FORWARD LOOKING STATEMENT

Certain statements in this presentation constitute 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 presentation, including, without limitation, those regarding our business strategy, financial performance, results of operations, plans, potential share repurchases, potential dividend implementation, future deleveraging, prospects and objectives of management for future operations (including expected fleet additions, development plans and expected performance in new markets), 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 achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: 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 cruise ships; 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 consumer confidence; the spread of epidemics and viral outbreaks; our expansion into and investments in new markets; the risks and increased costs associated with operating internationally; breaches in data security or other disturbances to our information technology and other networks; changes in fuel prices and/or other cruise operating costs; fluctuations in foreign currency exchange rates; overcapacity in key markets or globally; the unavailability of attractive port destinations; our indebtedness and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; our inability to recruit or retain qualified personnel or the loss of key personnel; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; our reliance on third parties to provide hotel management services to certain ships and certain other services; future increases in the price of, or major changes or reduction in, commercial airline services; amendments to our collective bargaining agreements for crew members and other employee relation issues; our inability to obtain adequate insurance coverage; future changes relating to how external distribution channels sell and market our cruises; pending or threatened litigation, investigations and enforcement actions; our ability to keep pace with developments in technology; seasonal variations in passenger fare rates and occupancy levels at different times of the year; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under "Risk Factors" in our most recently filed Annual Report on Form 10-K. 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 regarding our present and future business strategies and the environment in which we expect to operate in 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 contained herein 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 by law.

2 ANDREA DEMARCO VICE PRESIDENT INVESTOR RELATIONS & CORPORATE COMMUNICATIONS

3 TODAY’S AGENDA AND SPEAKERS

Frank Del Rio, President & CEO Norwegian Cruise Line Holdings Ltd. Harry Sommer, Executive Vice President International Business Development Howard Sherman, Executive Vice President Onboard Revenue and Destination Development Q&A Session Short Break Jason Montague, President & CEO Regent Seven Seas Bob Binder, President & CEO Oceania Cruises Andy Stuart, President & CEO Norwegian Cruise Line Short Break Mark Kempa, Interim Chief Financial Officer Frank Del Rio, President & CEO Norwegian Cruise Line Holdings Ltd. Q&A Lunch

4 FRANK DEL RIO PRESIDENT & CHIEF EXECUTIVE OFFICER NORWEGIAN CRUISE LINE HOLDINGS LTD.

5 AGENDA

Top 10 highlights since 2015 investor day

Competitive advantages

Sea of opportunity

Full speed ahead – our plan to win

6 TOP 10 HIGHLIGHTS SINCE 2015 INVESTOR DAY

Integrated successfully Invested $500+ million in fleet  Prestige Cruises International  enhancement programs

Delivered record financial results Expanded and strengthened global  each year  footprint

Introduced proven go-to-market Included in prestigious S&P 500 and  strategy to Norwegian Cruise Line  listed on NYSE

Achieved record booked and Extended newbuild pipeline through  pricing position entering 2018  2025

 Launched five new ships  Entered the Chinese cruise market

7 DELIVERED RECORD FINANCIAL RESULTS YEAR AFTER YEAR Capacity Days (M) Gross Revenue ($B) Adjusted EBITDA ($B)

9% 12% 16% CAGR CAGR CAGR 17.4 16.4 $4.9 $5.4 $1.7 14.7 $4.3 $1.4 $1.2

2015 2016 2017 2015 2016 2017 2015 2016 2017

Adjusted EPS Adjusted ROIC Net Leverage

17% CAGR 10.1% 5.1x $4.63 9.7% $3.96 9.1% 4.3x $3.41 $2.88 3.7x

2015 2016 2017 2018E(1) 2015 2016 2017 2015 2016 2017

1. Based on the midpoint of 2018 guidance as of May 2018. Note: Certain of the above items represent non‐GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 8 STRONG FINANCIAL PERFORMANCE CONTINUES

39 Quarters of Consistent Growth & Margin Expansion ($ Millions) Prior Investor Day $1.7B

23.2% CAGR

31.1% 27.5% Adjusted EBITDA Margin Trailing Twelve Months $239M

11.0%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Adjusted EBITDA Trailing Twelve Months

Note: The above items represent non‐GAAP financial measures. Please refer to the Appendix to find a reconciliation of the non-GAAP financial measures to the GAAP financial measures the Company considers most comparable. 9 AGENDA

Top 10 highlights since 2015 investor day

Competitive advantages

Sea of opportunity

Full speed ahead – our plan to win

10 UNIQUE INDUSTRY CHARACTERISTICS

Favorable Limited supply demographic trends growth capacity

High barriers Efficient newbuild to entry financing Cruise Favorable tax Movable assets Industry structure

Advance cash Competitive high value, deposits high satisfaction product

Underpenetrated Resilience to global markets external events

11 INDUSTRY COMPETITIVE ADVANTAGES RESILIENT INDUSTRY WITH PROVEN CONSISTENT GROWTH PROFILE

CLIA Global Ocean Cruise Passengers (Millions)

27.2 25.8 +5.4% 24.7 23.2 CAGR 22.0 20.5 20.9 21.3 19.1 17.8 15.9 16.3 14.3 15.1 13.1 11.2 11.4 12.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E Great 14 Major 9/11 Recession Geopolitical Events in 7 Months

Source: CLIA. 2017 & 2018 are forecasted. 12 STRONG OPERATOR WITH COMPELLING COMPETITIVE ADVANTAGES

Three award-winning Efficient Best in class brands organizational financial structure performance Youngest Sizable yet fleet of major nimble fleet operators

Outsized Fastest international growing opportunity Dominant Innovative operator in products Go-to-market upscale Strategy experiences

13 OUR COMPETITIVE ADVANTAGES THREE AWARD-WINNING BRANDS

. 16 ships . 46,520 berths . Five ships on order for delivery in 2019 – 2025 with an option for two additional ships to be delivered in 2026 and 2027 . Youngest fleet of major North American cruise brands . Offerings for the entire gamut of potential cruisers with unparalleled entertainment and dining choices

. 6 ships . 5,240 berths . The finest cuisine at sea, country club casual, destination specialist . Targeting affluent retired/semi-retired seasoned travelers

. 4 ships . 2,640 berths . Launched Seven Seas Explorer in 2016 – “The Most Luxurious Cruise Ship Ever Built” . Seven Seas Splendor on order for delivery in 2020 . The Most Inclusive Luxury Experience . Repeat guests comprise 50%+ of passengers

1414 OUR COMPETITIVE ADVANTAGES YOUNGEST FLEET OF MAJOR CRUISE OPERATORS

Number of Ships at Capacity Days in 2017 Estimated Weighted Average Year-End 2017 (in millions) Fleet Age at Year-End 2017

25 17.4 9.8

RCL 49(1) 36.9 12.4

CCL 103 82.3 12.9

Youngest fleet contributes to profitability and maximizes pricing

Source: Company filings, internal estimates. (1) Includes Partner Brands TUI and Pullmantur. 15 OUR COMPETITIVE ADVANTAGES DOMINANT CRUISE OPERATOR IN UPSCALE EXPERIENCES

Upscale Berths Premium Deployment (1)

~7,900

~4,650 Premium Other Priced 77% 23% Itineraries Itineraries ~2,300 ~2,600 ~2,100 ~1,800

NCLH(1) Viking (2) Silversea Seabourn Azamara(3) Crystal

Upscale brands drive outsized yield and ship contribution

Source: Company filings, company websites. (1) Includes berths on Regent Seven Seas Cruises, Oceania Cruises. (2) Includes Viking Orion to be delivered mid-2018. (3) Includes Azamara Pursuit to be delivered in Q3 2018. 16 OUR COMPETITIVE ADVANTAGES GO-TO-MARKET STRATEGY: VALUE-ADD BUNDLING AND MARKET-TO-FILL

Value-Add Bundling Market-to-Fill • Minimizes the lowering of pricing as the main lever to drive demand • Book early for best price contributes to elongated booking curve • Telegraph future price actions

Proprietary revenue management platform synchronized with go-to-market strategy to maximize pricing and minimize acquisition costs

17 OUR COMPETITIVE ADVANTAGES EFFICIENT ORGANIZATIONAL STRUCTURE

CEO

Norwegian Regent Brand Oceania Onboard Vessel Supply Chain Finance & International Brand CEO CEO CEO Revenue Operations & Logistics Administrative

Strengthen Drive load factor & maximize pricing for each brand Drive onboard All fleet related Consolidated All Support global (Sales, Marketing, Revenue Management, revenue operations function to Service footprint Public Relations, Reservations) across brands (Marine, Hotel, leverage scale Port, Technical and Newbuilds)

DRIVE THE TOP LINE COST CONTROL

Results in efficient operations with better and faster sharing of best practices

18 OUR COMPETITIVE ADVANTAGES BEST IN CLASS YIELD PERFORMANCE

2017 Net Ticket Yield (1) 2017 Net Yield (1)

$164 +23% +28% $134 $129 $241 +29% +38%

$187 $174 RCL CCL

2017 Net Onboard Yield (1)

$76 +43% +68% $53 $45

RCL CCL RCL CCL

Source: Company filings. 1. Year Ended November 30 or December 31, 2017. Note: The above items represent non-GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 19 OUR COMPETITIVE ADVANTAGES BEST IN CLASS FINANCIAL RESULTS

2017 EBITDA Per Capacity Day (1)

$89 +16% $77 +56% $57

RCL CCL

Source: Company filings. 1. Year Ended November 30 or December 31, 2017 . Note: EBITDA per Capacity Day is a non-GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 20 AGENDA

Top 10 highlights since 2015 investor day

Competitive advantages

Sea of opportunity

Full speed ahead – our plan to win

21 FAVORABLE SECULAR LEISURE TRAVEL TRENDS TO BENEFIT CRUISE INDUSTRY

Global Leisure Travel Spend ($T) 2017 Global Leisure Travel Spend

5% $1.5 CAGR $1.4 $1.3 $1.3 $1.2 $1.2 8% Cruise

2017 2018E 2019E 2020E 2021E 2022E

Cruising is underpenetrated globally

Source: Euromonitor 22 CRUISE INDUSTRY CAPACITY GROWTH OVER NEXT FIVE YEARS

Global Capacity Growth (1,2)

~7% ~6.5% ~6% 2018-2022 ~6% ~6% Average: ~5% ~6.5%

2010 - 2017 2018E 2019E 2020E 2021E 2022E Average Est. Berths ~20,000 ~35,000 ~43,000 ~42,000 ~39,000 ~42,000 on Order

Shipyard production capabilities constrain cruise industry capacity growth

1. 2019-2022 global capacity growth is gross. 2. Expected growth in passenger capacity days based on current ship orders. Source: Seatrade order book, CLIA, Cruise Industry News and Company research. 23 CRUISE TO CAPTURE OUTSIZED SHARE OF GROWING GLOBAL LEISURE TRAVEL SPEND – HOW NCLH WINS

1 2 3 4

Secular shift Under- in consumer Favorable Increasing penetrated preferences demographic international global to trends demand markets experiences Strong global 5 6 7 8 demand for cruise

Future global Attractive Cruising Innovative deployment value popularity on new opportunities proposition the rise hardware

24 1 SECULAR SHIFT IN CONSUMER PREFERENCES TO EXPERIENCES

Experiential Spend is on the Rise Industry Benefit

% of respondents who plan to increase • Cruising excels at providing spending on travel unique experiences with multiple destinations in one vacation 35% Millennials 30% Generation X How NCLH Wins 25% Baby Boomers  Fastest-growing of public cruise 20% operators  Dynamic portfolio of three 15% complementary brands has a cruise for 10% every demographic / psychographic cohort 2011 2013 2016  Ship sizes ranging from 490 to 4,200 passengers and voyages ranging from short weekend to 180 day around the world cruises Source: Euromonitor International’s Global Consumer Trends Survey. Survey results are drawn from online consumers ranging in age from 15 to 65+, from 23 developed and developing countries 25 2 FAVORABLE DEMOGRAPHIC TRENDS

2017: U.S. Generations by the Numbers Industry Benefit

Millennials • A cruise vacation offers activities • Largest U.S. cohort and experiences appealing to all generations and all economic Millennials • Increasingly traveling as Gen-X strata ~65 Million ~90 Million families with children 20% 28% • Prioritize experiences over tangibles How NCLH Wins • Big on value Gen-Z Baby ~75 Million Boomers Baby Boomers  Portfolio of brands and ships appeals to 22% ~70 Million broad cross-section of global population Silent 22% • 10,000 retiring every day  Our young and modern fleet is uniquely ~25 Million • Combined GDP of more positioned to capture outsized millennial 8% than $3 trillion annually share • Have time and money  Upscale portfolio appeals to boomers to cruise

Source: U.S. Census Bureau, Bloomberg Reporting, Pew Research. 26 3 INCREASING INTERNATIONAL DEMAND

