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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 8
&amp;#x2013;&amp;#xA0;Merchant Navy Officers Pension Fund
(&amp;#x201C;MNOPF&amp;#x201D;)&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;P&amp;amp;O
Cruises, Princess and Cunard Line participate in an industry-wide
British MNOPF, a defined benefit multiemployer pension plan
available to certain of their British shipboard officers, which
includes the MNOPF&amp;#x2019;s &amp;#x201C;New Section&amp;#x201D; that is closed
to new membership. The MNOPF trustee had previously determined that
the MNOPF&amp;#x2019;s New Section funding was inadequate based on its
actuarially determined deficit. Substantially all of any MNOPF New
Section deficit liability which we have relates to the obligations
of P&amp;amp;O Cruises and Princess, which existed prior to the
formation of our DLC in 2003. We have not been able to record our
estimated share of the ultimate fund deficit as of the DLC
formation date or thereafter because our ultimate amount of the
deficit was and remains uncertain.&amp;#xA0;The amount of our share of
the fund&amp;#x2019;s ultimate deficit could vary considerably if
different assumptions and estimates are used to estimate the fund
deficit. Therefore, we expense our portion of any deficit as
amounts are invoiced by, and become due and payable to, the
fund&amp;#x2019;s trustee.&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 August 2010,
we received special assessment invoices from the fund&amp;#x2019;s
trustee for an amount the trustee calculated to be our additional
share of the entire MNOPF New Section deficit. The calculation was
based on the March&amp;#xA0;31, 2009 actuarial valuation, as adjusted
for subsequent market value recoveries. Accordingly, we recorded
the full invoiced amount of $41 million in cruise payroll and
related expense in our 2010 third quarter. It is still possible
that the fund&amp;#x2019;s trustee may invoice us in the future for
additional amounts.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</NonNumbericText>
          <NonNumericTextHeader>NOTE 8
&amp;#x2013;&amp;#xA0;Merchant Navy Officers Pension Fund
(&amp;#x201C;MNOPF&amp;#x201D;)

P&amp;amp;O
Cruises, Princess and Cunard Line participate in an</NonNumericTextHeader>
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