**Exhibit 4.17(c)**

 

**TRANSLATIONFOR INFORMATION**

 

**SCHEDULE V**

 

**Covenants**

 

**Index**

 
| Definitions |                   |
|-------------|------------------------|
|        |                   |
| 1.          | Information  Covenants |   |
|        |                   |   |   |
|        | 1.1                    | Annual  Information |   |
|        |                   |   |   |
|        | 1.2                    | Half-Yearly  Information |   |
|        |                   |   |   |
|        | 1.3                    | Quarterly  Information |   |
|        |                   |   |   |
| 2.          | Financial  Covenants   |   |
|        |                   |   |
| 3.          | Investment             |   |
|        |                   |   |
|        | 3.1                    | Current  Investment |   |
|        |                   |   |   |
|        | 3.2                    | Development  Investment |   |
|        |                   |   |   |
|        | 3.3                    | Investment  reports |   |
|        |                   |   |   |
|        | 3.4                    | Third party  Investment |   |
|        |                   |   |   |
|        | 3.5                    | In-kind  contribution of land to Non-Recourse Subsidiaries |   |
|        |                   |   |   |
|        | 3.6                    | Investments  by Limited Recourse Subsidiaries and by Non-Recourse Subsidiaries |   |
|        |                   |   |   |
|        | 3.7                    | Remunerated  management |   |
|        |                   |   |   |
| 4.          | Other  Indebtedness    |   |
|        |                   |   |
|        | 4.1                    | General |   |
|        |                   |   |   |
|        | 4.2                    | Debt  incurrence by Non-Recourse Subsidiaries |   |
|        |                   |   |   |
|        | 4.3                    | Debt  incurrence by Limited Recourse Subsidiaries |   |
|        |                   |   |   |
| 5.          | Market  Transactions   |   |
|        |                   |   |
|        | 5.1                    | Control  of interest rate Market Transactions |   |

 

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|   | 5.2                                                                                                                          | Control  of foreign currency Market Transactions |   |
|--------|------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|--------|
|   |                                                                                                                         |                                             |   |
| 6.     | Changes  in accounting rules and principles                                                                                  |                                             |
|   |                                                                                                                         |                                             |
| 7.     | Undertakings  of Euro Disney S.C.A.                                                                                          |                                             |
|   |                                                                                                                         |                                             |
| 8.     | Expert                                                                                                                       |                                             |
|   |                                                                                                                         |                                             |
| 9.     | Computer  Model and document format                                                                                          |                                             |
|   |                                                                                                                         |                                             |
|   | 9.1                                                                                                                          | Computer  model                                  |   |
|   |                                                                                                                         |                                             |   |
|   | 9.2                                                                                                                          | Document  Format                                 |   |
|   |                                                                                                                         |                                             |   |
|   | Sub-Schedule  1 Reference Performance Indicators n°1, n°2 and n°3 *Reference  Sequences*in millions of € |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  2 Performance Indicator Determination                                                                          |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  3 Summary of Debts, Other Indebtedness and Market Transactions of the Group  as at 30 September 2004           |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  4 Form of statement describing expenses referred to in Sub-Paragraph  1.1(c)(iv)(v’)                      |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  5 Form of statement describing  investment referred to in Sub-Paragraph 1.1(c)(iv)(ii’)                   |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  6 Form of Twelve-Month Forecast Investment Plan                                                                |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  7 Form of Monthly Cashflow Forecast                                                                            |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  8 Agreed Procedures                                                                                            |                                             |
|   |                                                                                                                         |                                             |
|   | Schedule A to  Sub-Schedule 8 Form of LTF                                                                                    |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  9 Form of Quarterly Development Investment Report                                                              |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  10 Indebtedness excluded from the definition of Other Indebtedness                                             |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  11 Changes in accounting rules and principles                                                                  |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  12 List of Subsidiaries                                                                                        |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  13 Pro-Forma Quarterly Report                                                                                  |                                             |
|   |                                                                                                                         |                                             |
|   | Sub-Schedule  14 Adjustment Procedure                                                                                        |                                             |

 

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|   | Sub-Schedule  15 Development Investment authorised for Financial Years 2005 to 2009 |   |
|--------|-------------------------------------------------------------------------------------|--------|
|   |                                                                                |   |
|   | Sub-Schedule  16 Pro-Forma Budget                                                   |   |
|   |                                                                                |   |
|   | Sub-Schedule 17  Short Description of the Expert’s missions                    |   |

 

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**Definitions**

 

In this Schedule:

 

“**Agreed Procedures**”means the procedures set out in Sub-Schedule 8.

 

“**Authorised Investment**”means:

 

(a)          Anyinterest bearing security, or security issued or negotiated at a price lowerthan its face value, which is issued or guaranteed by a country or a companywhose long term unsecured debt has, at the time of purchase thereof, a ratingequal to or higher than “A” by Standard and Poor’s Corporation (“SPC”) or equalto or higher than “A2” by Moody’s Investors Service, Inc. (“Moody’s”);

 

(b)         Anycertificate of deposit issued by and any note accepted by a bank whose shortterm unsecured debt has, at the time of subscription thereof, a rating equal toor higher than “P1” by Moody’s or equal to or higher than “A1” by SPC;

 

(c)          Anycommercial paper or promissory note issued by any company whose short term unsecured debt has, at the time of purchasethereof, a rating equal to or higher than “P1” by Moody’s or equal to or higherthan “A1” by SPC;

 

(d)         Anysight account or deposit with any authorised establishment whose short term andlong term unsecured debts have, at the time at which such account is credited,ratings respectively equal to or higher than “P1” and “A2” by Moody’s and “A1”and “A” by SPC;

 

(e)          Anydebt security issued or guaranteed by the European Economic Community, theEuropean Investment Bank or the World Bank;

 

(f)            Anydeposit with the Caisse de Dépôts et Consignations;

 

(g)         Anyplacement the repayment of the principal of which is guaranteed by aninstitution whose short term and long term unsecured debts have, at the time ofsuch placement, ratings respectively equal to or higher than “P1” and “A2” byMoody’s and “A1” and “A” by SPC;

 

*provided that* such investments may only be denominated in euros, may not have amaturity date later than six months after the date of their acquisition,subscription or implementation, and must be capable of being easily negotiatedat such date.

 

“**Bank Debt AgreementsCompletion Date**” means the date upon which (a) all sums due toCreditors in respect of Bank Debt Agreements will have been fully reimbursed orpaid, (b) all other obligations under the Bank Debt Agreements will have beenfully discharged and (c) all the undertakings of Creditors in respect of theBank Debt Agreements will have come to an end.

 

**“Borrowings**” means all sums borrowed directly or financed by way of Crédit-Bail.

 

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“**Budget**” meansthe annual operating and investment budget as referred to in sub-paragraph 1.1(c) (iii).

 

“**Completion****of Development Investment Report**” means the report compiledby the Coordinator in accordance with Sub-Paragraph 3.3 (b).

 

“**Computer Model**”means the computer model referred to in Paragraph 9.

 

“**Crédit-Bail**”means any finance lease as defined in accordance with US GAAP and subsequentlyin the IFRS as from the date the IFRS are implemented by the Group.

 

“**Current Investment**”means Investment other than Development Investment and capitalised interest,including *inter alia* Investment expenditures forreplacements and expenditures on Major Repairs (whether treated for accountingpurposes as an asset or an expense) but excluding financial investments.

 

“**Debt**” means thesums due by the Group companies under the following commitments:

 

#### (i)                                    the Phase IA Credit Facility Agreement,

####  

#### (ii)                                 the Phase IA Partners Advances Agreement,

####  

#### (iii)                              the CDC Agreements,

####  

#### (iv)                             the Phase IB Credit Facility Agreement,

####  

#### (v)                                the Phase IB Advances Agreement,

####  

#### (vi)                             the CDC Second Park Loan Agreements,

####  

#### (vii)                          Long Term Subordinated Debt, and

####  

#### (viii)                       all items of Other Indebtedness contracted by the Group companies.

####  

“**Debt Service CoverageRatio (DSCR)**” means, for each completed Financial Year N of EuroDisney S.C.A., the ratio between:

 

#### (a)                                 the PI of the relevant Financial Year N, less:

#####  

#### (i)                                    the amounts of Royalties and Management Fees which, in accordancewith the terms of the Amendment to the Licence Agreement and the RemunerationAgreement and on the basis of the PI of the relevant Financial Year N, have notbeen deferred and are payable in respect of such Financial Year N, less

####  

#### (ii)                                 the amount of Current Investment in the relevant Financial Year N,less

####  

#### (iii)                              corporation tax paid during such Financial Year N; plus

 

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#### (iv)                             financial income received from treasury investments made by theGroup, provided they are Authorised Investments; and

####  

##### (b)           Debt Service for such Financial YearN.

#####  

“**Debt Service for theFinancial Year**” means, for the relevant Financial Year of EuroDisney S.C.A., the aggregate amounts paid during such Financial Year inrelation to (i) interest due with respect to Debt and the New Revolving CreditFacility (it being agreed that as regards the interest under the CDC Second Park Loan Agreements, the relevantamount shall be that payable on 31 December following the end of such FinancialYear) and (ii) principal (excluding prepayments in respect of the Debt) inrespect of Debt and the New Revolving Credit Facility (it being understood thatfor the New Revolving Credit Facility, only the amounts reducing theoutstanding amount as at 30 September 2008 to €100 million on 30 September 2009and reducing the outstanding amount as at 30 September 2013 to zero on 30September 2014 will be taken into account). The sums due under the Phase IA Partners Advances Agreement will betaken into consideration without taking into account any deferral of repaymentdates resulting from the application of Article 9 of that agreement. TheCrédit-Bail contracts in respect of which Euro Disney has not booked any assetsbut has booked a rent charge in its consolidated accounts, drawn up accordingto French accounting rules and principles, shall be excluded from theabove-mentioned Debt Service calculation.

 

“**Development****Investment**” means Investment expenditure relating to theconstruction of new assets, but not including Current Investment.

 

“**Disney****Controlled****Affiliate**”means a company which is not a Borrower or a Subsidiary and in which TWDC (a)holds, directly or indirectly, (i) a majority of the voting rights attached tothe share capital or partners’ participations or (ii) the majority of the sharecapital or partners’ participations; (b) holds, directly or indirectly, (x) atleast 33 1/3% of the voting rights attached to the share capital orpartners’ participations, or (y) at least 33 1/3% of the share capital orpartners’ participations, in each case where no other entity holds, directly orindirectly, more than 33 1/3% of such rights; (c) has the power to appointor select (i) a majority of the board of directors, supervisory board, managingboard or (ii) any other governing body or persons exercising powers ofmanagement; or (d) has the power to control the management or policies byvirtue of contractual rights or rights contained in the articles ofassociation.

 

“**Equity****Securities**” means (a) equity securities the nominal valueand the issuing premium (if any) of which are included in the shareholders’funds of the issuer of such equity securities, or (b) equity securities therepayment of the principal of which is (except in the case of a judicialliquidation of the issuer) effected, exclusively by shares of the issuer orshares of an affiliated company; *provided that*the payment of interest with respect to the equity securities described in (a)and (b) shall not be effected so long as any amount due and payable under theBank Debt Agreements remains unpaid.

 

 “**Financial****Year**” means,with regard to the relevant company, the period N beginning on 1 October ofcalendar year N-1 and ending on 30 September of calendar year N.

 

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“**Financial****Year****End****Report**” means the report compiled by the Coordinator at theend of the Financial Year under consideration in accordance with Sub-Paragraph1.1 (b) (iv).

 

“**Forecast Debt ServiceCoverage Ratio (Forecast DSCR)**” means, for every completed FinancialYear N of Euro Disney S.C.A., the ratio between:

 

a)                                     Forecast PI less:

 

#### (i)               theamounts of Royalties and Management Fees which (in accordance with theprotection mechanism referred to in Clause 4.1 and the terms of the Amendmentto the Licence Agreement and of the Remuneration Agreement applicable toFinancial Year N+1 and, on the basis of the Forecast PI) would not be deferredand would therefore be payable in respect of Financial Year N+1, less

####  

#### (ii)               theamount of Current Investment in respect of Financial Year N+1 as determined inaccordance with the terms of Sub-Paragraph 3.1 applicable to Financial YearN+1; plus

####  

#### (iii)            thelower of (x) the financial income received during Financial Year N fromtreasury investments made by the Group, and (y) the financial income to bereceived from treasury investments made by the Group (as shown in the Budgetfor Financial Year N+1), provided they are Authorised Investments; and

####  

b)                                    the Forecast DebtService for Financial Year N+1, it being understood that any deferral ofinterest due under the CDC Second Park Loan Agreements must be determined onthe basis of the Forecast PI, and in accordance with the rules applicable in Financial Year N+1.

