ResidenSea Completes Ship Sale!

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LIGHTHOUSE TRAVEL
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ResidenSea Completes Ship Sale and Witnesses Sudden Surge in Residence
Purchases

New ownership announcement spurs an uptick in apartment acquisitions

MIAMI, Oct. 30, 2003
ResidenSea Ltd. completed the sale of its ship, The World, as well as
the unsold inventory of studio and apartment residences to the
vessel’s residence owners for an undisclosed sum today. Effective
immediately, fully 85 percent of its 110 two- and three-bedroom units
are sold, up from 75 percent just prior to the announcement of the
ship’s sale in September. In addition, 36 percent of the studio and
one-bedroom units have been purchased.

“The increased sales velocity is directly attributable to the
September announcement of the ship’s sale,” said Robert Riley,
President and Chief Executive officer, adding, “this is a clear
endorsement of our plan to take the next step in creating what is
truly the first-ever floating community at sea.” On Sept. 30,
ResidenSea, Ltd. signed a letter of intent to sell The World to the
residence owners. Riley, leaves the company today to pursue other
interests in the hospitality industry.

James St. John III, was appointed last month by the Residents
Committee as Managing Director of the company that is purchasing The
World to guide the transition process on behalf of the owners. He said
at the closing of the transaction that he anticipates that most of the
unsold units will be purchased shortly. St. John thanked Riley for
successfully bringing the ResidenSea concept to full fruition. “The
Residents share Mr. Riley’s vision for this truly unique vessel, and
we look forward to a year full of adventure in our itinerary through
2004,” St. John said.

ResidenSea said that through 2004, the intention is to visit most of
the same areas as published in the current itinerary, however, some
changes in the dates of port visits and length of stay may occur.

Details of such changes will be announced shortly. For bookings
affected by the possible itinerary changes after mid-February 2004,
guests will be offered the opportunity to rebook their vacation based
on the new itinerary, or cancel and receive a full refund.

Under its new owners, vacationing guests and residence buyers alike
can count on the same highly professional onboard staff to deliver the
same superior service, with a one-to-one guest/staff ratio. The ship’s
most-exclusive atmosphere, which promises the most unique vacation
experience on the sea, features two large swimming pools; a full-size
tennis court; golf facilities with golf simulator, driving ranges and
putting greens; jogging track and a retractable marina for water
sports; the finest jewelry by Graff Jewelers, as well as a health spa
and fitness center operated by world-renowned Clinique La Prairie.

About The World:
The World of ResidenSea, the only resort community circumnavigating
the globe, offers travelers the choice of owning a home or enjoying a
unique vacation experience at sea. This strikingly beautiful ship –
elegant and intimate – promises gracious and personal service in a
warm, inviting ambience much like that of a private yacht, seaside
villa or exclusive country club. For vacationing guests, stays are
booked at daily fares. For more information about The World’s
residential purchase options, please call +1-305-264-9090; for
inquiries regarding vacation stays onboard, call your travel
professional.

ResidenSea, Ltd., in Nassau, The Bahamas, and its wholly owned
subsidiaries, ResidenSea AS and ResidenSea (U.S.A.), Inc., are service
companies involved in the sales and marketing of the vessel The World.
The vessel is owned by The World of ResidenSea II Ltd., a company
unrelated to ResidenSea or its subsidiaries.