1. Represents the weighted-average purchase price per share of a series of transactions, all of which were executed on December 13, 2018. The actual purchase prices ranged from a low of $105.290 to a high of $105.750. The Reporting Person undertakes to provide upon request of the SEC Staff, Royal Caribbean Cruises Ltd. or a Royal Caribbean Cruises Ltd. security holder full information regarding the number of shares purchased at each price within the range.
2. Shares owned by The Montana Trust primarily for the benefit of certain members of the Fain family.
3. The reporting person disclaims beneficial ownership of some or all of these shares.
4. Shares owned by Monument Capital Corporation as nominee for various trusts primarily for the benefit of certain members of the Fain family.
5. This form does not include shares owned by other trusts for the benefit of members of the Fain family in which Mr. Fain does not have any beneficial or pecuniary interest nor shares directly or indirectly owned by Mr. Fain's adult children.