Robust Result

Key points for 1H 2011 in comparison with 1H 2010:

Profit for the Group in 1H 2011 was US$61.8 million, increased 445.6% compared with US$11.3 million in 1H 2010

Contributions from jointly controlled entities, Travellers International Hotel Group, Inc. and its subsidiaries (" Travellers Group" ) and NCL Corporation Ltd. and its subsidiaries (" NCLC Group" ), during the period were US$25.7 million and US$12.3 million, respectively. Share of profit from Travellers Group increased US$15.5 million from the same period in 2010 when Travellers Group was classified as an associate, while share of profit from NCLC Group was US$12.3 million in 1H 2011 compared with a share of loss of US$18.7 million in 1H 2010

1. EBITDA for the period improved 21.8% to US$61.5 million, compared with US$50.5 million for the same period in 2010
2. Capacity days increased by 10.8% from approximately 0.8 million to 0.9 million capacity days due to the full operations of m.v. SuperStar Libra in 1H 2011
3. Total revenue increased by 22.9% from US$184.7 million in 1H 2010 to US$ 227.0 million in 1H 2011 mainly due to the 32.2% increase in gaming revenue from 1H 2010
4. Operating expenses excluding depreciation and amortisation increased by 23.8% in 1H 2011, mainly due to higher fuel costs and payroll and related operating costs
5. Selling, general and administrative expenses excluding depreciation and amortisation increased by 21.6% in 1H 2011 mainly due to increases in payroll, and advertising and promotion expenses
6. Operating profit was US$23.5 million for 1H 2011, a 41.5% improvement compared with US$16.6 million in 1H 2010

Resorts World Manila at Newport City continues to extend its leisure, hospitality and entertainment offerings into its second year of operations. Remington Hotel, the resort’s third hotel offering catered towards the budget conscious traveller, is expected to open its 712 rooms during the second half of 2011. In November 2010, Travellers Group purchased 13,777 square meters of land adjacent to the existing Marriott Hotel for the purposes of constructing a convention centre, which is expected to be completed in approximately 18 months. A fourth hotel of five-star calibre is also expected to be completed within the same time frame.

NCLC Group continues to look forward to the two new Project Breakaway ships, scheduled for delivery in the spring of 2013 and 2014. The two new vessels will join the five existing ships, Norwegian Epic, Norwegian Gem, Norwegian Jade, Norwegian Pearl and Norwegian Jewel, in offering " The Haven" , an exclusive suites complex which offers passengers an additional level of privacy and luxury, complete with a private courtyard and pool area, restaurant, bar and concierge lounge. ế and Halong Bay.