**Exhibit 4.6**

 

*English translation from French version*

*For information purposes only*

 

**CONTRIBUTION AGREEMENT**

 

**BETWEEN:**

 

**EURODISNEY S.C.A.,**a French *société en commandite paractions*with a share capital of €10,826,802.92, having itsregistered office at “Immeubles Administratifs”, Route Nationale 34, 77700Chessy, France, registered with the Registry of Commerce and Companies of Meauxunder number 334 173 887, represented by Mr. André Lacroix, acting in hiscapacity as *Président-Directeur Général*of Euro DisneySAS, *gérant*,

 

(hereinafter referred to as “Euro Disney S.C.A.” or the “ContributingCompany”)

 

**AND:**

 

**EURODISNEY ASSOCIES S.C.A.**, a French *société encommandite par actions*with a share capital of €109,997,848.20,having its registered office at “Immeubles Administratifs”, Route Nationale 34,77700 Chessy, France, registered with the Registry of Commerce and Companies ofMeaux under number 397 471 822, represented by Mr. Jeffrey R. Speed, dulyempowered for purposes hereof and acting in his capacity as representative ofEuro Disney SAS, *gérant*,

 

(hereinafter referred to as “EDA” or the “Beneficiary”)

 

**WHEREAS:**

 

**I.****                                        **Euro DisneyS.C.A. is a French *société en commandite paractions*, whose shares are listed on the Premier Marché of EuronextParis.  Euro Disney S.C.A. and with its direct and indirectsubsidiaries are hereafter referred to as the “Euro Disney Group”.

 

The Euro Disney Group operates Disneyland ResortParis, located at Marne-la-Vallée, in France, which includes two theme parks(the Disneyland Park and the Walt Disney Studios Park), seven themed hotels,with approximately 5,800 rooms, two convention centers, the entertainmentcenter Disney Village, and a 27-hole golf facility.  The Euro Disney Group’s operating activitiesalso include the management and development of the 2,000 hectares site, whichcurrently includes approximately 1,000 hectares of undeveloped land.

 

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**II.****                                    **Euro Disney S.C.A. operates directly theDisneyland Park, the Walt Disney Studios Park, the Disneyland hotel, the DavyCrockett Ranch and the golf course.

 

Euro Disney S.C.A. holds directly and indirectly 100%of the share capital of EDL Hôtels S.C.A. (“EDL Hôtels”), which operatesthe five themed hotels and the Disney Village. The five hotels (New York Hotel, Newport Bay Club, Sequoia Lodge,Cheyenne Hotel and Hôtel Santa Fe) and the Disney Village are held through sixFrench *sociétés en nom collectif* (the “HotelSNCs”).  Each of the Hotel SNCs ownsone of the above-mentioned hotels or the Disney Village, as applicable, andrents the land on which its related hotel (or the Disney Village) is locatedfrom EDL Hôtels, pursuant to a building lease agreement,

 

The corporate purpose of Euro Disney S.C.A. is currently:

 

(i)                                     to engage in design, development,construction, leasing, purchasing, sale, promotion, licensing, management andoperation of:

 

(a)                                    one or more amusement parks and leisureand entertainment facilities, including the Disneyland and Walt Disney Studiostheme parks, located in Marne-la-Vallée, and all future extensions thereof, andalso including, more generally, all other theme parks, restaurants, merchandiseretailing facilities, leisure centers, nature parks, campsites, sportsfacilities, resorts, and entertainment complexes located in Marne-la-Vallée orin any other place;

 

(b)                                   allother real estate operations, including, without limitation, undeveloped land,hotels, offices, housing, factories, schools, shopping centers, conferencecenters, and parking lots, located in Marne-la-Vallée or in any other place,including, without limitation, the buildings, facilities and structures of theEuro Disneyland Project (the “EDL Project”), as defined in the agreementon the creation and the operation of Euro Disneyland in France (the “MasterAgreement”), dated March 24, 1987, as amended;  as well as all roads, settlings, andfacilities, fittings, infrastructures and services relating thereto;

 

(ii)                                  toinvest, directly or indirectly, by establishing new companies, formingtemporary partnerships (*sociétés en participation*)or partnerships (*sociétés en nom collectif*),subscribing to or purchasing shares, rights to shares and other securities,making contributions in kind, effecting mergers, or any other transactionsrelating to commercial, industrial, or real estate activities which may beconnected with or may be required to further the purpose set forth in (i)above;

 

(iii)                               and,more generally, to engage in any commercial, financial, industrial, real estateand other transactions directly or indirectly related to any of the purposesreferred to in (i) and (ii) above.

 

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Theshare capital of Euro Disney S.C.A. amounts to ten million eight hundred twentysix thousand eight hundred two euros and ninety two cents (€10,826,802.92),divided into one billion eighty-two million six hundred eighty thousand twohundred ninety two (1,082,680,292)****shares eachwith a €0.01 par value, fully paid up and of the same class.

 

In 1994, 1999 and 2003, Euro Disney S.C.A. set up threeemployee stock option plans, the conditions of which are described in ExhibitA hereto (the “Stock Options”).

 

With the exception of the Stock Options, no bonds orother securities giving the right to receive, directly or indirectly, EuroDisney S.C.A. shares are outstanding.

 

The Walt Disney Company (“TWDC”), through EDLHolding Company, an indirect wholly-owned subsidiary, currently holds 40.6% ofthe share capital of Euro Disney S.C.A. and Prince Alwaleed, through Kingdom5-KR-135 Ltd, holds 15.9%.  The publiccurrently holds 43.5% of the share capital of Euro Disney S.C.A.

 

The *gérant* and thegeneral partner *(associé commandité)* of EuroDisney S.C.A. are, respectively, Euro Disney S.A.S. and EDL ParticipationsS.A., both indirect wholly-owned subsidiaries of TWDC.

 

The fiscal year of Euro Disney S.C.A. begins on October 1of each year and ends on September 30 of the subsequent year.

