%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 17.5 761.1 m 593.5 761.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 17.5 757.1 m 593.5 757.1 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 14.00 Tf ET q 0 0 0 rg BT 251.20 737.80 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 325.24 737.80 Td (A) Tj ET Q q 0 0 0 rg BT 334.31 737.80 Td (TES) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 155.65 721.00 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 243.19 721.00 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 244.15 706.60 Td (W) Tj ET Q q 0 0 0 rg BT 255.49 706.60 Td (ashington, D.C. 20549) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 688.1 m 367 688.1 l s BT /F1 10.00 Tf ET BT /F2 14.00 Tf ET q 0 0 0 rg BT 268.05 667.80 Td (FORM 10-Q) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 657.3 m 367 657.3 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 18.00 636.80 Td (\(Mark One\)) Tj ET Q /GS0 gs q 10.70 0 0 11.71 21.00 612.09 cm /I1 Do Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.00 616.69 Td (QUARTERLY REPORT PURSUANT TO SECTION13 OR 15\(d\) OF THE SECURITIES EXCHANGE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.00 606.19 Td (ACT OF 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 582.20 Td (For the quarterly period ended February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 563.20 Td (OR) Tj ET Q /GS0 gs q 10.69 0 0 11.71 21.00 538.49 cm /I2 Do Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.00 543.09 Td (TRANSITION REPORT PURSUANT TO SECTION13 OR 15\(d\) OF THE SECURITIES EXCHANGE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 51.00 532.59 Td (ACT OF 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 508.60 Td (For the transition period from ) Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 115.09375 507.53359375 m 139.09375 507.53359375 l s q 0 0 0 rg BT 115.09 508.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.09 508.60 Td ( to ) Tj ET Q BT /F1 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 149.31640625 507.53359375 m 173.31640625 507.53359375 l s q 0 0 0 rg BT 149.32 508.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 499.00 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 18.5 457.5 m 238.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 457.5 m 594.5 457.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 18.5 418.5 m 238.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 418.5 m 594.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 18.5 379.5 m 238.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 379.5 m 594.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 18.5 339.5 m 238.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 339.5 m 594.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 18.5 292.5 m 238.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 292.5 m 594.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 18.5 253.5 m 238.5 253.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 253.5 m 594.5 253.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 18.5 253.5 m 238.5 253.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.75 480.45 Td (Commission file number: 001-9610) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 480.45 Td (Commissionfilenumber:001-15136) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.60 462.76 Td (Carnival Corporation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.85 462.76 Td (Carnival plc) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 83.10 449.45 Td (\(Exact name of registrant as) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.20 441.45 Td (specified in its charter\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.10 449.45 Td (\(Exact name of registrant as) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.20 441.45 Td (specified in its charter\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 90.35 423.76 Td (Republic of Panama) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.45 423.76 Td (England and Wales) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.55 410.45 Td (\(State or other jurisdiction of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.85 402.45 Td (incorporation or or) Tj ET Q q 0 0 0 rg BT 140.13 402.45 Td (ganization\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.55 410.45 Td (\(State or other jurisdiction of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.85 402.45 Td (incorporation or or) Tj ET Q q 0 0 0 rg BT 496.13 402.45 Td (ganization\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 106.25 383.96 Td (59-1562976) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 383.96 Td (98-0357772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.90 371.45 Td (\(I.R.S. Employer Identification No.\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.90 371.45 Td (\(I.R.S. Employer Identification No.\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 84.85 352.96 Td (3655 N.W) Tj ET Q q 0 0 0 rg BT 121.52 352.96 Td (. 87th ) Tj ET Q q 0 0 0 rg BT 143.77 352.96 Td (A) Tj ET Q q 0 0 0 rg BT 149.60 352.96 Td (venue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.85 343.96 Td (Miami, Florida 33178-2428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 352.96 Td (Carnival House, 100 Harbour Parade, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.70 343.96 Td (Southampton SO15 1ST) Tj ET Q q 0 0 0 rg BT 495.04 343.96 Td (, United Kingdom) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.00 331.45 Td (\(Address of principal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 99.50 323.45 Td (executive of) Tj ET Q q 0 0 0 rg BT 138.67 323.45 Td (fices\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.30 315.45 Td (\(Zip Code\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 331.45 Td (\(Address of principal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.50 323.45 Td (executive of) Tj ET Q q 0 0 0 rg BT 494.67 323.45 Td (fices\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 315.45 Td (\(Zip Code\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 99.85 296.96 Td (\(305\) 599-2600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.90 296.96 Td (011 44 23 8065 5000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.95 284.45 Td (\(Registrant) Tj ET Q q 0 0 0 rg BT 114.72 284.45 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 177.05 284.45 Td (,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.30 276.45 Td (including area code\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.95 284.45 Td (\(Registrant) Tj ET Q q 0 0 0 rg BT 470.72 284.45 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 533.05 284.45 Td (,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.30 276.45 Td (including area code\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 257.96 Td (None) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 257.96 Td (None) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.35 245.45 Td (\(Former name, former address) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 237.45 Td (and former fiscal year) Tj ET Q q 0 0 0 rg BT 158.59 237.45 Td (, if ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.00 229.45 Td (changed since last report\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.35 245.45 Td (\(Former name, former address) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 237.45 Td (and former fiscal year) Tj ET Q q 0 0 0 rg BT 514.59 237.45 Td (, if ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.00 229.45 Td (changed since last report\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 215.40 Td (Indicate by check mark whether the registrants \(1\)have filed all reports required to be filed by Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 473.17 215.40 Td (Act of 1934 during the preceding 12 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 205.80 Td (months \(or for such shorter period that the registrants were required to file such reports\), and \(2\)have been subject to such filing requirements for the past 90 days. ) Tj ET Q q 0 0 0 rg BT 543.32 205.80 Td (Y) Tj ET Q q 0 0 0 rg BT 548.30 205.80 Td (es) Tj ET Q /GS0 gs q 7.13 0 0 8.27 558.96 204.07 cm /I3 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 566.10 205.80 Td (No) Tj ET Q /GS0 gs q 7.13 0 0 8.27 581.88 204.07 cm /I4 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 196.20 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 183.60 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 361.06 183.60 Td (W) Tj ET Q q 0 0 0 rg BT 367.97 183.60 Td (eb sites, if any) Tj ET Q q 0 0 0 rg BT 413.66 183.60 Td (, every Interactive Data File required to be submitted ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 174.00 Td (and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 180.95 174.00 Td ( \( 232.405 of this chapter\) during the preceding 12 months \(or for such shorter period that the registrants were required to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 164.40 Td (submit and post such files\).) Tj ET Q q 0 0 0 rg BT 113.47 164.40 Td (Y) Tj ET Q q 0 0 0 rg BT 118.45 164.40 Td (es) Tj ET Q /GS0 gs q 7.13 0 0 8.27 129.11 162.67 cm /I5 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.25 164.40 Td (No) Tj ET Q /GS0 gs q 7.13 0 0 8.27 158.02 162.67 cm /I6 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 151.80 Td (Indicate by check mark whether the registrants are lar) Tj ET Q q 0 0 0 rg BT 189.77 151.80 Td (ge accelerated filers, accelerated filers, non-accelerated filers, or smaller reporting companies. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 574.99 151.80 Td (ge ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 142.20 Td (accelerated filer) Tj ET Q q 0 0 0 rg BT 68.97 142.20 Td (, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 345.29 142.20 Td (Act.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 21.00 122.95 Td (Largeacceleratedfilers) Tj ET Q /GS0 gs q 7.13 0 0 7.81 150.00 121.24 cm /I7 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.00 122.95 Td (Acceleratedfilers) Tj ET Q /GS0 gs q 7.13 0 0 7.81 468.00 121.24 cm /I8 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 21.00 105.95 Td (Non-accelerated filers) Tj ET Q /GS0 gs q 7.13 0 0 7.81 150.00 104.24 cm /I9 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.00 105.95 Td (Smallerreportingcompanies) Tj ET Q /GS0 gs q 7.13 0 0 7.81 468.00 104.24 cm /I10 Do Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 18.00 89.60 Td (Indicate by check mark whether the registrants are shell companies \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 371.65 89.60 Td (Act\).) Tj ET Q q 0 0 0 rg BT 395.57 89.60 Td (Y) Tj ET Q q 0 0 0 rg BT 400.54 89.60 Td (es) Tj ET Q /GS0 gs q 7.13 0 0 8.27 411.21 87.87 cm /I11 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.34 89.60 Td (No) Tj ET Q /GS0 gs q 7.13 0 0 8.27 440.11 87.87 cm /I12 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 21.00 71.05 Td (At March 27, 2015, Carnival Corporation had outstanding 593,428,395 shares of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 21.00 63.05 Td (Common Stock, $0.01 par value.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 54.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.00 71.05 Td (At March 27, 2015, Carnival plc had outstanding 216,118,073 Ordinary Shares $1.66) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.00 63.05 Td (par value, one Special Voting Share, GBP 1.00 par value and 593,428,395 Trust) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.00 55.05 Td (Shares of beneficial interest in the 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 17.5 40.10000000000002 m 593.5 40.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 17.5 36.10000000000002 m 593.5 36.10000000000002 l s BT /F1 10.00 Tf ET /GS0 gs q 95.00 0 0 82.00 258.50 404.02 cm /I13 Do Q endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream 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 q 0 0 0 rg BT 303.50 31.60 Td (2) 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 252.65 721.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 721.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 721.25 Td ( CONTENTS) 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 533.55 699.0833984375 m 552.9884765625 699.0833984375 l s q 0 0 0 rg BT 533.55 700.42 Td (Page) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 684.41259765625 m 225.98828125 684.41259765625 l s q 0 0 1 rg BT 53.00 685.98 Td (P) Tj ET Q q 0 0 1 rg BT 58.37 685.98 Td (AR) Tj ET Q q 0 0 1 rg BT 72.46 685.98 Td (T) Tj ET Q q 0 0 1 rg BT 78.95 685.98 Td ( I - FINANCIAL) Tj ET Q q 0 0 1 rg BT 149.79 685.98 Td ( INFORMA) Tj ET Q q 0 0 1 rg BT 200.43 685.98 Td (TION) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.42 Td (Item 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 99 669.0833984375 m 182.59375 669.0833984375 l s q 0 0 1 rg BT 99.00 670.42 Td (Financial Statements) 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 182.59 670.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.42 Td (Item 2.) 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 99 650.0833984375 m 456.314453125 650.0833984375 l s q 0 0 1 rg BT 99.00 651.42 Td (Management's Discussion and ) Tj ET Q q 0 0 1 rg BT 222.17 651.42 Td (Analysis of Financial Condition and Results of Operations) 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 456.31 651.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.42 Td (Item 3.) 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 99 631.0833984375 m 340.62109375 631.0833984375 l s q 0 0 1 rg BT 99.00 632.42 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 263.40 632.42 Td (About Market Risk) 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 340.62 632.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.42 Td (Item 4.) 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 99 612.0833984375 m 197.3154296875 612.0833984375 l s q 0 0 1 rg BT 99.00 613.42 Td (Controls and Procedures) 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 197.32 613.42 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 593.41259765625 m 209.8798828125 593.41259765625 l s q 0 0 1 rg BT 53.00 594.98 Td (P) Tj ET Q q 0 0 1 rg BT 58.37 594.98 Td (AR) Tj ET Q q 0 0 1 rg BT 72.46 594.98 Td (T) Tj ET Q q 0 0 1 rg BT 78.95 594.98 Td ( II - OTHER INFORMA) Tj ET Q q 0 0 1 rg BT 184.32 594.98 Td (TION) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 575.42 Td (Item 1A.) 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 99 574.0833984375 m 149.2783203125 574.0833984375 l s q 0 0 1 rg BT 99.00 575.42 Td (Risk Factors) 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 149.28 575.42 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.42 Td (Item 2.) 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 99 555.0833984375 m 340.6015625 555.0833984375 l s q 0 0 1 rg BT 99.00 556.42 Td (Unregistered Sales of Equity Securities and Use of Proceeds) 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 340.60 556.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.42 Td (Item 6.) 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 99 535.0833984375 m 132.3349609375 535.0833984375 l s q 0 0 1 rg BT 99.00 536.42 Td (Exhibits) 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 132.33 536.42 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 515.86259765625 m 117.27734375 515.86259765625 l s q 0 0 1 rg BT 53.00 517.43 Td (SIGNA) Tj ET Q q 0 0 1 rg BT 83.93 517.43 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 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 548 669.0833984375 m 553 669.0833984375 l s q 0 0 1 rg BT 548.00 670.42 Td (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 543 650.0833984375 m 553 650.0833984375 l s q 0 0 1 rg BT 543.00 651.42 Td (19) 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 543 631.0833984375 m 553 631.0833984375 l s q 0 0 1 rg BT 543.00 632.42 Td (29) 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 543 612.0833984375 m 553 612.0833984375 l s q 0 0 1 rg BT 543.00 613.42 Td (30) 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 543 574.0833984375 m 553 574.0833984375 l s q 0 0 1 rg BT 543.00 575.42 Td (30) 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 543 555.0833984375 m 553 555.0833984375 l s q 0 0 1 rg BT 543.00 556.42 Td (30) 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 543 535.0833984375 m 553 535.0833984375 l s q 0 0 1 rg BT 543.00 536.42 Td (32) 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 543 516.0833984375 m 553 516.0833984375 l s q 0 0 1 rg BT 543.00 517.42 Td (34) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 7 0 obj <>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream 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 q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.50 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 224.87 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 238.96 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 245.45 742.25 Td ( I - FINANCIAL) Tj ET Q q 0 0 0 rg BT 316.29 742.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 366.93 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 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 82.490234375 716.68505859375 m 172.20703125 716.68505859375 l s q 0 0 0 rg BT 82.49 718.25 Td (Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.21 718.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.35 694.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 263.06 694.25 Td (AL) Tj ET Q q 0 0 0 rg BT 276.40 694.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 328.71 694.25 Td (TION& PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.15 682.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.97 682.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.52 682.25 Td (A) Tj ET Q q 0 0 0 rg BT 290.00 682.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.92 682.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 391.68 682.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 670.25 Td (\(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.55 658.25 Td (\(in millions, except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.75 394.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 602.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 602.75 4.00 -13.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 50.50 491.75 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 491.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 491.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 491.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 462.75 394.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 462.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 462.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 462.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.75 394.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 434.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 434.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 434.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.75 394.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 406.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 406.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 406.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.75 394.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 378.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 378.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 378.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.75 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 350.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 350.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 350.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.75 394.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 321.75 55.00 -13.00 re f /GS0 gs 0.8 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 614.75 m 499.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 614.75 m 503.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 614.75 m 558.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 614.75 m 499.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 602.75 m 499.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 614.75 m 503.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 614.75 m 558.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 602.75 m 558.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 532.75 m 499.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 532.75 m 558.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 532.75 m 499.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 518.75 m 499.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 518.75 m 558.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 392.75 m 558.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 392.75 m 499.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 350.75 m 499.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 335.75 m 499.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 350.75 m 558.5 350.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 335.75 m 558.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 321.75 m 499.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 321.75 m 558.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 321.75 m 499.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 321.75 m 558.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 252.75 m 499.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 252.75 m 558.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 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558.5 139.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 65.00 619.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.60 626.98 Td (Three Months Ended ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 618.98 Td (February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 606.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 606.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.50 606.83 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 593.48 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 580.32 Td (Cruise) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 566.32 Td (Passenger tickets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 566.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 566.32 Td (2,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 566.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 566.32 Td (2,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 552.32 Td (Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 552.32 Td (889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 552.32 Td (850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 538.32 Td (Tour and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 537.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 537.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 523.32 Td (3,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 523.32 Td (3,585) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 509.48 Td (Operating Costs and Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 496.32 Td (Cruise) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 482.32 Td (Commissions, transportation and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 481.42 Td (586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 481.42 Td (620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 467.32 Td (Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 467.32 Td (111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 467.32 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 453.32 Td (Payroll and related) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 453.32 Td (467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 453.32 Td (481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 439.32 Td (Fuel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 439.32 Td (318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 439.32 Td (523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 425.32 Td (Food) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 425.32 Td (239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 425.32 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 411.32 Td (Other ship operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 411.32 Td (598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 411.32 Td (594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 397.32 Td (Tour and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 397.32 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 397.32 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 383.32 Td (2,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 383.32 Td (2,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 369.32 Td (Selling and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 369.32 Td (529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 369.32 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 355.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 355.32 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 355.32 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 340.42 Td (3,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 340.42 Td (3,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 326.48 Td (Operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 326.32 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 326.32 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 312.48 Td (Nonoperating \(Expense\) Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 299.32 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 299.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 299.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 285.32 Td (Interest expense, net of capitalized interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.30 285.37 Td (\(57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 285.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 285.37 Td (\(72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 285.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 271.32 Td (Losses on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 271.37 Td (\(169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 271.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 271.37 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 271.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 257.32 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 257.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 257.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 243.37 Td (\(214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 243.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 243.37 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 243.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 229.48 Td (Income \(Loss\) Before Income Taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 229.32 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 229.37 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 229.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 215.48 Td (Income Tax Expense, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.30 215.37 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 215.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 215.37 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 215.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 201.48 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 201.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 201.32 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 201.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 201.37 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 201.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 187.48 Td (Earnings \(Loss\) Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 173.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 173.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 173.32 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 173.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 173.37 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 173.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 159.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 159.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 159.32 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 159.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 159.37 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 159.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 145.48 Td (Dividends Declared Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 145.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 145.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 145.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 145.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) 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718.25 Td (\(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.10 706.25 Td (\(in millions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.75 416.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 651.75 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 651.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 651.75 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.75 416.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 622.75 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 622.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 622.75 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.75 416.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 592.75 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 592.75 4.00 -15.00 re f /GS0 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592.75 m 510.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 592.75 m 558.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 577.75 m 510.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 577.75 m 558.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 563.75 m 510.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 561.75 m 510.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 563.75 m 558.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 561.75 m 558.5 561.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 669.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.60 675.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 667.83 Td (February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 656.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.00 655.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.00 655.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 642.48 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 641.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 641.42 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 641.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 641.47 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 641.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 627.48 Td (Items Included in Other Comprehensive \(Loss\) Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 613.32 Td (Change in foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 612.47 Td (\(683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 612.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 612.42 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 598.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.30 597.47 Td (\(40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 597.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 597.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 597.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 583.48 Td (Other Comprehensive \(Loss\) Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 582.47 Td (\(723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 582.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 582.42 Td (112) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 568.48 Td (Total Comprehensive \(Loss\) Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.00 567.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 567.47 Td (\(674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 567.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 567.42 Td (92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) 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488.32 Td (38,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 488.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 488.32 Td (39,448) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 474.48 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 461.48 Td (Current Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 448.32 Td (Short-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 448.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 448.32 Td (874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 448.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 448.32 Td (666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 434.32 Td (Current portion of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 434.32 Td (1,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 434.32 Td (1,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 420.32 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 420.32 Td (594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 420.32 Td (626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 406.32 Td (Claims reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 406.32 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 406.32 Td (262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 392.32 Td (Accrued liabilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 392.32 Td (1,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 392.32 Td (1,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 378.32 Td (Customer deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 378.32 Td (3,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 378.32 Td (3,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 364.32 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 364.32 Td (7,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 364.32 Td (6,921) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 350.48 Td 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216 shares at 2015 and 2014 issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 272.32 Td (358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 272.32 Td (358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 258.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 258.32 Td (8,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 258.32 Td (8,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 244.32 Td (Retained earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 244.32 Td (19,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 244.32 Td (19,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 230.32 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 230.37 Td (\(1,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 230.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 230.37 Td (\(616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 230.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 216.32 Td (T) Tj ET Q q 0 0 0 rg BT 70.76 216.32 Td (reasury stock, 59 shares at 2015 and 2014 of Carnival Corporation and 32 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 206.32 Td ( shares at 2015 and 2014 of Carnival plc, at cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 206.47 Td (\(3,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 206.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 206.47 Td (\(3,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 206.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 192.32 Td (Total shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 192.32 Td (23,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 192.32 Td (24,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 178.32 Td (38,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 178.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 178.32 Td (39,448) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream 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 q 0 0 0 rg BT 303.50 31.60 Td (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 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 /F2 10.00 Tf ET q 0 0 0 rg BT 272.35 718.25 Td (\(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.10 706.25 Td (\(in millions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 649.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 649.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 649.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 649.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 620.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 620.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 620.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 590.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 560.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 560.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 530.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 530.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 500.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 500.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 500.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 470.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 470.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 470.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 440.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 440.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 440.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 440.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 381.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.75 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 351.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 351.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 351.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 322.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 322.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 322.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 292.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 292.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 292.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 292.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 262.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 262.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 262.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 262.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 232.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 232.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 232.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 232.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 202.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 202.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 202.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 202.75 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 428.5 662.75 m 493.5 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 662.75 m 497.5 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 662.75 m 562.5 662.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 649.75 m 493.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 649.75 m 562.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 440.75 m 493.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.75 m 562.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 425.75 m 493.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 425.75 m 562.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 366.75 m 493.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 351.75 m 493.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 366.75 m 562.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 351.75 m 562.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 351.75 m 493.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 351.75 m 562.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 262.75 m 493.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 262.75 m 562.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 262.75 m 493.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 247.75 m 493.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 262.75 m 562.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 247.75 m 562.5 247.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 232.75 m 493.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 232.75 m 562.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 202.75 m 493.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 202.75 m 562.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 188.75 m 493.5 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 186.75 m 493.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 202.75 m 562.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 188.75 m 562.5 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 186.75 m 562.5 186.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 667.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.60 674.98 Td (Three Months Ended ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 666.98 Td (February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 654.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 653.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 653.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 640.48 Td (OPERATING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 625.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 625.42 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 625.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 625.47 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 625.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.32 Td (Adjustments to reconcile net income \(loss\) to net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 596.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 595.42 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 595.42 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 581.32 Td (Losses on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 580.42 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 580.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 566.32 Td (Share-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 565.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 565.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 551.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 550.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 550.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.32 Td (Changes in operating assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 521.32 Td (Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 520.47 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 520.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 520.42 Td (146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 506.32 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 505.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 505.47 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 505.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 491.32 Td (Insurance recoverables, prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 490.42 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 490.42 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 476.32 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 475.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 475.47 Td (\(88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 475.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 461.32 Td (Claims reserves and accrued and other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 460.47 Td (\(35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 460.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 460.47 Td (\(128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 460.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 446.32 Td (Customer deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 445.42 Td (160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 445.42 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 431.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 430.42 Td (771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 430.42 Td (477) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 416.48 Td (INVESTING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.32 Td (Additions to property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 401.47 Td (\(942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 401.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 401.47 Td (\(353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 401.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.32 Td (\(Payments\) receipts of fuel derivative settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 386.47 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 386.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 386.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 371.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 371.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 357.32 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 356.47 Td (\(974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 356.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 356.47 Td (\(349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 356.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 342.48 Td (FINANCING ACTIVITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 328.32 Td (Proceeds from short-term borrowings, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 327.42 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 327.42 Td (344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 313.32 Td (Principal repayments of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 312.47 Td (\(336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 312.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 312.47 Td (\(312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 312.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 298.32 Td (Proceeds from issuance of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 297.42 Td (472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 297.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 283.32 Td (Dividends paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 282.47 Td (\(194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 282.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 282.47 Td (\(194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 282.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 267.47 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 267.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 267.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 253.32 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 252.42 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 252.47 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 252.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 238.32 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 484.65 237.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 237.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 237.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 223.32 Td (Net decrease in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 222.47 Td (\(51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 222.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 222.47 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 222.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 208.32 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 207.42 Td (331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 207.42 Td (462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 193.32 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 192.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 192.42 Td (280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 192.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 192.42 Td (421) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (The accompanying notes are an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream 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 q 0 0 0 rg BT 303.50 31.60 Td (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 272.35 718.25 Td (\(UNAUDITED\)) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 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 50.00 670.25 Td (subsidiaries.) Tj ET Q q 0 0 0 rg BT 102.04 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 107.45 670.25 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 50.00 658.25 Td (statements and elsewhere in this joint Quarterly Report on Form 10-Q as Carnival Corporation& plc, our) Tj ET Q q 0 0 0 rg BT 484.77 658.25 Td (, us and we.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td ( Basis of Presentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (The Consolidated Balance Sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.46 613.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.05 613.25 Td ( and the Consolidated Statements of Operations, the Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (Statements of Comprehensive \(Loss\) Income and the Consolidated Statements of Cash Flows for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.48 601.25 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 589.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.04 589.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.04 589.25 Td ( are unaudited and, in the opinion of our management, contain all adjustments, consisting of only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (normal recurring adjustments, necessary for a fair presentation. Our interim consolidated financial statements should be read in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.25 Td (2014 joint ) Tj ET Q q 0 0 0 rg BT 92.78 553.25 Td (Annual Report on Form 10-K \(Form 10-K\) filed with the U.S. Securities and Exchange Commission on January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.25 Td (29, 2015. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 529.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td ( Revision of Prior Period Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td (In the first quarter of 2015, we revised and corrected the accounting for one of our brands' marine and technical spare parts in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (order to consistently expense and classify them fleetwide. ) Tj ET Q q 0 0 0 rg BT 283.36 469.25 Td (W) Tj ET Q q 0 0 0 rg BT 292.00 469.25 Td (e evaluated the materiality of this revision and concluded that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (was not material to any of our previously issued financial statements. However) Tj ET Q q 0 0 0 rg BT 365.63 457.25 Td (, had we not revised, this accounting may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (resulted in material inconsistencies to our financial statements in the future. ) Tj ET Q q 0 0 0 rg BT 354.36 445.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 403.69 445.25 Td (, we will revise all other previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (reported results in future filings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.63 409.25 Td (fects of this revision on our Consolidated Statement of Operations were as follows \(in millions, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 360.75 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 360.