<SEC-DOCUMENT>0000884887-16-000196.txt : 20161028
<SEC-HEADER>0000884887-16-000196.hdr.sgml : 20161028
<ACCEPTANCE-DATETIME>20161028080029
ACCESSION NUMBER:		0000884887-16-000196
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161028
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161028
DATE AS OF CHANGE:		20161028

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11884
		FILM NUMBER:		161956976

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>main8k20161028.htm
<TEXT>
<html>
<head>
    <title>Unassociated Document</title>
    <!--Licensed to: RCL-->
    <!--Document Created using EDGARizer 2020 5.5.2.0-->
    <!--Copyright 1995 - 2015 Summit Financial Printing. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left">
<div>
<hr style="COLOR: black" align="center" noshade size="3" width="100%">
</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">UNITED STATES</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">WASHINGTON, D.C. 20549</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center">
<div>
<hr style="COLOR: black" align="center" noshade size="2" width="25%">
</div>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="2" valign="middle" width="75%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 13pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">FORM 8-K</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 13pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">CURRENT REPORT</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Pursuant To Section 13 or 15(d) of</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">The Securities Exchange Act of 1934</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Date of report (Date of earliest event reported): October 28, 2016</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ROYAL CARIBBEAN CRUISES LTD.</font></div>
</td>
</tr><tr>
<td colspan="2" valign="middle" width="75%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center">
<hr style="COLOR: black" align="center" noshade size="1" width="45%">
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Exact Name of Registrant as Specified in Charter)</font></div>
</td>
</tr><tr>
<td valign="middle" width="38%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="38%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td colspan="2" valign="middle" width="75%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Republic of Liberia</font></div>
</td>
</tr><tr>
<td colspan="2" valign="middle" width="75%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<hr style="COLOR: black" align="center" noshade size="1" width="45%">
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(State or Other Jurisdiction of Incorporation)</font></div>
</td>
</tr><tr>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">1-11884</font></div>
</td>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">98-0081645</font></div>
</td>
</tr><tr>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<hr style="COLOR: black" align="center" noshade size="1" width="75%">
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Commission File Number)</font></div>
</td>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<hr style="COLOR: black" align="center" noshade size="1" width="75%">
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(IRS Employer Identification No.)</font></div>
</td>
</tr><tr>
<td valign="middle" width="38%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="middle" width="38%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">1050 Caribbean Way, Miami, Florida</font></font></div>
</td>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">33132</font></div>
</td>
</tr><tr>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<hr style="COLOR: black" align="center" noshade size="1" width="75%">
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Address of Principal Executive Offices)</font></div>
</td>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<hr style="COLOR: black" align="center" noshade size="1" width="75%">
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Zip Code)</font></div>
</td>
</tr><tr>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></div>
</td>
<td valign="middle" width="38%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></div>
</td>
</tr><tr>
<td colspan="2" valign="middle" width="75%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registrant&#8217;s telephone number, including area code: <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">305-539-6000</font></font></font></div>
</td>
</tr><tr>
<td colspan="2" valign="middle" width="75%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="2" valign="middle" width="75%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Not Applicable</font></div>
</td>
</tr><tr>
<td colspan="2" valign="middle" width="75%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font>
<hr style="COLOR: black" align="center" noshade size="1" width="45%">
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(Former Name or Former Address, if Changed Since Last Report)</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center">
<div>
<hr style="COLOR: black" align="center" noshade size="2" width="25%">
</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline" face="Wingdings">o</font></font></div>
</td>
<td align="left" valign="top" width="67%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline" face="Wingdings">o</font></font></div>
</td>
<td align="left" valign="top" width="67%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline" face="Wingdings">o</font></font></div>
</td>
<td align="left" valign="top" width="67%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="DISPLAY: inline" face="Wingdings">o</font></font></div>
</td>
<td align="left" valign="top" width="67%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font>

<div>
<hr style="COLOR: black" align="center" noshade size="3" width="100%">
</div>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">&#160;</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 72pt"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following is provided pursuant to Item 2.02 of Form 8-K, &#8220;Results of Operations and Financial Condition&#8221; and Item 7.01 of Form 8-K, &#8220;Regulation FD Disclosure.&#8221;</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 2.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Results of Operations and Financial Condition.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 7.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Regulation FD Disclosure.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 36pt; TEXT-INDENT: 72pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On October 28, 2016, Royal Caribbean Cruises Ltd. (the &#8220;Company&#8221;) issued a press release regarding its financial results for the third quarter ended September 30, 2016.&#160;&#160;A copy of this press release is furnished as Exhibit 99.1 to this report.&#160;&#160;This information shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing by the Company, whether made before or after the filing of this report, regardless of any general incorporation language in the filing, except as expressly set forth by specific reference in such a filing.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 9.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Financial Statements and Exhibits.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 72pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Exhibit 99.1 - Press release dated October 28, 2016.</font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">&#160;</div>
</div>

