>Norwegian Cruise Line Reports Results for First Quarter 2009

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>MIAMI–(BUSINESS WIRE)–Norwegian Cruise Line (the “Company”) reported an EBITDA improvement for the three months ended March 31, 2009 of 46.3% to $50.9 million versus $34.8 million for the same period in 2008. Net income rose to $5.2 million in 2009 versus a net loss of $145.0 million in 2008. These increases in profitability came despite a decrease in Net Revenues for the first quarter of 15.5%. Net Revenues decreased primarily due to a 7.9% decrease in Net Yields and an 8.3% decrease in Capacity Days. The decrease in Net Yields resulted mainly from weakness in passenger ticket pricing offset by an increase in Net Yields pertaining to onboard and other revenues. The decrease in Capacity Days resulted from the departure of Marco Polo and Norwegian Dream from the Company’s fleet in March and November of 2008, respectively. Occupancy Percentage for the first quarter of 2009 was 106.9% compared to 106.4% in the first quarter of 2008, and is the highest for a first quarter since the introduction of the Company’s first modern, purpose-built Freestyle Cruising ship slightly less than ten years ago.

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