Equity ResearchCCL| Page 2OVERVIEWFounded in 1974 and headquartered in Miami, FL, Carnival Corporation (CCL) operates as a cruise and vacation company. As a single economic entity, Carnival Corporation & Carnival plc forms the largest cruise operator in the world. Carnivals cruise ships offer various itineraries to passengers worldwide under leading cruise brands through its three primary segments North America cruise brands, EAA cruise brands and Cruise Support. Additionally, the company has a Tour and Other segment. In North America, the company serves the contemporary cruise segment through its Carnival Cruise Lines brand, the premium cruise segment through its Holland America and Princess brands and the luxury cruise segment through its Seabourn brand.