NCL Financials!

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NCL Corporation Reports Third Quarter and First Nine Months Results
for 2005

MIAMI Nov. 22, 2005
NCL Corporation Ltd. ("NCL" or the "Company") reported net income of
$36.6 million on total revenues of $495.3 million for its third
quarter ended September 30, 2005. This compares to net income of $40.3
million on total revenues of $410.9 million for the third quarter of
2004.

Net income for the nine months ended September 30, 2005 was $47.9
million on revenues of $1.2 billion, compared to net income of $29.0
million on revenues of $1.0 billion for the same period in 2004.
Earnings for the nine months ended September 30, 2005 include a $21.8
million foreign exchange translation gain on NCL's euro-denominated
debt.

Quarter Results

Driven primarily by a 13.0% increase in Capacity Days and a strong
growth in Net Yields, total revenues for third quarter of 2005
increased 20.5% compared to the third quarter of 2004. Net Yields for
the third quarter of 2005 increased 6.5% compared to the prior year,
due to higher cruise ticket prices and an increase in onboard
spending. Gross Yields increased 6.7% from the third quarter of 2004.

Net Cruise Costs per Capacity Day for the third quarter of 2005
increased 8.8% compared to third quarter of 2004. The increase in
these costs was due to higher payroll and related expenses, increased
fuel costs, and costs associated with the introduction of Pride of
America and Norwegian Jewel. The growth in payroll and related
expenses is primarily attributable to increased payroll costs
associated with U.S. crew used in the company's inter-island cruises
in Hawaii, which began operations in June 2004 and expanded to two
ships with the introduction of Pride of America at the end of the
second quarter of 2005. During the quarter, average fuel prices
increased 44% to $297 per metric ton from $206 per metric ton in 2004.
The increase in payroll and related expenses and fuel costs accounted
for 4.7 and 3.8 percentage points, respectively, of the increase in
Net Cruise Costs. Gross Cruise Costs per Capacity Day increased 8.2%.

"Our third quarter results continue to illustrate a robust demand for
our cruise vacations," said Colin Veitch, president and chief
executive officer of NCL Corporation Ltd. "While the expansion of our
Hawaii operations and the rising price of fuel negatively impacted the
quarter's results, we are very pleased with our year-to-date results.
Despite these cost pressures, our year-to-date operating income per
capacity day increased a very encouraging 19%. We are excited about
our future as we continue to focus on our strategy to renew our fleet
and expand our Hawaii operations."

Year to Date Results

Total revenues for the nine months ended September 30, 2005 increased
by 19.9% compared to the nine months ended September 30, 2004. This
increase was primarily attributable to an 11.8% increase in Capacity
Days and a 7.8% increase in Net Yields. Consistent with the company's
results for the three months ended September 30, 2005, the strong
growth in Net Yields for the nine months ended September 30, 2005 was
due to higher cruise ticket prices and an increase in onboard
spending. Gross Yields increased 7.3% compared to the nine months
ended September 30, 2004.

Net Cruise Costs per Capacity Day for the nine months ended September
30, 2005 increased 7.5% compared to the same period in the prior year.
Also consistent with the third quarter results, the increase in these
costs was primarily due to increases in both payroll and related
expenses and fuel costs. Average fuel prices for the first nine months
of 2005 increased 36% to $266 per metric ton from $196 per metric ton
for the same period of 2004. The increase in payroll and related
expenses and fuel costs accounted for 4.9 and 3.0 percentage points,
respectively, of the increase in Net Cruise Costs. These increases
were partially offset by other operating efficiencies. Gross Cruise
Costs per Capacity Day increased 7.1%.

Outlook

Looking forward to the 2006 booking environment, demand is stronger
than at the same time last year and early indications point to a
positive yield environment.

The company has scheduled a conference call at 10 a.m. eastern
standard time today to discuss its earnings. This call can be listened
to live or on a delayed basis, on the company's web site at
http://www.ncl.com/investors.

Terminology and Non-GAAP Financial Measures

Capacity Days

Capacity Days represent double occupancy per cabin multiplied by the
number of cruise days for the period.

Gross Cruise Costs

Gross Cruise Costs represent the sum of total operating expenses and
marketing, general and administrative expenses.

Gross Yields

Gross Yields represent total revenues per Capacity Day.

Net Yields

Net Yields represents total revenues less commissions, transportation
and other expenses, and onboard and other expenses per Capacity Day.
We utilize Net Yields to manage our business on a day-to-day basis and
believe that it is the most relevant measure of our pricing
performance and is commonly used in the cruise industry to measure
pricing performance.

Net Cruise Costs

Net Cruise Costs represent Gross Cruise Costs excluding commission,
transportation and other expenses and onboard and other expenses. In
measuring our ability to control costs in a manner that positively
impacts net income, we believe changes in Net Cruise Costs to be the
most relevant indicator of our performance and is commonly used in the
cruise industry as a measurement of costs.

