Royal Caribbean Reports Better Than Expected Results and Forward Guidance

By Royal Caribbean Cruises Ltd., PRNE
Wednesday, January 26, 2011

MIAMI, January 27, 2011 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today announced better than
expected fourth quarter and full year 2010 results and provided earnings
guidance for 2011.

Key Highlights

    -- For the Fourth Quarter 2010:
         -- Net income was $42.7 million, or $0.20 per share versus $3.4
            million, or $0.02 per share in 2009;
         -- Weather and currency related issues reduced earnings by $0.03 per
            share, but were more than offset by higher revenues and cost
            containment;
         -- Net Yields increased 3.2%, (4.2% on a Constant Currency basis).
            Absent extreme weather conditions, constant currency Net Yields
            would have increased 4.7%;
         -- Net Cruise Costs per APCD ("NCC") were flat, (up 1.0% on a
            Constant Currency basis).

    -- For the Full Year 2010:
         -- Net Yields increased 4.2% (4.4% on a Constant Currency basis);
         -- NCC declined 1.8% (down 1.3% on a Constant Currency basis);
         -- NCC excluding fuel declined for the third year in a row and were
            down 1.6%;
         -- Net income was $547.5 million, or $2.51 per share versus $162.4
            million, or $0.75 per share in 2009.

    -- 2011 Guidance:
         -- Net Yields are expected to improve 4% to 6% for the full year and
            2% to 3% in the first quarter;
         -- NCC excluding fuel are expected to increase approximately 2% for
            the full year and the first quarter;
         -- EPS is expected to be between $3.25 and $3.45 for the full year
            and $0.10 to $0.15 for the first quarter of 2011, based on
            current fuel prices and currency exchange rates.

"These improved results reflect the strong reception our new ships have
received along with the solid branding our different cruise brands have
enjoyed," said Richard D. Fain, chairman and chief executive officer. Fain
continued, "WAVE is off to a solid start and supports our earlier confidence
in meaningful pricing recovery and record financial performance in 2011."

Fourth Quarter 2010 Results

Royal Caribbean Cruises Ltd. today announced net income for the fourth
quarter 2010 of $42.7 million, or $0.20 per share, compared to net income of
$3.4 million, or $0.02 per share, in the fourth quarter of 2009.

Revenues improved to $1.6 billion in the fourth quarter of 2010 compared
to $1.5 billion in the fourth quarter of 2009 as a result of capacity
increases and yield improvements. Net Yields for the fourth quarter of 2010
increased 3.2% (4.2% on a Constant Currency basis). During this last quarter,
extreme weather conditions impacted some of the company's voyages and
impaired some of its guests' ability to make their departures. Absent these
weather disruptions, Net Yields on a Constant Currency basis would have
increased 4.7%, in line with previous guidance.

Costs in the fourth quarter of 2010 were well controlled and to a lesser
extent some timing shifts to the first quarter of 2011 occurred. NCC were
flat, and NCC excluding fuel increased 1.7%. Excluding currency impacts, the
comparable figures would have been increases of 1.0% and 2.9%, respectively.

The company's energy consumption efforts were also better than previous
guidance with usage of 344,000 metric tons during the fourth quarter.
At-the-pump pricing (including the benefit of the company's hedging program)
was in line with earlier calculations at $474 per metric ton. Taken together,
the quarter's fuel expenditures were approximately $4 million better than
previous calculations.

Full Year 2010 Results

Net income for the full year 2010 was $547.5 million, or $2.51 per share,
compared to net income of $162.4 million, or $0.75 per share, for the full
year 2009. Revenues for the full year 2010 increased 15% to $6.8 billion from
revenues of $5.9 billion for the full year 2009. Net cruise costs excluding
fuel declined for the third year in a row and were down 1.6%. Despite
significant market price increases, fuel costs per metric ton increased only
1% to $493 as a result of the company's hedging program. Since 2005, the
company has reduced energy consumption per APCD by 15% and full year 2010
consumption was 1,311,000 metric tons.

