Cruise Lines International Association (CLIA)

2012 Industry Update

26 CLIA Member Cruise Lines

CLIA Member Line Passenger Carryings

New Ships, Global Destinations, New Itineraries And Innovative Shipboard Facilities And Activities Have Driven Consistent Growth In Cruise Passengers

Annual Passenger Growth

1980-2011: CLIA lines annual average passenger growth = 7.5% Average occupancies above 100% 2010 CLIA fleet occupancy = 103.2%

CLIA Passenger Trends Total Guests / % N. American Sourced

2000: 7.214 million (91%) 2002: 8.648 million (86%) 2004: 10.46 million (84.4%) 2006: 12.01 million (83.9%) 2008: 13.01 million (77.6% 2010: 14.82 million (72.8%)

Passenger Growth Over Time

Between 1980 and 2012: CLIA fleet will have carried estimated 225 million guests 188 million passengers sourced from North America 37 million passengers from other parts of the world

CLIA Passenger Volume

CLIA Member Line PAX Summary - 2011 Year-End Estimate

16,365,000 Total Guests* 69% from U.S. & Canada 31% Sourced Internationally 103% Occupancy Average Length of Cruise: 7+

*Based on Q3 2011 figures

Passenger Carryings

Average Passenger Year-over-Year Growth Rate 1980-2011

North America, Europe & Australia 2010 Cruise Penetration by Country

Country
USA UK Australia Canada Germany Italy Spain Norway Ireland Switzerland Austria Sweden France Denmark Netherlands Belgium Portugal Finland Luxembourg Other Europe NA/Europe/AUS Total
Source: CLIA, ECC, ICCA

2010 Population Cruise Pax (Millions) (Millions)

309.30 62.04 22.22 34.30 81.80 60.57 46.15 4.95 4.47 7.78 8.39 9.42 65.82 5.56 16.65 10.83 10.63 5.38 .50 766.76 10.090 1.560 .466 .691 1.220 .889 .645 .065 .058 .091 .093 .061 .387 .026 .076 .047 .041 .016 .003 .171 16.52

Penetration (%)
3.26% 2.51% 2.10% 2.01% 1.49% 1.47% 1.40% 1.31% 1.30% 1.17% 1.11% .65% .59% .47% .46% .43% .39% .30% .06% 2.15%

Penetration (Rank)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

PAX Volume (Rank)

1 2 7 5 3 4 6 12 14 10 9 13 8 17 11 15 16 18 19

CLIA Fleet and Capacity Growth

CLIA Fleet Growth Since 2000 - 2011: 143 New Ships

13 ships introduced in 2011 (12 new, one refurbished) 14,886 new beds
Carnival Cruise Lines Carnival Magic Celebrity Cruises Silhouette Disney Cruise Lines Dream Costa Cruises Favalosa Seabourn Cruise Lines Seabourn Quest Oceania Cruises Marina AMA Waterways AmaLotus AMA Waterways Amaverde AMA Waterways Amakaterina Uniworld Boutique River Cruises SS Antoinette Uniworld Boutique River Cruises River Victoria* Uniworld Boutique River Cruises Douro Spirit* Avalon Waterways Panorama (3,690 passengers) (2,886 passengers) (2,500 passengers) (3,012 passengers) ( 450 passengers) (1,250 passengers) ( 124 passengers) ( 162 passengers) ( 212 passengers) ( 164 passengers) ( 206 passengers) ( 128 passengers) ( 166 passengers)