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 360.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 360.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 330.75 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 330.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 330.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 330.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 300.75 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 300.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 300.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 300.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 270.75 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 270.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 270.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 270.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 270.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 270.75 62.00 -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 367.5 383.75 m 429.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 383.75 m 433.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 383.75 m 495.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 383.75 m 499.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 383.75 m 561.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 360.75 m 429.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 360.75 m 495.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 360.75 m 561.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 360.75 m 495.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 360.75 m 561.5 360.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.40 387.98 Td (Three Months Ended February 28, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.60 372.98 Td (As Previously) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.00 364.98 Td ( Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.75 364.98 Td (Adjustment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.20 364.98 Td (As Revised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 350.42 Td (Other ship operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 350.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 350.42 Td (590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 350.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 350.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 350.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 350.42 Td (594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 335.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 335.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 335.42 Td (404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 335.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 335.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 335.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 335.42 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 320.42 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 320.42 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 320.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 320.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 320.42 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 305.42 Td (Loss before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 305.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 305.47 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 305.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 305.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 305.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 305.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 305.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 305.47 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 305.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 290.42 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 290.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 290.47 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 290.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 290.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 290.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 290.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 290.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 290.47 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 290.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 275.42 Td (Loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 260.42 Td ( Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 260.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 260.47 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 260.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 260.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 260.47 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 260.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 260.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 260.47 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 260.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 245.42 Td ( Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 245.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 245.47 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 245.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 245.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 245.47 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 245.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 245.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 245.47 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 245.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.63 217.25 Td (fects of this revision on our Consolidated Statement of Comprehensive Income were as follows \(in millions\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 170.75 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 170.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 170.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 170.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 170.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 170.75 62.00 -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 367.5 191.75 m 429.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 191.75 m 433.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 191.75 m 495.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 191.75 m 499.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 191.75 m 561.5 191.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 170.75 m 429.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 170.75 m 495.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 170.75 m 561.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 170.75 m 495.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 170.75 m 561.5 170.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.40 195.98 Td (Three Months Ended February 28, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.60 182.98 Td (As Previously) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.00 174.98 Td ( Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.75 174.98 Td (Adjustment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.20 174.98 Td (As Revised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 160.42 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 160.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 160.47 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 160.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 160.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 160.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 160.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 160.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 160.47 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 160.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 145.42 Td (Total comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 145.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 145.42 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 145.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 145.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 145.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 145.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 145.42 Td (92) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream 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 q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.63 730.10 Td (fects of this revision on our Consolidated Balance Sheet were as follows \(in millions\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 683.60 304.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 683.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 683.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 683.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 683.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 683.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 653.60 304.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 653.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 653.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 653.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 653.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 653.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 623.60 304.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 623.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 623.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 623.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 623.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 593.60 304.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 593.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 593.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 593.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 593.60 62.00 -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 353.5 704.6 m 415.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 704.6 m 419.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 704.6 m 481.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 704.6 m 499.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 704.6 m 415.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 683.6 m 415.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 704.6 m 419.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 704.6 m 481.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 683.6 m 481.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 704.6 m 499.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 683.6 m 561.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 683.6 m 561.5 683.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.30 708.83 Td (November 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.60 695.83 Td (As Previously) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.00 687.83 Td ( Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.75 687.83 Td (Adjustment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.20 687.83 Td (As Revised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 673.27 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 673.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 673.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 673.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 673.32 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 673.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 673.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 673.27 Td (349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 658.27 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 658.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 658.27 Td (1,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 658.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 658.32 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 658.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 658.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 658.27 Td (1,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 643.27 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 643.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 643.27 Td (32,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 643.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 643.27 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 643.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 643.27 Td (32,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 628.27 Td (859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 628.32 Td (\(115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 628.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 628.27 Td (744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 613.27 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 613.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 613.27 Td (39,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 613.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 613.32 Td (\(84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 613.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 613.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 613.27 Td (39,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 598.27 Td (Retained earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 598.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 598.27 Td (19,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 598.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 598.32 Td (\(84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 598.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 598.27 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 598.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 598.27 Td (19,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 583.27 Td (Total shareholders' equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 583.27 Td (24,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 583.32 Td (\(84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 583.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 583.27 Td (24,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.27 Td (Total liabilities and shareholders' equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 568.27 Td (39,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 568.32 Td (\(84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 568.27 Td (39,448) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 63.05 540.10 Td (As of November 30, 2014, the cumulative impact of this revision was an $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.04 540.10 Td (84 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.43 540.10 Td ( reduction in retained earnings. ) Tj ET Q q 0 0 0 rg BT 528.87 540.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (diluted earnings per share decreases for each of 2014 and 2013 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 528.10 Td ($0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 528.10 Td (, and for 2012, pre-2010 and in the aggregate, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 516.10 Td ($0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.43 516.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.43 516.10 Td ($0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.93 516.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 516.10 Td ($0.1) Tj ET Q q 0 0 0 rg BT 158.50 516.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 516.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 216.16 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 220.98 516.10 Td (There was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.84 516.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.84 516.10 Td ( annual diluted earnings per share impact for 201) Tj ET Q q 0 0 0 rg BT 470.52 516.10 Td (1 and 2010. ) Tj ET Q q 0 0 0 rg BT 519.78 516.10 Td (The notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (to the consolidated financial statements for the three months ended February 28, 2014 have been revised, as applicable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (This non-cash revision did not impact our operating cash flows for any period. ) Tj ET Q q 0 0 0 rg BT 366.41 480.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 392.05 480.10 Td (fects of this revision on the individual line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (items within operating cash flows on our Consolidated Statement of Cash Flows were as follows \(in millions\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 421.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 421.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 421.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 421.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 391.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 391.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 391.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 391.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 391.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 391.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 361.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 361.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 361.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 361.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 361.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 361.60 62.00 -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 367.5 442.6 m 429.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 442.6 m 433.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 442.6 m 495.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 442.6 m 499.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 442.6 m 561.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 421.6 m 429.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 442.6 m 495.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 421.6 m 495.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 442.6 m 499.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 442.6 m 561.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 421.6 m 561.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 421.6 m 495.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 421.6 m 561.5 421.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.40 446.83 Td (Three Months Ended February 28, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.60 433.83 Td (As Previously) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.00 425.83 Td ( Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.75 425.83 Td (Adjustment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.20 425.83 Td (As Revised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.27 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 411.32 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 411.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 411.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 411.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 411.32 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 411.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 396.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 396.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 396.27 Td (404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 396.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 396.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 396.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 396.27 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 381.27 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 381.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 381.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 381.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 381.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 381.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 381.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 381.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 381.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 381.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 366.27 Td (Insurance recoverables, prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 366.27 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 366.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 366.27 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 351.27 Td (Claims reserves and accrued and other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 351.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 351.32 Td (\(125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 351.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 351.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 351.32 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 351.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 351.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 351.32 Td (\(128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 351.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td ( Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (Cruise passenger ticket revenues include fees, taxes and char) Tj ET Q q 0 0 0 rg BT 293.33 302.10 Td (ges collected by us from our guests. ) Tj ET Q q 0 0 0 rg BT 439.23 302.10 Td (The portion of these fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (taxes and char) Tj ET Q q 0 0 0 rg BT 107.01 290.10 Td (ges included in passenger ticket revenues and commissions, transportation and other costs were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.35 290.10 Td ($135 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.74 290.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td ($137 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 278.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.77 278.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.18 278.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.62 278.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.62 278.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 379.28 278.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.55 261.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.96 261.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.39 261.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.39 261.10 Td (, repairs and maintenance expenses, including minor improvement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (costs and dry-dock expenses, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.06 249.10 Td ($250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.46 249.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.89 249.10 Td ($252 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.29 249.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 365.95 249.10 Td (, and are substantially all included in other ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (operating expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (NOTE 2 Unsecur) Tj ET Q q 0 0 0 rg BT 131.21 213.10 Td (ed Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 189.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 189.10 Td (, our short-term borrowings consisted of commercial paper of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.92 189.10 Td ($856 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.31 189.10 Td ( and euro-denominated bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.44 177.10 Td ($18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.83 177.10 Td ( with an aggregate weighted-average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.73 177.10 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.56 177.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 153.10 Td (February 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.43 153.10 Td (, we entered into an export credit facility that will provide us with the ability to borrow up to an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td ($505 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 141.10 Td (. Proceeds from this facility will be used to pay for a portion of the purchase price of a Princess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (Cruises' \("Princess"\) ship, which is expected to be delivered in March 2017. If drawn, this borrowing will be due in semi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (annual installments through March 2029.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 93.10 Td (February 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.43 93.10 Td (, we borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 93.10 Td ($472 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.80 93.10 Td ( under a euro-denominated export credit facility) Tj ET Q q 0 0 0 rg BT 421.74 93.10 Td (, the proceeds of which were used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (to pay for a portion of the purchase price of P&O Cruises) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 279.66 81.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.16 81.10 Td (\(UK\)'s) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 308.96 81.10 Td ( Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.79 81.10 Td (. ) Tj ET Q q 0 0 0 rg BT 354.61 81.10 Td (The floating rate facility is due in semi-annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.10 Td (installments through February 2027.) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream 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 q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (NOTE 3 Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (Litigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (As a result of the January 2012) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 174.41 708.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.91 708.25 Td (ship) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 193.58 708.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.08 708.25 Td (incident, litigation claims, enforcement actions, regulatory actions and investigations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.25 Td (including, but not limited to, those arising from personal injury) Tj ET Q q 0 0 0 rg BT 301.82 696.25 Td (, loss of life, loss of or damage to personal property) Tj ET Q q 0 0 0 rg BT 507.23 696.25 Td (, business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (interruption losses or environmental damage to any af) Tj ET Q q 0 0 0 rg BT 265.59 684.25 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 50.00 672.25 Td (asserted or brought against various parties, including us.) Tj ET Q q 0 0 0 rg BT 277.55 672.25 Td (The ultimate outcome of these matters cannot be determined at this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (time. However) Tj ET Q q 0 0 0 rg BT 109.02 660.25 Td (, we do not expect these matters to have a significant impact on our results of operations because we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (insurance coverage for these types of third-party claims.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.25 Td (The UK Maritime & Coastguard ) Tj ET Q q 0 0 0 rg BT 182.48 631.25 Td (Agency and the U.S. Department of Justice are investigating allegations that ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 490.44 631.25 Td (Caribbean ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 619.25 Td (Princess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.44 619.25 Td ( breached international pollution laws. ) Tj ET Q q 0 0 0 rg BT 240.32 619.25 Td (W) Tj ET Q q 0 0 0 rg BT 248.96 619.25 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 50.00 607.25 Td (internal investigation into the matter) Tj ET Q q 0 0 0 rg BT 194.97 607.25 Td (. ) Tj ET Q q 0 0 0 rg BT 199.79 607.25 Td (The ultimate outcome of this matter cannot be determined at this time. However) Tj ET Q q 0 0 0 rg BT 520.12 607.25 Td (, we do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 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 50.00 578.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 578.25 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 50.00 566.25 Td (of these claims and lawsuits are covered by insurance and, accordingly) Tj ET Q q 0 0 0 rg BT 332.86 566.25 Td (, the maximum amount of our liability) Tj ET Q q 0 0 0 rg BT 485.24 566.25 Td (, net of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.25 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 50.00 542.25 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 50.00 521.25 Td (Contingent Obligations Lease Out and Lease Back ) Tj ET Q q 0 0 0 rg BT 275.40 521.25 Td (T) Tj ET Q q 0 0 0 rg BT 281.33 521.25 Td (ype \(LILO\) ) Tj ET Q q 0 0 0 rg BT 342.82 521.25 Td (T) Tj ET Q q 0 0 0 rg BT 348.75 521.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 504.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 504.25 Td (, Carnival Corporation had estimated contingent obligations totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.32 504.25 Td ($374 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.71 504.25 Td (, excluding termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (payments as discussed below) Tj ET Q q 0 0 0 rg BT 166.27 492.25 Td (, to participants in LILO transactions for two of its ships. ) Tj ET Q q 0 0 0 rg BT 395.96 492.25 Td (At the inception of these leases, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 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 50.00 468.25 Td (institutions, who agreed to act as payment undertakers and directly pay these obligations. ) Tj ET Q q 0 0 0 rg BT 408.52 468.25 Td (As a result, these contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 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 50.00 444.25 Td (Consolidated Balance Sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.25 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 50.00 411.25 Td (participants, we estimate that it would, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 411.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.44 411.25 Td (, be responsible for a termination payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.89 411.25 Td ($22 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.28 411.25 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.25 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 50.00 378.25 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 506.84 378.25 Td (AA-, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (below ) Tj ET Q q 0 0 0 rg BT 76.39 366.25 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 50.00 354.25 Td (institution with another financial institution whose credit rating is at least ) Tj ET Q q 0 0 0 rg BT 344.67 354.25 Td (AA) Tj ET Q q 0 0 0 rg BT 358.56 354.25 Td ( or meets other specified credit requirements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (such circumstances, it would incur additional costs, although we estimate that they would not be significant to our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (financial statements. ) Tj ET Q q 0 0 0 rg BT 134.51 330.25 Td (The financial institution payment undertaker subject to the ) Tj ET Q q 0 0 0 rg BT 370.56 330.25 Td (AA- credit rating threshold has a credit rating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 318.25 Td (AA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.72 318.25 Td (, and the financial institution subject to the ) Tj ET Q q 0 0 0 rg BT 247.19 318.25 Td (A- credit rating threshold has a credit rating of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.18 318.25 Td (A+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.04 318.25 Td (. If Carnival Corporation's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (credit rating, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.70 306.25 Td (BBB+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.35 306.25 Td (, 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 473.05 306.25 Td ($30 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.44 306.25 Td (, or) Tj ET Q q 0 0 0 rg BT 532.37 306.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (alternatively) Tj ET Q q 0 0 0 rg BT 99.33 294.25 Td (, provide mortgages for this aggregate amount on these two ships.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (Contingent Obligations Indemnifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 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 50.00 239.25 Td (counterparty if certain events occur) Tj ET Q q 0 0 0 rg BT 191.04 239.25 Td (. ) Tj ET Q q 0 0 0 rg BT 195.86 239.25 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 50.00 227.25 Td (lender capital costs and other similar costs. ) Tj ET Q q 0 0 0 rg BT 224.21 227.25 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 50.00 215.25 Td (into in the normal course of business. ) Tj ET Q q 0 0 0 rg BT 202.02 215.25 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 50.00 203.25 Td (are not able to estimate the maximum potential amount of future payments, if any) Tj ET Q q 0 0 0 rg BT 375.92 203.25 Td (, under these indemnification clauses. ) Tj ET Q q 0 0 0 rg BT 528.75 203.25 Td (W) Tj ET Q q 0 0 0 rg BT 537.39 203.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 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 50.00 179.25 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 50.00 150.25 Td (NOTE 4 Fair) Tj ET Q q 0 0 0 rg BT 113.98 150.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.30 150.25 Td (V) Tj ET Q q 0 0 0 rg BT 122.61 150.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 175.47 150.25 Td (ements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 368.80 150.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.14 133.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 133.25 Td (V) Tj ET Q q 0 0 0 rg BT 76.77 133.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 129.63 133.25 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 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 494.12 116.25 Td (The hierarchy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 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 92.25 Td (and the lowest priority to unobservable inputs \(Level 3 measurement\). ) Tj ET Q q 0 0 0 rg BT 333.35 92.25 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 80.25 Td (observable inputs and minimize the use of unobservable inputs. ) Tj ET Q q 0 0 0 rg BT 306.43 80.25 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 68.25 Td (follows:) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.10 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 742.10 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 65.10 730.10 Td (the ability to access. ) Tj ET Q q 0 0 0 rg BT 148.50 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 154.62 730.10 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 47.10 709.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 709.10 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 65.10 697.10 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 65.10 685.10 Td (observable for the assets or liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.10 664.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.10 664.10 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 65.10 652.10 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 50.00 631.10 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 50.00 619.10 Td (independent and knowledgeable market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 362.48 619.10 Td (Therefore, even when market assumptions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 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 50.00 595.10 Td (asset or liability at the measurement date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 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 50.00 562.10 Td (and us.) Tj ET Q q 0 0 0 rg BT 80.65 562.10 Td (Therefore, the impact of our counterparty) Tj ET Q q 0 0 0 rg BT 249.46 562.10 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 50.00 550.10 Td (creditworthiness was considered when in a liability position in the fair value measurement of our financial instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (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 448.78 538.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.38 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.71 526.10 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 50.00 514.10 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 50.00 502.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 502.10 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 50.00 490.10 Td (in a current or future market exchange.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 464.10 Td (Financial Instruments that are not Measured at Fair V) Tj ET Q q 0 0 0 rg BT 294.17 464.10 Td (alue on a Recurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (The carrying values and estimated 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 50.00 435.10 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 50.00 424.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.80 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 374.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 374.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.80 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 344.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 344.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 314.80 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 314.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 314.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 284.80 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 284.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 284.80 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 252.80 180.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 252.80 38.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 252.80 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 252.80 38.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 252.80 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 252.80 38.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 252.80 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 252.80 38.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 252.80 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 252.80 38.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 252.80 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 252.80 38.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 252.80 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 252.80 38.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 252.80 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 252.80 38.00 -17.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 400.79999999999995 m 268.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 400.79999999999995 m 272.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 400.79999999999995 m 310.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 400.79999999999995 m 314.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 400.79999999999995 m 352.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 400.79999999999995 m 356.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 400.79999999999995 m 394.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 400.79999999999995 m 436.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 400.79999999999995 m 440.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 400.79999999999995 m 478.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 400.79999999999995 m 482.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 400.79999999999995 m 520.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 400.79999999999995 m 524.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 400.79999999999995 m 562.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 387.79999999999995 m 310.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 387.79999999999995 m 314.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 387.79999999999995 m 352.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 387.79999999999995 m 356.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 387.79999999999995 m 394.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 400.79999999999995 m 478.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 387.79999999999995 m 478.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 400.79999999999995 m 482.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 387.79999999999995 m 482.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 400.79999999999995 m 520.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 387.79999999999995 m 520.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 400.79999999999995 m 524.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 387.79999999999995 m 524.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 400.79999999999995 m 562.5 400.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 387.79999999999995 m 562.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 374.79999999999995 m 268.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 374.79999999999995 m 310.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 374.79999999999995 m 352.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 387.79999999999995 m 394.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 374.79999999999995 m 394.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 374.79999999999995 m 436.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 374.79999999999995 m 478.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 374.79999999999995 m 520.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 387.79999999999995 m 562.5 387.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 374.79999999999995 m 562.5 374.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 314.79999999999995 m 268.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 314.79999999999995 m 310.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 314.79999999999995 m 352.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 314.79999999999995 m 394.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 314.79999999999995 m 436.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 314.79999999999995 m 478.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 314.79999999999995 m 520.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 314.79999999999995 m 562.5 314.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 300.79999999999995 m 268.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 298.79999999999995 m 268.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 300.79999999999995 m 310.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 298.79999999999995 m 310.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 300.79999999999995 m 352.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 298.79999999999995 m 352.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 300.79999999999995 m 394.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 298.79999999999995 m 394.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 300.79999999999995 m 436.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 298.79999999999995 m 436.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 300.79999999999995 m 478.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 298.79999999999995 m 478.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 300.79999999999995 m 520.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 298.79999999999995 m 520.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 300.79999999999995 m 562.5 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 298.79999999999995 m 562.5 298.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 252.79999999999995 m 268.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 252.79999999999995 m 310.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 252.79999999999995 m 352.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 252.79999999999995 m 394.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 252.79999999999995 m 436.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 252.79999999999995 m 478.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 252.79999999999995 m 520.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 252.79999999999995 m 268.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 236.79999999999995 m 268.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 234.79999999999995 m 268.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 252.79999999999995 m 310.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 236.79999999999995 m 310.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 234.79999999999995 m 310.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 252.79999999999995 m 352.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 236.79999999999995 m 352.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 234.79999999999995 m 352.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 252.79999999999995 m 394.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 236.79999999999995 m 394.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 234.79999999999995 m 394.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 236.79999999999995 m 436.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 234.79999999999995 m 436.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 236.79999999999995 m 478.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 234.79999999999995 m 478.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 236.79999999999995 m 520.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 234.79999999999995 m 520.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 252.79999999999995 m 562.5 252.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 236.79999999999995 m 562.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 234.79999999999995 m 562.5 234.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 405.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.75 405.03 Td (February 28, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.30 405.03 Td (November 30, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 392.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.20 387.03 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.35 379.03 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.15 392.03 Td (FairValue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.20 387.03 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.35 379.03 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.15 392.03 Td (FairValue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 379.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.65 379.03 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.65 379.03 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.65 379.03 Td (Level 3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.65 379.03 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.65 379.03 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.65 379.03 Td (Level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.37 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 350.37 Td (Cash and cash equivalents \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 349.47 Td (241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 349.47 Td (241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 349.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 349.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 349.47 Td (240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 349.47 Td (240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 349.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 349.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 335.37 Td (Restricted cash \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.65 334.47 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 334.47 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 334.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 334.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 334.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 334.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 334.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 334.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 320.37 Td (Long-term other assets \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 319.47 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 319.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 319.47 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 319.47 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 319.47 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 319.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 319.47 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 319.47 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 305.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 304.47 Td (398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 304.47 Td (249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 304.47 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 304.47 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 304.47 Td (407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 304.47 Td (252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 304.47 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 304.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 304.47 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 290.37 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 275.37 Td (Fixed rate debt \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.10 274.47 Td (4,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 274.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 274.47 Td (4,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 274.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.10 274.47 Td (4,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 274.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.10 274.47 Td (4,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 274.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 274.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 260.37 Td (Floating rate debt \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.10 257.47 Td (4,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 257.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 257.47 Td (4,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 257.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.10 257.47 Td (4,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 257.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.10 257.47 Td (4,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 257.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 243.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.10 240.47 Td (9,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 240.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 240.47 Td (9,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 240.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.10 240.47 Td (9,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 240.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.10 240.47 Td (9,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 240.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 240.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 225.