 

**III.**                                 EDA was formed in 1994 as a *société ennom collectif,* in the context of the 1994 financial restructuring ofthe Euro Disney Group.  Since June 30,1994, Euro Disneyland SNC, which owns the Disneyland Park, has, pursuant to alease agreement (the “Lease”), leased it to EDA, which has thensubleased the Disneyland Park to Euro Disney S.C.A. pursuant to a subleaseagreement (the “Sublease”).  TheLease shall terminate when the loans subscribed by Euro Disneyland SNC inconnection with the financing (as restructured in 1994, 1999 and in 2004), ofthe Disneyland Park (including interest thereon) are repaid in full.  The Sublease has a 12-year term, at the endof which Euro Disney S.C.A. will have the option to substitute itself for EDAin EDA’s leasehold position upon payment of an amount of approximately€78.7 million.  If Euro DisneyS.C.A. does not exercise this substitution option, EDA will be able to continueto lease the Disneyland Park and will benefit from an option to purchase it foran amount equivalent to the Euro Disneyland SNC’s outstanding debt.  Alternatively, EDA will be able to terminatethe Lease, in which case EDA would have to pay Euro Disneyland SNC an amountequal to 75% of the outstanding debt of Euro Disneyland SNC.  If this were to occur, EDA would be able tosell or lease the Disneyland Park on behalf of Euro Disneyland SNC, in order torepay the remaining outstanding loans, with any excess proceeds payable to thebenefit of EDA.  Rentals due under theSublease are 0.50% greater than those paid under the Lease.

 

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Moreover, as part of the 1994 financial restructuring,Euro Disney S.C.A. sold to EDA certain tangible fixed assets, principallyDisneyland Park attractions which were built after the opening of theDisneyland Park (the “Additional Capacity Program Assets” or “ACPAssets”), for €213.4 million.  Theseassets were then leased by EDA to Euro Disney S.C.A. pursuant to a 12-yearlease agreement for a fixed annual lease payment of €2.1 million. Pursuant tothis lease agreement, at the end of this term, Euro Disney S.C.A. may eitherpurchase the assets for €213.4 million, or enter into a 12-year finance leaseagreement with EDA, upon the expiration of which Euro Disney S.C.A. will havethe option to purchase the ACP assets for a nominal amount.

 

EDA was converted from a *société en nom collectif* into a *société encommandite par actions* on September 30, 2004*.*

 

The corporate purpose of EDA is currently:

 

(i)                                     to engage in design, development,construction, leasing, purchasing, sale, promotion, licensing, management andoperation of:

 

(a)                                    one or more amusement parks and leisureand entertainment facilities, including the Disneyland and Walt Disney Studiostheme parks, located in Marne-la-Vallée, and all future extensions thereof andalso including, more generally, all other theme parks, restaurants, merchandiseretailing facilities, leisure centers, nature parks, campsites, sportsfacilities, resorts, and entertainment complexes located in Marne-la-Vallée orin any other place;

 

(b)                                   all other real estate operations,including, without limitation, undeveloped land, hotels, offices, housing,factories, schools, shopping centers, conference centers, and parking lots,located in Marne-la-Vallée or in any other place, including, withoutlimitation, the buildings, facilities and structures of the EDL Project, asdefined in the Master Agreement as amended, as well as all roads, facilities,fittings, infrastructures and services relating thereto;

 

(ii)                                  toinvest, directly or indirectly, by establishing new companies, formingtemporary partnerships (*sociétés en participation*)or partnerships (*sociétés en nom collectif*),subscribing to or purchasing shares, rights to shares and other securities,making contributions in kind, effecting mergers, or any other transactionsrelating to commercial, industrial, or real estate activities which may beconnected with or may permit the purpose set forth in (i) above;

 

(iii)                               and,more generally, to engage in any commercial, financial, industrial, real estateor other transactions directly or indirectly related to any of the purposesreferred to in (i) and (ii) above.

 

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Theshare capital of EDA amounts to one hundred nine million nine hundred andninety seven thousand eight hundred and forty eight euros twenty cents (€109,997,848.20),divided into seven hundred thirty three million three hundred eighteen thousandnine hundred eighty-eight (733,318,988) shares, fully paid up and of the sameclass.

 

EDAhas not issued any bonds or securities giving the right to receive, directly orindirectly, EDA shares.

 

Euro Disney Investments S.A.S. and EDL CorporationS.A.S., indirect wholly owned subsidiaries of TWDC, each own 366,659,494shares, *i.e.*, 50% of the share capital of EDA.

 

The *gérant* of EDAis Euro Disney S.A.S. and its general partners (*associéscommandités*) are Euro Disney Investments S.A.S. and EDL CorporationS.A.S.

 

The fiscal year of EDA begins on October 1 ofeach year and ends on September 30 of the subsequent year.

 

**IV.****                               **Thepurpose of this agreement is to determine the terms and conditions of thecontribution by Euro Disney S.C.A. to EDA of all its assets and liabilities,except for the items described in Article 1.1 below (the “Contribution”).

 

TheContribution set forth in this contribution agreement (the “ContributionAgreement”) is part of the comprehensive financial restructuring planagreed upon pursuant to a Memorandum of Agreement dated June 8, 2004, asamended on September 27, 2004, between *inter alia* EuroDisney S.C.A., TWDC, CDC and the other financial institutions party to the loanagreements entered into with the companies of the Euro Disney Group, EuroDisneyland SNC and the Hotel SNCs, which, in particular, provides formodifications to be made to the agreements relating to the loans previously subscribedby Euro Disney S.C.A., EDL Hôtels, Euro Disneyland SNC and the Hotel SNCs aswell as the rescheduling of the repayment of certain of these loans. Thisfinancial restructuring plan (the “Restructuring”) is designed to allowEuro Disney S.C.A. to satisfy its near-term and long-term financial obligationsand to have cash enabling it to successfully manage and grow its business.

 

Asmentioned above, in order to comply with the principles of the 1994 financialrestructuring plan and to be in a position to continue to operate theDisneyland Park, Euro Disney S.C.A. would have to pay, on June 30, 2006,€78.7 million to EDA to be substituted in its rights under the Lease and inaddition, would either have to pay EDA an amount of €213.4 million, ineight annual installments allowing it to acquire the ACP Assets, or to continuefinancing its acquisition under the 12-year finance lease agreement withEDA.  The financial condition of EuroDisney S.C.A. is such that it is highly unlikely that it would be in a positionto meet these financial liabilities in due course.  The Contribution is designed to allow EuroDisney S.C.A. to participate in the continued operation of the Disneyland Parkthrough EDA (which, as a result of the Contribution, will become itssubsidiary) without having to pay amounts that would otherwise be payable toEDA in order to accomplish that result.

 

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**V.****                                   **The execution of the ContributionAgreement has been authorized by decisions of the Supervisory Board of EuroDisney S.C.A. and of the Supervisory Board of EDA, dated September 28, 2004and September 30, 2004 respectively.

