NCL Begins Process For Listing On New York Stock Exchange

Announces Private Placement Of $62 Million In Convertible Bonds

Miami, Fla., March 31, 1999 – Norwegian Cruise Line announced today that it has started the process to complete a listing on the New York Stock Exchange. The listing is scheduled to take place during the first half of 1999.

The company has also entered into an agreement for the issue of $62 million in convertible bonds in a private placement. The convertible bonds will be issued primarily to repay debt in NCL’s holding company and replace it by a long term financing at a lower cost.

The bonds will be convertible at NOK 27. per share, and the holders will have the right to convert half of their convertible bond holdings into equity at the market price, and after 12 months all of their convertible bond holdings may be converted at market price.

The private placement is subject to approval from the Extraordinary General Meeting on April 14, 1999. Carnegie and Orkla Finans are the joint lead managers for the private placement.

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