<SEC-DOCUMENT>0001140361-17-029476.txt : 20170801
<SEC-HEADER>0001140361-17-029476.hdr.sgml : 20170801
<ACCEPTANCE-DATETIME>20170801081729
ACCESSION NUMBER:		0001140361-17-029476
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170801
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170801
DATE AS OF CHANGE:		20170801

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:		17995067

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RA HOLDINGS INC
		DATE OF NAME CHANGE:	19920424
</SEC-HEADER>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CURRENT REPORT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date of report (Date of earliest event reported): August 1, 2017</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934&#160;(&#167;240.12b-2&#160;of this chapter).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#9744;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#9744;</font></font>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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;</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 72pt">On August 1, 2017, Royal Caribbean Cruises Ltd. (the &#8220;Company&#8221;) issued a press release regarding its financial results for the second quarter ended June 30, 2017.&#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.</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Exhibit 99.1 - Press release dated August 1, 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Exhibit 99.1</div>

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<div style="FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">News From</div>

<div style="FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Royal Caribbean Cruises Ltd.</div>

<div style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Corporate Communications Office</div>
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<div style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1050 Caribbean Way, Miami, Florida 33132-2096</div>

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<div style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: right; MARGIN-LEFT: 216pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Contact: Carola Mengolini</div>

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<div style="TEXT-ALIGN: right; MARGIN-LEFT: 216pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">For Immediate Release</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><br>
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<div style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ROYAL CARIBBEAN REPORTS SECOND QUARTER EARNINGS AND </div>

<div style="FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">INCREASES FULL YEAR GUIDANCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">MIAMI <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">&#8211; </font>August 1, 2017 &#8211; Royal Caribbean Cruises Ltd. (NYSE: RCL) today reported US GAAP and Adjusted Earnings per Share (&#8220;EPS&#8221;) of $1.71 for the second quarter.&#160;&#160;This represents EPS growth of nearly 60% over same time last year.&#160;&#160;Better than anticipated performance in the second quarter combined with favorable booking trends are driving an increase in the Company&#8217;s full year Adjusted EPS guidance to a range of $7.35 to $7.45.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">US GAAP and Adjusted Net Income was $369.5 million or $1.71 per share.&#160;&#160;Last year, US GAAP Net Income was $229.9 million or $1.06 per share and Adjusted Net Income was $235.2 million, or $1.09 per share in 2016.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Gross Yields were up 10.2% on a Constant-Currency basis (up 8.7% As-Reported).&#160;&#160;Net Yields were up 11.5% on a Constant-Currency basis (up 9.9% As-Reported).</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Gross Cruise Costs increased 1.2% on a Constant-Currency basis (0.6% As-Reported).&#160;&#160;Net Cruise Costs (&#8220;NCC&#8221;) Excluding Fuel were down 0.9% on a Constant-Currency basis (down 1.4% As-Reported).</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SECOND QUARTER RESULTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Bunker pricing net of hedging for the second quarter was $527 per metric ton and consumption was 324,000 metric tons.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The company&#8217;s booked position for the remainder of 2017 continues to set new records.&#160;&#160;Looking further ahead, the company&#8217;s booked position for the next twelve months is also strong, up on both rate and volume, versus the same time last year.&#160;&#160;Net Yields for the year on a Constant-Currency basis are expected to increase 5.5% to 6.0%, up relative to prior guidance due to the better results in the second quarter as well as stronger trends for the balance of the year.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">NCC Excluding Fuel are expected to be up approximately 1.0% on a Constant-Currency basis for the year.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#8220;Demand has remained strong, and we have captured the related revenue opportunity,&#8221; said Jason T. Liberty, executive vice president and CFO.&#160;&#160;&#8220;These demand trends and continued cost discipline have resulted in the highest second quarter earnings in company history and have put us in position for another record year and achieving our <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Double-Double</font> targets.&#8221;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Taking into account current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects 2017 EPS to be in the range of $7.35 to $7.45 per share.</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THIRD QUARTER 2017</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Constant-Currency Net Yields are expected to be up 4.0% to 4.5% in the third quarter of 2017.&#160;&#160;Strong demand trends for Europe and North America products are driving improvement over an already strong previous year.&#160;&#160;NCC Excluding Fuel are expected to be up approximately 4.0% on a Constant-Currency basis.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be approximately $3.45 per share.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">FUEL EXPENSE AND SUMMARY OF KEY GUIDANCE STATS</div>

