VIKING OCEAN CRUISES |

Viking Cruises - A Different Approach -

September 2017

VIKING IS 20 YEARS “YOUNG” IN 2017

• Viking established with 4 vessels in Russia

• Revenue of $10 M

• Entrance into the American market

• Purchased KD River Cruises

• Operation established on European Rivers

• Expansion in China

• Fleet reach 25 vessels

• Revenue of $100M

• First River Cruise Operator to introduced Hybrid engine design with new Viking Legend Class

• Viking launches a record 17 new river vessels in one season.

• Fleet reached 52 vessels

• Annual sales passes $1.0 B

• Introduced the innovative Viking Longship series with 6 new ships

• Total fleet reach 28 vessels

Operating fleet climbs to 61 vessels

1997 2000 2004 2009 2012 2014 2017 2016

VIKING HAS GROWN TO BE THE WORLD’S LEADING RIVER CRUISE LINE

IN 2015 WE INTRODUCED VIKING OCEAN AND THE 930-PASSENGER VIKING STAR

VIKING OCEAN CRUISES |

We are growing the Ocean business successfully

• We continue to grow Viking Ocean

• We maintain high occupancy, with 2018 bookings ahead of 2017

6

238,524

592,410

1,054,620

1,531,710

2015

238,524

2016

592,410

1,531,710

2017F

1,054,620 +5.4x

2018P

Capacity

Passenger Cruise Days

IN OCEAN, WE HAVE SEVEN MORE OCEAN SHIPS TO COME

Viking Sun - 2017

Viking V - 2018

Viking VI - 2019

Viking VII - 2021

Viking VIII - 2022

Viking IX - 2023

Viking X - 2024

WE ENTERED INTO THE BUSINESS WITH THE PROMISE TO RE-INVENT OCEAN

CRUISING

The destination is the key to the experience

A serene small ship designed for comfort and great value

The Thinking Person’s Cruise with a focus on enrichment

..…and we achieved it

TRAVEL & LEISURE WINNERS 2016 & 2017

VIKING OCEAN CRUISES |

How is Viking different to other brands? The Viking Way

11

AT VIKING, WE HAVE A CLEAR VISION AND CLEAR VALUES

VISION

“We help our guests explore the world in

comfort at a reasonable price.”

- Torstein Hagen –

Chairman and Owner of Viking

VALUES

• We always impress our Guests

• We care for each other like a family

• We strive to be the Best

WE LIKE TO DO THINGS DIFFERENTLY: “THE VIKING WAY”

VIKING STANDS APART BECAUSE OF ALL OF THE THINGS WE DO NOT DO

• No casino

• No children under 18

• No umbrella drinks

• No photographers

• No art auctions

• No formal nights

• No smoking

• No charge for beer and wine

• No charge for alternative restaurants

• No charge for Wi-Fi (unlimited)

• For Viking Ocean

- No charges for use of laundry

- No charge for use of spa

- No sales pressure in the spa

VIKING OCEAN CRUISES |

Who are Viking Guests? ….and do they like us?

WHO ARE OUR GUESTS Affluent 55yrs+, American interested in culture

Our strength is that we know our guests and what they seek!

• 55 Years + English-speaking, Well educated, Interested in history, culture, and music, Curious and active, Affluent: paying perhaps 4 times per day than a guest of a mass- market operator

AND OUR PASSENGERS

LOVE THE EXPERIENCE

98% of our guests rated their cruise

on Viking Ocean above or far above expectations

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92.0% 85.0% 83.8% 83.6% 82.8% 80.7%

76.6% 76.1% 75.9% 75.6% 74.5% 71.4% 69.7% 69.2% 66.7%

WE ARE THE MOST

LOVED CRUISE LINE

AND THE MOST AWARDED Best Ocean Cruise Line

THE #1 CHOICE OF CRUISERS Rated best in 10 Cruise Critic categories by reviewers (Ship Size: 400 – 1,199 passengers)

#1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #2 NA Best Overall

Cruise Value Cabins Service Dining Shore

Excursions Public Spaces

Entertainment Fitness & Recreation

First Timers

Embarkation Families

CR

UIS

E C

RIT

IC R

AN

K

#1

Viking Sea Viking Star Viking Star Viking Sea Viking Star Viking Sea Viking Sea Viking Sea Viking Sea Viking Star Pacific Princess Disney Magic

