2020 ENVIRONMENTAL, SOCIAL AND GOVERNANCE(ESG) REPORTIntroduction

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TABLE OF CONTENTSINTRODUCTIONEMPOWERING PEOPLE

Key Highlights............................................................. 4

Introduction...............................................................88

A Message from our President and CEO............... 6

COVID-19 Response................................................ 90

Interview with our Head of ESG.............................. 8

Human Capital Oversight........................................92

Our Company............................................................. 10
Sail & Sustain Strategy.............................................12

Talent Acquisition, Training& Development..........................................................92

ESG Oversight............................................................14

Diversity, Equity & Inclusion.................................100

Engaging Stakeholders............................................16

Employee Health, Safety & Well-Being............. 106

ABOUT THISREPORT
This report contains information about Norwegian Cruise

Materiality....................................................................18

STRENGTHENING OURCOMMUNITIESLine Holdings Ltd.’s Environmental, Social and Governance

REDUCING ENVIRONMENTAL
IMPACT

Introduction............................................................. 108

are most important to our stakeholders. This report is the first

Philanthropy & Volunteerism................................110

time we have integrated Sustainability Accounting Standards

Introduction............................................................... 22

Disaster Relief........................................................... 118

Board (SASB) standards into our ESG reporting. In addition to

Addressing Climate Change...................................24

Partnerships............................................................. 120

UN SDGs......................................................................20

Energy Conservation............................................... 32
Newbuilds and Innovations.................................... 35
Environmental Management..................................38
Environmental Training.......................................... 40
Water Stewardship...................................................42
Underwater Sound Emissions................................45
Waste Mitigation.......................................................45
Environmental Partnerships...................................50
Responsible Sourcing..............................................54
Destination Stewardship.........................................66

OPERATING WITH INTEGRITY
AND ACCOUNTABILITY
Introduction..............................................................122(ESG) initiatives and performance on factors that we believe

the information in this report, we externally report on our Sail
& Sustain strategy on our website, Form 10-K, Annual Report
and Proxy Statement. We also obtain third-party verification
over selected data disclosed in this report. The scope ofBoard of Directors.................................................. 124

this report and associated SASB Index includes information

Risk Management................................................... 130

for fiscal year 2020 (January 1, 2020 – December 31, 2020)

Ethics and Compliance.......................................... 132

for Norwegian Cruise Line Holdings Ltd. and its subsidiaries

Data Privacy and Security.................................... 134
Political Spending and Lobbying
Policies and Practices............................................ 135

globally, unless otherwise stated. All financial figures indicatedin this report are in U.S. dollars, unless otherwise noted.
Please read an important disclaimer regarding forward-

SAILING SAFELYAPPENDIX

Introduction............................................................... 76

SASB Index............................................................... 136

COVID-19 Response................................................. 78

Glossary.................................................................... 142

Onboard Public Health and Sanitation.................81
Onboard Cleaning and Disinfection.....................85
Continual Public Health Training...........................86
Safety at Sea.............................................................. 87

looking statements in this report on page 147 and here.

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KEY HIGHLIGHTS
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3M

24/7/365

100%

100%

1/3rd

tons of carbon offsets purchased1

stringent public healthcompliance culture

participation in diversity, equity& inclusion training across
U.S. shoreside workforce

U.S. shoreside team members
receiving annual Paid Volunteer Day

female representation on
Board of Directors

40%

11

~49%

$10M

55%

targeted reduction in industry-wide
carbon emissions rate by 20302

globally recognized experts
assembled to form the Healthy Sail
Panel in response to COVID-19

women in global shoreside leadership

donated to six Alaska port
communities impacted by lossof tourism during COVID-19

diverse Board of Directors

~11M

100%

~64%

$2M+

7

single-use plastic water bottles and~50M plastic straws estimated tobe eliminated annually across our
fleet and two island destinationsof initial voyages upon a resumptionof cruising to sail with SailSAFE™
health and safety program, including
mandatory vaccinations4

ethnically diverse U.S.
shoreside employees6of humanitarian relief provided toorganizations worldwide, including
joint efforts with JUST® Goods, Inc.

independent Directors
out of 9 members

100%

95

$15/hr$500K

6.1 yearsof ships on order equipped withcold-ironing capabilities

combined average score forunannounced CDC ship inspections
in U.S. ports in 2019minimum wage for all U.S.
shoreside employees7

support provided to St. Vincent forvolcanic relief efforts

average Board tenure9

100%

100%

100%

16

100%

ships with Advanced Wastewater
Purification systemsof ships sail with dedicatedPublic Health Officer onboard

medical insurance premiums covered
for furloughed team members due
to COVID-198

Feeding America food banks supported
in the Southern U.S. to provide relief after
Texas and Gulf States severe winter storms

Code of Ethics certification annually~45%

10+ years

~87%

~400

ZERO

of total U.S. supply spending withsmall or diverse businesses in 20203

average experience of our ship
Safety Officers

voluntary retention rate for U.S.
shoreside team in 2020

Miami cruise longshoremen provided
with gift cards totaling $100K

tolerance policy for any
discrimination or retaliation

1	Commitment to purchase over three-year period, 2021-2023.
2	Cruise Line International Association (CLIA) industry-wide commitment
against 2008 fleet baseline.
3	Total U.S. supply spending with small businesses or businesses withminority, veteran or economically disadvantaged qualifications.
4 Limited exceptions may be made pursuant to valid medical or religious exemptions.

55	Global shoreside manager and above leadership.
6	Percentage based on team members who have self-identified.
7	Certain positions have a lower base wage but have a combined higher incentive.
8	Shoreside team members who are temporarily furloughed.
9	As of 4/7/21.

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A MESSAGE FROM OUR
PRESIDENT AND CEO
To say that 2020 was challenging would be an incredible
understatement, as it was without a doubt the most difficultyear in our Company’s 50-plus-year history. In March 2020, we
suspended operations bringing our entire 28-ship fleet to ahalt literally overnight to help combat the global public healthemergency brought on by the COVID-19 pandemic. Over a year
later, our ships remain moored or anchored in ports around theworld waiting to set sail again. Throughout this crisis, I have been
incredibly proud and grateful for the dedication and perseverance
demonstrated by our team members around the globe who
continue to adapt, innovate and flawlessly execute while facedwith unprecedented personal and professional challenges.
Despite the pandemic’s unprecedented headwinds, we have neverwavered on our commitment to drive a positive impact on society
and the environment through our global sustainability program,
Sail & Sustain. This program is structured around five pillars:
Reducing Environmental Impact, Sailing Safely, Empowering
People, Strengthening our Communities and Operating with Integrity and Accountability. As part ofour efforts to enhance our disclosure and transparency, this year we are pleased to present our firstall-encompassing Environmental, Social and Governance (ESG) report, which highlights several
initiatives that support our key ESG pillars.
While there were many important initiatives in 2020, one of our key highlights for the year was
the co-formation of the Healthy Sail Panel (HSP), comprised of 11 globally recognized public healthexperts, who informed us on the development of a science-backed plan for a safe and healthy returnto cruising. To protect our guests, crew and communities we visit, we enhanced our commitment
to health and safety with our SailSAFETM health and safety program, which was developed withguidance from our team of expert advisors including the HSP. The robust and comprehensive
SailSAFE program includes new and enhanced protocols, including mandatory vaccinations on
all initial voyages,1 to create multiple layers of protection against COVID-19.
We also strived to help our local communities and the destinations we visit, as the impacts of the
global crisis reached every corner of the world. We provided approximately $10 million of cash
support to six Alaska port communities to benefit communities, small business and families who were
impacted by the loss of tourism due to COVID-19. In addition, we also provided more than $2 millionof in-kind humanitarian relief to support various community organizations worldwide throughout
2020 and 2021, including Feeding America food banks. In the spirit of giving back, beginning in
2021 we are also providing a Paid Volunteer Day to all U.S. shoreside team members to encouragecommunity involvement.

Our team members continue to be our most important asset,
and we remain committed to maintaining a safe, diverse
and inclusive culture which supports and empowers themall. We were incredibly pleased to be recognized for thiscommitment and named by Forbes to the list of America’s
Best Large Employers, even as our Company operates in oneof the hardest hit industries by the pandemic. To support our
diversity, equity and inclusion (DE&I) efforts, we continue topartner with the Florida Diversity Council and in 2020 launchedonline DE&I training, including unconscious bias training. We
also recognize the value and importance of a diverse supplierbase and approximately 45% of our total U.S. supply chain
spending in 2020 was with small businesses or businesses withminority, veteran or economically disadvantaged qualifications.

“Offering our guests theopportunity to explore
incredible destinations
around the world is at
the heart of what we do,and the preservation andprotection of our planetis critical to our success.”

Offering our guests the opportunity to explore incredible
destinations around the world is at the heart of what we do,and the preservation and protection of our planet is critical to
our success. While the ultimate goal of our long-term climate
action strategy is to reduce our absolute GHG emissions,
we implemented a strategy to purchase carbon offsets toaddress current gaps in our decarbonization efforts until newtechnology becomes available. In June 2021, we committed tovoluntarily offset at least 3 million metric tons of our emissions
through 2023. We plan to increase our voluntary offset
purchases in future years until we achieve full carbon neutrality,
while simultaneously exploring additional ways to reduce ouroverall footprint.
As we look forward, we are committed to making a lasting
impact on the world as responsible corporate citizens and
ESG leaders. We are proud of our accomplishments to dateand invite you to join us on our “Sail & Sustain” journey as
we continue to build on this foundation for years to come.
Thank you for your continued support,

Frank J. Del Rio
President and Chief Executive Officer
Norwegian Cruise Line Holdings Ltd.

1	Limited exceptions may be made pursuant to valid medical or religious exemptions.

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INTERVIEW
WITH OURHEAD OF ESG
Andrea DeMarco
Senior Vice President,
ESG, Investor Relations &Corporate Communications

What drove the Company’s
decision to not only create a
dedicated ESG department,
but structure it how you did?

Sustainability has always been integrated into our day-to-day
operations. As these topics became more material, it was importantto the Company to create a dedicated ESG department in early2020 and develop a comprehensive corporate ESG strategy to charta path forward on our ESG journey. Historically, we had not been
vocal in telling our ESG story and highlighting all of the great
progress we are making, and we are committed to changing thisgoing forward. To best do so, we created a unique structure which
combines ESG, Investor Relations and Corporate Communications
under one umbrella. This structure works beautifully as it createsa platform for consistent two-way communication with many ofour key stakeholders which allows us to tell our story and provides
valuable insights that we can use to continually improve ourstrategy and disclosure.

How has COVID-19 changed
your Company’s perspective
on ESG?

Despite operating in one of the hardest hit industries by thispandemic, our focus on ESG has been unwavering. In fact, thepandemic only reinforced how important the effective managementof ESG opportunities and risks are to our Company’s success. Oneof the changes we have seen in this environment is that the ‘S’ in
ESG has come to the forefront. Not only have we been proactive on
the health and safety front to help mitigate the risk of COVID-19, but
the far-reaching impact of the pandemic has also strengthened our
dedication to family and community. Throughout our broad cruise
ecosystem, we have supported severely impacted families andcommunities by providing donations and in-kind humanitarian relief.

How do you see stakeholderinterest in ESG evolving?

Interest in ESG has broadly increased across all of our key
stakeholders and we expect this trend to continue. This is not apassing phenomenon, it is here to stay, and it is being actively
integrated in business models across the world. The overarching
ESG priorities including addressing climate change and protecting
shared resources are global, with common goals for all stakeholders
to strive toward. Across the board, we have seen more and more
stakeholders take an active interest in our Company’s ESG journey.
In addition, the stakes have risen, and we have seen an increasing
willingness to hold companies accountable who are not working
towards a more sustainable future for all.

What are your top ESG
priorities for the next year?

We are pleased to have published our first ever comprehensive
ESG report this year, but we don’t plan to stop here. We willcontinue to focus on enhancing our transparency and are working
toward providing additional climate-related disclosure in line with
the Task Force on Climate-related Financial Disclosures (TCFD)
framework. In addition, we will be focused on developing clear
targets for ESG metrics to demonstrate our commitment andfacilitate easier tracking and alignment on our key priorities.
Through our Sail & Sustain Executive Leadership Council and
Sail & Sustain Task Force we also hope to encourage additionalcross-functional collaboration and sharing of best sustainability
practices throughout our global organization.

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OUR COMPANY
1966

Norwegian Cruise Line Holdings Ltd. (the Company or Norwegian) is a leading global cruise
company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas
Cruises brands. With a combined fleet of 28 ships with nearly 60,000 berths, our brands offer
itineraries to more than 490 destinations worldwide. The Company also has nine additional
ships scheduled for delivery through 2027, comprising approximately 24,000 berths.

NORWEGIAN CRUISE LINEAs the innovator in global cruise travel, Norwegian Cruise Line has
been breaking the boundaries of traditional cruising for 54 years.
Most notably, the cruise line revolutionized the industry by offering
guests the freedom and flexibility to design their ideal vacation on
their preferred schedule, with no assigned dining and entertainment
times and no formal dress codes. Today, its fleet of 17 contemporary
ships sails to over 300 of the world’s most desirable destinations,
including Great Stirrup Cay, the Company’s private island in theYear founded

~2.7

28

9

Million guests
carried in 2019

Ships
in fleetShips
on order~34,000

120

13Team members

Nations represented

Global offices

Bahamas and its resort destination Harvest Caye in Belize.

OCEANIA CRUISES
Oceania Cruises is the world’s leading culinary- and destinationfocused cruise line. The line’s six small, luxurious ships carry only
684 or 1,250 guests featuring the finest cuisine at sea
and destination-rich itineraries that span the globe. Expertly curated
travel experiences aboard the designer-inspired, small ships callon more than 450 marquee and boutique ports across Europe,
Alaska, Asia, Africa, Australia, New Zealand, New England-Canada,
Bermuda, the Caribbean, the Panama Canal, Tahiti and the South
Pacific, in addition to the epic 180-day Around the World Voyages.
The brand has two 1,200-guest Allura-class ships on order.

490+

2

6

Global destinations
visitedContinents

Islanddestinations

VISIONMISSION

VALUES

To be the vacation of
choice for everyone
around the world.

Provide exceptional
vacation experiences,delivered by passionate
team members committed
to world-class hospitality
and innovation.

Flawless Execution
Dedication to Family & Community
Spirit of Entrepreneurship
Financial Excellence
Environmental Stewardship.

REGENT SEVEN SEAS CRUISES
Regent Seven Seas Cruises offers an unrivaled experience to luxury
travelers, visiting more than 450 iconic and immersive destinations
around the world. The cruise line’s modern fleet recently expandedwith Seven Seas Splendor™ in 2020 as the fleet’s fifth ship, andhas an additional ship on order. All luxuries are included in Regent
Seven Seas Cruises voyages, such as all-suite accommodations,round-trip business-class air on intercontinental flights from the U.S.
and Canada, the largest collection of unlimited shore excursions,unlimited internet access, highly personalized service, exquisite
cuisine, fine wines and spirits, gratuities and ground transfers.

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STRATEGY
Our global sustainability program, Sail & Sustain, is centered around ourcommitment to drive a positive impact on society and the environment while
delivering on our vision to be the vacation of choice for everyone aroundthe world. We visit nearly 500 destinations globally, allowing our guests
to travel and explore the world, and our business is inextricably linked tothe preservation of our planet and the protection of our shared resources.
We recognize our ethical, social and environmental responsibilities and arecommitted to maintaining our high standards of operational excellence,achieving results the right way and creating value for all of our stakeholders.
Our environmental, social and governance (ESG) strategy is focused on fivepillars and was developed through cross-functional collaboration with key
internal and external stakeholders. As we continue our ESG journey, we lookforward to building upon this foundation and meaningfully contributing to
the UN Sustainable Development Goals (SDGs) as we collectively chart apath towards a more sustainable future.

WE ASPIRE TO…
Reducing Environmental
ImpactSailing Safely

Empowering People• Protect health and safety• Combat climate change• Provide a clean andsafe environment• Promote diversity, equity& inclusion• Protect our oceans• Minimize waste to landfills• Recruit, retain anddevelop talent• Conserve fresh water• Engage team members• Increase our sustainablesourcing• Support employee well-being

Strengthening Our
Communities

Operating with Integrity
and Accountability• Support and invest in
local communities• Practice good governance• Provide disaster relief• Respect human rights• Get results the right way• Protect personal data andrespect privacy• Reduce, reuse and recycle

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ESG OVERSIGHT
We have integrated our environmental, social and governance principles throughout our
Company with oversight at various levels of the organization. The Company’s Board of
Directors is actively engaged in overseeing the ESG strategy and implementation. In 2019,
the Technology, Environmental, Safety and Security (TESS) Committee of our Board of
Directors was established to oversee matters related to corporate social responsibility
and sustainability. In early 2020, we also created a dedicated ESG department to further
enhance the overall ESG strategy while coordinating closely with departments across theorganization. The ESG department is led by the Senior Vice President of ESG, Investor
Relations and Corporate Communications and reports directly to the Chief Financial Officer.
To further integrate ESG oversight, in early 2021 we established two additional layers ofoversight, the Sail & Sustain Executive Leadership Council (Sail & Sustain Council) and theSail & Sustain Task Force (Task Force).
Sail & Sustain Executive Leadership Council — The Sail & Sustain Council is comprisedof senior executives across the organization including the Chief Executive Officer, Chief
Financial Officer, President and CEOs of our three cruise lines, Chief Talent Officer, GeneralCounsel and the heads of our Vessel Operations, Supply Chain and Logistics and Onboard
Revenue and Destination Services functions. The Council meets at least quarterly to drive
decision making, accountability and oversight of ESG initiatives.
Sail & Sustain Task Force — The cross-functional Task Force includes representatives
from various departments across the organization including Health, Medical, Safety andEnvironmental Operations, Human Resources, Legal, Ports and Destinations, Investor
Relations, Public Relations, Marketing and Supply Chain. The Task Force was created toengage leadership at all levels with the goal of proactively innovating new ways to integratesustainability into our everyday operations, share and implement best practices and executeon the day-to-day strategy within their respective areas of responsibility. The Task Forcetracks the progress on ESG goals and meets at least quarterly to report on progress of
relevant initiatives.

BOARD OF DIRECTORS
Provides oversight on ESG strategy

TECHNOLOGY, ENVIRONMENTAL,
SAFETY AND SECURITY (TESS) COMMITTEEStanding Board of Directors Committee that oversees ESG strategy
and implementation and provides regular updates to the full Board

SAIL & SUSTAIN EXECUTIVELEADERSHIP COUNCIL
Comprised of CEO and senior executives across the organization.
Provides executive support and helps drive ESG decision-making
and integration of ESG priorities into company-wide culture.

SENIOR VICE PRESIDENT, ESG,INVESTOR RELATIONS & CORPORATECOMMUNICATIONS
Reports to Chief Financial Officer and leads Company’s ESG strategy and department.
Also leads communication efforts with external stakeholders including investors,
Wall Street analysts and global business and financial media.

SAIL & SUSTAIN TASK FORCE
Cross-functional team with representatives from various departments across the Company.
Assists in the day-to-day implementation of the Company’s ESG goals within their areas of
responsibility. Proactively implements best practices and develops innovative solutions.

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ENGAGINGSTAKEHOLDERS
An important element of our ESG initiatives is proactive and consistent engagement withboth internal and external stakeholders to help inform our programs and strategic priorities.
We engage with global stakeholders through various channels in order to have continuous
meaningful dialogue on expectations and feedback. Some of the departments at our Company
that engage stakeholders on a regular basis include sales, marketing, investor relations, humanresources, ports and destinations and supply and purchasing.

STAKEHOLDERS
GuestsInvestors,
Analysts,
Financial
Institutions,Rating Agencies

TYPES OF ENGAGEMENTSTAKEHOLDERS

TYPES OF ENGAGEMENT

Employees• Town hall meetings• Employee resource groups• Email communications, including
weekly CEO and Human
Resources emails during COVID-19• Performance and careerdevelopment reviews• Mandatory training• Anonymous hotline

We seek to attract and retain top
talent to ensure the continued
success of our organization.

Suppliers• Face-to-face meetings• Supplier diversity program• Surveys• Responsible sourcing• Assessments and audits

We maintain strong andcollaborative relations with ourglobal suppliers to continuously
find new ways to source responsibly
and make our supply chain morediverse and sustainable.

Travel Partners• Dedicated Travel Partner teams• Travel partner meetingsand presentations• Travel Partner portal and websites• Regional events

Travel partners are often thefirst line of engagement with ourguests, and we rely on them heavily
for direct communication andpromotion to our guests.

Communities• Direct relationships shoreside andat visited destinations• Corporate and employee giving• Networking and philanthropy
events• Partnerships• Employee volunteer opportunities

We are committed to improving
lives in the communities where our
employees live and work, our private
destinations (Great Stirrup Cay andHarvest Caye) and the nearly 500
destinations our ships visit globally.

Governments
and Policy
Makers• Direct engagement on
important issues• Advocacy• Monitoring of regulatory activities• Industry trade associations,
including CLIA

We work with domestic andinternational government
representatives at all levels toprovide information about our cruise
operations, positively impact public
policy and regulation and contributeto local economies.

NonGovernment
Organizations• Organizational memberships• Direct engagement andpartnerships• Social media• Website and ESG report

We collaborate with organizations
and have strategic partnerships
to address issues of concern forour industry and our stakeholders.
NGOs have the power to influence
public opinion and can help provide
us with insight and guidance on
emerging issues.

WHY IT IS IMPORTANT• Consumer insights• Electronic and onboard surveys• Customer hotlines• Websites• Social media• Public relations• Loyalty programs

We strive to maximize guest
satisfaction and address guest
feedback, which leads to increased
customer loyalty and aids in thelong-term sustainability of ourCompany in a competitive andchanging marketplace.

• Meetings• Participation in ESG ratingssurveys and questionnaires(i.e. CDP Climate Change)• Quarterly earnings releases
and calls• Annual report• Annual ESG report integrating
recommendations from theSustainability AccountingStandards Board (SASB)• Annual shareholder meetings• Investor calls and forums• Conferences• Participation in Poseidon
Principles

Investors, analysts, financial
institutions (banks, insurancecompanies, etc.) and rating
agencies are increasinglyinterested in greater disclosureand transparency on ESG topics
and performance, which they link
to long-term value.

NGO

WHY IT IS IMPORTANT

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MATERIALITY ASSESSMENT
Reassess Current Programs

Strategic Material Priorities

Strategic Material Priorities• Air Quality & Emissions• GHG & Climate Risk

• Waste & Wastewater Management• Habitat Conservation &Ocean Stewardship

Increasing Importance to Stakeholders• Health & Safety

Monitor & Maintain• Community Engagement& Economic Development• Labor Management

Ongoing Priorities• Corporate Governance & Ethics• Fuel & Energy Efficiency

Monitor & Maintain

Ongoing Priorities• Responsible Marketing& Communications• Data Security & Privacy• Water Consumption& Preservation

Strategic Material Priorities• Human Capital Including
Diversity, Equity & Inclusion

Ongoing Priorities• Responsible Supply Chain

Increasing Importance to Company
In 2021, we worked with a third-party sustainability consultant to conduct a comprehensive
materiality assessment to ensure we were aligning our ESG program with the most material
topics for our key stakeholders. Through interviews and a survey, we engaged internal andexternal stakeholders to help prioritize 14 of our most material environmental, social, andgovernance topics. Once the ESG topics were prioritized, we conducted a workshop with
our Sail & Sustain Executive Leadership Council to discuss and validate the findings. We will
use these findings to inform our ESG strategy and reporting going forward.

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DECENT WORK AND ECONOMIC GROWTH• We directly employ over 34,000 team members internationally representing over 120 countries across theglobe. We also have a significant indirect economic impact at our homeports and the nearly 500 destinations
we visit worldwide.
• To further support our employees, we committed to a $15/hr minimum wage for all U.S. shoreside employees
beginning in May 2019, except for certain teams that have a lower hourly wage combined with a higher incentive.

We are proud to contribute to the UN Sustainable Development Goals (SDGs) which provide a shared
blueprint for peace and prosperity for people and the planet to achieve a more sustainable future.
The plan, first outlined and adopted by all United Nations Member States in 2015, focuses on 17 areasin which nations, governments, businesses and citizens can work to make progress towards the global
2030 agenda. Our Company touches nearly all 17 SDGs through our day-to-day operations, partnerships
and social and community initiatives, both locally and at the destinations we visit around the globe.
However, we have identified 10 goals where we believe we can make the greatest contribution:

GOOD HEALTH AND WELL-BEING• Health and safety are our number one priority and we are committed to protecting our guests, crew,
shoreside team members and the communities we visit.
• We have a stringent 24/7/365 Public Health program in place which works closely with public health agencies
including the U.S. Centers for Disease Control and Prevention and the World Health Organization.
• We co-formed the Healthy Sail Panel, a group of 11 globally recognized experts, to inform the development of
new and enhanced health and safety standards in response to the COVID-19 pandemic. The panel’s work was
widely shared and open to any other industry that could benefit from the scientific and medical insights.
• We enhanced our commitment to health and safety with our robust SailSAFETM health and safety programwith protocols to create multiple layers of protection against COVID-19. We were the first major cruise
operator to commit to mandatory COVID-19 vaccination requirements1 for all guests and crew upon an initial
return to service, in addition to the multi-layered SailSAFE preventative protocols.

