Royal Caribbean Reports Improved Second Quarter Earnings and 2010 Outlook

By Royal Caribbean Cruises Ltd., PRNE
Wednesday, July 21, 2010

MIAMI, July 22, 2010 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today announced improved
earnings for the second quarter of 2010 and provided higher guidance for the
third quarter and full year 2010.

    Key Highlights

    - Second quarter 2010 net income increased to US$60.5 million,
      or US$0.28 per share;
    - Business conditions have remained on target in each of the
      company's main markets while improved cost control has enabled the
      company to raise its earnings guidance for the year;
    - Operating costs were lower than expected due mainly to strong
      cost control, energy conservation measures, expense timing and currency
      fluctuations;
    - Second quarter Net Yields increased 4.9%, (5.4% on a Constant
      Currency basis);
    - Second quarter Net Cruise Costs per APCD, "NCC", declined 2.8%,
      (2.0% on a Constant Currency basis);
    - Net Yields are expected to increase approximately 4% in the third
      quarter and 3% - 4% for the year as a whole, (7% and 4% - 5%
      respectively on a Constant Currency basis);
    - NCC are expected to be down 1% for the third quarter and down
      approximately 1% - 2% for the full year;
    - EPS expectation for the full year 2010 has been increased by
      US$0.10 to US$2.25 to US$2.35. Third quarter 2010 EPS is expected to be
      in the range of US$1.52 to US$1.57.

"What a difference a year makes. It is gratifying to post another solid
quarter with improvement in yields and strong cost control," said Richard D.
Fain
, chairman and chief executive officer. Fain continued, "Despite ongoing
uncertainty with the economy, our profitability continues to improve and our
booking environment continues to be remarkably stable. We remain focused on
strengthening our financial position and I am encouraged about the tremendous
global response to our brands."

Second Quarter 2010 Results

Royal Caribbean Cruises Ltd. today announced net income for the second
quarter 2010 of US$60.5 million, or US$0.28 per share, compared to a net loss
of US$35.1 million, or (US$0.16) per share, in second quarter of 2009.

Revenues improved to US$1.6 billion in the second quarter of 2010
compared to US$1.3 billion in the second quarter of 2009, as a result of
capacity increases and yield improvements. Net Yields for the second quarter
of 2010 increased 4.9% despite the impact of the stronger US Dollar.

In the second quarter of 2010, NCC decreased 2.8%, and NCC excluding fuel
decreased 4.4%. Excluding currency impacts, the comparable figures would have
been decreases of 2.0% and 3.4%, respectively.

Improved fuel consumption efforts resulted in significantly better fuel
consumption of 318,000 metric tons during the second quarter. At-the-pump
pricing (including the benefit of the company's hedging) was virtually
unchanged. Altogether, the quarter's fuel expenditures were approximately
US$6 million better than previous calculations.

Forward Guidance

The company reported that with the exception of currency exchange rates,
the current revenue environment has remained stable. Additionally, booked
load factors and average per diems continue to run ahead of same time last
year for the back half of the year. Third quarter 2010 Net Yields are
expected to improve approximately 7% on a Constant Currency basis, or 4% on
an as-reported basis. Full Year 2010 Net Yields are expected to improve
approximately 4% - 5% on a Constant Currency basis and 3% - 4% on an
as-reported basis.

NCC are forecasted to be down 1% for the third quarter and down 1% - 2%
for the full year of 2010. On a Constant Currency basis, NCC are forecasted
to be flat to up slightly for the third quarter and down 1% for the full year
of 2010.

"Demand for our cruises remains on track with our earlier projections,"
said Brian J. Rice, executive vice president and chief financial officer.
Rice continued, "The strengthening of the US Dollar will clearly result in a
reduction of our reported yields, but also provides a corresponding reduction
in expenses. Most importantly, our continued focus on cost controls and
efficiency is driving improved earnings."

Currency Exposure

Given the recent volatility in currency exchange rates, the company is
expanding its disclosures regarding currency and has defined a non-GAAP
measure of "Constant Currency."

Based on current estimates for 2010, the company anticipates that 30% of
its net revenues, and 20% of its NCC excluding fuel will be denominated in
currencies other than US Dollar, with the British Pound and the Euro being
the most significant components.