Global Demand for Cruising: 2007 – 2016 Industry Benefit (Passengers in millions) • Creates a larger pool of potential cruise passengers • Diversifies customer sourcing

2007 How NCLH Wins 2016  Largest runway of major cruise operators to expand global footprint  Expansion opportunity into unserved and underserved international International North America markets  Smaller nimble fleet and premium 10% 2% products allow us to focus on obtaining best guest – quality over ‘07-16 CAGR quantity

Source: G.P. Wild (International) Limited from CLIA and other sources. 27 4 …BUT REMAINS VASTLY UNDER-PENETRATED GLOBALLY

Percentage of Target Population Industry Benefit that Cruised in 2017 (1) • Newbuild capacity constraints result 13% in limited supply growth which tempers global penetration rates • Opportunity to attract new to cruise 8% passengers 8% 7% 6%

How NCLH Wins 1% 2%  NCLH will add at least 18,000 berths through 2025 allowing introduction of Australia U.S. UK Germany Canada China World our brands in unserved and under- served markets  Future newbuilds accretive to earnings - will not cannibalize existing fleet

Source: World Bank, Pew Research Center, CLIA, NCLH Marketing. (1) Includes population ages 25-74 with an income greater than $40,000. 28 5 FUTURE GLOBAL DEPLOYMENT OPPORTUNITIES

• Ft. Lauderdale • Mobile Industry Benefit

Unserved • Baltimore • Charleston • Unpack once with multiple destination offerings is unmatched in the leisure • Texas • Jacksonville space • Moveable assets allow for deployment to high demand destinations as • Alaska • Los Angeles circumstances change Underserved • Australia • Tampa How NCLH Wins • Cuba • Boston  U.S. and international homeports that are unserved, underserved and off- limits provide substantial opportunity • Turkey for expansion and growth and Currently deployment of future newbuilds • Black Sea Off-Limits  Heavy weighting to premium priced • South Korea (China Sourced) destinations drives higher pricing

29 6 CRUISE IS A COMPELLING VALUE PROPOSITION

7-Day Caribbean Vacation – Family of Two Industry Benefit

Norwegian Escape Caribbean Balcony with Free All-Inclusive • Cruise offers significant value at all (1) at Sea Promotion Resort income levels and price points which Accommodations (2) $2,198 $4,422 will drive future demand • Ease of vacation experience Flight (3) $500 $1,000

Taxes $327 Included How NCLH Wins

Service Charges & Gratuities $445 Included  Brands compete in the marketplace on high value vs. low price Total Cost $3,470 $5,422  Guest-centric bundling strategy allows guest to chose the vacation elements they value most Cruising provides consumers significant value  Attracts better guest who comes on vs. land-based alternatives board with a fresh wallet

Source: Company websites, Company estimates. 1. Caribbean Deluxe Family Room with King Bed. 2. Assumes Beverage & Dining Packages are part of Free at Sea package. 3. Assumes domestic flight for cruise and international flight for land-based vacation. 30 7 POPULARITY OF CRUISING EXCEEDS OTHER VACATION OPTIONS

Favorite Vacation Type Industry Benefit

• Strong popularity for cruising across OceanOcean Cruise Cruise demographic cohorts – cruising is Land-Based Non-Resort cool for all ages • High guest satisfaction leads to Resort Millennial / Gen-Y referrals and repeat travel All-Inclusive Resort Gen-X • Strong travel agent advocacy Baby Boomer Other TraditionalistSilent Generation How NCLH Wins River Cruise  Young, modern, relevant fleet House Rental with broad appeal  Guest satisfaction at all-time highs 0% 20% 40%  High repeat guest rate 90% of cruisers probably or definitely  Travel agents earn more money selling will cruise again our inclusive and semi-inclusive brands

Source: 2017 JD Power & CLIA Consumer Study. Includes North American Cruiser and non-Cruiser survey participants. 31 8 INNOVATIVE NEW HARDWARE

Industry Benefit

• Innovative newbuilds drive interest in cruising • Newbuilds keep industry at forefront of leisure space • Attracts both past and new cruisers … How NCLH Wins

 The new, incredible Norwegian Bliss, best- booked at highest prices of any Norwegian newbuild  New hardware featuring innovations that appeal to a broad range of cruisers and drives interest from non-cruisers  Ground-breaking, money-making onboard experiences

32 AGENDA

Top 10 highlights since 2015 investor day

Competitive advantages

Sea of opportunity

Full speed ahead – our plan to win

33 OUR THREE POINT PLAN TO WIN

Continue Driving Demand

Execute on disciplined growth profile

Meaningful ROIC expansion and shareholder capital returns

34 CONTINUE DRIVING DEMAND

Strengthen Global Right Ship, Right Footprint Revenue Deployment Management is • Focus global sales Deliver Premium Efficient Targeted Key • Strong mix of and marketing to Products with Marketing premium-priced capture best guest Broad Appeal • Sophisticated, big • Market-to-fill data driven revenue itineraries • Diversify into new management • Fleet enhancement Digital marketing • Unserved U.S. and high potential • platform programs evolution international source markets • Value proposition • Strict adherence to homeports • China opportunity • Scale drives booking curve • Continued efficiency • Focus on total Innovation • Value proposition revenue • ROI focused • Repeat guest through bundling • Optimize seasonality retention • Capture best guest strategy • Technology

35 CONTINUE DRIVING DEMAND

KEY DRIVERS OF YIELD ITINERARIES PREMIUM CABIN MIX BOOKING CURVE

2018 Premium Priced vs. Other % berths balcony and suites Booking window (days) Itineraries 62% 56% Premium Priced 48% Itineraries 12% CAGR 63%

Other Itineraries 37%

RCL CCL Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018

36 EXECUTE ON DISCIPLINED GROWTH PROFILE

Norwegian Regent Norwegian Encore Seven Seas Splendor Leonardo Class

• One ship on order for • One ship on order for • Four ships on order for 2022, delivery in November 2019 delivery in February 2020 2023, 2024 and 2025 • ~4,000 berths • ~750 berths • Option for two additional ships for delivery in 2026, 2027 • ~3,300 berths Six ships on firm order with committed financing through 2025 with options for two additional

37 COMMITTED TO MEANINGFUL ADJUSTED ROIC EXPANSION

~12%

10%

Strong 8% Cost financial Strong discipline results Drive growth demand to profile with maximize efficient pricing financing

2013 2017 2020E

Strong opportunity to expand Adjusted ROIC over next three years

Note: Adjusted ROIC is a non-GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 38 NET LEVERAGE APPROACHING TARGET LEVELS

5.1x 4.3x Target 3.7x Leverage Low 3x ~2.5x to 2.75x

2015 2016 2017 2018E 2020E

Targeting investment grade metrics while maintaining financial flexibility

Note: Net Leverage is a non-GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 39 TIMING IS RIGHT – INFLECTION POINT FAST APPROACHING FOR CAPITAL RETURNS

Drives Potential Shareholder Returns ~$1.0-1.5B EXPECTED CASH AVAILABLE Initiate dividend FOR POTENTIAL SHAREHOLDER RETURNS (CUMULATIVE 2018 – 2020E)(1) Utilize $1B share repurchase program

1. Expectations as of May 2018. Any determination to pay dividends or repurchase shares in the future will be entirely at the discretion of the Company’s Board or management, respectively, and will depend upon our results of operations, cash requirements, financial condition, business operations, contractual restrictions, restrictions imposed by applicable law and other factors that the Company’s Board or management deems relevant.

40 I N S U M M A R Y NCLH IS UNIQUELY POSITIONED FOR CONTINUED GROWTH AND MEANINGFUL SHAREHOLDER RETURNS

Well-positioned to capture growing Favorable Seascape global leisure travel spend

High powered, guest-centric demand Strategy to Drive engines at all three brands to drive Demand higher pricing

Strong Growth Robust yet disciplined newbuild pipeline Profile with high ROI and efficient financing

Reaching Inflection Point for Potential Catalysts on the horizon Shareholder Returns

41 HARRY SOMMER EXECUTIVE VICE PRESIDENT INTERNATIONAL BUSINESS DEVELOPMENT NORWEGIAN CRUISE LINE HOLDINGS LTD.

42 AGENDA

Key milestones since 2015

Strategies to continue driving high quality demand

China update

43 EVOLUTION OF INTERNATIONAL STRATEGY

2014 Today

World-wide capacity growth Focus on market Focus on Evolved to focus and post-merger presence to drive expansion of on quality of scale warranted demand & global footprint international dedicated capture best and market share guests international guest strategy

44 GREW INTERNATIONAL PRESENCE FROM 3 OFFICES IN JANUARY 2015…

EMEA London/Southampton, Wiesbaden

HQ + Latin America Miami

45 … TO 11 OFFICES WITH OVER 500 GLOBAL TEAM MEMBERS AND A WORLD-CLASS MANAGEMENT TEAM

EMEA Southampton, Wiesbaden Japan Tokyo HQ + Latin America Miami

China India Hong Kong, Mumbai Shanghai & Beijing

Singapore Brazil Sao Paulo

Australia Sydney

46 STRONG GROWTH ACROSS KEY INTERNATIONAL MARKETS

Gross Ticket Revenue Growth: 2015 – 2017

+81% +76% +77% +78%

+54% +48% +36% +38% +40% +20% +20% +24%

Gross yield from international guests expected to increase ~28% from 2016 to 2018

Gross ticket revenue growth is presented by source market. Gross yield growth for 2018 is based on management’s current estimates. 47 AGENDA

Key milestones since 2015

Strategies to continue driving high quality demand

China update

48 STRATEGIES TO CONTINUE DRIVING HIGH QUALITY DEMAND

1 2 3 4

Enhance Execute with Expand Diversify Revenue World-Class Geographic Sourcing & Management Management Reach Distribution Strategy Team

49 1. EXPAND GEOGRAPHIC REACH STRATEGIC DEPLOYMENT TO ATTRACT INTERNATIONAL GUESTS

• Expansion into Chinese cruise market • Initiatives in place to further maximize potential China

• Dedicated first Norwegian brand ship to region in 2016 • Expanded to full winter season in 2017 & 2018

APAC ex-China • Further expanding season in 2020

• Upgrading existing fleet in Europe with newer tonnage • Dedicated ship to Southampton in summer 2019 • Potential for additional capacity in Europe in 2020 and beyond Europe

50 1. EXPAND GEOGRAPHIC REACH SYNCHRONIZING MARKETING EFFORTS WITH BOOKING PATTERNS

Largest Markets have Demand for Different Destinations NCL Deployment Mix U.K. Guests* Australia Guests*

65% 35% 41% 27%

20% 15% 17% 7% 5%

Caribbean Europe Alaska Europe Caribbean RepositioningRepo Hawaii Europe Australia

*NCL brand 2017 sailed cabins. 51 1. EXPAND GEOGRAPHIC REACH INTERNATIONAL DEMAND BY DESTINATION

Caribbean Europe International International 7% 50%

North America North America 93% 50%

Alaska Australia International International 10% 58%

North America North America 90% 42%

NCL brand 2017 sailed cabins. 52 1. EXPAND GEOGRAPHIC REACH CUSTOMIZING PRODUCT OFFERING FOR INTERNATIONAL AUDIENCE

• While product is still North American focused we have implemented initiatives to broaden international appeal • Included international elements on all ships across all brands – Language translations and foreign language crew – Expanded and diversified food offerings – Developed onboard passenger information material in major languages • Added language-specific marketing, sales and support staff • Added language-specific and culturally relevant shore excursions • Entertainment increasingly developed to suit all audiences

53 2. ENHANCE REVENUE MANAGEMENT STRATEGY LAUNCH OF VALUE-ADD BUNDLING IN EUROPE: PREMIUM ALL INCLUSIVE

• Premium All Inclusive launched across all key markets in Europe over two year period • Allows us to compete on product and value (the “deal”) instead of price • Vastly increases ticket and onboard revenue

Instrumental in reaching pricing parity with U.S. sourced guests

54 2. ENHANCE REVENUE MANAGEMENT STRATEGY LAUNCH OF VALUE-ADD BUNDLING IN CHINA: JOY AT SEA

• Launched Joy at Sea in China in March 2018 • Differentiator in Chinese market • Provides better control over revenue management while offering the guest greater value and less emphasis on price • Targeting the right guest provides potential for higher onboard revenue

Potential for higher pricing in China

55 3 . D I V E R S I F Y SOURCING & DISTRIBUTION SHIFT IN DISTRIBUTION GIVES US MORE CONTROL

General Sales Agent Model Enhanced Model

Description Description • Single large travel agency in • Robust distribution network in nearly all each market provided marketing, major markets sales and call center support Results Results • Enables us to: • Low initial investment but high-cost, – Invest commission savings into non-focused and low-growth consumer marketing efforts to get ‘better’ guest – Grow markets much faster

