 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 220.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 220.32 Td (0.27) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 263 0 obj <>] /Rotate 0 /Contents 264 0 R>> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 742.10 Td (Quarterly financial results for 2013 were as follows \(in millions, except per share data\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 703.60 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 703.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 703.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 703.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 703.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 703.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 703.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 703.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 703.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 675.60 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 675.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 675.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 675.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 675.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 675.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 675.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 675.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 675.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 647.60 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 647.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 647.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 647.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 647.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 647.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 647.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 647.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 647.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 619.60 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 619.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 619.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 619.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 619.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 619.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 619.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 619.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 619.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 591.60 282.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 591.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 591.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 591.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 591.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 591.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 591.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 591.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 591.60 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 717.6 m 383.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 717.6 m 387.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 717.6 m 452.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 717.6 m 456.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 717.6 m 521.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 717.6 m 525.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 717.6 m 590.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 717.6 m 383.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 703.6 m 383.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 717.6 m 387.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 717.6 m 452.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 703.6 m 452.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 717.6 m 456.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 717.6 m 521.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 703.6 m 521.5 703.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 717.6 m 525.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 717.6 m 590.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 703.6 m 590.5 703.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.40 722.28 Td (Quarters Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.95 708.28 Td (February 28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.50 708.28 Td (May 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.95 708.28 Td (August 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.10 708.28 Td (November 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 694.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 694.17 Td (3,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 694.17 Td (3,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 694.17 Td (4,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.15 694.17 Td (3,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 680.17 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 680.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 680.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 680.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 680.17 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 680.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 680.17 Td (951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 680.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 680.17 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 666.17 Td (Net income \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 666.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 666.17 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 666.17 Td (934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 666.17 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 652.17 Td (Earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 638.17 Td ( Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 638.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 638.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 638.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 638.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 638.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 638.17 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 638.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 638.17 Td (0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 624.17 Td ( Diluted \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 624.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 624.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 624.17 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 624.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 624.17 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 610.17 Td (Non-GAAP net income \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 610.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 610.17 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 610.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 610.17 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 610.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 610.17 Td (1,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 610.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 610.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 596.17 Td (Non-GAAP earnings per share - diluted \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 596.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 596.17 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 596.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 596.17 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 596.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 596.17 Td (1.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 596.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 596.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 582.17 Td (Dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 582.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 582.17 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 582.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 582.17 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 582.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 582.17 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 582.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 582.17 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 554.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 554.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 110.41 554.10 Td ( net income and fully diluted earnings per share were computed as follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 515.60 280.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 515.60 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 515.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 515.60 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 515.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 515.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 515.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 515.60 69.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 515.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 488.60 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 488.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 488.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 488.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 488.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 460.60 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 460.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 460.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 460.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 460.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 460.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 460.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 460.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 460.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 428.60 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 428.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 428.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 428.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 428.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 397.60 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 397.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 397.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 397.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 397.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 397.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 397.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 397.