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

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

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<div id="HDR">&#160;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">company has included $176 million and $706 million of fuel expense in its third quarter and full year 2017 guidance, respectively.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Forecasted consumption is 64% hedged via swaps for 2017 and 54%, 45%, 35% and 15% hedged for 2018, 2019, 2020 and 2021, respectively. For the same five-year period, the average cost per metric ton of the hedge portfolio is approximately $487,&#160;$421, $331,&#160;$340 and $351, respectively.&#160;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The company provided the following fuel statistics for the third quarter and full year 2017:</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.5">
<table id="z780aecb7fc4e4e30ba918f52d4c93356" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 85%" cellspacing="0" cellpadding="0">
<tr style="LINE-HEIGHT: 1.5">
<td style="LINE-HEIGHT: 1.5; WIDTH: 35%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">FUEL STATISTICS</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 21%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Third Quarter 2017</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 20%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Full Year 2017</div>
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<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 35%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Fuel Consumption (metric tons)</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 21%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">329,000</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 20%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1,324,000</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Fuel Expenses</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 21%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$176 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 20%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$706 million</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 35%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Percent Hedged (fwd consumption)</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 21%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">63%</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 20%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">64%</div>
</td>
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<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 35%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Impact of 10% change in fuel prices</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 21%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$8 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 20%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$15 million</div>
</td>
</tr>
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</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">In summary, the company provided the following guidance for the third quarter and full year 2017:</div>

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<div style="TEXT-ALIGN: center">
<table id="z9d760f7c0c5449449fa520991ad3dfff" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 85%" cellspacing="0" cellpadding="0">
<tr style="LINE-HEIGHT: 1.5">
<td style="LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">GUIDANCE</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">As-Reported</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Constant-Currency</div>
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<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">&#160; </td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 46%" valign="middle" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Third Quarter 2017</div>
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<td style="LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Yields</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">4.5% to 5.0%</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">4.0% to 4.5%</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs per APCD</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. 4.0%</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. 4.0%</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1; WIDTH: 32%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs per APCD</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Excluding Fuel</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;4.0% to 4.5%</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. 4.0%</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">&#160; </td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 46%" valign="middle" colspan="2">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">&#160; </td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 46%" valign="middle" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Full Year 2017</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Yields</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. 6.0%</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;5.5% to 6.0%</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.5; WIDTH: 32%" valign="middle">&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net Cruise Costs per APCD</font></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">Approx. 1.0%</td>
<td style="TEXT-ALIGN: center; LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. 1.0%</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1; WIDTH: 32%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs per APCD</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Excluding Fuel</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. 1.0%</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 23%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. 1.0%</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

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

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.5">
<table id="z2e0baed1ee644004b7e8b6d62f4da795" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 85%" cellspacing="0" cellpadding="0">
<tr style="LINE-HEIGHT: 1.5">
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">GUIDANCE</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">Third Quarter 2017</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">Full Year 2017</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Capacity Decrease</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(4.0%)</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(1.9%)</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Depreciation and Amortization</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$235 to $240 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$945 to $953 million</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Interest Expense, net</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$65 to $70 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$273 to $278 million</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjusted EPS</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Approx. $3.45</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$7.35 to $7.45</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">&#160; </td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">&#160; </td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">&#160; </td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">GUIDANCE</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">Third Quarter 2017</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">Full Year 2017</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1% Change in Currency</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$6 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$10 million</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1% Change in Net Yield</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$20 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$36 million</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1% Change in NCC x fuel</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$9 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$17 million</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1% Change in LIBOR</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$6 million</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$16 million</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 99%" valign="top" colspan="3">&#160; </td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 99%" valign="top" colspan="3" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Exchange rates used in guidance calculations</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; LINE-HEIGHT: 1.5; WIDTH: 41%" valign="top">&#160; </td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Previous &#8211; April</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Current - August</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">GBP</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$1.28</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$1.32</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">AUD</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.76</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.80</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CAD</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.74</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.80</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CNH</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.15</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$0.15</div>
</td>
</tr>