<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">SIGNATURES</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 36pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="31%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" colspan="3" valign="middle" width="44%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">ROYAL CARIBBEAN CRUISES LTD.</font></div>
</td>
</tr><tr>
<td valign="middle" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="31%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="5%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="36%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="middle" width="4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Date:</font></div>
</td>
<td align="left" valign="middle" width="31%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;October 28, 2016</font></div>
</td>
<td align="left" valign="middle" width="3%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">By:</font></div>
</td>
<td align="left" colspan="2" valign="middle" width="41%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<font style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">/s/ Jason T. Liberty</font></font></font></div>
</td>
</tr><tr>
<td valign="middle" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="31%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="middle" width="5%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Name:</font></div>
</td>
<td align="left" valign="middle" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Jason T. Liberty</font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="31%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="3%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="5%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Title:</font></div>
</td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Chief Financial Officer</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div><br>
&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div>
<hr style="COLOR: black" align="center" noshade size="2" width="100%">
</div>

<br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991form8k20161028.htm
<TEXT>
<html>
<head>
    <title>exh991form8k20161028.htm</title>
    <!--Licensed to: RCL-->
    <!--Document Created using EDGARizer 2020 5.5.2.0-->
    <!--Copyright 1995 - 2015 Summit Financial Printing. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Exhibit 99.1</font></div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">News From&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Royal Caribbean Cruises Ltd.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Corporate Communications Office</font></div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1050 Caribbean Way, Miami, Florida 33132-2096</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Contact: Carol Cabezas</font></div>

<div style="MARGIN-LEFT: 216pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">(305) 982-2625</font></div>

<div style="MARGIN-LEFT: 216pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">For Immediate Release</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><br>
<br>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">ROYAL CARIBBEAN REPORTS SOLID THIRD QUARTER RESULTS AND </font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">REMAINS ON PATH TO THE DOUBLE-DOUBLE</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">MIAMI <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">&#8211;</font> October 28, 2016 &#8211; Royal Caribbean Cruises Ltd. (NYSE: RCL) today reported GAAP and adjusted third quarter earnings of $3.21 and $3.20, respectively, up 13% from last year and better than expectations.&#160;&#160;Full year adjusted earnings guidance is unchanged at $6.00 to $6.10 per share.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Looking ahead to 2017, the company&#8217;s booked position is better than same time last year on both volume and rate, supporting the company&#8217;s trajectory to the <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Double-Double</font>.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

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

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Third Quarter 2016 results:</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 24px; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&gt;</font></font></font></div>
</td>
<td width="1221">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Yields were up 2.9% on a Constant-Currency basis (up 0.4%, As-Reported), better than guidance driven mainly by strong close-in demand for North American itineraries.</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&gt;</font></font></font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Cruise Costs (&#8220;NCC&#8221;) excluding fuel were down 1.6% on a Constant-Currency basis (down 2.0%, As-Reported), in line with guidance.</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&gt;</font></font></font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">US GAAP Net Income was $693.3 million or $3.21 per share, versus $228.8 million, or $1.03 per share in 2015.&#160;&#160;Last year&#8217;s figure includes an impairment charge related to Pullmantur.</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&gt;</font></font></font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Adjusted Net Income was $690.9 million, or $3.20 per share, better than expectations driven by strong yields and positive movements in currency and fuel during the quarter, versus $628.1 million, or $2.84 per share, in 2015.</font></div>
</td>
</tr></table>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Full Year 2016 forecast:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&gt;</font></font></font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Yields are expected to be up 4.0% or better on a Constant-Currency basis (up in the range of 1.7% to 2.0%&#160;As-Reported).&#160;&#160;Strong close-in demand for North American products in the third quarter is helping offset the impact from the delay in opening <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Empress of the Seas</font> sailings in the fourth quarter.</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&gt;</font></font></font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NCC excluding fuel are expected to be up approximately 1.0% on a Constant-Currency basis (flat to up 1.0% As-Reported).</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt; TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&gt;</font></font></font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Adjusted EPS is expected to be in the range of $6.00 to $6.10 per share, unchanged from prior guidance.</font></div>

<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 18pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;Our business continues to progress solidly to the <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Double-Double</font>, and our recent dividend increase is evidence of our confidence in that trajectory,&#8221; said Richard D. Fain, chairman and chief executive officer. &#8220;It is gratifying to again be headed towards record earnings for the year, above our initial guidance.&#8221;</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