Passenger Cruise Days

Passenger Cruise Days represent the number of passengers carried for
the period, multiplied by the number of days in their respective
cruises.

Occupancy Percentage

Occupancy Percentage, in accordance with cruise industry practice,
represents the ratio of Passenger Cruise Days to Capacity Days. A
percentage in excess of 100 indicates that three or more passengers
occupied some cabins.

This earnings release 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 involve risks and uncertainties that could
cause actual results, performance or achievements to differ
significantly from NCL's historical results or those implied in
forward-looking statements. These risks include, but are not limited
to, changes in general economic, business, and geo-political
conditions; introduction of competing itineraries and other products
by other companies; lack of acceptance of new itineraries, products or
services by our targeted customers; changes in cruise capacity, as
well as capacity changes in the overall vacation industry; changes
involving the tax, environmental and other regulatory regimes in which
the company operates; the impact of pending or threatened litigation;
delivery schedules of new ships; emergency ship repairs; accidents and
other incidents affecting the health, safety, security and vacation
satisfaction of passengers and causing damage to ships; reduced
consumer demand for cruises as a result of any number of reasons,
including armed conflict, terrorists attacks, geo-political and
economic uncertainties or the unavailability of air service, and the
resulting concerns over safety and security aspects of traveling;
impact of spread of contagious diseases; the ability to obtain
financing on terms that are favorable or consistent with our
expectations; changes in interest rates, oil prices or foreign
currency rates; the implementation of regulations in the United States
requiring United States citizens to obtain passports for travel to
additional foreign destinations; weather; and other risks discussed in
NCL's filings with the Securities and Exchange Commission. You should
not place undue reliance on forward-looking statements as a prediction
of actual results. NCL 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.

NCL CORPORATION LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)

Three months ended Nine months ended
September 30, September 30,
-------------------- ---------------------
2004 2005 2004 2005
-------------------- ---------------------

Revenues
Passenger ticket revenues $307,014 $368,204 $743,912 $880,107
Onboard and other revenues 103,892 127,114 258,759 322,385
-------------------- ---------------------
Total revenues 410,906 495,318 1,002,671 1,202,492
-------------------- ---------------------
Operating expenses
Commissions, transportation
and other 74,609 96,081 182,225 219,182
Onboard and other 41,834 45,024 92,207 106,155
Payroll and related 66,023 86,130 177,162 230,677
Food 22,301 25,839 59,261 69,020
Ship charter costs 7,928 7,032 14,490 21,993
Other operating 70,964 87,892 193,830 226,121
-------------------- ---------------------
Total operating
expenses 283,659 347,998 719,175 873,148
-------------------- ---------------------
Marketing, general and
administrative expenses 48,922 58,761 153,758 171,433
Depreciation and
amortization 20,444 28,000 66,412 73,732
-------------------- ---------------------
Total expenses 353,025 434,759 939,345 1,118,313
-------------------- ---------------------
Operating income 57,881 60,559 63,326 84,179
-------------------- ---------------------
Non-operating income
(expense)
Interest income 376 1,602 1,029 3,772
Interest expense, net of
capitalized interest (16,523) (25,192) (34,289) (59,240)
Other (expense) income (1,413) (413) (1,040) 19,212
-------------------- ---------------------
Total non-operating
expense (17,560) (24,003) (34,300) (36,256)
-------------------- ---------------------
Net income $40,321 $36,556 $29,026 $47,923
-------------------- ---------------------

NCL CORPORATION LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

December 31, September 30,
2004 2005
------------ ------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $172,424 $251,478
Restricted cash 28,520 47,077
Accounts receivable, net 10,806 10,768
Note from Parent 12,325 12,325
Consumable inventories 33,363 44,540
Prepaid expenses and others 20,683 33,234
Deferred drydocking costs 13,497 16,121
------------ ------------
Total current assets 291,618 415,543
Property and equipment, net 2,499,790 2,967,232
Deferred drydocking costs 6,943 5,591
Goodwill 392,600 400,254
Tradenames 218,538 218,538
Other assets 75,497 73,324
------------ ------------
Total assets $3,484,986 $4,080,482
============ ============
Liabilities and Shareholder's Equity
Current liabilities:
Current portion of long-term debt $86,198 $132,654
Accounts payable 69,875 63,910
Accrued expenses and other liabilities 113,466 147,121
Amount due to Parent 1,273 3,105
Advance ticket sales 230,601 284,797
------------ ------------
Total current liabilities 501,413 631,587
Long-term debt 1,604,331 2,015,101
Other long-term liabilities 5,734 4,974
------------ ------------
Total liabilities 2,111,478 2,651,662
------------ ------------
Commitments and contingencies - -
Shareholder's equity:
Common stock, $1.00 par value; 12,000
shares authorized; 12,000 shares issued and
outstanding 12 12
Additional paid-in capital 1,491,623 1,498,898
Unamortized stock option expense (779) (665)
Accumulated deficit (117,348) (69,425)
------------ ------------
Total shareholder's equity 1,373,508 1,428,820
------------ ------------
Total liabilities and
shareholder's equity $3,484,986 $4,080,482
============ ============