2011 Outlook

The company reported that early "WAVE season" bookings have been
encouraging and booked load factors and average per diems are ahead of same
time last year. On an as reported basis, the company expects net yields to
increase between 4% and 6% for the full year and 2% to 3% for the first
quarter of 2011. On a Constant Currency basis, Net Yields are forecasted to
be up between 4% and 5% for the full year and to increase 1% to 2% in the
first quarter of 2011.

On a Constant Currency basis, NCC excluding fuel are forecasted to be up
1% to 2% for the full year and the first quarter of 2011. On an as reported
basis, NCC excluding fuel are expected to be up approximately 2% for the full
year and the first quarter of 2011.

Based upon the above and current fuel prices and currency exchange rates,
the company expects full year EPS will be between $3.25 and $3.45 per share.
"Our company continues to focus on costs and improving its financial
performance," said Brian J. Rice, executive vice president and chief
financial officer. "This focus, combined with the improving pricing power of
our brands should generate significant earnings opportunities as we move into
2011 and beyond."

In commenting on its guidance, the company noted the potential for an
increasing role of its tour operations which include Royal Celebrity Tours,
Pullmantur's tour businesses and other operations on its yield and net cruise
costs metrics. The company noted that revenues and expenses associated with
such operations tend to be more volatile and less predictable than its main
cruise businesses. Because these tour businesses have relatively low margins,
this volatility has little impact on bottom line results but can cause
fluctuations in the financial statistics for revenues and operating costs.

Fuel Expense

The company does not forecast fuel prices and its cost calculations are
based on current at-the-pump prices net of hedging impacts. Based on today's
fuel prices the company has included $168 million and $705 million of fuel
expense in its first quarter 2011 and full year 2011 guidance, respectively.
The company continues to focus on managing its operations and itineraries
more efficiently. As a result, forecasted fuel consumption per APCD is down a
further 6% for 2011.

Forecasted consumption is now 58% hedged for the remainder of 2011, 55%
hedged in 2012, and 30% hedged in 2013. Additionally, as previously
disclosed, the company utilizes fuel options which are marked-to-market each
quarter as further protection against escalating fuel prices.

Forward Guidance Summary

The company provided the following estimates for the first quarter and
full year 2011.

Fuel Statistics

                                       First Quarter 2011     Full Year 2011
                                       ------------------     --------------

    Fuel Consumption                       326,000 mt          1,322,000 mt
    Fuel Expenses                         $168 Million         $705 Million
    Percent Hedged (forward consumption)       63%                   58%
    Impact of 10% change in fuel prices    $7 Million           $28 Million

Guidance Estimates

                                              First Quarter 2011
                                              ------------------
                                        Reported          Constant Currency
                                        --------          -----------------
    Net Yields                          2% to 3%               1% to 2%
    Net Cruise Costs per APCD          Approx. 1%             Approx. 1%
    Net Cruise Costs per APCD,         Approx. 2%              1% to 2%
      excluding Fuel

                                                Full Year 2011
                                                --------------
                                        Reported          Constant Currency
                                        --------          -----------------
    Net Yields                          4% to 6%               4% to 5%
    Net Cruise Costs per APCD          Approx. 2%              1% to 2%
    Net Cruise Costs per APCD,         Approx. 2%              1% to 2%
      excluding Fuel

                                       First Quarter 2011     Full Year 2011
                                       ------------------     --------------
    EPS                                  $0.10 to $0.15       $3.25 to $3.45
    Capacity Increase                         10.2%                 7.4%
    Depreciation and Amortization  $170 to $175 Million  $695 to $715 Million
    Interest Expense, net            $80 to $85 Million   $305 to 325 Million

    Exchange rates used in
     forecast calculations
    ----------------------
    EUR / USD                                 1.37                  1.37
    GBP / USD                                 1.59                  1.59

Liquidity and Financing Arrangements

As of December 31, 2010, liquidity was $1.6 billion, including cash and
the undrawn portion of the company's unsecured revolving credit facilities.
Additionally, the company has $1.3 billion of committed unsecured financing
on its two remaining newbuilds.

During the fourth quarter of 2010 the company finalized an additional
unsecured revolving credit facility in the amount of $525 million due in
November, 2014. Going forward, the company anticipates maintaining two
separate revolving credit facilities with staggered maturity dates to further
reduce refinancing risk.