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 213.50 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 213.50 Td (Cash and cash equivalents are comprised of cash on hand and, due to their short maturities, the carrying values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 201.50 Td (approximate their fair values.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 189.50 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 189.50 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 48.95 177.50 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 177.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.95 177.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.55 177.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.99 177.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.69 177.50 Td (, long-term other assets were substantially all comprised of notes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 165.50 Td (other receivables. ) Tj ET Q q 0 0 0 rg BT 153.29 165.50 Td (The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 153.50 Td (cash flows discounted at appropriate market interest rates. ) Tj ET Q q 0 0 0 rg BT 314.91 153.50 Td (The fair values of our Level 3 notes receivable were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 141.50 Td (estimated using risk-adjusted discount rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 129.50 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 129.50 Td (Debt does not include the impact of interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 304.37 129.50 Td (The net dif) Tj ET Q q 0 0 0 rg BT 348.06 129.50 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 80.45 117.50 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 372.56 117.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.16 117.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.60 117.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.31 117.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 105.50 Td (being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 93.50 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 112.12 93.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.62 93.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.21 93.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 93.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.36 93.50 Td (, the net dif) Tj ET Q q 0 0 0 rg BT 342.72 93.50 Td (ference between the fair value of our floating rate debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 81.50 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 81.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.16 81.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.60 81.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.31 81.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 69.50 Td (being slightly higher than the floating interest rates on these debt obligations, including the impact of any changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 57.50 Td (our credit ratings. ) Tj ET Q q 0 0 0 rg BT 153.58 57.50 Td (The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream 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 q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 742.10 Td (markets that are not suf) Tj ET Q q 0 0 0 rg BT 174.13 742.10 Td (ficiently active to be Level 1, and accordingly) Tj ET Q q 0 0 0 rg BT 357.29 742.10 Td (, are considered Level 2. ) Tj ET Q q 0 0 0 rg BT 457.90 742.10 Td (The fair values of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 730.10 Td (other debt were estimated based on appropriate market interest rates being applied to this debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 704.10 Td (Financial Instruments that are Measured at Fair V) Tj ET Q q 0 0 0 rg BT 282.83 704.10 Td (alue on a Recurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 687.10 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 50.00 675.10 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 50.00 664.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.80 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 627.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 627.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 627.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 627.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 627.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 627.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 627.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 627.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 627.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 627.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 627.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 597.80 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 597.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 597.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 597.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 597.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 597.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 597.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 597.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 597.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 597.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 597.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 597.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 567.80 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 567.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 567.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 567.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 567.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 567.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 567.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 567.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 567.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 567.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 567.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 567.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 537.80 252.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 537.80 40.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 537.80 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 537.80 40.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 537.80 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 537.80 40.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 537.80 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 537.80 40.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 537.80 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 537.80 40.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 537.80 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 537.80 40.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 504.80 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 504.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 504.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 504.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 504.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 504.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 504.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 504.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 504.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 504.80 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 504.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 504.80 40.00 -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 302.5 640.8 m 342.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 640.8 m 346.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 640.8 m 386.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 640.8 m 390.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 640.8 m 430.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 640.8 m 474.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 640.8 m 478.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 640.8 m 518.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 640.8 m 522.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 640.8 m 562.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 627.8 m 342.5 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 627.8 m 386.5 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 627.8 m 430.5 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 627.8 m 474.5 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 627.8 m 518.5 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 640.8 m 562.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 627.8 m 562.5 627.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 537.8 m 342.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 537.8 m 386.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 537.8 m 430.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 537.8 m 474.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 537.8 m 518.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 537.8 m 562.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 520.8 m 342.5 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 518.8 m 342.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 537.8 m 386.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 520.8 m 386.5 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 518.8 m 386.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 537.8 m 430.5 537.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 520.8 m 430.5 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 518.8 m 430.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 520.8 m 474.5 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 518.8 m 474.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 520.8 m 518.5 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 518.8 m 518.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 520.8 m 562.5 520.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 518.8 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 302.5 489.8 m 342.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 489.8 m 386.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 489.8 m 430.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 489.8 m 474.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 489.8 m 518.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 472.8 m 342.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 470.8 m 342.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 489.8 m 386.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 472.8 m 386.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 470.8 m 386.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 489.8 m 430.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 472.8 m 430.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 470.8 m 430.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 472.8 m 474.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 470.8 m 474.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 472.8 m 518.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 470.8 m 518.5 470.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 489.8 m 562.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 472.8 m 562.5 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 470.8 m 562.5 470.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 645.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.75 645.03 Td (February 28, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 645.03 Td (November 30, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 632.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.65 632.03 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.65 632.03 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.65 632.03 Td (Level 3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.65 632.03 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.65 632.03 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.65 632.03 Td (Level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.37 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 603.37 Td (Cash equivalents \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 602.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 602.47 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 602.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 602.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 602.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 602.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 602.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 602.47 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 602.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 602.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.00 602.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 602.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 588.37 Td (Restricted cash \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 587.47 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 587.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 587.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 587.47 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 587.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 587.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 573.37 Td (Marketable securities held in rabbi trusts \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 572.47 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 572.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 572.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 572.47 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 572.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 572.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 558.37 Td (Derivative financial instruments \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 557.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 557.47 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 557.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 557.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 557.47 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 557.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 543.37 Td (Long-term other asset \(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 542.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 542.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 542.47 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 542.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 542.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 542.47 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 528.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 524.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 524.47 Td (172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 524.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 524.47 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 524.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 524.47 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 524.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 524.47 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 524.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 524.47 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.00 524.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 524.47 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.37 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 495.37 Td (Derivative financial instruments \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 494.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 494.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 494.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 494.47 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 494.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 494.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 494.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 494.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 494.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 494.47 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.00 494.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 494.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 480.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 476.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 476.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 476.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 476.47 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 476.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 476.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 476.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 476.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 476.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 476.47 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.00 476.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 476.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 461.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 449.50 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 449.50 Td (Cash equivalents are comprised of money market funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 437.50 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 437.50 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 48.95 425.50 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 425.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.95 425.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.55 425.50 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.49 425.50 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.19 425.50 Td (, marketable securities held in rabbi trusts were comprised of Level 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 413.50 Td (bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 401.50 Td (investments. ) Tj ET Q q 0 0 0 rg BT 133.04 401.50 Td (Their 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 48.95 389.50 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 389.50 Td (See Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 249.57 389.50 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 80.45 377.50 Td (financial instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.95 365.50 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 365.50 Td (Long-term other asset is comprised of an auction-rate security) Tj ET Q q 0 0 0 rg BT 328.05 365.50 Td (. ) Tj ET Q q 0 0 0 rg BT 332.87 365.50 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 80.45 353.50 Td (market, which is considered a Level 3 input. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.94 353.50 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.35 353.50 Td (, there were no purchases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 341.50 Td (or sales pertaining to this auction rate security) Tj ET Q q 0 0 0 rg BT 263.91 341.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 320.50 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 50.00 308.50 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 50.00 296.50 Td (forward currency exchange rates, credit spreads, maturity dates, volatilities and netting arrangements.) Tj ET Q q 0 0 0 rg BT 458.55 296.50 Td (W) Tj ET Q q 0 0 0 rg BT 467.19 296.50 Td (e use the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.50 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 50.00 272.50 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 50.00 260.50 Td (value amount, assuming that participants are motivated, but not compelled to transact. ) Tj ET Q q 0 0 0 rg BT 396.67 260.50 Td (W) Tj ET Q q 0 0 0 rg BT 405.31 260.50 Td (e also corroborate our fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.50 Td (estimates using valuations provided by our counterparties.) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 742.25 Td (Nonfinancial Instruments that are Measured at Fair V) Tj ET Q q 0 0 0 rg BT 278.78 742.25 Td (alue on a Nonrecurring Basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 721.25 Td (V) Tj ET Q q 0 0 0 rg BT 78.30 721.25 Td (aluation of Goodwill and Other) Tj ET Q q 0 0 0 rg BT 212.03 721.25 Td ( Intangibles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 700.25 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 45.00 688.25 Td (America and Europe, ) Tj ET Q q 0 0 0 rg BT 132.19 688.25 Td (Australia & ) Tj ET Q q 0 0 0 rg BT 181.07 688.25 Td (Asia \(EAA\) cruise brands, was as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 677.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 641.95 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 641.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 641.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 641.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 641.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 641.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 611.95 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 611.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 611.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 611.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 611.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 611.95 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 354.5 641.95 m 419.5 641.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 641.95 m 488.5 641.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 641.95 m 557.5 641.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 641.95 m 419.5 641.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 641.95 m 488.5 641.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 641.95 m 557.5 641.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 611.95 m 557.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 611.95 m 419.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 597.95 m 419.5 597.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 595.95 m 419.5 595.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 611.95 m 488.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 597.95 m 488.5 597.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 595.95 m 488.5 595.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 611.95 m 557.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 597.95 m 557.5 597.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 595.95 m 557.5 595.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 654.18 Td (NorthAmerica) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.70 646.18 Td (Cruise Brands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.25 654.18 Td (EAA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.70 646.18 Td (CruiseBrands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.75 646.18 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 632.52 Td (Balance at November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 631.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 631.62 Td (1,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 631.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 631.62 Td (1,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 631.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 631.62 Td (3,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 617.52 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 616.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 616.67 Td (\(72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 616.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 616.67 Td (\(72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 616.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 602.52 Td (Balance at February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 601.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 601.62 Td (1,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 601.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 601.62 Td (1,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 601.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 601.62 Td (3,055) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 586.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 574.65 Td (At July 31, 2014, all of our cruise brands carried goodwill, except for Ibero Cruises \("the former Ibero"\) and Seabourn. ) Tj ET Q q 0 0 0 rg BT 523.03 574.65 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 562.65 Td (that date, we performed our annual goodwill impairment reviews and no goodwill was impaired. ) Tj ET Q q 0 0 0 rg BT 433.23 562.65 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.73 562.65 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.33 562.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 550.65 Td (accumulated goodwill impairment char) Tj ET Q q 0 0 0 rg BT 201.71 550.65 Td (ges were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.47 550.65 Td ($153 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.86 550.65 Td (, which were all related to the former Ibero.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 529.65 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 45.00 517.65 Td (trademarks that have been allocated to our North ) Tj ET Q q 0 0 0 rg BT 242.15 517.65 Td (America and EAA) Tj ET Q q 0 0 0 rg BT 316.01 517.65 Td ( cruise brands, was as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 506.85 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 475.35 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 475.35 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 475.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 475.35 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 475.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 475.35 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 445.35 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 445.35 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 445.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 445.35 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 445.35 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 445.35 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 354.5 475.35 m 419.5 475.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 475.35 m 488.5 475.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 475.35 m 557.5 475.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 445.35 m 557.5 445.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 445.35 m 419.5 445.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 431.35 m 419.5 431.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 429.35 m 419.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 445.35 m 488.5 445.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 431.35 m 488.5 431.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 429.35 m 488.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 431.35 m 557.5 431.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 429.35 m 557.5 429.35 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 487.58 Td (NorthAmerica) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.70 479.58 Td (Cruise Brands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.25 487.58 Td (EAA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.70 479.58 Td (CruiseBrands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.75 479.58 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 465.92 Td (Balance at November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 465.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 465.02 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 465.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 465.02 Td (338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 465.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 465.02 Td (1,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 450.92 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 450.02 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 450.07 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 450.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 450.07 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 450.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 435.92 Td (Balance at February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 435.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 435.02 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 435.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 435.02 Td (320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 435.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 435.02 Td (1,247) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 409.85 Td (As of July 31, 2014, we also performed our annual trademark impairment reviews for our cruise brands that have trademarks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 397.85 Td (recorded, which are ) Tj ET Q q 0 0 0 rg BT 126.07 397.85 Td (AIDA) Tj ET Q q 0 0 0 rg BT 150.51 397.85 Td ( Cruises \("AIDA"\), P&O Cruises \(Australia\), P&O Cruises \(UK\) and Princess. No trademarks were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 385.85 Td (considered to be impaired at that time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 364.85 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 45.00 352.85 Td (various risks and uncertainties.) Tj ET Q q 0 0 0 rg BT 171.18 352.85 Td (W) Tj ET Q q 0 0 0 rg BT 179.81 352.85 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 45.00 340.85 Td (goodwill, cruise ships and trademarks have been impaired.However) Tj ET Q q 0 0 0 rg BT 318.40 340.85 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 45.00 328.85 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 45.00 316.85 Td (char) Tj ET Q q 0 0 0 rg BT 62.03 316.85 Td (ge.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 295.85 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 295.85 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 295.85 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.54 295.85 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.24 295.85 Td (, our intangible assets subject to amortization are not significant to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 283.85 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 262.85 Td (Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 203.34 262.85 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 245.85 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 245.85 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 45.00 233.85 Td (currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 221.85 Td (exchange rates, and interest rate swaps to manage our interest rate exposure in order to achieve a desired proportion of fixed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 209.85 Td (floating rate debt.In addition, we utilize our fuel derivatives program to mitigate a portion of the risk to our future cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 197.85 Td (attributable to potential fuel price increases, which we define as our economic risk. Our policy is to not use any financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 185.85 Td (instruments for trading or other speculative purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 164.85 Td (All derivatives are recorded at fair value. ) Tj ET Q q 0 0 0 rg BT 211.40 164.85 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 45.00 152.85 Td (qualify as ef) Tj ET Q q 0 0 0 rg BT 94.24 152.85 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 45.00 140.85 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 439.93 140.85 Td (fset against the changes in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 128.85 Td (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 453.83 128.85 Td (fective portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 116.85 Td (changes in the fair value of the derivative is recognized as a component of accumulated other comprehensive income \("AOCI"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 104.85 Td (until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable.If a derivative or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 92.85 Td (nonderivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 80.85 Td (value of the financial instrument are recognized as a component of ) Tj ET Q q 0 0 0 rg BT 313.51 80.85 Td (AOCI to of) Tj ET Q q 0 0 0 rg BT 358.88 80.85 Td (fset a portion of the change in the translated value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 68.85 Td (of the net investment being hedged, until the investment is sold or substantially liquidated.) Tj ET Q q 0 0 0 rg BT 409.20 68.85 Td (W) Tj ET Q q 0 0 0 rg BT 417.84 68.85 Td (e formally document hedging ) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 742.10 Td (relationships for all derivative and nonderivative hedges and the underlying hedged items, as well as our risk management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 730.10 Td (objectives and strategies for undertaking the hedge transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 709.10 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 45.00 697.10 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 378.58 697.10 Td (The cash flows from derivatives treated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 685.10 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 45.00 673.10 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 45.00 652.10 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 45.00 640.10 Td (follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 629.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 583.80 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 583.80 127.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 583.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 583.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 583.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 583.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 555.80 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 555.80 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 555.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 555.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 555.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 555.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 526.80 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 526.80 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 526.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 526.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 526.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 526.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 495.80 230.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 495.80 127.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 495.80 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 495.80 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 495.80 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 495.80 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 465.80 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 465.80 127.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 465.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 465.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 465.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 465.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 437.80 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 437.80 127.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 437.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 437.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 437.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 437.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 409.80 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 409.80 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 409.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 409.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 409.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 409.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 378.80 230.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 378.80 127.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 378.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 378.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 378.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 378.80 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 349.80 230.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 349.80 127.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 349.80 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 349.80 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 349.80 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 349.80 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 317.80 230.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 317.80 127.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 317.80 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 317.80 67.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 317.80 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 317.80 67.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 583.8 m 402.5 583.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 583.8 m 473.5 583.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 583.8 m 544.5 583.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 495.8 m 473.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 495.8 m 544.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 495.8 m 473.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 480.8 m 473.5 480.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 478.8 m 473.5 478.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 480.8 m 544.5 480.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 478.8 m 544.5 478.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 394.8 m 473.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 394.8 m 544.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 378.8 m 473.5 378.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 378.8 m 544.5 378.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 333.8 m 473.5 333.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 333.8 m 544.5 333.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 333.8 m 473.5 333.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 317.8 m 473.5 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 333.8 m 544.5 333.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 317.8 m 544.5 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 317.8 m 473.5 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 302.8 m 473.5 302.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 300.8 m 473.5 300.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 317.8 m 544.5 317.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 302.8 m 544.5 302.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 300.8 m 544.5 300.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 48.00 588.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.50 588.03 Td (BalanceSheetLocation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 595.88 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.50 587.88 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 595.88 Td (November 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.50 587.88 Td (2014) 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 48 572.96259765625 m 119.3671875 572.96259765625 l s q 0 0 0 rg BT 48.00 574.53 Td (Derivative assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 560.37 Td (Derivatives designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 545.47 Td (Net investment hedges \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 545.47 Td (Prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 545.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 545.47 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 545.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 545.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 531.37 Td (Other assets long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 531.37 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 531.37 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 517.37 Td (Interest rate swaps \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 516.47 Td (Prepaid expenses and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 516.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 516.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 500.47 Td (Other assets long-term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 500.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 500.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 486.37 Td (Total derivative assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 484.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 484.47 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 484.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 484.47 Td (14) 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 48 468.96259765625 m 133.8154296875 468.96259765625 l s q 0 0 0 rg BT 48.00 470.53 Td (Derivative liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 456.37 Td (Derivatives designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 442.37 Td (Interest rate swaps \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 442.37 Td (Accrued liabilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 442.37 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 442.37 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 428.37 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 428.37 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 428.37 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 414.37 Td (Foreign currency zero cost collars \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 414.37 Td (Accrued liabilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 414.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 414.37 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 399.47 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 399.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 399.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 383.47 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 383.47 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 369.37 Td (Derivatives not designated as hedging instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 355.37 Td (Fuel \(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 354.47 Td (Accrued liabilities and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 354.47 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 354.47 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 338.47 Td (Other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 338.47 Td (208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 338.47 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 322.47 Td (340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 322.47 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 308.37 Td (Total derivative liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 306.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 306.47 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 306.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 306.47 Td (278) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 291.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.95 279.50 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 279.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.95 279.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.55 279.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.99 279.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.69 279.50 Td (, we had foreign currency forwards totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.74 279.50 Td ($652 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.13 279.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.57 279.50 Td ($403 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.96 279.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 267.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 123.11 267.50 Td (, that are designated as hedges of our net investments in foreign operations, which have a euro- and sterling-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 255.50 Td (denominated functional currency) Tj ET Q q 0 0 0 rg BT 206.97 255.50 Td (. ) Tj ET Q q 0 0 0 rg BT 211.42 255.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.92 255.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.52 255.50 Td (, these foreign currency forwards settle through July 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.95 243.50 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 243.50 Td (W) Tj ET Q q 0 0 0 rg BT 84.09 243.50 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 75.45 231.50 Td (exchange for making fixed interest rate payments. ) Tj ET Q q 0 0 0 rg BT 277.60 231.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.10 231.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.70 231.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.14 231.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.84 231.50 Td (, these interest rate swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 219.50 Td (agreements ef) Tj ET Q q 0 0 0 rg BT 131.07 219.50 Td (fectively changed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.37 219.50 Td ($662 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.76 219.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.20 219.50 Td ($750 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.59 219.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 379.25 219.50 Td (, of EURIBOR-based floating rate euro debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 207.50 Td (to fixed rate euro debt. ) Tj ET Q q 0 0 0 rg BT 168.57 207.50 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 440.44 207.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.03 207.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 195.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.16 195.50 Td ( we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 183.50 Td (interest rate payments in exchange for making floating interest rate payments. ) Tj ET Q q 0 0 0 rg BT 388.68 183.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.18 183.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.78 183.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.21 183.50 Td (November30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 171.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.45 171.50 Td (, these interest rate swap agreements ef) Tj ET Q q 0 0 0 rg BT 251.59 171.50 Td (fectively changed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.88 171.50 Td ($500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.28 171.50 Td ( of fixed rate debt to U.S. dollar LIBOR-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 159.50 Td (based floating rate debt. ) Tj ET Q q 0 0 0 rg BT 173.84 159.50 Td (These interest rate swaps settle through February 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.89 159.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.95 147.50 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 147.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.95 147.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.55 147.50 Td ( and November 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.69 147.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.69 147.50 Td (, we had foreign currency derivatives consisting of foreign currency zero ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 135.50 Td (cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 123.50 Td (payments. 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 43.95 111.50 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 111.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.95 111.50 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.55 111.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.99 111.50 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.69 111.50 Td (, we had fuel derivatives consisting of zero cost collars on Brent crude oil ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 99.50 Td (\(Brent\) to cover a portion of our estimated fuel consumption through 2018. See Fuel Price Risks below for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 87.50 Td (additional information regarding these fuel derivatives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 63.50 Td (Our derivative contracts include rights of of) Tj ET Q q 0 0 0 rg BT 220.32 63.50 Td (fset with our counterparties. ) Tj ET Q q 0 0 0 rg BT 334.82 63.50 Td (W) Tj ET Q q 0 0 0 rg BT 343.46 63.50 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 45.00 51.50 Td (and liabilities within counterparties. ) Tj ET Q q 0 0 0 rg BT 191.17 51.50 Td (The amounts recognized within assets and liabilities were as follows \(in millions\):) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 698.50 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 698.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 698.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 698.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 698.50 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 698.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 698.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 698.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 698.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 698.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 698.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 612.50 154.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 612.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 612.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 612.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 612.50 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 612.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 612.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 612.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 612.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 612.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 612.50 64.00 -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 203.5 735.5 m 267.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 735.5 m 271.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 735.5 m 339.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 735.5 m 343.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 735.5 m 407.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 735.5 m 411.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 735.5 m 476.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 735.5 m 480.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 735.5 m 544.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 735.5 m 267.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 698.5 m 267.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 735.5 m 271.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 735.5 m 339.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 698.5 m 339.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 735.5 m 343.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 735.5 m 407.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 698.5 m 407.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 735.5 m 411.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 735.5 m 476.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 698.5 m 476.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 735.5 m 480.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 735.5 m 544.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 698.5 m 544.