 

The effective completion of the Contribution shall besubject to the approval of the shareholders of Euro Disney S.C.A. and ofEDA as well as that of their respective general partners *(associéscommandités)*.

 

**VI.****                               **By order dated July 2, 2004, thePresident of the Commercial Court of Meaux has appointed Messrs. DominiqueLedouble and Jean-Pierre Colle as *commissaires à la scission*in order to prepare the reports provided for under Articles L. 225-147 and L.236-10 of the French Commercial Code.

 

**VII.****                           **Euro DisneyS.C.A. has consulted and obtained an opinion from its workers’ committee inconnection with the Contribution.

 

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**NOWTHEREFORE, IT IS AGREED AS FOLLOWS:**

 

**Article 1Contribution Principles**

 

**1.1****                            ****Contribution**

 

Subject to satisfaction of the conditions precedentset forth in Article 8, and under the terms and conditions hereof, theContributing Company shall contribute to the Beneficiary, which is accepted bythe Beneficiary, all of its assets and liabilities (including, subject to theexceptions below, the proceeds of the Share Capital Increase of Euro DisneyS.C.A., as is defined in Article 8 (j) below), as these assets andliabilities exist on the date upon which all of the conditions precedent to theContribution shall have been definitively satisfied (the “Completion Date”).

 

By way of sole exception to the foregoing, thecontributed assets shall not include:

 

(a)                                  the shares held in Euro Disney CommanditéS.A.S., formerly named ED Resort S.C.A.;

 

(b)                                 a lump sum amount of €45 million to bewithdrawn from the proceeds of the Share Capital Increase (as is defined in Article 8(j) below) in order to cover, on the one hand, the costs relating to the ShareCapital Increase and, on the other hand, the future operating costs of theContributing Company; and

 

(c)                                  a portion of the cash determined inaccordance with Article 2.3.1 below that may, as the case may be, not becontributed by the Contributing Company to the Beneficiary.

 

The items set forth in paragraphs (a), (b) and (c)above are hereafter referred to as the “Excluded Assets”.

 

The contributed liabilities shall not include anyliability or obligation of the Contributing Company under the Stock Options,nor the costs relating to the Share Capital Increase, nor the liabilities orsocial undertakings relating to the employees of the Contributing Companylisted in Exhibit 3.5(i) and not transferred to the Beneficiary (the “ExcludedLiabilities”), it being understood that the Excluded Assets and ExcludedLiabilities shall continue to be held or assumed (as applicable) by theContributing Company (the Excluded Assets and the Excluded Liabilities arehereinafter collectively referred to as the “Excluded Assets and Liabilities”).  All of the assets and liabilities of theContributing Company, as of the Completion Date, other than the Excluded Assetsand Liabilities, are herein referred to as the “Contributed Business”.

 

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**1.2****                             Legalregime**

 

The Contribution is made subject to the provisions ofArticles L. 236-16 through L. 236-21 of the French Commercial Code, inaccordance with the election provided by Article L. 236-22 of the code. Asa result, the Contribution shall result in the Beneficiary being substitutedfor the Contributing Company in all its rights and obligations in respect ofthe Contributed Business.

 

**1.3****                             ReferenceAccounts**

 

Theassets and liabilities contributed to the Beneficiary hereunder and the termsand conditions of the Contribution have been determined and carried out, on apreliminary basis, by reference to the interim financial statements of theContributing Company as of June 30, 2004 and shall be determined andcarried out, on a definitive basis, by reference to the financial statements ofthe Contributing Company as of September 30, 2004 (the “ReferenceAccounts”), it being provided that the Contributed Business shall betransferred to the Beneficiary in its existing condition as of the CompletionDate.

 

TheReference Accounts certified by the Contributing Company’s auditors shall bedrawn up and provided to the Beneficiary no later than November 15, 2004.

 

**1.4****                               Scopeof the Contribution**

 

**1.4.1****                     Contributedassets**

 

(a)                                  Theassets contributed shall consist of all of the assets and rights of the ContributingCompany, other than the Excluded Assets, as these assets and rights shall existon the Completion Date (whether or not these assets are accounted for in theReference Accounts and together with any contingent, unknown or future rightsrelating to the operation of the Contributed Business the origin of whichpredates the Completion Date) and shall therefore include all of the assetsreflected in the Reference Accounts, as reduced by those assets disposed of ordestroyed from October 1, 2004 through the Completion Date (the “InterimPeriod”) and increased by any asset acquired by the Contributing Companyduring the Interim Period.

 

(b)                                 Onthe Completion Date, the contributed assets shall also include a portion of theproceeds of the Share Capital Increase, which, after taking into account theitem of the Excluded Assets referred to in paragraph (b) of Article 1.1above, is equal to €205 million, subject to a possible deduction, as set forthin Article 1.1 (c) above.

 

**1.4.2.****                  Assumedliabilities**

 

**(a)****                                 **Theliabilities assumed by the Beneficiary shall consist of all of the liabilitiesand obligations of the Contributing Company, other than the ExcludedLiabilities, as such liabilities and obligations shall exist on the CompletionDate (irrespective of whether these liabilities or obligations have beenrecorded in the Reference Accounts and together with any contingent, unknown orfuture liability relating to the operation of the Contributed Business theorigin of which predates the Completion Date) and shall therefore include allof the liabilities reflected in the Reference Accounts, as reduced by thoseliabilities which shall have been discharged during the Interim Period andincreased by any new liability having accrued during the Interim Period.

 

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**(b)****                                 **Inaddition, on the Completion Date, the assumed liabilities shall include thefollowing two liabilities resulting from the Contribution and which will not beaccounted for in the Reference Accounts (hereinafter, the “Liabilitiesresulting from the Contribution”):

 

•                  a liability corresponding to the value ofthe undertakings assumed under the agreements (Sublease/Lease) relating to theMagic Kingdom Park,(1)*i.e.*,€810.3 million, and

 

•                  the liability as of October 1,2004 relating to retirement benefits commitments, *i.e.*, €8.6million.

 

**1.5.****                            Valuationprinciples retained for the Contributions – Value of the Contributions -Accounting**

 

1.5.1                        General Principle

 

The contributed assetsand the assumed liabilities (collectively referred to hereinafter as the “Contributions”)shall be assessed attheir *valeur réelle*(2)**(“Real Value”).