GENDER EQUALITYSUSTAINABLE CITIES AND COMMUNITIES• We remain committed to having a positive impact on our local communities, the communities we visit
and the local ecosystems through which we cruise.
• We provide significant disaster relief to communities in need, including both supplies and funding. For
example, we provided $3 million of aid to rebuild the Bahamas after Hurricane Dorian, approximately$500,000 to St. Vincent after the volcanic eruption, nearly $275,000 for rebuilding efforts in Colombia after
Hurricane Iota and A$250,000 for Australia bushfire relief efforts.
• We promote responsible tourism by providing a variety of shore excursions for guests, including our“Go Local” tours designed to immerse our guests in the local communities and support local artisans,businesses and markets.

RESPONSIBLE CONSUMPTION AND PRODUCTION• We are committed to working with diverse partners across the supply chain to source safe, high quality,
ethically-responsible and sustainable products for our guests.
• We have a strong focus on reducing single-use plastics through a multitude of initiatives. Most notably,
Norwegian Cruise Line became the first major global cruise company to be plastic water bottle-free throughits partnership with JUST® Goods, Inc.

CLIMATE ACTION• We are continually seeking opportunities to reduce our overall carbon footprint. In 2018, we joined a historicindustry commitment to reduce the carbon emissions rate industry-wide by 40% by 2030 compared to 2008 levels.

• Our Company is committed to fostering an inclusive and equitable workforce, where women are
represented, engaged and empowered to generate and execute on innovative ideas.

• We have proposed a collaborative R&D fund with the cruise industry and other maritime associations thataims to generate approximately $5 billion over a ten-year period to pursue new environmental solutions,
including zero carbon technologies to achieve GHG reduction targets.

• Our commitment is reflected across the organization, from our Board of Directors which is comprised of
one-third women to our shoreside manager and above leadership team which is approximately 50% female.

• We voluntarily committed to offset CO2 emissions with a goal of increasing offset purchases each year andeventually reaching carbon neutrality.

CLEAN WATER AND SANITATION• We have increased onboard water production with evaporators and reverse osmosis plants that use seawater
as the source, which reduces the need for the bunkering of fresh water. In 2020, ~83% of our water was
produced on board.
• Our fleetwide average water consumption has decreased approximately 4.5% between 2015-2019. One of ourwater conservation efforts include installing water flow reducers on all sink taps and shower heads.

LIFE BELOW WATER• Our industry is inextricably linked to our oceans and as such, continual improvement is one of our core
responsibilities.

• 100% of our ships have Advanced Wastewater Purification systems onboard.

• We partner with various organizations to support ocean conservation including Ocean Conservancy and the
Guy Harvey Ocean Foundation. We also have a coral reef restoration project in the Bahamas in conjunction
with Nova Southeastern University.

AFFORDABLE AND CLEAN ENERGY

LIFE ON LAND

• We have ship-specific plans that focus on improving energy efficiency through improving voyage planning,
speed optimization, operating engines on their most economic loads, optimization of HVAC systems,
improving our ships’ hydrodynamic capabilities by upgrading the propulsion systems with more efficient
propellers, applying low-friction hull coating and using energy-saving LED lights.

• Harvest Caye, the Company’s private destination in Belize, is home to a wildlife sanctuary and is also oneof the few nesting sites for endangered hawksbill turtles. We established the Harvest Caye Conservation
Foundation (HCCF) in partnership with Belize Island Holdings Ltd. as a non-governmental organization
whose primary goal is to promote wildlife conservation in Belize. HCCF is dedicated to working with otherorganizations in Belize and undertaking advocacy and outreach work with schools and communities topromote conservation and awareness of threatened species.

• Our Waste Heat Recovery program works by recovering heat from the engines and transferring it to freshwater
piping, allowing us to utilize a free source of energy for improving water production and saving fuel.
1	Limited exceptions may be made pursuant to valid medical or religious exemptions.

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REDUCING
ENVIRONMENTAL
IMPACTWE ASPIRE TO…

COMBAT CLIMATECHANGEPROTECTOUR OCEANSMINIMIZE WASTE
TO LANDFILLSCONSERVEFRESH WATERREDUCE, REUSE
AND RECYCLE

INCREASE OURSUSTAINABLE
SOURCING

Reducing our environmental impact is an essential part of ourCompany’s mission and culture. We are committed to addressing
climate change and doing our part to protect and preserve theenvironment. This commitment extends from our Board of Directors
and executive management team to each of our ships and offices
worldwide. We regularly evaluate environmental risks and havea company-wide emphasis on environmental leadership. We also
continuously seek and invest in new technologies and innovations
that will allow us to improve our environmental performance.

AT A GLANCE

3M

40%

~11M

tons of carbon offsetspurchased to help
bridge the gap in
decarbonization efforts1

targeted reduction inindustry-wide carbon
emissions rate by 2030
compared to 2008

single use plastic waterbottles and ~50M plastic
straws estimated tobe eliminated annually
across our fleet and two
island destinations

100%

~45%

~70%

ships on order equippedwith cold-ironing
capabilities

total U.S. supply spending
with small or diverse
businesses in 2020

operational capacity or
13 ships equipped with
Exhaust Gas Cleaning
Systems by the end of 20212

100%

Over 80%

LEED Goldships with Advanced
Wastewater Purification
systems

self-produced waterused onboard

new PortMiami terminal
constructed to LEEDGold standards

The future of our business is closely intertwined with the healthof our oceans and the destinations we visit, and environmentallyfriendly practices allow our business to thrive.

1	Commitment to purchase over three-year period, 2021-2023.
2 Operational capacity based on lower berths.

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ADDRESSING
CLIMATE CHANGE
As leaders in the cruise industry, we believe it is our responsibility to take an active rolein addressing climate change. We have a long-term climate action strategy with a goal toreach carbon neutrality through reducing carbon intensity, investing in technology including
exploring alternative fuels and implementing a voluntary carbon offset program. We comply
with applicable regulations, quantify and report our greenhouse gas emissions (GHG) andcontinuously seek new cost-effective ways to reduce or minimize our carbon footprint.
We recognize climate change is a real business risk and partner with other companies, ourcruise association, Cruise Lines International Association (CLIA), domestic and international
governments and NGOs to contribute to global efforts to combat climate change.

~17%
reduction in fuelconsumption per capacity
day from 2008-2019

In 2018, we signed the Cruise Lines International Association (CLIA) historic commitment to
reduce the carbon emissions rate industry-wide by 40% by 2030. This CLIA commitment was
created as a first step to contribute to the International Maritime Organization’s (IMO) visionof a carbon-free shipping industry by the end of the century.

REDUCE CARBON INTENSITY
We continually seek opportunities to reduce our overall footprint by minimizing
fuel consumption and increasing energy efficiency. Our ongoing investments
in systems and technologies have allowed us to reduce our fuel consumption
per capacity day by approximately 17% from 2008 to 2019 for our entire 28-ship fleet andapproximately 25% for the Norwegian Cruise Line fleet. In addition, we achieved an estimated
14% reduction in CO2 emissions per capacity day across our fleet between 2015-2019. As
nine new and more fuel-efficient vessels are introduced to the fleet through 2027, this rate is
expected to further decrease.

IMPLEMENT VOLUNTARY CARBON OFFSET PROGRAMINVEST IN TECHNOLOGY AND EXPLORE ALTERNATIVE FUELS
We have partnered with CLIA and other maritime organizations to propose theestablishment of a $5 billion collaborative shipping research & development funddedicated to the ultimate goal of eliminating CO2 emissions from international
shipping. If approved, funds will be used to finance the accelerated development of zero andnear-zero GHG fuels and propulsion technologies. As new alternative fuel sources become
available at sufficient scale in the future, we will evaluate how these can accelerate our longterm carbon reduction strategy.

In June 2021, we committed to purchase verified carbon credits to offset
three million metric tons of carbon dioxide equivalent (MTCO2e) over a threeyear period beginning 2021. While our ultimate goal is to reduce our absoluteemissions, we are purchasing carbon offsets to address gaps in our decarbonization efforts
until new technology becomes available. This initiative further demonstrates our commitment
to addressing climate change, even while our Company faces the unprecedented impact on
profitability due to the COVID-19 related global voyage suspension. We plan to gradually
increase our voluntary offset purchases in future years until we achieve full carbon neutrality,1
while simultaneously exploring additional ways to reduce our overall footprint.

1	Based on Scope 1 emissions which typically account for ~95% of our footprint.

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GHG EMISSIONS REPORTINGDID YOU KNOW?

In 2018, we developed a GHG inventory management strategy that enables us to quantify,
report and verify our GHG emissions.1

On our path to carbon
neutrality, we are investingin voluntary carbon offsets
and supporting projects
around the world
including a solar projectin the Philippines, wherea large portion of ourcrew call home.

We currently quantify our Scope 1, Scope 2 and limited Scope 3 emissions. Beginning in 2019,
we began calculating Scope 3 emissions related to employee commuting. Our emissions havereceived independent third-party verification and external assurance from our classificationsociety, DNV. In a typical year, the vast majority of our footprint, approximately 95%, comesfrom emissions generated by our ships’ fuel consumption.
On an absolute basis, our 2020 GHG emissions were significantly lower than the prior year at
approximately 1.4 million MTCO2e, down approximately 46% from 2019 driven by the global
suspension of cruise voyages beginning in mid-March 2020 and continuing through year-end.
During the voyage suspension period, our vessels have been docked or anchored around theglobe at reduced manning levels, significantly reducing our overall fuel consumption. 2021
GHG emissions are also expected to be below historical levels due to the ongoing suspensionof cruises but will increase in the future as we initiate a phased return to service.
On a per capacity day basis, we have made significant strides in reducing our CO2 emissions
rate across our fleet. We achieved an estimated 14% reduction in CO2 emissions per capacity
day across our fleet between 2015-2019. As we introduce nine new and more efficient vessels
to our fleet through 2027, we expect this rate to further decrease.

CO2 EMISSIONS MONITORING

We also use carbon offsets to counterbalance the impact of our emissions and address gaps inour decarbonization efforts until technology improves. We have committed to voluntarily offset
at least 3 million MTCO2e in 2021-2023.

In 2015, the European Union (EU) established the EU Monitoring, Reporting & Verification (MRV)
regulation to record and assess the shipping industry’s CO2 emissions. Beginning January 1, 2018,vessels sailing in the EU and European Free Trade Association (EFTA) jurisdiction were required
to collect fuel usage and emissions data for every voyage during the year.

Since 2019, we have also disclosed carbon emissions data to CDP (formerly known as the Carbon
Disclosure Project). In our most recent submission, we improved our climate change score toa ‘B’ in 2020, higher than the Marine Transport Sector, North America and Global average.

2017

2018

2019

2020

Scope 1 Emissions

2,504,436

2,615,864

2,687,980

1,442,306

Scope 2 Emissions2

5,073

4,514

4,971

3,931

Scope 3 Emissions(Employee Commuting Only)

N/A3

N/A3

4,465

1,287

2,509,509

2,620,3778

2,697,416

1,447,524

MTCO2eTotal

We partnered with a third-party company to create a reporting portal to provide quick reports
and data on fuel usage and CO2 emissions throughout the year. This data is being reported
to and published by the European Commission. The reports include information on the fuelconsumed, distance traveled and time underway for the year for each of our ships sailing in
the EU. Similar to the EU MRV, the IMO Data Collection System (DCS) focuses on accurate
reporting of fuel consumption. Collection and reporting methods are included within thevessel’s Shipboard Energy Efficiency Management Plan (SEEMP). The reports and emissions arethen verified and reported to the IMO database by the ship’s flag state.
The DCS data was first captured for 2019 and reported in 2020. Each ship receives a Statementof Compliance for fuel oil consumption reporting that is valid for one year, to provide evidence
that the vessel’s data was reported according to IMO requirements.

1	Emissions are calculated following the Greenhouse Gas Protocol Corporate Standard.
2	Scope 2 Emissions are calculated using the Market-Based method.
3	Company began calculating Scope 3 emissions related to employee commuting in 2019.

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POSEIDON PRINCIPLES
We also support the Poseidon Principles, a framework forassessing and disclosing the climate alignment of ship financeportfolios. This initiative aims to support financial institutionsin integrating climate considerations into lending decisions inline with the climate-related goals of the IMO. The ultimate
goal is to help promote responsible environmental behavior
and incentivize international shipping’s decarbonization.
The Poseidon Principles was developed in an effort spearheaded by global shipping banks –Citi, Societe Generale and DNB – in collaboration with leading industry players – A.P. Møller
Mærsk, Cargill, Euronav, Gram Car Carriers, Lloyd’s Register and Watson Farley & Williams –with expert support provided by the Global Maritime Forum, Rocky Mountain Institute andUniversity College London Energy Institute/UMAS. To date, 20 financial institutions have joined
the initiative, representing over $150 billion in loans to international shipping or more than
1/3 of the global shipping finance portfolio.
As of the date of issuance of this report, we have already provided data to six signatory banks
as part of their alignment with the Poseidon Principles.

CLIMATE RISKS AND SCENARIO PLANNING
We plan to undertake carbon risk scenario planning that will focus on priority climate changerisks. The first priority is transition risks from potential future policies that would create a costof carbon, which in turn would affect direct costs and pricing to customers. The second priority
is physical risks from increased storm frequency and severity, leading to business interruption in
ship ports of call. We will evaluate the financial impact of the risks and determine which risks may
have a financial impact, develop models to quantify the financial impact of the inherent risks andmitigation strategies. The results of the scenario analysis will be integrated into our ESG strategy.
We also plan to increase our transparency and align our climate-related disclosures according to
the Task Force on Climate-related Financial Disclosures (TCFD) framework.

EMISSIONS REGULATION
Our vessels’ emissions, like many of our operations, are subject to multiple levels of regulation.
The vessel must adhere to all applicable international, state and local requirements, as well ascompany specific procedures.
Beginning in January 2020, the IMO convention entitled Prevention of Pollution from Ships(MARPOL) set a new global limit on fuel sulfur content of 0.5%, reduced from 3.5%. To
comply with this regulation, we are using marine gas oil (MGO) and exhaust gas cleaningsystems (EGCS). EGCS reduce fuel emissions with a sulfur content greater than 0.5% to an
equivalent amount of sulfur emissions as compliant fuel.
MARPOL also requires stricter limitations on sulfur emissions within designated Emission
Control Areas (ECA), which include the Baltic Sea, the North Sea/English Channel, North
American waters and the U.S. Caribbean Sea. Ships operating in these waters are required
to use fuel with a sulfur content of no more than 0.1% or use approved alternative emission
reduction methods. MARPOL Annex VI also sets limits for nitrogen oxide (NOx) emissions.
Unlike sulfur oxide (SOx) emissions, which relate to the fuel burned, the NOx emissions are
related to the engines onboard the vessel. While the SOx regulations are retroactive andapply to ships that were in service prior to the regulation, the global NOx requirements are
based on the keel lay date of the vessel.

EXHAUST GAS CLEANING SYSTEMSTo decrease exhaust emissions, we have invested approximately$170 million to install EGCS on many of our ships. This
innovative technology reduces the levels of SOx and particulatematter emitted from the ship by cleaning or scrubbing theemissions before they are released from the stack.
On occasion, a white plume may be visible from the funnelof the vessel when an EGCS is in use, which is a result ofvapor/steam mixing with the regulatory compliant emissions.

~70%of operational capacity or
13 ships will be equippedwith EGCS by the endof 20211

1	Operational capacity based on lower berths.

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Ships equipped with this technology can reduce SOx emissions by up to 98%. Ninety-two
percent of systems installed on our ships can operate in open or closed loop, which is known
as a hybrid system. This allows the ships to operate the systems within compliance in expanded
areas of the world.
During the voyage suspension, we took the opportunity to accelerate EGCS installations
on Norwegian Breakaway and Norwegian Getaway, which were originally scheduled to beinstalled in 2023. Once completed in summer 2021, 13 of our 17 Norwegian Cruise Line vessels
will have scrubbers installed. Vessels across our fleet that do not have EGCS installed use
compliant MGO.

EXHAUST GAS CLEANING SYSTEMSOPEN LOOP

CLOSED LOOP
COLD IRONING

CLEANEDEXHAUST OUT

HeatExchanger

Continuous
EmissionsMonitoring
SystemHeat
Exchanger

Alkali
DosingExhaustGas InProcess
Tank

Continuous
EmissionsMonitoring
SystemAlkali
DosingExhaustGas InProcess
Tank

Water Treatment Unit

HoldingTank(optional)

CLEANEDEXHAUST OUT

Water Treatment Unit

Water
Monitoring
Unit

HoldingTank(optional)

Water
Monitoring
Unit

Our ships continue to generate their own power while in port, providing heat, air conditioning,lighting and hot water for guests and crew. A small number of ports we visit have installed
infrastructure for cruise ships to connect to onshore electrical power grids to supply much of
the power needed while docked — a process known as cold ironing and frequently referred toas shore power.
While still limited, the number of ports with this infrastructure is increasing, and we aresupportive of the expansion of this capability. In late 2020, we completed an agreement with
the Port of Southampton to support the building of its fifth cruise terminal which features
shore power as well as other environmentally-friendly initiatives. In early 2021, we also signed ajoint initiative along with six other cruise lines, Miami-Dade County and Florida Power & Light
to work together to bring shore power to PortMiami, widely considered the Cruise Capital of
the World. While still in early stages, this initiative would make PortMiami the first port in thesoutheastern United States to provide shore power connectivity.
Thirty-five percent of Norwegian Cruise Line’s ships and one ship for Regent Seven Seas
Cruises are equipped with cold ironing capabilities. In addition, all newbuilds currently onorder will have cold ironing capabilities, and we are in the process of retrofitting several existing
vessels, including Oceania Cruise’s Regatta and Insignia and Regent’s Seven Seas Mariner,
which are expected to be completed by the end of 2021. We will continue to evaluate theavailability of shore power connectivity for future newbuilds, retrofits of existing vessels anditinerary planning.
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ENERGY CONSERVATIONVOYAGE PLANNING AND OPTIMIZATIONSHIPBOARD ENERGY EFFICIENCY MANAGEMENT PLAN
Each ship in our fleet has a Shipboard Energy Efficiency Management Plan (SEEMP). The
primary objective is to improve the overall operating efficiency of the ship on a long run
by implementing optimized methods for energy and fuel savings. Those initiatives include
improving voyage planning, optimizing ship’s speed, operating the main engines at their mosteconomical loads, optimizing HVAC systems and improving our ships’ hydrodynamic capabilities
by upgrading propulsion systems with more efficient propellers. Onboard energy management
meetings are also held quarterly to discuss energy conservation projects, track energy efficiency
initiatives and identify future projects. During our voyage suspension period, we worked
with Eniram (Wärtsilä), which offers marine energy management technology, to improve theaccuracy of our data and expand our KPIs.
With less demand for steam during the voyage suspension beginning March 2020, boiler
consumption during 2020 decreased by approximately 53% compared to 2019.

PROPULSION POWER
A key area of focus in our energy saving initiatives is propulsion power, which represents justover 50% of the total energy usage on a ship. To help increase propulsion efficiencies, we haveapplied low friction silicone hull coating to 100% of our fleet and have completed hydrodynamic
upgrades. In 2020, we completed hydrodynamic upgrades to Oceania Cruise’s Nautica with the
installation of the Rolls Royce PROMAS system, which is estimated to provide between 8-10%
propulsion power savings once the ship returns to normal operations.

Fleet Average Boiler Fuel Consumption Per Day
2015 Baseline

4

3.93
MT/Day

3

3.88

3.61

3.40

While smart itinerary and voyage planning makes good business sense, it also helps reduceenergy utilization. As we add more exciting destinations around the world for our guests
to enjoy, we constantly work behind the scenes to find the most fuel-efficient routes whenplanning each new voyage. Itineraries are optimized by looking for options where our vessels
can travel at lower speeds, analyzing currents, time at sea and efficient port selection. We alsoachieve fuel savings each cruise by taking weather forecasts and wave conditions into accountto optimize the ship’s route, speed profile and engine loads.

WASTE HEAT RECOVERYOne of the most successful programs implemented on our ships to-date is Waste Heat
Recovery (WHR). This process works by recovering heat from the engines and transferring
it to freshwater piping, enabling the utilization of a free source of energy for improving
water production and saving fuel. The typical return on investment for our WHR installation
projects is less than one year. In 2020, we had two WHR projects scheduled for installation
on Norwegian Jade and Norwegian Spirit, which have been postponed to 2021 and 2022
respectively, due to the voyage suspensions. Once completed, the Norwegian Jade project is
expected to generate weekly savings of 10 MT or 520 MT/year and the Norwegian Spirit projectis expected to create weekly savings of 20 MT or 1,040 MT/year.

LED LIGHTING UPGRADES
We have upgraded lighting on many ships to energy-efficient LED lights which helps reduce
our energy consumption. For example, in recent years we upgraded 200 units per ship on
Norwegian Jewel and Norwegian Star, which has resulted in an approximately 70% reduction
in daily energy consumption and approximately 50% reduction in heat output. In 2020, we
completed LED upgrades on the Norwegian Spirit, including its engine room, tech spaces,
galley and provision rooms.

HVAC SYSTEMS
We monitor and optimize our HVAC systems to ensure we are reducing energy consumption.
In 2020, HVAC ducts were cleaned, which will improve the efficiency of the system.

3.35

2

1.57

1
0
2015

2016

2017

2018

2019

2020

AIR LUBRICATION SYSTEM
Norwegian Joy is equipped with an innovative air lubrication system. The system creates air
bubbles distributed across the ship’s hull, which results in reduced resistance as the ship sails,
saving energy in the process.
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NEWBUILDS AND INNOVATION
We continuously seek and invest in new technologies and innovations that will allow us to
improve our environmental performance, both for our existing fleet and the new ships wehave on order.
Environmental impact is a key priority when we design new ships. We make significant
investments to ensure our newbuilds are equipped with new and enhanced technology
to reduce emissions, optimize fuel consumption and maximize energy efficiencies. Broadly
speaking, when a new Norwegian Cruise Line vessel is introduced to the fleet, its energy
efficiency investments result in an approximately 1% decrease in annualized fuel consumption
per capacity day for the entire 28-ship fleet.

CONSERVATION DURING COVID-19
During the global voyage suspension due to COVID-19, our ships were transitioned to various
states of lay-up with reduced crew complements. Even while at port or anchor, a cruise shipcannot be turned off completely without risk of causing harm to the vessel. However, ourteams were trained on how to maximize efficiencies and minimize energy usage to reduce
our environmental impact and conserve costs during the voyage suspension period. Eachship was provided a list with best practices including initiatives such as:• HVAC system — Minimized usage inunoccupied areas. Crew accommodations
were regrouped in a few zones tominimize consumption. In unoccupied
areas, a ventilation rotation program was
implemented around the vessel to prevent
damage to guest furniture and carpets.
• Chiller — Minimized usage as ACneeds were much lower than during
normal operation.
• Lighting — Minimized use when possible
and conducted rounds to ensure that officelighting was switched off at night.

• Navigation — Used economical speed
when ships repositioned or when
discharging Gray Water outside the
12 nm limits.
• Guest Cabins — Ensured that lights
were switched off, curtains were closed
and balcony doors were properly shutand sealed.

All of our newbuilds on order are equipped selective catalytic reduction systems (SCR) which
reduce up to 90% of NOx emissions by transforming it into harmless water and nitrogen. In
addition, our Prima Class vessels are designed with an X-bow inverted bow design. The X-bow
is curved backwards, which helps to reduce the impact loads on heavy seas and improves
overall stability and fuel efficiency therefore reducing emissions.
We have also partnered with CLIA and other maritime organizations to propose theestablishment of a collaborative shipping research & development fund dedicated to theultimate goal of eliminating CO2 emissions from international shipping. Funding would
come from a contribution per tonne of marine fuel purchased for consumption and is
expected to amount to $5 billion over a 10-year period. These funds will be used to financethe accelerated development of zero and near-zero GHG fuels and propulsion technologies.
There are several zero-carbon fuels currently being researched and developed, such as
ammonia used in internal combustion engines, fuel cells and electric motors combined withbatteries. As new alternative fuel sources become available at sufficient scale in the future,
we will evaluate how these can accelerate our carbon reduction strategy.

• Laundry — Minimized usage of laundrymachines based on reduced number ofcrew onboard.
• Elevators — Switched off all guest
elevators.

• Machinery — Placed certain systems inconservation mode when not needed.

• Galley — Minimized and centralized usage.

• Power System — Used one engine whenships were docked in port.