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 US$170 million and US$652 million of
fuel expense in its third quarter 2010 and full year 2010 guidance,
respectively.

The company has made additional progress over the past quarter in
optimizing the fuel consumption on many of its newer itineraries, as well as
fine tuning the operations on its newest hardware. The ongoing focus on fuel
consumption has allowed the company to further reduce its full year 2010
consumption estimate to 1,327,000 metric tons of fuel versus the estimates
the company provided in April.

The company's fuel consumption is currently 47% hedged for the third
quarter of 2010. In keeping with its previously disclosed hedging strategy,
forecasted consumption is now 48% hedged for the remainder of 2010, 55%
hedged in 2011, 50% hedged in 2012 and 20% hedged in 2013.

(All amounts in financial tables are in US$)

    Fuel Statistics
    ---------------

                                 Third Quarter 2010      Full Year 2010
                                 ------------------      --------------
    Fuel Consumption                 350,000 mt           1,327,000 mt
    Fuel Expenses                   $170 Million          $652 Million
    Percent Hedged (forward
     consumption)                        47%                   48%
    Impact of 10% change in
     fuel prices                      $9 Million           $17 Million

    Forward Guidance Summary
    ------------------------
    The company provided the following estimates for the third quarter
    and full year 2010.

                                           Third Quarter 2010
                                           ------------------
                                   Reported            Constant Currency
    Net Yields                    Approx. 4%             Approx. 7%
    Net Cruise Costs per
     APCD                        Approx. (1%)        Flat to up slightly
    Net Cruise Costs per
     APCD, excluding Fuel        Approx. (2%)               Flat
                                             Full Year 2010
                                             --------------
                                   Reported            Constant Currency
    Net Yields                      3% - 4%                4% - 5%
    Net Cruise Costs per
     APCD                         (1%) - (2%)           Approx. (1%)
    Net Cruise Costs per
     APCD, excluding Fuel         (1%) - (2%)            Flat - (1%)

                              Third Quarter 2010        Full Year 2010
                              ------------------        --------------
    EPS                          $1.52 - $1.57           $2.25 - $2.35
    Capacity Increase                12.7%                   11.5%
    Depreciation and
     Amortization             $160 to $165 Million    $640 to $650 Million
    Interest Expense            $78 to $83 Million    $330 to $340 Million
    EUR                               1.29                    1.29
    GBP                               1.53                    1.53

Liquidity and Financing Arrangements

As of June 30, 2010, in addition to committed unsecured financing on its
three remaining newbuilds, liquidity was US$1.0 billion, including cash
and the undrawn portion of the company's unsecured revolving credit facility.

Capital Expenditures and Capacity Guidance

Based on current ship orders, projected capital expenditures for 2010,
2011 and 2012 are US$2.2 billion, US$1.0 billion, and US$1.0 billion,
respectively.

Capacity increases for the same three years are 11.5%, 7.1% and 2.0%,
respectively. These capacity estimates reflect the recently announced
February 2011 sale of the Celebrity Mercury.

Conference Call Scheduled

The company has scheduled a conference call at 10 a.m. Eastern Daylight
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.

Terminology

Available Passenger Cruise Days ("APCD")

APCDs are our measurement of capacity and represent double occupancy per
cabin multiplied by the number of cruise days for the period.

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 39 ships in service and
three 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 constitute forward-looking statements
under the Private Securities Litigation Reform Act of 1995. 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 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 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 impact of
disruptions in the global financial markets on the ability of our
counterparties and others to perform their obligations to us including those
associated with our loan agreements and derivative contracts, the
uncertainties of conducting business internationally and expanding into new
markets, changes in operating and financing costs, including changes in
foreign exchange rates, interest rates, fuel, food, payroll, airfare for our
shipboard personnel, insurance and security costs, vacation industry
competition and changes in industry capacity and overcapacity, the cost of or
changes in tax, environmental, health, safety, security and other laws and
regulations affecting our business or our principal shareholders, pending or
threatened litigation, enforcement actions, fines or penalties, emergency
ship repairs, including the related lost revenue, the impact of ship delivery
delays, ship cancellations or ship construction price increases brought about
by construction faults, mechanical problems or financial difficulties
encountered by shipyards or their subcontractors, negative incidents or
adverse publicity concerning the cruise vacation industry including those
involving unusual weather patterns or natural disasters and the health,
safety and security of passengers, the international political climate, fears
of terrorist and pirate attacks, armed conflict, the unavailability or cost
of air service and the resulting concerns over safety and security aspects of
traveling, the spread of contagious diseases, a disruption to our business
related to actual or threatened natural disasters, information systems
failure or similar events, our ability to differentiate our cruise brands,
changes or disruptions to the travel agency industry, the loss of key
personnel, strained employee relations and/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 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.