 

1.5.2                        Real Value of theContributions, taken as a whole

 

The Real Value of theContributions, taken as a whole, was determined by reference to theweighted-average of the stock price of the Contributing Company between June 9,2004 (date of the announcement of the Memorandum of Agreement) and August 2,2004 (date on which the time period for approval of the Memorandum of Agreementhas been extended from July 31 to September 30, 2004), as increasedby the discounted value of the future operating costs of the ContributingCompany, assessed at a lump sum of €25 million, and taking into accountthe cash contributed, as determined in Article 1.4.1(b) above (*i.e.*, €205 million).

 

This Real Value of theContribution is assessed at €609,000,000 (the “NetValue of the Contributions”). Such value may be decreased, as the case may be, in accordancewith the adjustment mechanism described in Article 2.3 below.

 

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(1)A description of said these undertakings is set forth in Exhibit 2.2 (d)

(2)The term “*valeur réelle*”is a French term of art.

 

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Insofar as the Net Valueof the Contributions has been assessed by using the stock price method, thisvalue shall not be impacted by the accounting losses of the ContributedBusiness to be incurred between October 1, 2004 and the Completion Date.

 

1.5.3                        Allocation of the Real Value of the Contribution –Accounting for the Contribution

 

Taking into account thecash contributed and the Liabilities resulting from the Contribution describedin Article 1.4.2 above, the Real Value of the Contributions, computed as awhole as indicated in Article 1.5.2 above, shall be allocated betweenassets and liabilities, taken individually (in €million), and accounted for inthe Beneficiary’s accounts, as follows:

 

(i)                                    the assets and liabilities accounted forin the Reference Accounts shall be assessed at their net book value as of October 1,2004;

 

(ii)                                 the goodwill of the Contributed Business,the value of which is equal to the difference between (i) the value of theContributions taken as a whole and (ii) the sum of the values of theContributions taken individually, has been assessed at €47.4 million;

 

(iii)                              theLiabilities resulting from the Contribution shall be assessed at the valuesindicated in Article 1.4.2(b) above; and

 

(iv)                             thecash corresponding to the contributed portion of the proceeds of the ShareCapital Increase shall be retained for the amount set forth in Article 1.4.1(b) above.

 

**1.6.****                            Principlesapplicable to the consideration for the Contribution**

 

Theconsideration for the Contribution referred to in Article 2.4 below (*i.e.*, the number of shares in the Beneficiary to be issuedto the Contributing Company) has been assessed based on the relative fairmarket value of the Contributed Business compared to that of the Beneficiary inaccordance with the methods and calculations shown in Exhibit 1.6.

 

**Article 2Description of the Contributions**

 

**2.1****                               Preliminaryvalue of the assets contributed**

 

Thefollowing chart provides an estimate as of October 1, 2004 (date on whichthe Contribution will be retroactively effective) of the preliminary individualvalues of the contributed assets, in accordance with the principles defined in Article 1.5above, as well as their net book value as of June 30, 2004:

 

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| **In €million**                                | ** ** | **Preliminary  contribution  value as of  October 1,  2004** | ** ** | **Book Value as  of June 30,  2004** | ** ** |
|-----------------------------------------------------|------------|-------------------------------------------------------------------|------------|-------------------------------------------|------------|
| Intangible assets (including goodwill of 47.4)      |       | 141.3                                                             |       | 101.7                                     |       |
| Tangible assets                                     |       | 808.4                                                             |       | 806.4                                     |       |
| Net Tangible and Intangible Fixed Assets            |       | 949.7                                                             |       | 908.1                                     |       |
| Financial assets                                    |       | 1,368.0                                                           |       | 1,384.1                                   |       |
| **Total Fixed Assets**                              |       | 2317.7                                                            |       | 2,292.2                                   |       |
|                                                |       |                                                              |       |                                      |       |
| Cash and cash equivalent and short-term investments |       | 205.0                                                             |       | 13.7                                      |       |
| **TOTAL of the contributed assets**                 | ** ** | **2,522.7**                                                       | ** ** | **2,305.9**                               | ** ** |

 

Theassets of the Contributing Company shown in the interim accounts as of June 30,2004 are described in more detail in Exhibits 2.1 to 2.1(d).

 

**2.2****                               Preliminaryvalue of the assumed liabilities**

 

Thefollowing chart provides an estimate as of October 1, 2004 (date on whichthe Contribution will be retroactively effective) of the preliminary individualvalues of the assumed liabilities, in accordance with the principles defined inArticle 1.5 above, as well as their net book value as of June 30,2004:

 
| **In € million**                                                                                      | ** ** | **Preliminary  contribution value  as of October 1,  2004** | ** ** | **Book Value as of  June 30, 2004** | ** ** |
|------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------|------------|------------------------------------------|------------|
| Working Capital                                                                                            |       | 139.7                                                            |       | 165.8                                    |       |
| Bonds Redeemable in Shares                                                                                 |       | 0.0                                                              |       | 153.9                                    |       |
|                                                                                                       |       |                                                             |       |                                     |       |
| Provisions for risks and charges                                                                           |       |                                                             |       |                                     |       |
| •  Provision  corresponding to the value of the undertakings relating to the Magic Kingdom  Park |       | 810.3                                                            |       | —                                   |       |
| •  Provision relating to  retirement benefits commitments.                                       |       | 8.6                                                              |       | —                                   |       |
| •  Other provisions for risk and  charges.                                                       |       | 70.3                                                             |       | 88.9                                     |       |
|                                                                                                       |       |                                                             |       |                                     |       |
| Other borrowings                                                                                           |       | 884.8                                                            |       | 867.8                                    |       |
| **TOTAL of assumed liabilities**                                                                           | ** ** | **1,913.7**                                                      | ** ** | **1,276.4**                              | ** ** |

 

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The liabilities of the Contributing Company shown inthe interim accounts as of June 30, 2004 are described in more detail in Exhibits2.2 to 2.2(c).

 

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| ** **                           | ** ** | **(in € million)** | ** ** |
|--------------------------------------|------------|-------------------------|------------|
| **TOTAL of the contributed assets**  | ** ** | **2,522.7**             | ** ** |
| ** **                           | ** ** | ** **              | ** ** |
| **TOTAL of the assumed liabilities** | ** ** | **1,913.7**             | ** ** |
| ** **                           | ** ** | ** **              | ** ** |
| **Net contributed assets**           | ** ** | **609.0**               | ** ** |

 

The liabilities assumed by the Beneficiary include inparticular all off balance sheet liabilities of the Contributing Company thatshall exist on the Completion Date.