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 698.5 m 339.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 698.5 m 407.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 698.5 m 476.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 698.5 m 544.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 649.5 m 267.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 649.5 m 271.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 649.5 m 339.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 649.5 m 343.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 649.5 m 407.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 649.5 m 411.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 649.5 m 476.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 649.5 m 480.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 649.5 m 544.5 649.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 612.5 m 267.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 612.5 m 339.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 612.5 m 407.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 612.5 m 476.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 612.5 m 544.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 612.5 m 476.5 612.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 739.73 Td (February 28, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.70 702.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.70 718.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.85 710.73 Td (Offset in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.10 702.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.25 726.73 Td (Total Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.40 718.73 Td (Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.50 710.73 Td (Presented in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.10 702.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.20 718.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.80 710.73 Td (not Offset in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 702.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.65 702.73 Td (Net Amounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 689.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 688.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 688.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 688.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.30 688.22 Td (\(39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 688.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 688.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 688.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 688.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 688.22 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 688.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 688.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 688.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 674.07 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.65 673.17 Td (431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.30 673.22 Td (\(39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 673.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 673.17 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 673.22 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 673.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 673.17 Td (374) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.80 653.73 Td (November 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.70 616.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.70 632.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.85 624.73 Td (Offset in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.10 616.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.25 640.73 Td (Total Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.40 632.73 Td (Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.50 624.73 Td (Presented in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.10 616.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.20 632.73 Td (Gross Amounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.80 624.73 Td (not Offset in the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 616.73 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.65 616.73 Td (Net Amounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 603.07 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 602.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 602.17 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 602.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.30 602.22 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 602.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 602.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 602.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 602.22 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 602.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 602.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 588.07 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.65 587.17 Td (342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.30 587.22 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 587.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 587.17 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 587.22 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 587.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 587.17 Td (264) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 562.00 Td (The ef) Tj ET Q q 0 0 0 rg BT 70.63 562.00 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 45.00 550.00 Td (\(loss\) income were as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 539.20 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 495.70 417.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 495.70 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 495.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 495.70 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 467.70 417.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 467.70 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 467.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 467.70 39.00 -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 462.5 507.7 m 501.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 507.7 m 505.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 507.7 m 544.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 507.7 m 501.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 495.7 m 501.5 495.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 507.7 m 505.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 507.7 m 544.5 507.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 495.7 m 544.5 495.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 495.7 m 501.5 495.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 495.7 m 544.5 495.7 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 48.00 511.95 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 519.93 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.75 511.93 Td (February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 48.00 499.65 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.50 499.78 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 499.78 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 486.27 Td (Net investment hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 486.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 486.27 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 486.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 486.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 472.27 Td (Foreign currency zero cost collars cash flow hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.30 472.32 Td (\(37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 472.32 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 458.27 Td (Interest rate swaps cash flow hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 458.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 458.32 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 458.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 458.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 458.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 458.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 433.20 Td (There are no credit risk related contingent features in our derivative agreements, except for bilateral credit provisions within our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 421.20 Td (fuel derivative counterparty agreements. ) Tj ET Q q 0 0 0 rg BT 208.91 421.20 Td (These provisions require interest-bearing, non-restricted cash to be posted or received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 409.20 Td (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 488.33 409.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 540.99 409.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 397.20 Td (exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.15 397.20 Td ($100 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.54 397.20 Td (. ) Tj ET Q q 0 0 0 rg BT 134.99 397.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.49 397.20 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.08 397.20 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.18 397.20 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.57 397.20 Td ( of collateral posted to one of our fuel derivative counterparties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 385.20 Td (which was all returned to us in March 2015 as the collateral posting was no longer required. ) Tj ET Q q 0 0 0 rg BT 414.90 385.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.40 385.20 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 385.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.00 385.20 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 385.20 Td ( collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 373.20 Td (was required to be received from our fuel derivative counterparties. ) Tj ET Q q 0 0 0 rg BT 316.83 373.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.33 373.20 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.04 373.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.54 373.20 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.54 373.20 Td ( collateral was required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 361.20 Td (posted to or received from our fuel derivative counterparties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 340.20 Td (The amount of estimated cash flow hedges) Tj ET Q q 0 0 0 rg BT 218.65 340.20 Td ( unrealized gains and losses that are expected to be reclassified to earnings in the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 328.20 Td (twelve months is not significant.) Tj ET Q q 0 0 0 rg BT 177.58 328.20 Td (W) Tj ET Q q 0 0 0 rg BT 186.22 328.20 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 45.00 316.20 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 324.92 316.20 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.52 316.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.95 316.20 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.66 316.20 Td ( and for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 304.20 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.41 304.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.85 304.20 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.85 304.20 Td ( where such impacts were not significant. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 278.20 Td (Fuel Price Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 261.20 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 519.15 261.20 Td (W) Tj ET Q q 0 0 0 rg BT 527.79 261.20 Td (e use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 249.20 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 508.83 249.20 Td (W) Tj ET Q q 0 0 0 rg BT 517.47 249.20 Td (e designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 237.20 Td (our fuel derivatives program to maximize operational flexibility by utilizing derivative markets with significant trading liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 225.20 Td (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 45.00 204.20 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 45.00 192.20 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 446.91 192.20 Td (W) Tj ET Q q 0 0 0 rg BT 455.55 192.20 Td (e will not realize any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 180.20 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 45.00 168.20 Td (the ceiling price or below the floor price. ) Tj ET Q q 0 0 0 rg BT 211.14 168.20 Td (W) Tj ET Q q 0 0 0 rg BT 219.78 168.20 Td (e believe that these derivatives will act as economic hedges; however) Tj ET Q q 0 0 0 rg BT 496.49 168.20 Td (, hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 156.20 Td (accounting is not applied. ) Tj ET Q q 0 0 0 rg BT 149.70 156.20 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 45.00 144.20 Td (strategies. During the three months ended February 28, 2015 and 2014, our unrealized losses, net on fuel derivatives were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.58 144.20 Td ($\(1) Tj ET Q q 0 0 0 rg BT 547.54 144.20 Td (12\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 132.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 132.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 132.20 Td ($\(17\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.38 132.20 Td ( and our realized \(losses\) gains were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.38 132.20 Td ($\(57\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.43 132.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.87 132.20 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.26 132.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 460.92 132.20 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 111.20 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 111.20 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 111.20 Td (, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 99.20 Td (fuel consumption as follows:) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 719.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 719.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 719.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 719.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 719.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 719.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 719.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 689.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 689.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 689.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 689.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 689.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 689.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 659.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 659.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 659.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 659.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 659.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 659.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 659.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 659.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 659.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 659.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 629.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 629.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 629.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 629.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 629.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 629.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 629.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 629.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 629.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 629.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 599.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 599.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 599.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 599.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 599.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 599.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 569.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 569.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 569.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 569.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 569.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 569.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 569.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 569.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 569.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 569.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 539.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 539.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 539.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 539.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 539.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 539.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 539.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 539.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 539.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 539.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 509.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 509.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 509.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 509.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 509.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 509.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 509.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 509.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 509.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 509.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 479.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 479.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 479.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 479.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 479.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 479.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 479.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 479.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 479.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 479.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 449.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 449.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 449.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 449.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 449.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 449.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 449.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 449.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 449.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 449.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 419.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 419.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 419.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 419.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 419.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 419.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 419.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 419.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 419.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 419.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 389.50 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 389.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 389.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 389.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 389.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 389.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 389.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 389.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 389.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 389.50 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 203.5 719.5 m 274.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 719.5 m 340.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 719.5 m 406.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 719.5 m 472.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 719.5 m 557.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 614.5 m 340.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 600.5 m 340.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 598.5 m 340.5 598.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 539.5 m 340.5 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 525.5 m 340.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 523.5 m 340.5 523.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 523.5 m 340.5 523.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 525.5 m 340.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 449.5 m 340.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 435.5 m 340.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 433.5 m 340.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 433.5 m 340.5 433.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 435.5 m 340.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 389.5 m 340.5 389.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 375.5 m 340.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 373.5 m 340.5 373.5 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 48 722.480078125 m 95.31640625 722.480078125 l s q 0 0 0 rg BT 48.00 723.73 Td (Maturities \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.10 731.73 Td (Transaction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 228.90 723.73 Td (Dates) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.40 731.73 Td (Barrels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.65 723.73 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 739.73 Td (Weighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.05 731.73 Td (Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.30 723.73 Td (Floor Prices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.40 739.73 Td (Weighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.05 731.73 Td (Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.30 723.73 Td (Ceiling Prices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 739.73 Td (PercentofEstimated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.80 731.73 Td (Fuel Consumption) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.10 723.73 Td (Covered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 710.07 Td (Fiscal 2015 \(Q2-Q4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 694.17 Td (November2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 694.17 Td (1,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 694.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 694.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 694.17 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 679.17 Td (February 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 679.17 Td (1,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 679.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 679.17 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 664.17 Td (June 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 664.17 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 664.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 664.17 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 664.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 664.17 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 649.17 Td (April 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 649.17 Td (783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 649.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 649.17 Td (111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 634.17 Td (May 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 634.17 Td (1,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 634.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 634.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 634.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 634.17 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 619.17 Td (October 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 619.17 Td (1,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 619.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 619.17 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 604.17 Td (7,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.30 604.17 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 590.07 Td (Fiscal 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 574.17 Td (June 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 574.17 Td (3,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 574.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 574.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 574.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 574.17 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 559.17 Td (February 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 559.17 Td (2,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 559.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 559.17 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 544.17 Td (April 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 544.17 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 544.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 544.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 544.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 544.17 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 529.17 Td (8,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.30 529.17 Td (44%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 515.07 Td (Fiscal 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 499.17 Td (February 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 499.17 Td (3,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 499.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 499.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 499.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 499.17 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 484.17 Td (April 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 484.17 Td (2,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 484.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 484.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 484.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 484.17 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 469.17 Td (January 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 469.17 Td (1,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 469.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 469.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 469.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 469.17 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 454.17 Td (October 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 454.17 Td (1,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 454.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 454.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 454.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 454.17 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 439.17 Td (8,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.30 439.17 Td (41%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 425.07 Td (Fiscal 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 409.17 Td (January 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 409.17 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 409.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 409.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 409.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 409.17 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 394.17 Td (October 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 394.17 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 394.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 394.17 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 379.17 Td (5,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.30 379.17 Td (29%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 364.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.95 352.20 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.45 352.20 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 57.00 326.20 Td (For) Tj ET Q q 0 0 0 rg BT 72.37 326.20 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 114.12 326.20 Td (ency Exchange Rate Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 309.20 Td (Overall Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 292.20 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 292.20 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 45.00 280.20 Td (activities, including netting certain exposures to take advantage of any natural of) Tj ET Q q 0 0 0 rg BT 367.49 280.20 Td (fsets and, when considered appropriate, through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 268.20 Td (the use of derivative and nonderivative financial instruments.Our primary focus is to manage the economic foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 256.20 Td (exchange risks faced by our operations, which are the ultimate foreign currency exchange risks that would be realized by us if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 244.20 Td (we exchanged one currency for another) Tj ET Q q 0 0 0 rg BT 202.57 244.20 Td (, and not accounting risks.) Tj ET Q q 0 0 0 rg BT 309.87 244.20 Td (While we will continue to monitor our exposure to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 232.20 Td (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 45.00 220.20 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 486.39 220.20 Td (The financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 208.20 Td (impacts of the hedging instruments we do employ generally of) Tj ET Q q 0 0 0 rg BT 295.04 208.20 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 94.00 182.20 Td (Operational Curr) Tj ET Q q 0 0 0 rg BT 169.64 182.20 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 165.20 Td (Our European and ) Tj ET Q q 0 0 0 rg BT 120.25 165.20 Td (Australian cruise brands generate significant revenues and incur significant expenses in their euro, sterling or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 153.20 Td (Australian dollar functional currency) Tj ET Q q 0 0 0 rg BT 192.35 153.20 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 45.00 141.20 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 94.34 141.20 Td (, exchange rate fluctuations of the euro, sterling and ) Tj ET Q q 0 0 0 rg BT 303.98 141.20 Td (Australian dollar against the U.S. dollar will af) Tj ET Q q 0 0 0 rg BT 491.26 141.20 Td (fect our reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 129.20 Td (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 457.65 129.20 Td (.) Tj ET Q q 0 0 0 rg BT 462.10 129.20 Td (Any strengthening of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 117.20 Td (U.S. dollar against these foreign currencies has the financial statement ef) Tj ET Q q 0 0 0 rg BT 336.38 117.20 Td (fect of decreasing the U.S. dollar values reported for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 105.20 Td (these cruise brands) Tj ET Q q 0 0 0 rg BT 123.67 105.20 Td ( revenues and expenses.) Tj ET Q q 0 0 0 rg BT 221.69 105.20 Td (Any weakening of the U.S. dollar has the opposite ef) Tj ET Q q 0 0 0 rg BT 433.41 105.20 Td (fect.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 81.20 Td (Substantially all of our brands also have non-functional currency risk related to their international sales operations, which has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 69.20 Td (become an increasingly lar) Tj ET Q q 0 0 0 rg BT 152.27 69.20 Td (ger part of most of their businesses over time, and principally includes the euro, sterling and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 57.20 Td (Australian, Canadian and U.S. dollars. In addition, all of our brands have non-functional currency expenses for a portion of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 45.20 Td (operating expenses. ) Tj ET Q q 0 0 0 rg BT 128.31 45.20 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 177.65 45.20 Td (, we also have "foreign currency transactional" risks related to changes in the exchange rates for ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 742.10 Td (our brands) Tj ET Q q 0 0 0 rg BT 90.08 742.10 Td ( revenues and expenses that are in a currency other than their functional currency) Tj ET Q q 0 0 0 rg BT 414.00 742.10 Td (. However) Tj ET Q q 0 0 0 rg BT 455.25 742.10 Td (, these brands) Tj ET Q q 0 0 0 rg BT 512.55 742.10 Td ( revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 730.10 Td (and expenses in non-functional currencies create some degree of natural of) Tj ET Q q 0 0 0 rg BT 344.13 730.10 Td (fset from these currency exchange movements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 718.10 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 94.00 692.10 Td (Investment Curr) Tj ET Q q 0 0 0 rg BT 165.75 692.10 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 671.10 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 45.00 659.10 Td (nature.) Tj ET Q q 0 0 0 rg BT 74.80 659.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.44 659.10 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 45.00 647.10 Td (intercompany payables in our foreign operations) Tj ET Q q 0 0 0 rg BT 241.69 647.10 Td ( functional currencies, principally sterling.) Tj ET Q q 0 0 0 rg BT 413.58 647.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.03 647.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.63 647.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 635.10 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.71 635.10 Td (, we have designated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.51 635.10 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.62 635.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.06 635.10 Td ($2.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.17 635.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 374.83 635.10 Td (, of our foreign currency intercompany ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 623.10 Td (payables as nonderivative hedges of our net investments in foreign operations.) Tj ET Q q 0 0 0 rg BT 360.47 623.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 409.81 623.10 Td (, we have included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.28 623.10 Td ($431 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.67 623.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 611.10 Td ($359 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 611.10 Td ( of cumulative foreign currency transaction nonderivative gains in the cumulative translation adjustment component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 55.28 599.10 Td (AOCI at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 599.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 599.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.98 599.10 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.68 599.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 317.34 599.10 Td (, which of) Tj ET Q q 0 0 0 rg BT 357.43 599.10 Td (fsets a portion of the losses recorded in ) Tj ET Q q 0 0 0 rg BT 515.73 599.10 Td (AOCI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 587.10 Td (upon translating our foreign operations) Tj ET Q q 0 0 0 rg BT 203.66 587.10 Td ( net assets into U.S. dollars. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.81 587.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.22 587.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.66 587.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.66 587.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 575.10 Td (we recognized foreign currency nonderivative transaction gains \(losses\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.72 575.10 Td ($72 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.11 575.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.55 575.10 Td ($\(40\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.60 575.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 517.26 575.10 Td (, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 563.10 Td (cumulative translation adjustment component of ) Tj ET Q q 0 0 0 rg BT 240.23 563.10 Td (AOCI.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 537.10 Td (Newbuild Curr) Tj ET Q q 0 0 0 rg BT 159.10 537.10 Td (ency Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 520.10 Td (Our shipbuilding contracts are typically denominated in euros. Our decisions regarding whether or not to hedge a non-functional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 508.10 Td (currency ship commitment for our cruise brands are made on a case-by-case basis, taking into consideration the amount and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 496.10 Td (duration of the exposure, market volatility) Tj ET Q q 0 0 0 rg BT 213.19 496.10 Td (, economic trends, our overall expected net cash flows by currency and other of) Tj ET Q q 0 0 0 rg BT 530.95 496.10 Td (fsetting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 484.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 68.71 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.35 484.10 Td (e use foreign currency derivative contracts and have used nonderivative financial instruments to manage foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 472.10 Td (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 45.00 451.10 Td (In January 2015, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 439.10 Td (Princess newbuild's and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 143.18 439.10 Td (Seabourn Encor) Tj ET Q q 0 0 0 rg BT 208.08 439.10 Td (e's) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.54 439.10 Td ( euro-denominated shipyard payments. ) Tj ET Q q 0 0 0 rg BT 376.38 439.10 Td (The Princess newbuild) Tj ET Q q 0 0 0 rg BT 470.25 439.10 Td (s collars mature in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 427.10 Td (March 2017 at a weighted-average ceiling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.87 427.10 Td ($590 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.26 427.10 Td ( and a weighted-average floor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.97 427.10 Td ($504 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.36 427.10 Td (. ) Tj ET Q q 0 0 0 rg BT 467.18 427.10 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 485.23 427.10 Td (Seabourn Encor) Tj ET Q q 0 0 0 rg BT 550.13 427.10 Td (e's) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.60 427.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 415.10 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 312.67 415.10 Td ($221 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.06 415.10 Td ( and a weighted-average floor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.78 415.10 Td ($185 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.17 415.10 Td (. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 403.10 Td (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 410.04 403.10 Td (, then we would not owe or receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 391.10 Td (any payments under these collars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 370.10 Td (In February 2015, we settled our foreign currency zero cost collars that were designated as cash flow hedges for the final euro-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 358.10 Td (denominated shipyard payments of P&O Cruises \(UK\) ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 266.91 358.10 Td (Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.24 358.10 Td (, which resulted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.62 358.10 Td ($33 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.01 358.10 Td ( being recognized in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 346.10 Td (comprehensive loss during the three months ended February 28, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 325.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 325.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 325.10 Td (, our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 313.10 Td (payments, which represent a total unhedged commitment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.88 313.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.99 313.10 Td ( and substantially relates to a Carnival Cruise Line, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 301.10 Td (Holland ) Tj ET Q q 0 0 0 rg BT 79.17 301.10 Td (America Line and Seabourn newbuild all scheduled to be delivered in 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 280.10 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 407.78 280.10 Td (ferent currency than our cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 268.10 Td (brands) Tj ET Q q 0 0 0 rg BT 74.25 268.10 Td ( or the shipyards) Tj ET Q q 0 0 0 rg BT 143.21 268.10 Td ( functional currency is expected to be af) Tj ET Q q 0 0 0 rg BT 303.24 268.10 Td (fected by foreign currency exchange rate fluctuations.) Tj ET Q q 0 0 0 rg BT 521.28 268.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 256.10 Td (foreign currency exchange rate fluctuations may af) Tj ET Q q 0 0 0 rg BT 248.61 256.10 Td (fect our desire to order new cruise ships.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.00 230.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 90.48 230.10 Td (est Rate Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 213.10 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 213.10 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 538.32 213.10 Td (W) Tj ET Q q 0 0 0 rg BT 546.96 213.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 201.10 Td (evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 189.10 Td (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 438.76 189.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.26 189.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.86 189.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.86 189.10 Td (49%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.19 189.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 177.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.94 177.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.27 177.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.10 177.10 Td (52%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.43 177.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.87 177.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.20 177.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.41 177.10 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.12 177.10 Td (\) of our debt bore fixed and floating interest rates, respectively) Tj ET Q q 0 0 0 rg BT 483.66 177.10 Td (, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 165.10 Td (ef) Tj ET Q q 0 0 0 rg BT 52.59 165.10 Td (fect of interest rate swaps. In addition, to the extent that we have excess cash available for investment, we purchase high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 153.10 Td (quality short-term investments with floating interest rates, which of) Tj ET Q q 0 0 0 rg BT 314.48 153.10 Td (fset a portion of the impact of interest rate fluctuations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 141.10 Td (arising from our floating interest rate debt portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 120.10 Td (Concentrations of Cr) Tj ET Q q 0 0 0 rg BT 135.36 120.10 Td (edit Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 103.10 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 45.00 91.10 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 45.00 79.10 Td (contracts and interest rate swap agreements that are in-the-money) Tj ET Q q 0 0 0 rg BT 306.46 79.10 Td (, which were not material at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.58 79.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.18 79.10 Td (, is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 67.10 Td (replacement cost, net of any collateral received or contractually allowed of) Tj ET Q q 0 0 0 rg BT 343.84 67.10 Td (fset, in the event of nonperformance by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 55.10 Td (counterparties to the contracts, all of which are currently our lending banks.) Tj ET Q q 0 0 0 rg BT 350.27 55.10 Td (W) Tj ET Q q 0 0 0 rg BT 358.91 55.10 Td (e seek to minimize these credit risk exposures, ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 742.10 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 45.00 730.10 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 45.00 718.10 Td (normally conducting business with lar) Tj ET Q q 0 0 0 rg BT 197.57 718.10 Td (ge, well-established financial institutions, insurance companies and export credit agencies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 706.10 Td (and by diversifying our counterparties.In addition, we have guidelines regarding credit ratings and investment maturities that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 694.10 Td (follow to help safeguard liquidity and minimize risk.) Tj ET Q q 0 0 0 rg BT 258.39 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.03 694.10 Td (e normally do require collateral and/or guarantees to support notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 682.10 Td (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 473.32 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 481.96 682.10 Td (e currently believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 670.10 Td (the risk of nonperformance by any of these significant counterparties is remote.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 649.10 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 649.10 Td (e also monitor the creditworthiness of travel agencies and tour operators in ) Tj ET Q q 0 0 0 rg BT 354.66 649.10 Td (Asia, ) Tj ET Q q 0 0 0 rg BT 377.44 649.10 Td (Australia and Europe and credit and debit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 637.10 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 451.06 637.10 Td (-hire agreements in ) Tj ET Q q 0 0 0 rg BT 530.20 637.10 Td (Asia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 625.10 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 45.00 613.10 Td (agents and tour operators for cash collected by them on cruise sales in ) Tj ET Q q 0 0 0 rg BT 326.86 613.10 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 45.00 601.10 Td (honor our guests' cruise payments made by them to their travel agents and tour operators regardless of whether we have received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 589.10 Td (these payments. Concentrations of credit risk associated with these trade receivables, charter) Tj ET Q q 0 0 0 rg BT 414.94 589.10 Td (-hire agreements and contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 577.10 Td (obligations are not considered to be material, principally due to the lar) Tj ET Q q 0 0 0 rg BT 325.84 577.10 Td (ge number of unrelated accounts within our customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 565.10 Td (base, the nature of these contingent obligations and their short maturities. ) Tj ET Q q 0 0 0 rg BT 340.58 565.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.21 565.10 Td (e have experienced only minimal credit losses on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 553.10 Td (trade receivables, charter) Tj ET Q q 0 0 0 rg BT 145.01 553.10 Td (-hire agreements and contingent obligations.) Tj ET Q q 0 0 0 rg BT 325.33 553.10 Td (W) Tj ET Q q 0 0 0 rg BT 333.97 553.10 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 45.00 541.10 Td (support normal credit sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 517.10 Td ( NOTE 5 Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 500.10 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.95 500.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 500.10 Td ( reportable cruise segments that are comprised of our \(1\)North ) Tj ET Q q 0 0 0 rg BT 356.02 500.10 Td (America cruise brands, \(2\)EAA) Tj ET Q q 0 0 0 rg BT 485.14 500.10 Td ( cruise brands and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 488.10 Td (\(3\) Cruise Support. In addition, we have a ) Tj ET Q q 0 0 0 rg BT 215.34 488.10 Td (T) Tj ET Q q 0 0 0 rg BT 220.75 488.10 Td (our and Other segment. Our segments are reported on the same basis as the internally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 476.10 Td (reported information that is provided to our chief operating decision maker \(CODM\), who is the President and Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 464.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 97.85 464.10 Td (ficer of Carnival Corporation and Carnival plc. Decisions to allocate resources and assess performance for Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 452.10 Td (Corporation& plc are made by the CODM upon review of the segment results across all of our cruise brands and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 440.10 Td (segments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 419.10 Td (Our North ) Tj ET Q q 0 0 0 rg BT 88.33 419.10 Td (America cruise segment includes Carnival Cruise Line, Holland ) Tj ET Q q 0 0 0 rg BT 346.31 419.10 Td (America Line, Princess and Seabourn. Our EAA) Tj ET Q q 0 0 0 rg BT 540.15 419.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 407.10 Td (cruise segment includes ) Tj ET Q q 0 0 0 rg BT 142.48 407.10 Td (AIDA, Costa Cruises, Cunard, P&O Cruises \(Australia\), P&O Cruises \(UK\) and prior to November ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 395.10 Td (2014, the former Ibero. ) Tj ET Q q 0 0 0 rg BT 140.34 395.10 Td (These individual cruise brand operating segments have been aggregated into two reportable segments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 383.10 Td (based on the similarity of their economic and other characteristics, including types of customers, regulatory environment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 371.10 Td (maintenance requirements, supporting systems and processes and products and services they provide. Our Cruise Support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 359.10 Td (segment represents certain of our port and related facilities and other services that are provided for the benefit of our cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 347.10 Td (brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 326.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 62.87 326.10 Td (T) Tj ET Q q 0 0 0 rg BT 68.28 326.10 Td (our and Other segment represents the hotel and transportation operations of Holland ) Tj ET Q q 0 0 0 rg BT 406.52 326.10 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 478.73 326.10 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 508.81 326.10 Td (T) Tj ET Q q 0 0 0 rg BT 514.22 326.10 Td (ours. