2016 Annual Report for Norwegian Cruiseline Holdings - 3

Industry and Market Data
This annual report includes market share and industry data and forecasts that we obtained from industry publications, third-party surveys and internal
Company surveys. Industry publications, including those from CLIA and surveys and forecasts generally state that the information contained therein has
been obtained from sources believed to be reliable. All CLIA information, obtained from the CLIA website "www.cruising.org," relates to CLIA
member lines. All other references to third-party information are to information that is publicly available at nominal or no cost. We use the most
currently available industry and market data to support statements as to our market position.
Although we believe that the industry publications and third-party sources are reliable, we have not independently verified any of the data from industry
publications or third-party sources. Similarly, while we believe our internal estimates with respect to our industry are reliable, our estimates have not
been verified by any independent sources. While we are not aware of any misstatements regarding any industry data presented herein, our estimates, in
particular as they relate to market share and our general expectations, involve risks and uncertainties and are subject to change based on various factors,
including those discussed under "Item 1A-Risk Factors" and "Item 7-Management's Discussion and Analysis of Financial Condition and Results of
Operations" in this annual report.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this annual report constitute 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 Reform Act of 1995. All statements other than statements of historical
facts contained, or incorporated by reference, in this annual report, including, without limitation, those regarding our business strategy, financial
position, results of operations, plans, prospects and objectives of management for future operations (including expected fleet additions, development
plans, objectives relating to our activities and expected performance in new markets), 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 other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or
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:


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 estate markets, and perceptions of these conditions that decrease the level of disposable
income of consumers or consumer confidence;



adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international
events;



the risks and increased costs associated with operating internationally;



our expansion into and investments in new markets;



breaches in data security or other disturbances to our information technology and other networks;



the spread of epidemics and viral outbreaks;



adverse incidents involving cruise ships;



changes in fuel prices and/or other cruise operating costs;



an impairment of our tradenames or goodwill which could adversely affect our financial condition and operating results;



our hedging strategies;



our inability to obtain adequate insurance coverage;



our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount of
cash to service our existing debt;



restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business;



the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the
repayment of our indebtedness;



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 our credit facilities, derivatives, contingent obligations, insurance contracts and new ship
progress payment guarantees;

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