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

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Yields on a Constant-Currency basis increased 2.9% during the quarter, better than previous guidance.&#160;&#160;Continued strength in demand for North American products was a key driver of the outperformance while the balance of the portfolio performed in-line with expectations. Growth in onboard revenue continued to outpace overall net yield growth, despite an extraordinary outperformance last summer.&#160;&#160;Favorable trends in both currency and fuel compared to expectations also provided a benefit to the quarter.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">US GAAP Net Income for the third quarter 2016 was $693.3 million or $3.21 per share, compared to $228.8 million or $1.03 per share in 2015 &#8211; this includes $399.3 million in non-cash impairment charges related to the Pullmantur brand that was taken last year.&#160;&#160;Adjusted Net Income for the third quarter of 2016 was $690.9 million, or $3.20 per share, which was $0.10 better than guidance and up 13% versus same quarter last year.&#160;&#160;About half of the outperformance was driven by better than expected revenue performance, with the balance of the improvement being mainly driven by the benefits of a weaker dollar and lower fuel prices.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Page 2 of 18</font></font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Constant-Currency NCC excluding fuel decreased 1.6%, in-line with expectations.&#160;&#160;Bunker pricing net of hedging for the third quarter was $524 per metric ton and consumption was 341,000 metric tons.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">FULL YEAR 2016</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The company maintains full year Adjusted EPS guidance of $6.00 to $6.10 per share. Constant-Currency Net Yields are expected to be up 4.0% or better for the full year. Strong close-in demand for North American itineraries in the third quarter is helping offset an impact from the delayed opening of <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Empress of the Seas</font> sailings during the fourth quarter.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NCC excluding fuel are expected to be up approximately 1.0% on a Constant-Currency basis, in-line with previous guidance.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;Our strong booked position and continued focus on effective cost management is expected to keep full year earnings ahead of initial guidance and positions us well for the <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Double-Double</font> in 2017,&#8221; said Jason T. Liberty, chief financial officer.&#160;&#160;&#8220;Minor operational variations are causing some timing shifts between quarters, but the overall market and our overall results remain unchanged from our last guidance.&#8221;</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Taking into account current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects 2016 Adjusted EPS in the range of $6.00 to $6.10 per share.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">FOURTH QUARTER 2016</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Constant-Currency Net Yields are expected to be up approximately 6.0% in the fourth quarter of 2016, and NCC excluding fuel are expected to be down approximately 1.5%.</font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 3 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">These yield improvement expectations in the fourth quarter are largely driven by the deconsolidation of Pullmantur that was announced earlier this year, strong demand for our new hardware and a higher mix of North American and Australian based itineraries.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects fourth quarter Adjusted EPS to be approximately $1.20 per share.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">2017 OUTLOOK</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">At this time, 2017 itineraries are booked ahead of last year in both rate and volume.&#160;&#160;New ships including <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Harmony of the Seas</font> and <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Ovation of the Seas</font> are seeing strong trends, supporting a solid outlook for 2017.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;Next year marks the finish line for the <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Double-Double</font> and we are looking forward to a strong finish to this chapter in our continuous journey of rising shareholder returns,&#8221; said Richard D. Fain, chairman and chief executive officer.&#160;&#160;&#8220;New hardware, continued strength onboard, along with continued cost discipline and a highly motivated team over 65,000 strong is proving to be a winning combination.&#8221;</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">FUEL EXPENSE AND SUMMARY OF KEY GUIDANCE STATS</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Fuel Expense</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on today&#8217;s fuel prices the company has included $189 million and $720 million of fuel expense in its fourth quarter and full year 2016 guidance, respectively.</font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 4 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Forecasted consumption is 68% hedged via swaps for the remainder of 2016 and 60%, 45%, 36% and 20% hedged for 2017, 2018, 2019 and 2020, respectively. For the same five-year period, the average cost per metric ton of the hedge portfolio is approximately $535, $508, $452, $342 and $340, respectively.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The company provided the following fuel statistics for the fourth quarter and full year 2016:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="35%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">FUEL STATISTICS</font></div>
</td>
<td valign="middle" width="21%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Fourth Quarter 2016</font></div>
</td>
<td valign="middle" width="20%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Full Year 2016</font></div>
</td>
</tr><tr>
<td valign="middle" width="35%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Fuel Consumption (metric tons)</font></div>
</td>
<td valign="middle" width="21%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">340,000</font></div>
</td>
<td valign="middle" width="20%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,371,000</font></div>
</td>
</tr><tr>
<td valign="middle" width="35%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Fuel Expenses</font></div>
</td>
<td valign="middle" width="21%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$189 million</font></div>
</td>
<td valign="middle" width="20%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$720 million</font></div>
</td>
</tr><tr>
<td valign="middle" width="35%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Percent Hedged (fwd consumption)</font></div>
</td>
<td valign="middle" width="21%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">68%</font></div>