#2

Viking Star Viking Sea Viking Sea Viking Star Viking Sea Viking Star Viking Star Pacific Princess Viking Star Norwegian Jade Viking Star Disney Dream

#3

Pacific Princess Pacific Princess Seven Seas Explorer Azamara Quest Pacific Princess Pacific Princess Seven Seas Explorer Viking Star Seven Seas Explorer Celebrity Solstice Viking Sea Disney Fantasy

#4

Crystal Symphony Azamara Quest Silver Spirit Pacific Princess Oceania Insignia Fathom Adonia Silver Spirit Crystal Serenity Crystal Serenity Celebrity Reflection Prinsendam Norwegian Dawn

#5

Seven Seas Explorer Silver Spirit Pacific Princess Crystal Symphony Seven Seas Explorer Silver Spirit Azamara Journey Crystal Symphony Silver Spirit Disney Dream Azamara Quest Disney Wander

#6

Azamara Journey Crystal Symphony Fathom Adonia Prinsendam Oceania Nautica Crystal Symphony Fathom Adonia Azamara Quest Azamara Quest Allure of the Seas Seven Seas Explorer Allure of the Seas

#7

Silver Spirit Prinsendam Crystal Serenity Azamara Journey Crystal Symphony Seven Seas Explorer Azamara Quest Oceania Regatta Oceania Regatta Explorer of the Seas Crystal Symphony Carnival Price

#8

Crystal Serenity Silver Spirit Seven Seas Voyager Oceania Nautica Oceania Sirena Crystal Serenity Pacific Princess Prinsendam Oceania Nautica Fathom Adonia Norwegian Escape Carnival Splendor

#9

Azamara Quest Azamara Journey Seven Seas Navigator Oceania Insignia Oceania Insignia Azamara Journey Oceania Regatta Seven Seas Explorer Azamara Journey Brilliance of the Seas Azamara Journey Carnival Vista

#10

Oceania Nautica Seven Seas Explorer Crystal Symphony Seven Seas Explorer Azamara Quest Prinsendam Oceania Nautica Silver Spirit Oceania Sirena Norwegian Jewel Oceania Sirena Harmony of the Seas

VIKING OCEAN CRUISES |

“Vikingene kommer!!” …..The Vikings are coming!!!

20

“Vikingene kommer”

• Two core itineraries • Visiting 11 ports in Australia

Komodo & the Australian Coast, 16nts Australia & New Zealand, 14nts

Days in Australian ports

• 4 new Australian port calls in 2019 • Two different vessels calling in Australia • One home ported in Sydney • Growing presence……..

15

46

20

36

60

2018 2021 2020 2019

Booked Days

Projected days

VIKING OCEAN CRUISES |

Delivering the destination …..what does the destination get out of this?

24

Shorex Uptake (%)

3040 45

110

Viking Mainstream Luxury Premium

The huge participation in shore excursions means Viking has (potentially) the same economical benefit as a 3,400 guest mainstream ship

Why are our numbers so high?

• One included shore excursion in each destination

Brisbane’s Art & Design The Gold Coast Lone Pine Koalas

Mt Tamborine Brisbane Cruise Australia Zoo

Regional Australia

What do our Guests expect?

• A small ship feel - Never more than 150 guests disembarking or embarking at the same time

• Excellent Guides - Well spoken, knowledgeable, able to converse with the guests

• Great infrastructure - Good transportation, dining venues and restrooms

• To feel comfortable - Good branding

- Fully escorted by ship’s staff

- A warm welcome ‘home’

How do we meet expectations?

• “Train hard, fight easy” - We conduct guide training in many of our destinations.

- The aim is to achieve standardisation of product, not to stifle individual guide personalities

- On board service training syllabus is also covered

How do we meet expectations?

• Prepare the guests - Port talk before every destination

- A little history, essentials facts and shore excursions

How do we meet expectations?

• Use all available technology

How do we meet expectations?

• Common look, everywhere we go

• A game called “By The Numbers”

• Something we do at the sales meetings

• I show a number and you try to guess what it is

Now…Before We Finish

river ships in the fleet

61

hours to build

Viking Star

1,800,000

17’920 4’122 8’468 eggs cracked

a week Complimentary tea cups a day

liters of water in infinity pool

million dollars spent to build Viking Star

350

individual shore excursions that take

place during a

full day call

1,023

Different ports we visit in Australia

15

number of casinos on board

0

Viking Cruises - A Different Approach -

September 2017