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 314.10 Td (2014, our ) Tj ET Q q 0 0 0 rg BT 85.65 314.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.06 314.10 Td (our and Other segment also included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.46 314.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.90 314.10 Td ( ship that we chartered to an unaf) Tj ET Q q 0 0 0 rg BT 387.72 314.10 Td (filiated entity) Tj ET Q q 0 0 0 rg BT 440.67 314.10 Td (. In November 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 302.10 Td (December 2014, we entered into bareboat charter/sale agreements under which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 363.47 302.10 Td (Grand Holiday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 302.10 Td (and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 441.24 302.10 Td ( Costa Celebration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.35 302.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 290.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 92.66 290.10 Td (,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.16 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.66 290.10 Td (were chartered to an unrelated entity in January 2015 through March 2025 and December 2014 through December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 278.10 Td (2024, respectively) Tj ET Q q 0 0 0 rg BT 117.66 278.10 Td (. Under these agreements, ownership of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 278.72 278.10 Td (Grand Holiday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.05 278.10 Td (and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 356.49 278.10 Td ( Costa Celebration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.10 278.10 Td (will be transferred to the buyer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 266.10 Td (at the end of their lease term. Both of these transactions did not meet the criteria to qualify as a sales-type lease and, accordingly) Tj ET Q q 0 0 0 rg BT 557.78 266.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 254.10 Td (they are being accounted for as operating leases whereby we recognize the charter revenue over the term of the agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 242.10 Td (Subsequent to entering into these agreements, our ) Tj ET Q q 0 0 0 rg BT 246.44 242.10 Td (T) Tj ET Q q 0 0 0 rg BT 251.85 242.10 Td (our and Other segment includes these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.58 242.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.57 242.10 Td ( ships.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 742.10 Td (Selected information for our segments was as follows \(in millions\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 45.00 731.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 679.80 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 679.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 679.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 679.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 679.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 679.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 679.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 679.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 679.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 679.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 646.80 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 646.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 646.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 646.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 646.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 646.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 646.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 646.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 646.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 646.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 616.80 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 616.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 616.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 616.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 616.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 616.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 616.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 616.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 616.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 616.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 586.80 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 586.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 586.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 586.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 586.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 586.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 586.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 586.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 586.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 586.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 554.80 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 554.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 554.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 554.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 554.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 554.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 554.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 554.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 554.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 554.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 524.80 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 524.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 524.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 524.80 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 524.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 524.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 524.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 524.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 524.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 524.80 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 281.5 707.8 m 323.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 707.8 m 327.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 707.8 m 370.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 707.8 m 374.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 707.8 m 434.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 707.8 m 438.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 707.8 m 493.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 707.8 m 497.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 707.8 m 539.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 679.8 m 323.5 679.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 679.8 m 370.5 679.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 679.8 m 434.5 679.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 679.8 m 493.5 679.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 679.8 m 539.5 679.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 601.8 m 323.5 601.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 587.8 m 323.5 587.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 585.8 m 323.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 601.8 m 370.5 601.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 587.8 m 370.5 587.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 585.8 m 370.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 601.8 m 434.5 601.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 587.8 m 434.5 587.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 585.8 m 434.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 601.8 m 493.5 601.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 587.8 m 493.5 587.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 585.8 m 493.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 601.8 m 539.5 601.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 587.8 m 539.5 587.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 585.8 m 539.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 509.8 m 323.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 495.8 m 323.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 493.8 m 323.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 509.8 m 370.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 495.8 m 370.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 493.8 m 370.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 509.8 m 434.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 495.8 m 434.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 493.8 m 434.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 509.8 m 493.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 495.8 m 493.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 493.8 m 493.5 493.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 509.8 m 539.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 495.8 m 539.5 495.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 493.8 m 539.5 493.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.40 712.03 Td (Three Months Ended February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.75 684.03 Td (Revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.90 699.88 Td (Operating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.80 691.88 Td (costs and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 683.88 Td (expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.40 699.88 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.55 691.88 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 683.88 Td (administrative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.55 699.88 Td (Depreciation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.05 691.88 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 683.88 Td (amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.40 699.88 Td (Operating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.75 691.88 Td (income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.10 683.88 Td (\(loss\)) 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 48 668.96259765625 m 68 668.96259765625 l s q 0 0 0 rg BT 48.00 670.53 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 655.37 Td (North America Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 651.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 651.47 Td (2,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 651.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.10 651.47 Td (1,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 651.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 651.47 Td (287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 651.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 651.47 Td (246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 651.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 651.47 Td (283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 637.37 Td (EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 636.47 Td (1,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 636.47 Td (943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 636.47 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 636.47 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 636.47 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 622.37 Td (Cruise Support) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 621.47 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.30 621.52 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 621.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 621.47 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 621.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 621.52 Td (\(40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 621.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 607.37 Td (Tour and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 606.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 606.47 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 606.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 606.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 606.52 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 606.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 591.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 591.47 Td (3,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 591.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.10 591.47 Td (2,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 591.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 591.47 Td (529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 591.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 591.47 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 591.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 591.47 Td (266) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 48 575.96259765625 m 68 575.96259765625 l s q 0 0 0 rg BT 48.00 577.53 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 562.37 Td (North America Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 559.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 559.47 Td (2,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 559.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.10 559.47 Td (1,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 559.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 559.47 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 559.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 559.47 Td (236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 559.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 559.47 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 545.37 Td (EAA Cruise Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 544.47 Td (1,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.10 544.47 Td (1,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 544.47 Td (187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 544.47 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 544.47 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 530.37 Td (Cruise Support) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 529.47 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 529.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 529.47 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 529.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 529.52 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 529.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 515.37 Td (Tour and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 514.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 514.47 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 514.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 514.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 514.52 Td (\(17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 514.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 499.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 499.47 Td (3,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 499.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.10 499.47 Td (2,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 499.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 499.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 499.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 499.47 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 499.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 499.47 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 471.30 Td (NOTE 6 Earnings \(Loss\) Per) Tj ET Q q 0 0 0 rg BT 175.66 471.30 Td ( Shar) Tj ET Q q 0 0 0 rg BT 198.54 471.30 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 454.30 Td (Our basic and diluted earnings \(loss\) 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 45.00 443.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 399.00 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 399.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 399.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 399.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 369.00 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 369.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 369.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 369.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 339.00 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 339.00 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 339.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 339.00 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 441.5 412 m 495.5 412 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 412 m 499.5 412 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 412 m 553.5 412 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 412 m 495.5 412 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 399 m 495.5 399 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 412 m 499.5 412 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 412 m 553.5 412 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 399 m 553.5 399 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 399 m 495.5 399 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 385 m 495.5 385 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 383 m 495.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 399 m 553.5 399 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 385 m 553.5 385 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 383 m 553.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 383 m 495.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 385 m 495.5 385 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 383 m 553.5 383 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 385 m 553.5 385 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 354 m 495.5 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 354 m 553.5 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 340 m 495.5 340 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 338 m 495.5 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 340 m 553.5 340 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 338 m 553.5 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 338 m 495.5 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 340 m 495.5 340 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 325 m 495.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 323 m 495.5 323 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 338 m 553.5 338 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 340 m 553.5 340 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 325 m 553.5 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 323 m 553.5 323 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 301 m 495.5 301 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 299 m 495.5 299 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 301 m 553.5 301 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 299 m 553.5 299 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 48.00 416.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.60 424.23 Td (Three Months Ended ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 416.23 Td (February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 48.00 403.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.00 403.23 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.00 403.23 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 389.57 Td (Net income \(loss\) for basic and diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 388.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 388.67 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 388.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 388.72 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 388.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 374.57 Td (Weighted-average common and ordinary shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 373.67 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 373.67 Td (776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 359.57 Td (Dilutive effect of equity plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 358.67 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 358.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 344.57 Td (Diluted weighted-average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 343.67 Td (779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 343.67 Td (776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 329.57 Td (Basic and diluted earnings \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 328.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 328.67 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 328.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 328.72 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 328.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 314.57 Td (Anti-dilutive equity awards excluded from diluted earnings \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 304.57 Td ( computations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 304.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 304.67 Td (6) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 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 104 740.68505859375 m 483.130859375 740.68505859375 l s q 0 0 0 rg BT 104.00 742.25 Td (Management) Tj ET Q q 0 0 0 rg BT 163.06 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 235.04 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.13 742.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 727.25 Td (Cautionary Note Concerning Factors ) Tj ET Q q 0 0 0 rg BT 187.91 727.25 Td (That May ) Tj ET Q q 0 0 0 rg BT 232.36 727.25 Td (Affect Futur) Tj ET Q q 0 0 0 rg BT 285.76 727.25 Td (e Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 709.25 Td (Some of the statements, estimates or projections contained in this joint Quarterly Report on Form 10-Q are forward-looking statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 697.25 Td (that involve 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 27.00 685.25 Td (goals and other events which have not yet occurred. ) Tj ET Q q 0 0 0 rg BT 236.75 685.25 Td (These statements are intended to qualify for the safe harbors from liability provided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 673.25 Td (Section 27A) Tj ET Q q 0 0 0 rg BT 76.17 673.25 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 145.59 673.25 Td (Act of 1933 and Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 372.76 673.25 Td (Act of 1934. ) Tj ET Q q 0 0 0 rg BT 424.97 673.25 Td (All statements other than statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 661.25 Td (historical facts are statements that could be deemed forward-looking. ) Tj ET Q q 0 0 0 rg BT 305.61 661.25 Td (These statements are based on current expectations, estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 649.25 Td (forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. ) Tj ET Q q 0 0 0 rg BT 568.35 649.25 Td (W) Tj ET Q q 0 0 0 rg BT 576.99 649.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 637.25 Td (have tried, whenever possible, to identify these statements by using words like will, may) Tj ET Q q 0 0 0 rg BT 394.04 637.25 Td (, could, should, would, believe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 625.25 Td (depends, expect, goal, anticipate, forecast, project, future, intend, plan, estimate, tar) Tj ET Q q 0 0 0 rg BT 454.34 625.25 Td (get, indicate and similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 613.25 Td (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 27.00 595.25 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 527.36 595.25 Td ( earnings per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 583.25 Td (share; net revenue yields; booking levels; pricing; occupancy; operating, financing and tax costs, including fuel expenses; net cruise costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 571.25 Td (per available lower berth day; estimates of ship depreciable lives and residual values; liquidity; goodwill, ship and trademark fair values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 559.25 Td (and outlook. Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 547.25 Td (results, performance or achievements to dif) Tj ET Q q 0 0 0 rg BT 200.09 547.25 Td (fer materially from those expressed or implied in this joint Quarterly Report on Form 10-Q. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 535.25 Td (This note contains important cautionary statements of the known factors that we consider could materially af) Tj ET Q q 0 0 0 rg BT 461.97 535.25 Td (fect the accuracy of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 523.25 Td (forward-looking statements and adversely af) Tj ET Q q 0 0 0 rg BT 205.09 523.25 Td (fect our business, results of operations and financial position. It is not possible to predict or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 511.25 Td (identify all such risks. ) Tj ET Q q 0 0 0 rg BT 120.14 511.25 Td (There may be additional risks that we consider immaterial or which are unknown. ) Tj ET Q q 0 0 0 rg BT 452.36 511.25 Td (These factors include, but are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 499.25 Td (not limited to, the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 481.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 481.25 Td (general economic and business conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 469.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 469.25 Td (increases in fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 457.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 457.25 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 36.00 445.25 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 445.25 Td (fecting the health, safety) Tj ET Q q 0 0 0 rg BT 141.23 445.25 Td (, security and satisfaction of guests and crew;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 433.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 433.25 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 36.00 421.25 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 421.25 Td (fecting the safety and security of travel; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 409.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 409.25 Td (negative publicity concerning the cruise industry in general or us in particular) Tj ET Q q 0 0 0 rg BT 346.33 409.25 Td (, including any adverse environmental impacts of cruising;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 397.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 397.25 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 27.00 385.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 385.25 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 27.00 373.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 373.25 Td (changes in and compliance with laws and regulations relating to the protection of persons with disabilities, employment, environment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 361.25 Td (health, safety) Tj ET Q q 0 0 0 rg BT 88.66 361.25 Td (, security) Tj ET Q q 0 0 0 rg BT 124.67 361.25 Td (, tax and other regulations under which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 349.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 349.25 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 36.00 337.25 Td (consistent with our expectations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 325.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 325.25 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 27.00 313.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 313.25 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 36.00 301.25 Td (expectations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 289.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 289.25 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 36.00 277.25 Td (reductions in the availability of, and increases in the prices for) Tj ET Q q 0 0 0 rg BT 284.68 277.25 Td (, the services and products provided by these vendors;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 265.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 265.25 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 27.00 253.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 253.25 Td (failure to keep pace with developments in technology;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 241.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 241.25 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 26.00 229.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 229.25 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 26.00 217.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 217.25 Td (union disputes and other employee relationship issues;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 205.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 205.25 Td (disruptions in the global financial markets or other events that may negatively af) Tj ET Q q 0 0 0 rg BT 357.95 205.25 Td (fect the ability of our counterparties and others to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 193.25 Td (perform their obligations to us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 181.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 181.25 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 27.00 169.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 169.25 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 27.00 157.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 157.25 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 27.00 145.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 145.25 Td (litigation, enforcement actions, fines or penalties; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 133.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 133.25 Td (fluctuations in foreign currency exchange rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 121.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 121.25 Td (whether our future operating cash flow will be suf) Tj ET Q q 0 0 0 rg BT 236.31 121.25 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 36.00 109.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 74.22 109.25 Td (, in suf) Tj ET Q q 0 0 0 rg BT 101.54 109.25 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 27.00 97.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 97.25 Td (risks associated with our DLC arrangement;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 85.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 85.25 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 27.00 73.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 73.25 Td (the ability of a small group of shareholders to ef) Tj ET Q q 0 0 0 rg BT 228.27 73.25 Td (fectively control the outcome of shareholder voting.) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream 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 q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 740.10 Td (Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 716.10 Td (Quarterly Report on Form 10-Q, 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 27.00 704.10 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 27.00 680.10 Td (Outlook ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (On March 27, 2015, we said that we expected our non-GAAP) Tj ET Q q 0 0 0 rg BT 273.79 656.10 Td ( diluted earnings per share for the 2015 second quarter and full year to be in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (the ranges of $0.1) Tj ET Q q 0 0 0 rg BT 98.27 644.10 Td (1 to $0.15 and $2.30 to $2.50, respectively \(see Key Performance Non-GAAP) Tj ET Q q 0 0 0 rg BT 414.77 644.10 Td ( Financial Indicators\). Our guidance was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (based on fuel prices of $402 per metric ton and $406 per metric ton for the 2015 second quarter and full year) Tj ET Q q 0 0 0 rg BT 461.73 632.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 514.39 632.10 Td (. In addition, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 620.10 Td (guidance was based on 2015 second quarter and full year currency rates of $1.08 and $1.10 to the euro, $1.49 and $1.50 to sterling, $0.77 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 608.10 Td (and $0.78 to the ) Tj ET Q q 0 0 0 rg BT 93.38 608.10 Td (Australian dollar and $0.79 and $0.80 to the Canadian dollar) Tj ET Q q 0 0 0 rg BT 335.42 608.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 388.08 608.10 Td (. ) Tj ET Q q 0 0 0 rg BT 392.90 608.10 Td (The fuel and currency assumptions used in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.10 Td (guidance change daily and, accordingly) Tj ET Q q 0 0 0 rg BT 184.90 596.10 Td (, our forecasts change daily based on the changes in these assumptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 572.10 Td (The above forward-looking statements involve risks, uncertainties and assumptions with respect to us.) Tj ET Q q 0 0 0 rg BT 438.12 572.10 Td (There are many factors that could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 143.72 560.10 Td (fer materially from those expressed above including, but not limited to, general economic and business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (conditions, increases in fuel prices, incidents, spread of contagious diseases, adverse weather conditions, geopolitical events, negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (publicity and other factors that could adversely impact our revenues, costs and expenses.) Tj ET Q q 0 0 0 rg BT 384.02 536.10 Td (Y) Tj ET Q q 0 0 0 rg BT 390.24 536.10 Td (ou should read the above forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (statements together with the discussion of these and other risks under Cautionary Note Concerning Factors ) Tj ET Q q 0 0 0 rg BT 460.89 524.10 Td (That May ) Tj ET Q q 0 0 0 rg BT 501.99 524.10 Td (Af) Tj ET Q q 0 0 0 rg BT 512.36 524.10 Td (fect Future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (Results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 488.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 61.71 488.10 Td (Accounting Estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (For a discussion of our critical accounting estimates, see Management) Tj ET Q q 0 0 0 rg BT 314.69 464.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 383.86 464.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 452.10 Td (Operations that is included in the 2014 Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 428.10 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 404.10 Td (Our revenues from the sale of passenger tickets are seasonal. Historically) Tj ET Q q 0 0 0 rg BT 319.30 404.10 Td (, demand for cruises has been greatest during our third quarter) Tj ET Q q 0 0 0 rg BT 567.42 404.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 392.10 Td (which includes the Northern Hemisphere summer months. ) Tj ET Q q 0 0 0 rg BT 262.88 392.10 Td (This higher demand during the third quarter results in higher ticket prices and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 380.10 Td (occupancy levels and, accordingly) Tj ET Q q 0 0 0 rg BT 164.07 380.10 Td (, the lar) Tj ET Q q 0 0 0 rg BT 194.15 380.10 Td (gest share of our operating income is earned during this period. ) Tj ET Q q 0 0 0 rg BT 449.46 380.10 Td (The seasonality of our results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 368.10 Td (also increases due to ships being taken out-of-service for maintenance, which we schedule during non-peak demand periods. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.10 Td (substantially all of Holland ) Tj ET Q q 0 0 0 rg BT 137.54 356.10 Td (America Princess ) Tj ET Q q 0 0 0 rg BT 209.74 356.10 Td (Alaska ) Tj ET Q q 0 0 0 rg BT 239.83 356.10 Td (T) Tj ET Q q 0 0 0 rg BT 245.24 356.10 Td (ours) Tj ET Q q 0 0 0 rg BT 265.05 356.10 Td ( revenue and net income is generated from May through September in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 344.10 Td (conjunction with the ) Tj ET Q q 0 0 0 rg BT 111.16 344.10 Td (Alaska cruise season.) 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0.8 0.9333333333333333 1 rg /GS0 gs 521.00 662.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 662.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 29.00 632.75 428.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 632.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 632.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 29.00 602.75 428.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 602.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 602.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 29.00 572.75 428.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 572.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 572.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 29.00 542.75 428.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 542.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 542.75 57.00 -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 457 707.75 m 521 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 707.75 m 525 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 707.75 m 582 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 692.75 m 521 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 692.75 m 582 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 692.75 m 521 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 692.75 m 582 692.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.50 722.43 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.20 712.43 Td (February 28,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 697.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.00 697.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 682.42 Td (Available lower berth days \("ALBDs"\) \(in thousands\) \(a\) \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 682.42 Td (18,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 682.42 Td (18,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 667.42 Td (Occupancy percentage \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 667.42 Td (103.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.15 667.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 667.42 Td (102.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.15 667.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 652.42 Td (Passengers carried \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 652.42 Td (2,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 652.42 Td (2,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 637.42 Td (Fuel consumption in metric tons \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 637.42 Td (783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 637.42 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 622.42 Td (Fuel consumption in metric tons per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 622.42 Td (0.042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 622.42 Td (0.044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 607.42 Td (Fuel cost per metric ton consumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 607.42 Td (406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.50 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 607.42 Td (654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 592.42 Td (Currencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 577.42 Td ( U.S. dollar to 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 577.42 Td (1.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.50 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.65 577.42 Td (1.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 562.42 Td ( U.S. dollar to 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 562.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 562.42 Td (1.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.50 562.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.65 562.42 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 547.42 Td ( U.S. dollar to Australian dollar) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 547.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 547.42 Td (0.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.50 547.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.65 547.42 Td (0.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 532.42 Td ( U.S. dollar to Canadian dollar) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 532.42 Td (0.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.50 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.65 532.42 Td (0.91) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 498.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 498.25 Td (ALBD is a standard measure of passenger capacity for the period that we use to approximate rate and capacity variances, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 486.25 Td (on consistently applied formulas, that we use to perform analyses to determine the main non-capacity driven factors that cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 474.25 Td (our cruise revenues and expenses to vary) Tj ET Q q 0 0 0 rg BT 230.68 474.25 Td (.) Tj ET Q q 0 0 0 rg BT 235.13 474.25 Td (ALBDs assume that each cabin we of) Tj ET Q q 0 0 0 rg BT 385.45 474.25 Td (fer for sale accommodates two passengers and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 462.25 Td (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 31.50 444.25 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 444.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.61 444.25 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.02 444.25 Td (, we had a 1.6% capacity increase in ) Tj ET Q q 0 0 0 rg BT 400.18 444.25 Td (ALBDs compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.71 444.25 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 432.25 Td (February 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.10 432.25 Td ( comprised of a 2.8% capacity increase in our North ) Tj ET Q q 0 0 0 rg BT 351.30 432.25 Td (America brands, partially of) Tj ET Q q 0 0 0 rg BT 463.86 432.25 Td (fset by a minor capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 420.25 Td (decrease in our EAA) Tj ET Q q 0 0 0 rg BT 150.52 420.25 Td ( brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 402.25 Td (Our North ) Tj ET Q q 0 0 0 rg BT 110.83 402.25 Td (America brands) Tj ET Q q 0 0 0 rg BT 177.00 402.25 Td ( capacity increase was caused by the full quarter impact from one Princess 3,560-passenger capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 390.25 Td (ship delivered in 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 372.25 Td (Our EAA) Tj ET Q q 0 0 0 rg BT 105.55 372.25 Td ( brands' minor capacity decrease was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 360.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 360.25 Td (full quarter impact from the bareboat charter/sale of a Costa ship and a former Ibero ship and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 348.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 348.25 Td (more ship dry-dock days in 2015 compared to 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 330.25 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 218.58 330.25 Td (fset by the full quarter impact from one Costa 3,692-passenger capacity ship delivered in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 318.25 Td (2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 300.25 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 300.25 Td (In accordance with cruise industry practice, occupancy is calculated using a denominator of ) Tj ET Q q 0 0 0 rg BT 436.25 300.25 Td (ALBDs, which assumes two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 288.25 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 67.50 276.25 Td (indicate that on average more than two passengers occupied some cabins.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream 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 q 0 0 0 rg BT 301.00 24.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 737.10 Td (Thr) Tj ET Q q 0 0 0 rg BT 43.49 737.10 Td (ee Months Ended February 28, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.49 737.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.32 737.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.32 737.10 Td (\) Compar) Tj ET Q q 0 0 0 rg BT 275.52 737.10 Td (ed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.67 737.10 Td (Thr) Tj ET Q q 0 0 0 rg BT 315.16 737.10 Td (ee Months Ended February 28, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.16 737.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.99 737.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.99 737.10 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (Revision of Prior) Tj ET Q q 0 0 0 rg BT 108.58 713.10 Td ( Period Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 689.10 Td (Management's discussion and analysis of the results of operations is based on the revised Consolidated Statement of Operations for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 677.10 Td (the three months ended February 28, 2014 \(see "Note 1- General - Revision of Prior Period Financial Statements" in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 665.10 Td (financial statements for additional discussion\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 653.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 593.10 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 244.43 593.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 593.10 Td ( total revenues. Cruise passenger ticket revenues decreased by $95 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 581.10 Td (million, or 3.5%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 581.10 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.94 581.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.72 581.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.72 581.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.16 581.10 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.27 581.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.05 581.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.05 581.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 557.10 Td (This decrease was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 545.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 545.10 Td ($142 million - foreign currency translational impact from a stronger U.S. dollar against the euro, sterling and the ) Tj ET Q q 0 0 0 rg BT 515.38 545.10 Td (Australian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 533.10 Td (dollar \(currency impact\) and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 521.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 521.10 Td ($16 million - decrease in cruise ticket pricing driven by foreign currency transactional impact.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 497.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 497.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 485.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 485.10 Td ($44 million - 1.6% capacity increase in ) Tj ET Q q 0 0 0 rg BT 221.84 485.10 Td (ALBDs and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 473.10 Td ($10 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 27.00 449.10 Td (The remaining 25% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 449.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 449.10 Td ( total revenues were substantially all comprised of onboard and other cruise revenues, which increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 437.10 Td ($39 million, or 4.6%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.33 437.10 Td ($889 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.72 437.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 437.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 437.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.94 437.10 Td ($850 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.33 437.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.11 437.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.11 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 322.93 437.10 Td (This increase was substantially due to higher onboard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 425.10 Td (spending by our guests, which accounted for $55 million, our 1.6% capacity increase in ) Tj ET Q q 0 0 0 rg BT 379.41 425.10 Td (ALBDs, which accounted for $14 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 413.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 70.97 413.10 Td (fset by the currency impact, which accounted for $33 million. Onboard and other revenues included concession revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 401.10 Td (of $236 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 401.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 401.10 Td ( and $241 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.61 401.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.61 401.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (North ) Tj ET Q q 0 0 0 rg BT 81.50 377.10 Td (America Brands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 353.10 Td (Cruise passenger ticket revenues made up 72% of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 353.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 353.10 Td ( total revenues.Cruise passenger ticket revenues increased by $22 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 341.10 Td (and remained at $1.6 billion in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.53 341.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.53 341.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.97 341.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.97 341.10 Td (. ) Tj ET Q q 0 0 0 rg BT 239.29 341.10 Td (This increase was caused by our 2.8% capacity increase in ) Tj ET Q q 0 0 0 rg BT 475.03 341.10 Td (ALBDs, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 329.10 Td (accounted for $43 million, partially of) Tj ET Q q 0 0 0 rg BT 179.55 329.10 Td (fset by a decrease in cruise ticket pricing driven by foreign currency transactional impact, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 317.10 Td (which accounted for $14 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 293.10 Td (The remaining 28% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 293.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 293.10 Td ( total revenues were comprised of onboard and other cruise revenues, which increased by $51 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 281.10 Td (9.0%, to $619 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.28 281.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.28 281.10 Td ( from $568 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.89 281.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.89 281.10 Td (. ) Tj ET Q q 0 0 0 rg BT 263.21 281.10 Td (This increase was caused by higher onboard spending by our guests, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 269.10 Td (which accounted for $36 million, and our 2.8% capacity increase in ) Tj ET Q q 0 0 0 rg BT 299.41 269.10 Td (ALBDs, which accounted for $16 million. Onboard and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 257.10 Td (revenues included concession revenues of $162 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.38 257.