</td>
<td valign="middle" width="20%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">68%</font></div>
</td>
</tr><tr>
<td valign="middle" width="35%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Impact of 10% change in fuel prices</font></div>
</td>
<td valign="middle" width="21%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$4.0 million</font></div>
</td>
<td valign="middle" width="20%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$4.0 million</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In summary, the company provided the following guidance for the fourth quarter and full year of 2016:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">GUIDANCE</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">As-Reported</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Constant-Currency</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="middle" width="45%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fourth Quarter 2016</font></font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Yields</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. 4.5%</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. 6.0%</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Cruise Costs per APCD</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. (1.5%)</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1.0%) to (1.5%)</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.25">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Cruise Costs per APCD</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">excluding Fuel</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. (2.0%)</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. (1.5%)</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="middle" width="45%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="middle" width="45%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Full Year 2016</font></font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Yields</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.7% to 2.0%</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">4.0% or better</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Cruise Costs per APCD</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. (2.0%)</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. (1.5%)</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.25">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Cruise Costs per APCD</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">excluding Fuel</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. 0.5%</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. 1.0%</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page&#160;5 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">GUIDANCE</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Fourth Quarter 2016</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Full Year 2016</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Capacity Increase</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">(0.2%)</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.3%</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Depreciation and Amortization</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$230 to $235 million</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$890 to $900 million</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Interest Expense, net</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$75 to $80 million</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$287 to $292 million</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Adjusted EPS</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Approx. $1.20</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$6.00 to $6.10</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">GUIDANCE</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Fourth Quarter 2016</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Full Year 2016</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">1% Change in Currency</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$4 million</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$4 million</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">1% Change in Net Yield</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$15 million</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$15 million</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">1% Change in NCC x fuel</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$8 million</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$8 million</font></div>
</td>
</tr><tr>
<td valign="middle" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">1% Change in LIBOR</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$12 million</font></div>
</td>
<td valign="middle" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$12 million</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="77%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="77%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Exchange rates used in guidance calculations</font></font></div>
</td>
</tr><tr>
<td valign="top" width="32%" style="LINE-HEIGHT: 1.5"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Previous &#8211; August</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">Current - October</font></div>
</td>
</tr><tr>
<td valign="top" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">GBP</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$1.32</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$1.22</font></div>
</td>
</tr><tr>
<td valign="top" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">AUD</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$0.75</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$0.76</font></div>
</td>
</tr><tr>
<td valign="top" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">CAD</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$0.76</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$0.75</font></div>
</td>
</tr><tr>
<td valign="top" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">CNH</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$0.15</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$0.15</font></div>
</td>
</tr><tr>
<td valign="top" width="32%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">EUR</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$1.10</font></div>
</td>
<td valign="top" width="23%" style="LINE-HEIGHT: 1.5">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; DISPLAY: inline">$1.09</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">LIQUIDITY AND FINANCING ARRANGEMENTS</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As of September 30, 2016, liquidity was $1.1 billion, including cash and the undrawn portion of the company's unsecured revolving credit facilities. &#160;The company noted that scheduled debt maturities for the remainder of 2016, 2017, 2018, 2019 and 2020 are $0.3 billion, $1.3 billion, $2.2 billion, $0.8 billion and $1.7 billion, respectively.</font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 6 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

