One of the big revelations of this report is the differences in the perception of luxury among advisors and clients. Clients cite all-inclusive amenities (92%), gourmet food (90%) and big, luxurious cabins (89%) as the key factors when opting for luxury cruises. Advisors, however, value all-inclusive amenities (76%), unique and wide range of itineraries (74%), and a low guest to crew ratio (72%) the most. PERCEPTION OF LUXURY IN CRUISING All-inclusive amenities Gourmet food Bigger/luxurious cabins Personalized service Unique and wide range of itineraries Dedicated concierge/VIP services Private areas with dedicated amenities Size of the ship Private excursions Guest to crew ratio Design of the ship Affiliation with celebrity chefs/lecturers 92% 76% 90% 69% 89% 66% 86% 65% 86% 74% 84% 60% 79% 60% 78% 67% 76% 55% 75% 72% 67% 59% 53% 38% 24 | CHART 15 Client Advisor IN THE LAP OF LUXURY

KEY MOTIVATORS FOR TAKING LUXURY CRUISE VACATIONS It was no surprise that, when asked for what motivates the clients to pick up a luxury cruise, ticking off an experience or a destination emerged at the top of the list (79%). It also makes sense then that some of the repeat cruisers are seniors ticking off their bucket list, as per the advisors. Other motivators include smaller ships with fewer guests, lifestyle or the element of exclusivity. CLIENT DIFFERENTIATION CHART 16 | 25 Bucket list experience/destination Lifestyle/Element of exclusivity Celebrate personal occasions Explore the unknown and have fun Create new memories Celebrate professional achievements Cruising on a smaller ship with fewer number of guests 79% 77% 63% 60% 50% 46% 21%