NCL Holding ASA to List ADRs on NYSE

NCL Holding Charts a New Course With Company’s Recovery and Growth

NEW YORK, NY and OSLO, NORWAY, July 9, 1999--NCL Holding ASA (NCL: Oslo Stock Exchange), the world’s fourth-largest cruise-line operator, is steering for the U.S. stock market. NCL intends to begin trading its American Depository Receipts (ADRs) on the New York Stock Exchange (NYSE) under the symbol NRW beginning July 9, 1999, with one ADR representing four ordinary shares.

"The NYSE listing will raise investor awareness of NCL’s accomplishments and position in the growing global cruise market," said Miami-based NCL Holding President and CEO Geir Aune. "We are confident the market will recognize the potential in NCL after the financial and operational turnaround over the last four years."

Listing NCL on the NYSE is the latest achievement in the resurgence of NCL as one of the world’s leading cruise lines. NCL has raised approximately US$500,000,000 in equity since beginning a turnaround in 1995 and positioned itself with a modern line of cruise ships, enabling NCL to successfully grow and compete into the 21st century.

Fleet Enhancement And Capacity Expansion
From June, 1997 to August, 1999, NCL’s capacity will have increased by 65% to 14,450 berths as a result of the lengthening and refurbishment of three ships (Norwegian Dream, Norwegian Majesty and Norwegian Wind), the acquisition of the Norwegian Majesty, Marco Polo and AIDA and the launch of a newly constructed ship, the 2,002- berth Norwegian Sky in August, 1999. In addition, two other cruise ships, the Norway and the Norwegian Sea have recently undergone extensive refurbishments. After the delivery of the Norwegian Sky, NCL’s fleet will consist of ten ships with a total capacity of 14,450. NCL has also signed a letter of intent to build two, new 2,000-berth ships scheduled for delivery in 2001 and 2002, both similar in design to the Norwegian Sky. The letter of intent remains subject to finalization of construction financing for the ships.

Economies Of Scale
NCL’s capacity expansion plan is intended to increase profitability through a larger revenue base. By increasing total capacity and at the same time increasing the average capacity per vessel through the lengthening of existing ships and adding larger ships, NCL has significantly improved its operating efficiency resulting from reduced unit costs. NCL’s intended future growth will allow NCL to further take advantage of the economies of scale inherent in the cruise industry and enhance the potential for future earnings growth.

Acquisitions And Strategic Alliances
In July, 1998, NCL acquired Orient Lines, a premium cruise line offering cruises to exotic destinations. The acquisition of Orient Lines added 850 berths. The 1,025-berth Norwegian Crown will be transferred from Norwegian Cruise Line to this exclusive brand in 2000 to take advantage of its suitability for longer, more exotic itineraries and higher pricing in this market. NCL has also entered into a joint venture, Norwegian Capricorn Line, in Australia which began cruise service in December of 1998 and has entered into a joint venture to explore the Spanish cruise market.

Product Enhancements
NCL believes it offers high service levels and a more intimate cruise experience than the larger ships operated by some of its competitors. NCL has initiated a new quality control program to monitor its high service level. NCL’s ships offer fine dining, high staff to passenger ratios, high quality entertainment including onboard Broadway shows, an alternative intimate restaurant style dining concept called "Le Bistro" and other dining alternatives available on most of NCL’s ships at no extra charge. NCL continues to upgrade its product in an effort to make its cruises even more attractive.

Recent Financial Improvement
In 1998, NCL began to see the results of its efforts to improve efficiency and turnaround NCL’s operations through improved financial performance. NCL’s operating income increased 74% to US$66.4 million in 1998 despite having the Norwegian Dream and Norwegian Wind out of service for drydocking during the lengthening of these ships. Operating income for the first quarter of 1999 ending March 31, 1999, improved to US$10.6 million from US$1.0 million for the same period in 1998.

NCL believes its operational restructure and its strategy to focus on high quality service, interesting itineraries and continued growth to take advantage of economies of scale inherent in the cruise industry will continue to improve profitability.

The listing on the NYSE reflects the continued boom in the cruise market and the world’s leading cruise companies are riding the crest of that wave. NCL believes the cruise industry will continue to thrive as it benefits from the growing popularity of cruising as a mainstream vacation experience and the demographic shifts in the U.S. and worldwide population resulting from aging of the baby boom generation which will benefit the entire leisure industry.

"NCL’s listing on the New York Stock Exchange (NYSE: NRW) exposes the company to the power of the U.S. equity market which we believe will create a valuation more in line with other companies in the cruise industry," said Aune. "NCL is now established in a strong position and we are very excited about what we see in the future for the company."

Note: Statements in this press release regarding NCL Holding ASA that are not historical facts are "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performances or achievements of NCL Holding ASA to be materially different from any future results, performances or achievements expressed or implied by such forward looking statements. For discussions of such factors, including general economic and business conditions, please review NCL Holding ASA’s most recent Annual Report and NCL’s Form 20-F filed with the U.S. Securities and Exchange Commission.

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