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

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Based upon current ship orders, projected capital expenditures for full year 2016, 2017, 2018, 2019 and 2020 are $2.4 billion, $0.5 billion, $2.6 billion, $1.5 billion and $2.0 billion, respectively.&#160;&#160;Capacity changes for 2016, 2017, 2018, 2019 and 2020 are expected to be 3.3%, -1.7%, 3.3%, 7.4% and 3.5%, respectively.&#160;&#160;These figures do not include potential ship sales or additions that we may elect to make in the future.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

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

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The company has scheduled a conference call at 10 a.m. Eastern Daylight Time today to discuss its earnings.&#160;&#160;This call can be heard, either live or on a delayed basis, on the company's investor relations website at <font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.rclinvestor.com</font>.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Selected Operational and Financial Metrics</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Adjusted Net Income</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Adjusted Net Income represents net income excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis.&#160;&#160;For the periods presented, these items included the impairment of the Pullmantur related assets, net loss related to the elimination of the Pullmantur reporting lag, the net gain related to the sale of&#160;&#160;the Pullmantur and CDF brands and related costs, restructuring charges and other initiative costs related to our Pullmantur right-sizing strategy and other restructuring initiatives.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Adjusted Earnings Per Share (&#8220;Adjusted EPS&#8221;)</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Represents Adjusted Net Income divided by the diluted shares outstanding at the end of the reporting period. We believe this measure is meaningful when assessing our performance on a comparative basis.</font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 7 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Available Passenger Cruise Days (&#8220;APCD&#8221;)</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">APCD is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period.&#160;&#160;We use this measure to perform capacity and rate analysis to identify the main non-capacity drivers that cause our cruise revenues and expenses to vary.&#160;&#160;APCDs reported do not include the November and December 2015 APCD amounts related to the elimination of the Pullmantur reporting lag.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Constant-Currency</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">We believe Net Yields, Net Cruise Costs and Net Cruise Costs Excluding Fuel are our most relevant non-GAAP&#160;financial measures.&#160;&#160;However, a significant portion of our revenue and expenses are denominated in currencies other than the US Dollar.&#160;&#160;Because our reporting currency is the US Dollar, the value of these revenues and expenses in US Dollars will be affected by changes in currency exchange rates.&#160;&#160;Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element.&#160;&#160;For this reason, we also monitor Net Yields, Net Cruise Costs, and Net Cruise Costs Excluding Fuel on a &#8220;Constant-Currency&#8221; basis &#8211; i.e. as if the current period&#8217;s currency exchange rates had remained constant with the comparable prior period&#8217;s rates.&#160;&#160;We calculate "Constant-Currency" by applying the average prior year period exchange rates for each of the corresponding months of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods.&#160;&#160;We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods.&#160;&#160;It should be emphasized that the use of Constant-Currency is primarily used by us for comparing short-term changes and/or projections.&#160;&#160;Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">DOUBLE-DOUBLE</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Our DOUBLE-DOUBLE Program 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</font></font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 8 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Gross Cruise Costs</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Gross Yields</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Gross Yields represent total revenues per APCD.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Cruise Costs (&#8220;NCC&#8221;) and Net Cruise Costs (&#8220;NCC&#8221;) Excluding Fuel</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs Excluding Fuel, fuel expenses. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs Excluding Fuel to be the most relevant indicators of our performance. We have not provided a quantitative reconciliation of projected Gross Cruise Costs to projected Net Cruise Costs and projected Net Cruise Costs Excluding Fuel due to the significant uncertainty in projecting the costs deducted to arrive at these measures. Accordingly, we do not believe that reconciling information for such projected figures would be meaningful. Net Cruise Costs excludes the net gain related to the sale of the Pullmantur and CDF brands and related costs and initiative costs related to our Pullmantur right-sizing strategy and other restructuring initiatives.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Revenues</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Revenues represent total revenues less commissions, transportation and other expenses and onboard and other expenses.&#160;</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Yields</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Net Yields represent Net Revenues per APCD.&#160;&#160;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</font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 9 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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.&#160;&#160;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.&#160;&#160;Accordingly, we do not believe that reconciling information for such projected figures would be meaningful. Net Yields excludes initiative costs related to the sale of the Pullmantur and CDF brands.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Occupancy</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Occupancy, in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days by APCD.&#160;&#160;A percentage in excess of 100% indicates that three or more passengers occupied some cabins.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">Passenger Cruise Days</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Passenger Cruise Days represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Royal Caribbean Cruises Ltd. (NYSE: RCL) is a global cruise vacation company that owns and operates three global brands: Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises.&#160;&#160;We also own a 50 percent joint venture interest in the German brand TUI Cruises and a 49% interest in the Spanish brand Pullmantur and have a minority interest in smaller regional brands.&#160;&#160;Together, these brands operate a combined total of 49 ships with an additional thirteen on order.&#160;&#160;They operate diverse itineraries around the world that call on approximately 490 destinations on all seven continents.&#160;&#160;Additional information can be found on <font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.royalcaribbean.com</font>, <font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.celebritycruises.com</font>, <font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.azamaraclubcruises.com</font>, <font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.tuicruises.com</font>, <font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.pullmantur.es</font>, or <font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.rclinvestor.com</font>.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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.&#160;&#160;These statements include, but are not limited to, statements regarding expected</font></font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 10 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">financial results for the fourth quarter and full year 2016 and for 2017, and expectations regarding the timing and results of our Double-Double initiative and the costs and yields expected in 2016, and other future periods.&#160;&#160;Words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;driving,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;goal,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;seek,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; and similar expressions are intended to identify these forward-looking statements. Forward-looking statements reflect management&#8217;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.&#160;&#160;Examples of these risks, uncertainties and other factors include, but are not limited to the following: the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, our operating costs and our ability to obtain new borrowings in amounts sufficient to satisfy our capital expenditures, debt repayments and other financing needs, incidents or adverse publicity concerning the cruise vacation industry, concerns over safety, health and security aspects of traveling, unavailability of ports of call, the uncertainties of conducting business internationally and expanding into new markets and new ventures, changes in operating and financing costs, the impact of foreign exchange rates, interest rate and fuel price fluctuations, vacation industry competition and changes in industry capacity and overcapacity, the impact of new or changing regulations on our business, emergency ship repairs, including the related lost revenue, the impact of ship delivery delays, ship cancellations or ship construction price increases, shipyard unavailability and the unavailability or cost of air service.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">More information about factors that could affect our operating results is included under the captions &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; in our most recent annual report on Form 10-K and our recent quarterly report on 10-Q, copies of which may be obtained by visiting our Investor Relations website at </font><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: times new roman; DISPLAY: inline">www.rclinvestor</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline">.com</font> or the SEC&#8217;s website at </font><font style="FONT-SIZE: 11pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; DISPLAY: inline">www.sec.gov</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">. 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</font></font></font></div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 11 of 18</font>&#160;&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Adjusted Measures of Financial Performance</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This press release includes certain adjusted 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.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The presentation of adjusted 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 adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding GAAP measures.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">A reconciliation to the most comparable GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release.</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 1.5; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Adjusted Earnings per Share estimates for the Full Year and Fourth Quarter of 2016 are presented in lieu of US GAAP earnings per share estimates due to uncertainty in projecting the amounts adjusted to arrive at this measure, such as, uncertainty in the timing and amount of restructuring charges and other initiative costs that we will absorb in the remainder of 2016, the amount of which is expected to be immaterial.&#160;&#160;Refer to Note 11 Restructuring Charges in our consolidated financial statements in our quarterly report on 10-Q for the third quarter of 2016 for further information on our Restructuring charges and other initiative charges and to the definition for Adjusted Earnings per Share herein.&#160;&#160;For the quarter and nine months ended September 30, 2016, we incurred </font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Page 12 of 18<font size="3">&#160;</font></font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">&#160;</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">restructuring charges and other initiative charges of $1.5 million and $9.9 million, respectively.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<br>
</div>

