<SEC-DOCUMENT>0000884887-16-000162.txt : 20160901
<SEC-HEADER>0000884887-16-000162.hdr.sgml : 20160901
<ACCEPTANCE-DATETIME>20160609141225
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ACCESSION NUMBER:		0000884887-16-000162
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL CARIBBEAN CRUISES LTD
		CENTRAL INDEX KEY:			0000884887
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				980081645
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132
		BUSINESS PHONE:		3055396000

	MAIL ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RA HOLDINGS INC
		DATE OF NAME CHANGE:	19920424
</SEC-HEADER>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 18pt; FONT-WEIGHT: normal">Royal Caribbean Cruises Ltd.</font></div>

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<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt">1050 Caribbean Way&#160;</font></td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt">&#160;</font></td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt">tel: 305.539.6000</font></td>
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<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt">Miami, Fl 33132.2096 USA</font></td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt">&#160;</font></td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt">www.royalcaribbean.com</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">June 9, 2016</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline">VIA EDGAR <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">AND</font> OVERNIGHT MAIL</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Ms. Anne Nguyen Parker</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Assistant Director, Office of Transportation and Leisure</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Division of Corporation Finance</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">100 F Street, N.E.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Washington, DC&#160;&#160;&#160;20549-3561</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">cc:<font id="TAB2" style="FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt; FONT-SIZE: 11pt">&#160;&#160;</font>Ada D. Sarmento</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">RE:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Royal Caribbean Cruises Ltd.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font id="TAB2" style="FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt; FONT-SIZE: 11pt">&#160;&#160;&#160;</font>&#160; Form 10-K</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font id="TAB2" style="FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt; FONT-SIZE: 11pt">&#160;&#160;&#160;</font>&#160; Filed February 22, 2016</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Dear Ms. Parker:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">This letter indicates the responses of Royal Caribbean Cruises Ltd. (the &#8220;Company&#8221;) to the comments of the staff (the &#8220;Staff&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;Commission&#8221;) set forth in your letter dated May 19, 2016 in relation to the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed on February 22, 2016 (the &#8220;Form 10-K&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For your convenience, we have set forth below in bold and italicized type each of the Staff&#8217;s comments to the Form 10-K followed in each case by the Company&#8217;s response.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline">Management&#8217;s Discussion and Analysis, page 37</font></font></div>

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<div><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">We note your response to comment one from our letter dated April 19, 2016. In your disclosure, please quantify the Adjusted Earnings per Share and Return on Invested Capital as of 2014 and that you hope to achieve by 2017, and discuss how these compare with your historical results, as well as those of your peers. Given that neither you nor your peers have been able to achieve adjusted EPS of at least $6.78 or double-digit Return on Invested Capital in the last 10 years, please discuss any specific initiatives you intend to undertake to achieve the Double-Double goals and the attendant opportunities and challenges you may face.</font></div>
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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font id="TAB2" style="FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt; FONT-SIZE: 11pt">&#160;&#160;&#160;</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Response:</font></font></font></div>

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<div style="TEXT-INDENT: -27pt; DISPLAY: block; MARGIN-LEFT: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font id="TAB2" style="FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt; FONT-SIZE: 11pt">&#160;&#160;&#160;</font>We acknowledge the Staff&#8217;s comment and we will enhance our disclosures in future filings as set forth herein.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline">Quantification of </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">DOUBLE-DOUBLE</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"> Goals</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In future filings where we refer to our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font> Program, we will include the following definition in the &#8220;Selected Operational and Financial Metrics&#8221; section of the filing:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"> Program </font>refers to the multi-year Adjusted EPS and Return on Invested Capital (ROIC) goals we publicly announced in 2014 and are seeking to achieve by the end of 2017.&#160;&#160;Under this program, we are targeting Adjusted EPS of at least $6.78 by the end of 2017, which is double our 2014 Adjusted EPS of $3.39.&#160;&#160;We are also targeting ROIC of at least 10% by the end of 2017 as compared to ROIC of 5.9% in 2014.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline">Historical Comparisons</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We believe that our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font> target metrics are consistent with and reflect the trajectory of our business since the beginning of 2013 as well as the continued shift in our fleet profile to newer, more efficient vessels.&#160;&#160;While our Adjusted EPS and ROIC performance in the last three years well outpaced our historical growth pattern in the years immediately prior, our financial results for 2007 through 2012 were significantly impacted by several extraordinary challenges, including the &#8220;Great Recession&#8221; and a number of highly publicized incidents impacting the industry generally.&#160;&#160;Despite these difficulties, we continued to execute upon our core competencies and strategic plans in order to prepare the groundwork for meaningful improvement in our performance.&#160;&#160;Since 2013, we have seen the positive results of these efforts, including annual Adjusted EPS growth of approximately 21%, 39% and 42% in each of 2013, 2014 and 2015, respectively.&#160;&#160;Our ROIC results have shown similar improvement, steadily increasing from an ROIC of 4.6% for fiscal 2012 to an ROIC of 7.6% for fiscal 2015.&#160;&#160;Although there can be no assurances that we will meet our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font> targets, the company believes these targets are realistic and achievable.&#160;&#160;Like all forward-looking information, however, our ability to achieve our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font> targets are subject to risks, uncertainties and other factors which could impact performance.&#160;&#160;These are discussed in detail in the Risk Factors section of our 10-K and the Company&#8217;s Cautionary Note Concerning Forward-Looking Statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In the MD&amp;A section of our future 10-K filings made during the course of our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE </font>Program, we will include discussion of how our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font> target metrics compare with our historical results, taking into account our results for the periods most recently ended as well as any relevant events or trends impacting our business in particular and/or the cruise industry in general.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">With respect to the Staff&#8217;s request to include a comparison of our target metrics against the comparable results of our peers, there are many factors that drive the financial performance of our competitors, including some which may not be included in their public filings.&#160;&#160;We are concerned that discussing our competitors&#8217; results based on this limited information may lead to inaccurate and, in some cases, potentially misleading comparisons.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline">Specific Initiatives</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As noted in our prior response and disclosed in the MD&amp;A of our Form 10-K, our long-term financial strategy (including our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font> goals) is based on three key pillars:&#160;&#160;revenue yield growth, cost containment and moderate capacity growth.&#160;&#160;In the MD&amp;A section of our future 10-K filings, we will continue to update our progress as well as our future strategic plans with respect to each of these pillars.&#160;&#160;In addition, in the event that our strategies shift materially or we introduce any new initiative specific and material to achievement of our <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOUBLE-DOUBLE</font> goals we will include discussion of such initiative (as well as related material challenges or opportunities) in future filings.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">If you have any questions regarding the foregoing responses, please feel free to contact me at (305) 539-6631.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Very truly yours,</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline">/s/ Bradley H. Stein</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Bradley H. Stein</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Senior Vice President, General Counsel &amp; Secretary</font></div>

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<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">cc:</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt; FONT-SIZE: 10pt">&#160;&#160;</font>&#160;Richard D. Fain, Royal Caribbean Cruises Ltd.</font></font></div>

<div><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt; FONT-SIZE: 10pt">&#160;&#160;&#160;</font>&#160;Jason T. Liberty, Royal Caribbean Cruises Ltd.</font></font></div>

<div><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Henry L. Pujol, Royal Caribbean Cruises Ltd.</div>

<div><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Carrie Levine Schwartz, Royal Caribbean Cruises Ltd.</div>

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