• Refrigeration — All unused refrigerated
cabinets or guest cabin refrigerators werecleaned and switched off.
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AppendixNORWEGIAN PRIMA CLASSSUSTAINABILITY FEATURES:
Selective Catalytic Reduction System

LED Lighting

Reduces up to 90% of nitrogen oxides(NOx) emissions by transforming it into
harmless water and nitrogen

Energy-efficient LED andfluorescent lights to optimize
power consumption onboard

HVAC Optimization

Trim Stabilizer

Upgraded heating, ventilation
and air conditioning systems

A software application that assists
in optimizing the trim of the shipby monitoring stability levels

Exhaust Gas Cleaning
System (EGCS)
Reduces up to 98% of sulfur
oxides (SOx) emissions

Shipboard Energy
Efficiency Management Plan
Ship-specific plan focused on
smart itinerary and voyageplanning, speed optimization andmore to reduce energy utilization

Onboard Food Digesters
Food digesters use air, water andmicrobiology to safely turn food waste
into liquid, reducing overall food waste

Onboard Water Production
Evaporators and reverse osmosis plantsthat use seawater as the source, reducing
the need for the bunkering of fresh water

Waste Management Center

Ballast Water Treatment System

Waste is safely compacted, separated
or incinerated, and residual waste iscollected and safely offloaded from theships for either recycling or disposal

Utilized to ensure no invasive species are
inadvertently introduced into new waters

Advanced Wastewater
Treatment System
Treats and cleans all wastewater to meetstringent international standards

Low Friction Hull Coating &Upgraded Propulsion Systems
Low friction coating is used on our
ship hulls and we have upgraded
propulsion systems to reduce dragand increase efficiency

Cold Ironing

Waste Heat Recovery

All newbuilds on order will be equipped toconnect to onshore power grids, further
reducing our emissions while in port

Recovers heat from engines and transfers it to
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ENVIRONMENTAL MANAGEMENT
AND REGULATIONThe backbone of our environmental programs is our ISO 14001-certified Environmental
Management System (EMS). Our EMS helps us systematically identify, manage andcontrol activities related to our environmental performance, manage progress toward
our environmental goals and ensure compliance with all applicable regulations. Our EMS
is certified through an independent third-party audit and verification.

ENVIRONMENTAL REGULATION
Cruise operations comply with strict regulations, including those established by international
maritime conventions, as well as a multitude of national and local regulations. We viewcompliance with laws and regulations as the bare minimum requirement for our operations.
Whenever possible, we work to reduce our environmental impact far beyond any requirements.
Where regulations do not exist or are less stringent, we follow best practices for our operations.
In the event of an incident, we immediately respond to address the problem at hand, mitigate
the impact, work with any applicable regulators and implement procedures to prevent any
future recurrence. Depending on the incident, a notice is sent to all vessels to prevent similar
situations on other ships.

ADOPTING NEW SYSTEMS FOR COMPLIANCE
One of the ways that we continue to facilitate our vessels’ environmental compliance is byresearching and investing in systems that support our team members in staying informedon local environmental regulations. This allows for efficient voyage planning operations andhelps further reduce the occurrence of incidents.
Prior to the voyage suspension in 2020, we were able to install one such system, called
E-CAP, onboard Norwegian Encore. The E-CAP software works by interfacing with the vessel’snavigation system to provide environmental planning and monitoring assistance for a vessel’svoyage. The system contains a global regulatory database that includes international and local
requirements, as well as our Company’s environmental operation policies. Utilizing the systemallows for environmental voyage plans to be created and for the officers on watch to be alerted
when to start and stop different operations.

“The E-CAP system is a great tool for assisting the onboard teamwith voyage planning, and it supports us to ensure environmental
compliance in a complex world of environmental regulations.”— C AP TAIN N I K L AS PE RSS O N, NO RW E G IAN E NCO RE

MULTIPLE LAYERS OF
GLOBAL ENVIRONMENTAL REGULATION
Company Policies
Voluntary Certification
Flag State
National & Local Regulations
Classification Societies
IMO & ILO

INTERNATIONAL MARITIME ORGANIZATION (IMO) — The IMO is the United Nations’ dedicatedagency tasked with ensuring the safety and security of shipping, in addition to the preventionof marine and atmospheric pollution by ships. The most important conventions include: The
International Convention for the Safety of Life at Sea (SOLAS), the International Convention on
Standards of Training, Certification and Watchkeeping for Seafarers (STCW) and the International
Convention for the Prevention of Pollution from Ships (MARPOL).
INTERNATIONAL LABOR ORGANIZATION (ILO) — The ILO is the United Nations’ dedicated agency
tasked with promoting safe working conditions and advancing social justice in the workplace. The
Maritime Labor Convention under the ILO, commonly referred to as the “seafarers’ bill of rights”,
was adopted in 2006 to lay out international standards and rules for the uniquely global
maritime industry.
CLASSIFICATION SOCIETIES — Marine classification societies such as DNV and Lloyd’s Registerplay a pivotal role in ensuring we adhere to both class and statutory regulations on behalf of Flag
States, in addition to verifying our compliance to voluntary certifications.
NATIONAL AND LOCAL GOVERNMENT — In addition to global regulations set out by the IMO
and ILO, national and local governments frequently implement more stringent regulations.
FLAG STATES — Regional authorities require regularly scheduled document verification, Port Stateinspections and other methods to prove compliance.
VOLUNTARY CERTIFICATION — We voluntarily implement the ISO 14001 Environmental
Management standard to facilitate compliance that is above and beyond regulatory requirements.
COMPANY POLICIES — We view regulatory compliance as the minimum requirement forour operations. Whenever possible, we work to reduce our environmental impact far beyond
any requirements.

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SafelyEmpowering
PeopleStrengthening our
Communities

Operating with
Integrity andAccountability

Appendix

CREW AND SHORESIDE TRAINING
Prior to assuming their shipboard duties, all crew members learn the basic requirementsfor verifying environmental compliance onboard through our Environmental Familiarization
Training. Each crew member also receives further specialized training that is appropriate totheir individual job and responsibilities.
In addition, every shoreside employee must complete the Company’s online
Environmental Familiarization Training course annually. This training includes information
about our environmental strategy and our global sustainability program, Sail & Sustain, and thepolicies, objectives and targets related to wildlife protection, water conservation and more.

ENVIRONMENTAL INTERNSHIPSWe also offer competitive internships for students interested in a career in the marine
environmental protection sector. Our interns come from both maritime colleges and graduate
universities, and many have gone on to work for us, both on our ships and shoreside.

ENVIRONMENTAL TRAININGENVIRONMENTAL OFFICERS
Every ship in our fleet is required to sail with an Environmental Officer (EO) whose job includes
the implementation, training, oversight and verification of shipboard environmental compliance,in addition to providing shoreside assistance for developing environmental policies andprocedures. The EO is also available onboard to answer guests’ environmental questions andprovide hands-on crew trainings.
EOs receive two weeks of on-the-job training before beginning their first contract, and they are
required to attend a week-long Environmental Summit at the Company’s headquarters. Everyquarter the ship’s EO coordinates with onboard senior management to conduct an in-depth
self-assessment of all onboard environmental programs. During this assessment, all systems,
logs, documents, records and procedures are evaluated in each department for compliancewith Company procedures. These assessments are then submitted to the Corporate Marine
Operations Department for review.

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Appendix

WATER STEWARDSHIPWATER SOURCING:

We have a responsibility to respect and protect our valuable shared water resources, which
are becoming increasingly scarce, and work to be good water stewards. This is critical to
the long-term success of our Company, our oceans and the health of our communities
and destinations we visit. Through a combination of onboard initiatives and progressive
technologies, our ships are consistently improving their water production rates while
simultaneously working to decrease consumption. Across our fleet in 2020, approximately
83% of fresh water used onboard was self-produced.

RO produces fresh and technical water from seawater using
high-pressure pumps and sophisticated water filters andtreatment components. RO plant production can range from250 cubic meters (M3) to 825 m3 per day, based on the size
Bukered Water
17%and capacity of the plant. We currently have more than 45
RO plants across our fleet and are continually evaluating further
installations on existing ships and newbuilds. Norwegian Encore,delivered in 2019, is equipped with four RO plants for a total
42%
production capacity of 2850 M3 a day. In 2020, Norwegian Spirit
and Pride of America also both received new RO systems with aproduction capacity of 600 M3.

Reverse Osmosis

2020 Fleet Water Production DID YOU KNOW?

Steam Evaporators
Evaportation

Our water conservation
efforts have resulted
in a ~4.5% decreasein fleet average water
consumption perperson per day between
Reverse Osmosis
2015-2019.

41%

Evaporators produce fresh water from seawater utilizing heat sources such as exhaust gas
boilers, oil-fired boilers or wasted heat recovered from the main engine high-temperature
cooling system.

Bunkered Water
Bunkered water is potable water acquired in port for use on board. We seek to minimize
or avoid bunkering water in ports where water is scarce or will cause additional stress to
the local community.

2020 Fleet Water Production

ONBOARD PRODUCTION~83%
of water used onboard in2020 was self-produced.

On board a ship, water is primarily used in staterooms forshowers, bathtubs and sinks, as well as utilized in galleys,
laundry, pools, whirlpools, spas and for cleaning public spaces.
Our Company has increased onboard water production with
evaporators and reverse osmosis (RO) plants that use seawater
as the source, which reduces the need for the bunkering of
fresh water. This is particularly important in countries where
fresh water is limited and best reserved for local populations.

Bunkered Water

42%

Evaporation
In 2020, we used approximately 2.5 million M3 of fresh water for all onboard operations,
down approximately 65% vs 2019, due to the voyage suspension.

17%

Reverse Osmosis

41%

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Appendix

UNDERWATER SOUND EMISSIONSWATER CONSERVATION

Liters/Day/Person

We employ numerous initiatives on board to conserve water and reduce our overall
consumption. Our crewFleet
is trained
in measures
to save Consumption
water, and we continuously look for
AverageWaterfurther opportunities to drive water efficiency. Our efforts have resulted in an approximately
4.5% decrease
400 in fleet average water consumption per person per day between 2015-2019.
In 2020, this metric optically increased due to our voyage suspension which resulted in less350
people onboard, however, overall water consumption in 2020 decreased to an average368.7of3
300 241 M per day, approximately 64% lower than 2019.
approximately
250

275.9

271.3

2015

2016

268.4include264.6
263.4
Some of our onboard water conservation efforts
installing waterflow reducers on all
200
sink taps and shower heads. Our ships also repurpose and use AC condensate when possible
150water for machinery systems, laundry, deck washing and more. We have increased
as technicalor upgraded
100 onboard RO plants, and we plan to install additional water meters to measureconsumption in more locations in order to better craft our water conservation plans moving
forward. In50
2020, we installed additional meters on some ships to track consumption in areas
like laundry 0and galleys which typically have higher consumption rates.
2017

2018

2019

2020*

In 2019, weremovedtowel animals
and
ice voyage
buckets
and tongs
from allstandard
staterooms*2020
figure is impacted
by COVID-19
relatedsuspension
which resulted
in less
people onboard.
Overall water consumption decreased significantly in 2020.
in an effort to save the significant amount of water, power and detergent needed to cleanand sanitize these amenities. These two initiatives combined are expected to result in over2 million kWh of energy savings per year.1

WASTE MITIGATION

Fleet Average Water Consumption

Our Company is committed to reducing onboard waste through innovative technologies,
staff training and stringent recycling programs. We are embracing the principles of a circular
economy and working to adopt and apply these principles in our waste mitigation strategy.

400

Liters/Day/Person

350

368.7

300
250

275.9

271.3

268.4

200

264.6

263.4

150
100
50
0
2015

2016

2017

2018

2019

In partnership with DNV, we completed underwatersound surveys for three ships in service: Norwegian
Jewel, Norwegian Joy and Norwegian Bliss, aswell as Norwegian Encore during sea trials. By
conducting these surveys, we were provided theopportunity to demonstrate our low environmental
footprint. Monitoring our underwater soundemissions is just another way in which we areworking to minimize our environmental impact.
The Company qualified for and received SILENT-E(Environmental) class notation, which applies tovessels demonstrating a controlled environmental
noise emission and ensures that vessels do not
exceed typical average-to-moderate underwater
noise levels. Vessels with this notation are able todocument noise performance for authorities orothers requiring proof of noise emission for transit
through vulnerable areas.

20202

Our progressive waste mitigation program lessens the environmental impact of our operations,
reduces pollution, promotes diversion of material from landfills, conserves natural resources
and saves energy. We reduce waste through reusing and recycling, with clear benchmarks
serving as the measurement of progress.
There are many important factors in creating a successful waste mitigation operation, including
proper training. Our Environmental Familiarization Training emphasizes the importance ofseparating waste at the source and helps identify which materials can be recycled and how toproperly handle those items. For its environmental efforts, Norwegian Cruise Line was awarded
the USCG William M. Benkert Marine Environmental Award- Gold in 2018, 2014 and 2012.

*2020 figure is impacted by COVID-19 related voyage suspension which resulted in less people onboard.
Overall water consumption decreased significantly in 2020.
1	Based on the NCL Fleet fully operational with all passenger cabins occupied.
2	2020 figure is impacted by COVID-19 related voyage suspension which resulted in less people onboard. Overall water consumption decreased significantly in 2020.

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Reducing
Environmental
ImpactDID YOU KNOW?
CLIA estimatesthat cruise ship
waste management
professionals recycle
60% more waste
per person than the
average person recycles
on shore each day.

Sailing
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Operating with
Integrity andAccountability

Appendix

REDUCE, REUSE AND RECYCLEREFURBISHMENTS AND DONATIONS

Our crew adheres to a rigorous recycling program to ensurethat our ships take advantage of every opportunity to recycle
and reduce waste to landfill. We also encourage guests tocontribute to recycling efforts by using the recycling bins
around the vessel for plastic, paper and aluminum. Overthe past decade, the availability of recycling programs has
increased, and we continue to focus on working with vendors
who are committed to this as well.

Our ships routinely go into dry-dock every few years for technical maintenance andenhancements, which can produce a large amount of waste. Before initiating a new shiprefurbishment, we aim to maximize recycling and donation and look for ways to minimize
the amount of waste sent to landfills.

SOLID WASTE

Solid waste materials are collected, processed, palletized andlanded for recycling and disposal shoreside or are incinerated
on board our ships. Solid waste consists of aluminum and tincans, glass bottles, cardboard, office paper, food preparationand table scraps, plastic bottles and containers, packaging,
expired light bulbs, paints and chemicals, refurbishment
debris and medical waste. All recyclable materials are handsorted in our waste management rooms which are equippedwith bailers, shredders, compactors and crushers.

FOOD WASTE

We seek to minimize food waste through a comprehensive inventory management plan. In
addition, we utilize food digesters to reduce the amount of food waste discharged to sea orlanded. Food digesters use air, water and microbiology to safely turn food waste into liquid.
Our crew receives training on how to use them and what types of food waste are better
digested. More than 30% of our ships have onboard food digesters.
HAZARDOUS WASTE

Our vessels produce small quantities of hazardous waste, known as special waste in parts of
the world. In the United States hazardous waste is defined by the U.S. Resource Conservation
and Recovery Act (RCRA), which gives the U.S. Environmental Protection Agency (EPA)
the authority to control hazardous waste from cradle to grave. This includes the generation,transportation, treatment, storage and disposal of hazardous waste. The management of
hazardous waste is one of our highest priorities. Hazardous waste products are segregated intoleak-proof containers and landed to an approved shoreside disposal facility, or for some typesof medical waste, incinerated on board.

Donated items from ships can help support communities while also mitigating waste. In 2019,
our ships donated goods to the American Red Cross, Salvation Army, Habitat for Humanity,
Women Helping Women Shelter and to local organizations in various international ports.

“Our refurbishment program is critical to maintaining our competitive
advantage by keeping our fleet in pristine condition and continuing
to enhance the guest vacation experience. We minimize waste byrecycling and donating to support communities and also use theseopportunities to take advantage of emerging technologies that resultin more energy-efficient and technologically advanced vessels.”— R OBI N LI NDSAY, EXECUTI VE VI CE P R ESI DENT, VESS E L OP E RATION S

WORKING WITH WASTE MANAGEMENT
In 2020, we recycled 1,031 tons of aluminum, cardboard/paper, scrap metals, plastics,
wood pallets and glass. These recycling efforts conserved the following resources:

2,945 MATURE TREESYARDS OF2,732 CUBICLANDFILL AIRSPACE

Represent enough saved
timber resources to produce
50,082,000 sheets of printing
and copy paper

Enough airspace to fulfill the annual
municipal waste disposal needs for
3,508 people

2,832 KW-HRS OF ELECTRICITYAVOIDED

Enough power to fulfill the annual
electricity needs of 271 homes

TONS (MTCO E)
2,732 METRIC
OF GHG EMISSIONS
2

The recycling of these materials
prevented these GHG emissions

1,718,500 GALLONS OF WATER
Represent enough saved water tomeet the daily fresh water needs of
22,913 people

Sources: U.S. Environmental Protection Agency, International Aluminum
Institute, National Association for PET Container Resources, Institute of
Scrap Recycling Industries, Earth Works Group Recycler’s Handbook, One
Earth Recycle, Bring Recycling.org, National Recycling Coalition, US Forest
Products Laboratory, and Waste Management. © Waste Management 20172020 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

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Appendix

WASTEWATER TREATMENT
Our company has strict discharge standards and policies for all wastewater generated on
board. We have installed the latest technologies which are designed to produce a higher
effluent quality. This is primarily done during the newbuild process, however we continually
look for opportunities to upgrade systems on our legacy ships.

BILGE WATER
Collected bilge
water is held instorage tanks andprocessed until
standards are met

GRAY AND BLACK WATER

To treat wastewater on board, all ships are equipped with internationally compliant
wastewater treatment systems. This produces effluent that meets or exceeds international
sewage regulations and many municipal wastewater facility standards. One-hundred percent
of our ships have Advanced Wastewater Purification (AWP) systems installed. Weekly internal
testing by the vessel’s Environmental Officer and routine external sampling help verify that
we continue to meet compliance.

ADVANCED WASTEWATER PURIFICATION

Gray Water fromshower, sinks,
galleys and laundry

Prefilter
Process

Black Water fromlavatories andmedical facilities

4X YEAR

1X WEEK

Third party quality tests
performed on AWP systems

Environmental Officers
perform quality tests

Biological
ReactorOil/Water
Separator

Oil
Content
Meter

Discharge occurs only after
oil content is below 15ppm,
meeting or surpassing
international, nationaland company regulations

BILGE WATER

Wastewater collected in machinery and engine spaces is known as bilge water. To ensurecompliance, bilge water goes through a treatment process that separates the oil in the bilge
water, which will be landed ashore as sludge, from the clean bilge water. The clean bilge water
goes through an oil content meter, which analyzes and records the oil content of the cleanbilge water. All ships are equipped with an automatic stopping device so that if the cleanbilge water does not meet requirements, discharging is automatically stopped, and the bilge
water is reprocessed until the standards are met. Bilge water that cannot be discharged iscollected and landed ashore as sludge to an approved vendor.

Final Disinfectant/
UV Sterilization

Final Disinfectant/
UV Sterilization

Additional
Polishing2020 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

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Appendix

ENVIRONMENTAL PARTNERSHIPS
Through our environmental partnerships our Company is able to diversify our conservation
efforts into areas that we would not otherwise be able to. We work with a variety of groups
that have deep ties to the communities they operate in. Two of our partnerships are focusedon more niche conservation efforts that heavily impact the communities around the world wevisit. The first of which is with The Perry Institute of Marine Science and Nova Southeastern
University (NSU). The second of which is with the Alaska Raptor Center (ARC).

While more research is needed, these results offer additional
avenues for improving acropora coral restoration. This
work was presented at the 2020 Bahamas Natural History
Conference and was recently submitted for scientific journal
publication in Frontiers in Marine Science. The NSU team also
completed data analysis of reef surveys conducted at GSC
and found that coral cover and juvenile recruitment was 2-3x
higher than reefs in southeast Florida. In 2021, the project aims
to continue the restoration research, improve and expand thenursery and transplant corals to the local reef.

CORAL REEF RESTORATION
Our private island in the Bahamas, Great Stirrup Cay (GSC), isbordered by a coral reef. This is a critical marine ecosystem thatis among the most diverse and productive ecosystems on theplanet. Unfortunately, a 2017 habitat assessment by the Bahamas
National Trust found coral reefs in this area were severely
degraded due to a combination of natural and anthropogenic
stressors. Since 2018, we have partnered with the Perry Instituteof Marine Science and NSU to assess the coral reefs surrounding
GSC. Researchers from Dr. David Gilliam’s Coral Reef Restoration,
Assessment and Monitoring Lab at NSU’s Oceanographic
Center have been studying the health of these reefs and ways
to improve coral restoration techniques for the endangered
Acropora coral species.
Caribbean acroporids were once highly prevalent ecosystem engineers throughout the region,
but their populations have declined by up to 98%. Underwater coral nurseries were establishedat GSC using fragments of two Acropora coral species (staghorn and elkhorn) and their hybrid(fused staghorn) collected from wild colonies throughout the Berry Islands and Nassau area.
Scientific divers monitored the growth and health of these corals for a year and found that the
hybrid significantly outperformed the parental species.

ALASKA RAPTOR CENTER
The Alaska Raptor Center, located in Sitka, Alaska, is an avian
hospital and rehabilitation center that in 2019 cared for over
190 injured birds of prey. We first partnered with ARC in 2017
to help reduce the center’s energy consumption and waste
production by installing recycling bins and high efficiency
dryers at the facility.
“Environmentally conscious travelers really appreciate thegreen option of recycling their cans and plastic containers.
With about 50,000 visitors each year, these seemingly
small changes really make a difference,” said Jennifer Cross,
Executive Director of the Alaska Raptor Center.
We continued our efforts to help the center inspire visitors
to protect the environment by funding an interpretive nature
trail on ARC’s 17-acre conservation property. Our funds
were utilized for trail building and signage development andinstallation detailing vegetation and animal habitats to guests.
This trail officially opened to the public in 2019, further
enhancing the guest experience at ARC.
“The aim is to connect people to the natural environment
through educational recreation,” said Cross. “For a number ofyears, our guests have demonstrated an eagerness to stretch
their legs and explore their new surroundings. The nature
walk enriches their experience here as they learn more about
the ecology of Southeast Alaska.”

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Appendix

GUY HARVEY OCEAN FOUNDATION
We have a strong partnership with the Guy Harvey
Ocean Foundation (GHOF) and NSU’s Guy Harvey
Research Institute. In the past we have hosted anannual ocean conservation-themed cruise, Cruising
for Conservation with Dr. Guy Harvey. This uniquecruise showcased the importance of conserving thebeauty and well-being of marine life.
Guests who sailed on the last conservation cruise in 2019 experienced an unforgettable week
full of opportunities to meet Dr. Harvey, world-renowned marine artist, scientist, conservationist,
entrepreneur and hull artist of Norwegian Escape, as he hosted curated events about ocean
conservation on board and at various ports of call.
Guests learned about the GHOF’s efforts to conserve the ocean environment, and heard froma panel of marine life experts and scientists from NSU and the University of Rhode Island
about the importance of continued support for cleaner and safer waters through conservationand sustainability efforts. Dr. Harvey also treated guests to live painting sessions where hediscussed how he transformed from marine biologist to one of the world’s foremost marine
wildlife artists.

OCEAN CONSERVANCY
As much as 150 million metric tons of plastic waste alreadypollute the world’s oceans, with more making its way into
the sea every year. Traces of plastic have been found inbirds, sea turtles and more than 25% of fish in seafoodmarkets worldwide. We continue to build on our global
sustainability program, Sail & Sustain, by joining several of
the world’s leading corporations and organizations in Ocean
Conservancy’s Trash Free Seas Alliance® to support ourshared vision of a world with waterways, beaches and oceans
free of plastic waste.
Among their many achievements, the organization helped get
legislation passed to protect oceans and reduce plastic waste.
Ocean Conservancy staff also lead the annual International
Coastal Cleanup, which has engaged more than 14 million
volunteers who have removed over 250 million pounds oftrash from beaches and waterways around the globe since itbegan more than three decades ago.

“From the technology
aboard their ships
to educating cruise
passengers, Norwegian
Cruise Line is a pioneerin sustainably enjoying
our ocean resources.
We are extremely proudof our relationship with
NCL and I am thrilled
to have my artworkand conservation work
showcased aboard
Norwegian Escape.”— D R . GUY HARVEY

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AppendixRESPONSIBLE SOURCING
We are committed to working with diverse partners acrossthe supply chain to source safe, high quality, ethically
responsible and sustainable products for our guests. We
typically spend nearly $3.7 billion annually through our supply
chain, representing a wide variety of goods and services, andpartner with over 30,000 suppliers globally. We recognize
the economic, environmental and social impact of this large
global network of suppliers and believe we can work together
to drive progress toward our responsible sourcing goals.
We have formal policies and clearly defined expectations inplace for our suppliers regarding environmental management,
health and safety, ethics, anti-bribery, human rights andlabor practices. In addition to our internal team, we utilize
an external ESG Supply Chain consultancy to assist with
developing strategies and areas of focus that are relevant tothe cruise industry and consumers.