* Refurbished/re-introduced

14 ships to be introduced in 2012 (13 new, one re-introduced)17,984 new beds

Pearl Seas Cruises Pearl Mist Disney Cruise Lines Fantasy Costa Cruises Fascinosa Celebrity Cruises Celebrity Reflection MSCs MSC Divina Carnival Cruise Lines Carnival Breeze Oceania Cruises Riviera American Cruise Lines Queen of the Mississippi AMA Waterways AmaCerto Avalon Waterways Vista Avalon Waterways Visionary Avalon Waterways Ankor 211 Uniworld Boutique River Cruises River Saigon Uniworld Boutique River Cruises River Countess* Uniworld Boutique River Cruises River Duchess* Paul Gauguins M/V Tere Moana* ( 210 passengers) (2,500 passengers) (3,012 passengers) (3,030 passengers) (3,502 passengers) (3,690 passengers) (1,250 passengers) ( 150 passengers) ( 231 passengers) 164 ( 166 passengers) ( 128 passengers) ( 32 passengers) ( 60 passengers) ( 134 passengers) ( 134 passengers) ( 90 passengers)

* Refurbished/re-introduced

25 Ships Will Join CLIAs Fleet In The Period of 2012 -2015

Investment of more than 10 billion 6 new ships, with 8,109 beds, will join the CLIA fleet in 2013 4 new ships, with 15,369 beds, will be introduced in 2014 2 new ships, with 4,240 beds, will join the fleet in 2015 Total beds and ships in the CLIA in fleet year end: 2011: 325,400 beds net 211 ships 2012: 342,012 beds net 222 ships 2013: 349,349 beds net 225 ships 2014: 360,618 beds net 230 ships 2015: 361,302 beds net 232 ships

231

211

(As of 2/23/2012, the Seatrade Order Book for was 19 ships with 55,251berths, for an investment of $12.6 billion Based on CLIA and non-CLIA member cruise companies not inclusive of River Boat vessels)

Industry Trends for 2012

Consumer Trends (according to January 2012 CLIA Travel Agent Survey)

Roughly 3% of Americans took a cruise vacation in 2011 Approximately 24% of Americans have ever cruised Observations and expectations of travel agents, who sell nearly three-quarters of all cruises, will be key in helping to attract new cruisers Cruising is #1 in consumer interest; perceived value is a strong selling point
TOP DESTINATIONS FOR 2012 EXPECTED PASSENGER GROWTH

Alaska Caribbean Mediterranean/Greek Islands European rivers Panama Canal Europe South America Hawaii South Pacific Baltics/Scandinavia

Seniors Friends/multiple families Extended/multigenerational family Families Young travelers Singles Social/corporate groups

Deployment Trends
The history of the North American cruise industry has been one of expansion to all parts of the world as cruise lines have sought to attract loyal as well as first-time cruisers by developing new geographic markets and offering new cruise experiences. In the last five years, the globalization of cruising has been one of the dominant themes in the industry, with particularly strong growth in Europe Top Markets: Deployment By Passenger Bed Days In Geographic Market (2011)
1. 2. 3. 4. 5. 6. 7. 8. Caribbean: 36.2 million bed days (33.7 percent) Mediterranean: 21.99 million bed days (20.44 percent) Europe/Scandinavia: 8.47million bed days (7.9 percent) Alaska: 6.65 million bed days (6.18 percent) Bahamas: 6.5 million bed days (6.05 percent) Mexico (West): 3.51 million bed days (3.27 percent) Transatlantic: 3.1 million bed days (2.9 percent) Australia/New Zealand/S. Pacific: 2.9 million bed days (2.7 percent) 9. Trans Canal: 2.69 million bed days (2.5 percent) 10. South America: 2.6 million bed days (2.4 percent) 11. Hawaii: 2.19 million bed days (2.14 percent)

Deployment Trends
5 Year Change In Geographic Deployment (2006-2011) Bed Day Percent Change /Share Shift
Caribbean + 13.5 percent / -5.5 points Mediterranean +109.38 percent / +7.5 points Europe/Scandinavia +24.61 percent / -.5 points Alaska +4.66 percent / -1.62 points Bahamas +7.2 percent / -1.4 points Mexico (West): -32.6 percent / -3.1 points Transatlantic: +111.2% / +1.08 points Australia/New Zealand/S. Pacific: 101.2 percent / +.93 points Trans Canal: -3.91 percent/ -.94 points South America: +81.7 percent / +.67 points Hawaii: -23.9% percent / -1.5 points

