2018 ANNUAL REPORT Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) is a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 26 ships with approximately 54,400 berths, these brands offer itineraries to more than 450 destinations worldwide. The Company will introduce eleven ships with approximately 27,700 berths across its three award-winning brands through 2027. To provide exceptional vacation experiences, delivered by passionate MISSION team members committed to world-class hospitality and innovation. To be the vacation of choice for VISION everyone around the world. Flawless Execution, Dedication to Family and Community, Spirit of VALUES Entrepreneurship, Financial Excellence and Environmental Stewardship. DEAR FELLOW SHAREHOLDERS, I’m pleased to report that 2018 was another exceptional year for Norwegian Cruise Line Holdings Ltd. Along with delivering record financial results, the year marked several key milestones and landmark achievements for the company, including the tremendously successful debut of Norwegian Bliss, the expansion of sailings to highly sought-after premium destinations such as Alaska and Cuba, the continuation of our investments to enhance the guest experience through major ship enhancement programs at each of our three award-winning brands and the expansion of our global environmental program, Sail & Sustain, which strengthens our commitment to the protection and preservation of our oceans and the environment. At our Investor Day in May 2018, we unveiled our Plan to Win. This plan laid out our strategies to drive demand across all three of our brands and execute on our disciplined growth trajectory to achieve our Full Speed Ahead 2020 Targets. These targets aim to deliver by 2020 (i) a three-year double-digit Adjusted EPS CAGR, (ii) Net Leverage between 2.5x and 2.75x, (iii) Adjusted ROIC of approximately 12% and (iv) return between $1.0 and $1.5 billion to shareholders.1 We have built a solid operational and strategic foundation and remain on track to achieve our Full Speed Ahead 2020 Targets and further enhance returns to our shareholders.2 Norwegian Bliss in Alaska 1 Adjusted EPS, Net Leverage and Adjusted ROIC are non-GAAP financial measures. Disclosure regarding these measures can be found in the Annex to the Company’s 2018 Annual Report. 2 Statements in this letter regarding expected shareholder returns, financial performance and fleet additions in future years are forward-looking. See Cautionary Statement Concerning Forward-Looking Statements in this Annual Report regarding the risks related to these statements. NORWEGIAN CRUISE LINE As the innovator in global cruise travel, Norwegian Cruise Line has been breaking the boundaries of traditional cruising for over 52 years. Most notably, the cruise line revolutionized the industry by offering guests the freedom and flexibility to design their ideal vacation on their preferred schedule with no assigned dining and entertainment times and no formal dress codes. Today, its fleet of 16 contemporary ships sail to nearly 300 of some of the world’s most desirable destinations, including Great Stirrup Cay, the company’s private island in the Bahamas and its resort destination Harvest Caye in Belize. OCEANIA CRUISES Oceania Cruises is the world’s leading culinary- and destination-focused cruise line. The line’s six intimate and luxurious ships which carry only 684 or 1,250 guests offer an unrivaled vacation experience featuring the finest cuisine at sea and destination- rich itineraries that span the globe. Expertly crafted voyages aboard designer-inspired, intimate ships call on more than 450 ports across Europe, Alaska, Asia, Africa, Australia, New Zealand, New England-Canada, Bermuda, the Caribbean, Panama Canal, Tahiti and the South Pacific and epic 180-day Around the World Voyages. REGENT SEVEN SEAS CRUISES Regent Seven Seas Cruises offers an unrivaled experience to luxury travelers. The cruise line’s modern four-ship fleet visits more than 450 iconic and immersive destinations around the world, and will add Seven Seas Splendor in 2020 as the fleet’s fifth ship and then grow by a sixth ship in 2023. All luxuries are included in Regent Seven Seas Cruises voyages, such as all-suite accommodations, round-trip business-class air on intercontinental flights from U.S. and Canada, the largest collection of unlimited shore excursions, unlimited internet access, highly personalized service, exquisite cuisine, fine wines and spirits, gratuities, and ground transfers. NYSE Trading Floor DELIVERING ANOTHER YEAR OF RECORD FINANCIAL RESULTS 2018 benefited from the continuation of the robust global FULL YEAR demand environment for cruise vacations. Our three brands 2018 HIGHLIGHTS successfully leveraged this stellar booking environment which, when coupled with the introduction of the record-breaking Record Revenue Norwegian Bliss, drove the highest revenue, Net Yield* and $ B earnings in our history. 