Built robust distribution network focusing on major travel partners in key markets

56 3. DIVERSIFY SOURCING & DISTRIBUTION FOCUS ON CONSUMER MARKETING

Focus Results 2015-2017 • Raise overall demand for product – Engaging with consumers and capturing Marketing Spend +46% a higher share of business Database Size +76% • Implementation of proven U.S. best practices including: Direct Sales ($) – Consumer marketing – Call centers +100% – Retention – Outbound sales – Consumer databases – Onboard sales Number of Emails Sent +235% – Website design – Digital marketing – Language support initiatives Direct Mail Sent +470% – Lead generation – Currency

Objective is to maximize potential of all sales channels

57 3. DIVERSIFY SOURCING & DISTRIBUTION FOCUSED ON “BEST” GUEST IN ALL SOURCE MARKETS

Initiatives Results • Evolved international-sourced business from a “dumping ground” for last minute inventory to a profitable and significant contributor 2017 percent of guests sourced – Pricing from international sourced revenue grew 2x faster than non-international sourced revenue, resulting in pricing parity internationally • Now agnostic to geographic sourcing of a guest ~30% • Enables shift of resources based on inherent market demand and macro economic and geopolitical conditions • Focus on sourcing the highest return guest regardless of location

58 4. EXECUTE WITH WORLD - CLASS MANAGEMENT TEAM WORLD-CLASS MANGEMENT TEAM LASER-FOCUSED ON EXECUTION

• EVP position established in 2015 devoted solely to tri-branded international strategy • Expanded world-class executive team to drive international business – Six Managing Directors throughout the world – Four new in the past 24 months – VP of International Marketing – new position – VP of International Strategic Planning – new position

59 AGENDA

Key milestones since 2015

Strategies to continue driving high quality demand

China update

60 CHINA TRAVEL OVERVIEW

China Outbound China Outbound China Cruise Passenger Travel Population Spending Growth (in millions) ($ billions) (in millions)

+13% +26% +76% CAGR CAGR CAGR 135 $261 2.1

83 $102 0.2

2012 2016 2012 2016 2012 2016 Overall global cruise passengers grew ~4% annually over same period

Source: World Tourism Organization (UNWTO), Chinese National Tourism Administration. 61 PASSENGERS SAILED VS. CAPACITY – LARGE CHINA OPPORTUNITY

2016 Passengers Sailed (millions) 2017 Industry Capacity

12 35%

27% 26%

2 2 2 6% 6% 1

US China Germany UK Australia Caribbean Europe Other Australia/ China NZ

Source: CLIA 2018 State of the Industry. 62 CHINESE CRUISE MARKET - STRENGTHS AND CHALLENGES

Strengths Challenges & Opportunities

• Market enters 13th year and continues • Evolve distribution channel away from to stabilize charter model • Favorable demographics: • Grow individual bookings and incentive – Growing middle class groups – More people retiring • Longer, diversified itineraries • Large and growing outbound • Lifting of the South Korea travel restrictions travel market • Fly-cruise • Declining premium capacity in • Increase onboard revenue 2018 & 2019 • Evolve consumer from traveler to cruiser

63 OUR ENTRY INTO THE CHINESE CRUISE MARKET

• Entered Chinese cruise market with launch of brand new ~4,000 passenger Norwegian Joy in June 2017 • First ship custom-built for Chinese cruise guests – Onboard activities include first at sea offerings such as two-level race track and the Galaxy Pavilion – Among highest rated ships for guest satisfaction with company’s highest load factors • Profitable in first year of operation and expected to more than double in 2018 • Market challenges result in projected ~25% net yield differential between Norwegian Joy and similar Breakaway Plus Class ships in 2018 • Norwegian’s smaller and higher-yielding fleet results in greater opportunity cost for deployment in China • Strategy in place to bridge the net yield differential

64 OUR CHINA TACTICAL STRATEGY CONTINUES TO EVOLVE

Constant Product Implement Evolve & Expand Refinement Value-Add Offering Distribution and Marketing

World-Class Leadership Expand Fly-Cruise Leverage Alibaba to Execute Business Partnership

65 I N S U M M A R Y STRONG INTERNATIONAL GROWTH TO CONTINUE

Strengthened Allow for maximum flexibility and diversification Footprint

China Evolve strategy and product to drive higher returns Opportunity

Leveraging To drive revenue and efficiencies across Best Practices international markets

66 HOWARD SHERMAN EXECUTIVE VICE PRESIDENT OF ONBOARD REVENUE AND DESTINATION DEVELOPMENT NORWEGIAN CRUISE LINE HOLDINGS LTD.

67 AGENDA

Competitive advantages drive industry- leading onboard revenue

Strategies for growth and profitability

Destination development to enhance guest experience and drive returns

68 EXPANDING OUR INDUSTRY-LEADING POSITION IN ONBOARD YIELD WITH FURTHER GROWTH TO COME

Net Onboard Yield

$80 +9% CAGR +43% $60 +68%

+9% +29% $40

$20

$0 RCL CCL RCL CCL

2013 2017 Source: Company filings. Note: The above items represent non-GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 69 NORWEGIAN BRAND DRIVES MAJORITY OF ONBOARD REVENUE

2017 NCLH Gross Onboard 2017 NCLH Gross Revenue Mix Revenue by Brand

Regent 3% Oceania Onboard 8% ~30%

Ticket Norwegian ~70% 89%

2017 Onboard Revenue Gross Margin of 81%

Note: Gross Margin is a non-GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 70 BUILDING ON OUR STRONG COMPETITIVE ADVANTAGES

1 2 3 4 World-Class Value-Add NCL Freestyle Shared Services Casino Bundling Cruising Model Operations Proposition

71 COMPETITIVE ADVANTAGE #1 WORLD-CLASS CASINO OPERATIONS

• Casino is in our DNA with a rich history of innovation • Designed specifically to appeal to target audience • Invested in state-of-the-art gaming systems and technology • Committed to delivering the best casino product in the industry across all three brands

Award Winning Casino Program

• Porthole Magazine – Best Cruise Line Casinos • Casino Player – Best of Gaming

72 COMPETITIVE ADVANTAGE #2 NCL FREESTYLE CRUISING – UNIQUE BRAND PROPOSITION

• Entire Norwegian Cruise Line fleet of 16 ships purpose-built for Freestyle Cruising • Provides a resort-style vacation experience with a wide array of dining venues and other onboard offerings • Outsized number of revenue streams vs. traditional cruise model drives strong onboard revenue

73 COMPETITIVE ADVANTAGE #3 SHARED SERVICE MODEL DRIVES RESULTS

Best practices Scale Increased drive higher + to = margins & revenue lower costs profitability

AREAS OF FOCUS

74 COMPETITIVE ADVANTAGE #4 VALUE-ADD BUNDLING PROPOSITIONS

• Entire fleet purpose-built for • Semi-inclusive offering • Industry’s most inclusive Freestyle Cruising product • Free Wi-Fi, airfare and dining Product • Free dining, beverages, shore • Free at Sea bundles onboard • O-Life Choice promotion for excursions, Wi-Fi, gratuities, Offering experiences into the cruise fare select voyages offers choice of business class air, pre and post beverage package, shore hotel packages and transfers excursions or shipboard credit

• Casino • Shore excursions • Casino • Shore excursions • Casino • Retail shops • Bar • Retail shops • Premium shore excursions Onboard • Retail shops • Spa • Spa Revenue • Specialty restaurants • Bar Streams • Wi-Fi / communications • Spa • Photos

75 AGENDA

Competitive advantages drive industry- leading onboard revenue

Strategies for growth and profitability

Destination development to enhance guest experience and drive returns

76 ONBOARD REVENUE GROWTH DRIVERS

1 2 3 Expand Bundling to Industry- Itinerary Maximize Leading Optimization Onboard Casino Revenue Program

4 5 6

Initiatives To Capture More Enhance China Revenue Onboard Opportunity Pre-Cruise Experience

77 1. ITINERARY OPTIMIZATION ITINERARIES TO MAXIMIZE ONBOARD SPEND

• Diverse itineraries enable strong shore excursion revenue combined with unique experiences for casino players • Balanced approach: optimize time in port vs. time at sea – Sea days drive casino, bar, retail shops, spa, photo and art – Port days drive shore excursions

78 2 . BUNDLING TO MAXIMIZE ONBOARD REVENUE VALUE-ADD PROPOSITION – A HUGE SUCCESS

• Bundling proposition locks in higher ticket prices which include onboard products – Capture over 50% of onboard revenue pre-cruise • Designed to create more revenue and upsell opportunities • Guests who buy a package pre-cruise come on board with a fresh wallet

79 3 . E X P A N D INDUSTRY - LEADING CASINO PROGRAM INDUSTRY-LEADING CASINO OPERATIONS AND PARTNERSHIPS

World-Class Casino Strategic Partnerships Industry Best Player Operation & Cruise Programs Program

80 3 . E X P A N D INDUSTRY - LEADING CASINO PROGRAM PLAYER PROGRAM VALUE & GROWTH

Casino Guests Are Our Best Guests Strong Metrics

Revenue generated vs. ~50% non-player guest more

Cruise frequency vs. 2X non-player guest higher

Player Program guest data- base growth last three years +27%

81 4. CAPTURE MORE REVENUE PRE - CRUISE INITIATIVES TO DRIVE PRE-CRUISE REVENUE

• Expand services available for purchase pre-cruise • Increase pre-cruise marketing by capturing more email addresses pre-cruise • Roll out enhanced Cruise Norwegian app for pre-cruise and during cruise booking functionality • Leverage social media to drive pre-cruise purchases • Website redesign to optimize purchase flow

More than 50% of onboard revenue now booked pre-cruise

82 5. INITIATIVES TO ENHANCE ONBOARD EXPERIENCE EXPERIENTIAL INITIATIVES APPEAL TO ALL DEMOGRAPHICS

Expand Diversify shore Innovative Enhancements Bespoke casino excursion onboard to shopping partnerships experiences offerings bars & dining internationally

83 6. CHINA OPPORTUNITY APPLYING STRATEGIES TO ENHANCE PERFORMANCE IN CHINA

• Launched value-add bundling proposition in China, Joy at Sea • Exploring opportunities to offer Western-style shore excursions • Targeted pricing increases for select onboard offerings • Continue to improve retail offering and events. • Leverage social media

84 AGENDA

Competitive advantages drive industry- leading onboard revenue

Strategies for growth and profitability

Destination development to enhance guest experience and drive returns

85 HARVEST CAYE STRENGTHENS ITINERARY OFFERING

• Invested more than $125 million to develop the Caribbean’s premier resort-style, private destination in Southern Belize • Among the top three highest rated ports in terms of guest satisfaction • Provides anchor for Western Caribbean itineraries and an alternative to congested port in Belize City • Guests can remain on island for a destination beach experience or tender to mainland for exciting eco-tours • Offers travelers resort-style amenities including a sprawling pool and private luxury beach villas, a variety of eco-activities and an exhilarating cross-island zip line

86 ~$50 MILLION IN ENHANCEMENTS TO GREAT STIRRUP CAY

Exclusive Lagoon Beachfront View Spa Reception Area with Spectacular Views

Exclusive Silver Palm Restaurant for Lagoon Guests Couples Treatment Room at the Mandara Spa NORWEGIAN CRUISE LINE TERMINAL: MIAMI’S NEW PEARL

88 NEW TERMINAL DELIVERS PREMIUM GUEST EXPERIENCE

Terminal B ~167,000 square feet Terminal Capacity +5,000 passenger Parking ~1,000 spaces Valet parking with direct VIP terminal and lounge access Expected Completion Date Fall 2019 Iconic Lighting

Cross-Section

89 DEDICATED NORWEGIAN TERMINAL AT PORTMIAMI

90

Cross-Section CONTRIBUTING TO MIAMI’S WORLD FAMOUS SKYLINE

91 I N S U M M A R Y STRONG ONBOARD REVENUE A KEY DRIVER OF FUTURE GROWTH

Industry Industry leader in onboard revenue Leader

Driving Unique competitive advantages drive growth Profitability and profitability

Continued Strategy in place to continue maximizing growth Growth

Investing in destinations to enhance guest Destinations experience and drive returns

92

JASON MONTAGUE PRESIDENT AND CHIEF EXECUTIVE OFFICER REGENT SEVEN SEAS CRUISES

94 AGENDA

The growing luxury opportunity

How Regent maximizes the luxury experience

Driving demand – maximizing pricing

95 STRONG GROWTH IN WORLDWIDE LUXURY SPEND

2017 Growth in Worldwide Luxury Spend

Luxury Cruises 14% Luxury Cars 6% Fine Wines & Spirits 6% Fine Food 6% Personal Luxury Goods 5% Luxury Hospitality 4% Designer Furniture 4% Fine Art 1% Private Jets & Yachts (2)%