<tr>
<td style="LINE-HEIGHT: 1.5; WIDTH: 41%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">EUR</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$1.09</div>
</td>
<td style="LINE-HEIGHT: 1.5; WIDTH: 29%" valign="top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">$1.18</div>
</td>
</tr>
</table>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">LIQUIDITY AND FINANCING ARRANGEMENTS</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">As of June 30, 2017, liquidity was $1.9 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 2017, 2018, 2019, 2020 and 2021 are $0.8 billion, $1.9 billion, $0.8 billion, $1.1 billion and $0.6 billion, respectively.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; TEXT-DECORATION: underline; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CAPITAL EXPENDITURES AND CAPACITY GUIDANCE</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Based upon current ship orders, projected capital expenditures for full year 2017, 2018, 2019, 2020 and 2021 are $0.6 billion, $2.8 billion, $1.6 billion, $2.1 billion and $2.4 billion, respectively.&#160;&#160;Capacity changes for 2017, 2018, 2019, 2020 and 2021 are expected to be -1.9%, 3.3%, 6.6%, 3.9% and 7.9%, respectively.&#160;&#160;These figures do not include potential ship sales or additions that we may elect to make in the future.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The company has scheduled a conference call at 10 a.m. Eastern Daylight Time today to discuss its earnings.&#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; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.rclinvestor.com</font>.</div>

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

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

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">APCD is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.&#160; APCDs reported in 2016 do not include the November and December 2015 APCD amounts related to the elimination of the Pullmantur reporting lag.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">We believe Net Yields, Net Cruise Costs and Net Cruise Costs Excluding Fuel are our most relevant non-GAAP&#160;financial measures.&#160; However, a significant portion of our revenue and expenses are denominated in currencies other than the US Dollar.&#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; 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; 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; 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; We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods.&#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; 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.&#160;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Our DOUBLE-DOUBLE Program refers to the multi-year program designed to help us better communicate and motivate our employees about our business goals by articulating</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">longer-term financial objectives. Under the program, we are targeting Adjusted EPS of $6.78 in 2017 (double our 2014 Adjusted EPS of $3.39) and ROIC of 10% in 2017 (compared to ROIC of 5.9% in 2014).</div>

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

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

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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.&#160;&#160;Net Cruise Costs excludes initiative costs related to our Pullmantur right-sizing strategy.</div>

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Yields represent Net Revenues per APCD. We utilize Net Revenues and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measure of our pricing performance because they reflect 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;</div>