Capital Expenditures and Capacity Guidance

Based on current ship orders, projected capital expenditures for 2011,
2012, and 2013 are $1.0 billion, $1.0 billion and $350 million, respectively.

Capacity increases for the same three years are 7.4%, 1.2%, and 2.2%,
respectively.

Conference Call Scheduled

The company has scheduled a conference call at 10 a.m. Eastern Standard
Time
today to discuss its earnings. This call can be heard, either live or on
a delayed basis, on the company's investor relations web site at
www.rclinvestor.com.

Selected Operational and Financial Metrics

Available Passenger Cruise Days ("APCD")

APCD is our measurement of capacity and represents double occupancy per
cabin multiplied by the number of cruise days for the period. We use this
measure to perform capacity and rate analysis to identify our main
non-capacity drivers which cause our cruise revenues and expenses to vary.

Constant Currency

We believe Net Yields and Net Cruise Costs are our most relevant non-GAAP
financial measures. However, a significant portion of our revenue and
expenses are denominated in currencies other than the United States dollar.
Because our reporting currency is the United States dollar, the value of
these revenues and expenses can be affected by changes in currency exchange
rates. Although such changes in local currency prices is just one of many
elements impacting our revenues and expenses, it can be an important element.
For this reason, we also monitor Net Yields and Net Cruise Costs as if the
current periods' currency exchange rates had remained constant with the
comparable prior periods' rates, or on a "Constant Currency" basis.

It should be emphasized that the use of Constant Currency is primarily
used for comparing short-term changes and/or projections. Over the longer
term, changes in guest sourcing and shifting the amount of purchases between
currencies significantly change the impact of the purely currency based
fluctuations.

Gross Cruise Costs

Gross Cruise Costs represent the sum of total cruise operating expenses
plus marketing, selling and administrative expenses.

Gross Yields

Gross Yields represent total revenues per APCD.

Net Cruise Costs

Net Cruise Costs represent Gross Cruise Costs excluding commissions,
transportation and other expenses and onboard and other expenses. In
measuring our ability to control costs in a manner that positively impacts
net income, we believe changes in Net Cruise Costs to be the most relevant
indicator of our performance. We have not provided a quantitative
reconciliation of projected Gross Cruise Costs to projected Net Cruise Costs
due to the significant uncertainty in projecting the costs deducted to arrive
at this measure. Accordingly, we do not believe that reconciling information
for such projected figures would be meaningful.

Net Debt-to-Capital

Net Debt-to-Capital is a ratio which represents total long-term debt,
including current portion of long-term debt, less cash and cash equivalents
("Net Debt") divided by the sum of Net Debt and total shareholders' equity.
We believe Net Debt and Net Debt-to-Capital, along with total long-term debt
and shareholders' equity are useful measures of our capital structure.

Net Revenues

Net Revenues represent total revenues less commissions, transportation
and other expenses and onboard and other expenses.

Net Yields

Net Yields represent Net Revenues per APCD. We utilize Net Revenues and
Net Yields to manage our business on a day-to-day basis as we believe that it
is the most relevant measure of our pricing performance because it reflects
the cruise revenues earned by us net of our most significant variable costs,
which are commissions, transportation and other expenses and onboard and
other expenses. We have not provided a quantitative reconciliation of
projected Gross Yields to projected Net Yields due to the significant
uncertainty in projecting the costs deducted to arrive at this measure.
Accordingly, we do not believe that reconciling information for such
projected figures would be meaningful.

Occupancy

Occupancy, in accordance with cruise vacation industry practice, is
calculated by dividing Passenger Cruise Days by APCD. A percentage in excess
of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days

Passenger Cruise Days represent the number of passengers carried for the
period multiplied by the number of days of their respective cruises.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that
operates Royal Caribbean International, Celebrity Cruises, Pullmantur,
Azamara Club Cruises, CDF Croisieres de France, and TUI Cruises through a 50%
joint venture. The company has a combined total of 40 ships in service and
two under construction. It also offers unique land-tour vacations in Alaska,
Asia, Australia, Canada, Europe, Latin America and New Zealand. Additional
information can be found on www.royalcaribbean.com,
www.celebrity.com, www.pullmantur.com,
www.azamaraclubcruises.com, www.cdfcroisieresdefrance.com,
www.tuicruises.com or www.rclinvestor.com.