We benefit from the secular shift in spend from tangible to experiences

Source: Bain & Company. 2016 vs. 2017, January – September. 96 HOUSEHOLD WEALTH STILL RESIDES WITH BOOMERS

Generational Share of Net Household Wealth (%)

100% 9% Silent Generation 33% 16% 80% Millennials 4% 60% Gen-X 31% 14%

40%

50% Baby Boomers 45% 20%

0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Benefit as our offerings attract guests with time and money

Source: Deloitte Center for Financial Services. 97 REGENT DOMINATES THE LUXURY OCEAN SEASCAPE

Crystal Seabourn Silversea 2018 2,640 ~1,800 ~2,600 ~2,300 Berths

2020 3,390 ~1,800 ~2,600 ~2,900 Berths

By 2020 Regent will represent almost 32% of total luxury capacity

Source: Company filings, company websites. 98 AGENDA

The growing luxury opportunity

How Regent maximizes the luxury experience

Driving demand – maximizing pricing

99 MAXIMIZING THE LUXURY EXPERIENCE

P I L L A R # 1 P I L L A R # 2 P I L L A R # 3 P I L L A R # 4 P I L L A R # 5 Personalized The Most The Most Unmatched Destination & customized Inclusive Luxury Luxurious Fleet in personalized immersion dining Experience® the Industry service experiences

STRONG BRAND POSITIONING

100 PILLAR #1:

10 Frees Drive Industry’s Highest Pricing

101 PILLAR #2: THE MOST LUXURIOUS FLEET IN THE INDUSTRY

The Most $125 Million Luxurious Ship Refurbishment Program Ever Built EXPLORER VOYAGER MARINER NAVIGATOR Year Built / 2003/ 2001/ 1999/ 2016 Refurbished 2016 2018 2016

Berths 750 700 700 490

Balcony % 100% 100% 100% 90%

Space Ratio 73.7 60.5 68.7 58.8

Staff-to-Guest 1.38 1.57 1.57 1.42

102 PILLAR #3: UNMATCHED PERSONALIZED SERVICE

Anticipatory service before, during and after the cruise

103 PILLAR #4: DESTINATION IMMERSION

Over 2,000 FREE shore excursions across 450 destinations worldwide

104 PILLAR #5: PERSONALIZED & CUSTOMIZED DINING EXPERIENCES

Not just gourmet cuisine – fully customized gourmet cuisine

105 RESULT: UNMATCHED ONBOARD EXPERIENCE AND BRAND PILLARS HAVE RESULTED IN EXTENSIVE RECOGNITION AND ACCOLADES

“Best Cruise Line, Luxury” “Best Cruise to Sail the “Most Luxurious Guest “Best Cabins, Luxury” Mediterranean” Experience”

“Best Shore Excursions” “Best Cruise Ship, Luxury” “Best Service”

106 AGENDA

The growing luxury opportunity

How Regent maximizes the luxury experience

Driving demand – maximizing pricing

107 DRIVING DEMAND – MAXIMIZING PRICING

1 2 3

Compelling Revenue Focused Value Management Marketing Proposition Strategy Initiatives

4 5 6

Capture Right Maintain Fleet Execute on Customer Early to the Highest Growth Profile in Life Cycle Standards

108 1. COMPELLING VALUE PROPOSITION REGENT OFFERS SUPERIOR VALUE COMPARED TO PREMIUM CRUISE LINE AND LAND-BASED VACATION

Entry-level Comparable Suite Comparable Suite on on Premium Cruise Land Voyager(1) Line(2) Package(3)

Advertised cruise fare $7,699 $2,894 $6,265

10 included amenities FREE $4,472 $5,679

Total vacation cost per person $7,699 $7,966 $11,944

A Regent luxury cruise represents unmatched value

1. Regent’s 7-night Med sailing based on Voyager 8/4/18. Stats based on full fleet. 2. Premium Cruise Lines’ average comprised of Holland America, Celebrity Cruises and Princess Cruises. 3. Based on 7-night stay at Le Sirenuse Hotel (Positano, Italy). 109 2. REVENUE MANAGEMENT STRATEGY KEY DRIVER OF PRICING IS DEPLOYMENT

2018 Deployment Mix 2019 Deployment Mix

Premium Priced Itineraries(1) Premium Priced Itineraries(1)

69% 73%

31% 27%

Other Itineraries Other Itineraries

Pricing on premium itineraries is expected to be ~40% higher than other itineraries in 2018

1. Premium priced itineraries include Europe, Alaska, Asia, South America and Canada/New England. 110 2. REVENUE MANAGEMENT STRATEGY DRIVING OPTIMAL BOOKING CURVE

Booked Position Capacity Days • Transparent pricing strategy Entering Year (in 000s) 75% 1,200 – Start off with lowest fares Booked Position – Raise prices quarterly 1,000 • Market-to-fill versus discounting 50% 800 – Spend additional marketing and add value Capacity • Launch itineraries earlier 600 – Opened itineraries for sale a full calendar year out 25% 400

200

0% 0 2015 2016 2017 2018

Improved booked position while increasing capacity 40%

111 3. FOCUSED MARKETING INITIATIVES TARGETED MARKETING TO OPTIMIZE RETURNS

• Direct mail focused on demographic and psychographic traits – Partner with leading big data firm Epsilon for detailed and extensive data mining • Digital & social media focus on look-a-like customers – Inclusive land, luxury hotel, leisure business class air, etc. • Personalized & trigger email programs • Co-op with leading luxury travel agent partners • Regent Ambassador Program – reward referral of new guests

Website lead Social Website Visits generation increased Media Engagement +15% YOY in 2017 80% YOY in 2017 +20% YOY

112 4. CAPTURE RIGHT CUSTOMER EARLY IN LIFECYCLE LARGE BASE OF LOYAL REPEAT CUSTOMERS

Regent Repeat and New Guest Mix Overall Customer Cruise Satisfaction

97.9% 41% 42% New 96.7%

59% 58% Repeat

2016 2017 2016 2017

Continue to drive high repeat guests despite 40% increase in capacity

Source: Company Data 113 5. MAINTAIN FLEET TO THE HIGHEST STANDARDS $125 MILLION REVITALIZATION PROGRAM

Seven Seas Navigator Seven Seas Voyager Seven Seas Mariner

April 2016 November 2016 March / April 2018

Maintaining fleet to highest standard is a key component to driving higher pricing

114 5 . MAINTAIN FLEET TO THE HIGHEST STANDARDS SEVEN SEAS VOYAGER – COMPASS ROSE

115 5 . MAINTAIN FLEET TO THE HIGHEST STANDARDS SEVEN SEAS MARINER – PRIME 7

116 5 . MAINTAIN FLEET TO THE HIGHEST STANDARDS SEVEN SEAS NAVIGATOR – LIBRARY

117 6. EXECUTE ON GROWTH PROFILE SEVEN SEAS SPLENDOR JOINS FLEET IN 2020

How do we top Shipyard Fincantieri (Italy) “The Most Luxurious Ship Ever Built”? Delivery Timing February 2020 Berths 750 Balcony Offerings 100% Gross Tonnage 55,254 Space Ratio 73.67 Suite Size 307 – 4,443 sq. ft. Staff-to-Guest 1 : 1.38 Cost to Build 422 Million Euro

118 SEVEN SEAS SPLENDOR – ATRIUM

119 SEVEN SEAS SPLENDOR – RECEPTION AREA

120 SEVEN SEAS SPLENDOR – REGENT SUITE

World’s most expensive suite at sea

121 2018 IS EXPECTED TO BE AN ALL-TIME RECORD YEAR AT REGENT

• Record gross revenue Gross Revenue

10% • Record pricing CAGR

• Record booking day – launch of Seven Seas Splendor Inaugural Season

2015 2016 2017 2018E(1)

1. Expectations as of May 2018. 122 I N S U M M A R Y UNIQUELY POSITIONED IN LUXURY CRUISING

Dominant, award-winning luxury cruise operator Market Leader offering most inclusive luxury experience at industry’s highest pricing

Luxury Uniquely positioned to take advantage of Opportunity growing luxury market opportunity

Strong Loyalty Loyal past guest database key to demand growth

Executing on Flawlessly execute business plan to optimize Growth profitability from capacity growth

123 BOB BINDER PRESIDENT AND CHIEF EXECUTIVE OFFICER OCEANIA CRUISES

124 AGENDA

Brand overview and differentiators

Driving demand – maximizing pricing

Looking ahead

125 OUR FLEET - FOCUSED ON ORGANIC PRICING GROWTH

Four Two R-Class Vessels O-Class Vessels

Ships: Regatta Insignia Nautica Sirena Marina Riviera

Year Built: 1998 – 2000 2011 – 2012

Berths: 684 1,250

Balcony %: 68% 95%

Focus on growing organic pricing to drive record results

126 OCEANIA CRUISES – UNIQUELY POSITIONED

LUXURY EXPERIENCE PREMIUM EXPERIENCE

Norwegian Cruise Line Holdings Ltd. Carnival Corp & Plc Royal Caribbean Cruises Ltd.

127 KEY FACTORS INFLUENCING CRUISE SELECTION

1 2 3 4 5 Itineraries Cuisine Ship Size Accommodations Entertainment

128 128 A CLOSER LOOK FINEST CUISINE AT SEA

AWARD WINNING CULINARY PROGRAM

Best Dining Cruise Critic Best Specialty Dining Cruise Critic Best for Foodies Fodor’s Travel World Best Cuisine Travel Weekly

129 A CLOSER LOOK INDUSTRY-LEADING CULINARY INITIATIVES

Immersive Cooking culinary schools discovery at sea tours

Gourmet Chef’s market vegetarian, dinners and vegan, and wine bar gluten-free dining

130 A CLOSER LOOK CRUISE INDUSTRY WELLNESS LEADER

• Partnered with Canyon Ranch to deliver industry-leading wellness offerings – Pioneered the concept of wellness excursions ashore

– Debuted more than two dozen free Cairns, Australia wellness and fitness classes Qigong in Rainforest Village Santa Cruz de Tenerife, Canary Islands – First and only raw, vegan juice Sunset Yoga by the Sea bars at sea Rome (Civitavecchia), Italy Thermal Baths of the Popes – Canyon Ranch spa cuisine Palma de Mallorca, Spain Tai Chi on a Mallorcan Beach Saigon (Ho Chi Minh City), Vietnam Saigonese Organic Food Tasting

131 AGENDA

Brand overview and differentiators

Driving demand – maximizing pricing

Looking ahead

132 KEY DRIVERS OF DEMAND

1 2 3 Leverage Revenue loyal past Large market management guests & opportunity strategy sourcing initiatives

4 5

Targeted Optimize marketing distribution strategy and channels shift to digital

133 1. LARGE MARKET OPPORTUNITY SIZING UP THE MARKET – BABY BOOMERS

• The U.S. Baby Boomer population totals over 70 million people • 1.5 million more Americans will turn 70 every year for the next 15 years • Control 50% of net household wealth in the U.S. • American Baby Boomers will inherit approximately $15 trillion in the next 20 years

Baby Boomers have the time and money to cruise

Source: U.S. Census Bureau, Pew Research. 134 2. REVENUE MANAGEMENT STRATEGY KEY DRIVER OF PRICING IS DEPLOYMENT

Broad Offering 2018 Premium Priced Itineraries

• Wide array of sailings from seven Premium Priced Itineraries (1) days to a 180 day around the world cruise 82% 78% • Itineraries launched two times per year, typically 16-18 months in advance 18% • Visit more than 450 destinations 22% Other Itineraries around the world

1. Premium Priced Itineraries include Europe, Alaska, Asia, South America, Bermuda, Canada/ New England, Panama Canal, Mexican Riviera, Cuba and World Cruise. 135 2. REVENUE MANAGEMENT STRATEGY GO-TO-MARKET STRATEGY

• 2-for-1 and free air

• Value-add bundling proposition

• Market-to-fill

• Disciplined quarterly price increases

• Elongated booking curve results in greater control over pricing

136 3. LEVERAGE LOYAL PAST GUESTS & SOURCING INITIATIVES LOYAL REPEAT CUSTOMERS

98% guest Oceania Club Onboard sales satisfaction rating loyalty program via Oceania Club Ambassador

~50% of passengers are loyal repeat guests

137 3. LEVERAGE LOYAL PAST GUESTS & SOURCING INITIATIVES CREATING NEW LOYAL GUESTS – THE “TRADE UP”, “PULL DOWN” OPPORTUNITY

Luxury Experience Pull Down

Trade Up Premium Experience

5.5% of premium fleet guests would fill 100% of our fleet

138 3. LEVERAGE LOYAL PAST GUESTS & SOURCING INITIATIVES DEVELOPING LOYAL CUSTOMERS FROM AFFINITY GROUPS

• Opportunity for pricing maximization – Book further out – Higher onboard spend

• Industry leader in alumni travel with an exclusive partnership with Go Next and leading universities

