ST. PETERSBURG, Fla., March 4 -- Following is a synopsis of
the presentation made today by Royal Caribbean Cruises Ltd. at the Raymond
James Eighteenth Annual Institutional Investors Conference being held March 3-
6 at the Don CeSar Beach Resort:

Royal Caribbean Cruises Ltd., a Liberian corporation (the "Company"), is one
of the leading providers of cruises to North American passengers as well as a
leading provider of cruises in the Caribbean market. The Company operates
eleven ships (one of which has been sold and will operate under a charter
agreement until March 1997) with a total of 18,750 passenger berths, making it
one of the largest cruise lines in the world. The Company offers more than 50
different cruise itineraries, ranging from three to fifteen nights, and calls
at over 130 destinations on five continents. The Company's ships offer a wide
array of shipboard activities, services and amenities including swimming
pools, sun decks, beauty salons, massage facilities, exercise facilities,
gaming facilities (which operate while the ships are at sea), lounges, bars,
Las Vegas-style entertainment, retail shopping, libraries, cinemas, conference
centers and shore excursions at each port of call.

Market Presence

The Company continues to develop its image worldwide because it believes
that travel agents and passengers rely heavily on brand reputation in the
selection of a cruise line. Since 1988, the Company has more than quadrupled
its number of berths and deployed its vessels throughout the world,
establishing itself as a globally recognized megabrand. As a megabrand, the
company offers a variety of itineraries and destinations at a consistent
quality level. In order to assist the Company in achieving its objective to
be a leading participant in each principal area in which it competes, the
company placed seven ships in service between 1988 and 1996. The company
believes that the ships entering service since 1988 represent the state of the
art in cruise ship construction and provide it with a competitive advantage in
terms of fleet profile. The Company believes that the addition of these ships
has enabled it to become a leading cruise line and has strengthened the
Company's brand recognition.

The Company's increased average ship size and number of available berths
have enabled it to achieve certain economies of scale. Larger ships allow the
Company to transport more passengers than smaller ships without a
corresponding increase in certain operating expenses. This increase in fleet
size also provides a larger revenue base to absorb its marketing, selling, and
administrative expenses.