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Cautionary Statement Concerning Forward-Looking Statements

Travel World China | Dateï¼š2020-5-12

Some of the statements, estimates or projections contained in this press release are "forward-looking statements" within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, those regarding ourbusinessstrategy,financialposition,resultsofoperations,plans,prospects,actionstakenorstrategies being considered with respect to our liquidity position,valuation and appraisal sofouras set sand objectives of management for future operations (including those regarding expected fleet additions, our voluntary suspension,ourabilitytoweathertheimpactsoftheCOVID-19pandemic,any possible bankruptcy filings, operationalposition,demandforvoyages,financingopportunitiesandextensions,andfuturecostmitigation and cash conservation efforts and efforts to reduce operating expenses and capital expenditures) are forward-looking statements. Many, but not all, of these statements can be found by looking for words like "expect,""anticipate,""goal,""project,""plan,""believe,""seek,""will,""may,""forecast,""estimate,""intend,""future" and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievementstodiffermateriallyfromthefutureresults,performanceorachievementsexpressedorimplied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the impactof:
•    COVID-19 on our financial condition and operations, which adversely affects our ability to obtain acceptable financing in an amount equal to the resulting reduction in cash from operations, and the current,anduncertainfuture,otherimpactsoftheCOVID-19outbreak,includingitseffectontheability ordesireofpeopletotravel(includingoncruises),whichareexpectedtocontinuetoadverselyimpact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and shareprice;

•    our ability to develop strategies to enhance our health and safety protocols to adapt to the current pandemic environment's unique challenges once operations resume and to otherwise safely resume our operations when conditionsallow;

•    coordinationandcooperationwiththeCDC,thefederalgovernmentandglobalpublichealthauthorities totakeprecautionstoprotectthehealth,safetyandsecurityofguests,crewandthecommunitiesvisited and the implementation of any suchprecautions;

•    the accuracy of any appraisals of our assets as a result of the impact of COVID-19 orotherwise;

•    the ability to obtain deferrals on our debtpayments;

•    our success in reducing operating expenses and capital expenditures and the impact of any such reductions;

•    ourguests'electiontotakecashrefundsinlieuoffuturecruisecreditsorthecontinuationofanytrends relating to such election;

•    trendsin,orchangesto,futurebookingsandourabilitytotakefuturereservationsandreceivedeposits relatedthereto;

•    ourabilitytoworkwithlendersandothersorotherwisepursueoptionstodeferorrefinanceourexisting debtprofile,near-termdebtamortization,newbuildrelatedpaymentsandotherobligationsandtowork with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to futurecruises;

•    adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events;

•    adverse incidents involving cruiseships;

•    adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumerconfidence;

•    the spread of epidemics, pandemics and viraloutbreaks;

•    ourcashrunway,lackofplanstofileforbankruptcyandanticipatedneedforadditionalfinancing,which may not be available on favorable terms, or at all, and may be dilutive to existingshareholders;

•    our ability to raise sufficient capital and/or take other actions to improve our liquidity position or otherwisemeetourliquidityrequirementsthataresufficienttoeliminatethesubstantialdoubtaboutour ability to continue as a goingconcern;

•    animpairmentofourtrademarks,tradenamesorgoodwill,includinginconnectionwiththepreparation of our financial statements as of March 31,2020;

•    breaches in data security or other disturbances to our information technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy andprotection;

•    changesinfuelpricesandthetypeoffuelwearepermittedtouseand/orothercruiseoperatingcosts;

•    mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyardfacilities;

•    the risks and increased costs associated with operatinginternationally;

•    fluctuations in foreign currency exchangerates;

•    the unavailability of ports ofcall;

•    overcapacity in key markets orglobally;

•    our expansion into and investments in newmarkets;

•    our inability to obtain adequate insurancecoverage;

•    our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintainminimumlevelsofliquidityandotherwiselimitourflexibilityinoperatingourbusiness,including the significant portion of assets that are collateral under theseagreements;

•    pending or threatened litigation, investigations and enforcementactions;

•    volatilityanddisruptionsintheglobalcreditandfinancialmarkets,whichmayadverselyaffectourability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress paymentguarantees;

•    our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues;

•    our reliance on third parties to provide hotel management services for certain ships and certain other services;

•    future increases in the price of, or major changes or reduction in, commercial airlineservices;

•    our inability to keep pace with developments intechnology;

•    changes involving the tax and environmental regulatory regimes in which we operate;and

•    other factors set forth under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31,2019.

Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown.
The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regardingourpresentandfuturebusinessstrategiesandtheenvironmentinwhichweexpecttooperatein the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required bylaw.

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