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

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

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">For additional information see &#8220;Adjusted Measures of Financial Performance&#8221; below.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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; We are a 50% joint venture owner of the German brand TUI Cruises,&#160;a 49% shareholder in the Spanish brand Pullmantur and a minority shareholder in the Chinese brand SkySea Cruises. Together, these brands operate a combined total of 49 ships with an additional twelve on order.&#160; They operate diverse itineraries around the world that call on approximately 535 destinations on all seven continents.&#160; Additional information can be found on <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.royalcaribbean.com</font>, <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.celebritycruises.com</font>, <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.azamaraclubcruises.com</font>, <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.tuicruises.com</font>, <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.pullmantur.es</font>, or <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.rclinvestor.com</font>.</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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 revenues, costs and financial results for 2017 and beyond and expectations regarding the timing and results of our Double-Double initiative.&#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 help identify forward-</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">looking statements.&#160;&#160;Forward-looking statements reflect management&#8217;s current expectations, are based on judgments, 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, and operating costs; 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 travel industry generally or the cruise industry specifically; 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&#160;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 issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; and the unavailability or cost of air service.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">More information about factors that could affect our operating results is included under the captions &#8220;Risk Factors&#8221; in our most recent quarterly report on Form 10-Q 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 Form 10-Q, copies of which may be obtained by visiting our Investor Relations website at <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.rclinvestor.com</font> or the SEC&#8217;s website at <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline; DISPLAY: inline">www.sec.gov</font>. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">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 US GAAP.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">A reconciliation to the most comparable US 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.&#160;&#160;We have not provided a quantitative reconciliation of (i) projected Total revenues to projected Net Revenues, (ii) projected Gross Yields to projected Net Yields, (iii) projected Gross Cruise Costs to projected Net Cruise Costs and projected Net Cruise Costs Excluding Fuel and (iv) projected Net Income and Earnings per Share to projected Adjusted Net Income and Adjusted Earnings per Share because preparation of meaningful US GAAP projections of Total revenues, Gross Yields, Gross Cruise Costs, Net Income and Earnings per Share would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs.&#160; In addition, we are unable to determine the future impact of restructuring expenses or other non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with US GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.</div>

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<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Passenger ticket revenues</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,581,385</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,516,530</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,999,608</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,894,697</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Onboard and other revenues</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">613,889</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">588,732</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,204,226</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,128,360</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 7%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Total revenues</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,195,274</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,105,262</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,203,834</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,023,057</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cruise operating expenses:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Commissions, transportation and other</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">340,331</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">334,568</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">650,579</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">659,458</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Onboard and other</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">132,437</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">136,198</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">238,431</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">239,852</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Payroll and related</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">210,362</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">230,433</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">426,097</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">457,874</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Food</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">121,764</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">124,517</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">242,975</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">246,027</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Fuel</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">170,748</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">176,649</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">348,162</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">352,511</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other operating</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">281,143</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">308,222</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">526,365</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">596,443</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total cruise operating expenses</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,256,785</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,310,587</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,432,609</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,552,165</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Marketing, selling and administrative expenses</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">283,855</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">290,782</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">601,320</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">593,108</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Depreciation and amortization expenses</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">234,937</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">221,620</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">470,686</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">432,384</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Operating Income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">419,697</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">282,273</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">699,219</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">445,400</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other income (expense):</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Interest income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,811</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,683</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">12,063</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">8,403</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Interest expense, net of interest capitalized</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(76,632</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(78,747</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(156,949</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(144,193</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Equity investment income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">23,359</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">27,268</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">35,239</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">48,292</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other expense (including a $21.7 million loss related to the 2016 elimination of the Pullmantur reporting lag)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(2,709</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(6,572</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(5,320</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(28,857</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(50,171</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(52,368</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(114,967</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(116,355</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">369,526</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">229,905</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">584,252</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">329,045</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Earnings per Share:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Basic</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.72</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.07</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2.72</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.52</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diluted</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.06</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.52</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Weighted-Average Shares Outstanding:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Basic</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">215,085</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">215,265</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">214,978</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">216,089</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Diluted</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">216,062</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">216,131</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">215,944</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">217,040</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: black 2px solid; BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Comprehensive Income</div>
</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; BORDER-TOP: black 2px solid; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">369,526</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">229,905</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">584,252</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">329,045</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other comprehensive income (loss):</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Foreign currency translation adjustments</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,979</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(2,268</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">8,321</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,380</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 3%; BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Change in defined benefit plans</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(3,649</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(3,585</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(4,290</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(7,097</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%; BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Gain on cash flow derivative hedges</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">128,954</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">156,351</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">151,415</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">159,088</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 7%; BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Total other comprehensive income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">131,284</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">150,498</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">155,446</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">156,371</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Comprehensive Income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">500,810</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">380,403</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">739,698</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">485,416</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="16">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">STATISTICS</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Quarter Ended June 30,</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Six Months Ended June 30,</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2016</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: times new roman; VERTICAL-ALIGN: text-top; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">(1)</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Passengers Carried</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,433,339</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,403,998</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,858,872</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,806,920</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Passenger Cruise Days</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,950,570</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,980,140</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">19,910,135</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">19,639,130</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">APCD</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,152,899</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,544,636</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,432,309</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,737,199</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Occupancy</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">108.7</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">%</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">104.6</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">%</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">108.0</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">%</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">104.8</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">%</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(1)</font>&#160;&#160;Does not include November and December 2015 amounts for Pullmantur as the net Pullmantur result for those months was included within <font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline">Other expense</font> in our consolidated statements of comprehensive income (loss) for the six months ended June&#160;30, 2016, as a result of the elimination of the Pullmantur reporting lag, and did not affect Gross Yields, Net Yields, Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel.&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; WIDTH: 100%">Page 12 of 16</div>