 

“**Forecast****Debt****Service****for the Financial Year N+1**” means, for the relevant FinancialYear N+1 of Euro Disney S.C.A. the debt service forecast for Financial Year N+1calculated in accordance with the same rules as those used to calculate theDebt Service for Financial Year, based on the rate of EURIBOR communicated bythe Agents for the Financial Year N+1 for the purpose of the preparation of theLTF.

 

“**Forecast Financial YearInvestment**” means the forecast Investment for the Group as stated inthe Budget and determined in accordance with Paragraph 3.

 

“**Forecast PerformanceIndicator (Forecast PI)**” means the smaller of the Forecast PI forFinancial Year N+1 (as shown in the Budget) and the PI for Financial Year N,plus  3%.

 

“**IFRS**” meansInternational Financial Reporting Standards.

 

“**Investment**”means (i) any Investment by the Group, in whatever form, which is included inthe consolidated balance sheet for the Group as fixed assets or as costs to beapportioned in accordance with French accounting principles and rules, (ii) anyinvestment by way of Crédit-Bail and (iii) any expenditure incurred in respectof Current Investment.

 

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“**Limited****Recourse****Subsidiary**”means any Subsidiary (whatever the level of the aggregate holding of allcompanies of the Euro Disney Group in the equity of such Subsidiary) designatedas such to the Agents by the Coordinator, and in respect of which theCoordinator shall demonstrate that it is a *société anonyme*,a *société à responsabilité limitée* ofwhich no Group company is the manager or a *société en commandite paractions* of which no Group company is the manager or an *associé commandité* (i) incorporated, activated orreactivated after 1  October 2009 or inwhich no Group company had an interest before 1 October 2009 and (ii) themanagement bodies of which are not controlled by any Group company (suchprohibition not  preventing contractualagreements for the provision of management services) and (iii) whose agreementsprovide for an express waiver by the lenders of all possible claims againstGroup companies in respect of its Other Indebtedness.

 

“**Long****Term****Forecast** (**LTF**)” means a long term forecast prepared by the Coordinatorusing the Computer Model, in accordance with the terms of Sub-Schedule 8.

 

“**Major****Repairs**” means the expenditure incurred on the fixed assets andrecorded in the Group’s consolidated accounts in accordance with Frenchgenerally accepted accounting rules and principles, according to the twocategories defined in Avis n° 00-01 issued by the *ConseilNational de la Comptabilité*, whether this expenditure is booked asan asset or as an expense.

 

“**Market****Transaction**” means any market transaction contracted overthe counter or in an organised or regulated exchange market, the settlement ofwhich occurs on or after the date of its conclusion, such as a spot contract, aforward fixed or option contract, a swap contract, any combination of severalsuch contracts or any similar contract relating to government or othersecurities, goods or commodities, interest rates, indices, currencies or to anycombination of the foregoing.

 

“**Monthly****Cashflow****Forecast** (**MCF**)” means the forecast of projected cash flows for thefollowing twelve months prepared each quarter and updated by the Coordinator inaccordance with Sub-Paragraphs 1.1(a) and 1.3 (b) and including a table drawnup in the form set out in Sub-Schedule 7.

 

“**Mozart****Model**” means the computer model created by the Agents, theversion dated 12 June 2004 of which has been audited by KPMG.

 

“**Non-Recourse****Subsidiary**” means any Subsidiary designated as such to theAgents by the Coordinator and in respect of which the Coordinator  shall demonstrate, that it is a *société anonyme*, a *société à responsabilitélimitée* of which no Group company is the manager or a *société en commandite par actions*of which no Group companyis the manager or an *associé commandité*(i) incorporated, activated or reactivated after 1 October 2009 or in which noGroup company had any interest before 1 October 2009, (ii) in which the levelof the aggregate equity interest of all the Group companies is greater than 10%but does not exceed 33% and is in any event less than that of the principalshareholder, (iii) the management bodies of which are not controlled by anyGroup company, (iv) which is not managed (i.e. managed as opposed to beingprovided with certain technical or commercial management services under aservices agreement) by any Group company; (v) which receives no financialsupport from the Group

 

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companies other than equity and (vi) whose agreementsprovide for an express waiver by the lenders of all possible claims againstGroup companies in respect of its Other Indebtedness.

 

“**Other****Indebtedness**” means (a) borrowings (b) purchases on creditand deferred payment terms for a period exceeding 180 days; (c) the Crédit-Bailcontracts (d) the issue of guarantees, endorsements or indemnities, or theundertaking of payment obligations in whatever form in favour of creditors ofBorrowings contracted by third parties outside the Group; (e) the issue ofsecurities representing claims against any Group company, other than EquitySecurities.

 

The indebtedness referred to in Sub-Schedule 10 isexcluded from this definition.

 

On each determination of the amount of OtherIndebtedness, the following shall be taken into account: (a) for eachborrowing, purchase on credit and deferred payment terms, issue of securities,the principal amount of such transaction; (b) for each Crédit-Bail, theaggregate of all outstanding principal amounts payable by the lessee (includingthe amounts relating to the acquisition of the related asset); (c) for eachissue of guarantees, endorsements or indemnities or undertaking of paymentobligations in respect of Borrowings contracted by third parties outside theGroup, the principal amount so guaranteed or payable.

 

“**Participants**”means each current or future party to an agreement of partnership and promotionwith Euro Disney Associés S.C.A or Euro Disney S.C.A..

 

“**Performance****Indicator** (**PI**)” has themeaning given to this term in the Common Agreement and shall be referred to as “PI”for the purpose of the Covenants. Any future change in accounting principlesand rules and/or the consolidated companies will be reported to the Agents bythe Coordinator and the procedure described in Sub-Schedule 2 (PerformanceIndicator Determination) will be applied in order to adjust the referencesequence of the reference Performance Indicators n°1, n°2 and n°3 and/or tocalculate the Performance Indicator.

 

“**Performance IndicatorReport**” means the annual report relating to the PI determined by theCoordinator in accordance with Sub-Schedule 2.

 

“**Quarterly DevelopmentInvestment Report**” means the report compiled by the Coordinator inaccordance with Sub-Paragraph 3.3 (a).

 

“**Quarterly Report**”means, for each of the first, second and third quarters of a Financial Year,the report compiled by the Coordinator in accordance with Sub-Paragraph 1.3(a).

 

“**S.N.C**.” meansEuro Disneyland S.N.C., the Hotel S.N.C.s and any other *société ennom collectif* incorporated with a view to entering into one or morecrédit-bail transactions relating to the assets of Disneyland Resort, Paris,with a Group company.

 

“**Subordinated****Indebtedness**” means Other Indebtedness under which (a) thepayment of sums due (including principal, interest, fees, commissions orancillary sums) is subordinated to the prior payment in full of the sums dueunder the Bank Debt Agreements and the CDC Second Park Loan Agreements – evenin the event of acceleration of the debt or in the case of

 

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*redressement judiciaire* or judicial liquidation of the relevant borrower; (b) the lenderswhich have granted such Other Indebtedness are not entitled to declare theacceleration of any sums due to them thereunder except on the express conditionthat the payment of any sums due by the Borrowers under the Bank DebtAgreements and the CDC Second Park Loan Agreements have themselves already beenaccelerated; (c) the amounts due under such Other Indebtedness may not beprepaid as long as there remains any amount due under the Bank Debt Agreementsand the CDC Second Park Loan Agreements; and (d) the payment of all sums dueunder such Other Indebtedness must be deferred in the event that availablefunds are insufficient for their payment.

 

“**US****GAAP**” means generally accepted accounting principles in theUnited States of America.

 

Expressions not defined in this Schedule have the samemeaning as those attributed to them in the Common Agreement and the otherSchedules or in each Bank Debt Agreement.

 

Unless otherwise expressly stated, all references inthis Schedule to a Paragraph, a Sub-Paragraph or a Sub-Schedule is a referenceto a Paragraph, a Sub-Paragraph or, as the case may be, a Sub-Schedule of theseCovenants.

 

# **1.**                                     Information Covenants

# ** **

The documentsand information which are the subject of this Paragraph 1 must be communicatedby the Coordinator to each of the Agents:

 

##### (a)                                  in paper form with one copy of each document certified by the legalrepresentative of the relevant company provided to each Agent (except for thosedocuments referred to in Sub-Paragraphs 1.1(c) (iii) and (v) and 1.2(b) whichwill be signed by the Coordinator); and

#####  

##### (b)                                 either (i) by being placed by the Coordinator, on a secure websitededicated for such use by the Agents (who may convey them to the Creditors),after having first notified each of the Agents by email at the email addressespreviously provided by them, or (ii) in case of malfunction of theabove-mentioned dedicated website, by electronic mail at the email addressespreviously provided by the Agents.

#####  

As a general rule, the data contained in the reportsand documents compiled by the Coordinator must be consistent from one report ordocument to another.  In the case of achange in accounting methods, Sub-Schedule 11 will apply.

 

## **1.1**                              Annual Information

## ** **

##### (a)                                  On 1 October, each year, the MCF for the coming twelve months of thecurrent Financial Year, calculated on the basis of the preparatory calculationsfor the Budget shall include comments and be updated in respect of the fourthquarter of the Financial Year just ended; when the Budget for the FinancialYear shall be in final form and in any event no later than 30 November eachyear the MCF

 

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##### shall be updated on the basis of suchBudget; the MCF shall initially be calculated no later than 30 January 2005;

#####  

##### (b)                                 no later than 5 Business Days after communicating the results foreach Financial Year of Euro Disney S.C.A. to the financial markets or thepress, the consolidated results for that Financial Year of Euro Disney S.C.A.shall be presented as a comprehensive document corresponding to pages 3, 8 and10 of the document entitled “Quarterly Report” dated 30 June 2004;

#####  

##### (c)                                  no later than 60 days following the completion of each FinancialYear of Euro Disney S.C.A. and, as the case may be, Euro Disney AssociésS.C.A.:

#####  

#### (i)                                    the consolidated balance sheet, profit and loss account and notes,as well as the annual management report and the auditors’ report for suchFinancial Year of Euro Disney S.C.A.;

####  

#### (ii)                                 the balance sheet, profit and loss account and notes for suchFinancial Year of each of Euro Disney S.C.A and Euro Disney Associés S.C.A. aswell as, for Euro Disney Associés S.C.A., the annual management report and theauditors’ report;

####  

#### (iii)                              the Group’s Budget for the current Financial Year substantially inthe form set out in Sub-Schedule 16; the Budget which will be reviewed by theExpert, will include the determination of the Forecast PI;

####  

#### (iv)                             the Financial Year End Report is to be reviewed by the Expert andshall be in a format identical to that of the Quarterly Reports, but inaddition will include:

####  

(i’)                                a comparison (with commentary) between the initial Budget and theactual figures for the Financial Year as well as the actual figures for theprevious Financial Year;

 

(ii’)                             a statement detailing the Investments undertaken by the Group duringthe relevant Financial Year and permitting monitoring of the expensescapitalised or booked as an expense (distinguishing between expenses for MajorRepairs and pre-opening costs) in connection therewith, individual Investmentsof less than €500,000 being included in such statement as an aggregate and notitemized; this statement, which must be substantially in the form set out inSub-Schedule 5, must be reconciled with the consolidated financial statementsprepared in accordance with the accounting rules and principles applied by theGroup; in the event that certain Crédit-Bail contracts are not consolidated,the financial information relating thereto shall be reviewed by the Expert onthe basis of information provided by the Coordinator; the Financial Year EndReport shall also

 

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show thecalculation by the Coordinator of the amount of adjustment on the CurrentInvestment relating to the 2005 to 2009 Financial Years as provided for inSub-Paragraph 3.1(a);

 

(iii’)                          the Quarterly Development Investment Report relating to the fourthquarter;

 