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 397.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 369.60 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 369.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 369.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 369.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 369.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 369.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 369.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 369.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 369.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 341.60 280.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 341.60 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 341.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 341.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 341.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 341.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 341.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 341.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 590.50 341.60 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 529.6 m 384.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 529.6 m 388.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 529.6 m 450.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 529.6 m 454.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 529.6 m 517.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 529.6 m 521.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 529.6 m 590.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 529.6 m 384.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 515.6 m 384.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 529.6 m 388.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 529.6 m 450.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 515.6 m 450.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 529.6 m 454.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 529.6 m 517.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 515.6 m 517.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 529.6 m 521.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 529.6 m 590.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 515.6 m 590.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 446.6 m 384.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 433.6 m 384.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 431.6 m 384.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 446.6 m 450.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 433.6 m 450.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 431.6 m 450.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 446.6 m 517.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 433.6 m 517.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 431.6 m 517.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 446.6 m 590.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 433.6 m 590.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 431.6 m 590.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 415.6 m 384.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 413.6 m 384.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 415.6 m 450.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 413.6 m 450.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 415.6 m 517.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 413.6 m 517.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 415.6 m 590.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 413.6 m 590.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 341.6 m 384.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 328.6 m 384.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 326.6 m 384.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 341.6 m 450.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 328.6 m 450.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 326.6 m 450.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 341.6 m 517.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 328.6 m 517.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 326.6 m 517.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 341.6 m 590.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 328.6 m 590.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 326.6 m 590.5 326.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.40 534.28 Td (Quarters Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.45 520.28 Td (February 28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.75 520.28 Td ( May 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.95 520.28 Td ( August 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.85 520.28 Td ( November 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 506.33 Td (Net income - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 493.28 Td ( U.S. GAAP net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 493.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 493.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 493.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 493.17 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 493.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 493.17 Td (934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 493.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 493.17 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 479.17 Td ( Losses \(gains\) on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 479.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 479.22 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 479.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 479.17 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 479.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 465.17 Td ( Trademark and other impairment charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 465.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 465.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 465.17 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 465.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 451.17 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 451.17 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 451.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 451.22 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 451.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.30 451.17 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 586.65 451.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 437.28 Td ( Non-GAAP net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 437.17 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 437.17 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 437.17 Td (1,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 437.17 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 419.28 Td (Weighted-average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 419.17 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 419.17 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 419.17 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 419.17 Td (777) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 401.33 Td (Earnings per share - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 388.28 Td ( U.S. GAAP earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 388.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 388.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 388.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 388.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 388.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 388.17 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 388.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 388.17 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 374.17 Td ( Losses \(gains\) on ship sales and ship impairments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 374.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.80 374.22 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 374.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 374.17 Td (0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 374.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 360.17 Td ( Trademark and other impairment charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 360.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 360.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 360.17 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.65 360.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 346.17 Td ( Unrealized losses \(gains\) on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 346.17 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 346.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 346.22 Td (\(0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 346.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.80 346.17 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 586.65 346.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 332.28 Td ( Non-GAAP earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 332.17 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 332.17 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 332.17 Td (1.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 332.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.15 332.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 265 0 obj <> endobj 266 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 740.25 Td (Exhibit 21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 711.25 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 93.50 711.25 Td ( SUBSIDIARIES OF) Tj ET Q q 0 0 0 rg BT 182.60 711.25 Td ( CARNIV) Tj ET Q q 0 0 0 rg BT 223.81 711.25 Td (AL) Tj ET Q q 0 0 0 rg BT 237.15 711.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 289.46 711.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 316.97 711.25 Td (AND CARNIV) Tj ET Q q 0 0 0 rg BT 379.85 711.25 Td (AL) Tj ET Q q 0 0 0 rg BT 393.19 711.25 Td ( PLC \(1\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 652.75 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 652.75 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 622.75 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 622.75 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 592.75 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 592.75 314.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 562.75 244.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 562.75 314.00 -15.00 re f /GS0 gs BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.00 657.