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<div id="HDR">&#160;</div>
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<div style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ROYAL CARIBBEAN CRUISES LTD.</div>

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

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

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

<div style="TEXT-ALIGN: left">
<table id="z8ed48ba7b68e40b3a48128fa1cf1ccd7" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">As&#160;of</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">June 30,</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">December 31,</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">(unaudited)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Assets</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Current assets</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cash and cash equivalents</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">130,477</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">132,603</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Trade and other receivables, net</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">263,992</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">291,899</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Inventories</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">109,136</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">114,087</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Prepaid expenses and other assets</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">264,036</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">209,716</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 5%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Total current assets</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">767,641</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">748,305</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Property and equipment, net</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">19,798,542</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">20,161,427</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Goodwill</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">288,479</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">288,386</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other assets</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,169,506</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,112,206</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 76%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">22,024,168</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">22,310,324</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Liabilities and Shareholders&#8217; Equity</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Current liabilities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Current portion of long-term debt</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,541,519</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,285,735</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Accounts payable</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">376,508</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">305,313</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Accrued <font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman">interest</font></div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">51,652</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">46,166</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Accrued expenses and other liabilities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">655,480</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">692,322</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Derivative financial instruments</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">128,101</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">146,592</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Customer deposits</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,532,693</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,965,473</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 5%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Total current liabilities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,285,953</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,441,601</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Long-term debt</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">6,478,806</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">8,101,701</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other long-term liabilities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">576,001</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">645,610</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Commitments and contingencies</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Shareholders&#8217; equity</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Common stock ($0.01 par value; 500,000,000 shares authorized; 235,115,867 and 234,613,486 shares issued, June 30, 2017 and December&#160;31, 2016, respectively)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,351</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,346</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Paid-in capital</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,357,348</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,328,517</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Retained earnings</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">8,238,055</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">7,860,341</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Accumulated other comprehensive loss</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(761,038</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(916,484</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 1%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Treasury stock (20,019,237 common shares at cost at June 30, 2017 and December&#160;31, 2016)</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(1,153,308</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(1,153,308</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 5%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Total shareholders&#8217; equity</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,683,408</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,121,412</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 76%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">22,024,168</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">22,310,324</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

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

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

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

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

<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div id="FTR">
<div id="GLFTR" style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; WIDTH: 100%"></div>
</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; WIDTH: 100%">Page 13 of 16</div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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</div>
</div>