(iv’)                         a breakdown itemising the Debt, Other Indebtedness and MarketTransactions, substantially in the form of the statement of Debt, OtherIndebtedness and Market Transactions as at 30 September 2004 set out inSub-Schedule 3, identifying the Other Indebtedness of the Group incurred underParagraph 4, it being understood that individual amounts of Other Indebtednessof less than €150,000 shall be taken into account in this document but shallnot be itemized, and showing the notional amounts and evaluation of the MarketTransactions;  this breakdown must bereconciled with the consolidated financial statements prepared in accordancewith the accounting rules and principles applied by the Group; in the eventthat certain Crédit-Bail contracts are not consolidated, the financialinformation relating thereto shall be reviewed by the Expert on the basis ofthe information communicated by the Coordinator;

 

(v’)                            a detailed statement of expenditure (in particular highlightingexpenses relating to Investment undertaken in the relevant Financial Year) (x)paid to and (y) incurred *vis-à-vis*, TWDCor any one of the Disney Controlled Affiliates, by the Group during theFinancial Year for the supply of goods or services and substantially in theform set out in Sub-Schedule 4;

 

(v)                               the LTF, it being agreed that the LTF relating to Financial Year2005 (which must be submitted on 30 November 2004) shall be prepared inaccordance with the existing format used to prepare the LTF relating toFinancial Year 2004;

 

(vi)                            the list of participations held, whether directly or indirectly, bythe Group companies, at the end of the relevant Financial Year, with anindication of the percentage of share capital held by each of the companies;

 

(d)                                on the respective dates on which they are disclosed to the shareholdersof Euro Disney S.C.A. and Euro Disney Associés S.C.A., the annual management reports, the auditors’reports and the unconsolidated balance sheets, profit andloss accounts and notes of Euro Disney S.C.A. and Euro Disney Associés S.C.A.,together with the consolidated balance sheets, profit and loss accounts andnotes of Euro Disney S.C.A., if these documents have been amended consistentlywith those documents submitted pursuant to Sub-Paragraph 1.1(c);

 

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(e)                                 no later than 1 December of each calendar year starting with the2005 calendar year, the Performance Indicator Report including, as the case maybe, the calculation of the DSCR and the Forecast DSCR conducted in accordancewith Paragraph 2;

 

(f)                                   no later than 30 days following the end of each financial year ofeach S.N.C., a summary statement of the tax income (loss) for each of theS.N.C.s;

 

(g)                                no later than 5 days following a request made by an Agent to theCoordinator (it being understood that such request may only be sent at theearliest 120 days following the end of the financial year of the relevantcompany), the Coordinator will provide the relevant Agent with:

 

#### (i)                                    the balance sheet, profit and loss account and the notes of eachS.N.C. for such financial year certified by the relevant S.N.C.’s auditors, aswell as the report of the management or the board of directors, as the case maybe, and if applicable the auditors’ report;

####  

#### (ii)                                 the balance sheet, profit and loss account and the notes for themost recently ended financial year and, as the case may be, the board reports,the management reports and, as the case may be, the auditors’ reports:

####  

(i’)           of each of the Subsidiaries, a listof which is set out in Sub-Schedule 12; and

 

(ii’)                            of each of the companies in which any of the Group companies hasacquired a direct or indirect shareholding interest of €1 million or more, orwhose consolidated balance sheet total for the most recent financial year endedis €20 million or more, or which is managed by a Group company.

 

## **1.2**                              Half-Yearly Information

 

##### (a)                                 No later than 30 days after the end of the first half of eachFinancial Year of  Euro Disney S.C.A. orat each other date specified below:

#####  

#### (i)                                   the unaudited and uncertified half-yearly consolidated accounts ofEuro Disney S.C.A and, once they become available, the half-yearly managementand auditors’ reports;

####  

#### (ii)                                 the unaudited and uncertified unconsolidated half-yearly balancesheets and profit and loss accounts for Euro Disney S.C.A., Euro DisneyAssociés S.C.A. and EDL Hôtels S.C.A.;

####  

#### (iii)                              if there have been any changes, an updated list of the shareholdingsreferred to in Sub-Paragraph 1.1 (c) (vi);

####  

##### (b)                                no later than 2 months after a demand from any Agent who claims thatsince the last LTF there has been an event capable of having a material effecton the future operating results of the Group companies, and in any event noearlier than 30 April of each

 

13

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##### calendaryear, a review of the last LTF remitted pursuant to Sub-Paragraph 1.1 (b) (vi)as at the end of the first six months of the current Financial Year.

#####  

## **1.3**                              Quarterly Information

## ** **

No later than 30 days after the end of thefirst, second or third quarter of each Financial Year of Euro Disney S.C.A.:

 

##### (a)                                 the Quarterly Report relating to operations and Current Investmentof the Group; this Quarterly Report must contain a comparison (with commentary)between the initial Budget and the actual quarterly performance for therelevant quarter and for the corresponding quarter of the preceding FinancialYear; this report must be drawn up in the form set out in Sub-Schedule 13, itbeing agreed that the number of visitors for each park and the occupancy rateof the hotels shall be specified for each month of the relevant quarter;

#####  

##### (b)                                an update (including comments) of the MCF referred to inSub-Paragraph 1.1(a) relating to the months elapsed since the start of theFinancial Year, taking into account the actual performance and the updatedmanagement forecasts through the end of the current Financial Year; it beingagreed that forecast figures for the following Financial Year, except the cashbalance, shall continue to be derived from the LTF provided at the beginning ofthe Financial Year.

#####  

##### (c)                                 the Quarterly Development Investment Report referred to inSub-Paragraph 3.3(a).

#####  

# **2.**                                     Financial Covenants

 

The DSCR andthe Forecast DSCR for each Financial Year of Euro Disney S.C.A. will becalculated from the Financial Year ending on 30 September 2006 through the dateon which all amounts due under the CDC Second Park Loan Agreements have beenrepaid in full.

 

However, untilthe Financial Year ending on 30 September 2014:

 

##### (a)                                 the DSCR of the relevant Financial Year N shall only be calculatedif, on the basis of the Performance Indicator Report for such Financial Year N,it appears that the PI for such Financial Year N is less than the value of PIn° 3 for the same Financial Year set out in Sub-Schedule 1; or

#####  

##### (b)                                the Forecast DSCR for such Financial Year N shall only be calculatedif the Forecast PI of that Financial Year is less than the reference PI n° 3for the Financial Year N+1 set out in Sub-Schedule 1.

#####  

The DSCR and the Forecast DSCR calculated for a givenFinancial Year must be at least equal to the values set out in Sub-Schedule 1for the said Financial Year.

 

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In the event that the Coordinator anticipatespotential non-compliance with such financial undertakings, or if non-compliancewith such financial undertakings is detected, Euro Disney S.C.A. and/or EuroDisney Associés S.C.A. may restore the amount of the DSCR or of the ForecastDSCR, as the case may be, either through (i) new money by way of shareholders’equity or Subordinated Indebtedness of Euro Disney Associés S.C.A., or (ii)forgiveness of debts (with or without a “*clause de retour àmeilleure fortune*”) or payment deferrals, in each case allowingpayment only after the date on which all sums due, in principal and interest,under the CDC Second Park Loan Agreements and the CDC Long Term SubordinatedDebt Agreements shall have been paid in full and shall have been the subject ofa subordination agreement to be entered into with CDC (the “**Restoration Amount**”).

 

The Restoration Amount, which shall be added to thenumerator when calculating the DSCR and the Forecast DSCR, shall be the higherof :

 

(i)             theamount of the Restoration Amount designed to restore the DSCR, or

 

(ii)          theamount of the Restoration Amount designed to restore the Forecast DSCR.

 

Euro Disney Associés S.C.A.’s cash balance must havebenefited from the Restoration Amount in full not earlier than 30 June ofFinancial Year N and not later than 30 January of Financial Year N+1 or, incase of change in the accounting rules and principles, 28 February of FinancialYear N+1.

 

It is agreed that if the Restoration Amount referredto in (ii) above is higher than the Restoration Amount referred to in (i)above, the difference between these two amounts shall be added to the PI ofFinancial Year N+1 in the numerator of the calculation of the DSCR of suchFinancial Year N+1.

 

In the event of any change in the accounting rules andprinciples used by the Group, the terms of Sub-Schedule 2 and Sub-Schedule 11shall apply.

 

After the repayment in full of Senior Debt amounts(except under the CDC Agreement Relating to Ordinary Loans), CDC and EuroDisney Asociés S.C.A. agree that they will conduct discussions in good faith asto the conditions of implementation of the financial undertakings set out inthis Clause, taking into account the financial situation of Euro DisneyAssociés S.C.A.. If the parties fail to reach agreement, the financialundertakings shall continue to apply with a compliance level of 1.3 for DSCRand Forecast DSCR.

 

# **3.**                                     Investment

 

No Groupcompany shall undertake or agree to undertake Investment other than under theprovisions of Sub-Paragraphs 3.1 to 3.7 without having obtained the priorconsent of the Creditors in accordance with Clause 3 of the Common Agreement.

 

15

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## **3.1**                              Current Investment

 

Subject to theprovisions of Paragraphs 3.2 to 3.4 below:

 

##### (a)                                  for each Financial Year of Euro Disney S.C.A. from 2005 to 2009inclusive, the total sum of expenses relating to Current Investment shall notexceed the fixed amounts provided below, in terms of value, in relation to eachrelevant Financial Year, provided that such value shall be adjusted (upwards ordownwards) for Financial Year N+1 according to the realised consolidatedturnover (excluding Participants’ revenue) and to the applicable percentageindicated in the table below relating to Financial Year N, in accordance withthe procedure stipulated in Sub-Schedule 14:

 
| ** **                                                                                 | ** ** | **2005** | ** ** | **2006** | ** ** | **2007** | ** ** | **2008** | ** ** | **2009** | ** ** |
|--------------------------------------------------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Value  (in millions of €)                                                        |       | 81.7     |       | 62.3     |       | 51.8     |       | 51.5     |       | 68.7     |       |
| Percentage  of consolidated financial year turnover (excluding Participants’ revenue) |       | 7.38     | %          | 5.36     | %          | 4.18     | %          | 3.87     | %          | 4.98     | %          |

 

##### (b)                                 for each Financial Year of Euro Disney S.C.A., as from the FinancialYear ending on 30 September 2010, the total sum of expenses relating to CurrentInvestment of the Group shall not exceed 5% of the consolidated turnover(excluding Participants’ revenue) of the preceding Financial Year (N-1), withinthe limit of 25% of the PI (after taking into account the Royalties andManagement Fees effectively paid in respect of the Financial Year N-1) forFinancial Year N-1; however, in the event that the interest payable to CDCunder the CDC Second Park Loan Agreements on 31 December following the end ofeach Financial Year from 2010 to 2014 (inclusive) would be, in view of the PIof the relevant Financial Year N-1, deferred in total in accordance with theterms of the provisions of the CDC Second Park Loan Agreements relating tointerest deferral under the Performance Indicator mechanism, the Coordinatorand the Agents shall agree a new sum for Current Investment for each of thefollowing Financial Years; if an amount is not agreed to within 30 days of thedate on which the Performance Indicator Report for the relevant Financial YearN-1 is given to the Agents, having been approved by the Independent Expert, thenew sum for Current Investment for each of the following Financial Years willbe fixed at 3% of the consolidated turnover (excluding Participants’ revenue)for Financial Year N-1;

#####  

##### (c)                                  for any Financial Year of Euro Disney S.C.A., the expenses relatingto renovations, reconstructions and repairs financed by insurance proceedsshall

 

16

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##### not betaken into account in the calculation of Current Investment up to a global sumof €10 million par Financial Year;

 

##### (d)                                solely in order to improve the Forecast DSCR, the Coordinator mayundertake, in writing to the Agents, that the amount of Current Investment forFinancial Year N+1 shall be lower than the amount determined in accordance withthe provisions of this Sub-Paragraph; however, such reduction may not exceed25% of that amount and may not be carried forward to Subsequent FinancialYears.

 

 

## **3.2**                              Development Investment

 

##### (a)                                 Second Park

#####  

As theprogramme of Investment relating to the creation of the Second Park launched in1999 has ended, there will be no further carry forwards of the DevelopmentInvestment under this programme in respect of Financial Year 2005 orthereafter, except as to the insurance proceeds relating to such programme andthe guarantees relating to the Second Park assets.

