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Royal Caribbean Responds to Carnival's Proposal

Maritime Activity Reports, Inc.

February 7, 2002

Responding to Carnival's latest proposal Richard Fain, Chairman and Chief Executive of Royal Caribbean Holdings commented: "Carnival has now announced a fourth proposal. In my view this latest one is no more real than the previous ones. Carnival's goal is to scuttle our meeting, secure in the knowledge that any price offered will never need to be paid."

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