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

                                   Quarter Ended        Six Months Ended
                                      June 30,               June 30,
                                  2010       2009        2010        2009
                                  ----       ----        ----        ----

    Passenger ticket
     revenues               $1,159,453   $956,593  $2,241,974  $1,905,863
    Onboard and other
     revenues                  442,244    392,422     845,373     768,754
                               -------    -------     -------     -------
      Total revenues         1,601,697  1,349,015   3,087,347   2,674,617
                             ---------  ---------   ---------   ---------
    Cruise operating
     expenses:
      Commissions,
       transportation and
       other                   271,140    232,552     539,790     468,381
      Onboard and other        124,190    112,523     215,125     195,757
      Payroll and related      188,608    165,466     368,042     334,212
      Food                      93,850     80,913     186,497     166,316
      Fuel                     164,118    136,488     319,057     291,363
      Other operating          244,281    237,493     482,951     461,742
                               -------    -------     -------     -------
        Total cruise
         operating expenses  1,086,187    965,435   2,111,462   1,917,771
    Marketing, selling
     and administrative
     expenses                  211,795    190,593     422,843     379,750
    Depreciation and
     amortization
     expenses                  160,031    137,925     317,606     277,781
    Operating Income           143,684     55,062     235,436      99,315
                               -------     ------     -------      ------
    Other income
     (expense):
      Interest income            1,363      1,159       2,732       2,889
      Interest expense, net
       of interest
       capitalized             (83,846)   (68,327)   (167,770)   (147,789)
      Other (expense)
       income                     (655)   (22,980)     77,595     (25,739)
                                  ----    -------      ------     -------
                               (83,138)   (90,148)    (87,443)   (170,639)
                               -------    -------     -------    --------
    Net Income (Loss)          $60,546   $(35,086)   $147,993    $(71,324)
                               =======   ========    ========    ========

    Earnings (Loss) Per
     Share:
    Basic                        $0.28     $(0.16)      $0.69      $(0.33)
                                 =====     ======       =====      ======
    Diluted                      $0.28     $(0.16)      $0.68      $(0.33)
                                 =====     ======       =====      ======

    Weighted-Average
     Shares Outstanding:
    Basic                      215,043    213,780     214,680     213,734
                               =======    =======     =======     =======
    Diluted                    217,561    213,780     217,304     213,734
                               =======    =======     =======     =======

                           STATISTICS

                           Quarter Ended                 Six Months Ended
                              June 30,                       June 30,
                              --------                       --------
                          2010          2009           2010            2009
                          ----          ----           ----            ----

    Passengers
     Carried         1,112,984       937,610      2,230,514       1,911,276

    Passenger Cruise
     Days            7,817,339     6,738,213     15,402,065      13,560,581

    APCD             7,543,536     6,585,128     14,897,628      13,328,584
    Occupancy            103.6%        102.3%         103.4%          101.7%
                           ROYAL CARIBBEAN CRUISES LTD.
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except share data)

                                                            As  of
                                                            ------
                                                   June 30,      December 31,
                                                      2010           2009
                                                      ----           ----
                                                  (unaudited)
    Assets
    Current assets
      Cash and cash equivalents                      $318,820       $284,619
      Trade and other receivables, net                212,204        338,804
      Inventories                                     110,695        107,877
      Prepaid expenses and other assets               223,913        180,997
      Derivative financial instruments                 45,516        114,094
                                                       ------        -------
         Total current assets                         911,148      1,026,391

    Property and equipment, net                    15,683,297     15,268,053
    Goodwill                                          718,399        792,373
    Other assets                                      990,170      1,146,677
                                                      -------      ---------
                                                  $18,303,014    $18,233,494
                                                  ===========    ===========