Trends in River Cruising

Strong Growth and Innovation (based on CLIA member lines)
10 percent annual passenger growth over last five years, with some lines enjoying even greater increases Rapid growth in new ships in last five years, with most lines doubling size of fleet or more Expansion in destinations/itineraries: American Cruise Lines: from nine to more than 30 Avalon Waterways: from 25 to 45 (Europe, Asia, SE Asia, Egypt, Galapagos) Uniworld Boutique River Cruises: 32 itineraries in Europe; one in Russia; three in Egypt; six in China; Southeast Asia in January 2012, and Italy in 2013 Shipboard innovations: private balconies, in-room balcony breakfasts, chefs tables, choice of dining venues, local dining options, sustainable cuisine, all-suite ships, new programs for active travelers, wine and food lovers

Trends in River Cruising

Sampling Of Whats New For 2012:
American Cruise Lines: Alaska Inside Passage, introduction of Queen of the Mississippi sternwheeler AMA Waterways: Africa safaris and wildlife cruise on MS Zambezi Queen; Culinary Delights, Bites and Sights shore excursions Avalon Waterways: Introduction of two more "Suite Ships" in Europe - Avalon Visionary, Avalon Vista - plus the first Vietnam & Cambodia river cruise itinerary to sail all the way from Ho Chi Minh City to the Siem Reap via the company's new 32passenger Avalon Angkor Uniworld Boutique River Cruises: Introduction of Vietnam and Cambodia. New programs in Europe allowing guests to customize their hosted excursions by local experts: Choice is Yours, Go Active, and Gentle Walking. Introduction of more Uniworld exclusive included excursions; upgrades to all land-portion hotels, such as the Four Seasons Cairo and The Ritz-Carlton Beijing Sumer multigenerational cruises in France. The complete remodel of two boutique ships

New Experiences: Shipboard Dining

Increased choice, creative culinary partnerships, health and sustainability, one-of-a-kind experiences:
Carnival Cruise Lines: Investing $500 million in first phase of a Fun Ship 2.0 program offering new dining and entertainment choices on 14 ships, including several new branded restaurants and Food Network star Guy Fieris Guys Burger Joint, plus the first-ever EA SPORTS Bar at sea Celebrity Cruises: Celebrity's stylish, specialty restaurants are positioned for guests who enjoy culinary experiences and trendsetting travel. By the end of 2012, they will have 45 in total, ranging from the glamorous Adam Tihany-designed main dining rooms to the chic, Mediterranean-themed "Blu" restaurant, to the elegant "Murano" and playful, eclectic "Qsine Crystal Cruises: Extravagant dinners, ranging from seven-course with Michelin chefs to omakase with Nobu himself, juxtapose with new casual options: Chinese comfort food and daytime Bistro expansion into nighttime small bites Cunard Line: Cunards Golden Lion Pub aboard Queen Mary 2 has been renovated and refreshed with expanded booth seating and more flat screen TVs

New Experiences: Shipboard Dining

Disney Cruise Line: New Disney Fantasy features Remy, a premier dining option with a collaborative menu from Michelin two-star chef Arnaud Lallement and chef Scott Hunnel, a AAA Five Diamond award recipient Holland America Line: New dishes from celebrity chefs on the lines Culinary Council - Master Chef Rudi Sodamin, Charlie Trotter, Jacques Torres, Marcus Samuelsson, David Burke and Jonnie Boer Hurtigruten: Puts the emphasis on local with menus compiled according to ports of call where ingredients, such as dried salt cod, originate MSC Cruises: Mediterranean menus with Italian specialties; gluten-free dining is always available on Fantasia-Class vessels and guests can also enjoy 24/7 vegetarian options Norwegian Cruise Line: Norwegian Epic offers more 20 dining options and the ships popular 24/7 pizza delivery service is being introduced fleetwide Oceania Cruises: New local market tours in various ports as part of the Bon Apptit Culinary Center on the new Riviera which launches in April 12 Princess Cruises: The renowned Alfredos Pizzeria now showcasing a new sitdown venue with freshly prepared individual pies

