From: Philip Levine 1Mill

From: Philip Levine 1Mill > To: 'Tom Pritzker' czMill > Subject: RE: SS Pamperme Date: Fri, 29 Mar 2002 19:27:12 +0000 Tom: I spent a few hours with them in Tucson yesterday. I honestly feel that this project would be viable. Their client list is tremendous and could easily fill two ships of this size at this per diem. I also believe that this project makes sense as a third brand for Royal with the CR side providing the spa expertise and brand. The CR group would have minimal ownership in the venture. Another very interesting "bonus" to this concept would be that Royal would become the Spa Concessionaire on Cunard's Queen Mary (Carnival)!!! CR has the absolute right and it made it very clear that they planned to assign this concession to their new venture... The terms of the Cunard concession deal is that of a joint venture with Carnival. Both sides split profits after direct costs. No guarantees or minimums! Obviously Carnival believed in the brand enough to grant them this concession... I would just to love watch Mickey's face when he heard the news... Our discussions centered on me being CEO. I would raise equity, put a few bucks in and launch the project. I would LOVE to do this but under Royal's umbrella as it makes the most sense. I also feel that there is an opportunity to buy CR as well and maybe it becomes "Hyatt's Canyon Ranch..." Crescent owns the Real Estate. Thoughts? EFTA00580502