    Liabilities and Shareholders' Equity
    Current liabilities
      Current portion of long-term debt            $1,001,343       $756,215
      Accounts payable                                292,047        264,554
      Accrued interest                                105,047        147,547
      Accrued expenses and other liabilities          658,389        521,190
      Customer deposits                             1,398,003      1,059,524
                                                    ---------      ---------
         Total current liabilities                  3,454,829      2,749,030
    Long-term debt                                  7,109,013      7,663,555
    Other long-term liabilities                       491,405        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;                               2,254          2,243
      225,428,145 and 224,258,247 shares issued,
       June 30, 2010 and
      December 31, 2009, respectively)
      Paid-in capital                               3,002,106      2,973,495
      Retained earnings                             4,902,943      4,754,950
      Accumulated other comprehensive (loss)
       income                                        (245,832)       182,733
      Treasury stock (10,308,683 common shares at
        cost, June 30,                               (413,704)      (413,704)
      2010 and December 31, 2009)                    --------       --------
         Total shareholders' equity                 7,247,767      7,499,717
                                                    ---------      ---------
                                                  $18,303,014    $18,233,494
                                                  ===========    ===========

                             ROYAL CARIBBEAN CRUISES LTD.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (unaudited, in thousands)

                                                           Six Months Ended
                                                               June 30,
                                                               --------
                                                         2010          2009
                                                         ----          ----

    Operating Activities
    Net income (loss)                                $147,993      $(71,324)
    Adjustments:
      Depreciation and amortization                   317,606       277,781
    Changes in operating assets and
     liabilities:
      Decrease in trade and other receivables,
       net                                            127,131        46,842
      Increase in inventories                          (5,607)       (6,312)
      Increase in prepaid expenses and other
       assets                                         (37,937)      (20,197)
      Increase in accounts payable                     23,622        17,670
      Decrease in accrued interest                    (42,500)      (47,927)
      Decrease in accrued expenses and other
       liabilities                                    (13,514)      (23,453)
      Increase in customer deposits                   320,382       131,792
    Cash received on settlement of derivative
     financial instruments                            172,993             -
    Other, net                                            733        37,986
                                                          ---        ------
    Net cash provided by operating activities       1,010,902       342,858
                                                    ---------       -------

    Investing Activities
    Purchases of property and equipment              (847,541)     (323,589)
    Cash (paid) received on settlement of
     derivative financial instruments                  (7,121)       49,303
    Loans and equity contributions to
     unconsolidated affiliates                              -      (181,683)
    Proceeds from the sale of Celebrity Galaxy              -       290,928
    Other, net                                         (8,266)       (5,883)
                                                       ------        ------
    Net cash used in investing activities            (862,928)     (170,924)
                                                     --------      --------

    Financing Activities
    Debt proceeds                                   1,081,069        75,813
    Debt issuance costs                               (36,929)      (15,456)
    Repayments of debt                             (1,168,928)     (327,648)
    Proceeds from exercise of common stock
     options                                           11,377             -
    Other, net                                            748           721
                                                          ---           ---
    Net cash used in financing activities            (112,663)     (266,570)
                                                     --------      --------

    Effect of exchange rate changes on cash            (1,110)        1,516

    Net increase (decrease) in cash and cash
     equivalents                                       34,201       (93,120)
    Cash and cash equivalents at beginning of
     period                                           284,619       402,878
                                                      -------       -------
    Cash and cash equivalents at end of period       $318,820      $309,758
                                                     ========      ========

    Supplemental Disclosure
    Cash paid during the period for:
      Interest, net of amount capitalized            $159,288      $171,856
                                                     ========      ========
                                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
                                                  June 30,
                                                  --------
                                                 2010 After
                                                  adjusting
                                                 for changes
                                      2010       in currency        2009
                                      ----       -----------        ----

     Passenger ticket revenues     $1,159,453     $1,168,813    $956,593
     Onboard and other revenues       442,244        444,577     392,422

     Total revenues                 1,601,697      1,613,390   1,349,015
                                    =========      =========   =========
     Less:
       Commissions, transportation
        and other                     271,140        274,148     232,552
       Onboard and other              124,190        126,948     112,523
                                      -------        -------     -------
     Net revenues                  $1,206,367     $1,212,294  $1,003,940
                                   ==========     ==========  ==========