 

For information purposes, the off balance sheetliabilities of the Contributing Company are described in Exhibit 2.2(c).

 

**2.3****                               Adjustment**

 

Theprojected accounting result of the Contributed Business between July 1 andSeptember 30, 2004 has been estimated at an amount equal to zero.

 

2.3.1                         If thedefinitive amount of this accounting result is positive (the “Profit”),the value of the goodwill of the Contributed Business described in Article 1.5.3(ii)shall be decreased by an amount equal to the Profit and, if this amount exceedsthe value of the goodwill (the “Excess”), a portion of the cash equal tothe Excess will not be contributed by the Contributing Company to theBeneficiary.

 

Taking into account theadjustments described above and given that the consideration for theContribution has been established pursuant to the principles described in Exhibit1.6, the Profit would have no effect on the number of shares issued by theBeneficiary to the Contributing Company in consideration for the Contribution.

 

2.3.2                         If thedefinitive amount of this accounting result is negative (the “Loss”),the contribution premium set forth in Article 2.4 below shall be reducedby an amount equal to the Loss.

 

Thisdecrease of the contribution premium shall be acknowledged by the generalshareholders’ meeting of the Beneficiary as of the Completion Date.

 

Takinginto account the adjustment to the contribution premium and given that theconsideration for the Contribution has been established pursuant to theprinciples described in Exhibit 1.6, the Loss would have no effect onthe number of shares issued by the Beneficiary to the Contributing Company inconsideration for the Contribution.

 

**2.4****                               Considerationfor the Contribution**

 

Inconsideration for the Contribution, the Beneficiary will issue to theContributing Company 3,340,675,390 shares of 0.15 par value each, fullypaid-up, through a share capital increase in a total amount of€501,101,308.5.  As a result, theBeneficiary’s share capital will be increased from €109,997,848.2 to€611,099,156.7.  These newly issuedshares will be in all respects assimilated to the existing shares of theBeneficiary and shall give the right to receive any dividends decided aftertheir issuance date.

 

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Thedifference between the Net Value of the Contributions and the nominal amount ofthe share capital increase will be accounted for in a “contribution premium”account.

 

Onthe basis of the Net Value of the Contributions, and subject to the adjustmentmechanisms described in Article 2.3 above, the contribution premium shouldamount to €107,898,691.5.

 

**Article 3Terms and conditions of the Contribution**

 

**3.1****                               Transferof title - Retroactivity**

 

As ofthe Completion Date, the Beneficiary shall become the holder of and shallacquire legal title to all rights and property and shall be bound by allobligations and liabilities that form part of the Contribution.

 

However,the parties expressly agree that among themselves, and for French accountingand tax purposes, the Contribution will be retroactively effective as of October 1,2004.  As a result, all transactionsrelating to the Contributed Business and carried out during the Interim Periodshall be deemed for these purposes to have been conducted in the name of andfor the account of the Beneficiary.  Anyrelated profit or loss accrued during the Interim Period shall inure to thebenefit of or shall be sustained by the Beneficiary and shall not result in anyadjustment to the value of the Contributed Business.

 

**3.2****                               Nojoint and several liability**

 

In accordance with Article L. 236-21 of theFrench Commercial Code, the parties expressly agree not to be jointly andseverally liable as a result of the Contribution.  As of the Completion Date, the Beneficiaryshall therefore be solely liable for the liabilities assumed by it hereunder.

 

Giventhe absence of joint and several liability, and pursuant to Article L.236-14 of the French Commercial Code, any creditors, other than bondholders, ofthe Contributing Company and of the Beneficiary holding a claim predating thepublication of this Contribution Agreement may bring a legal action objectingto the Contribution within thirty (30) days from the date of publication of thelast notice to be published in accordance with Article 255 of the Decreeof March 23, 1967.

 

Anysuch objection shall be brought before the Commercial Court of Meaux, whichshall either reject it, order payment of the related claim, or order theBeneficiary to grant guarantees securing the payment of that claim if theBeneficiary offers to do so and if these guarantees are deemed sufficient.

 

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Pursuantto applicable regulations, any objection brought by a non-bondholder creditorshall have no effect on the completion of the Contribution.

 

**3.3****                               Transferof rights and obligations**

 

As ofthe Completion Date and except in connection with the Excluded Assets andLiabilities, the Beneficiary:

 

(i)                                     shall be subrogated in all rightsand obligations resulting from any contract or commitment whatsoever, bindingupon or benefiting the Contributing Company, except, however, in connectionwith those rights and obligations the transfer of which requires consent from athird party, to the extent such consent would not have been obtained before theCompletion Date;

 

(ii)                                  shallbe bound by any obligation and shall, except where a third party consent isrequired and to the extent such consent shall not have been obtained before theCompletion Date, benefit from any right attached to the Contributed Business orrelated to or resulting from its operation, including, in particular, anyobligation or right resulting from any license, consent or authorization; and

 

(iii)                               shallbe subrogated to the Contributing Company as defendant or plaintiff, asapplicable, under all judicial, administrative or other actions relating to theContributed Business, including those actions which shall have arisen from thedate of execution of this Contribution Agreement through the Completion Date.

 

**3.4****                               Thirdparty consents**

 

In theevent the consent of a third party (including any waiver or approval, whetherexpressed or implied) is necessary to transfer to the Beneficiary any asset,right or contract to be contributed hereunder or to ensure the continuedenjoyment or benefit by the Beneficiary of any such asset, right or contractafter the Completion Date, the Contributing Company (or, if applicable, theBeneficiary) shall seek such consent as soon as possible after the executionhereof and use its best efforts to obtain it prior to the Completion Date.  The parties shall diligently cooperate witheach other towards the obtaining of any such third party consent and shall keepeach other regularly informed of the progress of any action undertaken inconnection therewith.

 

In theevent any third party consent (other than the waivers referred to under Article 8(g)) fails to be obtained before the Completion Date, this failure shall notprevent the Contribution from being carried out in connection with the elementsof the Contributed Business, the transfer of which is not subject to this thirdparty consent, and the parties shall negotiate in good faith the terms allowingeach of them, to the fullest extent possible, to be in an economic positionthat is similar to the one they would have been in had the third party consentbeen obtained.  In addition, in the eventit would appear inappropriate to seek the consent of a third party, the partiesshall also negotiate in good faith the terms allowing each of them, to thefullest extent possible, to be in an economic position that is similar to theone contemplated above without effecting a transfer.

