RCL's 3-year stock return of +371.7% vastly outpaces the peer group median (+36.2%) by +335.5 percentage points, far exceeding the 65pp threshold required to trigger a concern, and Brock holds no other public company board seats, raising no overboarding issue.

RCL's outstanding 3-year TSR greatly exceeds the peer group median by +335.5pp, well above the 65pp trigger threshold, and Fain holds no other public company board seats; his long tenure as former CEO and Chairman provides valuable institutional knowledge.

No TSR underperformance trigger fires given RCL's +335.5pp outperformance vs. peer median, and Howe holds one other public company board seat (Lazard), which is below the four-seat overboarding threshold; his extensive financial expertise is appropriate for his Audit Committee chair role.

RCL's exceptional TSR performance clears all policy thresholds easily, Leavitt holds no other public company board seats, and his government and regulatory background is well-suited to oversight of the Safety, Environment, Sustainability and Health Committee.

As CEO and an executive director, Liberty is subject to the same TSR trigger as all other directors, but RCL's +335.5pp outperformance vs. the peer group median over three years — far exceeding the 65pp threshold — means no TSR concern applies; his director vote is considered independently from the Say on Pay vote.

No TSR underperformance concern applies given RCL's massive peer outperformance, McPherson holds one other public company board seat (PVH Corporation), well within the four-seat limit, and her hospitality industry background is directly relevant to RCL's business.

RCL's TSR performance is exceptional with no trigger firing; Montiel holds two other public company board seats (McCormick & Company and Versant Media Group), which is within the four-seat limit, and her Deloitte background qualifies her as a financial expert on the Audit Committee.

No TSR underperformance trigger applies, Ofer holds no other public company board seats, and a related-party charter transaction in 2025 was reviewed and approved by the Audit Committee as arm's-length at a $4.2 million fee, which does not rise to a governance concern under the policy.

RCL's TSR far exceeds peer median with no trigger firing; Sørensen holds two other public company board seats (Air Canada and CNH Industrial), within the four-seat limit, and his financial expertise qualifies him appropriately for his Audit Committee membership and Talent and Compensation Committee chair role.

No TSR underperformance concern applies; Thompson holds one other public company board seat (Northern Trust Corporation), well within limits, and his background leading McDonald's Corporation globally is directly relevant to RCL's consumer-facing, global business.

Wiernicki joined the board in February 2026, less than 24 months ago, making him fully exempt from the TSR trigger under the policy's new-director exemption; his maritime industry expertise as former Chairman and CEO of the American Bureau of Shipping is highly relevant to RCL's operations.

No TSR underperformance trigger fires given RCL's exceptional peer outperformance; Wilhelmsen holds no other public company board seats, and as a representative of one of RCL's founding shareholders he brings valuable long-term strategic perspective.