 

##### (b)                                Financial Years 2005 to 2009 (inclusive)

#####  

The totalannual amount of expenditure accounted for under the Development Investmentprogramme for the period 2005 to 2009 (inclusive), which programme Euro DisneyAssociés S.C.A. undertakes to implement prior to the end of Financial Year2009, is set out in Sub-Schedule 15, it being specified that:

 

(i)                                    the break down of such expenditure by attraction (for any attractionhaving a value in excess of €2 million) as well as the hourly capacity andforecast opening date of each attraction shall be communicated to the Agents nolater than the start date of the subscription period for the shares to beissued by Euro Disney S.C.A. in connection with its share capital increase;

 

(ii)                                 the first Quarterly Development Investment Report, includinginformation relating to expenditure accounted for under the investmentprogramme (drawn up in the form of Sub-Schedule 9), shall be delivered to theAgents for Financial Year 2005 no later than 30 April, 2005;

 

17

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(iii)                              the amount of any savings on a Development Investment may be freelyused to finance new Development Investment within the limits specified inSub-Schedule 15.

 

##### (c)                                 Financial Year 2010 onwards

#####  

No Groupcompany shall undertake or agree to undertake Investment other than thatauthorised in accordance with Paragraphs 3.1 and 3.4 to 3.7, without havingobtained the prior agreement of the Creditors subject to the conditions set outin Article 3 of the Common Agreement.

 

## **3.3**                              Investment reports

## ** **

The following rules shall apply to anyrelevant Financial Year:

 

##### (a)                                  Quarterly Development Investment Report

#####  

Within 30 daysafter the end of each of the first, second and third quarters, and within 60days after the end of the fourth quarter of each Financial Year of Euro DisneyS.C.A, the Coordinator will prepare the Quarterly Development InvestmentReport:

 

(i)                                    highlighting, for Development Investment, the use of contingenciesand the division of the allocated budget between Development Investment and contingencies;

 

(ii)                                 providing, for Development Investment, a sufficient level of detailand including, in particular, a table in the form set out in Sub-Schedule 9;

 

(iii)                              identifying the Development Investment expenses, highlightingexpenses incurred but not yet paid as well as those already paid; and

 

(iv)                             providing, as regards Investment by way of Crédit-Bail, excludingCrédit-Bail in respect of equipment, all information on the value of therelevant assets, their depreciation and the total cumulative outstanding amountof the payment obligations under these transactions.

 

The QuarterlyDevelopment Investment Report will be reviewed by the Expert whose task will beto carry out a light due diligence of the Quarterly Development InvestmentReport covering aspects of progress, budget and timetable as well as anyspecific problems (particularly regarding compliance with initialspecifications and any insurance claims), and give rise to site visits andexchanges with specialist teams from the Coordinator.

 

##### (b)                                 Completion of Development Investment Report

 

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The completionof each Development Investment shall give rise to the preparation by theCoordinator of a Completion of Development Investment Report.

 

ThisCompletion of Development Investment Report will include, in particular, atable in the form of that included in the Quarterly Development InvestmentReport form, a copy of the delivery certificate, the final assessment of costs,a statement of guarantees and a statement of claims which have been lodged orwhich are anticipated.

 

ThisCompletion of Development Investment Report, which shall be reviewed by theExperts, shall be delivered to the Agents no later than 3 months after thepublic opening of the relevant Development Investment.

 

Following thedelivery of the relevant Development Investment Report, the Coordinator shallnot undertake any further expenditure constituting Development Investment inrelation to such Development Investment.

 

## **3.4**                              Third party Investment

## ** **

For the calculation of the Group Investmentlimits provided for in this Paragraph 3, Investments made as part of marketing,sponsorship or promotion projects shall not be taken into account if they areentirely funded:

 

##### (a)                                by Participants, provided that such Investments shall be exclusively(i) situated inside either theme park, and are not subject to a specificpayment charge to visitors or (ii) operated directly by Euro Disney AssociésS.C.A.; or

#####  

##### (b)                                 by third parties other than Participants, within a limit of €3,000,000 per project;

#####  

provided, ineach case, that (i) no acceleration has been declared under any one of the BankDebt Agreements and CDC Second Park Loan Agreements at the relevant time, (ii)such Investment aims at improving the profitability of the Group, and (iii) theGroup companies ultimately do not bear any Investment expense or any OtherIndebtedness, it being understood that Group advances resulting from thedifference in time between the payment of these expenses by the Group and theirrepayment by third parties shall not exceed € 2 million and may not extendbeyond a period of three months.

 

## **3.5**                              In-kind contribution ofland to Non-Recourse Subsidiaries

## ** **

Notwithstandingthe provisions of Paragraphs 3.1 to 3.4 above, Euro Disney Associés S.C.A.shall be entitled, from 1 October 2009, to make in-kind contributions of landor to transfer land in whatever form to one or more Non-Recourse Subsidiaries,provided that Euro Disney Associés S.C.A. shall previously have demonstrated tothe Agents that each of the following conditions has been fulfilled:

 

##### (a)                                  such in-kind contributions aim at improving the profitability of theProject;

 

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##### (b)                                 on or prior to the making of such contribution, the land wasacquired by Euro Disney Associés S.C.A. in accordance with the terms of theMaster Agreement; and

#####  

##### (c)                                  the acquisition of such land and its contribution are inseparablylinked, and such transactions taken as a whole are followed within 90 days byeither a transfer of shares or any other kind of remuneration for Euro DisneyAssociés S.C.A., the proceeds or the value of which (net of all taxes includingcorporate income taxes) is at least equal to the purchase cost of the land toEuro Disney Associés S.C.A..

#####  

Purchases andin-kind contributions of land made under this Sub-Paragraph constituteInvestment which shall not affect the Investment amounts authorised underSub-Paragraphs 3.1 to 3.4. The provisions of this Sub-Paragraph shall alsoapply to transactions effected by way of transfer and  construction leases.

 

## **3.6**                              Investments byLimited Recourse Subsidiaries and by Non-Recourse Subsidiaries

## ** **

As from 1October 2009, the Investments proposed by, agreed to or effected byNon-Recourse Subsidiaries and by Limited Recourse Subsidiaries shall not belimited and shall not be taken into account, in any way, in the calculation ofthe limits on Group Investments provided for in this Paragraph 3.

 

## **3.7**                              Remunerated management

## ** **

As from 1October 2009 the contractual obligations undertaken by a Group company tosupply remunerated assistance or management services shall not be regarded asGroup companies Investments, and, as such, shall not be taken into account inthe calculation of the Group Investment limits provided for in this Paragraph3, provided the Coordinator shall have previously demonstrated to the Agentsthat the following conditions have been satisfied:

 

##### (a)                                  such obligations exclude any Investment expenses on the part of theGroup; and

#####  

##### (b)                                 such undertakings will not make a Group company liable for theoperating losses resulting from the activity in question.

#####  

# **4.**                                     Other Indebtedness

 

## **4.1**                              General

 

No Groupcompany can incur Other Indebtedness other than Subordinated Indebtedness,without having obtained the prior written consent of the Creditors inaccordance with Article 3 of the Common Agreement.

 

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Notwithstandingthe preceding paragraph, Group companies may enter into Other Indebtednesssubject to an aggregate total maximum of € 50 million outstanding at any onetime.

 

Within thislimit, and within the limits set out in Sub-Paragraph 3.1, Group companies mayfinance by way of Crédit-Bail expenses relating to Current Investment, subjectto a maximum of € 10 million per annum.

 

## **4.2**                              Debt incurrence byNon-Recourse Subsidiaries

 

From 1 October2009, Non-Recourse Subsidiaries may freely incur any Other Indebtedness.

 

## **4.3**                              Debt incurrence byLimited Recourse Subsidiaries

## ** **

From 1 October 2009, Limited RecourseSubsidiaries may incur freely any Other Indebtedness if the Debt Equity Ratiois equal to or less than 1.5, at the date of disbursement of such OtherIndebtedness, after accounting for the proposed Other Indebtedness.

 

However, theamount of the proposed Other Indebtedness, aggregated with the total amount ofOther Indebtedness incurred by all Group companies in accordance withSub-Paragraph 4.1 and with the total amount of Indebtedness incurred byNon-Recourse Subsidiaries in accordance with Sub-Paragraph 4.2, may not exceed,at the date of disbursement of the proposed Other Indebtedness.

 

##### (a)                                  € 150,000,000, if the Debt Equity Ratio is between 1.5 and 1, atsuch date of disbursement after accounting for the proposed Other Indebtedness;or

#####  

##### (b)                                 €300,000,000, if (i) the date of the disbursement of the proposedOther Indebtedness is after 30 September, 2012, and (ii) the Debt Equity Ratiois less than 1, at such date of disbursement after accounting for the proposedOther Indebtedness.

#####  

For thepurpose of this Sub-Paragraph 4.3, “**Debt Equity Ratio**”shall mean, as at the date on which it is calculated, the ratio between Debtand Consolidated Own Funds, and “**Consolidated Own Funds**”shall mean the consolidated own funds of Euro Disney S.C.A. and of itssubsidiaries shown in the most recent consolidated audited balance sheet.

 

# **5.**                                     Market Transactions

 

## **5.1**                              Control of interestrate Market Transactions

 

No Groupcompany other than Euro Disney Associés S.C.A. shall enter into interest rateMarket Transactions. Such Market Transactions will be hedging transactions tocover a specific risk (*transactions de couvertureaffectée*), i.e., transactions entered into exclusively to cover arisk (i) related to an item of asset or liability of Euro Disney

 

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AssociésS.C.A. or any of the Subsidiaries identified at the time of the conclusion ofthe relevant Market Transaction, or (ii) related to a homogeneous set of suchitems.

 

## **5.2**                              Control of foreigncurrency Market Transactions

## ** **

No Groupcompany other than Euro Disney Associés S.C.A., Euro Disney S.C.A. and EuroDisney Vacances shall enter into foreign currency Market Transactions. SuchMarket Transactions will constitute either (i) hedging transactions to cover aspecific risk (*transactions de couverture affectée*)as defined in Paragraph 5.1 above, or (ii) transactions entered into for thehedging and management of the global foreign exchange risk of Euro DisneyAssociés S.C.A. or of any of the Subsidiaries or Euro Disney S.C.A. or EuroDisney Vacances.

 

In the eventthat other Group companies wish to enter into foreign currency MarketTransactions, the Coordinator shall inform the Agents and shall demonstrate thegenuineness of the underlying commercial transaction, which will be verified bythe Expert.

 

# **6.**                                     Changes in accountingrules and principles

# ** **

In the eventof changes in the accounting rules and principles used by the Group from thoseused to prepare the definitions set out in the Paragraph entitled “Definitions”and, in particular, as from the first Financial Year in which IFRS rules areimplemented by the Group, the provisions of Sub-Schedule 2 and Sub-Schedule 11shall apply, and, if necessary, the parties shall agree on the changes to bemade to the provisions of these Covenants.

 

# **7.**                                     Undertakings of EuroDisney S.C.A.

# ** **

Euro DisneyS.C.A. undertakes:

 

(a)          not to modify the date ofthe end of its Financial Year, which is 30 September, without the consent ofthe Creditors;

 

(b)         to make available immediatelyall of its excess cash of more than  € 1,000,000 to Euro DisneyAssociés S.C.A in the form of a shareholder’s advance and to cause (subject asaforesaid) all of the Group’s available cash to be lodged at all times withinEuro Disney Associés S.C.A. and its Subsidiaries; any shareholder’s advanceshall be subject to the following conditions:

 

(i)             the sum of all remuneration(including commissions, interest, bonuses) paid to Euro Disney S.C.A. shall notexceed three month EURIBOR less 50 basis points per annum; in the event thatcurrent tax provisions were modified and would not permit satisfactory taxdeductibility of interest related to cash advances to Euro Disney AssociésS.C.A., the parties shall use their best efforts to agree upon new conditionsallowing for the satisfactory tax deductibility in respect of such advances;

 

22

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(ii)          in case of a liquidation,any reimbursement of the shareholder’s advance shall be subordinated to theprior payment of the whole of the sums due under the Bank Debt Agreements, theCDC Second Park Loan Agreements and the CDC Long Term Subordinated DebtAgreements;

 

(iii)        in relation to the shareholder’sadvance granted pursuant to the Funds Agreement, Euro Disney S.C.A. will onlybe able to request the repayment to the extent necessary to fund its costs andexpenses and within the limit of its annual operating budget referred to inparagraph (f),  net of its revenue(particularly dividends from the Financial Year N-1 and remuneration);

 

(iv)      the repayment flows shall bestructured so that the cash balance of Euro Disney S.C.A. is always less than €  1,000,000;

 

(c)          not to demand or acceptrepayment of contribution premiums booked in the accounts of Euro DisneyAssociés S.C.A. (book account number 104 “premiums linked to share capital” ofthe general accounting rules) in a minimum amount of  € 122.2 million before the date on whichthe whole of the sums due from the Debtors under the Bank Debt Agreements andthe CDC Second Park Loan Agreements will have been paid;

 

(d)         to hold a number of EuroDisney Associés S.C.A. shares equal to the number of shares held on theRestatement Date, provided that the corresponding percentage of the sharecapital shall not be less than two thirds of the share capital of Euro DisneyAssociés S.C.A.;

 

(e)          not to conduct activitiesother than (i) holding its interest in Euro Disney Associés S.C.A. and EuroDisney Commandités SAS;  (ii) makingavailable its excess cash to Euro Disney Associés S.C.A., (iii) providingadministrative services to Euro Disney Associés S.C.A. and (iv) remaining acontracting party to the contracts which shall not be transferred to EuroDisney Associés S.C.A. pursuant to the Contribution Agreement;

 

(f)            to limit its annualoperating budget to € 5 million, it being agreed that a *pro rata*figure shall be calculated in respect of the 2005 Financial Year for the periodfrom  1 October 2004 to theRestatement Date; and to limit any increase in its annual operating budget tothe rate of inflation, it being agreed that there shall be no variation forFinancial Year 2005;

 

(g)         to provide the Coordinatorwith any documents and information that the Coordinator may require in order tocomply with the Covenants.