BY THE NUMBERS~$3.7B~11M

approximate annual
supply chain spend

single-use plastic water bottles
and ~50 million plastic straws
estimated to be eliminatedannually across our fleet and
two island destinations>30,000
number of global suppliers

100%
of chicken purchased fromsuppliers in the U.S. and Canada
who meet GAP standards
expected by 2024

SOURCING DURING COVID-19
2020 spend across our supply chain was significantly impacted by our global voyage
suspension, which has continued well into 2021. In response to the pandemic, our team worked
quickly to partner with vendors and minimize disruptions to our supply chain. This included
re-directing product ordered for our guests and crew pre-pandemic to our ships for crew
and staff onboard to utilize. Some of the steps taken were consolidating orders to leverage
freight efficiencies and reviewing open orders with business owners to determine what could
be paused or canceled. In addition, we worked with vendors to renegotiate key terms oncontracts and pricing to improve our cost basis.
We conducted a comprehensive return to vendor and reverse logistics project to return goods
not needed during the suspension period. We partnered with our suppliers to understand theirinventory levels and did everything in our power to assist in depleting as much product as we
could for crew use onboard. We made several large donations of food and beverage items,
many in partnership with JUST® water, to our local community as well as other nationwide
and global organizations, to assist families in need during this challenging time, providing over
$2 million of humanitarian relief. We also closely monitored the financial health of our key
suppliers, most of which are heavily reliant on the marine and cruise industry, including utilizing
both direct reviews and a third-party.

~75%
of our total worldwide
seafood purchases
certified by a recognizedcertification authority

100%
cage-free eggs from U.S. suppliers
expected by end of 2025

~45%
of total U.S. supply spending withsmall businesses or businesses withminority, veteran or economicallydisadvantaged qualifications~67
quarterly business reviews
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Appendix

1 MILLION
PLASTICSTRAWSELIMINATING SINGLE-USE PLASTICS
We have a strong focus on reducing and eventually eliminating single-use plastics across
our organization. We joined several of the world’s leading corporations and organizations in
Ocean Conservancy’s Trash Free Seas Alliance® to support our shared vision of a world withwaterways, beaches and oceans free of plastic waste. As part of this vision, we expect thevarious initiatives in place will result in the elimination of over 11 million single-use plastic waterbottles and 50 million plastic straws annually across our entire fleet and two island destinations.

50,000SQ FT OF FREE
OCEAN

JUST® WATER
In 2020, Norwegian Cruise Line became the first major global cruise company to be plastic
water bottle-free through its partnership with JUST® Goods, Inc. JUST® Goods, Inc. is the parent
company of JUST® Water – an innovative approach to sourcing and packaging the world’s mostvalued resource, fresh water. Founded by American rapper, songwriter, actor and activist Jaden
Smith and family, JUST® Water packages in a plant-based carton. The carton is refillable andmade from trees grown in responsibly managed forests while the cap and shoulder are madefrom a sugarcane-based plastic. This innovative partnership is estimated to eliminate the useof approximately six million plastic water bottles from our ships annually.

VERO WATER®
In January 2019, Oceania Cruises and Regent Seven Seas
Cruises pioneered a groundbreaking sustainability initiative toeliminate millions of plastic water bottles per year through a
new partnership with Vero Water®. Vero is the gold-standard
for on premise water purification systems in luxury hotels,
resorts and Michelin starred restaurants worldwide. Verouses a proprietary five-stage Nano-Filtration process to
reduce impurities, chemicals and imperfections – resulting
in a perfectly refreshing and smooth taste. Vero’s onboard
purification and filling process will enable the cruise lines topurify, chill and serve in Vero luxury glass bottles, still andsparkling water across their fleets. During the first phase of
the initiative to remove single-use plastics, all plastic waterbottles from staterooms and restaurants were eliminated.
During phase two, the focus is on removing small single-use
plastic water bottles and providing guests with sustainable metal water bottles for use during
their cruise and after returning home. Vero Water® is a sustainable alternative to traditionalbottled water, and our partnership is expected to eliminate approximately five million single-use
plastic water bottles across the Oceania Cruises and Regent Seven Seas Cruises fleets.

THE LAST STRAWAs a member of Ocean Conservancy’s Trash Free Seas Alliance®, we launched an initiative in2018 to eliminate single-use plastic straws from our two private island destinations and our
fleet of 28 ships. It is estimated that this will eliminate more than 50 million straws from thefleet per year.

LOOKING AHEAD
We are continuously searching for new ways to reduce waste and further minimize ourenvironmental impact. Some of the initiatives we have on the horizon include:
Garbage Bags — Upon our return to service,
we will be replacing the garbage bags usedon board our ships with more efficientsizing that will result in the elimination ofover 600,000 pounds of plastic and 30,000
boxes consumed annually.
Single-Use Plastic Cups — In 2020, our fleet
began to transition away from traditional
single-use plastic cups by introducing
bio-based cups made from a plant-based
resin derived from renewable resources suchas corn starch or sugar cane. Some onboard
restaurants have already replaced plastic
cups with reusable glass cups and dishes.
This transition will continue as our ships
return to service.

Foodservice Container — Upon our returnto service, we will be replacing plastic
foodservice containers and accessories withan unbleached wheat straw fiber option.
This is the plant material that remains after
wheat grain and chaff have been extracted –a byproduct waste that was once discarded
is now used to substitute plastic resins.
Plastic Cutlery — Upon our return to service,
we are replacing plastic cutlery with otherbiodegradable substitutes or stainless steel.

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Appendix

ANIMAL WELFARE
We are committed to furthering the legal, ethical and humane treatment of animals across
our operations and our supply chain. Animal health and welfare is important to us, and we
encourage suppliers to implement procedures to prevent the mistreatment of animals.

CERTIFIED CHICKEN
We are currently in the process of phasing in an updated purchasing standard for chicken
using standards from the Global Animal Partnership (GAP). These standards define humane
treatment for chicken housing and processing. By 2024, we plan to have all the chicken wepurchase in the U.S. and Canada sourced from suppliers who meet GAP standards.

SUSTAINABLE SEAFOOD
The oceans sustain us, and in turn, we prefer and support seafood suppliers that upholdsustainable fishing practices. Our goal is to purchase all our seafood from certified sustainablesources, and we have made strong progress toward that goal. Pre-pandemic, approximately
75% of our total worldwide seafood purchases were certified by a recognized certification
authority like the Marine Stewardship Council (MSC), the Aquaculture Stewardship Council(ASC), the Best Aquaculture Practices (BAP) and the Global Aquaculture Alliance (GAA).

CAGE-FREE EGGS
In 2015, we committed that by the end of 2025, all the eggs we purchase from U.S.-based
suppliers will be from those who use cage-free environments for their hens. We will phasein the purchase and use of cage-free eggs as supply allows. Cage-free confinement systems
are considered to be more humane for laying hens as they allow greater freedom of movement
and space to express more natural behaviors than conventional methods.

PLANT-BASED MENUS
In 2019, Oceania Cruises rolled out more than 200 new, healthy plant-based dishes acrossits fleet, offering the most extensive and creative plant-based menus at sea. The talented
culinary team is providing these healthy and lower environmental impact menu selectionsin The Grand Dining Room and Terrace Café at breakfast, lunch and dinner, in addition to
the already expansive gourmet offerings.

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SAIL & SUSTAIN COCKTAIL
We’ve partnered with BarLab to develop eco-friendly
cocktails. Our guests can enjoy drinks made with surplus
ingredients such as pineapple rinds, orange peels, spentcoffee grounds and more. Pulp, skins, seeds, pits, leaves,stems and roots are all ingredients that may normally findthemselves in the landfill but instead could be used to create
these unique, delicious and nutritious cocktails.

ECOLAB INITIATIVES
Ecolab has been a trusted business partner since 2015,
providing public health and food safety expertise and a rangeof cleaning and disinfectant products for shipboard use. This
year, we kicked off a joint effort to reduce the environmental
impact of these products.

SUSTAINABLE INITIATIVESSHORESIDE WAREHOUSE EFFORTS
We have shoreside procedures and best practices in place for our warehouses, including:• Invested in water and soda machines andprovided all employees with refillable
coffee and water bottles to minimize usageof single-use plastic bottles.

• Empty wooden pallets offloaded from ourships at all Florida ports are recycled, andwe are looking to expand this program toother U.S. ports.

• Eliminated plastic stirrers beginning inJuly 2020.

• Moved a Miami warehouse entirely to
LED lighting, a natural first step as lighting
uses a significant amount of energy inthe warehouse.

• Quarterly calibration of shrink-wrapping
machines to ensure that the properamount of plastic is used on each pallet.
• Recycle all glass, paper and plastic waste.
This initiative has resulted in an estimatedreduction of approximately 20 tons permonth of materials sent to landfills.

• All forklifts were switched to electric, withthe exception of two that are still propane
due to weight capacity.

The Ecolab program will be phased in over the next 18 months
across our entire fleet and have a lasting and powerful impact
in many ways. For example, our current floor cleaner requires
a second mopping with water to remove any cleanser residue.
By using a no-rinse, more highly concentrated formulation offloor cleaner, we will completely eliminate the rinse stage offloor mopping. This eliminates the use of clean water and thedisposal of used rinse water. Additionally, the concentrated
formulation will reduce the number of plastic jugs used by
50% and avoid sending used jugs for disposal.
Another initiative with Ecolab will eliminate five separate
cleaning products used on different surfaces and replacethem with a concentrated, multi-surface cleaner that also kills
SARS-CoV-2, the virus that causes COVID-19. This cleaner
comes in a 2-liter poly bag and replaces much heavier
2.5-gallon plastic jugs.
When fully implemented, this program will reduce the amountof plastic containers used for cleaning on board by morethan 45% (approximately 20,000 pounds) and the amount ofcorrugated cardboard used to carry those products by morethan 60% (approximately 24,000 pounds) each year.

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REDUCING PAPER IMPACT
In 2017, we implemented a strategy to reduce our impact ofmailing printed information to customers through a partnershipwith Sappi North America (SNA) for the purchase of paper in the
U.S. SNA is a diversified global wood fiber producer, and 100% of
SNA’s wood fiber inputs are sourced from well-managed forests
and are third-party verified as originating from controlled andnon-controversial sources. SNA is certified by or has partnerships
with the Forest Stewardship Council, the Sustainable Forestry
Initiative (SFI), the Programme for the Endorsement of Forest
Certification and others. All wood and chips procured for SNA’s
U.S. mills meet the requirements of the SFI Fiber Sourcing
Standard, which requires the use of trained loggers, biodiversity
conservation, investment in forest research, adherence to best
management practices and landowner outreach. Further, SNA
is committed to expanding its use of renewable energy andin 2020 reported that approximately 77% of its total North
American energy needs were derived from renewable resources.

SUPPLIER DIVERSITY
Supplier diversity is extremely important to us, and our
supplier diversity efforts are directly linked to our corporate
mission statement and align with our dedication to family andcommunity. We recognize the value and importance of a diverse
supplier base and are committed to facilitate, promote andencourage the growth of small businesses and businesses owned
by diverse and/or economically disadvantaged populations.
Our supply chain team includes a Certified Professional in
Supplier Diversity (CPSD) to help us take advantage of the many
opportunities of a diverse supply chain.
Global voyage suspensions significantly impacted our 2020
spending. Despite this, approximately 45% of our total
U.S. supply chain spending, or $329 million, was with small
businesses or businesses with minority, veteran or economicallydisadvantaged qualifications.

DIVERSE SUPPLIERSPOTLIGHT

We are proud to partner with Y-Not Design and Manufacturing, a minority, womenowned small business. Y-Not Design & Manufacturing is based in Miami, Florida anddesigns, manufactures and delivers high-quality branded promotional products.
In 2020, this impressive company received the “Minority Manufacturing Firmof the Year” award from the U.S. Department of Commerce’s Minority Business
Development Agency. This award is presented to a minority-owned firm that has
achieved success in employing new and innovative techniques that led to a significant
increase in market share, job growth and customer satisfaction, and is the highest
level of national recognition that a U.S. minority-owned firm can receive from the
U.S. Department of Commerce. The company is also certified HUB Zone with the
SBA, the Women’s Business Enterprise National Council (WBENC), the Florida State
Minority Supplier Development Council (FSMSDC) and the National Minority Supplier
Development Council (NMSDC).

LOCAL SOURCING
We aim to source locally when possible and procure various supplies in port at the destinations
we visit around the world. This includes food and beverages, hotel supplies, bunker fuel andutilities, all of which help stimulate the local economy. We are committed to further developing
relationships with local suppliers which will allow us to continue expanding our local sourcing
efforts. In 2019, approximately 40% of our food and beverage sourcing for international
destinations was done locally.

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SUPPLIER CODE OF CONDUCTWe set forth clear expectations for our suppliers and vendors through our Vendor Codeof Conduct, which was launched in 2018 and provided to all existing partners. The Code of
Conduct formalizes our expectations in areas including legal and regulatory compliance,
ethics, employment and labor practices and environmental responsibility. All of our suppliers
are expected to know and comply with all relevant regulations including employment laws andoperate in a manner that supports human rights. Major suppliers are also asked to share our
expectations with their own supply chains. New and existing suppliers are required to sign the
Code of Conduct and complete an annual attestation of compliance.
When we become aware of any violations to our Code of Conduct, we are committed to quickly
addressing the situation and responding appropriately, including up to potential termination of
the partnership.

SUPPLIER OVERSIGHT& COMPLIANCE
Our Supply Chain Management has rigorous
oversight protocols in place to promote
quality and compliance, including regular
audits, reviews and scorecards. Our teamconducts on-site and in-person reviews of
key supplier operations typically once per
year, which are now expanding to include
more sustainability focused topics.
We use a supplier scorecard to conduct
quarterly business reviews with key suppliers.
Our scorecard measures performanceagainst key focus areas including delivery,
customer service, business intelligenceand partnership, quality and inventory.
We recently expanded our scorecard toinclude ESG as a specific area of focus.
Due to the ongoing pandemic, quarterly
business reviews were limited in 2020, but
we conducted 67 quarterly business reviews
with various suppliers in 2019.

For our food and beverage products, we established a team in 2016 solely focused on quality
assurance and food safety. All food and beverage distributors are audited annually by approved
third-party firms, in addition to our supply chain reviews. Over the past 12 months, we haveconducted 55 third-party food safety audits, and this will increase once our cruise voyages
resume. To avoid potential future issues, we have adjusted our sourcing to pivot away fromcertain regions due to quality and manufacturing concerns. We also receive daily updates fromthe Food and Drug Administration, U.S. Department of Agriculture and Centers for Disease
Control and Prevention on any known foodborne illnesses and outbreaks. If products are
identified that could, or have entered our supply chain, immediate communication is sent toour vessels to hold or destroy product.
On the marine and technical side, we only source from original equipment manufacturers(OEM) and fully-vetted suppliers within the marine and cruise industry.
We are also in the process of designing a Supplier Risk Management Process, coupled with anindustry leading third-party Supplier Risk Management Platform, that focuses on monitoring
defined risks, governance, compliance, reporting, organization, policy and processes. This
will enable us to manage risk throughout the Supplier Life Cycle by continuously monitoring
vendors’ risk profiles and having a complete view of each supplier for timely informed businessdecisions to mitigate supply and ESG risks.

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DESTINATION STEWARDSHIPDID YOU KNOW?
The economic impactof the cruise industry
is far-reaching?
1S ervices andGovernment

2T ransportation

3
4
5
6

As a global cruise operator, we visit nearly 500 destinations
worldwide each year. We work closely with ports andgovernments at the destinations we visit to comply withapplicable laws and regulations and promote responsible
and sustainable tourism. We seek to maximize social,economic and environmental benefits at the destinations
we visit, while delivering exceptional vacation experiences
to our guests. We also implement responsible andenvironmentally-friendly practices at our two incredible
private destinations and throughout all of our destination
development and construction projects.

TOTAL ECONOMIC
IMPACT OF THE CRUISE
INDUSTRY IN 2019

$154.46
BillionSUPPORTING COMMUNITIESWe provide support for local communities and significantly
contribute to local economies at the destinations we visit.
The broader cruise ecosystem extends well beyond the cruiseW holesale andRetail Sales
lines themselves, to ports, tour operators, local suppliers andmany more. We invest heavily in our destinations, supportM anufacturing
infrastructure development through our port commitmentsF inance, Insurance
and fees, sustain the environment and the livelihoods inand Real Estateareas we visit and boost local employment. We procure
various local supplies in port including food and beverages,A griculture, Utilities
hotel supplies, bunker fuel and utilities, all of which help
and Construction
stimulate the local economy. Our guests and crew enhance
the financial contribution during visits by purchasing shore
excursions, tours, meals and other retail goods. According to CLIA research, the cruise industry
generated $154 billion in global economic impact in 2019, including supporting nearly 1.2 million
jobs worldwide.

CANNES CRUISE CHARTER
In 2019, we became the first cruise line to sign a Cruise Charter created by the Municipality ofCannes together with the CCI Nice Côte d’Azur to promote sustainable cruise operations in theport of Cannes. The Cruise Charter is based on four criteria designed to promote sustainablecruise operations: reduction of air emissions, reduction of pollution at sea, protection of
biodiversity and the implementation of a global environmental approach.

2019 CRUISE INDUSTRY ECONOMIC IMPACT

1,166,213$72.02

Jobs

Billion direct purchases

$100

$385

Average spending bypassengers while visiting
ports during a cruise

Average spending in port
before boarding a cruise$50.53

29.7

Billion wages & salaries

Million passenger embarkations

Source: Cruise Line International Association (CLIA)

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COMMUNITY SPOTLIGHT:
ALASKAThe natural beauty of Alaska makes it one of the mostpopular destinations to visit, and we have made significant
investments in the region to provide our guests with abest-in-class experience as they explore the wonders of
the Last Frontier, while also supporting the local economy
and community and keeping sustainability top of mind.
Recent investments in Alaska included the completion of
the Associated General Contractors (AGC) environmental
enhancement and award-winning construction of a double
ship pier in Ward Cove, Ketchikan, Alaska; the purchase of
the last waterfront parcel for development in greater Juneau,
Alaska; and a partnership with Alaska Native-owned HunaTotem Corporation that brought the completion of a second
cruise pier in Icy Strait Point, the winner of the 2020 Seatrade
Port of the Year award.
To give back to the local community, we provided $10
million of cash support to six Alaska port communities
who were severely impacted by the loss of cruise tourism
during the pandemic. We were also proud to partner with
Royal Caribbean Group and SSA Marine to grant a dollarfor-dollar matching donation of $100,000 in 2020 to help
save the Alaska SeaLife Center in Seward, Alaska. The
SeaLife Center is a non-profit research institution and public
aquarium that generates and shares scientific knowledge topromote understanding and stewardship of Alaska’s marine
ecosystems. The SeaLife Center was uniquely impacted by
the COVID-19 pandemic due to a lack of summer visitor
revenues, and the donation provided much-needed support
to help maintain operations through the winter. Elsewhere in
Alaska, in 2020 we also donated $30,000 to support the Arts
Campus of the Sealaska Heritage Institute in Juneau.

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SHORE EXCURSIONS
Shore excursions are a key component of our cruise experience and often a highlight ofa guest’s vacation. We seek to deliver safe, sustainable and responsible tours. All tours
are operated by local tour operators with multi-year agreements, further supporting local
employment. Many of our tours also include meals at local restaurants or shopping at local
retail markets.

GO LOCAL TOURS
In 2019, we unveiled our new Go Local series of immersive destination tours offered by all
three of our brands. These small-batch tours embed our guests in the fabric of local
communities allowing them to experience the culture of a destination. Instead of focusing
on tourist sites, guests are welcomed into local homes and businesses and immersed in thelocal way of life. The tours offer a variety of experiences for guests including spending a day
at a family-owned goat farm in the countryside of Andalusia to learn the generations-old wayof making cheese, fishing with the residents of Portofino or observing skilled local artists intheir personal studios on Palma de Mallorca.

Go Local Tour Highlight: His Majesty the Truffle, Civitavecchia (Rome), Italy
Guests who participate in this Go Local tour enjoy a leisurely walk through the woods with atruffle hunter and a dog specially trained to sniff out the prized subterranean mushrooms. Expert
truffle hunters know where to find them and fiercely guard the locations, as gourmands covet
these aromatic, flavorful delicacies, sometimes paying huge sums for the rarer ones. As guests
follow the truffle hunter and dog through the forest, they learn about the local species of truffles
and their characteristics. The lagotto romagnolo is the traditional truffle-hunting dog breed in
Italy, although many other breeds can be trained to point out a buried truffle. As the perfect end
to their truffle-hunting adventure, guests will also sample a selection of truffle-based specialties.

ACCESSIBLE EXCURSIONS
Across all three brands, we offer accessible excursions to enable people with limited mobility
to enjoy a variety of safe experiences ashore. We partner with Accessible Travel Solutions andhave developed specially designed tours in many destinations across the world. We currently
offer 114 accessible tours in total across our three brands. These tours provide step-free routes,
accessible vehicles when needed and a variety of other features to help these guests to enjoy asafe, fun and immersive experience at the destinations we visit.

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MANAGING OVER-TOURISM
Global tourism volumes have surged over the past decade, resulting in challenges regarding
crowding for many destinations. While cruise travel is a small part of the overall global tourism
market, we work to partner with local governments and ports to support efforts to manage
over-tourism. Some of the measures we employ include staggering arrivals, diversifying
excursions beyond city centers and providing recommendations for traffic flow and relief ofcongested areas.
In 2019, CLIA signed a Memorandum of Understanding with the city of Dubrovnik to work
together to create a model for sustainable tourism. As part of this agreement, CLIA fundeda destination assessment conducted by the Global Sustainable Tourism Council (GSTC) on
the sustainability of the city. Following the release of the Dubrovnik Sustainability Assessment,
GSTC and CLIA teamed up again to announce a new cooperation with city leaders in the
Greek destinations of Corfu and Heraklion. CLIA will co-fund the assessment which began in
December 2020.
We will continue to support and contribute to CLIA’s and the cruise industry’s responsible
tourism initiatives which are setting an example for how cities, our industry and local
communities can work together with a common purpose.

PRIVATE DESTINATIONSGREAT STIRRUP CAY
At GSC, our luxurious 270-acre private island destination in the Bahamas, we strive to protect
the local ecosystem and employ sustainable principles in our operations and development
projects. The island has a remarkable natural setting and rich topography which we aim toconserve to ensure our guests are immersed in the true, natural island experience.
As we continue to develop this exclusive destination, we are focused on supporting the
local economy and minimizing our environmental footprint. Currently around 45% of theapproximately 100 staff at GSC are local Bahamians. Another sustainability initiative is our goal
to transition the island to 100% solar renewable energy. We plan to create a new solar farmoccupying over 5 acres, which is currently under permit review with the Bahamian government.
We also partner with NSU to conserve, re-establish and protect the rich biodiversity of the
GSC marine environment, including through our coral reef restoration projects. Our coral reef
project also creates a platform for educational experiences for guests visiting GSC, by
providing hands-on activities and interactive presentations.

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Scarlet Macaw Protection
In 2020, HCCF was pleased to support a conservation
project in Belize proposed by Friends for Conservation andDevelopment which funded the launch of an Anti-Poaching
Unit in the Chiquibul National Park. The main objective wasto safeguard the Scarlet Macaw population which was under
direct threat from illegal poaching. Scarlet Macaws are listed
as an endangered species by the U.S. Fish and Wildlife
Service, with less than 350 estimated to live in the jungles
of Belize. This project was very successful in intercepting
and detaining poachers. A total of seven baby Scarlet Macaws
were rescued, recovered and reintroduced back into the wild.

Hawksbill Turtles

HARVEST CAYE
Located off the coast of southern Belize, Harvest Caye is considered the Caribbean’s premierresort-style destination. While developing the island, we worked closely with the government
in Belize to protect the area’s natural habitats, and we remain committed to having a positive
impact on the local communities and ecosystems.
The Harvest Caye Conservation Foundation (HCCF) was established in2016 in partnership with Belize Island Holdings Ltd. and Norwegian Cruise Line Holdings Ltd.
as a non-governmental organization whose primary goal is to promote wildlife conservation.
The HCCF is dedicated to working with other NGOs in Belize and overseeing advocacy andoutreach work with schools and communities to promote conservation and awareness of
threatened species.
Harvest Caye is also home to a wildlife sanctuary under the care of Tony Garel, an esteemed
Belizean naturalist and wildlife expert. The island hosts a reptile terrarium, a butterfly garden
and several aviaries featuring rescued birds. All exhibits are operated by the HCCF to promotewildlife preservation and education.