Certain statements in this release relating to, among other things, our
future performance constitute forward-looking statements under the Private
Securities Litigation Reform Act of 1995. These statements include, but are
not limited to, statements regarding expected financial results for the
fourth quarter and full year 2010 and the yields expected in 2011. Words such
as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend,"
"may," "plan," "project," "seek," "should," "will," and similar expressions
are intended to identify these forward-looking statements. Forward-looking
statements reflect management's current expectations, are inherently
uncertain and are subject to 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 impact of the economic environment on the demand for cruises,
the impact of the economic environment on 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 repayments
and other financing needs, the uncertainties of conducting business
internationally and expanding into new markets, changes in operating and
financing costs, vacation industry competition and changes in industry
capacity and overcapacity, emergency ship repairs, including the related lost
revenue, the impact of ship delivery delays, ship cancellations or ship
construction price increases, financial difficulties encountered by shipyards
or their subcontractors and adverse publicity concerning the cruise vacation
industry and the unavailability or cost of air service.

More information about factors that could affect our operating results is
included under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q,
copies of which may be obtained by visiting our Investor Relations web site
at www.rclinvestor.com or the SEC's web site at www.sec.gov. Undue reliance
should not be placed on the forward-looking statements in this release, which
are based on information available to us on the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

Non-GAAP Measures of Financial Performance

This press release includes certain non-GAAP financial measures as
defined under Securities and Exchange Commission rules, which we believe
provide useful information to investors as a supplement to our consolidated
financial statements which are prepared and presented in accordance with
generally accepted accounting principles, or GAAP.

The presentation of non-GAAP financial information is not intended to be
considered in isolation or as a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP. These measures
may be different from non-GAAP measures used by other companies. In addition,
these non-GAAP measures are not based on any comprehensive set of accounting
rules or principles. Non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with our results of operations as the
corresponding GAAP measures.

Reconciliation to the most comparable GAAP measure of all non-GAAP
financial measures included in this press release can be found in the tables
included at the end of this press release.

                          ROYAL CARIBBEAN CRUISES LTD.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                (unaudited, in thousands, except per share data)

                                                  Quarter Ended
                                                   December 31,
                                                   ------------
                                               2010                2009
                                               ----                ----

    Passenger ticket revenues            $1,146,108          $1,029,236
    Onboard and other revenues              458,390             422,431

      Total revenues                      1,604,498           1,451,667
                                          ---------           ---------
    Cruise operating expenses:
      Commissions, transportation
       and other                            285,566             256,517
      Onboard and other                     105,615             109,436
      Payroll and related                   202,474             176,476
      Food                                  101,739              90,562
      Fuel                                  163,155             162,586
      Other operating                       248,440             241,668
                                            -------             -------
        Total cruise operating
         expenses                         1,106,989           1,037,245
    Marketing, selling and
     administrative expenses                211,936             185,655
    Depreciation and amortization
     expenses                               163,878             146,412

    Operating Income                        121,695              82,355
                                            -------              ------
    Other income (expense):
      Interest income                         4,696               1,902
      Interest expense, net of
       interest capitalized                 (89,129)            (78,311)
      Other income (expense)                  5,445              (2,593)
                                              -----              ------
                                            (78,988)            (79,002)
                                            -------             -------
    Net Income                              $42,707              $3,353
                                            =======              ======

    Earnings Per Share:
    Basic                                     $0.20               $0.02
                                              =====               =====
    Diluted                                   $0.20               $0.02
                                              =====               =====

    Weighted-Average Shares
     Outstanding:
    Basic                                   215,581             213,925
                                            =======             =======
    Diluted                                 218,742             216,386
                                            =======             =======
                                                    Year Ended
                                                   December 31,
                                                   ------------
                                               2010                2009
                                               ----                ----

    Passenger ticket revenues            $4,908,644          $4,205,709
    Onboard and other revenues            1,843,860           1,684,117