     APCD                           7,543,536      7,543,536   6,585,128
     Gross Yields                     $212.33        $213.88     $204.86
     Net Yields                       $159.92        $160.71     $152.46

                                              Six Months Ended
                                                  June 30,
                                                  --------
                                                 2010 After
                                                  adjusting
                                                 for changes
                                      2010       in currency      2009
                                      ----       -----------      ----

     Passenger ticket revenues     $2,241,974     $2,207,902  $1,905,863
     Onboard and other revenues       845,373        845,041     768,754

     Total revenues                 3,087,347      3,052,943   2,674,617
                                    =========      =========   =========
     Less:
       Commissions, transportation
        and other                     539,790        533,049     468,381
       Onboard and other              215,125        216,672     195,757
                                      -------        -------     -------
     Net revenues                  $2,332,432     $2,303,222  $2,010,479
                                   ==========     ==========  ==========

     APCD                          14,897,628     14,897,628  13,328,584
     Gross Yields                     $207.24        $204.93     $200.67
     Net Yields                       $156.56        $154.60     $150.84

    Gross Cruise Costs and Net Cruise Costs were calculated as follows
     (in thousands, except APCD and costs per APCD):

                                               Quarter Ended
                                                   June 30,
                                               --------------
                                                 2010 After
                                                  adjusting
                                                for changes
                                     2010       in currency        2009
                                     ----       -----------        ----

    Total cruise operating
     expenses                     $1,086,187     $1,098,522    $965,435
    Marketing, selling and
     administrative expenses         211,795        213,389     190,593

    Gross Cruise Costs             1,297,982      1,311,911   1,156,028
                                   =========      =========   =========
    Less:
      Commissions, transportation
       and other                     271,140        274,148     232,552
      Onboard and other              124,190        126,948     112,523
                                     -------        -------     -------
    Net Cruise Costs                $902,652       $910,815    $810,953
                                    ========       ========    ========

    APCD                           7,543,536      7,543,536   6,585,128
    Gross Cruise Costs per APCD      $172.07        $173.91     $175.55
    Net Cruise Costs per APCD        $119.66        $120.74     $123.15

                                               Six Months Ended
                                                   June 30,
                                                   --------
                                                 2010 After
                                                  adjusting
                                                 for changes
                                     2010        in currency        2009
                                     ----        -----------        ----

    Total cruise operating
     expenses                     $2,111,462      $2,108,808  $1,917,771
    Marketing, selling and
     administrative expenses         422,843         419,644     379,750

    Gross Cruise Costs             2,534,305       2,528,452   2,297,521
                                   =========       =========   =========
    Less:
      Commissions, transportation
       and other                     539,790         533,049     468,381
      Onboard and other              215,125         216,672     195,757
                                     -------         -------     -------
    Net Cruise Costs              $1,779,390      $1,778,731  $1,633,383
                                  ==========      ==========  ==========

    APCD                          14,897,628      14,897,628  13,328,584
    Gross Cruise Costs per APCD      $170.11         $169.72     $172.38
    Net Cruise Costs per APCD        $119.44         $119.40     $122.55
     Net Debt-to-Capital was calculated as follows (in thousands):

                                                      As of

                                              June 30,     December 31,
                                              --------     ------------
                                                  2010             2009
                                                  ----             ----
    Long-term debt, net of current portion  $7,109,013       $7,663,555
    Current portion of long-term debt        1,001,343          756,215
                                             ---------          -------
    Total debt                               8,110,356        8,419,770
    Less: Cash and cash equivalents            318,820          284,619
    Net Debt                                $7,791,536       $8,135,151
                                            ==========       ==========

    Total shareholders' equity              $7,247,767       $7,499,717
    Total debt                               8,110,356        8,419,770
                                             ---------        ---------
    Total debt and shareholders' equity     15,358,123       15,919,487
                                            ==========       ==========
    Debt-to-Capital                               52.8%            52.9%
    Net Debt                                 7,791,536        8,135,151
    Net Debt and shareholders' equity      $15,039,303      $15,634,868
                                           ===========      ===========
    Net Debt-to-Capital                           51.8%            52.0%

Ian Bailey, +1-305-982-2625

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