<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Page 13 of 18<font size="3">&#160;</font></font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR" style="TEXT-ALIGN: center">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">ROYAL CARIBBEAN CRUISES LTD.</font></div>
</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">(unaudited, in thousands, except per share data)</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Quarter Ended</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Nine Months Ended</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Passenger ticket revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,899,956</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,873,942</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,794,653</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,688,189</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Onboard and other revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">663,785</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">649,158</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,792,145</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,708,832</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;Total revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,563,741</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,523,100</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,586,798</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,397,021</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cruise operating expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Commissions, transportation and other</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">400,933</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">413,156</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,060,391</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,093,409</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Onboard and other</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">159,887</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">175,214</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,739</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">438,558</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Payroll and related</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">214,081</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">217,627</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">671,955</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">647,788</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Food</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">125,732</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">122,124</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">371,759</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">361,317</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Fuel</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">178,772</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">199,848</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">531,283</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">607,689</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other operating</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">260,718</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">259,057</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">857,161</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">777,291</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;Total cruise operating expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,340,123</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,387,026</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,892,288</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,926,052</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marketing, selling and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">257,430</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">256,060</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">845,808</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">817,040</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Depreciation and amortization expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">229,328</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">210,742</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">661,712</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">617,678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Impairment of Pullmantur related assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">411,267</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">411,267</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Restructuring charges</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,897</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,627</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Operating Income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">734,963</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">258,005</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,180,363</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">624,984</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other income (expense):</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Interest income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,472</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,735</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">14,875</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">8,244</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Interest expense, net of interest capitalized</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(82,610</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(66,819</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(226,803</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(213,598</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other income (including a $21.7 million loss related to the 2016 elimination of the Pullmantur reporting lag for the nine months ended September 30, 2016 and including in the quarter and nine months ended September 30, 2015 a net deferred tax benefit of $12.0 million related to the Pullmantur impairment)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">34,432</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">35,866</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">53,867</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">39,354</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(41,706</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(29,218</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(158,061</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(166,000</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">693,257</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">228,787</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,022,302</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">458,984</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Earnings per Share:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Basic</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.23</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.04</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4.74</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2.09</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.21</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.03</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4.72</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2.08</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Weighted-Average Shares Outstanding:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Basic</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">214,819</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">219,963</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">215,663</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">219,835</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">215,667</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">221,137</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">216,575</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">220,979</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Comprehensive Income</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">693,257</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">228,787</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,022,302</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">458,984</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other comprehensive income (loss):</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%; BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Foreign currency translation adjustments</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,043</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(4,191</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">8,423</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(23,994</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-LEFT: 2%; BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Change in defined benefit plans</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(5,051</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,318</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(12,148</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,567</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%; BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Gain (loss) on cash flow derivative hedges</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">95,536</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(222,492</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">254,624</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(280,968</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%; BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;Total other comprehensive income (loss)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">94,528</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(223,365</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">250,899</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(299,395</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 4px; BORDER-LEFT: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Comprehensive Income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">787,785</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,422</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,273,201</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">159,589</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">STATISTICS</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Quarter Ended</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Nine Months Ended</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold">2016<font style="FONT-SIZE: 8pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left">&#160;</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Passengers Carried</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,558,224</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,403,650</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,365,144</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,053,451</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Passenger Cruise Days</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">10,727,918</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">10,176,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">30,367,048</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">28,856,742</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">APCD</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,766,482</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,465,368</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">28,503,681</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">27,284,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="52%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Occupancy</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">109.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">107.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">106.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">%</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">105.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">%</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(1)</font> Does not include the November and December 2015 amounts related to the elimination of the Pullmantur reporting lag.</font></font></font></div>

