Carnival Corporation is incorporated in Panama, and Carnival plc is incorporated in England and Wales. Carnival Corporation and Carnival plc operate a dual listed company (DLC) arrangement, whereby the businesses of Carnival Corporation and Carnival plc are combined and they function as a single economic entity through contractual agreements between separate legal entities. Shareholders of Carnival Corporation and Carnival plc have the same economic and voting interest but their shares are listed on different stock exchanges and are not fungible. Carnival Corporation is traded on the New York Stock Exchange (NYSE) under the symbol CCL. Carnival plc is traded on the London Stock Exchange under the symbol CCL and as an American Depository Share on the NYSE.

Although the name Carnival Corporation didn’t come into existence until 1994, the foundation for our company was laid when our flagship brand, Carnival Cruise Line, was formed. Carnival Cruise Line got its start in 1972 with a single ship, Mardi Gras, a converted ocean liner.

After achieving its position as “The World’s Most Popular Cruise Line,” in 1987 Carnival Cruise Line made an initial public offering of 20 percent of its common stock, which provided the initial influx of capital that allowed our company to begin expanding through acquisition.

In 2003, agreements were finalized to combine Carnival Corporation with P&O Princess Cruises plc, creating the world’s first global cruise operator - Carnival Corporation & plc. Over the years, we have acquired a leadership position in virtually every market segment of the cruise industry.

In May 2016, Carnival Corporation & plc became the first U.S. cruise operator in over 40 years to bring U.S. cruise guests directly from the U.S. to Cuba.

With operations in North America, Australia, Europe and Asia, Carnival Corporation & plc’s portfolio of brands features Carnival Cruise Line, Holland America Line, Princess Cruises, Seabourn, P&O Cruises (Australia), P&O Cruises (UK), Cunard, AIDA Cruises and Costa Cruises. Each of our cruise brands is a leader in its respective market segment, has a well-known brand name and has a responsibility to operate sustainably as part of our strategy. We manage the company in a “Group” or “Operating Line” structure. During 2019, the following Carnival Corporation & plc Operating Lines operated and managed one or more of our cruise brands:

• Carnival Cruise Line

• Carnival UK (which operates Cunard and P&O Cruises UK)

• Costa Group, which operates AIDA Cruises and Costa Cruises.

• Holland America Group, which operates Holland America Line, P&O Cruises (Australia), Princess Cruises and Seabourn.

In addition to our cruise operations, we own Holland America Princess Alaska Tours, the leading tour company in Alaska and the Canadian Yukon, which complements our Alaska cruise operations. Our tour company owns and operates hotels, lodges, glass domed railcars and motorcoaches. We also operate a portfolio of leading port destinations and private islands in select geographies around the world.

Additional details relating to our company, Corporate Operating Structure and organization are disclosed in the Carnival Corporation & plc 2019 Annual Report to Shareholders and in our Annual Report on Form 10-K, which are available on the Carnival Corporation & plc website.

We continue to grow our presence in established markets and increase our penetration in developing markets, such as Asia. In 2019, Carnival Corporation & plc along with Carnival Cruise Line and Holland America Line signed an agreement with the Bahamas to build two major port developments. Under the agreement, Carnival Corporation & plc will develop a new cruise port destination primarily for Carnival Cruise Line on Grand Bahama and construction of a new addition, including a pier, on the Bahamian island of Little San Salvador, home to Holland America Line’s award-winning Half Moon Cay port. In 2019, Carnival Panorama became Carnival Cruise Line’s first new cruise ship to home-port in Long Beach on the West Coast of the United States.

We are building new, innovative, purpose-built ships that are larger, more efficient, have an improved mix of guest accommodations and present a wider range of onboard amenities and features. These ships further enhance the attractiveness of a cruise vacation while achieving greater economies of scale and resulting in improved returns on invested capital.

During 2019, we added four new ships and removed four ships from the fleet:

• Costa Smeralda was delivered to Costa Cruises (ship operations commenced in December 2019).

• Costa Venezia was added to Costa Cruises.

• Sky Princess was added to Princess Cruise Line.

• In December 2018, Carnival Panorama was added to Carnival Cruise Line.

• Prinsendam was removed from the Holland America fleet. Oriana was removed, Pacific Eden and Pacific Jewel were sold from P&O Cruises.

As of November 2019, we have a total of 17 cruise ships scheduled to be delivered through 2025.

We continue to make substantial investments in our existing ship enhancement programs to improve our onboard product offerings and enrich our guests’ vacation experiences.

Reflecting on our commitment to sustainability and to play a leading role in matters of environmental protection in the cruise industry, we are expanding our investment in the use of low carbon fuels, in particular, liquefied natural gas (LNG). In December 2019, we took delivery of our second cruise ship able to be completely powered by LNG, our Costa Smeralda. We have an additional nine next-generation cruise ships on order that will also be powered by LNG (both in port and on the open sea) - an innovation that reduces carbon emissions to help protect the environment.

We are honored by the recognition we receive as a corporation as well as the recognition our individual cruise brands receive for their collective commitment to protecting and sustaining healthy oceans, seas, and communities around the world. The independent accolades come from environmental groups, port communities, industry publications, and associations that have recognized our long-standing commitment to being one of the cruise industry’s leaders in environmental innovation and best practices.

Following are noteworthy recognitions received in 2019:

Carnival Corporation & plc has been recognized among Corporate Responsibility Magazine’s (CR Magazine) 100 Best Corporate Citizens for 2019. The recognition marks the fourth consecutive year and eighth time in the past nine years that Carnival Corporation & plc has received the distinction in CR Magazine’s annual survey, which recognizes transparency and corporate governance among the 1,000 largest U.S. public companies. Click here to view the full list.

Since 2006, Carnival Corporation & plc has been a member of the FTSE4Good Index, the socially responsible investment index calculated by global index provider FTSE Group. The FTSE4Good Index measures the performance of companies that meet globally recognized corporate responsibility standards and facilitates investment in those companies.

Carnival Corporation & plc was recognized for the second consecutive year by Forbes Magazine among America’s best employers. Carnival was also recognized among America’s best employer for diversity. Carnival Corporation & plc was ranked as the top overall cruise company on both lists. The list of companies can be viewed here.

Building a diverse and inclusive workforce continues to be a priority. We were honored to be recognized by the HRC Foundation with a perfect score of 100 for the third consecutive year in its 2019 Corporate Equality Index, which rates U.S. companies for their treatment of LGTBQ consumers, investors and employees. The index also recognizes Carnival Corporation & plc with the designation of a Best Place to Work for LGBTQ Equality by HRC Foundation. Click here for more information.

Carnival Corporation & plc has been recognized in Newsweek’s ranking of America’s Most Responsible Companies 2020. Companies were evaluated based on their environmental, social, and corporate governance performance. A total of 2000 American public companies were evaluated and the top 300 are included on the list. We are honored to be listed as the highest-ranking company in the cruise sector. The list of companies can be viewed here.

Carnival Corporation & plc’s CSMART Training Center received the 2019 SAFETY4SEA EUROPORT Training Award for the 2nd consecutive year. The center was recognized for providing high-quality maritime training services for industry-wide safety, sustainability, and operational excellence.

AIDA Cruises has been awarded the “Blue Angel,” Germany’s Federal Government eco-label, for AIDAnova’s environmentally-friendly ship design. Through the use of liquefied natural gas (LNG), the ship emissions of particulate matter and sulfur oxides are almost completely eliminated; nitrogen oxide and CO2 emissions are sustainably reduced. In September 2019, the “Blue Angel” logo was painted onto AIDAnova’s side at the Port of Marseille. Click here for more information.