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.
March 2012
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Forward Looking Statements
This presentation contains forward lookingstatements. Please note that actual results
could differ materially from those contained
herein. For a full discussion regarding the,
could impact these statements, please seeRCL s annual and quarterly SEC filings or
e companys nves or e s e www.rclinvestor.com
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RCL Today
40 Ships 95,000 berths
3 ships on order in Germany
ran s serv ng over por s o ca
Guests carried in 2011 4.9 million 2011 Revenue - $7.5 billion
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Long-Term Strategy & Thesis are Strong
Its the Revenue Stupid
Unbeatable Hardware
Revitalizing and Retro-fitting Best Practices
Customer Engagement
Global Demand Expansionow ng apac y row
Controllin Costs / Reducin Fuel Usa e
Focus on ROIC / Balance Sheet
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Continued Recovery During 2011
As-Reported Constant-Currency
Net Revenue Yield 4.1% 2.4%
Net Cruise Costs/APCD 3.7% 2.7%
Net Cruise Costs/APCD
(Excluding Fuel)2.3% 1.3%
EPS $2.77*
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* 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
2%
11%Down Significantly13%
Western Med 16% Up Modesty
Southern Hemisphere
Caribbean
7%
46%
Up Mid Single Digits
Up Significantly77%
Baltic 3% Up Double Digits
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Costa Concordia Introduced Near- Term Uncertainty
Unthinkable & Rare Tra ed
Pre-Grounding
Stronger Order Book at Higher Pricing
Net Yield Guide anticipated +4% to +6%
Post-Grounding
Bookin Volume Declines No Increase in Cancellations Gradual Recovery but still not fully stable
Largest Impact Q2 - Q3 12
7
, ong- erm ra ec ory ea y
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2012 Full Year Guidance
s- epor e Constant-Currency
Net Cruise Costs/APCD 6% to 7%5% to 6%
Net Cruise Costs/APCD
4% to 5%3% to 4%xc u ng ue
-
8
Based upon February 2, 2012 guidance.
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Superior Fleet
40% +55Percent of Fleet
Oasis Class
Sunshine I & II50
Solstice Class
40
usa
nds)
Freedom &20
30
.
Berths(th
Voyager Classes
10
D.
9
0
2009 2010 2011 2012 2013 2014 2015
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International Markets Under-penetrated
U.S.A. & Canada
330 Million Residents
11 Million Cruisers
Europe
500 Million Residents
5 Million Cruisers
3.3% Penetration 1.1% Penetration
Latin America
570 Million Residents
1 Million Cruisers
APAC
3,000 Million Residents
2 Million Cruisers
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G.P. Wild (international Ltd) from PSA, CLIA, ECC and other sources. Annual cruise penetration
0.2% Penetration 0.1% 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
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Most Recently, Offices in Mexico & France
Office
International representative
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Evolving Deployment
Product 2007 2012
Caribbean 50% 42%Europe 21% 29%
Alaska 7% 4%
Bermuda Canada 4% 4%Asia/Australia/S. America 3% 13%
Other 15% 8%
12
o a
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Rapid Expansion in International Markets
100%
In 2012 > 50% of Guests are Expected to
Originate from outside United States
50%alGu
estMix
Internatio
13
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012
Year
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Slower Supply Growth
RCLs 2012 to 2015 CAGR is 3.4%
10%
rease
8%
IndustrypacityIn
4%
6%
YoY
C
2%
14
0%2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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Costs (ex Bunker) Capacity Adjusted
$1200.5% Growth per Year
$100
erAP
CD
$60
$80
$40
$0
$20
15Based upon February 2, 2012 guidance.
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Fuel Investments Paying Off
Approximately 18% more fuel efficient than our competitors
65
PCD
55
CCLtionMT/
45
50
NCL
C
onsum
35
40 RCL
Fuel
16Based upon February 2, 2012 guidance.
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Hedging Initiatives
% of estimated consumption/
57%
hedged cost per metric ton
47%
20%$490/mt $520/mt $520/mt$575/mt
$580/mt
2011 2012 2013 2014 2015
17Based 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 Fuel Consumption Reduction/Hedging
En a in Customers
Revitalizing and Retro-fitting Best Practices
Progress toward Investment Grade