884887--2/19/2008--ROYAL_CARIBBEAN_CRUISES

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The risk factors set forth below and elsewhere in this Annual Report on Form 10-K are important factors, among others, that could cause actual results to differ from expected or historical results. It is not possible to predict or identify all such factors. Consequently, this list should not be considered a complete statement of all potential risks or uncertainties. We may lose business to competitors throughout the vacation market Overcapacity within the cruise vacation industry, a reduction in demand or geo-political and economic uncertainties could have a negative impact on revenues, result in impairment of assets and may adversely affect our results of operations Fears of terrorist attacks, war and other hostilities and the spread of contagious diseases could have a negative impact on our results of operations. Incidents or adverse publicity concerning the cruise vacation industry or unusual weather conditions could affect our reputation and harm our future sales and results of operations Environmental, health and safety, financial responsibility and other maritime regulations could affect operations and increase operating costs We may not be able to obtain financing on terms that are favorable or consistent with our expectations Conducting business internationally may result in increased costs and other risks Ship construction delays or mechanical faults may result in cancellation of cruises or unscheduled drydocks and repairs and thus adversely affect our results of operations Shipyard financial difficulties or insolvencies, shortages in available shipbuilding facilities and component parts due to strong demand for shipbuilding services within the industry, and industry consolidations may cause delivery delays or price increases that could adversely affect our results of operations. Our operating costs and taxes could increase due to market forces and economic or political factors beyond our control. Unavailability of ports of call may adversely affect our results of operations Price increases for commercial airline service for our passengers or major changes or reduction in commercial airline service could undermine our ability to provide reasonably priced vacation packages to our guests. A change in our tax status under the United States Internal Revenue Code, or other jurisdictions, may have adverse effects on our income We are controlled by principal shareholders that have the power to determine our policies, management and actions requiring shareholder approval The holders of our common stock may experience a decrease in the value of their equity interest as a result of the sale of currently restricted shares of our common stock into the public market We are not a United States corporation and our shareholders may be subject to the uncertainties of a foreign legal system in protecting their interests Litigation, enforcement actions, fines or penalties could adversely impact our financial condition or results of operations and/or damage our reputation.

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884887--2/19/2008--ROYAL_CARIBBEAN_CRUISES_LTD