• Affinity groups such as winery groups bring new to brand guests

139 4 . O P T I M I Z E DISTRIBUTION CHANNELS FOCUS ON MOST PROFITABLE DISTRIBUTION CHANNELS

• Leverage travel agent partners • Maximize Oceania Club Ambassador program • Expand consumer marketing • Grow online bookings • Increase penetration of high yielding international guests

140 5. TARGETED MARKETING STRATEGY AND SHIFT TO DIGITAL TARGETED AND PERSONALIZED MARKETING STRATEGY TO REDUCE ACQUISITION COSTS

• While direct mail is still primary Declining Acquisition Costs (1) marketing vehicle we are focused on: – Mailing fewer pieces that are more personalized, relevant and impactful 10.5% 9.4% – Targeted direct mail pieces based on prior 8.7% cruise history, indicated preferences and web footprint trail – Launched new, specialized, editorial-style pieces that showcase the immersive nature of an Oceania Cruises experience • Results in reduced acquisition costs and higher margin per booking 2016 2017 2018E

1. Advertising and promotion expense as a percentage of gross revenue per passenger day. 141 5. TARGETED MARKETING STRATEGY AND SHIFT TO DIGITAL INCREASE FOCUS ON DIGITAL MARKETING

• Target demographic is becoming more digital savvy • Initiated personalized trigger email programs • Email communications and offers are customized to your interests, requests or web browsing • Email marketing database of over 550,000 contacts receives weekly emails

142 AGENDA

Brand overview and differentiators

Driving demand – maximizing pricing

Looking ahead

143 FLEET ENHANCEMENT PROGRAM TO DRIVE ORGANIC PRICING

• ~$100 million fleet enhancement program to re-inspire four R-Class vessels • Extensive renovation of all public spaces and guest accommodations • Cost effective way to drive revenue and higher returns

Better than new – at a fraction of the price

144 FLEET ENHANCEMENT PROGRAM EXTENDS ABILITY TO GENERATE MAXIMUM PRICING

Re-Inspire Ship Enhancement One Ship Example ($ millions)

Total Dry-Dock Expense $25

Routine Dry-Dock Expense ($10)

Re-Inspire Enhancement ~$15

Expected Incremental Annual Net Revenue ~$3

Expected Return(1) ~20%

1. Expected incremental annual net revenue divided by Re-Inspire Enhancement. 145 2018 IS EXPECTED TO BE AN ALL-TIME RECORD YEAR AT OCEANIA CRUISES

Gross Revenue • Record gross revenue 7% CAGR • Record pricing

• Record gross yield

2015 2016 2017 2018E (1)

1. Expectations as of May 2018. 146 I N S U M M A R Y UNIQUE MARKET POSITION DRIVING ORGANIC GROWTH

Differentiated Differentiated and established brand with industry- Brand leading culinary offering

Leveraging favorable demographics with Market unique opportunity to capture ‘trade up’ and Opportunity ‘pull down’ guests

Organic pricing power driven by strong brand Organic positioning, no capacity growth, fleet enhancement Pricing Power program and loyal customer base

All-Time 2018 is expected to be an all-time record year Record Year

147 ANDY STUART PRESIDENT AND CHIEF EXECUTIVE OFFICER NORWEGIAN CRUISE LINE

148 AGENDA

Brand overview & differentiators

Driving demand – maximizing pricing

Executing on growth profile

149 B R A N D DIFFERENTIATORS BROAD APPEAL TO CAPITALIZE ON GROWING GLOBAL LEISURE TRAVEL

• Young, modern and relevant fleet • Innovative ships purpose-built to deliver unique experiences fleet-wide • Freedom and flexibility • Resort-style vacations at sea • Worldwide deployments • Great value

150 B R A N D DIFFERENTIATORS MORE INCLUSIVE OFFERING THROUGH VALUE-ADD BUNDLING

• Gives consumers free options to enhance their vacation and strengthen brand proposition • Bundling drives travel agent ALL preference through higher commissions from higher pricing WIN • Norwegian purpose-built ships uniquely positioned for consistent inclusive choices fleet-wide

151 B R A N D DIFFERENTIATORS UNIQUE PRICING ENHANCERS

Industry’s Only Inter-Island Hawaii Itinerary The Haven by Norwegian TM Sixthman Music Festivals at Sea

Upgrade Advantage Robust Casino Program Premium Cabin Mix Strong Cuba Presence

152 AGENDA

Brand overview & differentiators

Driving demand – maximizing pricing

Executing on growth profile

153 DRIVING DEMAND – GO-TO-MARKET STRATEGY

1 2 3 4

Revenue Strong Brand Winning Leveraging Management with Broad Marketing & Technology Strategy Appeal Distribution

154 1. REVENUE MANAGEMENT STRATEGY SOPHISTICATED REVENUE MANAGEMENT PLATFORM

Key Features

Proprietary revenue management systems

Data driven pricing and inventory decisions

Leverage big data with cloud-based Powers optimal platforms product development, deployment, booking Real-time analysis and optimization of curves and pricing booking trends

Dynamic itinerary-specific booking curves

Investment in experienced quantitative team

155 1. REVENUE MANAGEMENT STRATEGY DEPLOYMENT OPTIMIZATION

• #1 driver of pricing is deployment • Expansion into premium destinations • Prioritization of higher-yielding markets due to fleet size • Itinerary-specific port optimization • Capitalize on peak demand driven by regional vacation patterns • Constant rigor of reviewing and improving lowest performing products • Leveraging owned destinations

2014 2018

45% 55% Premium Premium Priced Priced Itineraries Itineraries

156 1. REVENUE MANAGEMENT STRATEGY ACHIEVING THE OPTIMAL BOOKING CURVE

• Revenue management platform Booked Position Pricing Indexed Entering Year to 2014 core to development of optimal 70% 1.12 booking curve Pricing 60% 1.10 • After deployment and cabin mix, Booked staying on the booking curve is the 50% Position 1.08 next most important tool for driving pricing 40% 1.06

• Optimize each sailings’ unique 30% 1.04 booking curve and stay on it – Open inventory for sale earlier 20% 1.02 – Right consumer value throughout the booking curve 10% 1.00 – Marketing investment to drive demand 2015 2016 2017 2018

157 1. REVENUE MANAGEMENT STRATEGY STRONG VALUE PROPOSITION

• Value is now our primary promotional lever, not price

• FREE at Sea offers value by providing up to nine free choices tailored by product

• Value lever provides flexibility to drive demand based on consumer VALUE ADD OFFERINGS preference • FREE AT SEA • FREE AT SEA DISTINCTIVE VOYAGES • Reinforces Norwegian’s unique brand • FREE AT SEA ALL-INCLUSIVE proposition of freedom and flexibility • FREE AT SEA HAWAII • FREE AT SEA THE HAVEN • SAILAWAY

158 2 . S T R O N G BRAND WITH BROAD APPEAL NORWEGIAN EXPERIENCE ATTRACTS GUESTS ACROSS GENERATIONS

NCL Guests from Two Largest Living Generations have Grown 30% Since 2013

23% 26% 38% 13% Millennials Gen-X Baby Boomers Other

Multi-Gen Skip-Gen

159 2 . S T R O N G BRAND WITH BROAD APPEAL BRAND PROPOSITION WINS IN ALL SEGMENTS

Repeat Loyal Guests New to Brand New to Cruise

• At record highs • Unique onboard experience and value • Compelling Latitudes • New ships drive trial Rewards program • Diversified and premium • Resort-style offering that • Successful CruiseNext deployment non-cruisers desire and program understand

Outstanding CruiseNext New to cruise guests New to Norwegian certificates would fill love the experience is fastest growing Norwegian Bliss – have highest satisfaction guest segment for over two years and intent to repeat

160 2 . S T R O N G BRAND WITH BROAD APPEAL ENSURE RELEVANCE TO CURRENT AND FUTURE GUESTS

• Investment of over $400 million in Norwegian Edge fleet-wide enhancement program since 2015 • Consistent guest experience at high Norwegian standards Norwegian Jade Before • Contributes to improved guest satisfaction and record repeat rate • Drives long-term organic pricing growth

Norwegian Jade After

161 3. WINNING MARKETING & DISTRIBUTION MARKETING DRIVES DEMAND

• Feel Free marketing campaign drives outsized interest and generates excitement around brand • Data driven marketing optimized to booking curves • Match right customer to right product at right time

Leading the cruise Fastest growing Website visits industry category social community and sales calls in online brand in cruise up 20% in 2017 search growth up 22% in 2017

Source: Google Organic Search volume, Cruise Category, Carnival, Celebrity, Disney, Holland, Norwegian, Princess, Royal Brand Indexes 2017 vs. 2016. 162 3. WINNING MARKETING & DISTRIBUTION CASE STUDY: NORWEGIAN BLISS GODFATHER

• Elvis Duran named Godfather • Radio show reaches 4.7 million listeners each week in 60 markets • Younger audience that may not have considered cruising

• Garnered 91 million media impressions on Announcement Day Impact announcement day Change vs. Gross Impressions Demand average: Bookings • Halo effect from announcement drove uplift in bookings for entire Norwegian fleet Bliss +2,118% +534% +75% • Ongoing radio mentions drive bookings Fleet +79% +31% +27%

163 3. WINNING MARKETING & DISTRIBUTION MAXIMIZING DISTRIBUTION Travel Agents International Charter • Maximize demand into the funnel by optimizing every channel to drive pricing – Diversification of sales channels NCL.com Casino – Geographic expansion • Norwegian is everywhere the consumer is shopping and buying their vacations • Travel agents continue to be largest and most important distribution channel • Optimize distribution and sales strategies based on product, customer and seasonality to stay on the booking curve • Capacity growth adds sales momentum $$$ and brand recognition across all channels

164 4. LEVERAGING TECHNOLOGY ENHANCING THE GUEST EXPERIENCE

EXPERIENCE • Technology is an important enabler of meaningful improvements in the guest DESIGN Bring to life experience on board

• Invest strategically across DREAM Customize cruise the cruise lifecycle experience

Shop, plan, buy

165 4. LEVERAGING TECHNOLOGY TOOLS BRINGING TECHNOLOGY TO THE EXPERIENCE

EXPERIENCE • NCL.com – Mobile Bring to life – Global on board DESIGN • Enhanced Cruise Norwegian app first to integrate Customize cruise experience Cruise Norwegian pre-cruise and on board DREAM experience in-app Shop, plan, buy Cruise Norwegian

NCL.com Cruise Norwegian

166 4. LEVERAGING TECHNOLOGY EVOLUTION CONTINUES

EXPERIENCE • Next step in our evolution of leveraging technology to enhance Bring to life on board the guest experience DESIGN

• Announced agreement with Customize cruise Cruise Norwegian DeCurtis Corporation, the leading experience Cruise Freedom provider of proximity and location DREAM based technology Shop, plan, buy Cruise Norwegian • Timing results in second mover advantage NCL.com • Preliminary aspects to be Cruise Norwegian implemented on Norwegian Bliss later in her Alaska season • Implementation on future ships and back to existing fleet

167 AGENDA

Brand overview & differentiators

Driving demand – maximizing pricing

Executing on growth profile

168 WELCOME ABOARD THE INCREDIBLE NORWEGIAN BLISS

Pool Deck & Aqua Park

Observation Lounge Horizon Lounge

The Jersey Boys Starbucks Coffee Race Track BLISS DELIVERS RECORD BOOKINGS AND PRICING BEFORE INTRODUCTION

Norwegian Bliss

Pricing

Next-best performing new ship Cabins Sold

(82) (78) (74) (70) (66) (62) (58) (54) (50) (46) (42) (38) (34) (30) (26) (22) (18) (14) (10) (6) (2) Weeks to First Sail Date

Best performing ship introduction in Norwegian’s history

170 NORWEGIAN BLISS MEDIA HIGHLIGHTS

Norwegian Bliss delivery drove 30M social media topic impressions!

Norwegian Bliss delivery resulted in over 360M media impressions!