 

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Attachedas Exhibit 3.4 is the list of the main assets, rights (including inparticular authorizations and third party commitments) and contracts,identified as of the date of execution of this Contribution Agreement as beingpart of the Contributed Business and for which a third party consent is or maybe required.

 

**3.5****                               Employees**

 

(i)                                     In accordance with Article L. 122-12of the French Labor Code and except for the employment contracts of theemployees listed in Exhibit 3.5 (i), all the employment contracts of theemployees of the Contributing Company shall be automatically transferred to theBeneficiary on the Completion Date, with all individual rights accrued underthose contracts.

 

(ii)                                  Asthe amounts due through the Completion Date by the Contributing Company underthe transferred employment contracts have been taken into account in assessingthe net value of the assets contributed hereunder (including paid vacations,thirteenth month and employee profit sharing), the Beneficiary shall be solelyliable for the payment of all such amounts even if these amounts relate to aperiod prior to the Completion Date.

 

(iii)                               Asindicated in Article 1.1 above, all obligations attached to the StockOptions will be excluded from the Contribution and shall continue to be assumedby the Contributing Company.  The StockOptions will therefore continue to give the option holders the right tosubscribe to shares of Euro Disney S.C.A. under the terms provided in therespective stock option plans.

 

**3.6****                               Conditionof the contributed assets and liabilities**

 

(a)                                  TheBeneficiary shall accept the contributed assets and liabilities in theirexisting condition as of the Completion Date without any right to make anyclaim to the Contributing Company in connection with the assets and liabilitiesfor any reason whatsoever.

 

(b)                                 Forthe real estate property and rights contributed hereunder:

 

(i) the Beneficiary shall have no claim against theContributing Company based in particular on (w) any digging or excavation whichmay have been made under the buildings and any resulting collapse thereof, asthe nature of the soil and sub-soil are not guaranteed, (x) any defects, of allkinds, visible or hidden, (y) any error in the description and any differencein the surface area, and (z) the condition of the buildings or their status, inparticular under the regulations applicable to asbestos, termites andclassified facilities;  and

 

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(ii) theBeneficiary shall assume any easement relating to the contributed property.

 

**3.7****                               Supplementalinstruments and formalities**

 

The list of the real estate assetscontributed by the Contributing Company to the Beneficiary is set out in Exhibit 2.1 (b).

 

This Contribution Agreement or anextract thereof and, if need be, any related subsequent deeds, shall berecorded in the minutes of *Maître* SylvieBurthe-Mique, *notaire* of the *Etude Monassier & Associés*, 1 rue Montessuy, 75340 ParisCedex 07, with any authentification of writings and signatures, necessary forit to meet the conditions of a notarized deed (*acteauthentique*), as if it had been regularly drawn up by a notary.

 

For this purpose, *Maître* Burthe-Mique:

 

•                     shall establish the detailed designation of thecontributed assets, in compliance with applicable provisions relating to realestate registration and legal or regulatory provisions related to urbanism ornational and regional development (*aménagement du territoire*)and proceed, if need be, with any rectification, addition, or deletion madenecessary by any omission, error or insufficiency of the designation, and

 

•                     shall establish the origin of ownership.

 

Theparties undertake to cooperate in order to prepare and enter into allinstruments necessary to complete, reiterate or implement this ContributionAgreement, and to provide all supporting documentation that may be required tocarry out the transfer to the Beneficiary of the assets, rights, obligationsand liabilities that form the Contributed Business.  For the purpose of these instruments, theparties acknowledge that the exhibits to this Contribution Agreement describingthe assets and liabilities to be contributed may have to be completed oramended in order to reflect the principles of the Contribution as expressed in Article 1.1above.

 

TheBeneficiary shall be liable for the completion of all other formalities thatmay be required for the perfection of the transfer of all rights, obligations,assets and liabilities included in the Contributed Business and for thetransfer to be binding on third parties.

 

**Article 4Representations, warranties and covenants of the Contributing Company**

 

4.1                                 TheContributing Company hereby represents and warrants as follows to theBeneficiary:

 

(i)                                     itis a *société en commandite par actions*dulyincorporated under French law;

 

(ii)                                  theContributing Company has the appropriate capacity and, subject to the approvalof the transactions set forth in this Contribution Agreement by theContributing Company’s extraordinary shareholders’ meeting and by its generalpartner *(associé commandité)*, the authority toenter into this Contribution Agreement, to carry out all transactions providedhereby, to transfer the Contributed Business and, more generally, to performall of its obligations hereunder;

 

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(iii)                               subjectto the conditions set forth in (ii) above, this Contribution Agreement has beenvalidly signed by the Contributing Company and is legally binding upon it;

 

(iv)                              since June 30, 2004, the ContributedBusiness has been managed in the normal course of business and the ContributingCompany has not performed, since that date, any transactions outside the normalcourse of business which could significantly and unfavorably affect the valueof the Contributed Business.

 

4.2                                 From the date of execution of thisContribution Agreement through the Completion Date, the Contributing Companyundertakes to manage the Contributed Business in the normal course of businessconsistent with its past practice.

 

**Article 5Representations and warranties of the Beneficiary**

 

TheBeneficiary hereby represents and warrants as follows to the ContributingCompany:

 

(i)                                   itis a *société en commandite par actions*dulyincorporated under French law;

 

(ii)                                theBeneficiary has the appropriate capacity and, subject to the approval of thisContribution Agreement by the Beneficiary’s extraordinary shareholders’**meeting and by its general partners *(associéscommandités)*, the authority to enter into this ContributionAgreement, to carry out all transactions provided hereby and to perform all ofits obligations hereunder;

 

(iii)                               subjectto the conditions set forth in (ii) above, this Contribution Agreement has beenvalidly signed by the Beneficiary and is legally binding upon it.

 

**Article 6Records and files**

 

Theaccounting books, documents, archives and files of the Contributing Companyrelating to the Contributed Business shall be kept available to the Beneficiaryfor a period of ten (10) years following the Completion Date.

 

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**Article 7Tax Regime of the Contribution**

 

**7.1****                               Generalprovisions**

 

(a)                                  Generalrepresentations

 

Each of the parties represents that (i) theContributed Business forms a complete and autonomous line of business, and (ii)the Contribution will not result in the dissolution of the Contributing Companyand will be made in exchange for the issuance of newly-issued shares of theBeneficiary.