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

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

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

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

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

<div style="TEXT-ALIGN: left">
<table id="z9e221e760e094b7086f65a0c7d33c9b3" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Six Months Ended June 30,</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Operating Activities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman" valign="bottom" colspan="2">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">584,252</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">329,045</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjustments:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Depreciation and amortization</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">470,686</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">432,384</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net deferred income tax expense</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,084</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">348</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Gain) loss on derivative instruments not designated as hedges</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(34,988</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,979</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Share-based compensation expense</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">35,379</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">13,330</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Equity investment income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(35,239</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(48,292</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Amortization of debt issuance costs</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">26,035</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">25,847</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Gain on sale of property and equipment</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(30,902</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Changes in operating assets and liabilities:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Decrease in trade and other receivables, net</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">33,045</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">33,929</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Decrease in inventories</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,682</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,394</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Increase in prepaid expenses and other assets</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(36,931</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(54,725</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Increase in accounts payable</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">69,634</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">41,173</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Increase in accrued interest</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,486</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,090</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Decrease) increase in accrued expenses and other liabilities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(47,189</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,321</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Increase in customer deposits</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">563,546</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">467,539</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Dividends received from unconsolidated affiliates</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">57,402</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">23,878</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other, net</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(6,702</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(26,328</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net cash provided by operating activities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,659,280</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,270,912</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Investing Activities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Purchases of property and equipment</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(271,541</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(2,047,195</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cash received (paid) on settlement of derivative financial instruments</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">34,866</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(161,307</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cash received on loans to unconsolidated affiliates</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">23,487</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">14,923</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Proceeds from the sale of property and equipment</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">230,000</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other, net</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(9,144</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(18,871</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net cash provided by (used in) investing activities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">7,668</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(2,212,450</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Financing Activities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Debt proceeds</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,236,000</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,300,561</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Debt issuance costs</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(14,575</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(70,406</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Repayments of debt</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(3,689,890</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(3,738,905</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Purchases of treasury stock</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(250,051</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Dividends paid</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(206,039</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(243,557</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Proceeds from exercise of common stock options</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,385</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,512</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other, net</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,626</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,309</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net cash (used in) provided by financing activities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(1,669,493</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,000,463</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Effect of exchange rate changes on cash</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">419</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,195</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net (decrease) increase in cash and cash equivalents</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(2,126</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">68,120</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cash and cash equivalents at beginning of period</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">132,603</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">121,565</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Less: Cash and cash equivalents attributed to assets held for sale</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">(14,521</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cash and cash equivalents at end of period</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">130,477</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">175,164</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Supplemental Disclosure</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Cash paid during the period for:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Interest, net of amount capitalized</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">125,007</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">116,531</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Non-cash Investing Activities</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%; WIDTH: 76%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Notes receivable issued upon sale of property and equipment</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">213,042</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="width: 76%; font-size: 8pt; font-family: times new roman;" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

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

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

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; WIDTH: 100%">Page 14 of 16</div>

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

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

<div style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ROYAL CARIBBEAN CRUISES LTD.</div>

<div style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">NON-GAAP RECONCILING INFORMATION</div>

<div style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(unaudited)</div>

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

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

<div style="TEXT-ALIGN: left">
<table id="z4863f9db74a9414398e5815baa8714ae" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="10">Quarter Ended June 30,</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="10">Six Months Ended June 30,</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold">2017 On&#160;a Constant</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold">Currency Basis</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold">2017 On&#160;a Constant</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold">Currency Basis</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Passenger ticket revenues</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,581,385</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,607,965</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,516,530</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,999,608</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,027,567</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,894,697</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Onboard and other revenues</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">613,889</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">616,736</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">588,732</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,204,226</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,207,666</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,128,360</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Total revenues</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,195,274</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,224,701</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,105,262</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,203,834</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,235,233</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,023,057</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Less:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Commissions, transportation and other</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">340,331</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">344,944</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">334,568</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">650,579</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">656,131</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">659,458</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Onboard and other</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">132,437</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">132,781</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">136,198</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">238,431</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">238,498</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">239,852</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Net Revenues</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,722,506</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,746,976</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,634,496</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,314,824</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,340,604</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,123,747</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 28%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">APCD</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,152,899</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,152,899</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,544,636</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,432,309</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,432,309</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,737,199</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Gross Yields</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">239.84</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">243.06</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">220.57</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">228.07</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">229.77</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">214.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left">Net Yields</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">188.19</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">190.87</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">171.25</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">179.84</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">181.24</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">166.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