171 NORWEGIAN ENCORE ARRIVES NOVEMBER 2019

Slightly larger than Breakaway Class

Capacity: ~4,200

Gross Tons: ~170,000

Yet-to-be-announced experiences Sailing from Norwegian’s new PortMiami terminal

172 PROJECT LEONARDO – NEW CLASS OF SHIP

More open spaces to bring Deliveries in 2022, 2023, 2024, 2025 Capacity: ~3,300 guests closer to the sea with options for 2026, 2027

Smaller footprint allows for deployment flexibility, including Gross Tons: ~140,000 unserved and underserved markets

• Excitement for new class of ship drives demand from • Allows for new innovations repeaters and trial from new to brand and cruise and experiences

173 STRONG GROWTH TRAJECTORY

Historical and Upcoming Capacity Growth • Norwegian’s scale allows us to be the fastest growing major 4.7% North American cruise brand CAGR while maintaining a disciplined growth trajectory 7.0% • Disciplined capacity growth CAGR allows for demand engine to fill and command pricing on upcoming supply

Capacity Days

174 2018 IS EXPECTED TO BE AN ALL-TIME RECORD YEAR AT NORWEGIAN

• Record gross revenue Gross Revenue

12% • Record pricing CAGR

• Record booked position

2015 2016 2017 2018E (1)

1. Expectations as of May 2018. 175 I N S U M M A R Y POSITIONED STRONGLY FOR TODAY AND TOMORROW

Strong differentiated brand with broad appeal Strong Brand positioned to capture global cruise demand

Driving Pricing Delivering value and driving pricing

Disciplined Attractive, disciplined growth profile Growth

Demand Powerful demand engine to fuel growth and Engine absorb capacity profitably

176

MARK A. KEMPA INTERIM CHIEF FINANCIAL OFFICER & SVP FINANCE NORWEGIAN CRUISE LINE HOLDINGS LTD.

178 AGENDA

Financial framework

Further strengthening the balance sheet

Meaningful cash generation drives shareholder returns

179 FINANCIAL FRAMEWORK DRIVES STRONG EARNINGS GROWTH

Moderate Cost Newbuild Organic Yield Discipline Contribution Growth

Strong earnings growth EBITDA margin expansion ROIC expansion Meaningful cash generation

180 SOLID TRACK RECORD OF REVENUE GROWTH

NCLH Gross Revenue 2017 Gross Revenue By Brand ($ billions)

Regent 13% ~$6.0 $5.4 $4.9 Oceania $4.3 15%

Norwegian $3.1 72% $2.6 $2.3

2012 2013 2014 2015 2016 2017 2018E(1)

Pre-acquisition of Prestige

1. Expectations as of May 2018. 181 INDUSTRY LEADING NET YIELD

Adjusted Net Yield Industry Leading 2017 Net Yield As Reported

$241 $241 ~$248 $227 $230 $187 $192 $174 $176 $184

(1) 2012 2013 2014 2015 2016 2017 2018E RCL CCL Pre-acquisition of Prestige

1. Based on the midpoint of 2018 guidance as of May 2018. Source: Company filings. Note: Certain of the above items represent non‐GAAP financial measures. See the 182 Appendix for a reconciliation to the most directly comparable GAAP financial measure. CONTINUED COST DISCIPLINE

Adjusted Net Cruise Cost Excluding Fuel (per capacity day on an as reported basis) Cost Containment Strategy

• Shared service model with the power of all three brands • Leverage supply chain cost savings initiatives • Scale benefit from Norwegian brand newbuilds $125 ~$126 $119 $121 – Approximately 50-75 bps after first full year of operations • Laser-focused on every controllable cost

$96 $93 $90

2012 2013 2014 2015 2016 2017 2018E(1)

Pre-acquisition of Prestige

1. Based on the midpoint of 2018 guidance as of May 2018. Note: Certain of the above items represent non‐GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 183 EFFICIENT COST STRUCTURE RELATIVE TO SIZE (2017 percent of revenue on an as reported basis)

RCL CCL

Net Cruise Cost 48.6% 48.1% 55.2%

Net Cruise Cost Excl. Fuel 41.9% 40.4% 48.0%

Fuel 6.7% 7.8% 7.1%

Best Second Best

Even though we are the smallest of the three public cruise operators our efficient cost structure demonstrates our commitment to controlling costs

Source: Company filings. Note: Certain of the above items represent non‐GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 184 FUEL & ENERGY CONSERVATION INITIATIVES

Initiatives Fuel Consumption per Capacity

• Strong focus on fuel efficiency with MT Consumption per operational initiatives and new technology Capacity Day to optimize consumption across the fleet • Projects include: – Itinerary optimization – Friction reducing hull coating (9%) (2%) – Waste heat recovery systems 2% – HVAC usage optimization – Ship’s trim optimization (1) – Use of variable speed drives 2009 2012 2015 2018E – Engine load optimization • Increase in 2015 as a result of acquisition

Target 1% reduction in fuel consumption per capacity day fleet-wide each year

1. Expectations as of May 2018. 185 STRATEGIES TO MANAGE THE CHANGING FUEL LANDSCAPE

Hedging Strategy 2020 IMO Regulations • Target ~50% of fuel consumption • Stricter global sulfur emissions limit of 0.5% goes into effect in 2020 to be hedged prior to entering • ~65% of operational capacity is expected to have exhaust gas a calendar year cleaning systems by 2020 • Ships without this technology will utilize marine gas oil Current Hedge Position

64% (1) Expected Shift in Consumption Mix

48% ~30% Marine Gas Oil $200M+ ~60% (MGO) Committed to 26% program ~70% Heavy Fuel Oil ~40% (HFO) Remainder 2019 2020 of 2018 2018E 2020E

1. Expectations as of May 2018. 186 MEANINGFUL CONTRIBUTION FROM DISCIPLINED NEWBUILD PROGRAM

Q1 Q2 Q3 Q4 2018 Joy Joy Bliss Bliss

2019 Bliss Bliss Organic Organic

Encore Encore Encore Encore 2020 Splendor Splendor Splendor Splendor

2021 Organic Organic Organic Organic

2022 – 2025

Newbuilds have an expected Net Income accretion of ~$100M with an expected payback of ~5 years cash on cash

187 STRONG FINANCIAL FRAMEWORK LEADS TO MEANINGFUL EARNINGS GROWTH

Consistent Adjusted EBITDA Growth Adjusted EPS & Margin Expansion ~$4.63 Adjusted EBITDA Trailing Twelve Months $1.7B Adjusted EBITDA Margin Trailing Twelve Months $3.96 ~17%

31.1% $3.41 +16% $936M $2.88 27.5% +18%

2015 2016 2017 2018E(1) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 2018 Three Year Adjusted EPS CAGR of ~17% with Adjusted EBITDA Margin Expansion to 31%+

1. Based on the midpoint of 2018 guidance as of May 2018. Note: Certain of the above items represent non‐GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 188188 AGENDA

Financial framework

Further strengthening the balance sheet

Meaningful cash generation drives shareholder returns

189 IMPROVING DEBT PROFILE

Credit Ratings Summary Net Debt-to-Capital (1)

63% Standard & Poor’s . Corporate Rating: BB 62%

Outlook Upgraded 58% (August 2017) . Outlook: Positive

52% ~50%

Moody’s . Corporate Rating: Ba2 Ratings Upgraded ~45% (September 2017) . Outlook: Stable

2014 2015 2016 2017 2018E 2020E

1. Expectations as of May 2018. Note: Net Debt-to-Capital represents a non‐GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 190 DISCIPLINED NEWBUILD PROGRAM WITH EFFICIENT FINANCING

Norwegian Regent Norwegian Leonardo Bliss & Encore Seven Seas Splendor Class: 4 Ships on Order

Ships 1 & 2: ~2.7% USD 3.92% 3.01% Ships 3 & 4: ~1.25% EUR

Low fixed rate financing with 12 year terms

191 INCREASING FIXED RATE DEBT PROFILE

Total Debt ($ billions)

$6

$4 ~71% ~70% 56% 55% 54% $2 53%

$0 2014 2015 2016 2017 2018E(1) 2020E(1) Fixed Rate Debt Variable Rate Debt

Fixed rate debt locked in at an average rate of 3.7% through 2020

1. Expectations as of May 2018. 192 EXPECT RAPID DELEVERAGING TO TARGET LEVELS

6.8x

5.1x 4.3x Low Target Net 3.7x 3x Leverage ~2.5x to ~2.75x

2014 2015 2016 2017 2018E (1) 2020E(1)

Targeting investment grade credit metrics while maintaining flexibility

1. Expectations as of May 2018. Note: Net Leverage is a non-GAAP financial measure. See the Appendix for a reconciliation 193 to the most directly comparable GAAP financial measure. CONTINUED EXPANSION OF ADJUSTED ROIC

12% ~12% ~10.5% 10% 10% Norwegian Standalone

8%

6% 2014 2015 2016 2017 2018E (1) 2020E(1)

1. Expectations as of May 2018. Note: Adjusted ROIC is a non-GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 194 AGENDA

Financial framework

Further strengthening the balance sheet

Meaningful cash generation drives shareholder returns

195 REACHING AN INFLECTION POINT ACCELERATED CASH FLOW GENERATION

Adjusted Free Cash Flow $ billions $1.2

$1.0

$0.8

$0.6

$0.4

$0.2

$0.0 2014 2015 2016 2017

Adjusted Free Cash Flow = Cash from operating activities – newbuild and maintenance capital expenditures + proceeds from ship construction financing. Note: Adjusted Free Cash Flow is a non-GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 196 EXCESS CASH GENERATION DRIVES EXPECTED RETURNS TO SHAREHOLDERS Cumulative 2018 to 2020E (1)

$264M Share Repurchase ~$1.0B - $1.5B through April 2018 Expected Cash Available for Potential ~$1.5B - $2.0B Shareholder Returns Expected Cumulative $135M Cash Generation Voluntary Debt 2018 to 2020 Prepayment through April 2018

1. Expectations as of May 2018. Expected Cash Available for Potential Shareholder Returns = Adjusted Free Cash Flow – debt servicing Any determination to pay dividends or repurchase shares in the future will be entirely at the discretion of our Board or management, respectively, and will depend upon our results of operations, cash requirements, financial condition, business operations, contractual restrictions, restrictions imposed by applicable law and other factors that our Board or management deems relevant. 197 CATALYSTS ON THE HORIZON FOR MULTIPLE EXPANSION

Potential institution of dividend

Authorized $1B share repurchase program

Deleveraging to low 3x

Declining private equity ownership

Continued operational excellence

Note: See footnote on page 197. 198 CURRENT LOW VALUATION – SET TO IMPROVE

Current P/E Multiples Comparison

2018 S&P 500 17.0X Lowest multiple of competitors but… CCL 14.6X RCL 12.7X • FASTEST growing 11.9X • HIGHEST yielding 2019 S&P 500 15.5X • HIGHEST EBITDA per berth CCL 12.7X • YOUNGEST fleet RCL 11.1X 10.7X

Source: Bloomberg Consensus at April 27, 2018. 199 INVESTMENT PHILOSOPHY AND POTENTIAL USES OF CAPITAL

 Fleet enhancement programs  Disciplined newbuild pipeline  Debt optimization

Opportunistic share repurchases

Potential dividend implementation

Any determination to pay dividends or repurchase shares in the future will be entirely at the discretion of our Board or management, respectively, and will depend upon our results of operations, cash requirements, financial condition, business operations, contractual restrictions, restrictions imposed by applicable law and other factors that our Board or management deems relevant. 200 I N S U M M A R Y CONTINUING TO EXECUTE TO DRIVE SHAREHOLDER RETURNS

Winning Results in meaningful earnings growth and accelerated Framework free cash flow

Strong Further strengthening balance sheet results in Balance investment grade credit metrics while maintaining Sheet flexibility

Powerful Leads to accelerated cash generation to drive Cash Engine potential shareholder returns

201 FRANK DEL RIO PRESIDENT & CHIEF EXECUTIVE OFFICER NORWEGIAN CRUISE LINE HOLDINGS LTD.

202 NCLH IS NOT A YIELD GROWTH STORY. WE ARE A…

Revenue growth story

EBITDA growth and EBITDA margin expansion story

Net Income and EPS growth story

ROIC expansion story

BECAUSE… THE CONUNDRUM!

203 THE YIELD CONUNDRUM

Portfolio Addition of Dilution of of Norwegian corporate premium + brand newbuild = yield products

Our corporate yield growth is understated because of The Conundrum not because of business fundamentals

204 THE YIELD CONUNDRUM LARGE SHIP ADDITIONS ARE DILUTIVE TO CORPORATE NET YIELD. . .

Ship Capacity Days Yield Total Revenue

Year Ship A1 1.5 million $200 $300 million 1 Ship B 0.4 million $500 $200 million Corporate 1.9 million $263 $500 million In year two, the company adds Ship A2 at premium yield while yield for existing ships grow 5% Ship Capacity Days Yield Total Revenue Ship A1 1.5 million $210 $315 million Year Ship A2 1.5 million $220 $330 million 2 Ship B 0.4 million $525 $210 million

Corporate 3.4 million $251 $855 million Growth (Decline) 79% (4.4)% 71%

What do you think happens in a scenario like this?