 

Each of the ContributingCompany and the Beneficiary further represents and warrants that:

 

•               it is liable for corporate income tax,

 

•             it intends to implement the Contribution under the taxregime set forth by Articles 816-I and 817-I of the General Tax Code withrespect to registration duties, and by Articles 210-A and 210-B of theGeneral Tax Code with respect to corporate income tax.

 

(b)                                 Generalundertaking

 

Subject to the provisions of this Article 7, theparties shall comply with all applicable legal provisions with respect toreturns to be filed for the payment of corporate taxes and all other taxesresulting from the completion of the Contribution.

 

In general, from the Completion Date, the Beneficiary’srights and obligations will be subrogated to the Contributing Company’s withrespect to the payment of all contributions or taxes related to the ContributedBusiness.

 

**7.2.****                            Registrationduties**

 

Since the Contribution will form a complete and autonomous line ofbusiness pursuant to Article 301 E and F of Annex II of the General TaxCode, the Contribution will be fully eligible for the provisions of Articles816 I et 817 I of the General Tax Code. The Contribution will therefore beregistered subject to the one-time payment of a fixed duty of EUR 230.

 

**7.3.****                            CorporateIncome Tax**

 

(a)                                   Effectivedate

 

Giventhe retroactive effect of the Contribution set forth by the provisions of Article 3.1of this Contribution Agreement, the Beneficiary shall file its corporate taxreturn and pay any and all corporate income tax due in respect of the periodfrom October 1, 2004, both with respect to its own activity and to thatcarried out on its behalf by the Contributing Company with respect to theContributed Business.

 

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(b)                                   Favorableregime

 

Eachof the Contributing Company and the Beneficiary agrees to implement theContribution under the favorable merger regime provided for in Article 210A of the General Tax Code.

 

1 – Undertakingsof the Beneficiary

 

In order to ensure that the Contribution qualifies forthe benefit of the regime set forth in Articles 210 A and 210 B of theGeneral Tax Code, the Beneficiary shall comply with all applicable requirementsset forth in Article 210 A of the General Tax Code, to the extentthat they relate to assets or liabilities comprising the Contributed Business,and as a result and without limitation, shall:

 

(a)                                  assume the reserves which are subject todeferred taxation at the level of the Contributing Company and which will notbecome groundless as a result of the Contribution (Article 210 A-3-a ofthe General Tax Code),

 

(b)                                 replace the Contributing Company for thepurposes of recapturing income which is subject to deferred taxation by the ContributingCompany (Article 210 A-3-b of the General Tax Code),

 

(c)                                  compute the capital gains on thesubsequent sale of non-depreciable assets received as a result of theContribution by reference to the tax basis of such assets in the books of theContributing Company (Article 210 A-3-c of the General Tax Code),

 

(d)                                 reinstate, in equal installments, in itstaxable income, the capital gains on the depreciable assets recognized as aresult of the Contribution, in accordance with the provisions of Article 210-A-3-dof the General Tax Code. However, the sale of a depreciable asset by theBeneficiary will result in the immediate taxation of the portion of the capitalgain relating to such asset not yet reinstated. Subsequent depreciations and capital gains relating to depreciableassets will be calculated based on the value assigned to them for theContribution (Article 210 A-3-d of the General Tax Code),

 

(e)                                  record in its balance sheet assets (otherthan fixed assets) included in the scope of the Contribution at a value equalto their respective tax basis in the books of the Contributing Company or, inthe absence of such recording, include in its taxable income for the fiscalyear during which the Contribution is completed the profits corresponding tothe difference between the new value of such assets and their tax basis in thebooks of the Contributing Company (Article 210 A-3-e of the General TaxCode).

 

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The Beneficiary willfurther assume, when necessary, the tax commitments of the Contributing Companywith respect to previous transactions made by, or in favor of, the ContributingCompany under the favorable merger regime provided under Article 210 A ofthe General Tax Code. Therefore, the Contributing Company and the Beneficiaryrepresent, in accordance with the provisions of Article 210 B bis of theGeneral Tax Code, that the Beneficiary shall assume the Contributing Company’scommitment to retain shares subscribed under previous transactions whose holdingperiod has not expired and which would be transferred under the Contribution.

 

The Beneficiary further undertakes to comply with theobligations relating to (i) the “deferred capital gains follow-up statement”and (ii) the “register of capital gains on non-depreciable assets”, set forthin Articles 54 septies of the General Tax Code and 38 quindecies of Annex IIIof the General Tax Code.

 

It is specified that the Contributing Company has notbooked any long-term capital gains reserve pursuant to Article 219-I-a ofthe General Tax Code or a reserve in respect of which provisions for pricefluctuations would be recorded pursuant to Article 39-1-5° paragraph 6 ofthe General Tax Code.

 

2 – Undertakingsof the Contributing Company

 

In order to ensure the eligibility of the Contributionfor the regime set forth in Articles 210 A and 210 B of the General TaxCode, the Contributing Company undertakes to:

 

•                       retainduring a three-year period the shares of the Beneficiary received inconsideration for the Contribution;

 

•                       subsequentlycompute the gains on the sale of such shares by reference to the tax basis ofthe contributed assets in its own books.

 

The Contributing Company further undertakes to complywith the obligations relating to (i) the deferred capital gains follow-up statement and (ii) the register of capitalgains on non-depreciable assets, set forth in Articles 54 septies of theGeneral Tax Code and 38 quindecies of Annex III of the General Tax Code.

 

(a)                                  Equipment subsidies

 

In accordance with theprovisions of Article 42 septies of the General Tax Code, the Beneficiaryundertakes to recapture the equipment subsidies obtained by the ContributingCompany for the purpose of financing the fixed assets included within the scopeof the Contribution, to the extent such subsidies have not yet been recapturedas of the effective date of the Contribution. It undertakes to spread such recapture over the period prescribed by theaforementioned Article 42 septies.

 

It is specified that theresidual recapture term of said subsidies, as of the effective date of theContribution is as follows:

 

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| **Designation of the subsidies and equipment**                                                                       | ** ** | **Residual term** |
|----------------------------------------------------------------------------------------------------------------------|------------|-------------------|
| Subsidies of the *Seine-et-Marne*  Department relating to the servicing of the site of the Walt Disney Studios  Park |       | 6 years           |

 

**7.4.****                            Valueadded tax (VAT)**

 

In accordance withadministrative guidance (D.adm. 8A-1131 No21 dated as of November 15,2001), the parties represent and warrant that the Contribution shall be deemednon-existent for the application of Article 257-7° of the General TaxCode.

