Page 26: of Maritime Reporter Magazine (February 2000)

Cruise Shipping Annual

Cruise Share Performance

Towards the end of 1999, the stock market had shak- en off concerns about the economy becoming too strong, interest rates had backed up and the general economy was sound. The S&P had moved back into positive territory, led by a rally in the technology sec- tor and assisted by oversold sectors such as the retail- ers. Since early November, the cruise shares staged an impressive rally, with an 11.6 percent one-month rise in the LF Cruise Index (pictured), which is consistent with the performance of the two leaders, CCL and

PERFORMANCE OF LF CRUISE INDEX vs. S&P 500

RCL. Even more impressive was the truly explosive one-month performance of Star Cruises, which rose 50 percent.

Star is now the fourth largest cruise line in the world based on its market capitalization of $5.6 billion. The

Lazard Freres Cruise Index enjoyed good performance in the last few years, with a five year cumulative return of 264 percent. — excerpted, in part from Lazard Freres' 1999 "Cruisin' Miami" Fieldtrip. 9S5 9/96 9/97

LF Cruise Index S&P 500

UPWARD MOBILITY

Cruise shipping shares have, in general, been upwardly mobile for the past year. The following charts give a general representation of share price activity. For more specifics, see chart next page. amCV American Classic Voyages cd Carnival Carp. M/wv NCI Holding ASA Royal Caribbean in

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