NORWEGIAN CRUISE LINECOMPANY UPDATENORWEGIAN CRUISE LINECOMPANY UPDATE

FORWARD LOOKING STATEMENTS

This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under

U.S. federal securities laws. Generally, the words “will,” “may,” “believes,” “expects,” “intends,” “anticipates,” ”projects,” “plans,” “seeks,”

and similar expressions are intended to identify forward-looking statements, which are not historical in nature.

Forward-looking statements are based on management’s current expectations and assumptions, and are subject to significant

business, economic, regulatory and competitive risks and uncertainties (many of which are beyond the control of the company and

management) that could cause actual results, performance or achievements to differ significantly from Norwegian’s historical results

or those implied in forward-looking statements. You should not place undue reliance on forward-looking statements as a prediction

of actual results. Norwegian expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any

forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such

statements are based. For a discussion of some of the important factors that could cause these variations, please consult the “Risk

Factors” section of the prospectus filed with the SEC.

We use certain non-GAAP financial measures in this presentation, such as EBITDA, Adjusted EBITDA, net onboard yield, and

compound annual growth rate, to enable us to analyze our performance. We utilize these financial measures to manage our business

on a day-to-day basis and believe that they are the most relevant measures of our financial performance. Some of these measures

are commonly used in the cruise industry to measure performance. Our use of a non-GAAP financial measure may not be

comparable to other companies within our industry. For a discussion concerning non-GAAP financial measures, please refer to our

respective filings with the SEC.

This information is confidential, and should not be photocopied, distributed or disclosed to anyone other than to whom it is

provided, and your acceptance of this document is deemed to be an agreement to these terms.

MANAGEMENT PRESENTERS

Kevin SheehanPresident and

Chief Executive Officer

Andrea DeMarcoDirector, Investor Relations

Wendy BeckExecutive Vice President and

Chief Financial Officer

3

INVESTMENT HIGHLIGHTS

4

Differentiated Product Offering of Freedom and Flexibility, “Freestyle Cruising”

Strategic Newbuild Program Drives Compelling Growth Story

Premium Product Offering Leads to Higher Net Yields Including Industry-leading Onboard Yields

Track Record of Consistent Financial Performance with Strong Focus on Driving ROIC

Executing on Stated Strategies and Initiatives

Young Modern Fleet Purpose-Built for Freestyle Cruising

Attractive Industry Fundamentals with Favorable Demographics

INDUSTRY FUNDAMENTALS

KEY CHARACTERISTICS OF THE CRUISE INDUSTRY Cruise industry assets are moveable, which maximizes profitability and utilization

Under-penetrated: Estimated 2014 penetration of 3.5% in North America; 1% in Europe(1)

Cruise industry has historically rebounded very positively following economic downturns

Cruisers have ~30% higher household income than other vacationers and are more likely to be college graduates(1)

International growth: Majority of cruise passengers are sourced from North America, presenting opportunity for further global penetration

Exceptional value of a cruise vacation compared to a land-based resort or hotel vacation

~70% of cruisers rate the experience as a high-value vacation alternative with over 80% viewing cruises as a good way to sample various destinations (3)

Three major North American cruise operators represent 90%+ of the market

Capital intensive with cost of newbuilds ranging from ~$500mm to $1.4bn

Long lead time to construct new vessels: ~27 - 36 months

High margins and EBITDA to FCF conversion

– Working capital is a source of cash due to pre-sale of tickets and customer deposits long before sailing

– Relatively low scheduled maintenance capital expenditures

– Favorable tax status

Expansive product offering and various levels of service quality covering “contemporary”, “premium” and “luxury” market segments

Attractive Industry Fundamentals

Favorable Demographics

High Barriers to Entry

Strong Cash Flow Generation

Varied Segments and Brands

Significant Value Proposition

6

Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) CLIA 2014 passenger estimates; World Population Statistics population estimates(2) CLIA 2014 passenger estimates.(3) Wall Street research.

SLOWER INDUSTRY CAPACITY GROWTH

Source: Cruise Industry News, CLIA.

(% Increase in Berths)

7.3%

6.5%

2.4%

7.7%7.4%

4.8% 5.2%

7.3%

4.0%

5.4%

3.5%

4.7%

2.2%

4.5%

3.2%

2003-2013 Industry Average: 5.6%2003-2013 Industry Average: 5.6% 2014-2017 Industry Average: 3.7%

2014-2017 Industry Average: 3.7%

7

CONTRACTED INDUSTRY CAPACITY GROWTH

More disciplined industry capacity growth should result in improved pricing leverage

ATTRACTIVE GROWTH PROFILE

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2012 2014 2017

Note: Represents berths announced through March 31, 2014.