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.38 257.10 Td ( and $158 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.99 257.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.99 257.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (EAA) Tj ET Q q 0 0 0 rg BT 74.56 233.10 Td ( Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 209.10 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 244.43 209.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 209.10 Td ( total revenues.Cruise passenger ticket revenues decreased by $1) Tj ET Q q 0 0 0 rg BT 525.07 209.10 Td (16 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 197.10 Td (million, or 9.8%, to $1.1 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.72 197.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.72 197.10 Td ( from $1.2 billion in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.05 197.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.05 197.10 Td (.) Tj ET Q q 0 0 0 rg BT 294.87 197.10 Td (This decrease was caused by the currency impact, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 185.10 Td (accounted for $142 million, partially of) Tj ET Q q 0 0 0 rg BT 184.55 185.10 Td (fset by an increase in air transportation revenues from guests who purchased their tickets from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 173.10 Td (us, which accounted for $16 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 149.10 Td (The remaining 19% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.75 149.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 149.10 Td ( total revenues were comprised of onboard and other cruise revenues, which decreased by $14 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 137.10 Td (5.5%, to $242 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.28 137.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.28 137.10 Td ( from $256 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.89 137.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.89 137.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.71 137.10 Td (This decrease was caused by the currency impact, which accounted for $33 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 125.10 Td (million, partially of) Tj ET Q q 0 0 0 rg BT 104.86 125.10 Td (fset by higher onboard spending by our guests, which accounted for $17 million. Onboard and other revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 113.10 Td (included concession revenues of $74 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.35 113.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.35 113.10 Td ( and $83 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.96 113.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.96 113.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 89.10 Td (Costs and Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 41.10 Td (Operating costs and expenses decreased by $257 million, or 9.9%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.27 41.10 Td ($2.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.38 41.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.16 41.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.16 41.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.60 41.10 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.71 41.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.49 41.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.49 41.10 Td (. ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream 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 q 0 0 0 rg BT 301.00 24.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 749.10 Td (This decrease was caused by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 737.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 737.10 Td ($194 million - lower fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 725.10 Td ($1) Tj ET Q q 0 0 0 rg BT 73.63 725.10 Td (10 million - currency impact;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 713.10 Td ($20 million - gain on a litigation settlement and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 701.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 701.10 Td ($20 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 230.92 701.10 Td (ALBD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 677.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 677.10 Td (fset by: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 665.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 665.10 Td ($42 million - 1.6% capacity increase in ) Tj ET Q q 0 0 0 rg BT 222.84 665.10 Td (ALBDs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 653.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 653.10 Td ($25 million - higher dry-dock expenses and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 641.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 641.10 Td ($20 million- various other operating expenses, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 617.10 Td (Selling and administrative expenses increased by $8 million, or 1.5%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.16 617.10 Td ($529 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.55 617.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.33 617.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.33 617.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.77 617.10 Td ($521 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.16 617.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.94 617.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.94 617.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 593.10 Td (Depreciation and amortization expenses decreased slightly by $4 million, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 593.10 Td ($401 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.70 593.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.47 593.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.47 593.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.91 593.10 Td ($405 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.30 593.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.08 593.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.08 593.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 569.10 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 339.10 569.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.10 569.10 Td ( from 98% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 569.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 569.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (North ) Tj ET Q q 0 0 0 rg BT 81.50 545.10 Td (America Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 521.10 Td (Operating costs and expenses decreased by $160 million, or 10%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.77 521.10 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.88 521.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.66 521.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.66 521.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.10 521.10 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.21 521.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.99 521.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.99 521.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 497.10 Td (This decrease was substantially due to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 485.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 485.10 Td ($130 million - lower fuel prices;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 473.10 Td ($24 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 46.00 461.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 461.10 Td ($19 million - gain on a litigation settlement;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 449.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 449.10 Td ($12 million - lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 230.92 449.10 Td (ALBD and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 437.10 Td ($18 million - various other operating expenses, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 413.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 413.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 401.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 401.10 Td ($43 million - 2.8% capacity increase in ) Tj ET Q q 0 0 0 rg BT 222.84 401.10 Td (ALBDs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 377.10 Td (Our total costs and expenses as a percentage of revenues decreased to 87% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 377.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.10 377.10 Td ( from 98% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 377.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 377.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (EAA) Tj ET Q q 0 0 0 rg BT 74.56 353.10 Td ( Brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 329.10 Td (Operating costs and expenses decreased by $96 million, or 9.2%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.27 329.10 Td ($943 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.66 329.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.44 329.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.44 329.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.88 329.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.99 329.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.77 329.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.77 329.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 305.10 Td (This decrease was caused by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 293.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 293.10 Td ($1) Tj ET Q q 0 0 0 rg BT 73.63 293.10 Td (10 million - currency impact and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 281.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 281.10 Td ($64 million - lower fuel prices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 257.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 160.08 257.10 Td (fset by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 245.10 Td ($37 million - higher dry-dock expenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 233.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 233.10 Td ($28 million - increases in commissions, transportation and other related expenses and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.00 221.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 221.10 Td ($13 million - various other operating expenses, net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 197.10 Td (Our total costs and expenses as a percentage of revenues increased to 97% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.44 197.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.44 197.10 Td ( from 96% in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.99 197.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.99 197.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (Operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 149.10 Td (Our consolidated operating income increased by $199 million, or 297%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.88 149.10 Td ($266 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.27 149.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.04 149.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.04 149.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.48 149.10 Td ($67 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.88 149.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 149.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 149.10 Td (. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 137.10 Td (North ) Tj ET Q q 0 0 0 rg BT 52.28 137.10 Td (America brands) Tj ET Q q 0 0 0 rg BT 118.45 137.10 Td ( operating income increased by $234 million, or 478%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.73 137.10 Td ($283 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.12 137.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.90 137.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.90 137.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.34 137.10 Td ($49 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.73 137.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.51 137.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 137.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 125.10 Td (our EAA) Tj ET Q q 0 0 0 rg BT 62.83 125.10 Td ( brands) Tj ET Q q 0 0 0 rg BT 94.58 125.10 Td ( operating income decreased by $12 million, or 22%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.52 125.10 Td ($43 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.91 125.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.69 125.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.69 125.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.13 125.10 Td ($55 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.52 125.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.30 125.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.30 125.10 Td (. ) Tj ET Q q 0 0 0 rg BT 507.12 125.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 113.10 Td (changes were primarily due to the reasons discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 89.10 Td (Nonoperating Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 65.10 Td (Net interest expense decreased $15 million, or 21%, to $57 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.49 65.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.49 65.10 Td ( from $72 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.10 65.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.10 65.10 Td (. Losses on fuel derivatives, net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 53.10 Td (increased $153 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.42 53.10 Td ($169 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.82 53.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.59 53.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.59 53.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.03 53.10 Td ($16 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.42 53.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.20 53.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.20 53.10 Td (. Losses on fuel derivatives, net in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.84 53.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.84 53.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.28 53.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.28 53.10 Td ( included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 41.10 Td (unrealized losses, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.58 41.10 Td ($\(1) Tj ET Q q 0 0 0 rg BT 138.54 41.10 Td (12\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.26 41.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.70 41.10 Td ($\(17\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.75 41.10 Td ( and realized \(losses\) gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.82 41.10 Td ($\(57\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.87 41.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.31 41.10 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.70 41.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 543.36 41.10 Td (.) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream 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 q 0 0 0 rg BT 301.00 24.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Key Performance Non-GAAP) Tj ET Q q 0 0 0 rg BT 162.63 749.25 Td ( Financial Indicators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 725.25 Td (e use net cruise revenues per ) Tj ET Q q 0 0 0 rg BT 152.25 725.25 Td (ALBD \(net revenue yields\), net cruise costs per ) Tj ET Q q 0 0 0 rg BT 353.57 725.25 Td (ALBD and net cruise costs excluding fuel per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 713.25 Td (ALBD as significant non-GAAP) Tj ET Q q 0 0 0 rg BT 157.45 713.25 Td ( financial measures of our cruise segments) Tj ET Q q 0 0 0 rg BT 329.98 713.25 Td ( financial performance.) Tj ET Q q 0 0 0 rg BT 425.30 713.25 Td (These measures enable us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 701.25 Td (separate the impact of predictable capacity changes from the more unpredictable rate changes that af) Tj ET Q q 0 0 0 rg BT 428.85 701.25 Td (fect our business; gains and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 689.25 Td (losses on ship sales and ship impairments, net; and restructuring expenses that are not part of our core operating business. ) Tj ET Q q 0 0 0 rg BT 515.59 689.25 Td (W) Tj ET Q q 0 0 0 rg BT 524.23 689.25 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 677.25 Td (these non-GAAP) Tj ET Q q 0 0 0 rg BT 95.23 677.25 Td ( measures provide useful information to investors and expanded insight to measure our revenue and cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 665.25 Td (performance as a supplement to our U.S. GAAP) Tj ET Q q 0 0 0 rg BT 219.64 665.25 Td ( consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 647.25 Td (Net revenue yields are commonly used in the cruise industry to measure a company) Tj ET Q q 0 0 0 rg BT 364.40 647.25 Td (s cruise segment revenue performance and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 635.25 Td (revenue management purposes.) Tj ET Q q 0 0 0 rg BT 155.11 635.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.74 635.25 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 542.83 635.25 Td (W) Tj ET Q q 0 0 0 rg BT 551.47 635.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 623.25 Td (believe that net cruise revenues is a more meaningful measure in determining revenue yield than gross cruise revenues because it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 611.25 Td (reflects the cruise revenues earned net of our most significant variable costs, which are travel agent commissions, cost of air and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 599.25 Td (other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 587.25 Td (fees.Substantially all of our remaining cruise costs are lar) Tj ET Q q 0 0 0 rg BT 258.97 587.25 Td (gely fixed, except for the impact of changing prices and food expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 575.25 Td (once our ship capacity levels have been determined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 557.25 Td (Net passenger ticket revenues reflect gross passenger ticket revenues, net of commissions, transportation and other costs. Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 545.25 Td (onboard and other revenues reflect gross onboard and other revenues, net of onboard and other cruise costs. Net passenger ticket ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 533.25 Td (revenue yields and net onboard and other revenue yields are computed by dividing net passenger ticket revenues and net onboard and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 521.25 Td (other revenues by ) Tj ET Q q 0 0 0 rg BT 100.03 521.25 Td (ALBDs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 503.25 Td (Net cruise costs per ) Tj ET Q q 0 0 0 rg BT 107.53 503.25 Td (ALBD and net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 292.48 503.25 Td (ALBD are the most significant measures we use to monitor our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 491.25 Td (ability to control our cruise segments) Tj ET Q q 0 0 0 rg BT 178.17 491.25 Td ( costs rather than gross cruise costs per ) Tj ET Q q 0 0 0 rg BT 335.91 491.25 Td (ALBD.) Tj ET Q q 0 0 0 rg BT 367.95 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 376.58 491.25 Td (e exclude the same variable costs that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 479.25 Td (included in the calculation of net cruise revenues to calculate net cruise costs with and without fuel to avoid duplicating these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 467.25 Td (variable costs in our non-GAAP) Tj ET Q q 0 0 0 rg BT 155.50 467.25 Td ( financial measures. In addition, we exclude gains and losses on ship sales and ship impairments, net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 455.25 Td (and restructuring expenses from our calculation of net cruise costs with and without fuel as they are not considered part of our core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 443.25 Td (operating business and, therefore, are not an indication of our future earnings performance. ) Tj ET Q q 0 0 0 rg BT 392.98 443.25 Td (As such, we also believe it is more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 431.25 Td (meaningful for gains and losses on ship sales and ship impairments, net and restructuring expenses to be excluded from our net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 419.25 Td (income and earnings per share and, accordingly) Tj ET Q q 0 0 0 rg BT 217.11 419.25 Td (, we present non-GAAP) Tj ET Q q 0 0 0 rg BT 312.83 419.25 Td ( net income and non-GAAP) Tj ET Q q 0 0 0 rg BT 424.10 419.25 Td ( earnings per share excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 407.25 Td (these items. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 389.25 Td (As a result of our revision of 2014 cruise ship operating expenses, our previously reported gross and net cruise costs per ) Tj ET Q q 0 0 0 rg BT 509.11 389.25 Td (ALBD and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 377.25 Td (net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 165.29 377.25 Td (ALBD changed from $169.1) Tj ET Q q 0 0 0 rg BT 279.90 377.25 Td (1, $128.98 and $100.38 to $169.34, $129.22 and $100.61, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 365.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 74.66 365.25 Td (. In addition, our previously reported U.S. GAAP) Tj ET Q q 0 0 0 rg BT 274.27 365.25 Td ( net loss for 2014 changed from $\(15\) million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.79 365.25 Td ($\(20\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.84 365.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 353.25 Td (Furthermore, our previously reported non-GAAP) Tj ET Q q 0 0 0 rg BT 223.53 353.25 Td ( net income \(loss\) for 2014 changed from $2 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.99 353.25 Td ($\(3\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.04 353.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 335.25 Td (In addition, because our EAA) Tj ET Q q 0 0 0 rg BT 145.58 335.25 Td ( cruise brands utilize the euro, sterling and ) Tj ET Q q 0 0 0 rg BT 317.47 335.25 Td (Australian dollar as their functional currency to measure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 323.25 Td (their results and financial condition, the translation of those operations to our U.S. dollar reporting currency results in decreases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 311.25 Td (reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 299.25 Td (U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies. ) Tj ET Q q 0 0 0 rg BT 403.83 299.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 453.16 299.25 Td (, we also monitor and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 287.25 Td (report these non-GAAP) Tj ET Q q 0 0 0 rg BT 121.61 287.25 Td ( financial measures assuming the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.29 287.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.29 287.25 Td ( period currency exchange rates have remained constant with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.84 287.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.84 287.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 275.25 Td (period rates, or on a constant 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 561.82 275.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 263.25 Td (brands.) Tj ET Q q 0 0 0 rg BT 58.48 263.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.12 263.25 Td (e believe that this is a useful measure since it facilitates a comparative view of the changes in our business in a fluctuating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 251.25 Td (currency exchange rate environment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 233.25 Td (Although our constant dollar basis measure removes the foreign currency translational impact as discussed above, it does not remove ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 221.25 Td (the foreign currency transactional impact from changes in exchange rates on our brands' revenues and expenses that are denominated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 209.25 Td (in a currency other than their functional currency) Tj ET Q q 0 0 0 rg BT 222.65 209.25 Td (. Historically the foreign currency transactional impact had not been significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 197.25 Td (when measuring the periodic changes in our results of operations. However) Tj ET Q q 0 0 0 rg BT 328.46 197.25 Td (, given the continuing expansion of our global business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 185.25 Td (and the heightened volatility in foreign currency exchange rates, we believe the foreign currency transactional impact will be more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 173.25 Td (significant in measuring our 2015 results compared to 2014, than in previous years. ) Tj ET Q q 0 0 0 rg BT 363.14 173.25 Td (T) Tj ET Q q 0 0 0 rg BT 368.55 173.25 Td (ogether) Tj ET Q q 0 0 0 rg BT 398.13 173.25 Td (, the foreign currency translational and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 161.25 Td (transactional impacts discussed above are referred to as on the "constant currency basis."See Quantitative and Qualitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 149.25 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 75.61 149.25 Td (About Market Risk for a further discussion of the 2015 impact of currency exchange rate changes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 131.25 Td (Under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 100.89 131.25 Td (, the realized and unrealized gains and losses on fuel derivatives not qualifying as fuel hedges are recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 119.25 Td (currently in earnings. ) Tj ET Q q 0 0 0 rg BT 114.57 119.25 Td (W) Tj ET Q q 0 0 0 rg BT 123.21 119.25 Td (e believe that unrealized gains and losses on fuel derivatives are not an indication of our earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 107.25 Td (performance since they relate to future periods and may not ultimately be realized in our future earnings. ) Tj ET Q q 0 0 0 rg BT 448.32 107.25 Td (Therefore, we believe it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 95.25 Td (more meaningful for the unrealized gains and losses on fuel derivatives to be excluded from our net income and earnings per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 83.25 Td (and, accordingly) Tj ET Q q 0 0 0 rg BT 92.99 83.25 Td (, we present non-GAAP) Tj ET Q q 0 0 0 rg BT 188.71 83.25 Td ( net income and non-GAAP) Tj ET Q q 0 0 0 rg BT 299.99 83.25 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 65.25 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 65.25 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 53.25 Td (amounts involve a significant amount of uncertainty) Tj ET Q q 0 0 0 rg BT 235.19 53.25 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 41.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 76.34 41.25 Td (, our earnings guidance is presented on a non-GAAP) Tj ET Q q 0 0 0 rg BT 286.75 41.25 Td ( basis only) Tj ET Q q 0 0 0 rg BT 328.88 41.25 Td (. ) Tj ET Q q 0 0 0 rg BT 333.32 41.25 Td (As a result, we did not present a reconciliation between ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream 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 q 0 0 0 rg BT 301.00 24.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 749.10 Td (forecasted non-GAAP) Tj ET Q q 0 0 0 rg BT 115.77 749.10 Td ( diluted earnings per share guidance and forecasted U.S. GAAP) Tj ET Q q 0 0 0 rg BT 370.04 749.10 Td ( diluted earnings per share guidance, since we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 737.10 Td (do not believe that the reconciliation information would be meaningful. However) Tj ET Q q 0 0 0 rg BT 351.78 737.10 Td (, we do forecast realized gains and losses on fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 725.10 Td (derivatives by 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 27.00 707.10 Td (Our consolidated financial statements are prepared in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 356.89 707.10 Td (.) Tj ET Q q 0 0 0 rg BT 361.71 707.10 Td (The presentation of our non-GAAP) Tj ET Q q 0 0 0 rg BT 502.97 707.10 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 695.10 Td (information is not intended to be considered in isolation from, as substitute for) Tj ET Q q 0 0 0 rg BT 340.71 695.10 Td (, or superior to the financial information prepared in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 683.10 Td (accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 141.14 683.10 Td (.) Tj ET Q q 0 0 0 rg BT 145.96 683.10 Td (There are no specific rules for determining our non-GAAP) Tj ET Q q 0 0 0 rg BT 380.51 683.10 Td ( current and constant dollar financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 671.10 Td (measures and, accordingly) Tj ET Q q 0 0 0 rg BT 132.70 671.10 Td (, they are susceptible to varying calculations, and it is possible that they may not be exactly comparable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 659.10 Td (the like-kind information presented by other companies, which is a potential risk associated with using these measures to compare us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 647.10 Td (to other companies.) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream 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 q 0 0 0 rg BT 301.00 24.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 749.10 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 456.62 749.10 Td (ALBDs as follows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 737.10 Td (\(dollars in millions, except yields\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 678.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 678.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 678.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 678.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 678.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 678.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 678.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 650.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 650.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 650.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 650.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 650.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 622.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 622.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 622.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 622.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 622.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 622.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 622.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 594.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 594.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 594.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 594.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 594.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 594.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 594.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 566.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 566.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 566.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 566.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 566.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 566.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 566.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 538.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 538.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 538.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 538.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 538.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 538.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 538.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 510.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 510.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 510.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 510.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 510.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 510.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 510.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 482.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 482.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 482.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 482.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 482.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 482.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 482.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 454.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 454.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 454.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 454.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 15.25 426.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.25 426.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 426.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 426.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 569.25 426.60 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 336.25 714.6 m 411.25 714.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 714.6 m 415.25 714.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 714.6 m 490.25 714.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 714.6 m 494.25 714.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 714.6 m 569.25 714.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 682.6 m 411.25 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 682.6 m 490.25 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 682.6 m 569.25 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 682.6 m 411.25 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 682.6 m 490.25 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 682.6 m 569.25 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 650.6 m 411.25 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 636.6 m 411.25 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 650.6 m 490.25 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 636.6 m 490.25 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 650.6 m 569.25 650.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 636.6 m 569.25 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 594.6 m 411.25 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 580.6 m 411.25 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 594.6 m 490.25 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 580.6 m 490.25 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 594.6 m 569.25 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 580.6 m 569.25 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 552.6 m 411.25 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 539.6 m 411.25 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 537.6 m 411.25 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 552.6 m 490.25 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 539.6 m 490.25 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 537.6 m 490.25 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 552.6 m 569.25 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 539.6 m 569.25 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 537.6 m 569.25 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 525.6 m 411.25 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 523.6 m 411.25 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 525.6 m 490.25 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 523.6 m 490.25 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 525.6 m 569.25 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 523.6 m 569.25 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 523.6 m 411.25 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 525.6 m 411.25 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 523.6 m 490.25 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 525.6 m 490.25 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 523.6 m 569.25 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 525.6 m 569.25 525.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 496.6 m 336.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 496.6 m 490.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 496.6 m 15.25 482.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 496.6 m 411.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 496.6 m 415.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 496.6 m 490.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 496.6 m 494.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 496.6 m 569.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 573.25 496.6 m 573.25 482.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 569.25 496.6 m 573.25 496.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 482.6 m 15.25 468.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 573.25 482.6 m 573.25 468.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 468.6 m 15.25 454.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 573.25 468.6 m 573.25 454.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 454.6 m 15.25 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 573.25 454.6 m 573.25 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 440.6 m 15.25 426.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 573.25 440.6 m 573.25 426.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 426.6 m 15.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 15.25 412.6 m 336.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336.25 412.6 m 411.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 412.6 m 415.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 412.6 m 490.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 412.6 m 494.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 412.6 m 569.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 573.25 426.6 m 573.25 412.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 569.25 412.6 m 573.25 412.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.75 717.33 Td (Three Months Ended February 28,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.25 687.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.25 705.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 695.33 Td (Constant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.70 685.33 Td (Dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.25 687.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 669.17 Td (Passenger ticket revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.55 669.17 Td (2,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 669.17 Td (2,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.75 669.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.90 669.17 Td (2,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 655.17 Td (Onboard and other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.05 655.17 Td (889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.40 655.17 Td (922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 655.17 Td (850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 17.75 641.28 Td (Gross cruise revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.55 641.17 Td (3,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 641.17 Td (3,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.90 641.17 Td (3,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 627.17 Td (Less cruise costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 613.17 Td ( Commissions, transportation and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.70 613.17 Td (\(586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.05 613.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.05 613.22 Td (\(632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 613.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.05 613.17 Td (\(620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.40 613.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 599.17 Td ( Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.70 599.17 Td (\(111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.05 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.05 599.22 Td (\(116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.05 599.17 Td (\(114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.40 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.70 585.17 Td (\(697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.05 585.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.05 585.22 Td (\(748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 585.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.05 585.17 Td (\(734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.40 585.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 571.17 Td (Net passenger ticket revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.55 571.17 Td (2,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 571.17 Td (2,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.90 571.17 Td (2,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 557.17 Td (Net onboard and other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.05 557.17 Td (778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.40 557.17 Td (806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 557.17 Td (736) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 17.75 543.28 Td (Net cruise revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 543.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.55 543.17 Td (2,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 543.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 543.17 Td (2,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.75 543.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.90 543.17 Td (2,843) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 17.75 529.28 Td (ALBDs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 529.17 Td (18,583,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.40 529.17 Td (18,583,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.40 529.17 Td (18,286,305) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 17.75 515.28 Td (Gross revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.55 515.17 Td (189.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.90 515.17 Td (198.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.75 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.90 515.17 Td (195.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 501.17 Td (% \(decrease\) increase vs. 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.20 501.17 Td (\(3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.05 501.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 501.17 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 501.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 17.75 487.28 Td ( Net revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 487.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.55 487.17 Td (151.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 487.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.90 487.17 Td (158.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.75 487.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.90 487.17 Td (155.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 473.17 Td ( % \(decrease\) increase vs. 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.20 473.17 Td (\(2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.05 473.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 473.17 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 473.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 17.75 459.28 Td ( Net passenger ticket revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 459.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.55 459.17 Td (110.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 459.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.90 459.17 Td (115.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.75 459.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.90 459.17 Td (115.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 445.17 Td ( % \(decrease\) increase vs. 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.20 445.17 Td (\(4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.05 445.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 445.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 445.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 17.75 431.28 Td ( Net onboard and other revenue yields) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.75 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.55 431.17 Td (41.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 431.17 Td (43.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.75 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.90 431.17 Td (40.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 17.75 417.17 Td ( % increase vs. 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.55 417.17 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 417.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 417.17 Td (7.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.40 417.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 398.10 Td (Consolidated gross and net cruise costs and net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 341.65 398.10 Td (ALBD were computed by dividing the gross and net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 386.10 Td (cruise costs and net cruise costs excluding fuel by ) Tj ET Q q 0 0 0 rg BT 228.34 386.10 Td (ALBDs as follows \(dollars in millions, except costs per ) Tj ET Q q 0 0 0 rg BT 452.20 386.10 Td (ALBD\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 327.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 327.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 327.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 327.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 327.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 327.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 327.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 299.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 299.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 299.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 299.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 299.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 299.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 299.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 271.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 271.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 271.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 271.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 243.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 243.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 243.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 243.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 214.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 214.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 214.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 214.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 214.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 214.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 214.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 186.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 186.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 186.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 186.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 186.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 186.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 186.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 158.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 158.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 158.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 158.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 130.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 130.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 130.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 130.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 102.60 307.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 102.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.75 102.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.75 102.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.75 102.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.75 102.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.75 102.60 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 333.75 363.6 m 405.75 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.75 363.6 m 409.75 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 363.6 m 481.75 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.75 363.6 m 485.75 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 363.6 m 557.75 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 331.6 m 405.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 331.6 m 481.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 331.6 m 557.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 299.6 m 405.75 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 299.6 m 481.75 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 299.6 m 557.75 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 229.60000000000002 m 405.75 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 229.60000000000002 m 481.75 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 229.60000000000002 m 557.75 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 200.60000000000002 m 405.75 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 187.60000000000002 m 405.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 185.60000000000002 m 405.75 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 200.60000000000002 m 481.75 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 187.60000000000002 m 481.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 185.60000000000002 m 481.75 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.75 200.60000000000002 m 557.75 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 200.60000000000002 m 557.75 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 187.60000000000002 m 557.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 185.60000000000002 m 557.75 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 173.60000000000002 m 405.75 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 171.60000000000002 m 405.75 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 173.60000000000002 m 481.75 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 171.60000000000002 m 481.75 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 173.60000000000002 m 557.75 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 171.60000000000002 m 557.75 171.