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

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

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

<div style="TEXT-ALIGN: left">
<table id="zd65013b79e5a4ee48c6f25fdd5b5401c" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="10">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Quarter Ended June 30,</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="10">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Six Months Ended June 30,</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2017 On&#160;a Constant</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Currency Basis</font></td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">2017 On&#160;a Constant</font><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Currency Basis</font></td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Total cruise operating expenses</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,256,785</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,263,620</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,310,587</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,432,609</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,441,477</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,552,165</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Marketing, selling and administrative expenses<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font></div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">283,855</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">286,875</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">286,357</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">601,320</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">607,946</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">588,378</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Gross Cruise Costs</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,540,640</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,550,495</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,596,944</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,033,929</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,049,423</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,140,543</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Less:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Commissions, transportation and other</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">340,331</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">344,944</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">334,568</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">650,579</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">656,131</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">659,458</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Onboard and other</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">132,437</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">132,781</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">136,198</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">238,431</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">238,498</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">239,852</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs including other initiative costs</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,067,872</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,072,770</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,126,178</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,144,919</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,154,794</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,241,233</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Less:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-LEFT: 4%; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other initiative costs included within cruise operating expenses and marketing, selling and administrative expenses</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">834</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,325</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,067,872</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,072,770</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,125,344</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,144,919</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,154,794</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2,237,908</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Less:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Fuel<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(3)</font></div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">170,748</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">170,747</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">176,649</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">348,162</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">348,161</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">352,087</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs Excluding Fuel</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">897,124</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">902,023</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">948,695</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,796,757</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,806,633</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1,885,821</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 28%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">APCD</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,152,899</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,152,899</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">9,544,636</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,432,309</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,432,309</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">18,737,199</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Gross Cruise Costs per APCD</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">168.32</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">169.40</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">167.31</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">164.60</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">165.44</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">167.61</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs per APCD</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">116.67</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">117.21</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">117.90</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">116.37</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">116.90</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">119.44</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Cruise Costs Excluding Fuel per APCD</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">98.02</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">98.55</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">99.40</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">97.48</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">98.01</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">100.65</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(2)</font> For the quarter and six months ended June 30, 2016, amounts do not include restructuring charges of $4.4 million and $4.7 million, respectively.</div>

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

<div style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#160;(3)</font> For the six months ended June 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.</div>

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; WIDTH: 100%">Page 15 of 16</div>

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

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

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

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

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

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

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

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

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

<div style="TEXT-ALIGN: left">
<table id="z896959ffbb75496e9788e087b6725aba" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Quarter Ended June 30,</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="6">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Six Months Ended June 30,</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2017</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" valign="bottom" colspan="2">2016</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">369,526</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">229,905</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">584,252</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">329,045</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjusted Net income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">369,526</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">235,164</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">584,252</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">359,120</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Adjustments to Net Income- Increase</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,259</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">30,075</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjustments to Net Income:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net loss related to the elimination of the Pullmantur reporting lag</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">21,656</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Restructuring charges</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,425</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">4,730</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other initiative costs</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">834</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">3,689</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Adjustments to Net Income- Increase</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">5,259</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">30,075</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Earnings per Share - Diluted</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.06</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.52</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjusted Earnings per Share - Diluted</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.09</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">2.71</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">1.65</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Adjustments to Net Income- Increase</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.03</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.13</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Adjustments to Earnings per Share:</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net loss related to the elimination of the Pullmantur reporting lag</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.10</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Restructuring charges</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.02</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.02</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Other initiative costs</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.01</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.01</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Net Adjustments to Net Income</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.03</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">-</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">$</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">0.13</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 52%" valign="bottom" align="left">
<div style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Weighted-Average Shares Outstanding - Diluted</div>
</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">216,062</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">216,131</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">215,944</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom" align="right">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">217,040</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 52%" valign="bottom">&#160; </td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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

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