 

# **8.**                                     Expert

# ** **

(a)          The missions of the Expertare to (i) assist the Creditors in controlling the relevance and veracity ofthe information supplied by the Debtors in accordance with their obligationspursuant to the Covenants and (ii) to perform the tasks which will be

 

23

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specifically entrusted to it in the Bank DebtAgreements. The recurring and non-recurring tasks of the Expert shall be basedon their description in Sub-Schedule 17. In addition, in case of events orfacts which may have an adverse effect on the Creditors, the Agents may entrustthe Expert with *ad hoc* tasks related to suchevents or facts.

 

(b)         The Debtors undertake toprovide to the Expert all necessary assistance to enable it to fulfil itsduties. In particular, the Debtors undertake to allow the Expert access, uponrequest, to any installation of Group companies, and to furnish to the Expertany accounting books or documents, archives, computer programs or otherinformation relating to the Project, to the Debtors and to Group companieswhich the Expert may request, as necessary to the proper fulfilment of itsduties, and to allow it to make copies of such accounting books or documents,archives, computer programs or other information (subject to the rights ofthird parties).

 

The Expert,may, upon request, conduct interviews of the management of the Debtors and ofthe Group companies in order to obtain any information necessary to the propercompletion of its tasks and the Debtors undertake that their management shallcooperate with the Expert in this connection.

 

The Debtorsundertake to instruct their statutory auditors to cooperate fully with theExpert, but only in order to avoid the duplication of work.

 

The Debtorsshall place at the disposal of the Expert and his associates, while carryingout theirs tasks on site, and in order to ensure the proper performancethereof, appropriate accommodation including such office equipment andfurniture as is normally provided to auditors for the performance of theirduties.

 

(c)          The Agents shall use theirbest efforts to negotiate with the Expert a flat fee remuneration withindexation for recurring tasks such as those described in Sub-Schedule 17.

 

# **9.**                                     Computer Model anddocument format

 

## **9.1**                              Computer model

 

TheCoordinator undertakes to develop the Computer Model which it shall use tocalculate the LTF in accordance with the provisions of Sub-Schedule 8.

 

The ComputerModel:

 

(a)                                  shall be derived from and coherent with the Mozart Model and, to theextent possible, with the existing applications and formats used by Euro DisneyS.C.A.;

 

(b)                                 shall be approved by the Agents, and the Coordinator undertakes tocause such approval to be obtained within three months following the ShareCapital Increase Completion Date but not later than 30 April 2005; and

 

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(c)                                  shall be****audited by theExpert within 30 days of the expiry of the time period specified in (b) above.

 

If Euro DisneyAssociés S.C.A. and the Agents cannot reach agreement as to the new ComputerModel, the existing computer model shall be retained.

 

## **9.2**                              Document Format

## ** **

TheCoordinator undertakes to finalise the format of Sub-Schedules 4, 5, 6, 8(including Schedule A), 13 and 16 captioned “Schedule to follow” and to obtainthe Agents’ approval of such schedules within three months following the ShareCapital Increase Completion Date, but not later than 30 April 2005.

 

If Euro DisneyAssociés S.C.A. and the Agents cannot reach agreement as to one or more suchformats, the corresponding existing format shall be retained.

 

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**Sub-Schedule 1****ReferencePerformance Indicators n°1, n°2 and n°3*Reference Sequences*i****n millions of €**

 
| **Financial Year**     | ** ** | **2005** | ** ** | **2006** | ** ** | **2007** | ** ** | **2008** | ** ** | **2009** | ** ** | **2010** | ** ** | **2011** | ** ** | **2012** | ** ** | **2013** | ** ** | **2014** | ** ** | **2015** | ** ** | **2016** | ** ** | **2017  and  thereafter** | ** ** |
|------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|---------------------------|------------|
| Reference PI n° 1 |       |     |       |     |       | 282.5    |       | 305.4    |       | 313.1    |       | 317.2    |       | 340.6    |       | 352.7    |       | 365.8    |       | 380.6    |       |     |       |     |       |                      |       |
| Reference PI n° 2 |       | 230.6    |       | 263.9    |       | 257.5    |       | 280.4    |       | 288.1    |       | 292.2    |       | 315.6    |       | 327.7    |       | 340.8    |       | 355.6    |       |     |       |     |       |                      |       |
| Reference PI n° 3 |       | 210.4    |       | 243.7    |       | 237.3    |       | 260.2    |       | 267.9    |       | 272      |       | 295.4    |       | 307.5    |       | 318.1    |       | 332.9    |       |     |       |     |       |                      |       |

 

DSCR and Forecast DSCR*Sequence of minimum ratios to be complied with ineach Financial Year*

 
| **Financial Year** | ** ** | **2005** | ** ** | **2006** | ** ** | **2007** | ** ** | **2008** | ** ** | **2009** | ** ** | **2010** | ** ** | **2011** | ** ** | **2012** | ** ** | **2013** | ** ** | **2014** | ** ** | **2015** | ** ** | **2016** | ** ** | **2017  and  thereafter** | ** ** |
|--------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|---------------------------|------------|
| DSCR               |       |     |       | 1.80     |       | 2.35     |       | 1.45     |       | 1.20     |       | 1.05     |       | 1.00     |       | 1.00     |       | 1.10     |       | 2.60     |       | 1.40     |       | 3.10     |       | 1.30                      |       |
| Forecast DSCR      |       |     |       | 2.45     |       | 1.30     |       | 1.20     |       | 1.00     |       | 1.00     |       | 1.00     |       | 1.05     |       | 2.50     |       | 1.05     |       | 2.90     |       | 1.30     |       | 1.30                      |       |

 

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**Sub-Schedule 2**

 

**PerformanceIndicator Determination**

 

Without prejudice to the provisions ofSub-Schedule 11, the Parties agree that the PI will be established inaccordance with the following provisions:

 

(a)                                 Notlater than 1 December in each calendar year, commencing with the 2005 calendaryear, the Coordinator will supply to the Agents a report (the “**Performance Indicator Report**”) including:

 

(i)                                    theconsolidated accounts of Euro Disney S.C.A. certified by its auditors for theFinancial Year ended 30 September of the relevant year;

 

(ii)                                 inthe event of any change in accounting principles and rules during the relevantFinancial Year, the pro forma consolidated accounts and the pro forma PI;

 

(iii)                              acertificate from its *gérant*specifying all items taken into account and the detailed calculations of theamounts:

 

•                                         ofthe PI for the relevant Financial Year;

 

•                                         ofRoyalties and Management Fees due in respect of the relevant Financial Year;

 

•                                         ofinterest payable on 31 December of the relevant calendar year in respect of theCDC Second Park Loan Agreements;

 

•                                         ofthe deferrals applicable to the Royalties and Management Fees pursuant to theSupplemental Licence Agreement and to the Remunerations Agreement; and

 

•                                         ofthe deferrals applicable to interest due in respect of the CDC Second ParkLoans pursuant to the Supplemental CDC Second Park Loan Agreements;

 

(iv)                             asfrom the Financial Year ending on 30 September 2006, the DSCR and the ForecastDSCR; however, until the Financial Year ending on 30 September 2014, thesecalculations will only be made (x) if, on the basis of the PerformanceIndicator Report of the Financial Year N, the PI of Financial Year Nis less than the IP n° 3 of the same Financial Year set out inSub-Schedule 1 or (y) if the Forecast PI of such Financial Year isless than the reference PI n°3 of the Financial Year N+1 provided in Sub-Schedule 1;

 

(b)                                Inthe absence of any change in accounting principles and rules, the calculationof the PI and, as the case may be, the DSCR and the Forecast DSCR, will beverified and confirmed by the Expert within 15 days after delivery by theCoordinator to the Agents of the Performance

 

27

----

 

Indicator Report, prior to payment of anyRoyalties, Management Fees or interest due under the CDC Second Park LoanAgreements;

 

(c)                                 Inthe following cases:

 

(i)                                     inthe event of any change in accounting principles and rules by reference tothose used in preparing the consolidated accounts for the Financial Year ended30 September, 2003 (other than the change in accounting principles and rulesrelated to the consolidation of the financing companies in accordance withArticle 133 of the Financial Security Law) and, in particular, with effect fromthe first Financial Year in respect of which IFRS rules will be applied by EuroDisney S.C.A. or

 

(ii)                                  ifthereafter, there are changes to the accounting principles and rules of thelast Financial Year in respect of which there was an amendment to the PI or tothe reference sequence which became effective pursuant to the provisions below,

 

the following rules shall apply:

 

(x)                                with effect from the delivery by the Coordinator to the Agents ofthe Performance Indicator Report, the Expert will have:

 

•                    15 days in whichto validate the format of the pro forma PI and, as the case may be, thecalculation format for the DSCR and the Forecast DSCR prior to the payment ofRoyalties, Management Fees and interest due under the CDC Second Park LoanAgreements;

 

•                    a further 60 daysto validate the amendment of the definition of “PI” and, if necessary, theamendment to the reference sequence, and, as the case may be, the definition ofDSCR and Forecast DSCR and, if necessary, the sequence of minimum ratios to becomplied with  for each Financial Year;

 

(y)                              during the 60-day period referred to in sub-paragraph (x) above, theCoordinator and the Agents, assisted by the Expert, will consult with eachother as to the amendments to be made, for subsequent Financial Years, either(aa) to the definition of the PI or Forecast PI or, if necessary, to thereference sequence or to both, or (bb) to the definition of the DSCR and theForecast DSCR and, if necessary, the minimum ratios to be complied with in eachFinancial Year or to both;

 

(z)                                in case of disagreement either of the Expert with the PerformanceIndicator or the Forecast PI, or of the Coordinator and the Agents as to thechanges mentioned in sub-paragraph (y) above by the end of the 60-dayperiod referred to in paragraphs (x) and (y) above, the Agents and theCoordinator will each appoint an expert. In the event of disagreement between the Agents as to the appointment oftheir expert, the expert will be that appointed by two of the threeAgents.  The experts will be charged withmaking the necessary amendments mentioned in sub-paragraph (y) above,taking into account the

 

28

----

 

new methodof calculation for subsequent Financial Years. Should an agreement between thetwo experts so appointed not be reached, they will appoint a third expert who,in the absence of agreement between the above-mentioned experts as to hisappointment, will be appointed by the chairman of the *CompagnieNationale des Commissaires aux Comptes*. The two or three experts (ifa third expert is appointed) will deliver their report within three months ofthe appointment of the last of the experts; such report will be binding on theparties. The entire procedure shall not take longer than six months. Suchexperts shall be *expert-comptables* (certifiedaccountants).

