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&lt;p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;NOTE 3 &amp;#x2013;
Contingencies&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;Litigation&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;In the normal
course of our business, various claims and lawsuits have been filed
or are pending against us.&amp;#xA0;Most of these claims and lawsuits
are covered by insurance and, accordingly, the maximum amount of
our liability, net of any insurance recoverables, is typically
limited to our self-insurance retention levels.&amp;#xA0;However, the
ultimate outcome of these claims and lawsuits which are not covered
by insurance cannot be determined at this time.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 18px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;Contingent
Obligations &amp;#x2013; Lease Out and Lease Back Type
(&amp;#x201C;LILO&amp;#x201D;) Transactions&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;At
August&amp;#xA0;31, 2010, Carnival Corporation had estimated contingent
obligations totaling $547 million, excluding termination payments
as discussed below, to participants in LILO transactions for two of
its ships.&amp;#xA0;At the inception of these leases, the aggregate of
the net present value of these obligations was paid by Carnival
Corporation to a group of major financial institutions, who agreed
to act as payment undertakers and directly pay these
obligations.&amp;#xA0;Accordingly, these contingent obligations are
considered extinguished, and neither the funds nor the contingent
obligations have been included in our accompanying Consolidated
Balance Sheets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;In the event
that Carnival Corporation were to default on its contingent
obligations and assuming performance by all other participants, we
estimate that we would, as of August&amp;#xA0;31, 2010, be responsible
for a termination payment of approximately $106 million.&amp;#xA0;In
2017, we have the right to exercise options that would terminate
these two LILO transactions at no cost to us.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;In certain
cases, if the credit ratings of the financial institutions who are
directly paying the contingent obligations fall below AA-, then
Carnival Corporation will be required to replace these financial
institutions with other financial institutions whose credit ratings
are at least AA or meet other specified credit
requirements.&amp;#xA0;In such circumstances we would incur additional
costs, although we estimate that they would be immaterial to our
financial statements.&amp;#xA0;All of the financial institution payment
undertakers subject to this AA- credit rating threshold have credit
ratings of AAA.&amp;#xA0;If Carnival Corporation&amp;#x2019;s credit rating,
which is BBB+, falls below BBB, it will be required to provide a
standby letter of credit for $62 million, or, alternatively,
provide mortgages for this aggregate amount on these two
ships.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 18px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;Contingent
Obligations &amp;#x2013; Indemnifications&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;Some of the
debt agreements that we enter into include indemnification
provisions that obligate us to make payments to the counterparty if
certain events occur.&amp;#xA0;These contingencies generally relate to
changes in taxes and changes in laws that increase lender capital
costs and other similar costs.&amp;#xA0;The indemnification clauses are
often standard contractual terms and were entered into in the
normal course of business.&amp;#xA0;There are no stated or notional
amounts included in the indemnification clauses, and we are not
able to estimate the maximum potential amount of future payments,
if any, under these indemnification clauses.&amp;#xA0;We have not been
required to make any material payments under such indemnification
clauses in the past and, under current circumstances, we do not
believe a request for material future indemnification payments is
probable.&lt;/font&gt;&lt;/p&gt;
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          <NonNumericTextHeader>NOTE 3 &amp;#x2013;
Contingencies

Litigation

In the normal
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or are pending against</NonNumericTextHeader>
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