Note: For illustrative purposes only. Not intended to be historical numbers or projections. 205 …BUT DRIVE STRONG FINANCIAL RESULTS

Norwegian Cruise Line Newbuilds DRIVE

Margin Impressive Significant Meaningful NorwegianExpansion Newbuilds ROIC Revenue EPS & EBITDA Cash and Scale Expansion Growth Growth Generation Benefits

206206 RELATIONSHIP BETWEEN YIELD GROWTH AND EARNINGS GROWTH

Adjusted Net Yield Growth As Reported Adjusted EPS

~$248 ~$4.63

$241 ~3.0% $3.96 ~17%

~3.8% +4.8% Ex. New $3.41 $230 Tonnage +16% $227 $2.88 +18% +1.2%

(1) (1) 2015 2016 2017 2018E 2015 2016 2017 2018E

Adj. NCC +1.5% +2.9% +1.0% ex-Fuel

1. Based on the midpoint of 2018 guidance as of May 2018. Note: Certain of the above items represent non‐GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. 207207 INDUSTRY-LEADING FINANCIAL PERFORMANCE

Industry leader across major financial metrics despite being the smallest of the three public cruise operators

Source: Company filings. Note: Certain of the above items represent non‐GAAP financial measures. Please refer to the Appendix to find a reconciliation of the non-GAAP financial measures to the GAAP financial measures the Company considers most comparable. 208 STRONG PERFORMANCE WILL DRIVE POTENTIAL SHAREHOLDER RETURNS

2020 OUTLOOK

THREE YEAR ADJUSTED EPS CAGR Double-Digit

ADJUSTED ROIC ~12%

TARGET NET LEVERAGE ~2.5x to 2.75X CASH AVAILABLE FOR POTENTIAL SHAREHOLDER RETURNS ~$1.0B to $1.5B (Cumulative 2018-2020E)

Note: Certain of the above items represent non‐GAAP financial measures. See the Appendix for a reconciliation to the most directly comparable GAAP financial measure. Any determination to pay dividends or repurchase shares in the future will be entirely at the discretion of our Board or management, respectively, and will depend upon our results of operations, cash requirements, financial condition, business operations, contractual restrictions, restrictions imposed by applicable law and other factors that our Board or management deems relevant. 209209 I N S U M M A R Y NCLH IS UNIQUELY POSITIONED FOR CONTINUED GROWTH AND MEANINGFUL SHAREHOLDER RETURNS

Well-positioned to capture growing Favorable Seascape global leisure travel spend

High powered, guest-centric demand Strategy to Drive engines at all three brands to drive Demand higher pricing

Strong Growth Robust yet disciplined newbuild pipeline Profile with high ROI and efficient financing

Reaching Inflection Point for Potential Catalysts on the horizon Shareholder Returns

210

APPENDIX

212 LONG-TERM FINANCIAL FRAMEWORK: ADJUSTED INTEREST EXPENSE AND DEPRECIATION & AMORTIZATION

Interest Expense – Adjusted(1,2) Depreciation & Amortization – Adjusted(3) (in millions) (in millions)

+~15% ~$274 +~10% +~15% (~5%) ~$552

2018E 2019E 2020E 2018E 2019E 2020E

1. Interest expense adjusted to exclude write-offs of deferred financing fees related to refinancing of certain credit facilities. 2. Based on recent LIBOR curve. 3. Depreciation & amortization adjusted to exclude amortization of intangible assets related to the Acquisition of Prestige. Note: Adjusted Interest Expense and D&A are non-GAAP financial measures. 213 LONG-TERM FINANCIAL FRAMEWORK: CAPACITY GROWTH AND SENSITIVITIES

NCLH Capacity Growth FY 2018 Adjusted EPS Sensitivities 2018 2019 2020 2021

Q1 ~11% ~8% 1% change in Net Yield ~$0.20

1% change in Adjusted NCC Excl. Fuel per Q2 ~9% ~5% ~$0.10 Capacity Day

Q3 ~8% ~0% 10% change in fuel prices, net of hedges ~$0.08

Q4 ~8% ~4% 1% change in FX Basket ~$0.02

Full Year ~8.7% ~4% ~7% ~0% 1% change in LIBOR (1) ~$0.09

1. Net of interest rate swaps. 214 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Please refer to the Company’s first quarter 2018 earnings release and other filings with the Securities and Exchange Commission for definitions of certain terms appearing in this presentation, and for more information regarding the Company’s non-GAAP financial measures.

The Company does not provide projected future numbers on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between any projected future numbers and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.

215215 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Adjusted Net Revenue and Adjusted Net Yield are calculated as follows (in thousands, except Capacity Days and Yield data):

2011 2012 2013 2014 2015 2016 2017

Passenger ticket revenue $ 1,551,727 $ 1,582,801 $ 1,784,439 $ 2,176,153 $ 3,129,075 $ 3,388,954 $ 3,750,030 Onboard and other revenue 667,597 693,445 785,855 949,728 1,215,973 1,485,386 1,646,145 Total revenue 2,219,324 2,276,246 2,570,294 3,125,881 4,345,048 4,874,340 5,396,175 Less: Commissions, transportation and other expense 410,709 410,531 455,816 503,722 765,298 813,559 894,406 Onboard and other expense 169,329 173,916 195,526 224,000 272,802 298,886 319,293 Net Revenue 1,639,286 1,691,799 1,918,952 2,398,159 3,306,948 3,761,895 4,182,476 Deferred Revenue - - - 10,052 32,431 1,057 - Adjusted Net Revenue $ 1,639,286 $ 1,691,799 $ 1,918,952 $ 2,408,211 $ 3,339,379 $ 3,762,952 $ 4,182,476

Capacity Days 9,454,570 9,602,730 10,446,216 12,512,459 14,700,990 16,376,063 17,363,422 Net Yield $ 173.39 $ 176.18 $ 183.70 $ 191.66 $ 224.95 $ 229.72 $ 240.88 Adjusted Net Yield $ 173.39 $ 176.18 $ 183.70 $ 192.47 $ 227.15 $ 229.78 $ 240.88

216216 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Adjusted EBITDA(1) is calculated as follows (in thousands, except Capacity Days and per Capacity Day data): Year ended December 31, 2011 2012 2013 2014 2015 2016 2017 Net income (loss) $ 126,859 $ 168,556 $ 101,714 $ 338,352 $ 427,137 $ 629,491 $ 759,872 Interest expense, net 190,187 189,930 282,602 151,754 221,909 276,859 267,804 Income tax expense 1,700 706 11,802 (2,267) 6,772 10,812 10,742 Depreciation and amortization expense 183,985 189,537 215,593 273,147 432,114 432,495 509,957

EBITDA 502,731 548,729 611,711 760,986 1,087,932 1,349,657 1,548,375 Net income attributable to non-controlling interest 1,172 4,249 - - - Other (income) expense (2,634) (2,099) (1,403) 10,853 46,668 8,302 10,401 Other 5,942 9,004 35,715 101,763 92,315 86,473 98,578

Adjusted EBITDA $ 506,039 $ 555,634 $ 647,195 $ 877,851 $ 1,226,915 $ 1,444,432 $ 1,657,354

Capacity Days 9,454,570 9,602,730 10,446,216 12,512,459 14,700,990 16,376,063 17,363,422 EBITDA per Capacity Day $ 53.17 $ 57.14 $ 58.56 $ 60.82 $ 74.00 $ 82.42 $ 89.17 Adjusted EBITDA per Capacity Day $ 53.52 $ 57.86 $ 61.96 $ 70.16 $ 83.46 $ 88.20 $ 95.45

Prior to the period ended March 31, 2013, the financial data presented are those of NCLC. (1) Adjusted EBITDA is defined as EBITDA adjusted for other (income) expense, and other supplemental adjustments (“Other”). We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We believe that Adjusted EBITDA is a useful measure in determining the Company’s performance as it reflects certain operating drivers of the Company’s business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or measures comparable to net income as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.

217217 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED) (1) Adjusted EBITDA is calculated as follows (in thousands): Twelve months ended, September 30, December 31, March 31, June 30, September 30, December 31, 2008 2008 2009 2009 2009 2009 Net income (loss) $ (133,710) $ (211,761) $ (61,066) $ (19,373) $ (104,833) $ 66,952 Interest expense, net 165,973 149,568 127,209 119,675 111,352 114,514 Income tax expense 1,192 874 820 634 554 503 Depreciation and amortization expense 162,048 162,565 160,793 158,530 155,853 152,700

EBITDA 195,503 101,246 227,756 259,466 162,926 334,669 Other (income) expense 15,389 (1,886) (111,822) (105,220) 1,567 (10,874) Other 28,061 186,632 182,476 169,180 159,993 8,459

Adjusted EBITDA $ 238,953 $ 285,992 $ 298,410 $ 323,426 $ 324,486 $ 332,254

Total Revenue $ 2,174,087 $ 2,106,401 $ 2,019,283 $ 1,972,711 $ 1,884,398 $ 1,855,204 Adjusted EBITDA Margin 11.0% 13.6% 14.8% 16.4% 17.2% 17.9%

Twelve months ended, March 31, June 30, September 30, December 31, March 31, June 30, 2010 2010 2010 2010 2011 2011 Net income $ 47,507 $ 17,779 $ 23,948 $ 22,986 $ 28,939 $ 72,210 Interest expense, net 125,261 135,923 156,440 173,672 185,730 195,402 Income tax expense 457 400 338 136 85 791 Depreciation and amortization expense 152,573 153,334 161,663 170,191 178,591 186,205

EBITDA 325,798 307,436 342,389 366,985 393,345 454,608 Other (income) expense 7,110 36,682 32,995 33,815 30,831 (3,300) Other 7,089 6,833 7,703 4,313 3,994 4,624

Adjusted EBITDA $ 339,997 $ 350,951 $ 383,087 $ 405,113 $ 428,170 $ 455,932

Total Revenue $ 1,847,251 $ 1,846,749 $ 1,930,178 $ 2,012,128 $ 2,091,136 $ 2,181,807 Adjusted EBITDA Margin 18.4% 19.0% 19.8% 20.1% 20.5% 20.9%

218 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED) Twelve months ended, September 30, December 31, March 31, June 30, September 30, December 31, 2011 2011 2012 2012 2012 2012 Net income $ 88,821 $ 126,859 $ 138,076 $ 144,883 $ 165,562 $ 168,556 Interest expense, net 199,092 190,187 188,488 190,711 188,019 189,930 Income tax expense 1,624 1,700 1,775 1,103 626 706 Depreciation and amortization expense 186,181 183,985 183,525 183,695 185,601 189,537

EBITDA 475,718 502,731 511,864 520,392 539,808 548,729 Other (income) expense 113 (2,634) (3,287) (889) (4,280) (2,099) Other 5,596 5,942 6,175 5,922 4,898 9,004

Adjusted EBITDA $ 481,427 $ 506,039 $ 514,752 $ 525,425 $ 540,426 $ 555,634

Total Revenue $ 2,214,336 $ 2,219,324 $ 2,239,244 $ 2,253,892 $ 2,261,669 $ 2,276,246 Adjusted EBITDA Margin 21.7% 22.8% 23.0% 23.3% 23.9% 24.4%

Twelve months ended, March 31, June 30, September 30, December 31, March 31, June 30, 2013 2013 2013 2013 2014 2014 Net income attributable to Norwegian Cruise Line Holdings Ltd. $ 68,877 $ 24,005 $ 66,675 $ 101,714 $ 249,376 $ 369,833 Interest expense, net 271,416 326,197 305,628 282,602 186,118 114,292 Income tax expense 2,828 3,804 11,339 11,802 218 2,295 Depreciation and amortization expense 192,488 199,662 207,336 215,593 228,485 238,090

EBITDA 535,609 553,668 590,978 611,711 664,197 724,510 Net income attributable to non-controlling interest (1,105) (1,179) 857 1,172 2,702 4,439 Other income (379) (2,807) (537) (1,403) (426) 328 Other 27,728 29,448 35,291 35,715 20,242 24,495

Adjusted EBITDA $ 561,853 $ 579,130 $ 626,589 $ 647,195 $ 686,715 $ 753,772 Total Revenue $ 2,288,447 $ 2,349,646 $ 2,473,120 $ 2,570,294 $ 2,706,691 $ 2,828,185 Adjusted EBITDA Margin 24.6% 24.6% 25.3% 25.2% 25.4% 26.7% 219219 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Twelve months ended, September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, 2014 2014 2015 2015 2015 2015 2016 2016

Net income attributable to Norwegian Cruise Line Holdings Ltd.$ 400,053 $ 338,352 $ 265,629 $ 312,507 $ 363,216 $ 427,137 $ 521,822 $ 508,574 Interest expense, net 119,949 151,754 171,571 192,157 209,657 221,909 230,674 246,648 Income tax expense (3,136) (2,267) 7,797 7,399 8,425 6,772 7,199 7,072 Depreciation and amortization expense 245,779 273,147 311,483 352,631 398,643 432,114 433,433 433,436

