From: Tom Pritzker [mails

From: Tom Pritzker [mails To: Subject: SS Pamperme Date: Sat, 01 Jan 4501 05:00:00 +0000 PL, I looked thru the Canyon Ranch presentation. Some random thoughts: 1. It is hard to draw any firm conclusions as the presentation does not give adequate detail to allow us to dig into the details. 2. Obviously lots of issues need to be looked into. Look at the problems Disney had with a two ship operation and they certainly have both the brand and the infastructure to support such a massive start up. If this is meant to be a stand alone venture, it is going to be very challenging and a whole lot of work. 3. The notion of the SS Pamper is certainly interesting and may have potential, but will need a lot more than just a brand. 4. Money, money, money. Now is a very challenging time to raise money for a start up project, and, given the complexity of building and operating a cruise ship, we need to have an equity cushion. (The promote seems high to me with the money getting only 55-60% of the equity.) Are you familiar with what is going on with Hawiian American Lines? There may be an opportunity there. I believe there is a ship being built in Mississippi and I think the ship yard may be stuck with it. Trent Lott is strangling with it so there may be some clever political play. Maybe worth looking into. 5. I think it is worth it for you to keep messing with it. This is based on the assumption that it costs you time, but not money to mess with it and the assumption that if you come up with some ideas, they will treat you fairly whether you have a continuing role or not. I suspect you will enjoy the messing and who knnows, maybe something comes out of it. Is there a detailed busienss plan? Would they hire you to put together a fleshed out business plan. That;s what I can think of at this point. Best, • EFTA00580503