New Experiences: Shipboard Dining

Paul Gauguin: Joined forces with Jean-Pierre Vigato, and Art Smith, Oprahs personal chef Regent Seven Seas: Partners with Chef Tommaso Barletta for a spotlight on food cruise October 7, 2012 Royal Caribbean International: Oasis of the Seas, Allure of the Seas: Each ship offers 25 dining options. For its 150 Central Park restaurant, Michael Schwartz creates sustainable, seasonal menus in partnership with small farms in Florida Silversea Cruises: Has teamed up with Relais & Chateaux LEcoles des Chefs interactive cooking school Uniworld Boutique River Cruises: Global Master Chef, Bernard Zorn, continues to innovate Uniworlds dining program by continuously creating dishes using the finest and freshest ingredients from the local markets from the ports of call, and pairing dinner with the finest selection of complimentary wines Windstar Cruises: Focuses on regional cuisines with several special culinary adventure shore excursions in the Caribbean

Sampling of New Itineraries

American Cruise Lines: In 2012, the line will debut two new itineraries Alaska Inside Passage and the Mississippi River. In August, American Cruise Lines will also be returning overnight cruising to the Mississippi River aboard its brand new 150-passenger Queen of the Mississippi Avalon Waterways: Introduces two new Suite Ships in Europe plus the first Vietnam & Cambodia river cruise itinerary to sail all the way from Ho Chi Minh City to the Siem Reap via the companys new 32-passenger Avalon Angkor Carnival Cruise Lines: New 130,000-ton Carnival Breeze will enter service in June with a summer schedule of 12-day Mediterranean voyages. Carnival Miracle will launch the lines first year-round cruise program from New York in April Celebrity Cruises: Sends the 2,850-guest Celebrity Solstice to Australia and New Zealand for the winter of 2012-13, following this years deployment of the 1,814-guest Celebrity Century in the region. The Celebrity Millennium is inaugurating the lines first-ever Asia season Crystal Cruises: 2012 itineraries count 20 maiden calls and many rarely-visited ports, including Palermo, Ponce, Newcastle, Palams, Klaipeda, Agadir, and Sochi. Crystal Serenity and Crystal Symphony itineraries, 86% of which include port overnights (almost double from 2011) Cunard Line: Cunards newest ship, Queen Elizabeth, begins her maiden Mediterranean program this Autumn with 12-day voyages that begin and end in Athens, Venice or Rome, including voyages to the Holy Land

Sampling of New Itineraries

Disney Cruise Line: Will sail from three new ports in 2012 New York, Seattle and Galveston. Disney Magic will offer eight-night cruises from New York to the Bahamas and five-night cruises up the New England coast to Canada plus two-night weekend voyages. The line will offer two voyages to Hawaii from Los Angeles for the first time Holland America Line: 14-day China and Korea voyage from Hong Kong; 20-day Portugal, Spain & Canary Islands voyage; 17-Day Spanish Rhapsody from Rotterdam; seven-day Norwegian Fjords itineraries; 14-Day Venetian Empire sailing roundtrip from Civitavecchia; 32- to 34-day Caribbean Odyssey featuring a transatlantic crossing from Southampton or Rotterdam Hurtigruten: New itineraries include an eight-day Autumn Adventure from Reykjavik to Bergen, crossing the North Sea and making stops in the Faroe, Orkney and Shetland Isles, and Edinburgh; a 19-day transatlantic Crossing from Las Palmas to Buenos Aires featuring an Equator Baptism MSC Cruises: The line will base MSC Lirica in Abu Dhabi for seven- and eight-day cruises of the Arabian Gulf for the 2011-2012 winter season. Ports will include Dubai, Muscat, Al Fujairah, and Khasab, the beautiful and historic port city in Oman Norwegian Cruise Line: Launches biggest European deployment in its history with four ships, including a second year-round vessel Oceania Cruises: In 2012, for the first time, will operate four ships in Europe, including the new 1,250-guest Riviera, debuting in May. The line will feature more than 72 sailings from Apr - Dec, 41 distinct itineraries encompassing 145 different ports of call, 12 of which are new

