PRESENTED BY MIKE MCFADDEN, MAC MARITIME, INC. September 4, 2013.

BELIZECRUISE SEMINAR

“The Cruise Industry – a Global and Regional Perspective”

PRESENTATION AGENDA

Global Cruise Perspective

Caribbean Regional

Perspective

Focus on Belize

Cruise Line Perspective

Strategy

Conclusion

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GLOBAL PASSENGERS

'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 09 10 110

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Asia Europe North America

Pa

sse

ng

ers

('0

00

)

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GLOBAL SOURCE MARKETS

North America is the principal source market for the global cruise industry. However its share is steadily declining as

the European steadily expands. The Rest of the World, principally Asia and

South America, are emerging rapidly.Region 1995 2000 2005 2006 2007 2008 2009 2010 2011

Million passengers

N. America 4.35 6.88 9.96 10.38 10.45 10.29 10.40 11.41 11.52

Europe 1.00 2.07 3.19 3.48 4.05 4.46 5.00 5.54 6.18

Sub-total 5.35 8.95 13.15 13.86 14.50 14.75 15.40 16.95 17.70

RoW 0.37 0.78 1.21 1.29 1.37 1.45 2.18 2.25 2.91

Total 5.72 9.73 14.36 15.15 15.87 16.20 17.58 19.20 20.61

% N America 76.0% 70.7% 69.4% 68.5% 65.8% 63.5% 59.2% 59.4% 55.9%

Including Russia and Eastern European countries outside the EU-25 and EEA.�

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SHARE OF GLOBAL CAPACITY

RCCL;

24%

NCL; 7%MSC;

7%

Car-nival Corp

; 48%

Others; 14%

GLOBAL CAPACITY DEPLOYMENT

While the growth of bed-day capacity in the Caribbean haslagged behind Europe since 2005, it still exceeded the

growth in other North American markets.

The Caribbean also remains the largest destination market.

Regions 2000 Share 2005 Share 2011 ShareAvg. Ann . Growth

2005-2011

Cariibean 21,510,142 39.9% 21,450,239 27.8% 36,293,418 33.7% 9.2%

Bahamas 3,200,346 5.9% 4,397,472 5.7% 6,510,300 6.0% 6.8%

Canada/New England 1,107,689 2.1% 1,174,160 1.5% 1,918,103 1.8% 8.5%

Bermuda 988,391 1.8% 1,329,274 1.7% 1,914,886 1.8% 6.3%

Alaska 4,197,332 7.8% 6,417,134 8.3% 6,652,200 6.2% 0.6%

Hawaii 857,930 1.6% 2,907,444 3.8% 2,193,986 2.0% -4.6%

Mexico West 2,680,934 5.0% 5,759,636 7.5% 3,514,152 3.3% -7.9%

Europe 10,021,757 18.6% 15,256,353 19.8% 30,467,166 28.3% 12.2%

All Other 9,298,296 17.3% 18,539,244 24.0% 18,166,167 16.9% 6.3%

Total 53,862,817   77,230,956   107,630,378   5.7%

Source: CLIA

CRUISE INDUSTRY TRENDS

Constrained by ships (supply),not passengers (demand)

High levels of repeat clienteledemand different experiences

Major deployment factors are: PASSENGER DEMAND

YIELDS

Opportunities for portsare increasing worldwide

SATURATION OF TRADITIONAL PORTS AND REGIONS

Controlled by a handful of US based profitable operators…but it is no longera US passenger industry