NCL CORPORATION LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

Nine months ended
September 30,
---------------------
2004 2005
---------- ----------

Cash flows from operating activities:
Net income $29,026 $47,923
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 66,412 73,732
Gain on translation of debt - (21,843)
Other 115 256
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable (7,107) 38
Increase in consumable inventories (10,596) (11,177)
Decrease (increase) in prepaid expenses and other
assets 8,561 (9,426)
Increase in deferred drydocking costs (16,648) (14,298)
Decrease in accounts payable (35,001) (5,965)
Increase in accrued expenses and other
liabilities 24,697 31,913
Increase in advance ticket sales 36,921 54,196
---------- ----------
Net cash provided by operating activities 96,380 145,349
---------- ----------
Cash flows from investing activities:
Capital expenditures (601,200) (518,035)
Increase (decrease) in restricted cash 1,327 (18,557)
---------- ----------
Net cash used in investing activities (599,873) (536,592)
---------- ----------
Cash flows from financing activities:
Principal repayments on long-term debt (494,115) (124,612)
Proceeds from debt 927,080 594,924
Proceeds from advances from Parent 11,550 1,832
Contribution from Parent - 461
Payment of debt issuance costs (36,742) (2,308)
---------- ----------
Net cash provided by financing activities 407,773 470,297
---------- ----------
Net (decrease) increase in cash and cash
equivalents (95,720) 79,054
Cash and cash equivalents
Beginning of period 199,141 172,424
---------- ----------
End of period $103,421 $251,478
========== ==========

NCL CORPORATION LTD.
NON-GAAP RECONCILING INFORMATION
(unaudited)

The following table sets forth selected statistical information for
the periods presented:

Three months ended Nine months ended
September 30, September 30,
---------------------- ---------------------
2004 2005 2004 2005
----------- ---------- ---------- ----------

Passenger Carried 238,666 279,779 647,802 730,781
Passenger Cruise Days 1,856,885 2,095,415 4,984,365 5,586,346
Capacity Days 1,705,632 1,927,226 4,682,160 5,233,496
Occupancy Percentage 108.9% 108.7% 106.5% 106.7%


Gross Yields and Net Yields were calculated as follows (in thousands,
except Capacity Days and Yields):

Three months ended Nine months ended
September 30, September 30,
---------------------- ---------------------
2004 2005 2004 2005
----------- ---------- ---------- ----------
Passenger ticket revenues $307,014 $368,204 $743,912 $880,107
Onboard and other revenues 103,892 127,114 258,759 322,385
----------- ---------- ---------- ----------
Total revenues 410,906 495,318 1,002,671 1,202,492
----------- ---------- ---------- ----------

Less:
Commissions,
transportation and other 74,609 96,081 182,225 219,182
Onboard and other 41,834 45,024 92,207 106,155
----------- ---------- ---------- ----------
Net revenues $294,463 $354,213 $728,239 $877,155
----------- ---------- ---------- ----------

Capacity Days 1,705,632 1,927,226 4,682,160 5,233,496
Gross Yields $240.91 $257.01 $214.15 $229.77
Net Yields $172.64 $183.79 $155.53 $167.60

Gross Cruise Costs and Net Cruise Costs were calculated as follows (in
thousands, except Capacity Days and Gross and Net Cruise Costs per
Capacity Day):

Three months ended Nine months ended
September 30, September 30,
---------------------- ---------------------
2004 2005 2004 2005
----------- ---------- ---------- ----------
Total operating expenses $283,659 $347,998 $719,175 $873,148
Marketing, general and
administrative expenses 48,922 58,761 153,758 171,433
----------- ---------- ---------- ----------
Gross Cruise Costs 332,581 406,759 872,933 1,044,581
----------- ---------- ---------- ----------

Less:
Commissions, transportation
and other 74,609 96,081 182,225 219,182
Onboard and other 41,834 45,024 92,207 106,155
----------- ---------- ---------- ----------
Net Cruise Costs $216,138 $265,654 $598,501 $719,244
----------- ---------- ---------- ----------

Capacity Days 1,705,632 1,927,226 4,682,160 5,233,496
Gross Cruise Costs per
Capacity Day $194.99 $211.06 $186.44 $199.60
Net Cruise Costs per
Capacity Day $126.72 $137.84 $127.83 $137.43