6.1 Our track record of consistently improving financial performance has continued as we delivered our fifth consecutive year of double-digit earnings per share growth; Record Adjusted EPS our sixth consecutive year of Net Yield* growth, with $ * continued best-in-class Net Yields; and the expansion to 4.92 record levels of both Adjusted ROIC to 11.0%* and Adjusted EBITDA Margin to 31.3%*. Best-in-class yields We also further strengthened our balance sheet, meaningfully deleveraging to achieve our year-end Net Leverage target of Gross Yield of Net Yield of 3.3x*. As a result of better than expected cash flow generation, we opportunistically repurchased $664 million of our shares, $ $ * 321.37 249.85 demonstrating our confidence in our long-term outlook. Looking ahead, we expect our strong balance sheet, continued record financial results and solid cash flow generation will enable us to continue to return meaningful capital to our Record Adjusted ROIC shareholders well into the future. % * * Adjusted EPS, Net Yield, Net Ticket Yield, Net Onboard Yield, EBITDA, Adjusted ROIC, Adjusted EBITDA Margin 11.0 and Net Leverage are non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measure and other associated disclosures are contained in "Management's Discussion and Analysis of Financial Condition and Results of Operation" and in the annex of the company's 2018 Annual Report. Frank Del Rio, Norwegian Cruise Line Holdings President and CEO Additionally, in 2018 we said a heartfelt goodbye 2018 INDUSTRY LEADING to Apollo Global Management, LLC and our other FINANCIAL PERFORMANCE sponsors as they exited from their long-term investment in the company. Apollo played a key role in the company’s turnaround and expansion resulting in our successful initial public offering. Highest Net Highest Net Onboard Highest Net Their support, guidance and expertise has been Ticket Yield* Yield* Yield* instrumental in laying the foundation for the solid growth trajectory we are on today. We could $173.07 $ $249.85 not have asked for a better business partner, 76.78 and we are grateful for their partnership and contributions over the last eleven years. Fastest Highest Fastest Growing EBITDA per Growing Adjusted Capacity Revenue EPS* Day* +12.2% +24% $95.57 Leader across major financial metrics despite being the smallest of the three public cruise operators Source: Company filings. Norwegian Bliss, Seattle RECORD-BREAKING NORWEGIAN BLISS JOINS FLEET Our newest ship, Norwegian Bliss, was welcomed into the Norwegian Cruise Line fleet in April. Following a record-setting five city inaugural program that introduced the ship to thousands of travel partners in several of the world’s leading cruise ports and garnered over 2.4 billion media impressions, Norwegian Bliss was officially christened in her summer home of Seattle, Washington on May 31, 2018. Popular radio personality, Elvis Duran, served as the ship’s Godfather, christening the vessel in a ceremony that included local, national and international musicians and entertainers Elvis Duran (L) with Andy Stuart, NCL President & CEO simultaneously performing in various venues throughout the ship. At approximately 168,000 gross tons and carrying approximately 4,000 passengers, Norwegian Bliss is the first cruise ship specifically designed with features and amenities for the ultimate Alaska cruising experience, including a 3,500-square-foot Observation Lounge, perfect for viewing Alaska’s stunning natural scenery. Other exciting highlights include innovative onboard activities including North America’s first 1,000-foot-long, two-level Jersey Boys electric-car race track on the top of the ship, world-class entertainment such as Broadway- favorite Jersey Boys and brand-new premium restaurants including Q Texas Smokehouse and the line’s first full-service StarbucksTM outlet. Following her record-breaking inaugural summer season in Alaska, Norwegian Bliss debuted in the Caribbean, sailing seven-day Eastern Caribbean Q Texas Smokehouse Starbucks® cruises from PortMiami. We continued to build on our global sustainability program Sail & Sustain by Partnerships joining several of the world’s leading corporations and organizations in Ocean Conservancy’s Trash Free Seas Alliance® to support our shared vision of a world with waterways, beaches and oceans free of plastic waste. As part of this vision, we began the transition away from single-use plastics and eliminated single-use plastic straws across our entire fleet of 26 ships