Harvest Caye is one of the few nesting sites for endangered
hawksbill turtles and staff participate in protecting andmonitoring nesting grounds each year to help baby turtles
get a good start on survival. In 2020, Harvest Caye had alarge female hawksbill turtle that laid her clutch of eggs on
the beach next to the boardwalk. For the next 60 days, theteam guarded and monitored the nest until the hatching
started and baby turtles headed for the sea and lagoon. Staff
assisted some of them on their journey to ensure their safety.

Keel-billed Toucans
In 2020, HCCF was able to breed keel-billed toucans, thenational bird of Belize, for the very first time in captivity.
The Harvest Caye facility is one of the few in the country thatcurrently houses keel-billed toucans and is the only facility
in Belize that has ever bred them successfully.

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SUSTAINABLE DESTINATION DEVELOPMENT
Sustainability is at the forefront of all of our construction and development projects. Oneof our focus areas is “source reduction” which appears at the top of our Leadership in
Energy and Environmental Design (LEED) hierarchy goals, as it avoids environmental
harm throughout a material’s life cycle, from supply chain to recycling and waste disposal.
Other construction strategies, such as prefabrication and minimizing material cutoffs andinefficiencies are also implemented.
With our projects we also implement public education to show how sustainable principles areapplied to our construction developments, which is necessary to encourage green building
practices in public programs, private developments and communities.

protections and pollution discharge protections. The terminal is equipped with a number ofhealth and safety features, including advanced air filtration including MERV 13 filters, automatic
doors at all entrances and exits, hands-free toilets, soap and water in the bathrooms andplexiglass barriers in guest areas.
In addition, approximately 90% of all subcontractors, vendors and suppliers were local to theregion, reducing the carbon footprint of the project and encouraging local economic growth.
The terminal has already won numerous awards, including the 2020 IIDASFC Bragg Awardfor “Best Hospitality Commissioned” interior and the 2018 American Institute of ArchitectureAward in the Unbuilt category.

PORTMIAMI TERMINALIn Fall 2020, we completed the new state-of-the-art Norwegian Cruise Line flagship terminal at
PortMiami, dubbed the “Pearl” of Miami. At nearly 190,000 square feet, the new terminal, designed
by Miami-based global architecture firm Bermello, Ajamil & Partners Inc., will accommodate shipsof up to 5,000 passengers. The modern terminal draws its inspired design from the Fibonacci
nautilus, with its spiraled and multi-level façade, providing vast grand water views.
The terminal was constructed to LEED Gold standards. Focusing on innovation in design
and terminal operation, the team created a platform that will optimize energy performance,indoor air quality and water efficiencies, and maximize the use of local materials and resources.
In addition to significant water quality permits and protections, the project includes manatee

MEET OUR CONSTRUCTION
AND DEVELOPMENT TEAM
A key contribution to the continued success of
the Company’s Onshore Design, Development andConstruction department is the extensive experienceof each team member, including the team leader andVice President Alicia Cuervo.
Alicia is a seasoned Civil Engineer who holds a Port
Engineering Masters Certificate and certificates in
Project Management and Leadership in Energy
and Environmental Construction. She sits on the
Board of the Green Advantage Organization, an
ANSI-accredited global organization that validates
the foundational knowledge needed to deliverstate-of-the-art, high performance healthy building.
Together with her team, she is certified with Green Advantage in Pre-construction
Risk Assessment/Infection Control Risk for Construction, Occupational Safety and
Health Administration (OSHA) Construction Safety and Health Certification, Federal
Emergency Management Agency (FEMA) National Incident Training for Construction,
Management Systems (NIMS) and LEED construction. In addition, and leading design
with her team is an in-house LEED licensed Architect.

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SAILINGSAFELY

Appendix

WE ASPIRE TO…

PROTECT HEALTHAND SAFETYPROVIDE A SAFE AND
CLEAN ENVIRONMENT

The health, safety and well-being of our guests and crew is our highest
priority, not only on board our ships, but also in every destination wevisit. We take great effort to maintain a healthy, safe and clean

AT A GLANCE

environment and have a stringent 24/7/365 public health and safety
program in place. In this evolving global public health environment,
we have taken swift action to meet the challenges of the COVID-19
pandemic and are committed to continuously evolving and modifying

24/7/365116stringent public healthcompliance culture

globally recognizedexperts assembled to form
the Healthy Sail Panel in
response to COVID-19

expert advisors comprise
the SailSAFE Global Healthand Wellness Council

ALL

100%

95

voyages will sailwith SailSAFE™ healthand safety programof guests and crew on
initial voyages will befully vaccinated1

combined average score
for unannounced CDC ship
inspections in U.S. ports
in 2019

100%

10+ yearsof ships sail withdedicated Public
Health Officer onboard

average experience of ourship Safety Officers

our comprehensive science-backed SailSAFE™ health and safety programas technology and scientific knowledge advances.
Our Company works very closely with public health agencies andgovernment officials around the world, including the U.S. Centers for
Disease Control and Prevention (CDC) and the World Health Organization(WHO), to not only meet strict guidelines, but aim to exceed them toprotect our guests, crew and communities we visit. Our program is also
validated through numerous unannounced public health inspections carriedout on board our ships by multiple government agencies.

1	Limited exceptions may be made pursuant to valid medical or religious exemptions.

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COVID-19
RESPONSE
We have enhanced our existing robust commitment to healthand safety in response to COVID-19 with our comprehensive
SailSAFE™ health and safety program. The robust SailSAFE
program consists of new and enhanced protocols to create
multiple layers of protection against COVID-19. Upon a returnto cruising, initial voyages will operate with fully vaccinatedguests and crew, combined with preventative SailSAFE
protocols, which we believe will provide a uniquely safe andhealthy vacation experience. This science-backed plan wasdeveloped in conjunction with a diverse group of experts andwill be continuously improved, modified and refined using thelatest science and technology.
In July 2020, we announced the formation of the Healthy
Sail Panel (HSP), a team of 11 globally recognized experts
assembled in collaboration with Royal Caribbean Groupto inform the industry on a safer and healthier resumptionof cruising. The HSP is chaired by Governor Mike Leavitt,
former U.S. Secretary of Health and Human Services, and Dr.
Scott Gottlieb, former commissioner of the U.S. Food andDrug Administration, and its panel members are globallyrecognized experts from various disciplines, including
public health, infectious disease, biosecurity, hospitality
and maritime operations. The HSP provided a robust set ofrecommendations with protocols that span the entire cruise
journey, starting from the time of booking and continuing
post cruise. These protocols served as a guide for our
SailSAFE program. For more information on the HSP’s teamof experts and to view the full report, visit: Healthy Sail Paneland Full Recommendations.

Safety for our
Guests and Crew
• Mandatory vaccinations1• Pre-embarkation
health screening• Staggered embarkationand new check-in system• Controlled guest capacity• Hand sanitation• Onboard health monitoring

Safety Aboard
Our Ships

SafetyAshore•C ontinuous ship-wide
cleaning and disinfection•S trategic itinerary
development•U pgraded medical-grade
air filtration systems•P artner with local
destinations andtour operators•E nhanced onboard
medical teams andhealth services•D edicated Public
Health Officer

Mobilization
and Response• Contact tracing abilities• Isolation and quarantine
accommodations• Contingency plans anddebarkation scenarios
to provide medical
treatment and safe
passage home, if needed• Established relationships
with onshore medical
institutions

1	Limited exceptions may be made pursuant to valid medical or religious exemptions.

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MEET OUR TEAM OF SCIENTIFICAND PUBLIC HEALTH EXPERTS

Michael Leavitt
Governor

Scott Gottlieb
M.D.

Helene Gayle
M.D., M.P.H.

Julie Gerberding
M.D., M.P.H.

Steven Hinrichs
M.D.

Phyllis Kozarsky
M.D.

John Y. Mason

Michael Osterholm
M.D., Ph.D.

Stephen Ostroff
M.D.

William Rutala
Ph.D., M.S., M.P.H.

Caitlin Rivers
Ph.D.

Kate Walsh
Ph.D.

Robin Lindsay
NCLH EVP of
Vessel Operations

Patrick Dahlgren
RCL SVP of Global
Marine Operations andFleet Optimization

During the pandemic, our Infectious Disease Management
System (IDMS) was audited by DNV to verify our infection
prevention and control measures. The IDMS allows
us to carefully manage infection risks with a structured
and robust approach to managing challenges and changes.
DNV Healthcare’s Certification in Infection Prevention
helps us proactively manage and reduce risk associatedwith infections and fuses management science with medical
science to create organizational vigilance against infection.

100%of ships sail with adedicated Public Health
Officer onboard

ONBOARD
PUBLIC HEALTHAND SANITATION
We have a comprehensive public health program onboard
and a 24/7/365 compliance culture. Crew are trained in bestpractices and to comply with applicable regulations. When we
return to service, each ship will have a dedicated Public
Health Officer (PHO) on board. The PHO is a new position
established in 2020 and will be responsible for the oversightof all outbreak prevention initiatives, including overseeing the
day-to-day sanitation and cleanliness of all public areas andaccommodations and enforcing compliance with the CDC’s
Vessel Sanitation Program.
We work closely with health authorities around the world tocreate and implement our policies and procedures that meet
and, in many cases, exceed the variety of regulations. We
utilize several external and internal public health professionals
who visit every ship to verify that our compliance culture
is strong and sustainable fleetwide. External public healthinspections on board our ships are carried out by multiple
government agencies – such as the CDC Vessel Sanitation
Program, Public Health Agency of Canada, Brazil’s National
Health Surveillance Agency, ANVISA and the European
Commission Directorate General for Health and Food Safety,
SHIPSAN.

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OUTBREAK PREVENTION AND RESPONSE
Our Outbreak Prevention and Response Plan (OPRP) is designed to mitigate and help
prevent the spread of communicable diseases such as coronavirus, norovirus and influenzalike illness (ILI) while maintaining the ability to adjust and respond to new and emerging
health issues on our ships and at our private destinations. We continually seek the mostadvanced technologies based on sound scientific methods and applications, to enhance our
OPRP program. Our crew members are highly trained in this program, and we are continually
updating our staff on the latest company innovations and methods, including health screening,surveillance measures, isolation of guests and crew who are ill and more.
As the global public health environment is in constant flux, we are continually updating
our OPRP procedures so that we can successfully meet new challenges and stay ahead ofthe ever-changing landscape when it comes to pathogenic organisms and their potential
to cause disease. Our proactive strategies and surveillance measures are designed to keep
communicable diseases from entering the cruise ship environment and to prevent an outbreak.

ONBOARD MEDICAL SERVICES
All ships in U.S. ports are subject to two unannounced inspections a year, and in 2019 our ships
received a combined overall average score of 95/100.
We strive for continuous improvement in our public health program and conduct internal publichealth seminars to review, assess and improve our approach. In addition, many of our officers
attend a United States Public Health Seminar where, through discussions and training, theyreceive new insight into what to look for when conducting public health inspections. In the U.S.,
we must meet the U.S. Public Health Service’s requirements, which include vessel ratings byinspectors from the CDC and Food and Drug Administration (FDA) Vessel Sanitation Program.
Guests and crew also do their part to protect public health on board. We are enhancing ourstringent hand-washing initiatives by increasing signage around the ships and making daily
announcements about the importance of handwashing. Hand sanitizer stations are also
strategically placed throughout our ships and terminals to help maintain the highest sanitation
standards on board. We also collect health questionnaires prior to embarkation to identify any
guests who have symptoms of certain illnesses. In addition, detailed health information fact
sheets are placed in each stateroom to identify potential symptoms of concern and instruct
guests on what to do if they experience those symptoms.

Each of our ships has a state-of-the-art onboard
medical center staffed with highly qualified doctors
and nurses, to provide care for both guests and crew
while at sea. We follow guidelines for our medical
facilities provided by CLIA in conjunction with theAmerican College of Emergency Physicians (ACEP).
All ships have defibrillators, cardiac monitors, X-ray
machines and lab equipment. Our onboard medical
teams work closely with our shoreside team including
our Chief Medical Officer.
As part of our COVID-19 response, we are improving
our onboard medical capabilities with additional staffing
and enhanced facilities. This includes an increase
in intensive care unit capacity, new and upgraded
equipment, onshore medical institution partnerships,
telemedicine capabilities and additional robust
consultation and treatment options.

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ONBOARD PUBLIC HEALTH AND
MEDICAL TEAM SPOTLIGHT
The health and safety of our guests and crew are our top priority. Every ship in our fleet has
a dedicated Public Health Officer as well as a skilled onboard medical team.

Sascha Schoeler
Mr. Schoeler was born on Rugia Island off the northern coast of Germany.
With 15 years of experience as a public health officer and inspector,
he joined the Company as a PHO on Norwegian Dawn in 2020.
“I am proud to be the first Public Health Officer in the fleet. It is more
important than ever to have a good public health regime on board toprotect our guests and crew.”

Dr. Javier Jimenez
Dr. Jimenez was born in Bogota, Colombia, and has over 15 years ofexperience as a shipboard doctor. He joined the company in 2015and has served on vessels across all three cruise lines.
“I am proud to work on board and take on the great responsibilityof keeping all of our passengers and crew healthy.”

Dr. Andrzej Adam Gaszynski M.D.
Dr. Gaszynski was born in Poland and currently resides in South
Africa. After starting his impressive career on land, he took hisjourney to sea in 2008 and has since sailed on many ships across the
Oceania Cruises and Regent Seven Seas Cruises fleets.
“This is the best job a physician like me could ever imagine. You’re
able to practice your profession under a great company and travel
the globe at the same time.”

Camille Aquino David RN
Ms. David was born in the Philippines and worked as an ER nurse before
joining the Company in 2003. She has served on many Norwegian andOceania Cruises’ vessels during her career, most recently on Riviera.
“I take pride in being part of a company that is dedicated to providing
world class medical health service on the high seas, not only for ourguests, but also for our hardworking crew members.”

ONBOARD CLEANING ANDDISINFECTION
We have comprehensive cleaning and disinfection protocols ship-wide which are based on
CDC recommendations. Our 24/7 prevention schedule features continual disinfection of
public areas and high-traffic touch points using U.S. Environmental Protection Agency (EPA)
approved disinfectants. Guest accommodations also receive intensive microbial disinfection
daily.
Starting in 2018, we partnered with EcoloxTech, a Miami-based company, to provide ourships with onboard equipment to generate Electrolyzed Oxidizing Water, hypochlorousacid (HOCl), a powerful oxidant that kills bacteria, bacterial spores and viruses including
enveloped virus such as SARS-CoV-2.* The system develops a disinfectant made from
salt, water and electricity that is all-natural, pH neutral, non-toxic and non-hazardous. This
product is used aboard ships for general daily sanitation, sanitizing fruits and vegetables
and for other aspects of the OPRP. This is an all-natural, eco-friendly and FDA and USDA
Organic safe alternative which further reduces our reliance on purchasing and storing large
amounts of standard toxic chemicals onboard.
*According to EcoloxTech research which can be found here.

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CHEMICAL MANAGEMENT
Through our Chemical Management program, we have worked to identify hazardous
chemicals that can be replaced by environmentally friendly alternatives with the sameor better operational performance. For example, in recent years we completed theinstallation of HOCl generators on all of our ships. We continually evaluate products used
onboard and identify opportunities to further eliminate and replace them with new, moreenvironmentally-friendly alternatives.

APPROVED CHEMICAL LIST
Our Company maintains an Approved Chemical List, which catalogs products approved foronboard use and helps identify toxic or hazardous materials for removal from our ships. Every
Safety Data Sheet (SDS) for approved chemicals is available on a shared site that is accessible
to all ships. The SDS provides necessary information for handling, labeling and storingchemicals and required personal protective equipment.

CONTINUAL PUBLICHEALTH TRAINING
Our continual public health training includes summits, whichfeature representatives from various government agencies
and vendors. We have created an interactive public healthtraining platform that will teach crew members what tolook for in order to maintain a strong public health culture.
We implemented a stringent water safety program andare constantly evaluating our programs through outside
independent laboratories. We conduct legionella testing andmandate monthly Recreational Water Facility testing andquarterly testing of 50 potable water samples throughout
the ship, along with technical water sampling.

SAFETY AT SEA
We place the utmost importance on the safety of our guests
and crew. We operate all of our ships to meet and exceed
the requirements of Safety of Life at Sea (SOLAS) andInternational Safety Management (ISM) Code for the Safe
Operation of Ships – the international safety standards whichgovern the cruise industry.
Our ships are audited by a recognized organization to
verify compliance. Our ships are flagged/registered in the
Marshall Islands, United States and The Bahamas, so each ship also has a respective flag state
inspection. Our internal audit team conducts yearly audits on all ships as well. Our fleet hascontinuously been upgraded to equip our ships with modern navigational control and fire
prevention and control systems.
Every ship has a resident Safety Officer, with experience ranging between 10 and 20 years
in various roles at sea. Ship crews participate in regular safety trainings, exercises and drills
on board and shoreside, including basic first aid, firefighting and security awareness. Sometraining programs were limited in 2020 due to pandemic-related travel restrictions and healthand safety protocols.
Safety Officers undergo additional yearly training above the IMO and Standards of Training,
Certification and Watchkeeping requirements. Prior to every cruise setting sail or upon
departure, we hold a mandatory safety drill for guests and show a safety video, which runs
continuously on the stateroom televisions.

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EMPOWERINGPEOPLEWE ASPIRE TO…

Our culture is defined by our corporate values of flawless execution,

AT A GLANCE

dedication to family and community, spirit of entrepreneurship, financial
excellence and environmental stewardship. These values were internallydeveloped and are authentic to our Company as they define success in our
culture and establish the foundation upon which it is built. We believe ourcommitment to empowering people allows us to attract and retain top talent,

PROMOTE
DIVERSITY, EQUITY& INCLUSIONRECRUIT, RETAIN
AND DEVELOPTALENT

ENGAGETEAM
MEMBERSSUPPORT
EMPLOYEE
WELL-BEING~3,300~31,000~120

full-time shoreside
employees

shipboard employees

countries represented
by team members

~59%

~49%

~64%

female shoreside
workforce

female shoresidemanagers and above

U.S. shoreside employeesthat are under-represented
minorities1$15/hr100%

100%

minimum wage for
all U.S. shoreside
employees2of medical insurance
premiums paid for
temporarily furloughedshoreside team members

participation in diversity,
equity & inclusion training
across U.S. shoreside
workforce~87%~60,000

voluntary retention
rate for U.S.
shoreside teamin 2020hours of training
and developmentin 2020

while simultaneously providing robust career development opportunities
that ultimately result in significant value to our Company. This year wewere pleased to be named by Forbes to the 2021 list of America’s Best
Large Employers, ranking among the top 75 companies in the overall Large
Employer category and among the top 10 companies in the Travel & Leisuresector. This recognition highlighted our ongoing commitment to maintain asafe, diverse and inclusive culture which supports and empowers our teammembers, while delivering on our vision to be the vacation of choice foreveryone around the world.
As of December 31, 2020, we employed approximately 3,300 full-time
employees worldwide in our shoreside operations and approximately 31,000
shipboard employees. Regent Seven Seas Cruises and Oceania Cruises’ ships
use a third party to provide additional hotel and restaurant staffing onboard.

1
2

Based on team members who have self-identified.
Certain positions have a lower base wage but have a combined higher incentive.

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COVID-19
RESPONSE
In response to the COVID-19 pandemic, werepatriated over 24,000 crew members safely
to their home countries and transitioned ourshoreside team to a remote work environment.
Our shoreside offices monitor and follow
government legislation and guidance andare preparing to safely return to our officeenvironments beginning summer 2021. When
returning to the office and while on board ourships, we are taking all measures necessary
to protect our team members. Our health andsafety protocols are being developed as part ofthe comprehensive and multi-faceted strategy
developed by our team of experts, including the
Healthy Sail Panel and SailSAFE Global Healthand Wellness Council.

24,000+~3,300crew members safely repatriated toover 120 countries around the globe

employees transitioned to a
fully-remote working environment

100%
of medical insurance premiums covered for
temporarily furloughed shoreside team members• Crew Repatriation: Our crew repatriation was carried out as quickly as possible given
complex constraints presented by travel restrictions, regulatory requirements and otherchallenges. We utilized air charters and commercial flights as well as some of our own vessels
to transport crew home. During this time, our crew were compensated according
to their respective collective bargaining agreements and were provided WiFi, medical care,accommodations and a daily onboard stipend when in stand down status after the conclusionof their contract. They had continual access to medical professionals to support their physicaland mental well-being. The Company also funded housing expenses if quarantine was
required upon arrival to their home country.
• Shoreside Actions: We also took certain necessary actions to preserve liquidity during thevoyage suspension while taking steps to protect our team members in the process. We
reduced our salary and benefit expense to a level more commensurate with our suspended
operations by reducing salaries and hours worked by 20% across the board and furloughing
certain shoreside team members. The furlough program was chosen over a reduction inforce as it facilitated retention of our valued team members while we await a return tosailing. Consistent with our family-centric culture, we continued the employer subsidy for
medical coverage for our furloughed team members, and in addition, funded the teammember’s portion for our furloughed team and their dependents. We also participated in
short-term compensation programs in Florida and Arizona to support our team members on
20% reduced hours to receive benefits from their state unemployment offices.
• Frequent Communications: To further assist our team members during this challenging
time, our Human Resources team develops regular communications on topics related tohealth, safety and well-being to provide additional tips and resources. Topics have varied
from COVID-19 testing, holiday travel best practices, home office decluttering, how to deal
with Zoom fatigue and coping with stress among others. In addition, the Company maintains
regular contact with our crew members at home and provides business updates on our
Company as well as the state of the industry to keep them informed.

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HUMAN CAPITAL OVERSIGHT
Oversight of our global human capital management strategy is the responsibility of our Chief
Talent Officer and Human Resources department. At the Board of Director level, the TESS
Committee reviews culture statistics quarterly including retention, diversity and hotline reports.
The Compensation Committee also meets regularly with senior management including ourChief Talent Officer and reviews compensation, retention and human capital more broadly. The
Nominating and Governance Committee oversees our Talent and Succession Planning Program.

TALENT ACQUISITION, TRAINING& DEVELOPMENT

Our compensation programs for our shipboard team are similarly competitive and for the
majority of this team, negotiated with various unions and documented in collective bargaining
agreements. In fact, the median salary of our crew in 2020 was nearly 9x higher than the local
GDP per capita of the Philippines1 where the largest concentration of our crew is from.
We also offer a competitive benefits package including physical, financial and emotional wellbeing benefits. We offer our full-time U.S. shoreside team members a choice of Companysubsidized medical and dental programs to meet their needs and those of their families.
In addition, we offer health savings and flexible spending accounts, vision coverage, paid
time off, employee assistance programs, short term disability and voluntary long-term
disability insurance, term life and business travel insurance. Additionally, we offer a 401(k)retirement savings plan, education assistance including tuition reimbursement and student
loan repayment. Our benefits vary by location and are designed to meet or exceed local
requirements and be competitive in the marketplace.

TALENT ACQUISITION & RETENTIONRETENTION

We believe people are our most important resource. As
such, identifying, recruiting and retaining top talent andincentivizing existing and future team members is criticalto our long-term success.

We have a history of strong retention rates across our shoreside and shipboard teams, which
we attribute to our culture that allows our team members to thrive and achieve their careergoals. Our voluntary retention rate throughout 2020 remained at historical levels despite theimpact that the COVID-19 pandemic has had on our Company and industry. We implemented
a Standby Pay program in 2020 to retain our key shipboard officers who are off their normal
contract rotation, which will facilitate our return to service with our experienced team. Asof year-end 2020, the average tenure for all global shoreside employees was approximately
6 years and over 5 years for shipboard team members.

RECRUITING
Our talent acquisition teams are dedicated to sourcing andattracting qualified and diverse talent to join our family.
We leverage our culture as one of our defining competitive
advantages in the employer market, and we are focused onmessaging this to prospective candidates.

COMPENSATION AND BENEFITS
We attract and retain talented team members by offering competitive compensation andbenefits. Our pay-for-performance compensation philosophy for our shoreside team is basedon rewarding each team member’s individual contributions. We use a combination of fixed andvariable pay components including base salary, bonus, equity, commissions and merit increases.
We maintain a long-term incentive plan for our manager-level team members and above, thatallows us to provide share-based compensation to enhance our pay-for-performance culture
and to support our attraction, retention and motivational goals. Since May 2019, our U.S.
shoreside team has earned a minimum hourly wage of $15/hr, except for certain teams thathave a lower hourly wage combined with a higher incentive.

~87%
voluntary retention
rate of U.S. shoresideteam in 2020,
consistent with 2019

1 Philippines 2019 GDP per capita (current US$) per The World Bank

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BENEFIT PROGRAMSTRAINING AND DEVELOPMENT

We considered the following objectives when designing our U.S. shoreside benefits program:

We empower our team members to do exceptional work, andwe support them on their career journey. The opportunity
to grow and develop skills and experience, regardless ofjob role, division or geographic location, is critical to our
success. We actively foster a culture of learning and offer avariety of developmental courses for our team members. In
fact, during 2020 team members completed approximately
60,000 training and development hours. Team members arealso supported with reimbursement for eligible educationalcourses or professional certification programs as well as withstudent loan repayment assistance.

