NCL Corporation Ltd ("NCL") is one of the leading cruise ship operators in the world and is increasing the size and modernity of its fleet. NCL currently operates 12 ships with over 25,000 berths, which represents approximately 10% of the overall cruise capacity in North America in terms of berths. NCL is in the midst of a fleet renewal program which, by the end of 2010, will add two new ships to its fleet with approximately 8,400 berths. During the same period, certain ships which we currently charter from Star Cruises Limited will be withdrawn from our fleet. NCL has a long tradition of product innovation within the cruise industry, including "Freestyle Cruising", Hawaii expansion and "Homeland Cruising". NCL offers a wide variety of itineraries focused on North America, including year-round cruises from New York, the only seven-day inter-island itineraries in Hawaii and a variety of itineraries in Alaska. NCL also offers numerous mainstream itineraries in the Caribbean, Europe and South America. NCL operates under two brands: Norwegian Cruise Line and NCL America (under which the unique Hawaii cruises are offered).

In addition to operating its large, competitive international fleet, NCL is unique in the industry in being the only major cruise line to operate U.S.-flagged ships, which enables the company to offer entirely inter-island Hawaii cruises.

NCL seeks to attract vacationers by pioneering new products and services, exploring new markets and adding modern ships to its fleet with the aim of offering a vacation product with better value and more attractive characteristics than the broader, land-based leisure alternatives with which it competes. NCL has a long tradition of product innovation within the cruise industry: NCL is the oldest established consumer brand in Caribbean cruising. In 1977, NCL became the first cruise operator to operate on a private island in the Bahamas and to offer a private beach experience to the passengers. NCL was also the first to introduce a 2,000-berth megaship into the Caribbean market in 1980. This tradition of innovation has continued in recent years with the launch of "Freestyle Cruising", the development of "Homeland Cruising", including the initiation of year-round cruises from New York, and the introduction of one-week and more recently 10 and 11-day inter-island cruises on ocean-going ships in Hawaii through the U.S.-flagged vessels, which NCL believes differentiates the company significantly from its major competitors.