      Total revenues                      6,752,504           5,889,826
                                          ---------           ---------
    Cruise operating expenses:
      Commissions, transportation
       and other                          1,175,522           1,028,867
      Onboard and other                     480,564             457,772
      Payroll and related                   767,586             681,852
      Food                                  388,205             345,272
      Fuel                                  646,998             600,203
      Other operating                       999,201             957,136
                                            -------             -------
        Total cruise operating
         expenses                         4,458,076           4,071,102
    Marketing, selling and
     administrative expenses                848,079             761,999
    Depreciation and amortization
     expenses                               643,716             568,214

    Operating Income                        802,633             488,511
                                            -------             -------
    Other income (expense):
      Interest income                         9,243               7,016
      Interest expense, net of
       interest capitalized                (339,393)           (300,012)
      Other income (expense)                 74,984             (33,094)
                                             ------             -------
                                           (255,166)           (326,090)
                                           --------            --------
    Net Income                             $547,467            $162,421
                                           ========            ========

    Earnings Per Share:
    Basic                                     $2.55               $0.76
                                              =====               =====
    Diluted                                   $2.51               $0.75
                                              =====               =====

    Weighted-Average Shares
     Outstanding:
    Basic                                   215,026             213,809
                                            =======             =======
    Diluted                                 217,711             215,295
                                            =======             =======
                                   STATISTICS

                                           Quarter Ended
                                            December 31,
                                            ------------
                                      2010                 2009
                                      ----                 ----

    Passengers Carried           1,155,648            1,012,059

    Passenger Cruise Days        8,193,130            7,397,151

    APCD                         7,943,782            7,335,032
    Occupancy                        103.1%               100.8%

                                              Year Ended
                                             December 31,
                                             ------------
                                       2010                2009
                                       ----                ----

    Passengers Carried            4,585,920           3,970,278

    Passenger Cruise Days        32,251,217          28,503,046

    APCD                         30,911,073          27,821,224
    Occupancy                         104.3%              102.5%
                           ROYAL CARIBBEAN CRUISES LTD.
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except share data)

                                                           As  of
                                                           ------
                                               December 31,      December 31,
                                                      2010             2009
                                                      ----             ----
                                               (unaudited)
     Assets
     Current assets
       Cash and cash equivalents                  $419,929         $284,619
       Trade and other receivables, net            266,710          338,804
       Inventories                                 126,797          107,877
       Prepaid expenses and other assets           145,144          180,997
       Derivative financial instruments             56,491          114,094
                                                    ------          -------
          Total current assets                   1,015,071        1,026,391

     Property and equipment, net                16,769,181       15,268,053
     Goodwill                                      759,328          792,373
     Other assets                                1,151,324        1,146,677
                                                 ---------        ---------
                                               $19,694,904      $18,233,494
                                               ===========      ===========

     Liabilities and Shareholders' Equity
     Current liabilities
       Current portion of long-term debt        $1,198,929         $756,215
       Accounts payable                            249,047          264,554
       Accrued interest                            160,906          147,547
       Accrued expenses and other
        liabilities                                552,543          521,190
       Customer deposits                         1,283,073        1,059,524
                                                 ---------        ---------
          Total current liabilities              3,444,498        2,749,030
     Long-term debt                              7,951,187        7,663,555
     Other long-term liabilities                   356,717          321,192

     Commitments and contingencies

     Shareholders' equity
       Preferred stock ($0.01 par value;
        20,000,000 shares authorized;
          none outstanding)                              -                -
       Common stock ($0.01 par value;
        500,000,000 shares authorized;
       226,211,731 and 224,258,247 shares
        issued, December 31, 2010                    2,262            2,243
       and December 31, 2009, respectively)
       Paid-in capital                           3,027,130        2,973,495
       Retained earnings                         5,301,748        4,754,950
       Accumulated other comprehensive
        income                                      25,066          182,733
       Treasury stock (10,308,683 common
        shares at                                 (413,704)        (413,704)
          cost, December 31, 2010 and December
           31, 2009)                              --------         --------
          Total shareholders' equity             7,942,502        7,499,717
                                                 ---------        ---------
                                               $19,694,904      $18,233,494
                                               ===========      ===========
                          ROYAL CARIBBEAN CRUISES LTD.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)