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 51.5 655.86259765625 m 135.953125 655.86259765625 l s q 0 0 0 rg BT 51.50 657.43 Td (Name of Subsidiary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.00 677.43 Td (Jurisdiction of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 667.43 Td (Incorporation) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 392.75 655.86259765625 m 461.1728515625 655.86259765625 l s q 0 0 0 rg BT 392.75 657.43 Td (or) Tj ET Q q 0 0 0 rg BT 402.01 657.43 Td ( Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 642.42 Td (Costa Crociere S.p.A. \(Costa\) \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 642.42 Td (Italy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 627.42 Td (Cruiseport Curacao C.V. \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 627.42 Td (Curacao) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 612.42 Td (HAL Antillen N.V.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 612.42 Td (Curacao) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 597.42 Td (Holland America Line N.V. \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 597.42 Td (Curacao) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 582.42 Td (Princess Bermuda Holdings Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 582.42 Td (Bermuda) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 567.42 Td (Princess Cruise Lines Ltd. \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 567.42 Td (Bermuda) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 552.42 Td (Sunshine Shipping Corporation Ltd. \(Sunshine\) \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 552.42 Td (Bermuda) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 524.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 524.25 Td (Carnival Corporation, incorporated in the Republic of Panama, and Carnival plc, incorporated in England and ) Tj ET Q q 0 0 0 rg BT 504.36 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 513.00 524.25 Td (ales, are separate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 512.25 Td (legal entities, which have entered into a DLC arrangement as discussed in Notes 1 and 3 to the Consolidated Financial Statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 500.25 Td (in Exhibit 13 to this Form 10-K. ) Tj ET Q q 0 0 0 rg BT 194.49 500.25 Td (W) Tj ET Q q 0 0 0 rg BT 203.13 500.25 Td (e have accounted for the DLC transaction under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 444.63 500.25 Td ( as an acquisition by Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 488.25 Td (Corporation of Carnival plc. ) Tj ET Q q 0 0 0 rg BT 178.25 488.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 227.59 488.25 Td (, we have determined the significant subsidiaries based upon the consolidated results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 476.25 Td (operations and financial position of Carnival Corporation & plc. ) Tj ET Q q 0 0 0 rg BT 321.83 476.25 Td (All of our cruise brands are 100% owned, except as noted in \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 464.25 Td (below) Tj ET Q q 0 0 0 rg BT 86.79 464.25 Td (.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.25 Td (Date: January29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 224.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 43.9482421875 222.9169921875 m 128.953125 222.9169921875 l s q 0 0 0 rg BT 43.95 224.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 55.34 224.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 85.99 224.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.51 224.25 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.95 224.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 57.65 212.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.17 212.25 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.25 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 200.25 Td (ficer) Tj ET Q endstream endobj 273 0 obj <> endobj 274 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.25 Td (Exhibit 31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 707.25 Td (I, David Bernstein, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 686.25 Td (1. I have reviewed this ) Tj ET Q q 0 0 0 rg BT 119.75 686.25 Td (Annual Report on Form 10-K of Carnival Corporation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 665.25 Td (2. 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and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 40.61 296.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant) Tj ET Q q 0 0 0 rg BT 547.95 296.25 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 284.25 Td (control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 248.25 Td (Date: January29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 224.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 43.9482421875 222.9169921875 m 121.16015625 222.9169921875 l s q 0 0 0 rg BT 43.95 224.25 Td (/s/ David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.16 224.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 212.25 Td (David Bernstein ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.25 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 101.80 200.25 Td (ficer) Tj ET Q endstream endobj 275 0 obj <> endobj 276 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 740.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.10 Td (Exhibit 31.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 34.78 716.10 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 65.43 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 73.95 716.10 Td (. Donald, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.10 Td (1. I have reviewed this ) Tj ET Q q 0 0 0 rg BT 119.75 692.10 Td (Annual Report on Form 10-K of Carnival plc;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 420.37 608.10 Td (, the periods presented in this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 584.10 Td (4. ) Tj ET Q q 0 0 0 rg BT 36.82 584.10 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 584.10 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 584.10 Td (ficer and I are responsible for establishing and maintaining disclosure controls and procedures \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.10 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 111.14 572.10 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 532.92 572.10 Td (Act Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (13a-15\(f\) and 15d-15\(f\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (\(a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (others within those entities, particularly during the period in which this report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.10 Td (our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (for external purposes in accordance with generally accepted accounting principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 440.10 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 105.38 440.10 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 218.40 440.10 Td (s disclosure controls and procedures and presented in this report our conclusions about the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.10 Td (ef) Tj ET Q q 0 0 0 rg BT 34.59 428.10 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 249.99 404.10 Td (s internal control over financial reporting that occurred during the registrant) Tj ET Q q 0 0 0 rg BT 555.99 404.10 Td (s most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 392.10 Td (recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 167.48 392.10 Td (s fourth fiscal quarter in the case of an annual report\) that has materially af) Tj ET Q q 0 0 0 rg BT 466.07 392.10 Td (fected, or is reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (to materially af) Tj ET Q q 0 0 0 rg BT 87.90 380.10 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 163.15 380.10 Td (s internal control over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.10 Td (5. ) Tj ET Q q 0 0 0 rg BT 36.82 356.10 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 356.10 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 356.10 Td (ficer and I have disclosed, based on our most recent evaluation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 344.10 Td (reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 134.19 344.10 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 340.25 344.10 Td (s board of directors \(or persons performing the equivalent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 332.10 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 40.05 308.10 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.10 Td (reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 156.77 296.10 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 229.51 296.10 Td (s ability to record, process, summarize and report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 40.61 272.10 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant) Tj ET Q q 0 0 0 rg BT 547.95 272.10 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.10 Td (control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 224.10 Td (Date: January 29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.10 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 43.9482421875 198.76699218750002 m 128.953125 198.76699218750002 l s q 0 0 0 rg BT 43.95 200.10 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 55.34 200.10 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 85.99 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.51 200.10 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.95 200.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 188.10 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 57.65 188.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.17 188.10 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 176.10 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 176.10 Td (ficer) Tj ET Q endstream endobj 277 0 obj <> endobj 278 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.25 Td (Exhibit 31.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 585.00 728.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.25 Td (I, David Bernstein, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.25 Td (1. I have reviewed this ) Tj ET Q q 0 0 0 rg BT 119.75 692.25 Td (Annual Report on Form 10-K of Carnival plc;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.25 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.25 Td (make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.25 Td (covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.25 Td (3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.25 Td (respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 420.37 608.25 Td (, the periods presented in this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 584.