Royal Caribbean Cruises Ltd Ltd.

March 2012

Forward Looking Statements

This presentation contains forward looking statements. Please note that actual results could differ materially from those contained herein. For a full discussion regarding the risks, risks uncertainties and other factors that could impact these statements, please see RCLs annual and quarterly SEC filings or the th companys I Investor Website t W b it www.rclinvestor.com

RCL Today

Second largest cruise company 40 Ships 95,000 berths 3 ships on order in Germany 6 b d serving over 400 ports of call brands i t f ll Guests carried in 2011 4.9 million 2011 Revenue - $7.5 billion

Long-Term Strategy & Thesis are Strong

Its the Revenue Stupid

Unbeatable Hardware Revitalizing and Retro-fitting Best Practices Customer Engagement Global Demand Expansion Slowing Capacity G Sl i C it Growth th

Controlling Costs / Reducing Fuel Usage g g g Focus on ROIC / Balance Sheet

Continued Recovery During 2011

As-Reported Constant-Currency

Net Revenue Yield Net Cruise Costs/APCD Net Cruise Costs/APCD (Excluding Fuel) EPS

4.1% 3.7% 2.3%

2.4% 2.7% 1.3%

$2.77*

* Versus 2010 EPS of $1.98 excluding legal settlement gain

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Revenue Focus Working

% of Capacity YOY Yield Change

Asia Eastern Med Western Med Southern Hemisphere Caribbean Baltic Alaska

2%
13%

Down Significantly Up Modesty Up Mid Single Digits

11% 16% 7% 46% 3% 4%

77%

Up Significantly Up Double Digits Up Double Digits

Costa Concordia Introduced Near- Term Uncertainty

Unthinkable & Rare Tragedy g y Pre-Grounding

Booking Volumes +5% on 2% Capacity Growth Stronger Order Book at Higher Pricing Net Yield Guide anticipated +4% to +6%

Post-Grounding
Booking Volume Declines, No Increase in Cancellations Gradual Recovery but still not fully stable Largest Impact Q2 - Q3 12 Q4 12 2013 & L 12, Long-term Trajectory Healthy t T j t H lth
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2012 Full Year Guidance

As-Reported A R t d

Constant-Currency C C

Net Revenue Yield Net Cruise Costs/APCD Net Cruise Costs/APCD (Excluding Fuel) (E l di F l) EPS
Based upon February 2, 2012 guidance.

Flat to 4% 5% to 6% 3% to 4% $1.90 - $2.30

1% to 5% 6% to 7%

4% to 5%

Superior Fleet
Percent of Fleet

60 50
D.O Berths (tho O. ousands)

40%

+55% 55%
Sunshine I & II Oasis Class

40

Solstice Class
30 20 10 0 2009 2010 2011 2012 2013 2014 2015
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Freedom & Voyager Classes

International Markets Under-penetrated

U.S.A. & Canada 330 Million Residents 11 Million Cruisers 3.3% Penetration Europe 500 Million Residents 5 Million Cruisers 1.1% Penetration

Latin America 570 Million Residents 1 Million Cruisers 0.2% Penetration

APAC 3,000 Million Residents 2 Million Cruisers 0.1% Penetration

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G.P. Wild (international Ltd) from PSA, CLIA, ECC and other sources. Annual cruise penetration

Annual Cruise Penetration. G.P. Wild from PSA, CLIA, ECC, Abremar, ICCA and other sources. In markets where no industry association exists, used internal estimate

Most Recently, Offices in Mexico & France

Office International representative

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Evolving Deployment

Caribbean

Europe

Developing Markets
2007 50% 21% 7% 4% % 3% 15% 100% 2012 42% 29% 4% 4% % 13% 8% 100%
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Product Caribbean Europe Alaska Bermuda/Canada / Asia/Australia/S. America Other Total T t l

Rapid Expansion in International Markets

100%

In 2012 > 50% of Guests are Expected to Originate from outside United States
Internation Guest Mix nal

50%

0% 2004 2005 2006 2007 2008 Year 2009 2010 2011 2012

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Slower Supply Growth

RCLs 2012 to 2015 CAGR is 3.4%
12%

YoY Ca apacity Inc crease

10%

8%

Industry

6%

4%

2%

0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 14

Costs (ex Bunker) Capacity Adjusted

0.5% Growth per Year

$120

$100

$80
P Per APCD

$60

$40

$20

$0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011 2012F

Based upon February 2, 2012 guidance.

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Fuel Investments Paying Off

Approximately 18% more fuel efficient than our competitors

Fuel Consump ption MT/A APCD

65 60 55

CCL
50 45 40 35 2005 2006 2007 2008 2009 2010 2011

NCL

RCL

Based upon February 2, 2012 guidance.

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Hedging Initiatives
% of estimated consumption/ hedged h d d cost per metric ton t ti t
57% 55% 47% 30%
$490/mt $520/mt $520/mt

20%
$575/mt $580/mt

2011

2012

2013

2014

2015

Based upon February 2, 2012 guidance.

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Summary Recovery Continues Focus on Double-digits ROIC

Revenue Yields
1% Change in Yield is $0.27 in EPS

Maintain Cost Controls Fuel Consumption Reduction/Hedging

Continued Diversification of Guest Sourcing Engaging Customers g g g Revitalizing and Retro-fitting Best Practices Progress toward Investment Grade
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