• Strive to offer benefits that are competitive with other employers in our industry.
• Responsive to team members’ needs – we offer flexibility and choice.
• Offer plans that provide team members and their dependents with access to quality health care.
• Fiscally responsible by offering plans based on our financial capabilities.
401(K) RETIREMENT SAVINGS PLAN

SECURE TRAVEL SERVICES

Our Company has historically provided a generous
401(k) Retirement Savings Plan match for all benefit
eligible team members and is committed to helping
our team members save toward retirement. Due to
COVID-19, the match is currently suspended, but weplan to reinstate this benefit as soon as conditions allow.

Team members are offered secure travel services
when traveling on business more than 100 miles awayfrom home, such as pre-trip planning and emergency
evacuation services.

EMPLOYEE STOCK PURCHASE PLAN (ESPP)The ESPP provides the opportunity for team members
to invest in the company by purchasing shares ofNorwegian Cruise Line Holdings (NCLH) stock at asignificant discount off of the Fair Market Value. Team
members are eligible to participate in the Company’s
ESPP beginning in any open offering period that is ineffect on or after their hire date.
GROUP HEALTH PLAN
Our Company provides health plans that include
medical, dental and vision to cover team members, theirspouse, domestic partner, and/or dependents.
FLEXIBLE SPENDING ACCOUNTS & HEALTHSAVINGS ACCOUNTSTeam members can set aside a portion of their pay,
tax-free, to pay for qualified expenses, such as out-ofpocket expenses, copayments, deductibles, day care/after school care and more.
BASIC & SUPPLEMENTAL LIFE INSURANCETeam members receive basic Term Life and Accidental
Death and Dismemberment (AD&D) coverage at no
cost to the team member. Basic coverage is 1X a teammember’s annual salary. Team members may alsopurchase additional Supplemental Life and AD&D
coverage at 1X, 2X or 3X their annual base salary (up toa specific plan maximum) through payroll deductions.
SHORT-TERM AND LONG-TERM DISABILITY
Provides income protection if a team member becomes
ill or injured and is unable to work. Short-term disability
is offered to team members at no cost after 6 months of
employment. Long-term disability is a voluntary option.

GROUP LEGAL PLAN
Team members may elect affordable pre-paid legal
advice and office consultations for themselves and theirdependents.
EDUCATIONAL ASSISTANCE
After one year of continuous service, team members are
eligible to receive up to $5,250 total in reimbursement
for eligible expenses associated with the successful
completion of courses within an approved degree and/or professional certification program and student loan
repayment assistance.
STUDENT LOAN REPAYMENT PROGRAM
After one year of continuous service, U.S. shoresideteam members, who have obtained a degree from anaccredited institution, have outstanding student loans,and meet the Company’s program requirements, may be
eligible to receive repayment assistance up to $2,000
per year based on years of service.
CRUISE BENEFITSTeam members and their immediate family are eligible
to cruise at special team member discounted rates.
Fares and itineraries are subject to availability. Family
and Friends are also eligible to receive reduced rates,
known as “Special Fares”, on select sailing dates.
EMPLOYEE ASSISTANCE PROGRAM
Confidential counseling and referral services for work/
life issues are provided to team members. The Company
pays for this benefit and team members are immediately
eligible on the first day of employment.
DISCOUNT PROGRAMSTeam members are eligible to receive discounts from avariety of vendors.

Continuous feedback is integral for team member personal development and alignment withbusiness objectives. At a minimum, all corporate team members engage in a required annual
performance appraisal or talent profile discussions. Shipboard team members receive formal
performance reviews at the end of each contract assignment, and front-line team members
also receive monthly reviews.
We provide a mentorship program where even our most senior leaders actively participate.
Mentees receive guidance on career development, leadership and other important topics.
Our 2021 program has over 60 mentor/mentee pairs including participation from the entire
senior leadership team.
Succession planning and internal mobility is also part of our culture. We have a year-roundfocus on providing team members with opportunities to develop their leadership skills andadd to our bench of talent through various training initiatives. Succession planning and talentreview programs allow us to continuously calibrate and evaluate high potential talent, offering
talent rotations and investing in development for long-term success. Shipboard team members
also have the opportunity to learn the skills and responsibilities of another position in adifferent department, either to increase their effectiveness in the Company, or to give themthe opportunity to shift their career path.

“We are committed to supporting and empowering people andmaintaining a safe, diverse and inclusive workplace environment.
Our culture allows us to attract and retain top talent and ultimately
results in significant value to our Company.”— LY NN WHI TE, EXECUTI VE VI CE P R ESI DENT, CHI EF TA L E N T OF F ICE R

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Appendix• Senior leadership receives development opportunities by partnering with specialized
maritime and leadership schools across the world to sharpen their skills through experiential
opportunities, assessment tools and one-on-one coaching.
• In 2021, we launched a Learning Management System to host a series of online learning
courses for shipboard team members to prepare for a return to service. Moving forward,
it will be a platform to host online learning initiatives for various departments likebeverage and restaurant certifications, culinary specialties, virtual reality training andother department-specific operational and leadership training.

EMPLOYEE SPOTLIGHT
SHORESIDE:• In early 2021, we established a new Rising Stars program to identify high potential leaders
at the Director and Senior Director level. The 6-month program is being conducted witha human resources strategy firm and is focused on developing a growth mindset to refine
leadership strengths, champion change and encourage innovation through assessment tools,
one-on-one coaching and group learning.
• In 2020, we rolled out an internally designed Management Training program to 125+ leaders.

SHIPBOARD:• We empower team members to set them up for success from the moment they join thevessels and throughout their career on board. Learning is promoted on board by offering avariety of developmental courses focused on three main categories: Maritime and industry
compliance, human resources and operational training specific to each department.
In 2020, we launched a language app to provide team members on board the opportunity
to improve their English language skills or to learn a new language to excel at guest services.
• We provide team members professional certifications in partnership with global
professional associations.
• We create career path models for various departments to function as a guide forindividual professional career development.
• Middle Managers receive an intensive management training program, including apersonalized action plan to partner with their immediate supervisors and Human
Resources to grow professionally.

Captain Serena Melani
Generous | Hard-working | Trailblazer
Captain Serena Melani likes to say that she’s agirl with a dream. She joined Regent in 2010as a Bridge Officer, then served as Navigation
Officer, Safety Officer and Staff Captain on Seven
Seas Voyager®. She became the Company’s firstfemale Master Captain in 2016 and has led Seven
Seas Explorer®, Seven Seas Mariner® and Seven Seas Navigator® during her tenure. In
2020, she became the first woman in cruise industry history to captain a new ocean
cruise ship at launch with the arrival of Seven Seas Splendor™.
What advice would you give a young woman following in your footsteps?
There are billions of women in the world, but none of them are you. You are unique.
You also don’t have to be the first or second woman to accomplish something to bevaluable. You just need to be proud of what it is you do.
How about advice for other women in leadership?
As the master, I am in charge. Full stop. But there is art to leading a team. Thereis compassion and empathy that one must have. You must also motivate andcommunicate well, so that when you make decisions, you have the support ofyour team.

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TEAM MEMBER ENGAGEMENT AND RECOGNITION

We also celebrate our team members through our recognition programs including:

At Norwegian, we know an engaged workforce leads to better productivity, commitment andinnovation. We encourage team members to voice their opinions and regularly seek feedback
on how to improve the workplace environment.

• Award of Excellence: Exceptional team members are recognized by a robust annual Award of
Excellence recognition program which acknowledges and rewards individual shoreside teammembers and teams for their demonstration of Company values.

On each of our ships we have Human Resources Directors or Managers to maintain an open
culture. Captain’s meetings are held monthly for a two-way exchange of information and eachship has a Crew Welfare committee. We also periodically conduct crew surveys to gauge
employee engagement and satisfaction, including amid the pandemic. In March 2021,
a crew survey conducted indicated that approximately 99% of crew would be available andinterested to return when the Company was prepared to return to service. In addition, the vast
majority said they felt that the Company communicated well and kept team members informedof operational delays and other matters.
Through our ENGAGE platform, we consistently communicate with team members globally tocelebrate important milestones, recognize employee accomplishments and offer networking
and development opportunities. We have typically hosted an annual team member celebration
for shoreside employees, including our 2019 event aboard our newest vessel at the time,
Norwegian Encore.

• Kloster Visionary Award: We recently developed the
Kloster Visionary Award which honors the Company’s
founder, Knut Kloster, by recognizing a shipboard or
shoreside team member whose spirit of innovation follows
in the footsteps of this visionary.
• Vacation Hero Awards: Through the shipboard Vacation
Hero Awards program, shipboard supervisors andmanagement recognize select shipboard team membersthat have proven to be outstanding in selected categories.
This award program is designed to provide recognitionand promote total guest satisfaction by encouraging andrewarding team members for demonstrating excellence inservice, teamwork, attitude and leadership.

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DIVERSITY, EQUITY & INCLUSION
Our Company is committed to fostering an inclusive workforce, where diverse backgrounds
are represented, engaged and empowered to generate and execute on innovative ideas. Ourcommitment to diversity and inclusion is demonstrated by our Board of Directors, which isapproximately 33% female and 55.5% diverse. Our commitment to seeking female and minority
candidates as well as candidates with diverse backgrounds is formalized in our Corporate
Governance Guidelines.
We operate globally, with team members representing more than 120 countries. To foster adiverse and inclusive culture, we seek to leverage the talents of all team members, commit toequal employment opportunity (EEO) as detailed in our Company’s EEO policy, and deliver
training on unconscious bias, microaggressions and diversity and inclusion.

2,3 members
Allshoreside
team
GENDER
DIVERSITY
All
shoreside
team
members(incl
Intl)(inclteamIntl)shoreside
team
members
AllAllshoreside
members

All Global Shoreside
(incl
Intl)
(incl
Intl)
Team Members

Shoreside
Managers/above
Women
Men
AllAll
Shoreside
Managers/above
(incl
Intl)
(incl
Intl)
Shoreside
Managers/above
AllAll
Shoreside
Managers/above
All Global Shoreside
(incl
Intl)
(incl
Intl)
Manager/Above

59%
59%

41%
41%

49%
49%

51%
51%

59%
59%

41%
41%

49%
49%

51%
51%

SNAPSHOT OF OUR WORKFORCE

BOARD DIVERSITY SNAPSHOTBOARD DIVERSITY SNAPSHOT
3 ARE FEMALE

All
shipboardAllshipboardAll
Shipboard
team
members
team
members
shipboard
AllAllshipboard

3-Stripeabove
3-Stripeabove
3-Stripe
Above(Managerlevel
equivalent)(Managerlevel
equivalent)
3-Stripeabove
3-Stripe
above

team
members
team
members(Managerlevel
equivalent)(Managerlevel
equivalent)Team Members

1 IS AFRICAN-AMERICAN

15%
15%

23%
23%

15%
15%

23%
23%

1 IS HISPANIC(Manager level equivalent)

77%
77%

85%
85%

77%
77%

85%
85%

1 IS LGBTQ

3,4
U.S. SHORESIDE ETHNIC DIVERSITY
BREAKDOWN
EthnicDiversity

American Indian/
Alaska Native
Asian

0.44%
3.41%

Black

12.09%

Hispanic/ Latino
Native Hawaiian/
Other Pacific IslanderWhite

NON-URMS %URMS %All U.S. Shoreside Team Members

36%

64%

U.S. Shoreside Managers/Above

53%

47%

ETHNIC DIVERSITY1,3

47.91%
0.26%
35.90%

1	Under-represented minority (URM) is used to describe diverse populations, including Native American, Asian, Black, Hispanic/Latino and Native Hawaiian team members in the
U.S. who have self-identified. Except for Pride of America, we do not track ethnicity/race for our shipboard team members as the majority are URMs from a U.S. perspective.
2 While we present male and female, we acknowledge this is not fully encompassing of all gender identities.
3 As of December 31, 2020, this was the composition of our workforce.
4 Based on those who have self-identified.

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TALENT ACQUISITIONEMPLOYEE SPOTLIGHT
Brian Walters, General
Manager, Norwegian Sun
Native to the beautiful islandof Jamaica, 50-year Company
veteran Brian Walters joined
Norwegian in 1969 as a Lounge
Steward, just three years after
the company was founded as
Norwegian Caribbean Line.
He worked his way throughthe ranks of crew and into
leadership positions where hecurrently holds the position ofGeneral Manager today. Briancalls Norwegian Sun his homeaway from home when he’s not
spending time at his land-based
home in Ft. Lauderdale, Florida.
Through the years, crew
members have been guided andmentored under Brian’s watchfuleye and he’s consistently
regarded as a calm, steady leader. During his time at sea, Brian has witnessed theevolution of the cruise industry firsthand and experienced nearly all of Norwegian’s
ground-breaking cruise innovations. But if you ask him when he plans to retire his
sea-legs, he’ll laugh and tell you he’s ready to get back on board.

We are increasingly focused on presenting a diverse slate of candidates to all hiring managers.
We use various forms of outreach to target prospective diverse candidates, including posting job
openings on diversity organization websites and participating in diverse career fairs. We have alsopreviously participated in the Year Up internship program which provides internships for students
in underrepresented and underprivileged communities. Looking forward, we have partnered withlocal universities and continue to seek opportunities to enhance our diversity hiring.

TRAINING
In 2020, we launched online training as one of our essential steps to increase awarenessand to foster a workplace that is aligned with our core values of Family and Community. All
shoreside team members were required to complete training regarding 1) Diversity, Inclusion andSensitivity in the Workplace, 2) Unconscious Bias and 3) Micro-Aggressions in the Workplace.
Going forward, all new hires will also be required to complete this training. In addition, shipboard
team members receive Cultural Awareness training with an emphasis on learning, appreciating
and celebrating differences.

EMPLOYEE RESOURCE GROUPS
Our Employee Resource Groups (ERGs) are another way for employees to connect, share,
discuss important issues and give back to the community. We currently offer two ERGs and arein the process of exploring the addition of more groups to provide our team members more
opportunities to connect and further their development.

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ELEVATE
Elevate is comprised of our Senior Directors and above women leaders based out of
the corporate headquarters. The Elevate group meets at least quarterly, and more
frequently during a remote environment, for support, engagement and personal
development. Sessions will vary from networking within this group to self-development
sessions focused on topics such as negotiation, personal brand and self-care.

VETERAN’S TASK FORCEThe Veteran’s Task Force is an ERG comprised of our military veterans. The Task Forcehas previously been committed to community outreach, support for fellow members
and awareness of veteran community needs.

PARTNERSHIPS AND COMMITMENTS
We have long-term partnerships with the National Diversity Council, sponsoring the Florida
Diversity Council and its South Florida local chapter. We have partnered with the prestigious
International Women’s Forum Fellows Program. We continually seek additional organizations
and partnerships to further expand our DE&I efforts.
Sixthman, our subsidiary company based in Atlanta, Georgia, specializing in developing anddelivering music-oriented charters, recently joined the ATL Action for Racial Equity. This new
initiative seeks to accelerate racial equity by leveraging the size and scale of the business
community and the power of collective impact. Businesses who sign on to the initiative will
focus on measurable actions across corporate policies, inclusive economic development,
education and workforce development to help in addressing the region’s immobility andinequity challenges.

ENGAGEMENT
We also recognize, celebrate and share the stories of our diverse and dynamic team members
throughout the year corresponding with national and global observance holidays. In 2021, we
introduced a spotlight series for Black History Month to showcase dynamic and diverse leaders
who have made significant contributions to our Company and our communities. For Women’s
History Month, we also introduced a feature campaign focused on women who have broken
stereotypical barriers to hold positions that have traditionally been held by men.

EMPLOYEE SPOTLIGHT
Bernadine VallejosGonzaga, Fire‘woman’,
Norwegian Escape
Bernadine holds the positionof Fire‘woman’ on board
Norwegian Escape, where
she’s worked since she joined
the Company in 2017. Prior to
NCLH, Bernadine worked in
the Fire Service in Cebu City,
Philippines, where she wasborn and raised. Bernadinecredits her father and his 29
years with the Fire Service
for her lifetime passion in
firefighting. She credits
her mother, a teacher andarchitect, for instilling theimportance of education,
hard work and kindness.
In her daily work, Bernadine is tasked with checking fire equipment, training newhires, preparing for safety inspections and ensuring that all areas of the ship are freeof fire hazards. The intense training includes advanced firefighting, medical first aid,
crisis management, human behavior, hazmat, first responder training, psychosocial
care in disasters and much more.
As a woman breaking barriers in her field of work, Bernadine says; “It’s importantfor me as a woman to set a goal, to set high standards and to stay focused. I knowthat I’m paving the way for other women by succeeding in my career.” She adds;“Firefighting is dangerous, and I am fully aware that I put my life on the line wheneveran emergency happens. That is why learning, training and preparation of mind andbody never ends. My advice for others is to be brave, to be fierce and to be real.
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Crew members are also provided resources to maintain good
physical health. All crew receive mandatory pre-employment
medical examinations and undergo a comprehensive vaccination
program before boarding. While onboard, crew have accessto our well-resourced onboard medical centers and can see
physicians and nurses for treatment of any medical problems.
We provide a variety of services to enhance crew’s living
conditions and well-being while onboard. Crew areas
are equipped with recreational facilities such as a gym,
basketball court, crew lounge, gaming room, crew bar andcrew internet café.

EMPLOYEE HEALTH,SAFETY AND WELL-BEING
Protecting the health, safety and well-being of our team members when they show up for work
every day has always been our top priority. This was even more critical in 2020 with the onsetof the global pandemic. Our team quickly sprang into action to implement new and enhanced
health and safety protocols. We take a holistic approach to health ,including focusing on
physical, financial, mental and emotional well-being.

CREW WELL-BEING
We operate in full compliance with the Maritime Labor Convention (MLC), an international
labor convention adopted by the International Labor Organization (ILO) that sets out seafarers’
rights to minimum working and living conditions. The MLC sets minimum requirements fornearly every aspect of working and living conditions for seafarers including recruitment andplacement practices, conditions of employment, hours of work and rest, repatriation, annual
leave, payment of wages, accommodation, recreational facilities, food and catering, healthprotection, occupational safety and health, medical care, onshore welfare services and social
protection. We always seek to meet or exceed these requirements to foster a safe and happy
environment that motivates our crew members.
Average crew contracts last for nine months at sea, followed by two months of leave while
contracts for senior staff are generally four months. When contracts are complete, we provide
airfare to repatriate crew back to their home countries for leave. While at sea, hours can vary
but we never exceed the MLC’s maximum allowable hours of 14 hours in a day and 77 hours
over a 7-day period. Crew are also guaranteed compensation for overtime.

To promote crew well-being, each ship organizes a calendar ofactivities including music events, special lunches/dinners forcrew recognition, holiday events, sports tournaments, shore
excursions, bicycle rentals and movie nights. The crew has
internet benefits to keep in touch with their friends and family
back home on their own devices and are also provided withcomputers with internet access in a designated area on board.
In 2021, a wellness initiative will be launched focusing on healthy
habits living on board, including a 30-day challenge and a seriesof additional workshops for self-development and well-being.
Additional motivational initiatives are conducted by Senior
Management on board, including daily motivational messages,
regular meetings to introduce themselves and their teams andlectures on opportunities on board and best practices.

CARE TEAMOur Care Team consists of trained specialists to address illness or emergency events on board
or at our destinations across our three brands. The Care Team is available 24/7 and provides
care and support for impacted guests and crew and their families during an emergency.
Norwegian Cruise Line alone has 4 trained Care Team Specialists and nearly 200 Care Team
trained crew members globally who provided personalized support, emotional and logistical,
to 165 guests and crew in 2020.

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STRENGTHENINGOUR
COMMUNITIESWE ASPIRE TO…

SUPPORT AND
INVEST IN LOCALCOMMUNITIESPROVIDE
DISASTER RELIEF

AT A GLANCE
Dedication to Family and Community is one of ourcore values, and we are committed to strengthening$10M

A$250K$2M+

provided to six Alaska port
communities for COVID-19
related relief and recovery

donation to the Australian
Red Cross to support
Australia bushfire
relief efforts

in-kind humanitarianrelief to support various
community organizations
worldwide throughout
2020 and 2021

150,000

Nearly 3,000

32,000JUST Water cartons
donated for GivingTuesday
to support food banks in
Florida and New YorkU.S. shoreside teammembers offered a
Paid Volunteer Day
beginning in 2021

responsibly packaged,plant-based cartons of
JUST® water and nearly
262,000 pounds of nonperishable and canned
goods donated for
Hurricane Iota relief efforts

16

$30K

Nearly 400

Feeding America foodbanks supported in theSouthern U.S. to provide
relief after Texas and Gulf
States severe winter storms

donation to support
the Arts Campus of theSealaska Heritage Institutein Juneau, Alaska

cruise longshoremen
provided with gift cards
totaling $100K

350

$500K

toys provided in Camillus
House virtual toy drive

support given to St.
Vincent for volcanic relief

our local communities, the communities we visit andthe local ecosystems through which we cruise. We
believe it is our responsibility and privilege to giveback to the communities around the world where we
live, work, visit and serve. This year we reinforced ourcommitment by announcing a Paid Volunteer Day for all
U.S. shoreside team members to support our community®

involvement efforts. Team members will be able to giveback by choosing a cause or organization that they are
passionate about.
In addition to our employee volunteer efforts, we
strengthen communities through charitable giving
and philanthropy initiatives, partnerships, community
outreach and disaster relief.

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PHILANTHROPY &VOLUNTEERISM
Our Company and our team members around the globe are committed todoing good and making a lasting impact in our communities.
Team members actively engage in our communities by volunteering and havehistorically participated in various events including beach clean ups, toy drives
and food service. In 2019, team members donated over 1,000 hours givingback to the community and collected nearly 500 pounds of garbage throughbeach clean ups. While in-person volunteer opportunities were limited in2020 due to the pandemic, our team adjusted in various ways including the
successful completion of a virtual toy drive. In 2021, we introduced a Paid
Volunteer Day for all U.S. shoreside team members to provide them with anopportunity to give back to the causes they hold dear.
We also give back significantly through our charitable giving programs. In
2019, we provided approximately $4.1 million of donations (estimated valueof cash and cruise donations and excluding other in-kind donations) todeserving causes. While corporate donations were reduced in 2020 due tothe significant financial impact of COVID-19 on our business, we still donatedapproximately $1.6 million to various important causes. In Miami Dade County
alone, where our corporate headquarters is located, we donate to more than
30 organizations, including Live Like Bella Childhood Cancer Foundation,
Habitat for Humanity of Greater Miami, National Diversity Council and Teachfor America Miami Dade.
Team members are also given the opportunity to support importantorganizations through our WorkPlace Giving program. Team members canmake automatic recurring or one-time payments through payroll deduction,and the Company will match 50% of employee’s contribution up to$1,000 per year. The four organizations to currently choose from are1) All Hands and Hearts, 2) American Cancer Society, 3) Kids in Distressor 4) Virlanie Foundation.

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COVID-19 RELIEF AND RECOVERY
ALASKA SUPPORTIn May 2021, we provided $10 million of cash support to six
Alaska port communities severely impacted by the ongoingcruise voyage suspension, including Juneau, Ketchikan,
Skagway, Hoonah, Seward and Sitka. Sixty percent of all
tourism in Alaska is generated through cruise, which has
been halted for more than a year, continuing to significantly
impact small businesses reliant on cruise tourism. In addition,as part of the recently announced BuyAlaska and Voyij.com
initiative, we joined the ‘Shop Local Alaska’ program and areencouraging people to help support Alaska small businesses
devastated by the halt in cruising.

CRUISE LONGSHOREMENIn April 2021, we donated $100,000 in Visa gift cards tohelp support the cruise members of the International
Longshoremen’s Association Local 1416 which saw 60%of their business wiped out nearly overnight due to thepandemic. The International Longshoremen’s Association
Local 1416 has provided Long Shore Labor (also known asLongshoremen) for the Miami-Dade County PortMiami forover 85 years. Longshoremen load and unload trains andships from all over the world, including freighters and cruise
ships. Local 1416 is a pillar of the local community, providing
middle-class jobs and holding a historic position as theoldest Black union in Florida.

HUMANITARIAN RELIEF
Since the global suspension of cruising began in March 2020, the Company has also continued
to work with organizations around the world to provide much needed humanitarian relief,
including over $2 million of in-kind donations to date. Some of the Company’s various initiatives
during this period included:• Approximately $1.2 million in nonperishable food and water donations to be provided toFeeding America’s local Miami food bank Feeding South Florida by the end of 2021.
• Provided nearly $275,000 of in-kind donations in the form of JUST® Water and nonperishable and canned goods, to support two community organizations and assist ongoingrelief efforts in the Archipelago of San Andrés in Colombia after the devastating impact ofCategory 5 Hurricane Iota.
• More than $225,000 in dry goods and foods to benefit communities in Belize impacted by
the COVID-19 pandemic.
• Provided 16 truckloads of JUST® Water to benefit 17 Feeding America member food banks
and other nonprofit organizations in the U.S. located in areas devastated by severe winterstorms in partnership with JUST® Goods, Inc. and The Will & Jada Smith Family Foundation.
• Over $30,000 of in-kind donations including 10 pallets of responsibly packaged, plant-based
cartons of JUST® Water to benefit the Southeast Alaska Food Bank.

