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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

3

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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*

5

* 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

10

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