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 144.60000000000002 m 405.75 144.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 144.60000000000002 m 26.75 130.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 144.60000000000002 m 333.75 144.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.75 144.60000000000002 m 409.75 144.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 144.60000000000002 m 481.75 144.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.75 144.60000000000002 m 485.75 144.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 144.60000000000002 m 557.75 144.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 561.75 144.60000000000002 m 561.75 130.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 557.75 144.60000000000002 m 561.75 144.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 130.60000000000002 m 26.75 116.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 561.75 130.60000000000002 m 561.75 116.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 116.60000000000002 m 26.75 102.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 561.75 116.60000000000002 m 561.75 102.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 102.60000000000002 m 26.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 88.60000000000002 m 333.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.75 88.60000000000002 m 405.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.75 88.60000000000002 m 409.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.75 88.60000000000002 m 481.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.75 88.60000000000002 m 485.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.75 88.60000000000002 m 557.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 561.75 102.60000000000002 m 561.75 88.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 557.75 88.60000000000002 m 561.75 88.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.75 366.33 Td (Three Months Ended February 28,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 336.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.25 354.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.80 344.33 Td (Constant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.70 334.33 Td (Dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.25 336.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 318.17 Td (Cruise operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.25 318.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.05 318.17 Td (2,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 318.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 318.17 Td (2,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 318.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.40 318.17 Td (2,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 304.17 Td (Cruise selling and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.55 304.17 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.55 304.17 Td (550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.90 304.17 Td (519) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 290.28 Td (Gross cruise costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.05 290.17 Td (2,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 290.17 Td (2,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.40 290.17 Td (3,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 276.17 Td (Less cruise costs included above) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 262.17 Td ( Commissions, transportation and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 262.17 Td (\(586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.55 262.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.20 262.17 Td (\(632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.55 262.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.55 262.17 Td (\(620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.90 262.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 248.17 Td ( Onboard and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 248.17 Td (\(111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.55 248.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.20 248.17 Td (\(116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.55 248.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.55 248.17 Td (\(114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.90 248.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 234.17 Td ( Gain on ship sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.55 234.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 234.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.90 234.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 219.28 Td (Net cruise costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.05 219.27 Td (2,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 219.27 Td (2,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.40 219.27 Td (2,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 205.17 Td (Less fuel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 205.17 Td (\(318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.55 205.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.20 205.17 Td (\(318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.55 205.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.55 205.17 Td (\(523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.90 205.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 191.28 Td (Net cruise costs excluding fuel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.25 191.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.05 191.17 Td (1,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 191.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.05 191.17 Td (1,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 191.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.40 191.17 Td (1,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 177.28 Td (ALBDs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 177.17 Td (18,583,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 177.17 Td (18,583,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.90 177.17 Td (18,286,305) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 163.28 Td (Gross cruise costs per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.25 163.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.05 163.17 Td (153.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 163.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.05 163.17 Td (160.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 163.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 163.17 Td (169.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 149.17 Td (% decrease vs. 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.70 149.17 Td (\(9.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.55 149.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.70 149.17 Td (\(5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.55 149.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 135.28 Td ( Net cruise costs per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.25 135.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.05 135.17 Td (115.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 135.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.05 135.17 Td (120.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 135.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 135.17 Td (129.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 121.17 Td ( % decrease vs. 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.70 121.17 Td (\(10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.55 121.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.70 121.17 Td (\(7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.55 121.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 107.28 Td ( Net cruise costs excluding fuel per ALBD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.25 107.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.05 107.17 Td (98.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.25 107.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.05 107.17 Td (103.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 107.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 107.17 Td (100.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 93.17 Td ( % \(decrease\) increase vs. 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.70 93.17 Td (\(1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.55 93.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.05 93.17 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.90 93.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream 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 q 0 0 0 rg BT 301.00 24.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 749.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 74.41 749.10 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 26.75 700.60 382.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.75 700.60 74.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 700.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 700.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 673.60 382.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.75 673.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 673.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 673.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 645.60 382.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.75 645.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 645.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 645.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 593.60 382.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.75 593.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 593.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 564.60 382.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.75 564.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 564.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.75 536.60 382.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.75 536.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.75 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 536.60 75.00 -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 408.75 712.6 m 482.75 712.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 712.6 m 486.75 712.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 712.6 m 561.75 712.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 700.6 m 482.75 700.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 700.6 m 561.75 700.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 645.6 m 482.75 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 645.6 m 561.75 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 645.6 m 482.75 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 632.6 m 482.75 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 630.6 m 482.75 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 645.6 m 561.75 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 632.6 m 561.75 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 630.6 m 561.75 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 606.6 m 482.75 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 604.6 m 482.75 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 606.6 m 561.75 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 604.6 m 561.75 604.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 593.6 m 26.75 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 593.6 m 408.75 593.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 593.6 m 482.75 593.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 593.6 m 486.75 593.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 593.6 m 561.75 593.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 579.6 m 26.75 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 564.6 m 26.75 550.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 550.6 m 26.75 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 536.6 m 26.75 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 536.6 m 482.75 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 523.6 m 482.75 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 521.6 m 482.75 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 536.6 m 561.75 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 523.6 m 561.75 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 521.6 m 561.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 522.6 m 26.75 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 26.75 519.6 m 408.75 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.75 519.6 m 482.75 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.75 519.6 m 486.75 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.75 519.6 m 561.75 519.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.25 726.38 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.95 715.33 Td (February 28,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.25 703.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.75 703.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 691.33 Td (Net income \(loss\) - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 678.28 Td ( U.S. GAAP net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.25 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 678.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.25 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.55 678.17 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 678.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 664.17 Td ( Gain on ship sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.55 664.22 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.90 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.90 664.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 650.17 Td ( Unrealized losses on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 650.17 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.90 650.17 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 636.28 Td ( Non-GAAP net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.25 636.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 636.17 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.25 636.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.55 636.17 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 636.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 610.28 Td (Weighted-average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 610.27 Td (779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 610.27 Td (776) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 584.28 Td ( Earnings per share - diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 569.28 Td ( U.S. GAAP earnings \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.25 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 569.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.25 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.05 569.27 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 569.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 555.17 Td ( Gain on ship sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 555.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.90 555.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.25 541.17 Td ( Unrealized losses on fuel derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 541.17 Td (0.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 541.17 Td (0.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 29.25 527.28 Td ( Non-GAAP earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.25 527.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 527.17 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.25 527.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 527.17 Td (0.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 502.10 Td (Net cruise revenues decreased slightly by $19 million and remained at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.52 502.10 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.63 502.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.41 502.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.41 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.85 502.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.85 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.67 502.10 Td (This slight decrease was caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 490.10 Td (by the currency impact, which accounted for $124 million, partially of) Tj ET Q q 0 0 0 rg BT 308.40 490.10 Td (fset by a 2.0% increase in constant dollar net revenue yields, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 478.10 Td (which accounted for $59 million, and 1.6% capacity increase in ) Tj ET Q q 0 0 0 rg BT 283.58 478.10 Td (ALBDs, which accounted for $46 million. ) Tj ET Q q 0 0 0 rg BT 455.04 478.10 Td (The 2.0% increase in net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 466.10 Td (revenue yields on a constant dollar basis was substantially due to a 7.7% increase in net onboard and other revenue yields. ) Tj ET Q q 0 0 0 rg BT 518.06 466.10 Td (The 7.7% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 454.10 Td (increase in net onboard and other revenue yields was caused by a 7.7% and 7.3% increase from our EAA) Tj ET Q q 0 0 0 rg BT 446.85 454.10 Td ( and North ) Tj ET Q q 0 0 0 rg BT 491.57 454.10 Td (America brands, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 442.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 74.66 442.10 Td (. Gross cruise revenues decreased by $56 million, or 1.6%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 442.10 Td ($3.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.77 442.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.55 442.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.55 442.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.98 442.10 Td ($3.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 442.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.88 442.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.88 442.10 Td ( for lar) Tj ET Q q 0 0 0 rg BT 531.90 442.10 Td (gely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 430.10 Td (the same reasons as discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 412.10 Td (Net cruise costs excluding fuel decreased slightly by $6 million and remained at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.96 412.10 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.08 412.10 Td ( in both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.13 412.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.13 412.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.57 412.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.57 412.10 Td (. ) Tj ET Q q 0 0 0 rg BT 495.89 412.10 Td (This decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 400.10 Td (was caused by the currency impact, which accounted for $82 million, partially of) Tj ET Q q 0 0 0 rg BT 351.16 400.10 Td (fset by a 2.4% increase in constant dollar net cruise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 388.10 Td (costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 124.20 388.10 Td (ALBD, which accounted for $45 million, and our 1.6% capacity increase in ) Tj ET Q q 0 0 0 rg BT 428.83 388.10 Td (ALBDs, which accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 376.10 Td ($30 million. ) Tj ET Q q 0 0 0 rg BT 78.21 376.10 Td (The 2.4% increase in constant dollar net cruise costs excluding fuel per ) Tj ET Q q 0 0 0 rg BT 365.06 376.10 Td (ALBD was primarily due to higher dry-dock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 364.10 Td (expenses, which accounted for $25 million, and higher advertising expenses, which accounted for $8 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 346.10 Td (Fuel costs decreased by $205 million, or 39%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.02 346.10 Td ($318 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.41 346.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.19 346.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.19 346.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.63 346.10 Td ($523 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.02 346.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 346.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.62 346.10 Td (This was caused by lower fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 334.10 Td (prices, which accounted for $194 million, and lower fuel consumption per ) Tj ET Q q 0 0 0 rg BT 325.54 334.10 Td (ALBD, which accounted for $20 million, partially of) Tj ET Q q 0 0 0 rg BT 537.25 334.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.10 Td (by our 1.6% capacity increase in ) Tj ET Q q 0 0 0 rg BT 159.45 322.10 Td (ALBDs, which accounted for $9 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 304.10 Td (Gross cruise costs decreased by $250 million, or 8.1%, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.46 304.10 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.57 304.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.35 304.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.35 304.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.79 304.10 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.90 304.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.68 304.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.68 304.10 Td ( for principally the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 292.10 Td (reasons as discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 262.10 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 66.47 262.10 Td (, Financial Condition and Capital Resour) Tj ET Q q 0 0 0 rg BT 242.43 262.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 232.10 Td (Our primary financial goals are to profitably grow our cruise business and increase our return on invested capital \("ROIC"\), reaching ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 220.10 Td (double digit returns in the next three to four years, while maintaining a strong balance sheet. \(W) Tj ET Q q 0 0 0 rg BT 413.03 220.10 Td (e define ROIC as the twelve month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 208.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 72.19 208.10 Td ( earnings before interest divided by the monthly average of debt plus equity minus construction-in-progress\). Our ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 196.10 Td (to generate significant operating cash flows allows us to internally fund our capital investments. Our goal is to return excess free ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 184.10 Td (cash flows to our shareholders in the form of additional dividends and/or share buybacks. In addition, we are committed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 172.10 Td (maintaining our strong investment grade credit ratings, which are among the highest in the leisure travel industry) Tj ET Q q 0 0 0 rg BT 478.18 172.10 Td (. Other objectives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 160.10 Td (of our capital structure policy are to maintain a suf) Tj ET Q q 0 0 0 rg BT 229.25 160.10 Td (ficient level of liquidity with our available cash and cash equivalents and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 148.10 Td (committed financings for immediate and future liquidity needs, and a reasonable debt maturity profile that is spread out over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 136.10 Td (number of years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 118.10 Td (Based on our historical results, projections and financial condition, we believe that our future operating cash flows and liquidity will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 106.10 Td (be suf) Tj ET Q q 0 0 0 rg BT 50.98 106.10 Td (ficient to fund all of our expected capital projects including shipbuilding commitments, ship improvements, debt service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 94.10 Td (requirements, working capital needs and other firm commitments over the next several years. ) Tj ET Q q 0 0 0 rg BT 402.53 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 411.17 94.10 Td (e believe that our ability to generate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 82.10 Td (significant operating cash flows and our strong balance sheet as evidenced by our investment grade credit ratings provide us with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 70.10 Td (ability in most financial credit market environments to obtain debt financing, as needed. Our future operating cash flows and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 58.10 Td (ability to issue debt can be adversely impacted by numerous factors outside our control including, but not limited to, those noted ) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 742.10 Td (under Cautionary Note Concerning Factors ) Tj ET Q q 0 0 0 rg BT 206.49 742.10 Td (That May ) Tj ET Q q 0 0 0 rg BT 247.60 742.10 Td (Af) Tj ET Q q 0 0 0 rg BT 257.97 742.10 Td (fect Future Results.If our long-term senior unsecured credit ratings were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 730.10 Td (to be downgraded or assigned a negative 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 27.00 712.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 712.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 712.10 Td (, we had a working capital deficit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.99 712.10 Td ($6.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.10 712.10 Td (.) Tj ET Q q 0 0 0 rg BT 310.92 712.10 Td (This deficit included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.17 712.10 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.29 712.10 Td ( of current customer deposits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 700.10 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 524.77 700.10 Td (, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 688.10 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 410.73 688.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.32 688.10 Td ( working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 676.10 Td (deficit also included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.58 676.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.70 676.10 Td ( of current debt obligations.) Tj ET Q q 0 0 0 rg BT 269.82 676.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.46 676.10 Td (e continue to generate significant cash from operations and have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 664.10 Td (strong balance sheet. ) Tj ET Q q 0 0 0 rg BT 112.90 664.10 Td (This strong balance sheet provides us with the ability to refinance our current debt obligations before, or as they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 652.10 Td (become due, in most financial credit market environments.) Tj ET Q q 0 0 0 rg BT 264.52 652.10 Td (W) Tj ET Q q 0 0 0 rg BT 273.16 652.10 Td (e also have our revolving credit facilities available to provide long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 640.10 Td (rollover financing should the need arise, or if we choose to do so. ) Tj ET Q q 0 0 0 rg BT 290.54 640.10 Td (After excluding current customer deposits and current debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 628.10 Td (obligations from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.71 628.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.31 628.10 Td ( working capital deficit balance, our non-GAAP) Tj ET Q q 0 0 0 rg BT 377.38 628.10 Td ( adjusted working capital deficit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.78 628.10 Td ($644 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 616.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.89 616.10 Td (. Our business model, along with our strong balance sheet and unsecured revolving credit facilities, allows us to operate with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 604.10 Td (a working capital deficit and still meet our operating, investing and financing needs. ) Tj ET Q q 0 0 0 rg BT 365.89 604.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.52 604.10 Td (e believe we will continue to have working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 592.10 Td (capital deficits for the foreseeable future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 574.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 574.10 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.21 574.10 Td (, the U.S. dollar was $1.56 to sterling, $1.25 to the euro and $0.85 to the ) Tj ET Q q 0 0 0 rg BT 410.00 574.10 Td (Australian dollar) Tj ET Q q 0 0 0 rg BT 476.93 574.10 Td (. Had these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 562.10 Td (November 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.71 562.10 Td ( currency exchange rates been used to translate our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 562.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.60 562.10 Td ( non-U.S. dollar functional currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 550.10 Td (operations) Tj ET Q q 0 0 0 rg BT 71.24 550.10 Td ( assets and liabilities instead of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.60 550.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.20 550.10 Td ( U.S. dollar exchange rates of $1.54 to sterling, $1.12 to the euro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 538.10 Td (and $0.78 to the ) Tj ET Q q 0 0 0 rg BT 93.38 538.10 Td (Australian dollar) Tj ET Q q 0 0 0 rg BT 160.46 538.10 Td (, our total assets and liabilities would have been higher by $1.2 billion and $620 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 526.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 74.66 526.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 502.10 Td (Sour) Tj ET Q q 0 0 0 rg BT 47.38 502.10 Td (ces and Uses of Cash) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 27.00 478.10 Td ( Operating ) Tj ET Q q 0 0 0 rg BT 83.30 478.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 460.10 Td (Our business provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.49 460.10 Td ($771 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.88 460.10 Td ( of net cash from operations during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.62 460.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.03 460.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 448.10 Td ($294 million, or 6.2%, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.25 448.10 Td ($477 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 448.10 Td ( for the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.39 448.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.39 448.10 Td (.) Tj ET Q q 0 0 0 rg BT 341.21 448.10 Td (This increase was caused by more cash being provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 436.10 Td (from our operating results and an increase in customer deposits, partially of) Tj ET Q q 0 0 0 rg BT 328.95 436.10 Td (fset by more cash being used for our other working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 424.10 Td (capital needs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 27.00 406.10 Td ( Investing ) Tj ET Q q 0 0 0 rg BT 79.97 406.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 388.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.55 388.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.96 388.10 Td (, net cash used in investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.87 388.10 Td ($974 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.26 388.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.58 388.10 Td (This consisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 376.10 Td (substantially all from our expenditures for capital projects of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.21 376.10 Td ($942 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.60 376.10 Td (, of which $584 million was spent on our ongoing new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 364.10 Td (shipbuilding program, substantially all for P&O Cruises \(UK\)'s ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 282.95 364.10 Td (Britannia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.28 364.10 Td (.In addition to our new shipbuilding program, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 352.10 Td (capital expenditures of $307 million for ship improvements and replacements and $51 million for information technology) Tj ET Q q 0 0 0 rg BT 513.18 352.10 Td (, buildings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 340.10 Td (and improvements and other assets. Finally) Tj ET Q q 0 0 0 rg BT 202.15 340.10 Td (, we paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.03 340.10 Td ($42 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.42 340.10 Td ( of fuel derivative settlements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.55 322.10 Td (three months ended February 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.96 322.10 Td (, net cash used in investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.87 322.10 Td ($349 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.26 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.58 322.10 Td (This consisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 310.10 Td (substantially all from our expenditures for capital projects of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.21 310.10 Td ($353 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.60 310.10 Td (, of which $93 million was spent on our ongoing new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 298.10 Td (shipbuilding program.In addition to our new shipbuilding program, we had capital expenditures of $187 million for ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 286.10 Td (improvements and replacements and $73 million for information technology) Tj ET Q q 0 0 0 rg BT 332.39 286.10 Td (, buildings and improvements and other assets. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 27.00 268.10 Td ( Financing ) Tj ET Q q 0 0 0 rg BT 84.98 268.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 250.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.55 250.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.96 250.10 Td (, net cash provided by financing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.18 250.10 Td ($151 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.57 250.10 Td ( was caused by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 238.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 226.10 Td (borrowed a net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.48 226.10 Td ($210 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.87 226.10 Td ( of short-term borrowings in connection with our availability of, and needs for) Tj ET Q q 0 0 0 rg BT 489.45 226.10 Td (, cash at various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 214.10 Td (times throughout the period;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 202.10 Td (repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.49 202.10 Td ($336 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.88 202.10 Td ( of long-term debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 190.10 Td (borrowed $472 million of long-term debt under an export credit facility and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 178.10 Td (paid cash dividends of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.20 178.10 Td ($194 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.59 178.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 160.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.55 160.10 Td (three months ended February 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.96 160.10 Td (, net cash used in financing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.74 160.10 Td ($162 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.13 160.10 Td ( was due to the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 148.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 148.10 Td (borrowed a net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.48 148.10 Td ($344 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.87 148.10 Td ( of short-term borrowings in connection with our availability of, and needs for) Tj ET Q q 0 0 0 rg BT 489.45 148.10 Td (, cash at various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 136.10 Td (times throughout the period;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 124.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 124.10 Td (repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.49 124.10 Td ($312 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.88 124.10 Td ( of long-term debt, including a $200 million early repayment of a bank loan and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 112.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 112.10 Td (paid cash dividends of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.20 112.10 Td ($194 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.59 112.10 Td (.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream 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 q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 742.25 Td (Futur) Tj ET Q q 0 0 0 rg BT 51.82 742.25 Td (e Commitments and Funding Sour) Tj ET Q q 0 0 0 rg BT 199.44 742.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 718.25 Td (Our contractual cash obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.84 718.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.44 718.25 Td ( have changed compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.34 718.25 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.04 718.25 Td ( primarily as a result of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 706.25 Td (debt borrowings and repayments and new ship payments as noted above under Sources and Uses of Cash. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 688.25 Td (The year) Tj ET Q q 0 0 0 rg BT 62.05 688.25 Td (-over) Tj ET Q q 0 0 0 rg BT 82.95 688.25 Td (-year percentage increases in our capacity for the second, third and fourth quarters of 2015 is expected to be 2.3%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 676.25 Td (0.6% and 3.3%, respectively) Tj ET Q q 0 0 0 rg BT 140.76 676.25 Td (. ) Tj ET Q q 0 0 0 rg BT 145.58 676.25 Td (The year) Tj ET Q q 0 0 0 rg BT 180.63 676.25 Td (-over) Tj ET Q q 0 0 0 rg BT 201.53 676.25 Td (-year percentage increase in our annual capacity is currently expected to be 2.0%, 4.3%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 664.25 Td (2.9% and 1.9% for 2015, 2016, 2017 and 2018, respectively) Tj ET Q q 0 0 0 rg BT 266.86 664.25 Td (. ) Tj ET Q q 0 0 0 rg BT 271.68 664.25 Td (These percentage increases are expected to result primarily from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 652.25 Td (contracted new ships entering service, partially of) Tj ET Q q 0 0 0 rg BT 225.91 652.25 Td (fset by ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 255.35 652.25 Td (Seabourn Pride, Costa Celebration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.51 652.25 Td (and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 413.95 652.25 Td ( Grand Holiday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.78 652.25 Td (having left the fleet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 640.25 Td (in ) Tj ET Q q 0 0 0 rg BT 36.73 640.25 Td (April 2014, December 2014 and January 2015, respectively) Tj ET Q q 0 0 0 rg BT 274.62 640.25 Td (, and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 296.56 640.25 Td (Seabourn Legend) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.82 640.25 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 371.82 640.25 Td (Seabourn Spirit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.88 640.25 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 454.32 640.25 Td (Ocean Princess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.86 640.25 Td (leaving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 628.25 Td (the fleet in ) Tj ET Q q 0 0 0 rg BT 71.71 628.25 Td (April 2015, May 2015 and March 2016, respectively) Tj ET Q q 0 0 0 rg BT 281.84 628.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 610.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 610.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 610.25 Td (, we had liquidity of $4.5 billion.Our liquidity consisted of $39 million of cash and cash equivalents, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 598.25 Td (excludes $241 million of cash used for current operations, $2.2 billion available for borrowing under our revolving credit facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 586.25 Td (net of our commercial paper borrowings, and $2.3 billion under our committed future financings, which are comprised of ship export ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 574.25 Td (credit facilities.Of this $2.3 billion, $0.4 billion, $1.4 billion, and $0.5 billion are scheduled to be funded in 2015, 2016 and 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 562.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 74.66 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 79.11 562.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.61 562.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.21 562.25 Td (, all of our revolving credit facilities are scheduled to mature in 2019, except for $224 million and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 550.25 Td ($300 million that mature in 2015 and 2020, respectively) Tj ET Q q 0 0 0 rg BT 251.03 550.25 Td (. ) Tj ET Q q 0 0 0 rg BT 255.85 550.25 Td (These commitments are from numerous lar) Tj ET Q q 0 0 0 rg BT 428.11 550.25 Td (ge and well-established banks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 538.25 Td (and export credit agencies, which we believe will honor their contractual agreements with us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 520.25 Td (Substantially all of our debt agreements contain financial covenants as described in Note 5 - Unsecured Debt in the annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 508.25 Td (consolidated financial statements, which is included within our 2014 Form 10-K.) Tj ET Q q 0 0 0 rg BT 353.33 508.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.83 508.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.43 508.25 Td (, we believe we were in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 496.25 Td (compliance with our debt covenants. In addition, based on, among other things, our forecasted operating results, financial condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 484.25 Td (and cash flows, we expect to be in compliance with our debt covenants for the foreseeable future. Generally) Tj ET Q q 0 0 0 rg BT 458.13 484.25 Td (, if an event of default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 472.25 Td (under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 460.25 Td (derivative contract payables could become due, and all debt and derivative contracts could be terminated.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 435.05 Td (Strategic Memorandums of ) Tj ET Q q 0 0 0 rg BT 146.15 435.05 Td (Agr) Tj ET Q q 0 0 0 rg BT 162.63 435.05 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 411.05 Td (On March 26, 2015, we signed two long-term strategic Memorandums of ) Tj ET Q q 0 0 0 rg BT 322.22 411.05 Td (Agreement \(MOAs\) with Italian shipbuilder) Tj ET Q q 0 0 0 rg BT 507.32 411.05 Td (, Fincantieri ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 399.05 Td (S.p.A., and German shipbuilder) Tj ET Q q 0 0 0 rg BT 153.52 399.05 Td (, Meyer ) Tj ET Q q 0 0 0 rg BT 186.94 399.05 Td (W) Tj ET Q q 0 0 0 rg BT 195.58 399.05 Td (erft, that will add a total of nine new cruise ships to our fleet over a four) Tj ET Q q 0 0 0 rg BT 483.34 399.05 Td (-year period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 387.05 Td (2019 through 2022. ) Tj ET Q q 0 0 0 rg BT 110.43 387.05 Td (These MOAs are consistent with our long-term strategy of measured capacity growth over time and are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 375.05 Td (to several conditions, including obtaining satisfactory financing. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 351.05 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 106.43 351.05 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 327.05 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 327.05 Td (e are not a party to any of) Tj ET Q q 0 0 0 rg BT 137.91 327.05 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 27.00 315.05 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 506.35 315.05 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 303.05 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 279.05 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 81 277.48505859374995 m 339.7158203125 277.48505859374995 l s q 0 0 0 rg BT 81.00 279.05 Td (Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 246.10 279.05 Td (es ) Tj ET Q q 0 0 0 rg BT 256.38 279.05 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.72 279.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 255.05 Td (For a discussion of our fuel derivatives, hedging strategies and market risks, see the discussion below and Note 4 - Fair ) Tj ET Q q 0 0 0 rg BT 510.32 255.05 Td (V) Tj ET Q q 0 0 0 rg BT 516.43 255.05 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 243.05 Td (Measurements, Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 238.06 243.05 Td (Activities in the consolidated financial statements and Management) Tj ET Q q 0 0 0 rg BT 516.03 243.05 Td (s Discussion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 231.05 Td (Analysis of Financial Condition and Results of Operations within our 2014 Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 207.05 Td (For) Tj ET Q q 0 0 0 rg BT 42.37 207.05 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 84.12 207.05 Td (ency Exchange Rate Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 183.05 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 183.05 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 183.05 Td (, 68% and 32% \(67% and 33% at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.34 183.05 Td (November30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.05 183.05 Td (\) of our debt was U.S. dollar) Tj ET Q q 0 0 0 rg BT 441.72 183.05 Td (- and euro-denominated, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 171.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 74.66 171.05 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 142.24 171.05 Td (fect of foreign currency swaps. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 153.05 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.55 153.05 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.96 153.05 Td (, we entered into foreign currency zero cost collars that are designated as cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 141.05 Td (hedges for a portion of a Princess newbuild's and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.70 141.05 Td (Seabourn Encor) Tj ET Q q 0 0 0 rg BT 290.60 141.05 Td (e's) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.07 141.05 Td ( euro-denominated shipyard payments. ) Tj ET Q q 0 0 0 rg BT 461.40 141.05 Td (The Princess newbuild) Tj ET Q q 0 0 0 rg BT 555.27 141.05 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 129.05 Td (collars mature in March 2017 at a weighted-average ceiling of $590 million and a weighted-average floor of $504 million. ) Tj ET Q q 0 0 0 rg BT 518.88 129.05 Td (The ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 536.93 129.05 Td (Seabourn ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 27.00 117.05 Td (Encor) Tj ET Q q 0 0 0 rg BT 51.07 117.05 Td (e) Tj ET Q q 0 0 0 rg BT 57.55 117.05 Td (s) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.44 117.05 Td ( collars mature in November 2016 at a weighted-average ceiling of $221 million and a weighted-average floor of $185 million. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 105.05 Td (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 392.04 105.05 Td (, then we would not owe or receive any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 93.05 Td (payments under these collars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 75.05 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 75.05 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 75.05 Td (, which result in foreign currency translational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 63.05 Td (impacts. Our operations execute transactions in a number of currencies dif) Tj ET Q q 0 0 0 rg BT 324.21 63.05 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 51.05 Td (sterling and ) Tj ET Q q 0 0 0 rg BT 75.88 51.05 Td (Australian, Canadian and U.S. dollars, which result in foreign currency transactional impacts. Based on a 10% hypothetical ) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream 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 q 0 0 0 rg BT 301.00 33.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 740.10 Td (change in all currency exchange rates that were used in our 2015 March guidance, we estimate \(including both the foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (translational and transactional impacts\) that our 2015 March guidance would change by the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 710.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 710.10 Td ($0.26 per share on an annualized basis; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 698.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 698.10 Td ($0.22 per share for the remaining three quarters and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 686.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 686.10 Td ($0.04 per share for the second quarter) Tj ET Q q 0 0 0 rg BT 213.78 686.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 662.10 Td (Fuel Price Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 638.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.50 638.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.10 638.10 Td (, the estimated fair value of our outstanding fuel derivative contracts was a $340 million liability) Tj ET Q q 0 0 0 rg BT 498.46 638.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 614.10 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 59.490234375 612.53505859375 m 168.1083984375 612.53505859375 l s q 0 0 0 rg BT 59.49 614.10 Td (Contr) Tj ET Q q 0 0 0 rg BT 84.86 614.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 128.02 614.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 157.28 614.10 Td (es.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 590.10 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 39.2216796875 588.53505859375 m 252.107421875 588.53505859375 l s q 0 0 0 rg BT 39.22 590.10 Td (Evaluation of Disclosur) Tj ET Q q 0 0 0 rg BT 139.05 590.10 Td (e Contr) Tj ET Q q 0 0 0 rg BT 171.36 590.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 214.52 590.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 243.78 590.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 560.10 Td (Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 548.10 Td (reports that we file or submit under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 268.60 548.10 Td (Act of 1934 is recorded, processed, summarized and reported, within the time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (periods specified in the U.S. Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 296.95 536.10 Td (s rules and forms.Disclosure controls and procedures include, without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 150.29 512.10 Td (Act of 1934 is accumulated and communicated to our management, including our principal executive and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (principal financial of) Tj ET Q q 0 0 0 rg BT 110.67 500.10 Td (ficers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 482.10 Td (Our President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 179.28 482.10 Td (ficer and our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 307.66 482.10 Td (ficer have evaluated our disclosure controls and procedures and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 470.10 Td (concluded, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.75 470.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.35 470.10 Td (, that they are ef) Tj ET Q q 0 0 0 rg BT 232.86 470.10 Td (fective as described above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 446.10 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 38.669921875 444.53505859375 m 268.865234375 444.53505859375 l s q 0 0 0 rg BT 38.67 446.10 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 151.56 446.10 Td (ol over) Tj ET Q q 0 0 0 rg BT 180.53 446.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 422.10 Td (There have been no changes in our internal control over financial reporting during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.17 422.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.77 422.10 Td ( that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 410.10 Td (materially af) Tj ET Q q 0 0 0 rg BT 77.63 410.10 Td (fected or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 262.08 410.10 Td (fect our internal control over financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.55 386.10 Td (P) Tj ET Q q 0 0 0 rg BT 232.92 386.10 Td (AR) Tj ET Q q 0 0 0 rg BT 247.01 386.10 Td (T) Tj ET Q q 0 0 0 rg BT 253.50 386.10 Td ( II - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 358.87 386.10 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 362.10 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 81 360.53505859375 m 135.16015625 360.53505859375 l s q 0 0 0 rg BT 81.00 362.10 Td (Risk Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.16 362.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 338.10 Td (The risk factors that af) Tj ET Q q 0 0 0 rg BT 117.34 338.10 Td (fect our business and financial results are discussed in Item 1A. Risk Factors, included in the 2014 Form 10-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 326.10 Td (and there has been no material change to these risk factors since the 2014 Form 10-K filing. ) Tj ET Q q 0 0 0 rg BT 396.71 326.10 Td (W) Tj ET Q q 0 0 0 rg BT 405.34 326.10 Td (e wish to caution the reader that the risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 314.10 Td (factors discussed in Item 1A. Risk Factors, included in the 2014 Form 10-K, and those described elsewhere in this report or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 302.10 Td (Securities and Exchange Commission filings, could cause future results to dif) Tj ET Q q 0 0 0 rg BT 337.03 302.10 Td (fer materially from those stated in any forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 290.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 73.66 290.10 Td (Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 278.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 75.40 278.10 Td (fect our business, financial condition or future results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 254.10 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 81 252.53505859375002 m 334.8720703125 252.53505859375002 l s q 0 0 0 rg BT 81.00 254.10 Td (Unr) Tj ET Q q 0 0 0 rg BT 98.04 254.10 Td (egister) Tj ET Q q 0 0 0 rg BT 126.18 254.10 Td (ed Sales of Equity Securities and Use of Pr) Tj ET Q q 0 0 0 rg BT 307.10 254.10 Td (oceeds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.87 254.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 230.10 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 39.2216796875 228.53505859375002 m 155.4326171875 228.53505859375002 l s q 0 0 0 rg BT 39.22 230.10 Td (Repur) Tj ET Q q 0 0 0 rg BT 66.26 230.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 91.54 230.10 Td (Authorizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.43 230.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 200.10 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 27.00 188.10 Td (Corporation common stock and/or Carnival plc ordinary shares \(the Repurchase Program\). ) Tj ET Q q 0 0 0 rg BT 401.15 188.10 Td (The Repurchase Program does not have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 176.10 Td (expiration date and may be discontinued by our Boards of Directors at any time. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.07 176.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.48 176.10 Td (, there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 164.10 Td (were no repurchases of Carnival Corporation common stock or Carnival plc ordinary shares under the Repurchase Program. Since March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 152.10 Td (2013, the remaining availability under the Repurchase Program has been $975 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 134.10 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 27.00 122.10 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 27.00 110.10 Td (Stock Swap programs described below) Tj ET Q q 0 0 0 rg BT 181.87 110.10 Td (. ) Tj ET Q q 0 0 0 rg BT 186.32 110.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.82 110.10 Td (March27, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.42 110.10 Td (, the remaining availability under the Stock Swap programs was 18.1 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 98.10 Td (Carnival plc ordinary shares and 32.0 million shares of Carnival Corporation common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 80.10 Td (Carnival plc ordinary share repurchases under both the Repurchase Program and the Stock Swap programs require annual shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 68.10 Td (approval. ) Tj ET Q q 0 0 0 rg BT 66.80 68.10 Td (The existing shareholder approval is limited to a maximum of 21.5 million ordinary shares and is valid until the earlier of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 56.10 Td (conclusion of the Carnival plc 2015 annual general meeting or October 16, 2015. Depending on market conditions and other factors, we ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream 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 q 0 0 0 rg BT 301.00 33.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 740.10 Td (may purchase shares of Carnival Corporation common stock and/or Carnival plc ordinary shares under the Repurchase Program and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 728.10 Td (Stock Swap programs concurrently) Tj ET Q q 0 0 0 rg BT 167.15 728.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 27.00 698.10 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 38.669921875 696.53505859375 m 132.9326171875 696.53505859375 l s q 0 0 0 rg BT 38.67 698.10 Td (Stock Swap Pr) Tj ET Q q 0 0 0 rg BT 101.27 698.10 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.93 698.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 35.64 668.10 Td (e use the Stock Swap programs in situations where we can obtain an economic benefit because either Carnival Corporation common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 656.10 Td (stock or Carnival plc ordinary shares are trading at a price that is at a premium or discount to the price of Carnival plc ordinary shares or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 644.10 Td (Carnival Corporation common stock, as the case may be. ) Tj ET Q q 0 0 0 rg BT 257.22 644.10 Td (Any realized economic benefit under the Stock Swap programs is used for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 632.10 Td (general corporate purposes, which could include repurchasing additional stock under the Repurchase Program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 614.10 Td (In the event that Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to issue and sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 602.10 Td (shares of Carnival Corporation common stock through a sales agent, from time to time at prevailing market prices in ordinary brokers) Tj ET Q q 0 0 0 rg BT 564.72 602.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 590.10 Td (transactions, and use the sale proceeds to repurchase Carnival plc ordinary shares in the UK market on at least an equivalent basis. Based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 578.10 Td (on an authorization provided by the Board of Directors in October 2008, Carnival Corporation was authorized to issue and sell up to 19.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 566.10 Td (million shares of its common stock in the U.S. market and had 18.1 million shares remaining at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.82 566.10 Td (March27, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.42 566.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.87 566.10 Td (Any sales of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 554.10 Td (Corporation shares have been or will be registered under the Securities ) Tj ET Q q 0 0 0 rg BT 312.19 554.10 Td (Act of 1933. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.10 Td (In the event that Carnival Corporation common stock trades at a discount to Carnival plc ordinary shares, we may elect to sell existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 Td (ordinary shares of Carnival plc, with such sales made by Carnival Corporation or Carnival Investments Limited, a subsidiary of Carnival ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 512.10 Td (Corporation, through a sales agent, from time to time at prevailing market prices in ordinary brokers) Tj ET Q q 0 0 0 rg BT 430.86 512.10 Td ( transactions, and use the sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 500.10 Td (proceeds 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 27.00 488.10 Td (authorization provided by the Board of Directors in January 2013, Carnival Corporation or Carnival Investments Limited was authorized to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 476.10 Td (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 470.79 476.10 Td (March27, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.39 476.10 Td (. ) Tj ET Q q 0 0 0 rg BT 538.84 476.10 Td (Any sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 464.10 Td (of Carnival plc ordinary shares have been or will be registered under the Securities ) Tj ET Q q 0 0 0 rg BT 360.22 464.10 Td (Act of 1933. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 446.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.55 446.10 Td (three months ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.96 446.10 Td (, no Carnival Corporation common stock or Carnival plc ordinary shares were sold or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 434.10 Td (repurchased under the Stock Swap programs. ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream 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 q 0 0 0 rg BT 301.00 33.60 Td (32) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 700.5 m 438.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 700.5 m 442.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 700.5 m 480.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 700.5 m 484.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 700.5 m 531.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 675.5 m 438.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 675.5 m 480.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 675.5 m 531.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 675.5 m 585.5 675.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 737.18 Td (Item 6.) 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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 30 721.61259765625 m 129.66796875 721.61259765625 l s q 0 0 0 rg BT 30.00 723.18 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 64.55 723.18 Td (T) Tj ET Q q 0 0 0 rg BT 71.04 723.18 Td (O ) Tj ET Q q 0 0 0 rg BT 81.31 723.18 Td (EXHIBITS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.60 705.18 Td (Incorporated by Reference) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.75 700.18 Td (Filed/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.00 690.18 Td (Furnished) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.05 680.18 Td (Her) Tj ET Q q 0 0 0 rg BT 556.52 680.18 Td (ewith) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 690.18 Td ( Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 30.00 680.18 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 37.5 678.61259765625 m 72.96142578125 678.61259765625 l s q 0 0 0 rg BT 37.50 680.18 Td (Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.87 680.18 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 93 678.61259765625 m 176.6181640625 678.61259765625 l s q 0 0 0 rg BT 93.00 680.18 Td (Exhibit Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.55 680.18 Td (Form) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 680.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.95 690.18 Td (Filing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.50 680.18 Td (Date) 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 30 659.61259765625 m 189.4384765625 659.61259765625 l s q 0 0 0 rg BT 30.00 661.18 Td (Articles of incorporation and by-laws) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 643.07 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 643.07 Td (Third Amended and Restated Articles of Incorporation of Carnival) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 633.07 Td (Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.95 633.17 Td ( 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.75 633.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 633.17 Td (4/17/2003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 618.17 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 618.17 Td (Third Amended and Restated By-Laws of Carnival Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.95 618.17 Td ( 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.75 618.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 618.17 Td (4/20/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 604.07 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 604.07 Td (Articles of Association of Carnival plc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.95 604.07 Td ( 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.75 604.07 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 604.07 Td (4/20/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.00 589.17 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 589.17 Td (Memorandum of Association of Carnival plc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.95 589.17 Td ( 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.75 589.17 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 589.17 Td (4/20/2009) 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 30 569.61259765625 m 215.908203125 569.61259765625 l s q 0 0 0 rg BT 30.00 571.18 Td (Statement regarding computations of ratios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 553.07 Td ( 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 553.07 Td (Ratio of Earnings to Fixed Charges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 553.07 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 30 531.61259765625 m 196.6357421875 531.61259765625 l s q 0 0 0 rg BT 30.00 533.18 Td (Rule 13a-14\(a\)/15d-14\(a\) Certifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 515.07 Td ( 31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 514.17 Td (Certification of President and Chief Executive Officer of Carnival) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 504.17 Td (Corporation pursuant to Rule 13a-14\(a\), as adopted pursuant to Section) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 494.17 Td (302 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 494.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 480.07 Td ( 31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 479.17 Td (Certification of Chief Financial Officer of Carnival Corporation pursuant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 469.17 Td (to Rule 13a-14\(a\), as adopted pursuant to Section 302 of the Sarbanes-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 459.17 Td (Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 459.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 445.07 Td ( 31.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 444.17 Td (Certification of President and Chief Executive Officer of Carnival plc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 434.17 Td (pursuant to Rule 13a-14\(a\), as adopted pursuant to Section 302 of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 424.17 Td (Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 424.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 410.07 Td ( 31.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 410.07 Td (Certification of Chief Financial Officer of Carnival plc pursuant to Rule) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 400.07 Td (13a-14\(a\), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 390.07 Td (of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 390.17 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 30 369.61259765625 m 144.423828125 369.61259765625 l s q 0 0 0 rg BT 30.00 371.18 Td (Section 1350 Certifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 353.07 Td (32.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 352.17 Td (Certification of President and Chief Executive Officer of Carnival) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 342.17 Td (Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 332.17 Td (Section 906 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 332.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 318.07 Td (32.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 317.17 Td (Certification of Chief Financial Officer of Carnival Corporation pursuant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 307.17 Td (to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 297.17 Td (Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 297.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 283.07 Td (32.3*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 282.17 Td (Certification of President and Chief Executive Officer of Carnival plc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 272.17 Td (pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 262.17 Td (the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 262.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 248.07 Td (32.4*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 247.17 Td (Certification of Chief Financial Officer of Carnival plc pursuant to 18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 237.17 Td (U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 227.17 Td (Oxley Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 227.17 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 30 207.61259765625005 m 118.30078125 207.61259765625005 l s q 0 0 0 rg BT 30.00 209.18 Td (Interactive Data File) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 30.00 191.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 190.17 Td (The consolidated financial statements from Carnival Corporation & plcs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 180.17 Td (joint Quarterly Report on Form 10-Q for the quarter ended February 28,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 170.17 Td (2015, as filed with the Securities and Exchange Commission on April 2,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 160.17 Td (2015 formatted in XBRL, are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 143.17 Td (\(i\) the Consolidated Statements of Operations for the three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 133.17 Td (February 28, 2015 and 2014;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 133.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 118.17 Td (\(ii\) the Consolidated Statements of Comprehensive \(Loss\) Income for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 106.17 Td (three months ended February 28, 2015 and 2014;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 106.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 89.17 Td (\(iii\) the Consolidated Balance Sheets at February 28, 2015 and November) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 79.17 Td (30, 2014;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 79.17 Td (X) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream 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 q 0 0 0 rg BT 301.00 33.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 733.17 Td (\(iv\) the Consolidated Statements of Cash Flows for the three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 723.17 Td (February 28, 2015 and 2014 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 723.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 706.17 Td (\(v\) the notes to the consolidated financial statements, tagged in summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 696.17 Td (and detail.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.35 696.17 Td (X) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 667.17 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 667.17 Td (These items are furnished and not filed.) 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Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 626.42 Td (Arnold W. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 611.42 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 611.42 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 581.42 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 43.4482421875 580.0833984375 m 120.66015625 580.0833984375 l s q 0 0 0 rg BT 43.45 581.42 Td (/s/ David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 581.42 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 313.4482421875 580.0833984375 m 390.66015625 580.0833984375 l s q 0 0 0 rg BT 313.45 581.42 Td (/s/ David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 566.42 Td (David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 566.42 Td (David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 551.42 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 551.42 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 521.42 Td (Date: April 2, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 521.42 Td (Date: April 2, 2015) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.30 742.25 Td ( Exhibit 12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.85 718.25 Td (CARNIV) Tj ET Q q 0 0 0 rg BT 274.56 718.25 Td (AL) Tj ET Q q 0 0 0 rg BT 287.90 718.25 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 340.21 718.25 Td (TION & PLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.05 706.25 Td (Ratio of Earnings to Fixed Charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.70 694.25 Td (\(in millions, except ratios\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 631.75 395.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 631.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 631.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 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395.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 518.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 518.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 518.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 490.75 395.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 490.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 490.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 490.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 462.75 395.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 462.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 462.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 462.75 68.00 -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 444.5 647.75 m 512.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 647.75 m 516.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 647.75 m 584.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 635.75 m 512.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 647.75 m 584.5 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 635.75 m 584.5 635.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 603.75 m 512.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 603.75 m 584.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 603.75 m 512.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 589.75 m 512.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 603.75 m 584.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 589.75 m 584.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 532.75 m 512.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 518.75 m 512.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 532.75 m 584.5 532.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 518.75 m 584.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 490.75 m 512.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 477.75 m 512.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 475.75 m 512.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 490.75 m 584.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 477.75 m 584.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 475.75 m 584.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 463.75 m 512.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 461.75 m 512.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 463.75 m 584.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 461.75 m 584.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 461.75 m 512.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 463.75 m 512.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 449.75 m 512.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 447.75 m 512.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 461.75 m 584.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 463.75 m 584.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 449.75 m 584.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 447.75 m 584.5 447.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 662.48 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.20 650.48 Td (February 28,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.00 638.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 638.48 Td (2014 \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 622.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 622.32 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 622.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.30 622.32 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 580.65 622.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 608.32 Td (Income tax expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 608.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 608.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 594.32 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 594.32 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.30 594.32 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 580.65 594.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 580.32 Td (Fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 566.32 Td ( Interest expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 566.32 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 566.32 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 551.42 Td ( Interest portion of rent expense \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 551.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 551.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 537.32 Td ( Capitalized interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 537.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 575.65 537.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 523.32 Td (Total fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 523.32 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 523.32 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 509.32 Td (Fixed charges not affecting earnings \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 495.32 Td ( Capitalized interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 495.37 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 495.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.30 495.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 580.65 495.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 481.32 Td (Earnings before fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 481.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 481.32 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 481.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 481.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 467.32 Td (Ratio of earnings to fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 467.32 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 467.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 453.32 Td (Coverage deficiency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 453.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 453.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 453.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 453.32 Td (24) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (\(a\) Revised as discussed in Note 1 to the consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.25 Td (\(b\) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 740.25 Td (Exhibit 31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 702.45 Td (I, ) Tj ET Q q 0 0 0 rg BT 34.78 702.45 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 65.43 702.45 Td (W) Tj ET Q q 0 0 0 rg BT 73.95 702.45 Td (. Donald, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 679.05 Td (1. I have reviewed this quarterly report on Form 10-Q of Carnival Corporation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 655.65 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 27.00 641.25 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 27.00 626.85 Td (covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 603.45 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 27.00 589.05 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 420.37 589.05 Td (, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 565.65 Td (4. ) Tj ET Q q 0 0 0 rg BT 36.82 565.65 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 565.65 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 565.65 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 27.00 551.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 111.14 551.25 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 532.92 551.25 Td (Act Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.85 Td (13a-15\(f\) and 15d15\(f\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 513.45 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 27.00 499.05 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 27.00 484.65 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 27.00 461.25 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 27.00 446.85 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 27.00 432.45 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 27.00 409.05 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 105.38 409.05 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 218.40 409.05 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 27.00 394.65 Td (ef) Tj ET Q q 0 0 0 rg BT 34.59 394.65 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 27.00 371.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 249.99 371.25 Td (s internal control over financial reporting that occurred during the registrant) Tj ET Q q 0 0 0 rg BT 555.99 371.25 Td (s most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.85 Td (recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 167.48 356.85 Td (s fourth fiscal quarter in the case of an annual report\) that has materially af) Tj ET Q q 0 0 0 rg BT 466.07 356.85 Td (fected, or is reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 342.45 Td (to materially af) Tj ET Q q 0 0 0 rg BT 87.90 342.45 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 163.15 342.45 Td (s internal control over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 319.05 Td (5. ) Tj ET Q q 0 0 0 rg BT 36.82 319.05 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 319.05 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 319.05 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 27.00 304.65 Td (reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 134.19 304.65 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 340.25 304.65 Td (s board of directors \(or persons performing the equivalent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 290.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 266.85 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 40.05 266.85 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 27.00 252.45 Td (reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 156.77 252.45 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 229.51 252.45 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 27.00 229.05 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 40.61 229.05 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 547.95 229.05 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 214.65 Td (control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 171.45 Td (Date: ) Tj ET Q q 0 0 0 rg BT 50.60 171.45 Td (April 2, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 142.65 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 41.4482421875 141.31699218749998 m 129.2314453125 141.31699218749998 l s q 0 0 0 rg BT 41.45 142.65 Td (/s:/ ) Tj ET Q q 0 0 0 rg BT 55.62 142.65 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 86.27 142.65 Td (W) Tj ET Q q 0 0 0 rg BT 94.79 142.65 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 128.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 57.65 128.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.17 128.25 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 113.85 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 113.85 Td (ficer) Tj ET Q endstream endobj 75 0 obj <> endobj 76 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 27.00 702.45 Td (I, David Bernstein, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 679.05 Td (1. I have reviewed this quarterly report on Form 10-Q of Carnival Corporation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 655.65 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 27.00 641.25 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 27.00 626.85 Td (covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 603.45 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 27.00 589.05 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 420.37 589.05 Td (, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 565.65 Td (4. ) Tj ET Q q 0 0 0 rg BT 36.82 565.65 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 565.65 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 565.65 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 27.00 551.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 111.14 551.25 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 532.92 551.25 Td (Act Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 536.85 Td (13a-15\(f\) and 15d15\(f\)\) for the registrant and have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 513.45 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 27.00 499.05 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 27.00 484.65 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 27.00 461.25 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 27.00 446.85 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 27.00 432.45 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 27.00 409.05 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 105.38 409.05 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 218.40 409.05 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 27.00 394.65 Td (ef) Tj ET Q q 0 0 0 rg BT 34.59 394.65 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 27.00 371.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 249.99 371.25 Td (s internal control over financial reporting that occurred during the registrant) Tj ET Q q 0 0 0 rg BT 555.99 371.25 Td (s most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 356.85 Td (recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 167.48 356.85 Td (s fourth fiscal quarter in the case of an annual report\) that has materially af) Tj ET Q q 0 0 0 rg BT 466.07 356.85 Td (fected, or is reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 342.45 Td (to materially af) Tj ET Q q 0 0 0 rg BT 87.90 342.45 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 163.15 342.45 Td (s internal control over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 319.05 Td (5. ) Tj ET Q q 0 0 0 rg BT 36.82 319.05 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 319.05 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 319.05 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 27.00 304.65 Td (reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 134.19 304.65 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 340.25 304.65 Td (s board of directors \(or persons performing the equivalent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 290.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 266.85 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 40.05 266.85 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 27.00 252.45 Td (reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 156.77 252.45 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 229.51 252.45 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 27.00 229.05 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 40.61 229.05 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 547.95 229.05 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 214.65 Td (control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 171.45 Td (Date: ) Tj ET Q q 0 0 0 rg BT 50.60 171.45 Td (April 2, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 142.65 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 41.4482421875 141.31699218749998 m 118.66015625 141.31699218749998 l s q 0 0 0 rg BT 41.45 142.65 Td (/s/ David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 128.25 Td (David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 113.85 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 101.80 113.85 Td (ficer) Tj ET Q endstream endobj 77 0 obj <> endobj 78 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 27.00 711.30 Td (I, ) Tj ET Q q 0 0 0 rg BT 34.78 711.30 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 65.43 711.30 Td (W) Tj ET Q q 0 0 0 rg BT 73.95 711.30 Td (. Donald, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 682.50 Td (1. I have reviewed this quarterly report on Form 10-Q of Carnival plc;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 653.70 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 27.00 639.30 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 27.00 624.90 Td (covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.10 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 27.00 581.70 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 420.37 581.70 Td (, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 552.90 Td (4. ) Tj ET Q q 0 0 0 rg BT 36.82 552.90 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 552.90 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 552.90 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 27.00 538.50 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 111.14 538.50 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 532.92 538.50 Td (Act Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.10 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 27.00 495.30 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 27.00 480.90 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 27.00 466.50 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 27.00 437.70 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 27.00 423.30 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 27.00 408.90 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 27.00 380.10 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 105.38 380.10 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 218.40 380.10 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 27.00 365.70 Td (ef) Tj ET Q q 0 0 0 rg BT 34.59 365.70 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 27.00 336.90 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 249.99 336.90 Td (s internal control over financial reporting that occurred during the registrant) Tj ET Q q 0 0 0 rg BT 555.99 336.90 Td (s most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.50 Td (recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 167.48 322.50 Td (s fourth fiscal quarter in the case of an annual report\) that has materially af) Tj ET Q q 0 0 0 rg BT 466.07 322.50 Td (fected, or is reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.10 Td (to materially af) Tj ET Q q 0 0 0 rg BT 87.90 308.10 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 163.15 308.10 Td (s internal control over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 279.30 Td (5. ) Tj ET Q q 0 0 0 rg BT 36.82 279.30 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 279.30 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 279.30 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 27.00 264.90 Td (reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 134.19 264.90 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 340.25 264.90 Td (s board of directors \(or persons performing the equivalent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 250.50 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 221.70 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 40.05 221.70 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 27.00 207.30 Td (reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 156.77 207.30 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 229.51 207.30 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 27.00 178.50 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 40.61 178.50 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 547.95 178.50 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 164.10 Td (control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 120.90 Td (Date: ) Tj ET Q q 0 0 0 rg BT 50.60 120.90 Td (April 2, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 92.10 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 41.4482421875 90.76699218750002 m 126.453125 90.76699218750002 l s q 0 0 0 rg BT 41.45 92.10 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 52.84 92.10 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 83.49 92.10 Td (W) Tj ET Q q 0 0 0 rg BT 92.01 92.10 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 77.70 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 57.65 77.70 Td (W) Tj ET Q q 0 0 0 rg BT 66.17 77.70 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 63.30 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 63.30 Td (ficer) Tj ET Q endstream endobj 79 0 obj <> endobj 80 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 27.00 711.45 Td (I, David Bernstein, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 682.65 Td (1. I have reviewed this quarterly report on Form 10-Q of Carnival plc;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 653.85 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 27.00 639.45 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 27.00 625.05 Td (covered by this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 596.25 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 27.00 581.85 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 420.37 581.85 Td (, the periods presented in this report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 553.05 Td (4. ) Tj ET Q q 0 0 0 rg BT 36.82 553.05 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 553.05 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 553.05 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 27.00 538.65 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 111.14 538.65 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 532.92 538.65 Td (Act Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 524.25 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 27.00 495.45 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 27.00 481.05 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 27.00 466.65 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 27.00 437.85 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 27.00 423.45 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 27.00 409.05 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 27.00 380.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 105.38 380.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 218.40 380.25 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 27.00 365.85 Td (ef) Tj ET Q q 0 0 0 rg BT 34.59 365.85 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 27.00 337.05 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 249.99 337.05 Td (s internal control over financial reporting that occurred during the registrant) Tj ET Q q 0 0 0 rg BT 555.99 337.05 Td (s most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 322.65 Td (recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 167.48 322.65 Td (s fourth fiscal quarter in the case of an annual report\) that has materially af) Tj ET Q q 0 0 0 rg BT 466.07 322.65 Td (fected, or is reasonably likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 308.25 Td (to materially af) Tj ET Q q 0 0 0 rg BT 87.90 308.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 163.15 308.25 Td (s internal control over financial reporting; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 279.45 Td (5. ) Tj ET Q q 0 0 0 rg BT 36.82 279.45 Td (The registrant) Tj ET Q q 0 0 0 rg BT 95.41 279.45 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 174.37 279.45 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 27.00 265.05 Td (reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 134.19 265.05 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 340.25 265.05 Td (s board of directors \(or persons performing the equivalent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 250.65 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 221.85 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 40.05 221.85 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 27.00 207.45 Td (reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 156.77 207.45 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 229.51 207.45 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 27.00 178.65 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 40.61 178.65 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 547.95 178.65 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 164.25 Td (control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 121.05 Td (Date: ) Tj ET Q q 0 0 0 rg BT 50.60 121.05 Td (April 2, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 92.25 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 41.4482421875 90.9169921875 m 118.66015625 90.9169921875 l s q 0 0 0 rg BT 41.45 92.25 Td (/s/ David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 77.85 Td (David Bernstein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 63.45 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 101.80 63.45 Td (ficer) Tj ET Q endstream endobj 81 0 obj <> endobj 82 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 27.00 711.45 Td (In connection with the Quarterly Report on Form 10-Q for the quarter ended February28, 2015 as filed by Carnival Corporation with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 697.05 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 27.00 682.65 Td (to Section906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 178.64 682.65 Td (Act of 2002, that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 659.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 659.25 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 453.22 659.25 Td (Act of 1934; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 635.85 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 635.85 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 45.00 621.45 Td (Carnival Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 598.05 Td (Date: ) Tj ET Q q 0 0 0 rg BT 50.60 598.05 Td (April2, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 569.25 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 41.4482421875 567.9169921875 m 126.453125 567.9169921875 l s q 0 0 0 rg BT 41.45 569.25 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 52.84 569.25 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 83.49 569.25 Td (W) Tj ET Q q 0 0 0 rg BT 92.01 569.25 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 554.85 Td (Arnold ) Tj ET Q q 0 0 0 rg BT 57.65 554.85 Td (W) Tj ET Q q 0 0 0 rg BT 66.17 554.85 Td (. Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 540.45 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 540.45 Td (ficer) Tj ET Q endstream endobj 83 0 obj <> endobj 84 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 27.00 711.45 Td (In connection with the Quarterly Report on Form 10-Q for the quarter ended February28, 2015 as filed by Carnival Corporation with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 697.05 Td (Securities and Exchange Commission on the date hereof \(the Report\), I certify pursuant to 18 U.S.C. 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Donald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 540.45 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 161.22 540.45 Td (ficer) Tj ET Q endstream endobj 87 0 obj <> endobj 88 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 27.00 711.45 Td (In connection with the Quarterly Report on Form 10-Q for the quarter ended February28, 2015 as filed by Carnival plc with the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 697.05 Td (and Exchange Commission on the date hereof \(the Report\), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 682.65 Td (906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 135.86 682.65 Td (Act of 2002, that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 659.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 43.48 659.25 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 451.70 659.25 Td (Act of 1934; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 27.00 635.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 43.48 635.85 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 27.00 621.45 Td (Carnival plc.) 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