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Appendix• For GivingTuesday, matched every case of JUST® Water
purchased in December through their online store witha water donation to local food banks in Miami and New
York City. The joint effort resulted in the delivery of nearly
150,000 JUST® Water cartons.
• More than a dozen pallets of dry and frozen foods to the
Dutch food bank Voedselbanken Nederland and the Italian
nonprofit Pane Quotidiano in Milan, Italy.
• Five pallets of JUST Water cartons and more than 6,350
cases of yogurt to the Urban Renewal Commission in
Freeport, Bahamas.
®

• 790 kosher meals to the Greater Miami Jewish Federation.
• 1,000 bottles of JUST® Water to help frontline National
Health Service (NHS) staff in the UK at University HospitalSouthampton through Southampton Hospitals Charity inpartnership with JUST® Goods, Inc.

SHIPBOARD INITIATIVES
Our shipboard team members participate in various philanthropic and volunteer initiatives at
destinations across the world. Some recent initiatives include:• In October 2019, Oceania Cruises’ Riviera
donated furniture to the Salvation Army inMontreal, Canada.

• Regent’s Seven Seas Voyager officers andcrew donated $2500 in crew welfare funds
to a local non-profit Seaman’s Center.

• Crew of the Norwegian Breakaway
provided gifts to a local children’s hospitalin Nassau, and held a beach clean-up in
Marseille, France.

• Oceania Cruises’ Marina donated 640 fire
extinguishers in Genova, Italy.

• Crew of the Norwegian Dawn provided
holiday gifts to children from an orphanage
in Roatan, Honduras.
• Norwegian Epic officers and crew held acharity event at a local school in Belize.

• Pride of America officers and creworganized a food & clothing drive for“Women Helping Women” in September
2019.
• Pride of America’s Environmental Officer
organized a beach clean-up in Kauai, HI.

GIVING JOY“We are grateful for community partners like
Norwegian Cruise Line Holdings, which provided over
800,000 pounds (362,874 kilograms) of healthy andnutritious food to individuals and families in South
Florida. Currently, one in six South Floridians don’tknow where they will get their next meal. Donations
like this help Feeding South Florida meet theincreased demand for access to nutritious foods as aresult of the COVID-19 pandemic.”— S ARI VATS KE , E X E CUT IVE VICE PRE S IDE NT,
FE E DING S O UT H FLO RIDAIn Spring 2019, Norwegian CruiseLine celebrated hardworking teachers
through the Giving Joy campaign. The
public nominated and voted for teachers
in the U.S. and Canada who inspire
joy in the classroom. This successful
campaign generated more than 46,000
nominations and 1.43 million votes.
The 30 educators with the most votes each won 7-day cruises for two and became eligible forthree grand prizes — a chance to win $10,000, $15,000 or $25,000 for their schools. A panelof Norwegian Cruise Line executives selected the three grand prize winners based on therelevancy of contestants’ submissions to the contest theme, teachers’ lasting impact on theirstudents and content and originality.
While this campaign was paused in 2020 due to the pandemic, we re-launched this initiativein 2021 to continue recognizing and honoring hardworking teachers who have been on thefrontlines, challenged more than ever before during this crisis.

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GIVINGTUESDAY
To support the worldwide generosity movement GivingTuesday, Norwegian Cruise Linepartnered with JUST® Goods, Inc. We donated a case of JUST® Water to local food banks in
Miami and New York City for every case purchased through the JUST® Goods, Inc. online store
during the month of December. The joint effort resulted in the delivery of nearly 150,000 JUST®
Water cartons into the hands of those who need it most, with donations benefitting Feeding
South Florida, City Harvest New York and Food Bank for New York City.

ALASKA SEALIFE CENTER

VIRLANIE FOUNDATIONThe Virlanie Foundation was established by Dominique Lemay in 1992 in Manila, Philippines,
with the goal to assist the city’s street children through the creation of the Manila YouthReception Center and the Reception and Action Center. Since its founding, Virlanie has helped
more than 17,000 children in need of special protection through the foundation’s various
programs and services.
Norwegian Cruise Line first connected with this important foundation in 1999 with the purchaseof Orient Lines and the MS Marco because the previous owner had sponsored the VirlanieFoundation’s Herrod Home, the Marco Polo Home and the Marco Polo Care Center (MPCC).
From 1999 to 2011, Norwegian Cruise Line collected donations for the foundation throughvarious events, and in 2012, formalized the foundation partnership with the creation of Project
Tulong and the official signing of an MOA with Virlanie. Approximately 3,000 of our crew
members donate to Project Tulong.
The Virlanie Foundation’s Marco Polo Care Center is the first home for children aged
4-6 years old when they are admitted to Virlanie. During the children’s stay, Virlanie’ssocial workers handle their cases and assess whether they can be reunified with theirfamilies. If it is not possible, they will either be put up for adoption or stay in other
Virlanie homes for long-term care.

We were proud to partner with Royal Caribbean Group and SSA Marine to grant a dollar-fordollar matching donation of $100,000 in August 2020 to help save the Alaska SeaLife Center.
The matching challenge was so successful that $100,000 in donations was reached in just 11
days. The SeaLife Center in Seward, Alaska, was uniquely impacted by the COVID-19 pandemic
due to a lack of summer visitor revenues, and the donation provided much-needed support
to help maintain operations through the winter. The SeaLife Center is primarily dedicatedto marine research and education but is also a permanent marine mammal rescue andrehabilitation facility.

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DISASTER RELIEF
When disaster strikes, we aim to support local communities by quickly providing much-needed
aid for relief and recovery efforts.

much-needed kitchen and water, sanitation and hygiene facilities were also constructed for theschool. The entire preschool was also rebuilt with the addition of a new playground.

In June 2021, we provided $500,000 of relief following the La Soufrière volcanic eruption
which severely impacted Saint Vincent and the Grenadines. The disaster has displaced tensof thousands of people and resulted in the destruction of entire villages including schools,
businesses, homes, crops and livestock and has left residents with limited access to clean
drinking water.

In 2019, we relaunched the Hope Starts Here campaign in partnership with All Hands andHearts to provide immediate short-term relief for those affected by Hurricane Dorian. In lessthan one month, the program received donations from our valued team members, loyal guests
and travel and business partners, which we matched with a $2 million cash contribution as
well as nearly $1 million of in-kind donations. All Hands and Hearts used the donations for
emergency response efforts across The Bahamas, including debris cleanup and removal,
and the rebuilding of community infrastructure such as housing and schools. In addition, we
coordinated with local Bahamian authorities to bring needed provisions to the affected areas,
and Norwegian Breakaway departed Miami with hurricane relief supplies donated by our
employees, as well as items collected by the City of Miami and other local organizations.

HURRICANE IOTA RELIEF

U.S. WINTER STORM RELIEF

After the devastating impact of Category 5 Hurricane Iota, Norwegian Cruise Line provided
nearly $275,000 of in-kind donations including 32,000 responsibly packaged, plant-based
cartons of water jointly with JUST® Water, and nearly 262,000 pounds of non-perishable andcanned goods to support two community organizations and assist ongoing relief efforts in theArchipelago of San Andrés in Colombia.

After the devastating impact of the severe winter storms in
Texas and the Gulf States in early 2021, Norwegian CruiseLine partnered with JUST® Goods, Inc. and The Will & Jada
Smith Family Foundation (WJSFF) to launch a multi-city joint
donation effort to provide JUST® Water to 16 Feeding America
member food banks and other nonprofit organizations.
Together, we provided 16 truckloads of more than 532,000
responsibly packaged, plant-based cartons of JUST® Water tobenefit people affected by the extreme weather.

SAINT VINCENT VOLCANO RELIEF

We provided shipments of relief supply to benefit the Foundation Pro Archipelago, whose
mission is to improve the well-being and quality of life of the nearly 6,000 residents of theArchipelago of San Andrés and its nearby island provinces in the Western Caribbean bypromoting economic growth, responsible tourism and sustainable development. We also
donated non-perishable canned food and goods to FIOPSC, an organization which focuses on
fostering and developing programs to benefit the ecology of the local island communities.

HOPE STARTS HERE
In 2017, Norwegian Cruise Line was one of the first cruise lines to provide aid to the Caribbean
after Hurricanes Irma and Maria devastated the region, raising approximately $2.5 million
through our Hope Starts Here hurricane relief program. We partnered with All Hands andHearts, a leading disaster relief organization, to help provide immediate relief in Key West andreconstruct schools and critical infrastructure on affected islands in the Caribbean, including
St. Thomas, St. Maarten and Tortola. The second school to benefit from these efforts, Morne
Prosper Pre and Primary Schools in Morne Prosper Village, Dominica, opened in January 2019.
For the primary school, two classrooms that were completely destroyed were rebuilt while new,16
Feeding America food banks
supported in the Southern
U.S. to provide relief after
Texas and Gulf States severe
winter storms

AUSTRALIA BUSHFIRERELIEF EFFORTS
In January 2020, we committed $250,000 AUD to theAustralian Red Cross Disaster Relief and Recovery Fund tosupport emergency relief efforts for communities affectedby the unprecedented bushfires in the region. The Australian
Red Cross teams provided support to displaced people inevacuation and recovery centers and provided emergency
grants to help people who have lost homes in the fires cover
immediate needs.

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PARTNERSHIPS
We have formed important partnerships with governments and non-profit organizations tofoster positive change both within the U.S. and abroad. We also have several environmental
partnerships which can be found on pg 50.

CAMILLUS HOUSE
In 2011, our Company made a $5 million commitment toCamillus House, an organization that provides humanitarian
services to the poor and homeless of Miami-Dade County,
Florida. In recognition of our pledge — the largest corporate
contribution in Camillus House’s history — the charity
named its 340-bed facility “Norwegian Cruise Line Campus
of Camillus House.” The campus services more than 3,000
people in employment training, social services and clinicaltreatment programs. Today, team members continue to
conduct supply and holiday gift drives, serve dinner at thecampus kitchen and assist with various shelter and housing
beautification projects.

MAKE-A-WISH
Since 2009, our Company has been a proud partner of Make-A-Wish®. We have worked closelywith the Make-A-Wish Foundation of America through our Welcome Aboard Wishes Program,which grants more than 100 wishes annually by giving children with special needs and lifethreatening medical conditions a cruise vacation they will always remember. We help create
lifelong memories for each child whose dream is to visit one of the amazing destinations wevisit or experience all that our ships have to offer. Our attentive shoreside staff and shipboard
crew coordinate every detail of the cruise to ensure the children and their families are treatedlike VIPs. While Make-A-Wish cruises were largely halted in 2020 due to the pandemic, we lookforward to building upon this long-term partnership once we resume cruise operations.

FLORIDA DIVERSITY COUNCIL
We have a long-term partnership with the National Diversity
Council-affiliated Florida Diversity Council (FLDC) and its
South Florida local chapter. FLDC is committed to fostering
a learning environment for organizations to grow andleverage their knowledge of diversity and is a resource fordiversity best practices and leadership development.
In March 2021, we sponsored a Women in Leadership
Symposium “Onward & Upward- The Era of the Empowered
Woman” hosted by FLDC. The Symposium featured fiveinfluential female leaders as panelists including one of theCompany’s exceptional senior executives, Andrea DeMarco,
Senior Vice President of Investor Relations, Corporate
Communications & ESG.

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OPERATING WITH
INTEGRITY AND
ACCOUNTABILITY

WE ASPIRE TO…

PRACTICE GOOD
GOVERNANCEGET RESULTS THE
RIGHT WAYRESPECT HUMAN
RIGHTSPROTECT PERSONALDATA AND RESPECTPRIVACY

We believe in the importance of operating our businessethically and with integrity, in order to build a cultureof trust and confidence with all of our key stakeholders
including team members, vendors, guests, investors andmore. We have a strong corporate governance system
in place to provide high standards of transparency andaccountability and strive to be a leader in ethics andresponsible business practices. Our Board of Directors(Board) and Executive Management team are committed
to practicing good governance and continuously

AT A GLANCE

TESS

9

7

committee created in2019 to oversee corporatesocial responsibility andsustainability

size of Norwegian board

independent directors

55.5%

1/3

1/3

diverse board

under-represented
minority board

female board

seeking ways to improve business practices. Our ESG
commitment also extends to the Board level with ourTechnology, Environmental, Safety and Security (TESS)
Committee of the Board responsible for overseeing,
among other things, corporate social responsibility
and sustainability efforts.

6.1

100%

year average board tenure

1

1 As of 4/7/21.

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BOARD OF DIRECTORS
We are governed by our Board of Directors, elected by shareholders, that meet throughout
the year to oversee and guide our operations. Our Board helps develop and oversee theimplementation of our strategic vision and is committed to fostering an appropriate cultureof risk management through the creation of appropriate policies and procedures to encourage
ethical and responsible operations.

Our commitment to diversity, equity & inclusion starts with our Board which is one-third female,one-third under-represented minorities and 55.5% diverse, with two of these diverse directors
serving in Board leadership positions. Our Board is also committed to seeking out women andminority candidates as well as candidates with diverse backgrounds, experiences and skills as
part of each Board search.

Independence

Under-Represented
Minority

GenderDiversity

Tenure8-13 years

COMPOSITION

2

Our Board is composed of 9 directors, 7 of whom are independent, all of whom are highly
accomplished individuals who bring extensive expertise, experience and leadership to ourCompany. We seek directors who 1) understand elements relevant to the success of a publicly
traded company, 2) understand our business, and 3) have a strong educational and professional
background. We also consider the individual’s independence, character, ability to exercise
sound judgment and demonstrated leadership skills.

2014• Complete
acquisition of
Prestige Cruises
International, Inc(PCH)

years average

5

2

33.3%

33.3%

URM

Female667<1-3 years

4-7 years• 1st female director joins Board• Memorialized commitment to seek
diverse Board candidates• IPO• 2/9 directors
are independent

6.1

77.8%

Independent

3

3

2017

2013
• NCLH is acontrolled
company

2

2015

2016

• Former PCH
CEO becomes
our President
and CEO• Board
reducedfrom 11 to
9 members• No longer acontrolled
company• Board ismajority
independent• 2 newindependent
directors• Committees
are fully
independent• Historical tax gross-up
provision eliminated• 1st environmental report published• Anti-pledge, clawback and shareownership policies adopted• Board oversight of talent andsuccession planning strengthened• Board/committee evaluations
process enhanced• Transfers to NYSE and inducted
into the S&P 500

2018

2020

•2nd and 3rd
female directors
join Board• ESG
Department
created•7
 /10 directors are
independent• TESS
Committee
oversees
creation of
Healthy Sail
Panel andCompany’s
response to
COVID-19
pandemic•3
 0% of Board
is female•6 0% of Board
is diverse• 1 st stewardshipreport published2019• TESS
Committee
formed2021• Board reduced
from 10 to
9 members

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STRUCTURE
Our Board believes its current leadership structure best serves the objectives of our Board’s
oversight of management, our Board’s ability to carry out its roles and responsibilities onbehalf of our shareholders and our overall corporate governance. Our Board and each of its
committees are currently led by independent directors, with our President and Chief Executive
Officer separately serving as a member of our Board. Our Board believes that participation of
our President and Chief Executive Officer as a director, while keeping the roles of President
and Chief Executive Officer and Chairperson of the Board separate, provides the properbalance between independence and management participation at this time. By having aseparate Chairperson of the Board, we maintain an independent perspective on our businessaffairs, and at the same time, through the President and Chief Executive Officer’s participation
as a director, our Board maintains a strong link between management and our Board. We
believe this leadership structure promotes clear communication, enhances strategic planningand improves implementation of corporate strategies.

• Majority voting for directors

The standing committees of our Board include the Audit Committee, Compensation
Committee, Nominating and Governance Committee and TESS Committee. Each committee
has adopted a written charter approved by the Board. In order to best represent the interestsof our shareholders, our Board has a number of policies and practices in place including,but not limited to:Please refer to our 2021 Proxy Statement for additional background on our
Board’s governance structures.

• Independent Board chairperson• Annual Board and committee self-evaluations• Annual vote on named executive officer compensation• Share ownership policy for directors and executive officers• Shareholder ability to call special meetings and act by written consent• No “poison pill”• Regular meetings of independent directors in executive session• Comprehensive clawback policy• Board and Committee oversight of our Talent and Succession Plan

DIRECTOR SKILLS AND EXPERIENCE• Fully independent Board committees

5/9• Focus on Board refreshment, with 3 of 9 directors appointed since January 2017

Travel, leisure andentertainment industries

5/9
Public company

8/9

3/9

Executive leadership

Maritime

6/9

3/9

Global operations & strategy

Sales & marketing

5/9
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MEET THETESS COMMITTEE
Our TESS Committee is responsible for overseeing:
1

Matters, initiatives, reporting and public communications
related to corporate social responsibility and sustainability2

Our programs and policies related to technology andinnovation, cybersecurity, data protection and privacy

3

Our policies regarding safety, security, environmental
and climate-related matters

Mary E. Landry
Chair, Former U.S. Coast
Guard Rear Admiral
Ms. Landry has an impressive background in maritime
operations developed over the course of her 35-year
career with the government, including service on the
White House National Security Council and active duty in
the U.S. Coast Guard. She brings expertise regarding themaritime operations of our Company and deep insight
into our risk mitigation, preparedness, resilience andcybersecurity strategies to our Board. Some of her career
accomplishments included being Commander of thelargest Coast Guard District where she oversaw operations
for a region including 26 states with over 10,000 active,
reserve, civilian, and auxiliary personnel under hercommand. She has also helped to coordinate large-scale
responses to some of the worst natural and man-madedisasters including the Deepwater Horizon oil spill, the 2011
Mississippi River Valley floods and the 9/11 terrorist attacks.

Pamela A. Thomas-Graham
Founder and Chief Executive Officer,
Dandelion Chandelier LLC
Ms. Thomas-Graham provides our Board withexperience cultivated over 20 years of serving inexecutive leadership roles. She also offers expertisein marketing, brand management and human capitaldevelopment. From her significant tenure as a publiccompany director, she is also able to share with our
Board insights gained from her experience overseeing
corporate governance, financial reporting and controls,
risk management, business strategies and operationsof other companies. She has consistently broken
boundaries throughout her career including becoming
the first African American woman to become a partner
at McKinsey & Company in 1995.

Stella David
Former Chief Executive Officer,
William Grant & Sons Limited
Ms. David has extensive experience running multinational corporations and has significant expertise inmarketing and branding. As the leader of William Grant& Sons Limited, she was responsible for the significant
growth of the business, in particular their premium andluxury brands, and for leading the company’s expansion
into new markets. In addition, Ms. David also has
extensive experience as a director and is able to share
the knowledge she has gained regarding corporate
governance and risk management with our Board.

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BOARD OF DIRECTORSOVERSEES MAJOR RISKSRISK OVERSIGHT• Operational• Strategic and competitive• Financial• Brand and reputational• Legal and regulatory • Cultural • Succession planning

Our Board recognizes that effective risk oversight is critical to our long-term success andthe fulfillment of its fiduciary duties to our shareholders. While our management team is
responsible for the day-to-day management of our risks and implementing appropriate risk
management strategies, our Board is responsible for setting the correct tone at the top,fostering an appropriate culture of risk management, understanding our enumerated top risks
and monitoring how management mitigates such risks. Our Board uses its committees to assist
in their risk oversight function as shown on the right.

RISK MANAGEMENTAUDITCOMMITTEE

Our Internal Audit department (IA) facilitates the Enterprise Risk Management process onbehalf of our executive management team and the Board’s Audit Committee, to assess andappropriately manage the Company’s major business risks and to identify long-term emerging
risks. IA is structurally independent of our operating brands and is led by our Vice President ofInternal Audit & Enterprise Risk Management who reports directly to the Audit Committee.
IA conducts ongoing reviews of the most significant risks to the organization throughout theyear, including hosting informational sessions and encouraging risk-related feedback from riskowners and other key stakeholders. Feedback is evaluated and then presented to the Boardand management for improvement to risk management practices. The team also provides
risk information to the Board in the form of Risk Evaluations, Operational Audits, IT Audits,
Sarbanes Oxley Testing, Shipboard Audits and other risk updates.
The Company also has a dedicated Enterprise Risk Management Steering Committee
consisting of Executive Vice Presidents representing all departments within the organization,
which meets quarterly or more frequently as needed to evaluate areas of risk.

COMPENSATIONCOMMITTEENOMINATING& GOVERNANCE
COMMITTEETESSCOMMITTEEPRIMARY RISK OVERSIGHT• Accounting andfinancial controls• Legal, regulatory,
ethics andcompliance• Major financial,
operational andother exposures• Risk management
process• Employeecompensation plans,
policies and practices• Board effectiveness,compositionand structure• Non-executive
directorcompensation plans,
policies and practices• Corporate
governance matters• Compliance withshare ownershippolicy and“clawback” policy•S uccession planning• Shareholder
concerns• Technology/
cybersecurity• Environmental,
sustainability andclimate change• Safety and security• Corporate social
responsibility

MANAGEMENTKEY RISK RESPONSIBILITIES• Identify and manage all significant risks• Design risk identification and management framework, including enterprise risk
management program• Communicate all significant risks and mitigation strategies to Board and committees• Provide independent review of design and effectiveness of internal controls throughInternal Audit function

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ETHICS & COMPLIANCE
Doing the right thing and getting results the right way is embedded in our core values.
We emphasize the importance of conducting business legally and ethically and all teammembers, executives and directors are required to adhere to our Code of Ethical BusinessConduct (Code) at all times. Our Corporate Ethics Officer oversees the design andmaintenance of policies and procedures to maintain our high ethical standards.
The Code defines clear expectations to guide our decision making, deter wrongdoing andpromote honest and ethical conduct. The Code outlines our expectations in areas including
the below and more:

REPORTING HOTLINE
We are committed to creating an environment where open, honest communications are
the expectation, not the exception. We want all team members to feel comfortableapproaching supervisors or management in instances where violations of policies orstandards may have occurred.
If a team member, vendor or other stakeholder prefers to place an anonymous report, they
are encouraged to use our Reporting Hotline, hosted by a third-party hotline provider,
EthicsPoint. The hotline can be used to submit reports relating to violations of our Code,raise any potential concerns, ask questions, provide suggestions or ask for guidance related
to policies and procedures.

• Conflicts of Interest• Discrimination and Harassment• Confidentiality and Privacy• Antitrust and Fair Competition

WHISTLEBLOWERS• Insider Trading• Political Contributions

We have a zero-tolerance policy for any discrimination, retaliation or retribution for reports orcomplaints regarding misconduct that were made in good faith, which is outlined in our Code.
We encourage team members, vendors and other stakeholders to reach out to supervisors,
management or through our Reporting Hotline with any concerns they may have.

• Financial Integrity and Reporting Practice• Human Rights

All newly hired team members complete Code of Ethical Business Conduct training. In addition,
every year, team members are provided a refresher and all team members are required toreview and certify the Code, which includes required disclosure of potential conflicts of interest.
Board members are expected to comply with our Corporate Governance Guidelines as well as
our Code and are required to disclose potential conflicts of interest on a rolling basis. Board
members also complete detailed questionnaires regarding their compliance with corporate
governance principles and standards at least once a year. Team members are also required
to complete training for topics including, but not limited to, data privacy, cybersecurity,
harassment, discrimination, diversity, equity and inclusion depending on their roles.

RESPECTING HUMAN RIGHTS
We support human rights and condemn all forms of child exploitation, forced labor and humantrafficking. We prioritize human rights considerations across our organization, create andmaintain policies that protect our guests and team members and clearly define expectations
for our suppliers, contractors and partners. All team members are required to adhere to ourCode, which includes a commitment to human rights, and to participate in relevant training.
Anyone with concerns about human rights issues related to the Company or its vendors areencouraged to report that information through our Reporting Hotline which is confidential
and anonymous.

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DATA PRIVACY
AND SECURITY
In the normal course of operations, we collect and use
information from our guests, team members, suppliers andvendors to provide our world-class vacation experiences. We
are committed to protecting this information and implement
physical, technical, and organizational security measuresdesigned to safeguard the personal data we process. These
measures are aimed at providing ongoing integrity andconfidentiality of personal data and we evaluate and updatethese measures on a regular basis. We operate worldwide
and therefore comply with local and international regulations.
We have a Chief Information Security Officer who oversees
and is responsible for our overall data security efforts. Our
Privacy Team reviews projects and processes that involve
personal data and provides guidance to our Company
regarding the way we use personal data. Our Privacy Teamand Data Governance Team also provide regular updates to our Privacy Board, composed ofsenior leadership members and other team members that are responsible for overseeing ouruse of personal data. Ultimately, the TESS Committee of our Board oversees our programs andpolicies related to cybersecurity, data protection and privacy. Team members also complete
regular training to spot suspicious activity and to learn about data privacy and protection bestpractices.

