Royal Caribbean Cruises Ltd.

September 2009 *

* Disclosures as of July 29, 2009 earnings guidance 1

 Forward Looking Statement
Certain statements in this presentation are forward-looking statements. Words such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“goal”, “intend”, “may”, “plan”, “project”, “seek”, “should”, “will”, and similar expressions are intended to help identify these forward-looking
statements. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors, which
could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements
expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited
to the following: the adverse impact of the continuing worldwide economic downturn on the demand for cruises, the impact of the economic
downturn on the availability of our credit facility and our ability to generate cash flows from operations or obtain new borrowings from the
credit or capital markets in amounts sufficient to satisfy our capital expenditures, debt payment requirements and other financing needs, the
impact of disruptions in the global financial markets on the ability of our counterparties and others to perform their obligations to us, the
uncertainties of conducting business internationally and expanding into new markets, the volatility in fuel prices an foreign exchange rates, the
impact of changes in operating and financing costs, including changes in foreign currency, interest rates, fuel, food, payroll, airfare for our
shipboard personnel, insurance and security costs, impact of problems encountered at shipyards and their subcontractors including
insolvency or financial difficulties, vacation industry competition and changes in industry capacity and overcapacity, the impact of tax and
environmental laws and regulations affecting our business or our principal shareholders, the impact of changes in other laws and regulations
affecting our business, the impact of pending or threatened litigation, enforcement actions, fines or penalties, the impact of delayed or
cancelled ship orders, the impact of emergency ship repairs, including the related lost revenue, the impact on prices of new ships due to
shortages in available shipyard facilities, component parts and shipyard consolidations, negative incidents involving cruise ships including
those involving the health and safety of passengers, reduced consumer demand for cruises as a result of any number of reasons, including
geo-political and economic uncertainties and the unavailability or cost of air service, the international political climate, fears of terrorist and
pirate attacks, armed conflict and the resulting concerns over safety and security aspects of traveling, the impact of the spread of contagious
diseases, the impact of changes or disruptions to external distribution channels for our guest bookings, the loss of key personnel or our
inability to retain or recruit qualified personnel, changes in our stock price or principal shareholders, uncertainties of a foreign legal system as
we are not incorporated in the United States, the unavailability of ports of call, weather, and other factors described in further detail in Royal
Caribbean Cruises Ltd.’s filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge
from time to time. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. In addition, certain financial measures in this news release constitute non-GAAP financial measures
as defined by Regulation G. A reconciliation of these items can be found on our investor relations website at www.rclinvestor.com.
2
 Overview
• 2009 has been challenging but has stabilized
• Consumers still taking vacations
• Generating significant cash flow
• Strategic platform unchanged
• 38 ships, 80K berths
• Six brands
• Second largest cruise company in the world
• Five ships on order
• 2008 revenue of $6.5B, EBITDA of $1.4B
3
Our Brands

• Contemporary and Premium

• 20 Ships
• Deliver the “Wow”
• Premium
• 8 Ships
• Comfortably Sophisticated, Upscale

• Contemporary
• 6 Ships
• Largest Spanish Cruise Line
• Deluxe
• 2 Ships
• Intimate, Unique Destinations

• Contemporary
• 1 Ship from Pullmantur
• French Brand
• Contemporary
• 1 Ship from Celebrity
• Joint Venture with TUI AG (Germany)

4
 Strong Industry Fundamentals
• Great product
• Loyal customers & growth in first timers
• High-value holiday relative to alternatives
• Favorable demographics
• Asset portability
• Low penetration of cruise vacation market
• Global footprint expansion/capacity absorption
• Proven resilience and well positioned for the
recovery 5
 Investment Highlights

y Substantial cash generation

y Track record of strong growth
y Debt is unsecured
y Desirable assets
y Strong liquidity
y AAA Government backed ECA financing
options
y Objective of returning to investment grade
6
 Diversifying Guest Sourcing

y 40%+ Non-US in 2009

y 50%+ Non-US by 2012

y Average age – RCI 45, CEL 55, AZ 65

y 175+ source countries last year

y 12+ countries with 10K+ passengers

7
 International Guest Growth
(thousands)
Over 1M International Guests 1,369

3 0%
GR:
ar CA
Ye
5-

365

04 05 06 07 08 09 E1
1
2009E based on current run-rate and booking patterns 8
 Solstice – Truly Premium
Lawn Club/Real Grass Corning Museum of Glass Studio
Larger Cabins 86% Balconies
World-Class Restaurants Innovative Spa and Fitness Center

9
 Oasis: Like No Other

Central Park Boardwalk Aqua Theater Loft Suites

Royal Promenade Rising Tide Bar Zip Line
Pool and Sports Zone Vitality at Sea Spa and Fitness Center

10
 Compelling Newbuilds

Solstice Oasis
versus versus
Millennium Voyager

Total Cabins + 40% + 74%

Balcony Cabins 86% vs. 57% 72% vs. 49%

Inside Cabins 10% vs. 20% 18% vs. 40%

Energy Savings/Guest + 60% + 30%

11
 Update on Newbuild Financing

• Solstice Class
¾ Financing commitments for 80% of vessel cost
¾ 95% German government guarantee
¾ 12-year amortization

• Oasis Class
9 Oasis of the Seas
¾ Financing commitments for 80% of vessel cost in place
¾ 40% FEC participation
¾ 95% Finnish government guarantee
¾ 12-year amortization
9 Allure of the Seas
¾ 80% Finnish government guarantee commitment currently
¾ 13 months to delivery
¾ Improved lending environment

12
 Intense Focus on Costs
Comprehensive review of entire cost structure

Net Cruise Costs

Business
down 10+%
Dividend
Shareholders
discontinued
Reduction in force, wage
Employees
freeze, pension reduced
Lowered costs,
Vendors
improved terms
Ratings remain
Guests
VERY high 13
 Track Record of Revenue Growth
$ Billions
$6.5

10%
GR:
rC A
Y e a
10-

$2.5

$2.5

99 00 01 02 03 04 05 06 07 08 14
 EBITDA Resilience
$ Billions
Fuel Spike

Recession

$1.4
Consistently over Katrina

$1B EBITDA
09/11 Iraq War

$0.7

99 00 01 02 03 04 05 06 07 08
15
 Fuel Hedging Initiatives
Fuel pricing has been volatile,
but our business model works well at current levels

Percent of fuel consumption hedged

50%
50%
45%

2009 2010 2011

16
Summary

17
 Investment Highlights

y Substantial cash generation

y Favorable ship financing terms
y Increasing global footprint & diverse sourcing
y Innovative & flexible vessels
y Proven resilience
y Cost Controls
y Early indications of positive yields in 2010
18
 RCL 11 7/8 07/15
Yields on our latest issue have tightened
15% over 300 bps from their high

YTM 12.50% at launch

10%

YTM 9.308% 09/28

5%
7/7/2009 7/21/2009 8/4/2009 8/18/2009 9/1/2009 9/15/2009 19
Thank You !

20
Appendix

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