Weather LINES ARE EXTENDING INTO WINTER SAILINGS

Generally recession resistant by CONTROLLING AND REDUCING COSTS

SHIFTING CAPACITY BETWEEN LONGER AND SHORTER CRUISES

HAVE ROOM TO OFFER DISCOUNTING AND STAY PROFITABLE

NEW SHIP INTRODUCTIONS

2012

AIDA 2,174

CCL 3,690

Celebrity 2,850

Costa 3,012

Disney 2,500

MSC 3,502

Oceania 1,260

718,988

AIDA 2,174

Princess 3,600

NCL 4,000

Hapag-Lloyd

516

Ponant 264

2013

510,554

TUI 2,500

Princess 3,600

NCL 4,000

Costa 3,700

RCI 4,100

Viking O

950

2014

618,850

AIDA 3,250

P&O 3,611

TUI

2,500

AIDA 3,250

HAL

2,600

CCL

4,000

Viking O

950

2015/16

720,161

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1427

1782

1464

18332098

2077 2200

2703 27142845

34563379

3298

AVERAGE CAPACITY OF NEW SHIPS

CARIBBEAN REGIONAL PERSPECTIVE

Eastern

6.7 mm44%

Bahamas

2.0 mm13%

Southern

3.5 mm23%

Western

5.0 mm33%

CARIBBEAN HOMEPORTS & INTERPORTS

SANTO DOMINGO SAN JUAN

LA ROMANA

BARBADOS

MARTINIQUE

COLON

CARTAGENA

ST. THOMAS USVIBELIZE

TOP 12 CRUISE PORTSPAX VOLUME

2010 2011

Bahamas 3,809,807 4,161,269

Cozumel 2,971,771 2,871,097

US Virgin Islands 1,597,178 1,887,096

St. Maarten, DWI 1,512,618 1,656,159

Cayman Islands 1,245,461 1,401,495

Puerto Rico 1,185,780 972,000

Jamaica 908,822 971,920

Belize 764,628 724,544

Barbados 745,175 619,054

Antigua/Barbuda 557,030 606,485

Aruba 570,405 599,973

Cartagena 401,008 493,802

All Destinations

Western Caribbean

Southern Caribbean

Eastern Caribbean

$0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00

Average Passenger Expenditures by Region ($US), 2012 Cruise Year

Average Passenger Expenditures ($US), Eastern Caribbean, 2012 Cruise

Year

St. Maarten

U.S.V.I.

Puerto Rico

St. Kitts

Eastern Caribbean

All Destinations

Dominican Republic

British Virgin Islands

Antigua

Bahamas

Turks & Caicos

Dominica

$0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 $180.00 $200.00

Average Intransit Passenger Expenditures ($US), Western

Caribbean, 2008-2009 Cruise Year

Columbia

All Destinations

Cayman Islands

Western Caribbean

Belize

Costa Rica

Honduras

Nicaragua

$0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00

TOP 12 CRUISE PORTS BY PAX SPENDING

(2009/2010)

TREMENDOUS ECONOMIC IMPACTPer Passenger, $ US Dollars

Bahamas 84

Cozumel 104

US Virgin Islands 198.25

St. Maarten, DWI 147.5

Cayman Islands 95.7

Puerto Rico 100.5

Jamaica 93.00

Belize 87

Barbados 69

Antigua/Barbuda 72

Aruba 87.00

Cartagena 90

Average $102.33

PORTS DEVELOPED BY CRUISE LINESPAX VOLUME

2010 2011 CL

Labadee (Haiti) 482,077 411,687 RCI

Half Moon Cay 400,188 398,309 CARN

Coco Cay 345,654 350,654 RCI

Grand Turk 322,012 344,837 CARN

Roatan (Honduras) 310,252 317,482 CARN & RCI

Princess Cay 278,531 276.581 CARN

Great Stirrup Cay 192,696 207,942 NCL

Castaway Cay 90,377 99,446 DISNEY

Falmouth (Jamaica) N/A 300,000 RCI

Amber Cay, DR Constr Constr CARN

SELECTING A HOMEPORTOR PORT OF CALL

THE CRUISE LINE’S PERSPECTIVE

HOMEPORT

Port Costs and Efficiencies

Airlift

Airport/Seaport Connection

Dedicated Terminal Facilities for HP

Security – ISPS

Hotel Capacity – Pre & Post

Geographic Location - Fuel

TRANSIT/PORT OF CALL

Welcoming to Passengers & Crew

Attractive, Clean & Safe

Cost

Quality & Variety of Shore Excursions

Multi Lingual Guides

Activities for “Independent Passengers”

TRANSIT/PORT OF CALL (CONTINUED)

Efficient & Courteous Taxi Service

Water Taxi & Shuttle Service Options

Geographic Proximity to Homeports - Fuel

Thank you!

PRESENTED BY MIKE MCFADDEN, MAC MARITIME, INC. February 13th, 2012.