                                                        Year Ended
                                                       December 31,
                                                       ------------
                                                  2010              2009
                                                  ----              ----
                                           (unaudited)
     Operating Activities
     Net income                               $547,467          $162,421
     Adjustments:
       Depreciation and amortization           643,716           568,214
     Changes in operating assets and
      liabilities:
       Decrease (increase) in trade and
        other receivables, net                 146,498            (3,633)
       Increase in inventories                 (20,274)          (11,295)
       Increase in prepaid expenses and
        other assets                           (10,954)           (3,085)
       (Decrease) increase in accounts
        payable                                (15,507)           16,424
       Increase in accrued interest             13,359            18,668
       Increase in accrued expenses and
        other liabilities                       72,161            15,391
       Increase in customer deposits           135,975            32,038
     Cash received on settlement of
      derivative financial instruments         172,993                 -
     Other, net                                (22,415)           49,738
                                               -------            ------
     Net cash provided by operating
      activities                             1,663,019           844,881
                                             ---------           -------

     Investing Activities
     Purchases of property and equipment    (2,187,189)       (2,477,549)
     Cash (paid) received on settlement of
      derivative financial instruments         (91,325)          110,830
     Loans and equity contributions to
      unconsolidated affiliates                      -          (181,683)
     Proceeds from the sale of Celebrity
      Galaxy                                         -           290,928
     Other, net                                 (9,404)          (16,983)
                                                ------           -------
     Net cash used in investing activities  (2,287,918)       (2,274,457)
                                            ----------        ----------

     Financing Activities
     Proceeds from issuance of debt          2,420,262         2,317,158
     Debt issuance costs                       (90,782)          (61,157)
     Repayments of debt                     (1,600,265)         (948,467)
     Proceeds from exercise of common
      stock options                             26,158               569
     Other, net                                  1,587             4,103
                                                 -----             -----
     Net cash provided by financing
      activities                               756,960         1,312,206
                                               -------         ---------

     Effect of exchange rate changes on
      cash                                       3,249              (889)

     Net increase (decrease) in cash and
      cash equivalents                         135,310          (118,259)
     Cash and cash equivalents at
      beginning of period                      284,619           402,878
                                               -------           -------
     Cash and cash equivalents at end of
      period                                  $419,929          $284,619
                                              ========          ========

     Supplemental Disclosure
     Cash paid during the period for:
       Interest, net of amount capitalized    $297,477          $288,458
                                              ========          ========
                          ROYAL CARIBBEAN CRUISES LTD.
                        NON-GAAP RECONCILING INFORMATION
                                   (unaudited)

    Gross Yields and Net Yields were calculated as follows (in thousands,
     except APCD and Yields):

                                                  Quarter Ended
                                                   December 31,
                                                   ------------
                                          2010         2010          2009
                                          ----         ----          ----
                                                       On a
                                                       ----
                                                     Constant
                                                     --------
                                                     Currency
                                                     --------
                                                       basis
                                                       -----

      Passenger ticket revenues     $1,146,108     $1,158,891    $1,029,236
      Onboard and other revenues       458,390        464,761       422,431

      Total revenues                 1,604,498      1,623,652     1,451,667
                                     =========      =========     =========
      Less:
        Commissions, transportation
         and other                     285,566        290,226       256,517
        Onboard and other              105,615        108,096       109,436
                                       -------        -------       -------
      Net revenues                  $1,213,317     $1,225,330    $1,085,714
                                    ==========     ==========    ==========

      APCD                           7,943,782      7,943,782     7,335,032
      Gross Yields                     $201.98        $204.39       $197.91
      Net Yields                       $152.74        $154.25       $148.02
    Gross Yields and Net Yields were calculated as follows (in thousands,
     except APCD and Yields):

                                                    Year Ended
                                                   December 31,
                                                   ------------
                                          2010         2010          2009
                                          ----         ----          ----
                                                       On a
                                                       ----
                                                     Constant
                                                     --------
                                                     Currency
                                                     --------
                                                       basis
                                                       -----

