Royal Caribbean Cruises Ltd. announced that the Company`s Zero Coupon Convertible Notes due May 18, 2021 (the Convertible Notes) are convertible, having satisfied the market price condition as of Thursday, March 31, 2005. Holders may convert their Convertible Notes into shares of the Company`s common stock at any time on or prior to 5:00 p.m. New York time on Thursday, June 30, 2005. Pursuant to the terms of the indenture under which the Convertible Notes were issued in May 2001, the Convertible Notes are convertible at a rate of 15.6675 shares of common stock per $1,000 principal amount of Convertible Notes. Cash will be paid in lieu of fractional shares. If all outstanding Convertible Notes were surrendered for conversion, the aggregate number of shares of common stock issued would be approximately 13.8 million.