Global Cruise Industry “Strategy for success in the Asian cruise market” Michael Bayley, Senior Vice President, International Royal Caribbean Cruises Ltd.

Global Industry Growth Source: G.P. Wild (international Ltd) from PSA, CLIA, ECC and other sources 2

Global Cruise Industry Small but growing segment of vacation market 18 Million passengers 375,000 berths 240 ships All regions remain under-penetrated Measured growth in North America Accelerating growth in rest of the world North America Rest of World Source: RCL 2008 North American fleet model. 2009 estimated 3

Historical growth focus on N. America North America Europe Asia & Australia Latin America/other Source: Mintell from G.P. Wild (international Ltd) from PSA, CLIA, ECC and other sources: Europe Includes EU 27, Russia and Eastern European Countries

Relative Market Size

Cruise Industry Target Market Broad appeal across nation, age and wealth levels Offer multiple products to appeal to majority of consumers Ability to move assets around markets More a question of market prioritization by brand Profitability and growth opportunities are key 6

Array of Brands in the Marketplace 7

Economic Benefits of Cruising Europe - 2007 €12.9 billion in annual direct spending €29.0 billion in annual total output 282,125 jobs €9.1 billion in annual employee compensation North America - 2008 $19.1 billion in annual direct spending $40.2 billion in annual total output 357,710 jobs $16.2 billion in annual employee compensation Source: North American data - BREA, 2008 report commissioned by CLIA. European data – 2007 report by G.P. Wild * BREA commissioned by ECC

Environmental Stewardship In everything we do, Royal Caribbean Cruises Ltd. is ever conscious of a very special, and very certain, responsibility. Simply put, we must protect the marine environment and sustain the well-being of the people and places we serve. Because we know that clean oceans are good for the environment, good for our guests and good for our business, we strive to achieve the highest possible standards of environmental and community stewardship. By following strict company policies and practices and using innovative technologies, we conduct our business Above and Beyond Compliance (what we call “ABC”) with existing laws and regulations. Our beautiful oceans and their rich marine life demand nothing less. Source: Extract from Royal Caribbean Cruises Ltd. 2008 Stewardship report http://www.royalcaribbean.com/envSitelet.do

Environmental Stewardship Save the Waves Appliances Hull Coating Window Tinting Advanced Wastewater Purification Propulsion & Hull Design Hull Design Fresh Water Consumption Heating, Ventilation & A/C Operational Conservation Measures

2004 International Deployment 11

2010 International Deployment 12

Strong Consumer Affinity People love to cruise Growing global appeal Represents excellent value for money Compelling newbuilds Global growth 13

Asian Cruise Market Growth Key Fundamentals for Success Market Product Distribution Infrastructure 14

Market

Asian Cruise Market Growth Key Fundamentals for Success Market Product Distribution Infrastructure 16

Legend of the Seas - Singapore Product Legend of the Seas - Singapore

Legend of the Seas – Singapore and Kaohsiung (Taiwan) Product Legend of the Seas – Singapore and Kaohsiung (Taiwan)

Legend of the Seas – Hong Kong Product Legend of the Seas – Hong Kong

Legend of the Seas – Shanghai Product Legend of the Seas – Shanghai

Legend of the Seas – Shanghai Product Legend of the Seas – Shanghai

Legend of the Seas – Beijing (Tianjin) Product Legend of the Seas – Beijing (Tianjin)

Legend of the Seas – Tokyo (Yokohoma) Product Legend of the Seas – Tokyo (Yokohoma)

Asian Cruise Market Growth Key Fundamentals for Success Market Product Distribution Infrastructure 24

Asian Distribution Network 25

Asian Cruise Market Growth Key Fundamentals for Success Market Product Distribution Infrastructure 26

Infrastructure Partnership with public and private institutions Comparable international cruising regulations Competitive port charges and fees Safe, clean and hospitable port cities Ports to accommodate ships of today and tomorrow 27

Evolution of the Industry 2009 2006 2003 1990 1980 1970