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&lt;p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;NOTE 2 &amp;#x2013;
Debt&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;At
August&amp;#xA0;31, 2010, unsecured short-term borrowings consisted of
$411 million of commercial paper and $4 million of euro-denominated
bank loans with an aggregate weighted-average interest rate of
0.4%.&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 January
2010, we repaid a $100 million unsecured floating rate bank loan
prior to its 2012 maturity date.&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 February
2010, we borrowed $371 million under an unsecured euro-denominated
export credit facility, the proceeds of which were used to pay for
a portion of &lt;i&gt;AIDAblu&amp;#x2019;s&lt;/i&gt; purchase
price&lt;i&gt;.&amp;#xA0;&lt;/i&gt;This facility bears interest at EURIBOR plus 50
basis points (&amp;#x201C;bps&amp;#x201D;) and is due in semi-annual
installments through 2022.&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 February
2010, we borrowed $132 million under an unsecured euro-denominated
bank loan, which bears interest at EURIBOR plus 200 bps and is due
in February 2014.&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 April 2010,
we obtained a commitment for two unsecured export credit ship
financings. Each financing will provide us with the ability to
borrow up to $516 million, currently denominated in euros, for a
portion of the purchase price of a Princess Cruises&amp;#x2019;
(&amp;#x201C;Princess&amp;#x201D;) ship. The first Princess ship is expected
to be delivered in May 2013 and the second in May 2014. Each
financing, if drawn, will have a fixed interest rate of 4.87%. We
have the option to switch the interest rate to LIBOR plus 120 bps
up until 60 days prior to the ship delivery dates. Each financing
will be due in semi-annual installments over 12 years from the date
of funding.&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 May 2010,
Costa Cruises, one of our Italian subsidiaries, borrowed $246
million under an unsecured euro-denominated export credit facility,
which bears interest at 3.75% and is due in semi-annual
installments through 2025.&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 May 2010, we
repaid $390 million of an unsecured floating rate euro-denominated
export credit facility that was borrowed to pay for a portion of
&lt;i&gt;Costa Pacifica&amp;#x2019;s&lt;/i&gt; purchase price prior to its maturity
dates through 2019.&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 June 2010,
we repaid $78 million of an unsecured floating rate export credit
facility that was borrowed to pay for a portion of &lt;i&gt;Seabourn
Odyssey&amp;#x2019;s&lt;/i&gt; purchase price prior to its maturity dates
through 2017.&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;At
August&amp;#xA0;31, 2010, $595 million of our 2% Convertible notes were
classified in current portion of long-term debt, since we could
have been required to repurchase all or a portion of these notes at
the option of the noteholders on April&amp;#xA0;15, 2011. On
September&amp;#xA0;24, 2010, we issued a call notice to the 2%
Convertible noteholders to redeem their notes for cash on
October&amp;#xA0;25, 2010.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"&gt;&lt;font size="1"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
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          <NonNumericTextHeader>NOTE 2 &amp;#x2013;
Debt

At
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$411 million of commercial paper and $4 million of</NonNumericTextHeader>
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      <ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 19, 20, 22
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 129
 -Paragraph 2, 4

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