2016 Annual Report for Norwegian Cruiseline Holdings - 29

PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
NCLH's ordinary shares are listed on the NASDAQ Global Select Market under the symbol "NCLH." The table below sets forth the high and low sales
prices of our ordinary shares as reported by the NASDAQ Global Select Market for the two most recent years by quarter:
2016
High

Fourth Quarter
Third Quarter
Second Quarter
First Quarter

$

45.50 $
44.70
55.25
58.19

Low

35.21
34.16
38.17
37.01

2015
High

Fourth Quarter
Third Quarter
Second Quarter
First Quarter

$

64.27 $
63.22
57.55
55.35

Low

53.46
50.00
48.03
42.55

Holders
As of February 17, 2017, there were 273 record holders of NCLH's ordinary shares. Since certain of NCLH's ordinary shares are held by brokers and
other institutions on behalf of shareholders, the foregoing number is not representative of the number of beneficial owners.
Dividends
We intend to retain all currently available funds and as much as necessary of future earnings in order to fund the continued development and growth of
our business. Our debt agreements also impose restrictions on the ability of our subsidiaries to pay distributions to NCLH and NCLH's ability to pay
dividends to its shareholders. Any determination to pay dividends in the future will be at the discretion of our Board of Directors and will depend upon
our results of operations, financial condition, restrictions imposed by applicable law and our financing agreements and other factors that our Board of
Directors deems relevant.
Purchases of Equity Securities by the Issuer
On April 29, 2014, NCLH's Board of Directors authorized, and NCLH announced, a three-year share repurchase program for up to $500.0 million.
NCLH may make repurchases in the open market, in privately negotiated transactions, in accelerated repurchase programs or in structured share
repurchase programs, and any repurchases may be made pursuant to Rule 10b5-1 plans. There was no share repurchase activity during the three months
ended December 31, 2016, and as of December 31, 2016, $263.5 million remained available for repurchases of our outstanding ordinary shares under
the share repurchase program.
Stock Performance Graph
This performance graph shall not be deemed "soliciting material" or to be "filed" with the SEC for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by
reference into any filing of NCLH under the Securities Act of 1933, as amended, or the Exchange Act.
The following graph shows a comparison (from January 18, 2013, the date our ordinary shares commenced trading on the NASDAQ Global Select
Market, through December 31, 2016) of the cumulative total return for our ordinary shares, the Standard & Poor's 500 Composite Stock Index and the
Dow Jones United States Travel and Leisure index. The Stock Performance Graph assumes for comparison that the value of our ordinary shares and of
each index was $100 prior to the commencement of trading on January 18, 2013. Past performance is not necessarily an indicator of future results. The
stock prices used were as of the close of business on the respective dates.

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Table of Contents for the Digital Edition of 2016 Annual Report for Norwegian Cruiseline Holdings