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 36.82 584.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 584.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 584.25 Td (ficer and I are responsible for establishing and maintaining disclosure controls and procedures \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 111.14 572.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 532.92 572.25 Td (Act Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.25 Td (13a-15\(f\) and 15d-15\(f\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.25 Td (\(a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.25 Td (supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.25 Td (others within those entities, particularly during the period in which this report is being prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 488.25 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.25 Td (our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.25 Td (for external purposes in accordance with generally accepted accounting principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 440.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 105.38 440.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 218.40 440.25 Td (s disclosure controls and procedures and presented in this report our conclusions about the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 428.25 Td (ef) Tj ET Q q 0 0 0 rg BT 34.59 428.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 249.99 404.25 Td (s internal control over financial reporting that occurred during the registrant) Tj ET Q q 0 0 0 rg BT 555.99 404.25 Td (s most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 392.25 Td (recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 167.48 392.25 Td (s fourth fiscal quarter in the case of an annual report\) that has materially af) Tj ET Q q 0 0 0 rg BT 466.07 392.25 Td (fected, or is reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.25 Td (to materially af) Tj ET Q q 0 0 0 rg BT 87.90 380.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 163.15 380.25 Td (s internal control over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 36.82 356.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 356.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 356.25 Td (ficer and I have disclosed, based on our most recent evaluation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 344.25 Td (reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 134.19 344.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 340.25 344.25 Td (s board of directors \(or persons performing the equivalent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 332.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 40.05 308.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 296.25 Td (reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 156.77 296.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 229.51 296.25 Td (s ability to record, process, summarize and report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 272.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 40.61 272.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant) Tj ET Q q 0 0 0 rg BT 547.95 272.25 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 260.25 Td (control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 224.25 Td (Date: January 29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 43.9482421875 198.9169921875 m 121.16015625 198.9169921875 l s q 0 0 0 rg BT 43.95 200.25 Td (/s/ David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.16 200.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 188.25 Td (David Bernstein ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 176.25 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 101.80 176.25 Td (ficer) Tj ET Q endstream endobj 279 0 obj <> endobj 280 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.25 Td (Exhibit 32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.25 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 118.65 716.25 Td (Annual Report on Form 10-K for the year ended November30, 2014 as filed by Carnival Corporation with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.25 Td (Securities and Exchange Commission on the date hereof \(the Report\), I certify pursuant to 18 U.S.C. Section1350, as adopted pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.25 Td (to Section906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 178.64 692.25 Td (Act of 2002, that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 671.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 671.25 Td (The Report fully complies with the requirements of Section13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 453.22 671.25 Td (Act of 1934; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 650.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 650.25 Td (The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 638.25 Td (Carnival Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 617.25 Td (Date: January29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 593.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 43.9482421875 591.9169921875 m 128.953125 591.9169921875 l s q 0 0 0 rg BT 43.95 593.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 55.34 593.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 85.99 593.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.51 593.25 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.95 593.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 581.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 57.65 581.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.17 581.25 Td (. Donald ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 569.25 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 569.25 Td (ficer) Tj ET Q endstream endobj 281 0 obj <> endobj 282 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.25 Td (Exhibit 32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.25 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 118.65 716.25 Td (Annual Report on Form 10-K for the year ended November30, 2014 as filed by Carnival Corporation with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.25 Td (Securities and Exchange Commission on the date hereof \(the Report\), I certify pursuant to 18 U.S.C. Section1350, as adopted pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.25 Td (to Section906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 178.64 692.25 Td (Act of 2002, that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 671.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 671.25 Td (The Report fully complies with the requirements of Section13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 453.22 671.25 Td (Act of 1934; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 650.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 650.25 Td (The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 638.25 Td (Carnival Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 617.25 Td (Date: January29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 593.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 43.9482421875 591.9169921875 m 121.16015625 591.9169921875 l s q 0 0 0 rg BT 43.95 593.25 Td (/s/ David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.16 593.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 581.25 Td (David Bernstein ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 569.25 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 101.80 569.25 Td (ficer) Tj ET Q endstream endobj 283 0 obj <> endobj 284 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.25 Td (Exhibit 32.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.25 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 118.65 716.25 Td (Annual Report on Form 10-K for the year ended November30, 2014 as filed by Carnival plc with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.25 Td (Exchange Commission on the date hereof \(the Report\), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.25 Td (of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 118.36 692.25 Td (Act of 2002, that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 671.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 43.48 671.25 Td (The Report fully complies with the requirements of Section 13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 451.70 671.25 Td (Act of 1934; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 650.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 43.48 650.25 Td (The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 638.25 Td (Carnival plc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 617.25 Td (Date: January 29, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 593.25 Td (By: ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 43.9482421875 591.9169921875 m 128.953125 591.9169921875 l s q 0 0 0 rg BT 43.95 593.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 55.34 593.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 85.99 593.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.51 593.25 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.95 593.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 581.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 57.65 581.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.17 581.25 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 569.25 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 569.25 Td (ficer) Tj ET Q endstream endobj 285 0 obj <> endobj 286 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.25 Td (Exhibit 32.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.25 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 118.65 716.25 Td (Annual Report on Form 10-K for the year ended November30, 2014 as filed by Carnival plc with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 704.25 Td (Exchange Commission on the date hereof \(the Report\), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 692.25 Td (of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 118.36 692.25 Td (Act of 2002, that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 671.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 43.48 671.25 Td (The Report fully complies with the requirements of Section 13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 451.70 671.25 Td (Act of 1934; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 650.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 43.48 650.25 Td (The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 638.25 Td (Carnival plc.) 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