(Berths)

8

2012 2014 2017

ABOUT NORWEGIAN

NORWEGIAN AT A GLANCE

Pioneer of the modern cruise industry with unique, award-winningproduct offering

Track record of innovation and differentiation

Accomplished management team

Successful IPO, secondary offerings and optimization of capital structure

Twenty-three consecutive quarters of year-over-year adjusted EBITDAgrowth with consistent margin improvement

ABOUT NORWEGIAN

Modern fleet of 13 vessels with 34,470 berths

All vessels are purpose-built to deliver Freestyle Cruising

Latest delivery and launch: Norwegian Getaway in January 2014

The first Norwegian vessel to home port year round in Miami in over a decade

The 4,200-berth Norwegian Escape and Bliss to be delivered in Fall 2015 and Spring 2017, respectively

OUR FLEET

10

NORWEGIAN'S POST-IPO ACCOMPLISHMENTSOptimized Capital Structure

Issued $300 million 5% senior unsecured notes

Redeemed $450 million 11.75% senior secured notes

Redeemed $350 million 9.5% senior unsecured notes

Refinanced existing secured credit facilities, reducing applicable margins, improving terms and conditions and enhancing liquidity profile

Substantially reduced weighted average cost of debt

Authorized $500 million, three-year share repurchase program

11

Strong Track Record in Equity Capital Markets

Successful IPO in January of 2013 priced above the range at $19.00 per share

Three follow-ons in August and December of 2013 and March of 2014

– Increased free float from 13% to 44% of shares

– Current ownership as follows, Public: 44.6%; Genting Hong Kong: 27.7%, Apollo: 19.9% and TPG: 7.8%

KEY DIFFERENTIATORS

Fleet purpose-built for Freestyle Cruising Disciplined

newbuildprogram

Differentiated brand

message

Innovative Partnerships

Full ship charter

company

Young, modern

fleet

Unique inter-island

Hawaii offering

Rich Stateroom

Mix including

The Haven

DIFFERENTIATED PRODUCT OFFERING

FREESTYLE CRUISING ®

Supports the brand positioning of freedom and flexibility

Not offered by any other cruise line across entire fleet

Offers more opportunities to enhance onboard revenue

13

Norwegian offers a more flexible cruising experience so guests have more freedom to experience “the best vacation ever”

Norwegian offers a more flexible cruising experience so guests have more freedom to experience “the best vacation ever”

YOUNG, MODERN FLEET

8.4

12.4 12.6

Young fleet is a driver of profitability and continued top line growth

Norwegian has transitioned older tonnage out of the fleet while embarking on a disciplined newbuild program

Significant investments to ensure consistency across the fleet

– Premium stateroom mix, including The Haven by Norwegian

– Entire fleet upgraded with enhanced kids programming and additional specialty dining venues

Average Fleet Age in 2017 (1)Average Fleet Age in 2017 (1)

Note: Fleet age and age profile based on September 30, 2013.(1) Represents average fleet age as of 3/31/2017 based on publically announced Newbuilds and ship retirements.

Modern fleet supports attractive free cash flow generation into the futureModern fleet supports attractive free cash flow generation into the future

14

(Years)

PREMIUM PRODUCT OFFERING

2013 Net Yield

Norwegian’s modern fleet delivers a premium product offering

~50% of Norwegian’s deployment is to premium locations which typically generate higher net yields

Premium accommodation mix with balcony staterooms increasing from 51% to 57% by 2017

(1) Includes businesses held for sale. Excluding these businesses results in net yield of $172.43

Source: CLIA, Company filings.Note: Please consult company earnings release and SEC filings for additional information about the non-GAAP financial measures.

$183.70 $178.86

$167.56

15

(1)

RICH ONBOARD EXPERIENCE

16

Diverse Selection of Up to 27 Dining Options Leader in Branded Onboard Entertainment

Teppanyaki

O’Sheehan’s Bar & Grill

La Cucina on the Waterfront

Moderno Churrascaria

Extensive Offering of Nightlife Activities

Svedka & Inniskillin Ice Bar

Spice H2O

Casinos at SeaShakers on the Waterfront

Industry Leading Net Onboard Yield (1)

$52.03 $49.11

$41.33

Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) Full year 2013

Ocean Blue byGeoffrey Zakarian

Dolce Gelato

A DISCIPLINED NEWBUILD PROGRAM…A combination of four newbuild vessels and strong underlying organic growthare expected to drive growth through 2017