Sampling of New Itineraries

Paul Gauguin Cruises: 2012 sailing schedule, three new itineraries, a 20-night South Pacific Discovery hotel-and-cruise journey to Australia, New Caledonia, Fiji, Tonga, Cook & Society Islands; an Australs & Society Islands cruise featuring Rurutu, the Island of Whales, at the height of whale-watch season; and a Fiji, Tonga, Cook & Society Islands journey Princess Cruises: Largest Europe deployment with seven ships on 57 itineraries to the Mediterranean, Holy Land, Northern Europe, Scandinavia/Russia Regent Seven Seas: New, longer itineraries - Grand Voyages, complimentary land programs and 16 new ports of call in 2012, including a 143-night sailing from Rome to Beijing, a 54-night sailing from Bali to Singapore on Seven Seas Voyager, three-night land program in Luxor, and extended visits in St. Petersburg Royal Caribbean International: Winter/Spring 2011-12 will mark Royal Caribbean International's return to New Orleans after more than four years. Voyager of the Seas will be the largest and most innovative cruise ship to sail from the Port of New Orleans Seabourn: New ports in the Mediterranean including Rosas, Spain; Porto Torres and Alghero on Sardinia; Mgarr on the Maltese island of Gozo; San Antonio on Ibiza; Sller on Mallorca; Ciutadella on Menorca; and Brindisi, Italy

Sampling of New Itineraries

SeaDream Yacht Club: New options, an extended visit to Machu Picchu during the lines maiden 20-day voyages between Barbados and Iquitos to the Amazon. In the Mediterranean, an 11-day Black Sea voyage from Istanbul visiting Bulgaria, Romania, Ukraine, and Russia Silversea Cruises: Kicks off the year with a 115-day world cruise on Silver Whisper to 45 ports in 27 countries and featuring 13 overnight visits and exclusive insider access to seldom seen global treasures. Silver Shadow, a new 19-day voyage from Auckland to Perth with calls in Napier, Wellington, Picton, Sydney, Melbourne, Adelaide, Port Lincoln and Albany. Silver Wind will offer a new series of 10-day voyages of southern Africa from Cape Town Uniworld Boutique River Cruises: Over 500 departures sailing on more than 13 rivers in over 20 countries throughout Europe, Russia, Egypt, China, Vietnam, and Cambodia Windstar Cruises: Introduces eight new itineraries in 2012, including voyages to a unique collection of islands in the Caribbean, a voyage on Costa Ricas Pacific Coast, Panama, the Italian and French Rivieras, and three new Baltic itineraries

About CLIA
The nonprofit Cruise Lines International Association (CLIA) is the worlds largest cruise industry organization. CLIA represents the interests of 26 member lines and participates in the regulatory and policy development process while supporting measures that foster a safe, secure and healthy cruise ship environment. CLIA is also engaged in travel agent training, research, and marketing communications to pr omote the value and desirability of cruise vacations with thousands of travel agency and travel agent members across North America. For more information about CLIA, the cruise industry, and CLIA-member lines and travel agencies, visit www.cruising.org. CLIA can also be followed on the Cruise Lines International Association's Facebook and Twitter fan pages. Media Contacts: Lanie Morgenstern, Travel /Industry Marketing Issues (754) 224-2224; lmorgenstern@cruising.org David Peikin, Industry Policies/Regulatory & Legislative Issues (754) 201-2131; dpeikin@cruising.org