      Passenger ticket revenues     $4,908,644     $4,921,935    $4,205,709
      Onboard and other revenues     1,843,860      1,858,003     1,684,117

      Total revenues                 6,752,504      6,779,938     5,889,826
                                     =========      =========     =========
      Less:
        Commissions, transportation
         and other                   1,175,522      1,182,971     1,028,867
        Onboard and other              480,564        489,436       457,772
                                       -------        -------       -------
      Net revenues                  $5,096,418     $5,107,531    $4,403,187
                                    ==========     ==========    ==========

      APCD                          30,911,073     30,911,073    27,821,224
      Gross Yields                     $218.45        $219.34       $211.70
      Net Yields                       $164.87        $165.23       $158.27
    Gross Cruise Costs and Net Cruise Costs were calculated as follows
     (in thousands, except APCD and costs per APCD):

                                                   Quarter Ended
                                                   December 31,
                                                   ------------
                                          2010         2010          2009
                                          ----         ----          ----
                                                       On a
                                                       ----
                                                     Constant
                                                     --------
                                                     Currency
                                                     --------
                                                       basis
                                                       -----

    Total cruise operating
     expenses                       $1,106,989     $1,121,334    $1,037,245
    Marketing, selling and
     administrative expenses           211,936        214,131       185,655

    Gross Cruise Costs               1,318,925      1,335,465     1,222,900
                                     =========      =========     =========
    Less:
      Commissions, transportation
       and other                       285,566        290,226       256,517
      Onboard and other                105,615        108,096       109,436
                                       -------        -------       -------
    Net Cruise Costs                  $927,744       $937,143      $856,947
                                      ========       ========      ========

    APCD                             7,943,782      7,943,782     7,335,032
    Gross Cruise Costs per APCD        $166.03        $168.11       $166.72
    Net Cruise Costs per APCD          $116.79        $117.97       $116.83
                                                    Year Ended
                                                   December 31,
                                                   ------------
                                          2010         2010          2009
                                          ----         ----          ----
                                                       On a
                                                       ----
                                                     Constant
                                                     --------
                                                     Currency
                                                     --------
                                                       basis
                                                       -----

    Total cruise operating
     expenses                      $4,458,076      $4,493,014    $4,071,102
    Marketing, selling and
     administrative expenses          848,079         850,201       761,999

    Gross Cruise Costs              5,306,155       5,343,215     4,833,101
                                    =========       =========     =========
    Less:
      Commissions, transportation
       and other                    1,175,522       1,182,971     1,028,867
      Onboard and other               480,564         489,436       457,772
                                      -------         -------       -------
    Net Cruise Costs               $3,650,069      $3,670,808    $3,346,462
                                   ==========      ==========    ==========

    APCD                           30,911,073      30,911,073    27,821,224
    Gross Cruise Costs per APCD       $171.66         $172.86       $173.72
    Net Cruise Costs per APCD         $118.08         $118.75       $120.28
    Net Debt-to-Capital was calculated as follows (in thousands):

                                                As of
                                 December 31,           December 31,
                                 ------------           ------------
                                     2010                   2009
                                     ----                   ----
    Long-term debt, net
     of current portion           $7,951,187             $7,663,555
    Current portion of
     long-term debt                1,198,929                756,215
                                   ---------                -------
    Total debt                     9,150,116              8,419,770
    Less: Cash and cash
     equivalents                     419,929                284,619
    Net Debt                      $8,730,187             $8,135,151
                                  ==========             ==========

    Total shareholders' equity    $7,942,502             $7,499,717
    Total debt                     9,150,116              8,419,770
                                   ---------              ---------
    Total debt and
     shareholders' equity         17,092,618             15,919,487
                                  ==========             ==========
    Debt-to-Capital                     53.5%                  52.9%
    Net Debt                       8,730,187              8,135,151
    Net Debt and
     shareholders' equity        $16,672,689            $15,634,868
                                 ===========            ===========
    Net Debt-to-Capital                 52.4%                  52.0%

Ian Bailey, +1-305-982-2625

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