 

29

----

**Sub-Schedule 3**

 

**Summary of Debts, Other Indebtedness and MarketTransactions of the Groupas at 30 September 2004**

** **

Other Indebtedness

Amounts as at September 30 2004

 
| **Crédit-Bail, Leasing**                                                                                                                                                          | ** ** | ** **   | ** ** | **Principal** | ** ** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|------------|---------------|------------|
|                                                                                                                                                                                   |       |         |       |          |       |
|                                                                                                                                                                                   |       | IT Equipment |       | 14 413 872    |       |
|                                                                                                                                                                                   |       | Fixed Assets |       | 4 786 136     |       |
|                                                                                                                                                                                   |       | Divers       |       | 2 329 526     |       |
|                                                                                                                                                                                   |       | Car Leasing  |       | 3 727 042     |       |
|                                                                                                                                                                                   |       |         |       | 25 256 576    | (1)        |
|                                                                                                                                                                                   |       |         |       |          |       |
| Purchases on credit and deferred payment  terms for a period exceeding 180 days                                                                                                        |       |         |       | 0             |       |
|                                                                                                                                                                                   |       |         |       |          |       |
| The issue of guarantees, endorsements or  indemnities or the undertaking of payment obligations in whatever form  relating to Borrowings contracted by third parties outside the Group |       |         |       | 0             |       |
|                                                                                                                                                                                   |       |         |       |          |       |
| The issue of securities representing claims  against any Group company, other than Equity Securities                                                                                   |       |         |       | 0             |       |

 

----

(1) Reportedamounts are based upon the existing definition of Additional Indebtedness inthe Common Agreement as of September 30, 2004 and the Company’s pastpractice.  Each contract will bere-examined in light of the modifications to the Other Indebtedness definitionin Financial Year 2005.

 

30

----

 

Financing Agreements (in M€):

Principal Amounts as  at September 30, 2004

 
| ** **                                            | ** **       | ** **      | ** **      | **EDL Hotels** | ** ** |
|-------------------------------------------------------|------------------|-----------------|-----------------|----------------|------------|
| ** **                                            | ** **       | ** **      | ** **      | **ED S.C.A.**  | ** ** | **EDL SNC** | ** ** | **S.C.A.** | ** ** | **Hotels SNCs** | ** ** | **Total** | ** ** |
| Phase 1A Credit  Facility(1) :                        |             |            |            |           |       |   |   |   |   |   |   |   |   |
|                                                  | Tranche A        |            | Euribor + 0.8%  |           | 70.0       |   | 155.9 |   |   |   |   |   | 225.9 |   |
|                                                  | EIB              |            | 4.24%           |           |       |   | 5.9 |   |   |   |   |   | 5.9 |   |
|                                                  | Dexia CLF Banque |            | Euribor + 0.47% |           | 4.4        |   | 3.9 |   |   |   |   |   | 8.3 |   |
|                                                  | Tranche D1       |            | Euribor + 0.8%  |           | 18.1       |   | 39.7 |   |   |   |   |   | 57.8 |   |
|                                                  | Tranche D2       |            | Euribor + 0.8%  |           | 13.0       |   | 29.3 |   |   |   |   |   | 42.3 |   |
| CDC Ordinary Loan (2)                                 |             | 5.15%           |            | 40.6           |       | 86.9 |   |   |   |   |   | 127.5 |   |
| CDC Participating  Loan                               |             | 5.15%           |            | 128.3          |       | 274.4 |   |   |   |   |   | 402.7 |   |
| Phase 1A Partners’  Advances:                    |             |            |            |           |       |   |   |   |   |   |   |   |   |
|                                                  | Tranche B        |            | 3%              |           |       |   | 304.9 |   |   |   |   |   | 304.9 |   |
| Phase 1B Credit  Facility                             |             | Euribor + 1%    |            |           |       |   |   | 22.4 |   | 128.2 |   | 150.6 |   |
| Phase 1B Advances:                                    |             |            |            |           |       |   |   |   |   |   |   |   |   |
|                                                  | Tranche B        |            | 3%              |           |       |   |   |   |   |   | 78.1 |   | 78.1 |   |
|                                                  | Tranche C        |            | Euribor +1.125% |           |       |   |   |   |   |   | 18.9 |   | 18.9 |   |
| Crédit-Bail 1.4 BFRF  (Additional Capacity 1994) |             | 1%              |            | 213.4          |       |   |   |   |   |   |   | 213.4 |   |
| Stand By Credit  Agreement                            |             | Euribor         |            | 125.0          |       |   |   |   |   |   |   | 125.0 |   |
| CDC 2nd Gate (Walt  Disney Studios)                   |             | 5.15%           |            | 381.1          |       |   |   |   |   |   |   | 381.1 |   |
| Convention Center                                     |             | Euribor + 0.20% |            |           |       |   |   | 20.5 |   |   |   | 20.5 |   |
| ** **                                            | **TOTAL**        | ** **      | ** **      | ** **     | **993.9**  | ** ** | **900.9** | ** ** | **42.9** | ** ** | **225.1** | ** ** | **2 162.9** | ** ** |

 

----

(1) Rates are averages, the principalrepresents the amounts owed by the companies

(2) FinamaBank guarantees the partners of EDL SNC for an amount up to 86.9 M€ at a costof 1% of the principal per annum.

 

31

----

 

MarketTransaction

as at September 30 2004

 
| **Interest Rate Hedging:** | ** ** | **Principal** | ** ** | **Latent Result** | ** ** |
|----------------------------|------------|---------------|------------|-------------------|------------|
| SWAPS                      |       | 20 000        |       | -24               |       |
| FRA                        |       | 40 000        |       | 0                 |       |

 
| **Foreign Exchange  Hedging:** | ** ** | **Principal** | ** ** | **Latent Result** | ** ** |
|--------------------------------|------------|---------------|------------|-------------------|------------|
| Forward Sale GBP               |       | N/A           |       |              |       |
| Forward Sale CHF               |       | N/A           |       |              |       |
| Forward Buy USD                |       | -11 969       |       | -203              |       |

 
| **Options** | ** ** | **Principal** | ** ** | **Latent Result** | ** ** |
|-------------|------------|---------------|------------|-------------------|------------|
| N/A         |       |          |       |              |       |
|        |       |          |       |              |       |
| Note: Spot  |       | GBP =         |       | 1.4560            | €     |   |   |
|        |       | CHF =         |       | 0.6442            | €     |   |   |
|        |       | USD =         |       | 0.8059            | €     |   |   |

 

32

----

 

**Sub-Schedule 4**

 

**Form of statement describing expensesreferred to in Sub-Paragraph 1.1(c)(iv)(v’)**

 

**[*SCHEDULE TO FOLLOW*]**

 

33

----

 

**Sub-Schedule 5**

 

**Form ofstatement describing investment referred to in Sub-Paragraph1.1(c)(iv)(ii’)**

** **

**[*SCHEDULE TO FOLLOW]***

 

34

----

 

**Sub-Schedule 6**

** **

**Form of Twelve-Month Forecast Investment Plan**

** **

[***SCHEDULETO FOLLOW]***

 

35

----

 

**Sub-Schedule 7**

** **

**Form of Monthly CashflowForecast**

 
| **SUB SCHEDULE 7** | **TABLE OF MONTHLY CASH FLOW FORECAST** |
|--------------------|-----------------------------------------|

 
| (in €*1,000) |
|-------------------|
| ** **        |
| **MONTH:**        | **SEPTEMBER** | **2004** |

 
| ** **                                                                       | ** **                                                                    | **2004**                                 | ** ** |
|----------------------------------------------------------------------------------|-------------------------------------------------------------------------------|------------------------------------------|------------|
| ** **                                                                       | ** **                                                                    | **Cumulative**                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ** **                                                                       | ** **                                                                    | ** **                               | ** ** | **to  June** | ** ** | **Actual** | ** ** | **Total** | ** ** | **Forecast** | ** ** |
| ** **                                                                       | ** **                                                                    | **2004**                                 | ** ** | **July** | ** ** | **August** | ** ** | **September** | ** ** | **2004** | ** ** | **October** |   | **November** |   | **December** |   |
| *** ***                                                                     | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ***Cash position at start (before New WCF reimbursement/drawdowns)***            | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| *(excluding deposits & SNCs cash available)*                                 | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **EBITDA**                                                                       | **(before RMF)**                                                              | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| Adjustments:                                                                     | RMF actually paid                                                             |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Financial not related to debt service (incl. interest  on available deposits) | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Exceptional items (including insurances)                                      | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Change in Working Capital and taxes *                                         | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Receivables                              | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Payables (excluding RMF and Investments) | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Inventories                              | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Deferred charges                         | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Deferred revenues                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Provision for risks and charges          | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Net VAT Payable                          | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          | Other                                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ***Cash flow from operating  activities***                                       | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| *** ***                                                                     | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
|                                                                                  |                                                                          |
| **   Based on aggregated statutory accounts excluding investing activities* | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| * *                                                                         |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Investing activities**                                                         |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| * *                                                                         | Cash in on sale of assets                                                     | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| * *                                                                         | Capitalised Growth Investments                                                | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| * *                                                                         | Capitalised Authorised Investments                                            | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Net VAT Payable on Investments                                                | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Changes in payables for Growth & Capitalised  Investments                 | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ***Cash flow before financing  activities***                                     |                                                                          | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| * *                                                                         |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Financing activities: (excluding New  WCF reimbursement/drawdowns)**           | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Interest actually paid**                                                       |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | *(including New WCF interest)*                                                | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Debt actually reimbursed**                                                     |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | *(excluding New WCF reimbursement/drawdowns)*                                 | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Cash from financing activities**                                               |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Equity issue net proceeds                                                     | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Variation of cash deposit                                                     | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Other**                                                                        |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Taxes                                                                         |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Dividends                                                                     |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ***Net change in cash in the month***                                            |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| *** ***                                                                     |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ***Cash  position end of month (excluding New WCF reimb,/drawdowns)***           | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| *** ***                                                                     |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| *** ***                                                                     |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Working Capital Facilities**                                                   |                                                                          | **Nominal >**                         | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Drawdown in the month                                                         | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Reimbursement in the month                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Outstanding end of month                                                      | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Available end of month                                                        | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ***Cash position end of month***                                                 |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Additional Information**                                                       |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| Protection  Mechanism:                                                           |                                                                          |                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Deferred RMF                                                                  | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                                                       | Deferred CDC second park loan interest                                        | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| Cash deposit outstanding                                                         | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ED SCA cash position                                                             | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ED SCA partner advances outstanding                                              | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| SNCs attendance lease cumulative amount (actual  figures only)                   | ** **                                                                    | ** **                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
|                                                                                  |                                                                               |                                          |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 
| ** **                                                                       | ** **                                                                    | **2005**                                 |       |         |       |
|----------------------------------------------------------------------------------|-------------------------------------------------------------------------------|------------------------------------------|------------|--------------|------------|
| ** **                                                                       | ** **                                                                    | ** **                               | ** ** | **Forecast** | ** ** | **Total** | ** ** |
| ** **                                                                       | ** **                                                                    | **January**                              | ** ** | **February** | ** ** | **March** | ** ** | **April** | ** ** | **May** | ** ** | **June** |   | **July** |   | **August** | ** ** | **September** | ** ** | **2005** |   |
| *** ***                                                                     | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ***Cash position at start (before New WCF reimbursement/drawdowns)***            | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| *(excluding deposits & SNCs cash available)*                                 | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **EBITDA**                                                                       | **(before RMF)**                                                              | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| Adjustments:                                                                     | RMF actually paid                                                             |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Financial not related to debt service (incl. interest  on available deposits) | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Exceptional items (including insurances)                                      | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Change in Working Capital and taxes *                                         | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Receivables                              | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Payables (excluding RMF and Investments) | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Inventories                              | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Deferred charges                         | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Deferred revenues                        | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Provision for risks and charges          | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Net VAT Payable                          | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          | Other                                    | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ***Cash flow from operating  activities***                                       | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
|                                                                                  |                                                                          |
| **   Based on aggregated statutory accounts excluding investing activities* | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| * *                                                                         |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Investing activities**                                                         |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| * *                                                                         | Cash in on sale of assets                                                     | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| * *                                                                         | Capitalised Growth Investments                                                | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| * *                                                                         | Capitalised Authorised Investments                                            | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Net VAT Payable on Investments                                                | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Changes in payables for Growth & Capitalised  Investments                 | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ***Cash flow before financing  activities***                                     |                                                                          | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| * *                                                                         |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Financing activities: (excluding New  WCF reimbursement/drawdowns)**           | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Interest actually paid**                                                       |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | *(including New WCF interest)*                                                | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Debt actually reimbursed**                                                     |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | *(excluding New WCF  reimbursement/drawdowns)*                                | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Cash from financing activities**                                               |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Equity issue net proceeds                                                     | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Variation of cash deposit                                                     | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Other**                                                                        |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Taxes                                                                         |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Dividends                                                                     |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ***Net change in cash in the month***                                            |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| *** ***                                                                     |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ***Cash  position end of month (excluding New WCF reimb,/drawdowns)***           | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| *** ***                                                                     |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| *** ***                                                                     |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Working Capital Facilities**                                                   |                                                                          | **Nominal >**                         | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Drawdown in the month                                                         | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Reimbursement in the month                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Outstanding end of month                                                      | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Available end of month                                                        | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ***Cash position end of month***                                                 |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Additional Information**                                                       |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| Protection  Mechanism:                                                           |                                                                          |                                     | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Deferred RMF                                                                  | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                                                       | Deferred CDC second park loan interest                                        | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| Cash deposit outstanding                                                         | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ED SCA cash position                                                             | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ED SCA partner advances outstanding                                              | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| SNCs attendance lease cumulative amount (actual  figures only)                   | ** **                                                                    | ** **                               | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
|                                                                                  |                                                                               |                                          |            |              |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