Q1 Q2 Q3 Q4

Organic Organic Organic Organic

OrganicOrganic

Breakaway

Organic

Breakaway

Organic

Breakaway

Organic

Breakaway

Getaway

Organic

Breakaway

Getaway

Organic

Getaway

Organic

Getaway

Organic

GetawayOrganic Organic

Organic

Escape

Organic

Escape

Organic

Escape

Organic

Escape

Organic

Escape

Organic

Bliss

Organic

Bliss

Organic

Bliss

Organic

Bliss

2012

2013

2014

2015

2016

2017

17

WITH ADVANTAGEOUS RETURNS AND FINANCING

18

Delivery Timing May 2013 / January 2014 Fall 2015 / Spring 2017

Berths 4,000 4,200

Return Profile(1) ~5 year payback ~5 year payback

Financing (including Pre-Delivery)

90% with export credit agency guarantee

Breakaway: L + 160bps

Getaway: 4.5% Fixed

80% with export credit agency guarantee

Escape and Bliss: 2.98% Fixed

BREAKAWAY / GETAWAY ESCAPE / BLISS

(1) Based on Norwegian management estimates and assumptions.

EXECUTING ON OUR STRATEGIES

OUR BUSINESS STRATEGIES

20

Strengthen relationships with travel agents through Partners First Enhance guest satisfaction with initiatives such as Platinum Standards and

Vacation Hero programs Clear, consistent brand message throughout platforms Grow engagement of both shipboard and shoreside team members through

improved communications and recognition programs

Newbuild program drives top line growth through increased capacity and allows for margin expansion through increased economies of scale

Attractive newbuild contract and financing terms create a compelling value proposition for Norwegian

Drive incremental ROI through fleet revitalizations, thereby enhancing guest experience

Augment product offering to maintain differentiation Leverage lessons learned from newer vessels across entire fleet Implementation of fuel emission reducing scrubber technology

Continue to improve pricing and margins Return-focused capital allocation strategy Optimize cash flow generation to drive deleveraging

DRIVING DEMAND

FLEET EXPANSION

PRODUCT ENHANCEMENTS: NORWEGIAN NEXTTM

FINANCIAL FOCUS

4,000 berths27 dining options

5 slide Aqua Park with 2 racing slides3 Broadway shows++

1 distinctive Waterfront1 incredibly innovative ship

SUCCESSFUL LAUNCH OF NORWEGIAN BREAKAWAY

Awards and Media Coverage

“Breakaway is more than a game-changer for the industry; it’s a game-changer for Norwegian.”

“No doubt one of the most spectacular mega-resorts at sea chockfull of restaurants, lively nightspots and deck-top amusements.”

“From its innovative Waterfront dining, to the nightlife, to the takeout window at its most sought-after restaurant, everyone found something to love on the ship.”

“The Haven, with each new ship, gets better, operating like a boutique hotel amid the buzz of a major city.”

“This ship is such a big deal for The Big Apple.”

“New York’s newest cruise ship is going to be giving its passengers a whole lot of kicks on the high seas.”

21

Awarded the Editors Pick for “Best New Ship” in 2013

Gold awards for the contemporary and large ship categories, and the award for pool design

NORWEGIAN GETAWAY, OUR MIAMI SHIP

Latin-themed dining and lounges including the Tropicana Room and the Sugarcane Mojito Bar

Art Deco-themed Ice Bar and Miami-themed artwork throughout the ship

New productions of Broadway shows Legally Blonde and Burn the Floor

Illusionarium, a surreal magical experience with fine dining and special effects never before seen at sea

Miami Dolphins Cheerleaders as Godmothers

Celebrity chef eateries from Geoffrey Zakarian and Buddy Valastro

For the first time in a decade, offering seven day itinerariesyear- round from Miami

For the first time in a decade, offering seven day itinerariesyear- round from Miami

2014 DEPLOYMENT

23

Alaska

Bermuda

Caribbean

Europe

Hawaii Other

49%

Deployment Highlights:

• Addition of Norwegian Getaway year-round from Miami

• Third year of a four-ship seasonal Europe deployment

• Dry-docks for Norwegian Spirit, Norwegian Jewel and Norwegian Gem

AlaskaBermuda

Caribbean

EuropeOther

Alaska

Caribbean

Europe Other

Source: Company reports

21%

48%

22%

36%

30%

OPPORTUNITY TO EXPAND OUR GLOBAL FOOTPRINTWINTER 2015-2016 DEPLOYMENTHIGHLIGHTS

Deployment strategy focused on driving

contribution margin

Deployment strategy focused on driving

contribution margin

4,000 berths27 dining options

5 slide Aqua Park with 2 racing slides3 Broadway shows++

1 distinctive Waterfront1 incredibly innovative ship

NORWEGIAN ESCAPE HIGHLIGHTS

25

Scheduled for delivery in fall of 2015

At 4,200 berths will be the largest ship in Norwegian’s fleet

Proven design based on already popular Breakaway-class ships

Enters Miami 7-day Caribbean market to replace Norwegian Epic which moves to year-round Europe

Hull artwork by famed marine wildlife artist and conservationist Guy Harvey

Accommodations includes the latest rendition of The Haven by Norwegian®

Additional details of ships design and features to come

• Eco-friendly island destinationin Southern Belize currentlyunder construction

• Provides alternative tocongested port in BelizeCity

• Guests can remain on islandfor a beach experience or experince unique excursions

• On track to accept calls beginning late 2015

HARVEST CAYE IN BELIZE

EXECUTING ON OUR STRATEGIES:THE RESULTS

FINANCIAL HIGHLIGHTS

Track Record of Consistent Financial Performance and Growth

Best-in-Class Operating Efficiency

Strong Balance Sheet with Enhanced Maturity Profile and Meaningful Deleveraging

Strategy Built on Driving Industry Leading ROIC

Industry Leading Net Yield CAGR Since 2008

28

Highly Attractive Growth Profile

23 CONSECUTIVE QUARTERS OF EARNINGS GROWTHWITH CONSISTENT MARGIN IMPROVEMENT

29

$239

$286 $298

$323 $324 $332 $340 $351

$383 $405

$428 $456

$481 $506 $515 $525

$540 $556 $562

$579

$627 $647

$687 11

.0%

25

.4%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2009200920082008

(1) Trailing 12 months

($ millions)

20102010 20112011 20122012 20132013 20142014

AD

JUST

ED

EB

ITD

A M

AR

GIN

(1)

AD

JUST

ED

EB

ITD

A (1

)

Net Revenue Adjusted EBITDA

Net Yield (1) Adjusted EBITDA per Capacity Day

Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) As reported.

CONSISTENT FINANCIAL PERFORMANCEANNUAL RESULTS

30

$108.32 $117.42 $121.92 $124.34 $130.20

$47.81 $50.87 $51.47 $51.84 $53.50

$0.00

$50.00

$100.00

$150.00

$200.00

2009 2010 2011 2012 2013

$1,320$1,479

$1,639 $1,692$1,919

$0

$500

$1,000

$1,500

$2,000

2009 2010 2011 2012 2013

31%

69%

30%

70%

30%

70%

29%

71%

29%

71%

$156.14$168.29 $173.39 $176.18 $183.70

$332

$405

$506 $556

$647

17.9%20.1%

22.8%24.4% 25.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

2009 2010 2011 2012 2013

($mm)

($)

$39.32 $46.08

$53.52 $57.86

$61.95

$0.00

$25.00

$50.00

$75.00

2009 2010 2011 2012 2013

($mm)

($)

NET CRUISE COST

Focus on improving fuel efficiency and reducing consumption

Implementation of scrubber technology to reduce fuel emissions and expense

Drive efficiencies through continuous process improvement while benefiting the guest experience

Leverage synergistic relationships in purchasing, training, etc.

Newbuild program drives economies of scale

31

Increased cost efficiency despite fluctuating fuel costsIncreased cost efficiency despite fluctuating fuel costs

$11

5.4

0

$9

8.5

7

$9

9.1

3

$9

4.7

4

$8

9.7

1

$9

2.9

5

$29.35

$19.44

$23.92

$29.64

$31.56

$29.50

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

$180.00

2008 2009 2010 2011 2012 2013

Net Cruise Cost ex-Fuel per Capacity Day

Gross Fuel Expense per Capacity Day

Net Revenue Adjusted EBITDA (12 months ended March 31, )

Adjusted EPSAdjusted EBITDA per Capacity Day

(12 months ended March 31, )

Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.