EBITDA 762,645 760,986 756,480 864,694 979,941 1,087,932 1,193,128 1,195,730 Net income attributable to non-controlling interest 4,603 4,249 3,863 2,200 - - - - Other income (3,540) 10,853 41,380 44,772 49,747 46,668 13,724 20,760 Other 45,724 101,763 134,136 118,177 121,233 92,315 75,619 103,668 Adjusted EBITDA $ 809,432 $ 877,851 $ 935,859 $ 1,029,843 $ 1,150,921 $ 1,226,915 $ 1,282,471 $ 1,320,158

Total Revenue $2,937,317 $3,125,881 $3,400,035 $3,719,541 $4,097,434 $4,345,048 $4,484,498 $4,585,900 Adjusted EBITDA Margin 27.6% 28.1% 27.5% 27.7% 28.1% 28.2% 28.6% 28.8%

220220 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Twelve months ended, September 30, December 31, March 31, June 30, September 30, December 31, 2016 2016 2017 2017 2017 2017 March 31, 2018

Net income attributable to Norwegian Cruise Line Holdings Ltd. $ 599,165 $ 629,491 $ 621,766 $ 674,993 $ 733,307 $759,872 $801,116 Interest expense, net 257,526 276,859 270,065 265,841 271,518 267,804 274,543 Income tax expense 8,785 10,812 8,163 12,357 13,643 10,742 11,227 Depreciation and amortization expense 435,213 432,495 450,405 468,936 491,893 509,957 521,996

EBITDA 1,300,689 1,349,657 1,350,399 1,422,127 1,510,361 1,548,375 1,608,882 Net income attributable to non-controlling interest - - - - - Other expense 24,360 8,302 13,922 8,778 6,707 10,401 9,253 Other 94,741 86,473 87,881 95,142 96,710 98,578 105,036

Adjusted EBITDA $ 1,419,790 $ 1,444,432 $ 1,452,202 $ 1,526,047 $ 1,613,778 $ 1,657,354 $1,732,172

Total Revenue $ 4,785,726 $ 4,874,340 $ 4,947,489 $ 5,104,757 5,271,760 5,396,175 5,538,797 Adjusted EBITDA Margin 29.7% 29.6% 29.4% 29.9% 30.6% 30.7% 31.1%

Prior to the period ended March 31, 2013, the financial data presented are those of NCLC.

(1) Adjusted EBITDA is defined as EBITDA adjusted for other (income) expense, and other supplemental adjustments (“Other”). We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We believe that Adjusted EBITDA is a useful measure in determining the Company’s performance as it reflects certain operating drivers of the Company’s business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or measures comparable to net income as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.

221221 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Adjusted Net Income and Adjusted EPS were calculated as follows (in thousands, except share and per share data): (1) Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense. (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, Year Ended general and administrative expense and payroll and related expense. (3) Expenses related to Secondary Equity Offerings, which are included in marketing, general and administrative December 31, expense. 2015 2016 2017 (4) Severance payments and other expenses related to restructuring costs and other severance arrangements, which are included in marketing, general and administrative expense. (5) Expenses related to the Acquisition of Prestige, which are primarily included in marketing, general and Net income $ 427,137 $ 633,085 $ 759,872 administrative expense. Non-GAAP Adjustments: (6) Deferred revenue fair value adjustments related to the Acquisition of Prestige that were made pursuant to Non-cash deferred compensation (1) 10,154 3,167 3,292 business combination accounting rules, which are primarily included in passenger ticket revenue. Non-cash share-based compensation (2) 42,384 66,414 87,039 (7) Amortization of intangible assets related to the Acquisition of Prestige, which are included in depreciation and Secondary Equity Offering expenses (3) 2,226 - 949 amortization expense. Severance payments and other expenses (4) 17,580 8,223 2,912 (8) Losses on extinguishments of senior unsecured notes, which are included in interest expense, net, and legal Acquisition of Prestige expenses (5) 27,170 6,395 500 expenses related to the extinguishments which are included in marketing, general and administrative expense. (9) Losses and net gains for the fair value adjustment of a foreign exchange collar which does not receive hedge Deferred revenue (6) 32,431 1,057 - accounting and losses due to the dedesignation of certain fuel swaps. These adjustments are included in other Amortization of intangible assets (7) 72,917 21,069 30,273 income (expense), net. Losses on extinguishments of debt (8) 12,624 27,962 23,859 (10) Contract renegotiation and termination expenses, net related to the Acquisition of Prestige, which are Derivative adjustment (9) 40,971 (1,185) - included in other cruise operating expense. (11) Expenses primarily due to the write-off of deferred financing fees related to the refinancing of certain credit Contract renegotiation and termination expenses (10) 6,848 2,502 - facilities, which is included in interest expense, net. The year ended December 31, 2016 also includes a tax Deferred financing fees and other (11) - 11,156 - benefit adjustment. Impairment on assets held for sale (12) - - 2,935 (12) Impairment charge related to Hawaii land-based operations, which is included in depreciation and amortization expense. Tax adjustments (13) (3,594) (7,802) (13) Tax benefits primarily due to reversal of prior years’ tax contingency reserves in 2017 and reversal of a Management NCL Corporation Units exchange expenses (14) 624 - - valuation allowance in 2016. Contingent consideration adjustment (15) (43,400) - - (14) Expenses related to the exchange of Management NCL Corporation Units for ordinary shares, which are Information technology write-off (16) 12,988 - - included in marketing, general and administrative expense. (15) Contingent consideration fair value adjustment related to the Acquisition of Prestige, which is included in Other (17) - - 3,886 marketing, general and administrative expense. Adjusted Net Income $ 662,654 $ 776,251 $ 907,715 (16) Expenses related to the write-off of certain information technology items, which are included in depreciation Diluted weighted-average shares outstanding 230,040,132 227,850,286 229,418,326 and amortization expense. (17) Expenses primarily related to certain legal costs, which are included in marketing, general and administrative Diluted earnings per share $ 1.86 $ 2.78 $ 3.31 expense. Adjusted EPS $ 2.88 $ 3.41 $ 3.96

222222 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data): Year Ended December 31, (1) Non-cash deferred compensation expenses related to the crew pension 2012 2013 2014 2015 2016 2017 plan and other crew expenses, which are included in payroll and related Total cruise operating expense $ 1,478,433 $ 1,657,659 $ 1,946,624 $ 2,655,449 $ 2,850,225 $ 3,063,644 expense. Marketing, general and administrative expense 251,183 301,155 403,169 554,999 666,156 773,755 (2) Non-cash share-based compensation expenses related to equity Gross Cruise Cost 1,729,616 1,958,814 2,349,793 3,210,448 3,516,381 3,837,399 awards, which are included in marketing, general and administrative Less: expense and payroll and related expense. Commissions, transportation (3) Expenses related to Secondary Equity Offerings, which are included and other expense 410,531 455,816 503,722 765,298 813,559 894,406 in marketing, general and administrative expense. Onboard and other expense 173,916 195,526 224,000 272,802 298,886 319,293 (4) Severance payments and other expenses related to restructuring costs and other severance arrangements, which are included in marketing, Net Cruise Cost 1,145,169 1,307,472 1,622,071 2,172,348 2,403,936 2,623,700 general and administrative expense. Less: Fuel expense 283,678 303,439 326,231 358,650 335,174 361,032 (5) Expenses related to the Acquisition of Prestige, which are included in Net Cruise Cost Excluding Fuel 861,491 1,004,033 1,295,840 1,813,698 2,068,762 2,262,668 marketing, general and administrative expense. Less Non-GAAP Adjustments: (6) Contract renegotiation and termination expenses, net related to the Non-cash deferred compensation (1) - - - - 3,167 3,292 Acquisition of Prestige, which are included in other cruise operating Non-cash share-based compensation (2) - - 20,627 42,211 66,414 87,039 expense. Secondary Equity Offering expenses (3) - - 2,075 2,226 - 949 (7) Non-cash deferred compensation expenses related to the crew pension Severance payments and other expenses (4) - - - 17,580 8,223 2,912 plan and other crew expenses, which are included in payroll and related Acquisition of Prestige expenses (5) - - 57,513 27,170 6,395 500 expense. Contract renegotiation and termination expenses (6) - - - 3,319 1,000 - (8) Expenses related to the exchange of Management NCL Corporation Crew expenses (7) - - 7,693 10,154 - - Units for ordinary shares, which are included in marketing, general and Management NCL Corporation Units exchange expenses (8) - - - 624 - - administrative expense. Contingent consideration adjustment (9) - - - (43,400) - - (9) Contingent consideration fair value adjustment related to the Other (10) - 33,049 3,804 - 217 3,886 Acquisition of Prestige, which is included in marketing, general and administrative expense. Adjusted Net Cruise Cost Excluding Fuel $ 861,491 $ 970,984 $ 1,204,128 $ 1,753,814 $ 1,983,346 $ 2,164,090 (10) Expenses primarily related to certain legal costs, which are included in marketing, general and administrative expense; Corporate Capacity Days 9,602,730 10,446,216 12,512,459 14,700,990 16,376,063 17,363,422 Reorganization and the settlement of a 2007 breach of contract claim, which are included in marketing, general and administrative expense; and Gross Cruise Cost per Capacity Day $ 180.12 $ 187.51 $ 187.80 $ 218.38 $ 214.73 $ 221.00 non-cash compensation, expenses incurred from changes in corporate Net Cruise Cost per Capacity Day $ 119.25 $ 125.16 $ 129.64 $ 147.77 $ 146.80 $ 151.11 entity structure, our Secondary Offerings and other supplemental Net Cruise Cost Excluding Fuel per Capacity Day $ 89.71 $ 96.11 $ 103.56 $ 123.37 $ 126.33 $ 130.31 adjustments. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day $ 89.71 $ 92.95 $ 96.23 $ 119.30 $ 121.11 $ 124.63 223223 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Net Debt-to-Capital and Net Leverage were calculated as follows (in thousands):

Year Ended December 31, 2014 2015 2016 2017 Long-term debt, net of current portion $ 5,503,076 $ 5,767,697 $ 5,838,494 $ 5,688,392 Current portion of long-term 576,947 629,840 560,193 619,373 Total debt 6,080,023 6,397,537 6,398,687 6,307,765 Less: Cash and cash equivalents 84,824 115,937 128,347 176,190 Net Debt 5,995,199 6,281,600 6,270,340 6,131,575 Total shareholders' equity 3,518,813 3,780,880 4,537,726 5,749,766 Net Debt and shareholders' equity $ 9,514,012 $ 10,062,480 $ 10,808,066 $ 11,881,341 Net Debt-to-Capital 63.0% 62.4% 58.0% 51.6%

Adjusted EBITDA (1) 877,851 1,226,915 1,444,432 1,657,354

Net Leverage 6.8x 5.1x 4.3x 3.7x

(1) See the reconciliation of Net income to Adjusted EBITDA presented within.

224224 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Adjusted Free Cash Flow was calculated as follows (in thousands):

Year Ended December 31, 2014 2015 2016 2017

Net cash provided by operating activities $ 635,601 $ 1,042,178 $ 1,239,666 $ 1,585,741 Less: Capital expenditures for ship construction (892,185) (902,251) (670,089) (1,170,962) Less: Capital expenditures for business enhancements and other (72,455) (219,733) (422,002) (201,252) Free Cash Flow (329,039) (79,806) 147,575 213,527 Proceeds from ship construction financing facilities 818,062 686,756 487,213 764,327 Adjusted Free Cash Flow $ 489,023 $ 606,950 $ 634,788 $ 977,854

Net cash provided by (used by) investing activities (1,796,600) (1,206,253) (1,128,914) (1,404,898) Net cash provided by (used in) financing activities 1,189,416 195,188 (98,342) (133,000)

225225 NORWEGIAN CRUISE LINE HOLDINGS LTD. NON-GAAP RECONCILING INFORMATION FOR FINANCIAL HIGHLIGHTS (UNAUDITED)

Adjusted Return on Invested Capital (Adjusted ROIC) was calculated as follows (in thousands):

Year Ended December 31, 2013 2014 2015 2016 2017

Adjusted EBITDA (1) $ 647,195 $ 877,851 $ 1,226,915 $ 1,444,432 $ 1,657,354 Less: Adjusted Depreciation and Amortization 215,593 264,580 342,680 409,641 476,749 Total 431,602 613,271 884,235 1,034,791 1,180,605 Total long-term debt plus shareholder's equity (2) 5,515,601 6,639,598 9,680,893 10,688,579 11,670,137 Adjusted Return on Invested Capital 7.8% 9.2% 9.1% 9.7% 10.1%

(1) See the reconciliation of Net income to Adjusted EBITDA presented within. (2) Calculation consists of a four quarter average of long-term debt and shareholder's equity.

226226 Gross Onboard Margin was calculated as follows (in thousands):

Year Ended December 31, 2017

Total revenue 5,396,175 Less: Passenger ticket revenue $ 3,750,030 Onboard and other revenue 1,646,145

Less: Onboard and other expense 319,293 Net Onboard Revenue 1,326,852

Gross Onboard Margin 81%

227227