36

----

 

**TABLE OFMONTHLY CASH FLOW FORECASTS**
| (in €*1,000) |
|-------------------|
| ** **        |
| **MONTH:**        | **SEPTEMBER** | **2004** |

 
| ** **                                     | ** **                       | **2004**       | ** ** |
|------------------------------------------------|----------------------------------|----------------|------------|
| ** **                                     | ** **                       | **Cumulative** |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ** **                                     | ** **                       | ** **     | ** ** | **to  June** | ** ** | **Actual** | ** ** | **Total** | ** ** | **Forecast** | ** ** |
| ** **                                     | ** **                       | **2004**       | ** ** | **July** | ** ** | **August** | ** ** | **September** | ** ** | **2004** | ** ** | **October** |   | **November** |   | **December** |   |
| *** ***                                   | ** **                       | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Financing activities**                       | ** **                       | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| *** ***                                   | ** **                       | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Interest paid SCAs Debt**                    | ** **                       | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IA                  |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IB                  |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Ordinary loans               |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Participating loans          |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Other (NBC,,,)                   |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC second park loan             | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Long Term Subordinated Debt CDC  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Long Term Subordinated Debt TWDC | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Existing TWDC Credit Facility    | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | ED SCA partner advances          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | New Working Capital Facility     | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     |                             |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Interest paid SNCs Debt**                    |                             |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IA                  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IB                  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | IA Partner Advances              | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | IB Partner Advances Tr C         | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr A *        | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr B          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Participating loans          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | IB Partner Advances Tr B         | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| (including guarantee fee for Finama Guarantee) | ** **                       | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     |                             |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Debt SCAs reimbursement**                    |                             |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IA                  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IB                  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Ordinary loans               | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Participating loans          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Other (NBC,,,)                   | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC second park loan             | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Long Term Subordinated Debt CDC  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Long Term Subordinated Debt TWDC | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Existing TWDC Credit Facility    | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | ED SCA partner advances          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | New Working Capital Facility     | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     |                             |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| **Debt SNCs reimbursement**                    |                             |           | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IA                  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | Credit Phase IB                  | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | IA Partner Advances              | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | IB Partner Advances              | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr A          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr B          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | CDC Participating loans          | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
| ** **                                     | IB Partner Advances Tr B         | ** **     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   |
|                                                |                                  |                |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 
| ** **                                     | ** **                       | **2005**    |       | ** **   |       |
|------------------------------------------------|----------------------------------|-------------|------------|--------------|------------|
| ** **                                     | ** **                       | ** **  | ** ** | **Forecast** | ** ** | **Total** | ** ** |
| ** **                                     | ** **                       | **January** | ** ** | **February** | ** ** | **March** | ** ** | **April** | ** ** | **May** | ** ** | **June** |   | **July** |   | **August** | ** ** | **September** | ** ** | **2005** |   |
| ** **                                     | ** **                       | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | ** **                       | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Financing activities**                       | ** **                       | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| *** ***                                   | ** **                       | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Interest paid SCAs Debt**                    | ** **                       | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IA                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IB                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Ordinary loans               | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Participating loans          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Other (NBC,,,)                   | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC second park loan             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Long Term Subordinated Debt CDC  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Long Term Subordinated Debt TWDC | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Existing TWDC Credit Facility    | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | ED SCA partner advances          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | New Working Capital Facility     | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     |                             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Interest paid SNCs Debt**                    |                             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IA                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IB                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | IA Partner Advances              | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | IB Partner Advances Tr C         | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr A *        | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr B          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Participating loans          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | IB Partner Advances Tr B         | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| (including guarantee fee for Finama Guarantee) | ** **                       | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     |                             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     |                             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Debt SCAs reimbursement**                    | ** **                       | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IA                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IB                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Ordinary loans               | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Participating loans          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Other (NBC,,,)                   | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC second park loan             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Long Term Subordinated Debt CDC  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Long Term Subordinated Debt TWDC | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Existing TWDC Credit Facility    | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | ED SCA partner advances          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | New Working Capital Facility     | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     |                             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| **Debt SNCs reimbursement**                    |                             | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IA                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | Credit Phase IB                  | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | IA Partner Advances              | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | IB Partner Advances              | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr A          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Ordinary loans Tr B          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | CDC Participating loans          | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
| ** **                                     | IB Partner Advances Tr B         | ** **  | ** ** | ** **   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |   | ** ** |   | ** ** | ** ** | ** ** | ** ** | ** ** |   |
|                                                |                                  |             |            |              |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

37

----

 

**Sub-Schedule 8**

 

**Agreed Procedures**

** **

**[*SCHEDULE TO FOLLOW]***

 

38

----

 

**Schedule A to Sub-Schedule 8**

** **

**Form of LTF**

** **

**[*SCHEDULE TO FOLLOW]***

 

39

----

 

**Sub-Schedule 9**

 

**Form of Quarterly Development Investment Report**

 
| **SUB SCHEDULE 9**          | **FORM OF QUARTERLY DEVELOPMENT INVESTMENT REPORT**    |
|-----------------------------|--------------------------------------------------------|
|                        |                                                   |   |
|                        | Table used in the following reports                    |   |
| **TABLE TRACKING**          | **Quarterly report on Development Investments**        | Drawn  up since 2005 until relevant quarter with details and commentary on relevant  quarter |
| **DEVELOPMENT INVESTMENTS** | **Completion report on a Development Investment**      | Will  recapitulate with detail and commentary quarterly history of relevant  attraction |
| ** **                  | **Budget (investment planned for the next 12 months)** | Not  quarterly |
| ** **                  | **Year end report**                                    | Not  quarterly |
| ** **                  | **LTF**                                                | Not  quarterly |
|                             |                                                        |  |  |

 
| **Amounts in million euros**                                                  | ** **                                                 | ** **          | ** **                                           | **First**            | ** ** | ** **                                      | ** ** |
|-------------------------------------------------------------------------------|------------------------------------------------------------|---------------------|------------------------------------------------------|----------------------|------------|-------------------------------------------------|------------|
| **Amounts of expenses accounted  for since first expenditure**                | ** **                                                 | **Estimated**       | ** **                                           | **expenditures**     | ** ** | **2005**                                        | ** ** |
| **except columns Total Financial  Year**                                      | ** **                                                 | **Final Cost**      | ** **                                           | **accounted for**    | ** ** | **T1**                                          | ** ** | **T2** | ** ** | **T3** | ** ** | **T4** | ** ** | **Total Financial Year (non cumulative)** | ** ** |
| **indicate “Actual” for quarters  expired or “Budget”**   | ** **                                                 | **“EFC”** | ** **                                           | **prior to QI 2005** | ** ** | **Budget**                                      | ** ** | **Budget** | ** ** | **Budget** | ** ** | **Budget** | ** ** | **Budget** | ** ** | **Actual** | ** ** | **Difference** | ** ** |
| *** ***                                                                  | ** **                                                 | ** **          | ** **                                           | ** **           | ** ** | **Cumulative amounts since first expenditures** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ***Recapitulation***                                                          | **Attraction 1:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Attraction 2:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Attraction 3:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Other Development Investments**                          |                | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Saving (if any) during financial year**                  |                |                                                 | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Income less sales of Development Investments**           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ***TOTAL Development Investments***                                           |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction 1:**                                                             | ** **                                                 |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        | ** **                                                 |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 |       |                                            | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **TOTAL Attraction 1**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction 2:**                                                             |                                                       |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        |                                                       |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **TOTAL Attraction 2**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction 3:**                                                             |                                                       |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        |                                                       |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **TOTAL Attraction 3**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ***Specific line for each attraction the  cost of which exceeds 2 m €*** |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction X ...**                                                       |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Total  cost                                                                   |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|                                                                          |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction Y ...**                                                       |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |

** **
| **Amounts in million euros**                                                  | ** **                                                 | ** **          | ** **                                           | **First**            | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** | ** ** | ** **     | ** ** |
|-------------------------------------------------------------------------------|------------------------------------------------------------|---------------------|------------------------------------------------------|----------------------|------------|-------------------------------------------------|------------|------------|------------|------------|------------|------------|------------|-------------------------------------------|------------|------------|------------|----------------|------------|
| **Amounts of expenses accounted  for since first expenditure**                | ** **                                                 | **Estimated**       | ** **                                           | **expenditures**     | ** ** | **2006**                                        | ** ** |
| **except columns Total Financial  Year**                                      | ** **                                                 | **Final Cost**      | ** **                                           | **accounted for**    | ** ** | **Q1**                                          | ** ** | **Q2**     | ** ** | **Q3**     | ** ** | **Q4**     | ** ** | **Total Financial Year (non cumulative)** | ** ** |
| **indicate “Actual” for quarters  expired or “Budget”**   | ** **                                                 | **“EFC”** | ** **                                           | **prior to QI 2005** | ** ** | **Budget**                                      | ** ** | **Budget** | ** ** | **Budget** | ** ** | **Budget** | ** ** | **Budget**                                | ** ** | **Actual** | ** ** | **Difference** | ** ** |
| ** **                                                                    | ** **                                                 | ** **          | ** **                                           | ** **           | ** ** | **Cumulative amounts since first expenditures** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** **                                                                    | ** **                                                 | ** **          | ** **                                           | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| ***Recapitulation***                                                          | **Attraction 1:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | **Attraction 2:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | **Attraction 3:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | **Other Development Investments**                          |                | ** **                                           | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | **Saving (if any) during financial year**                  |                |                                                 | ** **           | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | **Income less sales of Development Investments**           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| ***TOTAL Development Investments***                                           |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| *** ***                                                                  | ** **                                                 |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| **Attraction 1:**                                                             | ** **                                                 |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        | ** **                                                 |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 |       |                                            | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| **TOTAL Attraction 1**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| **Attraction 2:**                                                             |                                                       |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        |                                                       |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| **TOTAL Attraction 2**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| **Attraction 3:**                                                             |                                                       |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        |                                                       |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| **TOTAL Attraction 3**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| ***Specific line for each attraction the  cost of which exceeds 2 m €*** |                                                       |                |                                                 | ** **           | ** ** | * *                                        | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** |
| **Attraction X ...**                                                       |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| Total  cost                                                                   |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
|                                                                          |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |
| **Attraction Y ...**                                                       |                                                       |                |                                                 |                 | ** ** | ** **                                      | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                | ** ** | ** ** |

 
| **Amounts in million euros**                                                  | ** **                                                 | ** **          | ** **                                           | **First**            | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|-------------------------------------------------------------------------------|------------------------------------------------------------|---------------------|------------------------------------------------------|----------------------|------------|-----------------------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| **Amounts of expenses accounted  for since first expenditure**                | ** **                                                 | **Estimated**       | ** **                                           | **expenditures**     | ** ** | ** **                  | ** ** |
| **except columns Total Financial  Year**                                      | ** **                                                 | **Final Cost**      | ** **                                           | **accounted for**    | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **indicate “Actual” for quarters  expired or “Budget”**   | ** **                                                 | **“EFC”** | ** **                                           | **prior to QI 2005** | ** ** | **2007  to 2009 inclusive** | ** ** |
| ** **                                                                    | ** **                                                 | ** **          | ** **                                           | ** **           | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ***Recapitulation***                                                          | **Attraction 1:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Attraction 2:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Attraction 3:**                                          | ** **          | ** **                                           | ** **           | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Other Development Investments**                          |                | ** **                                           | ** **           | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Saving (if any) during financial year**                  |                |                                                 | ** **           | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | **Income less sales of Development Investments**           |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ***TOTAL Development Investments***                                           |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction 1:**                                                             | ** **                                                 |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ** **                                                 |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        | ** **                                                 |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 |       |                        | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **TOTAL Attraction 1**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction 2:**                                                             |                                                       |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/  Construction costs                                                        |                                                       |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **TOTAL Attraction 2**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction 3:**                                                             |                                                       |                | **Date of Opening to public**                        | ** **           | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 1/ Construction  costs                                                        |                                                       |                | **Initial Budget (excluding  capitalized interest)** | ** **           | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Building  (including civil engineering and site equipment) |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Scenery  (“show”)                                |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Attraction  (mechanism)                                    |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Costs  of studies and project management                   |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Overheads  (insurance, guarantees)                         |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | Computer  programs                                         |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 2/  Capitalised opening costs                                                 |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 3/  Provisions for unforeseen events                                          |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  | ***Sub  total***                                           |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| 4/  Capitalised Interest                                                      |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **TOTAL Attraction 3**                                                        |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Of  which: billed by TWDC                                                     |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Opening  costs booked as charges                                              |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Cash  paid out (cumulative)                                                   |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| *** ***                                                                  |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ***Specific line for each attraction the  cost of which exceeds 2 m €*** |                                                       |                |                                                 | ** **           | ** ** | * *                    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction X ...**                                                       |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Total  cost                                                                   |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|                                                                          |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Attraction Y ...**                                                       |                                                       |                |                                                 |                 | ** ** | ** **                  | * *   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |

 

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**Sub-Schedule 10**

 

**Indebtedness excluded from the definition ofOther Indebtedness**

 

•                  the Bank Debt Agreements;

 

•                  the CDC Second Park Loan Agreements;

 

•                  the New Revolving Credit Facility;

 

•                  Long Term Subordinated Debt;

 

•                  Deferred payments referred to in Paragraph 2 of the Covenants.

 

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**Sub-Schedule 11**

 

**Changes in accounting rulesand principles**

 

Without prejudice to Sub-Schedule 2, in theevent of any change in accounting principles and rules used by reference tothose used in preparing the consolidated accounts for a Financial Year ended 30September of year N-1 and, in particular, with effect from the first FinancialYear during which IFRS rules will be applied by Euro Disney S.C.A., theCoordinator will supply to the Agents consolidated accounts for the FinancialYear N certified by its auditors and including by way of schedule thereto allpro forma information required by, and prepared in accordance with Frenchaccounting and stock exchange regulations in force at the time of preparation ofthe consolidated accounts of Financial Year N.

 

In addition, in support of each change in accountingprinciples and rules, the Coordinator’s management will supply to the Agents anote:

 

(i)                                    describing the nature of the changes in accounting principles andrules, and

 

(ii)                                 explaining the methodology applied to effect the changes and settingout the calculation of such changes, in the accounts, in the calculation of theDSCR and the Forecast DSCR and, if necessary, the calculation of thecorresponding sequences and in the calculation of the Investments referred toin Paragraph 3 of the Covenants.

 

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**Sub-Schedule 12**

 

**List of Subsidiaries**

 

EDL Hôtels S.C.A.

 

Euro Disney Vacances S.A.S.

 

Val d’Europe Promotion S.A.S.

 

ED Spectacles S.A.R.L.

 

Euro Disney Commandité S.A.S.

 

EDL Services S.A.S.

 

ED Resort Services S.A.S.

 

EDL Hôtels Participations S.A.S.

 

S.E.T.E.M.O. Imagineering S.A.R.L.

 

Débit de tabac S.N.C.

 

ED Vacaciones S.A.

 

ED Finances 1 S.N.C.

 

ED Finances 2 S.N.C.

 

ED Finances 3 S.N.C.

 

ED Finances 4 S.N.C.

 

Convergence Achats S.A.R.L.

 

Les Villages Nature de Val d’EuropeS.A.R.L.

 

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**Sub-Schedule 13**

 

**Pro-Forma Quarterly Report**

 

**[*SCHEDULE TO FOLLOW]***

 

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**Sub-Schedule 14**

 

**Adjustment Procedure**

 

**Current Investment for Financial Years 2005-2009****(Sub-Paragraph 3.1 of the Covenants)**

 

Definitions :

 

**EICON**means the Original Current Investment Cap forFinancial Year N, corresponding to the amount indicated in the column “Value”for Financial Year N appearing in the table in sub-paragraph 3.1 of theCovenants, expressed in millions of euros;

 

**EICCN**means the additional amount of theCurrent Investment cap for Financial Year N (positive or negative);

** **

**EICN  **means the authorised Current Investment Cap forFinancial Year N expressed in millions of euros;

** **

**PICN  **means the Percentage of Current Investment forFinancial Year N, corresponding to the percentage shown in the column “percentage”for Financial Year N in the table in Sub-Paragraph 3.1 of the Covenants;

 

**CARN**means the consolidated turnover(excluding Participants’ income) effectively realised in Financial Year N,expressed in millions of euros.

 

For any Financial Year

 

**EICN**= **EICON  **+ **EICCN-1**

 

With

 

**EICC2004** = 0

 

And for any other subsequentFinancial Year

 

**EICCN**=min [**EICON ; PICN**x **CARN**] - **EICON**

 

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**Sub-Schedule 15**

 

**Development Investmentauthorised for Financial Years 2005 to 2009**

 

**Indicative total annual amount of expenditure booked in connection withthe DevelopmentInvestment Programme for 2005 to 2009 inclusive**

 

**(in € millions) (1)**

 
| **Financial Year 04/05** |       | 75      |       |
|--------------------------|------------|---------|------------|
| **Financial Year 06**    |       | 75      |       |
| **Financial Year 07**    |       | 50      |       |
| **Financial Year 08**    |       | 30      |       |
| **Financial Year 09**    |       | 10      |       |
| ** **               | ** ** | **240** | ** ** |

 

----

(1)           excluding capitalized interest andtaxes.

 

46

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**Sub-Schedule 16**

 

**Pro-Forma Budget**

 

 

**[*SCHEDULE TO FOLLOW]***

 

47

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**Sub-Schedule17**

 

**Short Description of the Expert’s missions**

 

1.                                       General framework of intervention

 

The tasks of the Expert are of two types:the tasks of a regular nature (the “recurrent tasks” described briefly inparagraph 3 of this Schedule), and the selected tasks (the “non recurrent tasks”described in paragraph 2 of this Schedule).

 

For each task (recurring or non-recurring)the methods to apply regarding:

 

i)                                        the precise definition of the task,

 

ii)                                     the appointment of the Expert, and

 

iii)                                  the payment of the overall cost of the task,

 

are defined in Clause 6 of the CommonAgreement.

 

The Experts will work together – to theextent they have been tasked on the same matter – given the need to ensure theconsistency of their opinions.

 

2.                                       Non-recurring tasks

 

The Agents may ask the Expert for selectiveassistance on such non-recurring tasks as those described below (this list notbeing exhaustive):

 

i)                                        amending the Agreed Computer Model, or

 

ii)                                     pursuant to the provisions of the various Bank Debt Agreements, or

 

iii)                                  in case of non-compliance with the financial covenants, or

 

iv)                                 at the time of implementing the relevant provisions in the event ofa change in accounting principles or rules, or

 

v)                                    in case of manifest inconsistency in the information provided by theCoordinator, or

 

vi)                                 when considering authorisation requests relating to new Investments,or to new Other Indebtedness, or to a request for a change in the reportingformat, or

 

vii)                              upon the occurrence of exceptional events, or

 

viii)                           when considering waiver requests regarding the Covenants in general.

 

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The conditions of these tasks will bedefined by the Agents, on a case-by-case basis, in order to avoid, as far aspossible, expenses arising as a result of assigning tasks to several experts.

 

3.                                      Recurring tasks

 

These tasks are envisaged in the Covenants.

 

In-depth interviews will take place betweenthe Expert and the responsible officers of the Company who will use their bestefforts to facilitate the successful fulfilment of the Expert’s duties.

 

BUSINESS EXPERT

 

•                  **Examination of the Financial Year End Report**

 

Verification of the relevance and accuracyof operating information provided by the Coordinator.  Analysis of differences (general performancesin the market environment, revenue by item, costs by item, operating ratios,effects of measures taken in order to improve performance) with theBudget.  Analysis of the flow of fundsand of the actual utilisations of the New Revolving Credit Facility over thecourse of the Financial Year. Investigating, with the Coordinator, the reasons for deviations from theBudget, analysis and opinion on the deviations and the explanations provided.

 

•                  **Examination of the Budget**

 

Examination and opinion on the operatingassumptions, particularly in view of the noted performances and the strategydisplayed by the management, on compliance with the Convents, on theconsistency between the operating principles and those of the programme ofInvestment.

 

Analysis and commentary, particularly onthe assumptions relating to the Current Investment.

 

•                  **Examination of the LTF and the Business Plan**

 

Same types of tasks as for the Budget,focusing the analysis on the period of the first five Financial Years appearingin the LTF.

 

EXPERT ACCOUNTANT

 

•                  **Financial Year End Report**

 

The Expert Accountant will accompany hiscomments on the Financial Year End Report with (i) a preamble illustrating andcommenting on the elements indicated in the consolidated balance sheet, profitand loss account and schedule as well as in the annual management report andthe statutory auditors’ report on the respective accounts of Euro Disney S.C.A.(consolidated and individual accounts) and Euro

 

49

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Disney Associés S.C.A. and (ii) anycomments which he deems pertinent to the Agents.

 

Examination and opinion on (i) “thestatement describing the Investment undertaken by the Group”, (ii) “thestatement describing the Debt and Other Indebtedness and Market Transactions”,including ascertaining the genuineness of the underlying transactions offoreign currencies Market Transactions, and (iii) “the statement describing theexpenses paid to and incurred *vis-à-vis* TWDCor one of the Group Controlled Affiliates”, and reconciliation of thesestatements with the consolidated financial statements.  Examination of the financial informationrelating to *Crédit-Bail* Agreements which would notbe consolidated.  Verification of thecalculation of the readjustment amount on the Current Investment for theFinancial Years 2005 to 2009.  The Expertwill distinguish in his analysis of items of expenditure, the costs incurredfrom the sums paid out, and will analyse in detail the development of the needfor working capital.

 

•                  **Examination of the Performance Indicator Report**

 

Verification and confirmation of thecalculation of the Performance Indicator and, according to the case, of theDSCR and the forecast DSCR.  Comments onthe noted variations between the Performance Indicator of the Financial Yearand the sum of the Forecast PI appearing in the initial Budget of the FinancialYear.  Verification of the application ofthe “Protection Mechanism” (clauses 3.2 and 3.3 of the Memorandum ofAgreement).

 

•                  **Examination of the Budget**

 

Examination and opinion on the accountingand fiscal assumptions.  Verification ofthe calculation of the Forecast PI. Verification of the consistency with thesums appearing in the MCF.

 

EXPERT INVESTOR

 

•                  **Examination of the Budget**

 

Examination and opinion on the assumptionsrelative to Development Investment. Verification of compliance with the Covenants and the Memorandum ofAgreement.

 

•                  **Financial Year End Report**

 

Verification of the relevance and accuracyof the information relating to Development Investment provided by theCoordinator.  Analysis of the differences(performances/capacity, costs by item) with the Budget, research ofexplanations with the Coordinator, analysis and opinion on the variations andthe explanations provided.

 

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•                  **Quarterly Development Investment Report**

 

Comments on the physical progress ofconstruction (by Investment and overall), following the advancement ofexpenditure (distinguishing by item: budget, expenses incurred, accumulatedoutlay and forecast balance yet to be paid out).  Analysis and comments on the compliance withthe timetable.  Comments on site visits.

 

•                  **Completion of Development Investment Report**

 

Review of the salient events arising duringthe realisation of the Investment. Analysis of discrepancies with the Budget and of any difficultiesencountered during its realisation. Comment on the conditions of acceptance of the Investment, and on anyqualifications made in respect of the quality of the work realisation or of thelevel of performance observed.  Analysisof guarantees received and of supplementary insurance cover.  Comment on the site visit.

 

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