POLITICAL SPENDING
AND LOBBYING POLICIESAND PRACTICES
Our Board actively oversees our Company’s role in helping to shape public policy and address
regulations that impact our Company, our industry, our shareholders and other stakeholders.
We support public policies that drive the achievement of our long-term, sustainable growth.
Our Nominating and Governance Committee oversees our political spending and lobbying
policies and practices through periodic reports from management. Our Company is an active
member of CLIA, which advocates on behalf of the cruise industry and its stakeholders.

We have also launched an internal 24x7x365 Security Operations Center (SOC), which:provides information security monitoring for both shoreside and shipboard IT systems
and applications; has the ability of real-time incident response management for our IT
infrastructure, which includes our websites, applications, databases, servers, network devices
and components and workstations; is a team comprised of cybersecurity professionals trainedand equipped to identify, contain, analyze and investigate any perceived security threats;
and, has the ability to assist internal users on 24x7x365 basis with any information security
questions or reported issues, such as phishing/scam emails, information security concerns andsecurity solution related access or performance issues.
Our privacy policies can be found on our websites and here: NCLH Privacy Policy

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SASB DISCLOSURE MATRIXSASB Code

Norwegian Cruise Line Holdings Ltd. is committed to managing and reporting material
sustainability information for our investors and other key stakeholders. The table below
references SASB’s Cruise Line Standard, Version 2018–10. As a result of the COVID-19
pandemic, our global cruise operations were suspended beginning in March 2020 andcontinuing into 2021. This voyage suspension had a material impact on certain 2020 metrics.
At this time, there are certain metrics we are unable to provide details for, but we willcontinue to evaluate additional metrics for inclusion in future reports.

SASB Code

Accounting Metric2020 Data Response

Reference

TR-CL-110a.1

Gross global Scope
1 emissions - Metric
Tonnes Carbon
Dioxide Equivalent(MTCO2e)

1,442,306.11 MTCO2e2020 Report – GHG
Emissions Reporting,pg. 26

Discussion of longterm and short-term
strategy or plan to
manage Scope 1
emissions, emissions
reduction targets,and an analysis ofperformance against
those targets

We have a long-term climate action
strategy with a goal to reach carbon
neutrality through reducing carbon
intensity, investing in technology
including exploring alternative
fuels and implementing a voluntarycarbon offset program.

TR-CL-110a.2

In 2018, we signed the Cruise Lines
International Association (CLIA)
historic commitment to reduce thecarbon emissions rate industrywide by 40% by 2030 compared
to a 2008 fleet baseline. We strive
to minimize emissions throughongoing investments in systems
and technologies to reduce ourfuel consumption for both existing
vessels and newbuilds. These
investments have allowed us toreduce our fuel consumption percapacity day by approximately 17%
from 2008 to 2019 for our entire

2020 Report –Addressing Climate
Change, pgs. 24-31,
Energy Conservation,
pgs. 32-34,
Newbuilds andInnovation, pgs. 35-37

Accounting Metric

TR-CL-110a.2(cont’d)2020 Data Response

Reference

fleet. In addition, we purchasecarbon offsets to address gaps inour decarbonization efforts until
new technology becomes available
with a commitment to purchase atleast 3MT in 2021-2023. We havealso partnered with CLIA andother maritime organizations topropose the establishment of a
$5 billion collaborative shipping
research & development funddedicated to the ultimate goal ofeliminating CO2 emissions frominternational shipping.
We have also performed four yearsof GHG inventories and will use thisdata to consider setting a company
specific emissions reduction goal in
the next two years.

TR-CL-110a.3(1) Total energy
consumed –Gigajoules (GJ)
(2) percentage
heavy fuel oil (3)percentage onshore
power supply (OPS)(4) percentage
renewable(1) 18,658,337.74 GJ(2) 99.64%(3) 0.05%(4) 0%

2020 Report –Energy Conservation,
pgs. 32-34

TR-CL-110a.4

Average Energy
Efficiency Design
Index (EEDI) for
new ships

Two ships in our fleet have attained
an EEDI rating:2020 Report –Energy Conservation,
pgs. 32-34

Encore: 9.301
Splendor: 13.4
Our remaining ships were notrequired to have EEDI ratings
when they were built. All of ourships built after 2012 have energy
efficiency certificates.

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SASB Code

Accounting Metric2020 Data Response

Reference

SASB Code

Accounting Metric2020 Data Response

Reference

TR-CL-120a.1

Air emissions of thefollowing pollutants:(1) NOx(excluding N2O),(2) SOx, and(3) particulate matter(PM10)

We currently do not have thecapability to track this metric
but are working with third parties
to report air emissions in thenear future.

2020 Report –Emissions Regulation,
pg. 29, Exhaust Gas
Cleaning Systems,
pgs. 29-30, Newbuilds
and Innovation,
pg. 35-37

TR-CL-250a.2

Fleet average CDC
Vessel Sanitation
Program inspection
score, percentage ofinspections failed

93.86. Zero inspections were failed
in 2020.

2020 Report –Onboard Public
Health & Sanitation,
pgs. 81-84

TR-CL-250a.3

Total amount of ship
waste discharged
to the environment,
percentage treatedprior to discharge

Total combined: 2,307,272.47 m3

Number of(1) serious injuries per
million passengers
and (2) voyages witha gastrointestinal
illness countexceeding 2%(1) We do not currently disclose
this information at this time.
(2) Zero voyages exceeded 2%.

TR-CL-310a.1

Average hourly
wage for seafarers,
by region

We have competitive compensation
programs for our shipboard teamwhich for the majority of the team arenegotiated with various unions anddocumented in collective bargaining
agreements. Per our 2021 proxystatement, the median employee
was a full-time employee located on
one of our ships with an annual totalcompensation of $30,635 for 2020.
Due to maritime requirements and thepractical implications of employment
on ships with worldwide operations,
our shipboard employees receive
certain accommodations that are
not typically provided to shoreside
employees including housing andmeals while on the ship and medicalcare for any injuries or illnesses that
occur while in the service of the ship.

2020 Report – TalentAcquisition, Training& Development,
pgs. 92-99, Crew
Well-Being,pgs. 106-107

TR-CL-310a.2

Percentage of
seafarers working
maximum hours

We do not currently disclose
this information at this time.
However, we operate in fullcompliance with the Maritime Labor
Convention (MLC), an international
standard which sets seafarers’
rights to minimum working andliving conditions.

2020 Report –Crew Well-Being,pgs. 106-107

TR-CL-310a.3

Percentage of
seafarers paidfor overtime

We do not currently disclose thisinformation at this time.

2020 Report –Crew Well-Being,pgs. 106-107

TR-CL-160a.1

Gray Water: 173,074.40 m3
Treated Sewage: 1,815,646.7 m3
Bio Sludge: 61,295.64 m3
Untreated Sewage: 257,255.73 m3~78% of wastewater discharged
is treated

TR-CL-160a.2

Percentage offleet implementing(1) ballast waterexchange and(2) ballast water
treatment

21 of our 28 vessels use Ballast
Water Treatment Systems andseven use exchange (75% BWTS,
25% exchange). Of the vessels still
operating under exchange, BWTS
are being installed as requiredby the International Oil Pollution
Prevention (IOPP) renewal date.

TR-CL-160a.3

Cruise duration inmarine protectedareas and areasof protectedconservation status

We currently do not have astandardized method for recording
this data across our fleet. However,
we are evaluating options thatwill allow us to report this in the
coming years. The future of ourbusiness is closely intertwinedwith the health of our oceans andthe destinations we visit and wecontinuously seek ways to minimize
our environmental impact.

TR-CL-160a.4

Number of notices ofviolations received
for dumping

We received no noticesof violations.

TR-CL-250a.1

Number of alleged
crime incidents
involving passengers
or employees

Four alleged crime incidents.

2020 Report –Waste
Mitigation, pgs. 45- 49

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TR-CL-310a.4

Total amount ofmonetary losses
as a result oflegal proceedings
associated with laborlaw violations

We experienced no monetary losses
as a result of legal proceedings
associated with labor law violations.

Seafarer lost time
incident rate (LTIR)

TR-CL-320a.1

TR-CL-540a.1

TR-CL-540a.2

TR-CL-540a.3

Operating with
Integrity andAccountability

Reference

Appendix

SASB Code

Accounting Metric2020 Data Response

Reference

TR-CL-000.A

Available lower berthkilometers (ALB-KM)

3,659,549,870. Due to COVID-19
we ceased global cruise voyages inMarch 2020.

2020 Form 10-K

TR-CL-000.B

Average passenger
cruise days (APCD)

4,278,602. Due to COVID-19 weceased global cruise voyages inMarch 2020.

2020 Form 10-K

We do not currently disclose
this information at this time.

TR-CL-000.C

Number of shipboard
employees

31,0002020 Form 10-K

Number ofConditions of Classor Recommendations

35 Conditions of Class orRecommendations received.

TR-CL-000.D

Cruise passengers

499,729. Due to COVID-19 weceased global cruise voyages
in March 2020.

2020 Form 10-K

Number of port
state control(1) deficiencies and(2) detentions(1) 40 deficiencies(2) Zero detentions

TR-CL-000.E

Number of vessel
port calls

1,628. Due to COVID-19, weceased global cruise voyages inMarch 2020.

Number ofmarine casualties,
percentage classified
as very serious

57 Marine Casualties with 0%classified as very serious.
Marine casualties are defined
based on the IMO’s Code ofInternational Standards andRecommended Practices for a
Safety Investigation into a Marine
Casualty or Marine Incident.
Approximately 5% of marine
casualties were environmental
incidents that occur at a rate ofonce every five years and had an
insignificant impact after steps
to remediate were taken. The
remaining casualties were accidents
with approximately 75% being
treated on board with minimal
invasiveness and approximately
19% having non-life-threatening
injuries that were better suited fortreatment at a mainland hospital.

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GLOSSARY
A

Cold Ironing

Carbon Dioxide (CO2)

Advanced Wastewater Purification
Systems (AWP)
A biological treatment plant on board
the vessel that treats the wastewater
generated on board to internationallyestablished standards.

B
Ballast Water
Fresh or seawater stored in a vessel’stanks to improve ship stability.

Bilge Water
Oily wastewater collected in machineryand engine spaces.

Black Water
Wastewater from toilets, urinals andmedical facilities.

Bunkered Water
Potable water that is purchased at
port and stored on board to be used
to supplement the drinking water thatcannot be created on board.

C
Capacity Days
Available berths multiplied by the numberof cruise days for the period.

A naturally occurring molecule thatconsists of one carbon atom covalently
double bonded to two oxygen atoms.
It is a trace gas within our atmosphereand is the primary GHG emitted throughhuman activities.

Carbon Offsets (CO2 Offsets)
A mechanism to purchase carbon credits
to balance carbon emissions by investingin projects elsewhere that either remove
carbon from the atmosphere or avoid
emitting it in the first place. One carbon
credit purchased equates to one ton of
CO2 that has not been emitted.

CDP
Formerly known as the carbon
disclosure project, CDP is a not-for-profit
charity that runs the global disclosuresystem for investors, companies, cities,
states and regions to manage theirenvironmental impacts.

Centers for Disease Control andPrevention (CDC)
The United States federal agency tasked
with protecting public health and safety
though the control and presentation of
disease, injury and disability.

Circular Economy
An economic model of production
and consumption which involves
preserving and reusing resources andavoiding waste as long as possible tocreate a closed-loop system.

The process of providing shoreside
electrical power to a ship at berth while
its main and auxiliary engines are turned
off; also known as Alternative Marine
Power and Shore Power.

Cruise Line International Association(CLIA)
The world’s largest cruise industry tradeassociation, representing 95% of theworld’s ocean-going cruise capacity, that
supports policies and practices that foster
a secure, healthy and sustainable cruise
ship environment.

E
E-CAP
Environmental software that interfaces
directly with the vessels, navigation
system to provide planning andmonitoring for the vessel’s voyage.

Exhaust Gas Cleaning Systems(EGCS)
A system that reduces the amountof sulfur oxide and particulate matteremitted from the vessel by cleaning, or
scrubbing, the fuel before the emissions
are released from the stack.

F
United States Food and Drug
Administration (FDA)The United States federal agency
tasked with protecting and promoting
public health through the control andsupervision of food safety, tobacco
products, dietary supplements,prescription and over-the-counter
pharmaceutical drugs (medications),
vaccines, biopharmaceuticals,
blood transfusions, medical devices,
electromagnetic radiation emitting
devices (ERED), cosmetics, animal foods
and feed and veterinary products.

Emission Control Areas (ECA)
Areas designated by MARPOL withstricter limits on sulfur emission. These
include the Baltic Sea, the North Sea/
English Channel, North American waters
and the U.S. Caribbean Sea.

Environmental Management System(EMS)
A comprehensive set of processes andpractices that enable an organization to
reduce its environmental impacts andincrease its operating efficiency.

G
Greenhouse Gas (GHG)
A gas within the atmosphere thatabsorbs and emits radiation in thethermal infrared spectrum. Greenhousegases trap heat and make the planet
warmer. The primary greenhousegases are water vapor, carbon dioxide,
methane, nitrous oxide and ozone.

2020 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT|PG 143

Introduction

Reducing
Environmental
ImpactSailing
SafelyEmpowering
PeopleGHG Protocol Corporate Standard
Provides standards and guidance forcompanies and other organizations
preparing a GHG emissions inventory.
It covers the accounting and reportingof the six greenhouse gases coveredby the Kyoto Protocol- carbon dioxide(CO2), methane (CH4), nitrous oxide(N2O), hydroflourocarbons (HFCs),
perfluorocarbons (PFCs) and sulphur
hexaflouride (SF6).

H
Healthy Sail Panel (HSP)
A panel co-formed by the Company
and comprised of 11 globally recognizedpublic health officials to guide in thedevelopment of a science backed plan fora safe and healthy return to cruising. The
panel is chaired by former U.S. Secretaryof Health and Human Services, Governor
Mike Levitt and former commissioner of
the U.S. Food and Drug Administration,
Dr. Scott Gottlieb. The panel provided arobust set of recommendations whichwere used to guide our SailSAFE healthand safety program.

Strengthening our
Communities

Operating with
Integrity andAccountability

International Labor Organization(ILO)
The United Nations’ dedicated agency
tasked with promoting safe working
conditions and advancing social justicein the workplace.

International Maritime
Organization (IMO)The United Nations agency responsible
for preventing excess pollution fromships and improving maritime safety.

International Organization forStandardization (ISO)International standard-setting
body composed of representatives
from various national standards
organizations. An ISO Standard isinternationally recognized.

ISO 14001
Global standards for Environmental
Management Systems (EMS)
developed and verified by the ISO.

L

Heating, Ventilation and
Air-Conditioning (HVAC)

Leadership in Energy andEnvironmental Design (LEED)

Indoor climate control systems.

A widely used green building rating
and certification system developedby the U.S. Green Building Council(USGBC). USGBC created LEED tomeasure and define what a sustainable
or green building was and to provide
a roadmap for the development ofsustainable buildings.

I
Infectious Disease Management
System (IDMS)
System that allow us to carefully manage
infection risks with a structured androbust response protocol.

Appendix

M

N

Maritime Labor Convention

Nitrogen Oxides (NOx)

An international labor convention adopted
by the International Labor Organization(ILO) that sets out seafarers’ rights tominimum working and living conditions.
The MLC sets minimum requirements fornearly every aspect of working and living
conditions.

Oxides of Nitrogen that are released in agaseous form during the burning of fuel.

MARPOL

Plan to mitigate and aid in preventing the
spread of communicable disease such as
coronavirus, norovirus and influenza-like
illness, and adjust and respond to newand emerging health issues on our ships
and at our private destinations.

The International Convention for thePrevention of Pollution from Ships. The
main international convention covering
prevention of pollution of the marine
environment by ships.

O
Outbreak Prevention and Response
Plan (OPRP)

P

Materiality Assessment
The process of identifying and assessing
the most relevant or importantenvironmental, social and governanceissues that could affect the Company
and its internal and external stakeholders.
Once material issues are identified thisis used to inform strategy, targets
and reporting.

European Union Monitoring,
Reporting & Verification (MRV)
Regulation
The European Union (EU) introduced
the shipping monitoring, reporting andverification (MRV) regulation, which isdesigned to gather data on CO2 emissions
based on ships’ fuel consumption.

Poseidon Principles
A framework for assessing and disclosing
the climate alignment of ship financeportfolios.

Public Health Officer (PHO)
An onboard position established in 2020
that is responsible for the oversight ofall outbreak prevention initiatives andenforcing compliance with the CDC’s
Vessel Sanitation program.

R
Reverse Osmosis (RO)A water purification process that utilizes
a partially permeable membrane toseparate unwanted ions, molecules andparticles from water, creating potabledrinking water.

2020 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT|PG 145

Introduction

Reducing
Environmental
ImpactSailing
SafelyEmpowering
PeopleS
SailSAFE
Company’s robust, multi-layered healthand safety strategy formed in response
to COVID-19 and developed withguidance from its scientific and publichealth advisors.

SailSAFE Global Health andWellness Council
Company-specific expert advisory council
designed to complement the work of the
Healthy Sail Panel. The Council is providing
expert advice on the implementation,compliance with and continuous
improvement of the Company’s SailSAFE
health and safety program.

Sail & Sustain
Global sustainability program centeredaround our commitment to drive apositive impact on society and theenvironment while delivering on our
vision to be the vacation of choice foreveryone around the world. The program
is focused on five pillars 1) Reducing
Environmental Impact, 2) Sailing Safely,3) Empowering People, 4) Strengthening
Our Communities and 5) Operating with
Integrity and Accountability.

Sail & Sustain Executive
Leadership Council
A Council comprised of senior executives
across the organization including the Chief
Executive Officer, Chief Financial Officer,
President and CEOs of our three cruise lines,
Chief Talent Officer, General Counsel and theheads of our Vessel Operations, Supply Chainand Logistics and Onboard Revenue andStrengthening our
Communities

Operating with
Integrity andAccountability

AppendixDestination Services functions.
The Council drives decision making,accountability and oversight of
ESG initiatives.

Sail & Sustain Task Force
Task Force consisting of leaders at all levels
who engage with a goal of proactively
innovating new ways to integratesustainability into our everyday operations,share and implement best practices andexecute on the day-to-day strategy within
their respective areas of responsibility.

Scope 1 Emissions (Direct Emissions)
Direct emissions from sources owned,
operated or controlled by the Company.

Scope 2 Emissions (Indirect Emissions)Indirect emissions from operating
activities of the Company, but not
generated by the Company. Examplesof this include the emissions produced
during the generation of electricity orheat consumed by the Company.

Shipboard Energy Efficiency
Management Plan (SEEMP)
Vessel-specific document andmanagement tool that outlines measuresthat can be implemented on board to
improve efficiency.

Single-Use Plastics
Plastics that are only used once prior
to being discarded. Examples of theseinclude plastic bags, straws, bottles andmost food packaging.

Sustainability AccountingStandards Board (SASB)
Industry specific disclosure standards thatfacilitate effective communication
on financially material and decision-useful
ESG topics.

T

The International Convention for the Safetyof Life at Seas. An international maritime
treaty which sets minimum safety standards
in the construction and operation ofmerchant ships. Merchant ships are defined
as a watercraft which transports cargo or
carries passengers for hire.

Task Force on Climate-related
Financial Disclosures (TCFD)

Solid Waste

Technology, Environmental, Safety
and Security (TESS) Committee

All used and discarded solid material
produced on board during ship operations.

Steam Evaporators

All other emissions associated with theCompany’s activities. Currently we only
have the capability to record this metricin respect to employee commuting, but
it extends to include all upstream anddownstream operations.

A freshwater production system onboard
the ships that utilizes a heat source toturn seawater into steam, which is thentrapped as a freshwater source.

An advanced active emission control
technology that reduces up to 90% of
nitrogen oxides (NOx) emissions. The
process breaks nitrogen oxides into
harmless nitrogen and water.

Vessel-related emissions as a result of fueluse; any of several oxides of sulfur.

SOLAS

Scope 3 Emissions

Selective Catalytic Reduction(SCR) system

Sulfur Oxides (SOx)An organization formed in 2015 withthe goal of developing a set of voluntary
climate-related financial risk disclosuresthat companies could adopt to informstakeholders about the risks they face.

Board of Directors committee
established in 2019 to oversee mattersrelated to corporate social responsibility
and sustainability.

W

Sustainable Development Goals (SDGs)

Waste Heat Recovery (WHR)

A collection of 17 global goals set by
the United Nations to create a moresustainable and equal future for all.
Each goal has targets set to achievewith a total number of 169 targets.

Process that utilizes excess heatgenerated by the engines by transferring
it into freshwater piping, resulting in amore efficient water production that
requires less excess fuel burn.

2020 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT|PG 147

CONTACT US
Toll-Free: 1-877-501-5976
International: 1-305-436-4003

CAUTIONARY STATEMENT CONCERNINGFORWARD-LOOKING STATEMENTS

environmentalhotline@norwegiancruiseline.com
environmentalhotline@oceaniacruises.com
environmentalhotline@rssc.com

Some of the statements, estimates or projections contained in this report are “forward-looking statements” within the meaning of the
U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation ReformAct of 1995. All statements other than statements of historical facts contained in this report, including, without limitation, thoseregarding our business strategy, financial position, results of operations, plans, prospects, actions taken or strategies being consideredwith respect to our liquidity position, valuation and appraisals of our assets, the success, completion or effectiveness of our ESG
initiatives, plans and goals and objectives of management for future operations (including those regarding expected fleet additions,
our voluntary suspension, our ability to weather the impacts of the COVID-19 pandemic and the length of time we can withstand asuspension of voyages, our expectations regarding the resumption of cruise voyages and the timing for such resumption of cruise
voyages, the implementation of and effectiveness of our health and safety protocols, operational position, demand for voyages,
financing opportunities and extensions, and future cost mitigation and cash conservation efforts and efforts to reduce operating
expenses and capital expenditures) are forward-looking statements. Many, but not all, of these statements can be found by looking
for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future”
and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and otherfactors which could cause our actual results, performance or achievements to differ materially from the future results, performanceor achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors
include, but are not limited to the impact of: the spread of epidemics, pandemics and viral outbreaks and specifically, the COVID-19
pandemic, including its effect on the ability or desire of people to travel (including on cruises), which are expected to continue toadversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and shareprice; our ability to comply with the CDC’s Framework for Conditional Sailing Order and any additional or future regulatory restrictions
on our operations and to otherwise develop enhanced health and safety protocols to adapt to the pandemic’s unique challenges
once operations resume and to otherwise safely resume our operations when conditions allow; coordination and cooperation with
the CDC, the federal government and global public health authorities to take precautions to protect the health, safety and securityof guests, crew and the communities visited and the implementation of any such precautions; our ability to work with lenders andothers or otherwise pursue options to defer, renegotiate or refinance our existing debt profile, near-term debt amortization, newbuild
related payments and other obligations and to work with credit card processors to satisfy current or potential future demands forcollateral on cash advanced from customers relating to future cruises; our need for additional financing, which may not be available on
favorable terms, or at all, and may be dilutive to existing shareholders; our indebtedness and restrictions in the agreements governing
our indebtedness that require us to maintain minimum levels of liquidity and otherwise limit our flexibility in operating our business,
including the significant portion of assets that are collateral under these agreements; the accuracy of any appraisals of our assets asa result of the impact of COVID-19 or otherwise; our success in reducing operating expenses and capital expenditures and the impactof any such reductions; our guests’ election to take cash refunds in lieu of future cruise credits or the continuation of any trends
relating to such election; trends in, or changes to, future bookings and our ability to take future reservations and receive deposits
related thereto; the unavailability of ports of call; future increases in the price of, or major changes or reduction in, commercial airline
services; adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, andother international events; adverse incidents involving cruise ships; adverse general economic and related factors, such as fluctuating
or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estatemarkets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; anyfurther impairment of our trademarks, trade names or goodwill; breaches in data security or other disturbances to our information
technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection;changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions andrepairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities;
the risks and increased costs associated with operating internationally; fluctuations in foreign currency exchange rates; overcapacity
in key markets or globally; our expansion into and investments in new markets; our inability to obtain adequate insurance coverage;
pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial
markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under ourcredit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; our inability torecruit or retain qualified personnel or the loss of key personnel or employee relations issues; our reliance on third parties to provide
hotel management services for certain ships and certain other services; our inability to keep pace with developments in technology;changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under “Risk Factors”
in our most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the Securities andExchange Commission. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified
by, or in the future may be amplified by, the COVID-19 pandemic. It is not possible to predict or identify all such risks. There may be
additional risks that we consider immaterial or which are unknown. The above examples are not exhaustive and new risks emerge fromtime to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections
regarding our present and future business strategies and the environment in which we expect to operate in the future. These forwardlooking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto
or any change of events, conditions or circumstances on which any such statement was based, except as required by law.