Royal Caribbean (Rcl)

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We are the world’s second largest cruise company operating 35 ships in the cruise vacation industry with approximately 71,200 berths as of December 31, 2007. We own five cruise brands, Royal Caribbean International, Celebrity Cruises, Pullmantur Cruises, Azamara Cruises, and CDF Croisières de France. In addition, we have a 50% investment in a joint venture with TUI Travel PLC (“TUI Travel”), formerly First Choice Holidays PLC, which operates the brand Island Cruises. Our cruise brands primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments. Our ships operate on a selection of worldwide itineraries that call on approximately 380 destinations. We compete principally on the basis of quality of ships, quality of service, variety of itineraries and price. Historically, our primary focus has been to serve the North American cruise market through our two main global cruise brands, Royal Caribbean International and Celebrity Cruises. Throughout the years, we have expanded our focus to increase international passenger sourcing by opening offices in the United Kingdom, Germany, Norway, Italy, Spain, and, during 2007, in Singapore and China. We recently further expanded our global base through our 2006 acquisition of Pullmantur Cruises, which provides us with a brand to serve the cruise markets in Spain and Latin America. Our announced launch in September 2007 of CDF Croisières de France will provide us with a custom-tailored product targeted to the cruise market in France beginning in May 2008. In December 2007, we announced a joint venture with TUI AG which, subject to closing, will result in the formation of a German cruise line under the name of TUI Cruises. In addition to increasing our international passenger sourcing, the launch of Azamara Cruises in 2007 provides us with a

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