<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">&#160;</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 14 of 18</font><font size="3">&#160;</font></font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">&#160;</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">ROYAL CARIBBEAN CRUISES LTD.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">CONSOLIDATED BALANCE SHEETS</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">(in thousands, except share data)</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">As of</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">(unaudited)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Current assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">178,428</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">121,565</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Trade and other receivables, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">273,422</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">238,972</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Inventories</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">118,849</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">121,332</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Prepaid expenses and other assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">231,442</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">220,579</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Derivative financial instruments</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">928</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">134,574</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;Total current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">803,069</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">837,022</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Property and equipment, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">20,230,803</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">18,777,778</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Goodwill</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">288,461</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">286,764</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,127,929</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">880,479</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">22,450,262</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">20,782,043</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Liabilities and Shareholders&#8217; Equity</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Current liabilities</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Current portion of long-term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,298,002</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">899,542</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">259,027</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">302,072</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Accrued interest</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">95,112</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">38,325</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Accrued expenses and other liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">678,874</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">658,601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Derivative financial instruments</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">201,877</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">651,866</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Customer deposits</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,967,678</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,742,286</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;Total current liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,500,570</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,292,692</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Long-term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">8,419,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">7,627,701</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other long-term liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">739,693</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">798,611</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Commitments and contingencies</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Shareholders&#8217; equity</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Common stock ($0.01 par value; 500,000,000 shares authorized; 234,589,237 and 233,905,166 shares issued, September 30, 2016 and December&#160;31, 2015, respectively)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,346</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,339</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Paid-in capital</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,316,385</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,297,619</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Retained earnings</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">7,702,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,944,862</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Accumulated other comprehensive loss</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,077,534</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,328,433</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">Treasury stock (20,019,237 and 15,911,971 common shares at cost, September&#160;30, 2016 and December&#160;31, 2015, respectively)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,153,308</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">(853,348</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;Total shareholders&#8217; equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">8,790,149</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">8,063,039</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">22,450,262</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">20,782,043</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<br>
<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page&#160;15 of 18</font><font size="3">&#160;</font></font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">&#160;</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">ROYAL CARIBBEAN CRUISES LTD.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">(unaudited, in thousands)</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Nine Months Ended</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">September 30,</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Operating Activities</font></div>
</td>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,022,302</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">458,984</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Adjustments:</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Depreciation and amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">661,712</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">617,678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Impairment of Pullmantur related assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">411,267</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net deferred income tax expense (benefit)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,601</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(13,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Loss on derivative instruments not designated as hedges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,353</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">49,607</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Changes in operating assets and liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Decrease in trade and other receivables, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,823</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">24,130</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Increase in inventories</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(6,379</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(8,377</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Decrease (increase) in prepaid expenses and other assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,484</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(30,649</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Decrease in accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(17,313</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(22,915</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Increase in accrued interest</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">56,787</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">34,207</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Increase in accrued expenses and other liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">23,216</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">11,558</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Increase in customer deposits</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">197,277</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">65,511</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Dividends received from unconsolidated affiliates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">71,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,327</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(28,281</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,074</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net cash provided by operating activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,000,952</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,607,936</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Investing Activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Purchases of property and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(2,313,831</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,360,637</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash paid on settlement of derivative financial instruments</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(172,878</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(158,890</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Investments in and loans to unconsolidated affiliates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(8,611</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(54,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash received on loans to unconsolidated affiliates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">22,470</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">122,710</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Other, net<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font></font></font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(44,709</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(18,642</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net cash used in investing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(2,517,559</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,469,709</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Financing Activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Debt proceeds</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,038,560</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,962,501</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Debt issuance costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(83,793</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(57,146</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Repayments of debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(4,818,262</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(2,887,237</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Purchases of treasury stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(299,959</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Dividends paid</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(243,557</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(197,718</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Proceeds from exercise of common stock options</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,782</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,902</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,179</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,778</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net cash provided by (used in) financing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">596,950</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(170,920</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Effect of exchange rate changes on cash</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(23,480</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(9,129</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net increase (decrease) in cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">56,863</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(41,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash and cash equivalents at beginning of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">121,565</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">189,241</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash and cash equivalents at end of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">178,428</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">147,419</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Supplemental Disclosure</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash paid during the period for:</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Interest, net of amount capitalized</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">140,335</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">151,661</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Non-cash Investing Activities</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Notes receivable issued upon sale of property and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">213,042</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font>Amount includes $26.0 million&#160;related to&#160;cash&#160;included in the divestiture of RCHE.</font></font></font></div>