CONSISTENT FINANCIAL PERFORMANCEFIRST QUARTER 2014 RESULTS

32

$0.06

$0.23

$0.00

$0.10

$0.20

$0.30

2013 2014

$0

$100

$200

$300

$400

$500

2013 2014

$562

$687

24.6%25.4%

20.0%

25.0%

30.0%

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

2013 2014

($)

$58.80

$62.48

$55.00

$57.50

$60.00

$62.50

$65.00

2013 2014

($mm)

($)

($mm)

68%

32%

68%

32%$391

$499

STRENGTHENING BALANCE SHEET

Refinancing transactions materially lowered cost of

debt and extended maturity profile

Liquidity position at March 31 of ~$550mm

New revolving credit facility is bullet maturity,

removing amortization requirements in previous

structure

Strong operating cash flow generation supports

attractive deleveraging profile

Young fleet supports free cash flow generation due

to lower maintenance expenditures and higher

margin revenue opportunities

Newbuilds financed with 12 year maturities at

attractive interest rates

Note: For additional information about the non-GAAP financial measures presented, please see company filings.Note: Leverage excludes amounts under Due to Affiliates.(1) Includes capital leases.(2) Pro Forma Adjusted EBITDA includes full year of forecasted EBITDA attributable to Norwegian Breakaway and Norwegian Getaway

33

Leverage at March 31, 2014

Cash Equivalents $65

Revolving Credit Facility 120

5.0% Senior Unsecured Notes 299

Other Debt (1) 3,120

Total Debt Excluding Newbuild 3,539

Newbuild Debt 115

Total Debt Including Newbuild 3,654

LTM Adjusted EBITDA 687

Pro Forma Adjusted EBITDA (2) 843

Net Debt/Adjusted EBITDA 5.2x

Net Debt ex. Newbuild / PF Adj. EBITDA 4.1x

2008 VS. 2013 NET YIELD

34

$122.64 $130.20

$47.40 $53.50

$0.00

$50.00

$100.00

$150.00

$200.00

2008 2013

($)

$170.04$183.70 Norwegian’s net yield is over 8% above

2008 levels with improvement in both ticket and onboard as a result of:

Enhanced pricing discipline

Growth in core fleet yields

Delivery of premium priced newbuilds

Onboard revenue initiatives that enhance Freestyle Cruising offering as well as onboard yield

Norwegian has surpassed industry yield environment of 2008Norwegian has surpassed industry yield environment of 2008

BEST-IN-CLASS PERFORMANCE

Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) Fiscal year end December 31 for Norwegian and RCL, November 30 for CCL. LTM for CCL is as of August 31. RCL Adjusted for Pullmantur impairment in 2012, CCL adjusted for Ibero

brand impairment in 2012.(2) Includes businesses held for sale. Excluding these businesses net yield growth is 2.3%(3) Calculated as EBIT / (Average Debt + Average Book Equity)

Consistent Financial Performance (1)

Adjusted EBITDA Margin (%)

5%

10%

15%

20%

25%

30%

2007 2008 2009 2010 2011 2012 2013

Norwegian CCL RCL

4.3%

2.7%

(2.1%)

(5.0%)

(2.5%)

0.0%

2.5%

5.0%

Net Yield Growth Full Year 2013 2013 Return on Invested Capital (3)

35

6.9%

4.7%4.0%

0.0%

2.0%

4.0%

6.0%

8.0%(2)

2014 RESULTS AND EXPECTATIONS

3.8%

-2.7%-1.6%

Q1 2014 Net Yield Growth (1)

(1) On an As Reported basis for the three months ended March 31 for Norwegian and Royal Caribbean, February 28 for Carnival(2) Based on midpoint of most recent guidance. For Net Yield, Carnival has not released guidance other than “down slightly versus

prior year”. Net Yield on an As Reported basis.(3) Carnival non-GAAP EPS of $0.00 in Q1 2014 compared to $0.08 in Q1 2013

3.3%

2.0%

FY 2014E Net Yield Guidance (2)

61.7%

39.6%

1.3%

FY 2014E Adjusted EPS Growth (2)283.3%

-40.0%n/a (3)

Q1 2014 Adjusted EPS Growth

Down Slightly

INVESTMENT HIGHLIGHTS

37

Differentiated Product Offering of Freedom and Flexibility, “Freestyle Cruising”

Strategic Newbuild Program Drives Compelling Growth Story

Premium Product Offering Leads to Higher Net Yields Including Industry-leading Onboard Yields

Track Record of Consistent Financial Performance with Strong Focus on Driving ROIC

Executing on Stated Strategies and Initiatives

Young Modern Fleet Purpose-Built for Freestyle Cruising

Attractive Industry Fundamentals with Favorable Demographics

APPENDIX

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dju

sted

EB

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A is

no

t a

def

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ter

m u

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cco

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men

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