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Everybody,

The company has announced extension of the "shareholder benefit" of a shipboard credit for owners of one hundred (100) or more shares of the company's common stock. This benefit now applies to all cruises except "Celebrity Expedition" packages booked on either Celebrity Cruises or Royal Caribbean International by 01 May 2005, and is fully combinable with all other offers or discounts. The amount of the credit depends upon the length of the cruise, as follows.
          Length of Cruise                   Credit 
Five or Fewer Nights $50
Six to Eight Nights $100
Nine to Thirteen Nights $200
Fourteen or More Nights $250

To receive the shipboard credit, you must (1) book a cruise by the deadline and (2) submit the discount form (http://media.corporate-ir.net/media_files/nys/rcl/reports/Shareholder_Benefit2.pdf) with proof of ownership of at least one hundred (100) shares. A copy of the most recent statement from your broker or custodian showing the shares in your account is sufficient proof for shares held in such an account.

The company also has updated the "Shareholder FAQ" (http://media.corporate-ir.net/media_files/nys/rcl/Shareholder_faqc.pdf) on its web site to clarify a few details of this offer.

I hope that any shareholders who have never taken a cruise vacation will do so.

Norm.
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