ROYAL CARIBBEAN CRUISES LTD — Director's Dealing 2014

Feb 12, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYAL CARIBBEAN CRUISES LTD (RCL)
CIK: 0000884887
Period of Report: 2014-02-12

Reporting Person: Fain Richard D (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-12	Common Stock	M	23566	$40.06	Acquired	1200790	Direct
2014-02-12	Common Stock	S	23566	$52.0563	Disposed	1177224	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-12	Stock Option (Right to Buy)	$40.06	M	23566	Disposed	2014-03-17	Common Stock (23566)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	421412	Indirect
Common Stock	2200	Indirect
Common Stock	19100	Indirect
Common Stock	5500	Indirect

Footnotes

F1: Represents the weighted-average sale price per share of a series of transactions, all of which were executed on February 12, 2014. The actual sale prices ranged from a low of $52.04 to a high of $52.12. 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 sold at each price within the range.

F2: Shares owned by Monument Capital Corporation as nominee for various trusts primarily for the benefit of certain members of the Fain family.

F3: The reporting person disclaims beneficial ownership of some or all of these shares.

F4: Shares owned by The Alaska Trust primarily for the benefit of certain members of the Fain family.

F5: Shares owned by The Atlanta Trust primarily for the benefit of certain members of the Fain family.

F6: Shares owned by The Montana Trust primarily for the benefit of certain members of the Fain family.

F7: Immediately.