<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 16 of 18</font><font size="3">&#160;</font></font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">&#160;</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">ROYAL CARIBBEAN CRUISES LTD.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">NON-GAAP RECONCILING INFORMATION</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">(unaudited)</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Gross Yields and Net Yields were calculated as follows (in thousands, except APCD and Yields):</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="8" valign="bottom" width="35%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Quarter Ended September 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="8" valign="bottom" width="35%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Nine Months Ended September 30,</font></div>
</td>
</tr><tr>
<td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016 On&#160;a</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Constant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Currency Basis</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016 On&#160;a</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Constant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Currency Basis</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Passenger ticket revenues</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,899,956</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,952,378</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,873,942</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,794,653</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,934,937</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,688,189</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Onboard and other revenues</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">663,785</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">670,195</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">649,158</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,792,145</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,806,124</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,708,832</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total revenues</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,563,741</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,622,573</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,523,100</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,586,798</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,741,061</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,397,021</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Commissions, transportation and other</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">400,933</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">410,399</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">413,156</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,060,391</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,086,888</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,093,409</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Onboard and other</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">159,887</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">160,036</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">175,214</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,739</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">401,285</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">438,558</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Revenues including other initiative costs</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,002,921</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,052,138</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,934,730</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,126,668</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,252,888</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,865,054</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other initiative costs included</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">within Net Revenues</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,843)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,790)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,843)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(1,790)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 4px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Revenues</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,004,764</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,053,928</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,934,730</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,128,511</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,254,678</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,865,054</font></td>
</tr><tr>
<td valign="bottom" width="28%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">APCD</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,766,482</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,766,482</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,465,368</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">28,503,681</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">28,503,681</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">27,284,750</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Gross Yields</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">262.50</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">268.53</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">266.56</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">231.09</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">236.50</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">234.45</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Yields</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">205.27</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">210.30</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">204.40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">179.92</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">184.35</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">178.31</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
<font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD):</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="8" valign="bottom" width="35%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Quarter Ended September 30,</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="8" valign="bottom" width="35%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Nine Months Ended September 30,</font></div>
</td>
</tr><tr>
<td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016 On&#160;a</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Constant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Currency Basis</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016 On&#160;a</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Constant</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Currency Basis</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total cruise operating expenses</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,340,123</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,350,295</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,387,026</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,892,288</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,926,447</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,926,052</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Marketing, selling and administrative expenses</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">257,430</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">260,471</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">256,060</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">845,808</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">856,941</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">817,040</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Gross Cruise Costs</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,597,553</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,610,766</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,643,086</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,738,096</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,783,388</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4,743,092</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-LEFT: 3%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Commissions, transportation and other</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">400,933</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">410,399</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">413,156</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,060,391</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,086,888</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,093,409</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Onboard and other</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">159,887</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">160,036</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">175,214</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,739</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">401,285</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">438,558</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Cruise Costs including other initiative costs</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,036,733</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,040,331</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,054,716</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,277,966</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,295,215</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,211,125</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-LEFT: 3%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other initiative costs included </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">within cruise operating expenses </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">and marketing, selling and </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">administrative expenses</font></font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(2,252)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(2,157)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,073</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,240</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net gain related to the sale of </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">Pullmantur and CDF Croisi&#232;res </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">de France brands included </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: times new roman; DISPLAY: inline">within other operating expenses</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,834)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,834)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,834)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,834)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Cruise Costs</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,042,819</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,046,322</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,054,716</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,280,727</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,297,809</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,211,125</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Less:</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Fuel<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(3)</font></font></font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">178,772</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">178,742</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">199,848</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">530,859</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">531,836</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">607,689</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 4px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Cruise Costs Excluding Fuel</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">864,047</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">867,580</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">854,868</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,749,868</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,765,973</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2,603,436</font></td>
</tr><tr>
<td valign="bottom" width="28%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">APCD</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,766,482</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,766,482</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,465,368</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">28,503,681</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">28,503,681</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">27,284,750</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Gross Cruise <font style="FONT-SIZE: 8pt">Costs per</font> APCD</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">163.58</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">164.93</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">173.59</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">166.23</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">167.82</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">173.84</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Cruise Cost per APCD</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">106.78</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">107.13</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">111.43</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">115.10</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">115.70</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">117.69</font></td>
</tr><tr>
<td align="left" valign="bottom" width="28%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net Cruise Costs Excluding Fuel per APCD</font></div>
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">88.47</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">88.83</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">90.32</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">96.47</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">97.04</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">95.42</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(3)</font> For the nine months ended September 30, 2016, amount does not include fuel expense of $0.4 million included within other initiative costs associated with the redeployment of Pullmantur&#8217;s <font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Empress</font> to the Royal Caribbean International brand.</font></font></font></div>

<div id="PGBRK" style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></div>
</div>

<div id="PN" style="WIDTH: 100%; PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font size="2">Page 17 of 18</font><font size="3">&#160;</font></font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">&#160;</div>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">ROYAL CARIBBEAN CRUISES LTD.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">NON-GAAP RECONCILING INFORMATION (CONTINUED)</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">(unaudited)</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 9pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Adjusted Net Income and Adjusted Earnings per Share were calculated as follows (in thousands, except per share data):</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Quarter Ended September 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Nine Months Ended September 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2016</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2015</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">693,257</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">228,787</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,022,302</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">458,984</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Adjusted Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">690,911</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">628,070</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,050,031</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">858,267</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Adjustments to Net Income- (Decrease) Increase</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(2,346</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,283</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">27,729</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,283</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Adjustments to Net Income:</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Impairment of Pullmantur related assets<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(4)</font></font></font></font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,283</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,283</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net loss related to the elimination of the Pullmantur reporting lag</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">21,656</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net gain related to the sale of the Pullmantur and CDF Croisi&#232;res de France brands</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,834</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,834</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Restructuring charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1,897</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,627</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other initiative costs</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(409</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,280</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Adjustments to Net Income- (Decrease) Increase</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(2,346</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,283</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">27,729</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">399,283</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="40%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Earnings per Share - Diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4.72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2.08</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Adjusted Earnings per Share - Diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.20</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">2.84</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">4.85</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">3.88</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Adjustments to Net Income- (Decrease) Increase</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(0.01</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.81</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">0.13</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.80</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="40%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Adjustments to Earnings per Share:</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Impairment of Pullmantur related assets<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(4)</font></font></font></font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.80</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net loss related to the elimination of the Pullmantur reporting lag</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">0.10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Net gain related to the sale of the Pullmantur and CDF Croisi&#232;res de France brands</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(0.02</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(0.02</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Restructuring charges</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">0.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">0.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">Other initiative costs</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left">&#160;</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">0.02</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Adjustments to Net Income- (Decrease) Increase</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">(0.01</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.81</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">0.13</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">1.80</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="40%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Weighted-Average Shares Outstanding - Diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">215,667</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">221,137</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">216,575</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">220,979</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="40%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 8pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(4)</font></font> Includes a net income tax benefit of $12.0 million related to the Pullmantur impairment.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><br>
&#160;Page 18 of 18<font size="3">&#160;</font></div>

<div>
<hr style="COLOR: black" align="center" noshade size="2" width="100%">
</div>

<br>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