 

Because the Contributionwill result in a universal transfer of assets between persons that are VATpayers, the companies intend to avail themselves of the provisions of theadministrative instruction dated February 22, 1990 (3 A-6-90) exemptingfrom VAT total or partial universal transfers of assets.  Furthermore, the parties declare that theyintend to benefit from the provisions of Article 210 III of Annex II ofthe General Tax Code.

 

In this respect, theBeneficiary undertakes:

 

i)                     to subject to VAT the subsequent sales oftangible fixed assets (other than real estate assets) comprised in theContribution and to proceed, if necessary, with the adjustments provided for inArticles 207 bis, 210, 214, 215, 221 and 225 of Annex II to the General TaxCode, which the Contributing Company would have been required to make if it hadcontinued to use the said properties;

 

ii)                  to make, if necessary, adjustments todeductions provided for in Articles 207 bis, 210, 214, 215, 221 and 225 ofAnnex II to the General Tax Code with respect to the other fixed assetsincluded in the Contribution;

 

iii)               to sell the transferred goods andinventories that will not be subject to VAT upon the Contribution in atransaction that is subject to VAT or eligible for a deduction of the inputVAT, and to proceed, if necessary, with the taxation of self-supplytransactions under the conditions of Article 257-8 of the General Tax Codeor with the tax adjustments provided for by Article 271 of the same code.

 

The Contributing Companyspecifies that it expressly reserves the possibility, insofar as necessary, tosubject to VAT, on the Completion Date, all or part of the properties includedin the Contribution.  Such tax will thenbe reported in documents used as an invoice in the Beneficiary’s name, whichwill pay the amount thereof to the Contributing Company.

 

The Beneficiary shallfile with the applicable tax authorities a form in two counterparts reiteratingthe commitments made in this Article 7.4.

 

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**7.5.****                           ****Employers’ contribution to theconstruction effort (*participation desemployeurs à l’effort de construction*)**

 

In accordance with Article 163of Annex II of the General Tax Code and the administrative guidelines of April 6,1962 (BOCD 1962-II-1934), the Beneficiary represents that it shall assume allthe Contributing Company’s rights and obligations regarding application of theregulations relating to the mandatory employers’ investment in the constructionof housing.

 

Inthis respect, the Beneficiary undertakes, in particular, to pay thecontributions due with respect to the portion of the amounts not yet invested,relating to compensation paid during the year of completion of the Contributionand the previous year, to record on its balance sheet the investmentspreviously made by the Contributing Company and to satisfy the ContributingCompany’s obligations with respect to such investments.

 

Theparties request, insofar as necessary, that the Beneficiary benefit from theright to carry forward the excess amount of contributions that may have beenincurred by the Contributing Company as of the effective date of theContribution.

 

The Beneficiary’s commitments shall be mentioned in aform in two counterparts to be attached as an exhibit to the return N°2080 tobe filed by the Contributing Company.

 

**7.6.****                            Wagestax, apprenticeship tax and employers’ professional training contributions**

 

The Beneficiaryundertakes to pay the wages tax, the apprenticeship tax and the employers’professional training contributions from the Completion Date with respect toemployees transferred as a result of the Contribution.

 

TheContributing Company undertakes, within the 60-day time period provided for in Article 201of the General Tax Code:

 

i)                inaccordance with the provisions of Article 89 of the General Tax Code, tofile the return relating to compensation paid with respect to the year duringwhich the Contribution was completed and the return relating to compensationpaid during the previous year, if not yet filed, in accordance with theprovisions of Article 369-1 of Annex III to the General Tax Code, and toimmediately pay any sums owed in respect of the wages tax relating tocompensation not yet subject to such tax;

 

ii)             inaccordance with the provisions of Article 229-A paragraph 1 of the GeneralTax Code, the file the return relating to compensation that has not yet beensubject to apprenticeship tax, together with an exemption request, ifnecessary, in accordance with the provisions of Article 230 of the GeneralTax Code and to pay any corresponding apprenticeship tax contribution;

 

iii)          inaccordance with the provisions of Article 235 ter J-II of the General TaxCode, to file the return relating to the expenses actually incurred withrespect to professional training for the year during which the Contribution wascompleted and the return relating to expenses actually incurred for theprevious year, if not yet filed, and to pay any contribution owed in thisrespect.

 

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**7.7.****                            Employeeprofit sharing**

 

TheBeneficiary undertakes to assume the Contributing Company’s obligations for theapplication of the provisions relating to employee profit sharing and to ensurethe administration of the corresponding rights in accordance with applicablelaw and the terms of the profit sharing agreements.

 

Inparticular, the Beneficiary undertakes to assume, if applicable, any profitsharing reserve recorded by the Contributing Company, as well as anycorresponding investment provision, to the extent of the portion that, as ofthe effective date of the Contribution, has not been used in accordance withits purpose.

 

**7.8.****                           ****Prior transactions**

 

In general, from the Completion Date, the Beneficiarywill assume the Contributing Company’s obligations relating to compliance withall tax commitments and obligations relating to the assets and liabilitiestransferred as a result of the Contribution.

 

**Article 8Conditions precedent**

 

The completion of the Contribution is subject to thefulfilment of the following conditions precedent which are provided for thebenefit of both parties:

 

(a)                                  thefinal and binding decision by the *Autorité des marchésfinanciers* confirming that no mandatory tender offer (*offre publique de retrait obligatoire*) relating to thesecurities issued by the Contributing Company will be required as a result ofthe Contribution, it being provided that this decision shall be deemed final ifno appeal has been filed within the time period set forth in Article 26 ofDecree No 2003-1109 of November 21, 2003 or if, in case of an appeal, thedecision of the *Autorité des marchés financiers*is confirmed by a non-appealable, final and binding decision of the *Cour d’Appel*of Paris;

 

(b)                                 thedecision by the Supervisory Board of EDL Hôtels approving the Beneficiary asnew shareholder of EDL Hôtels;

 

(c)                                  theapproval of this Contribution Agreement by the extraordinary general meeting ofthe shareholders**of the Contributing Company;

 

(d)                                 theapproval of this Contribution Agreement by the general partner*(associé commandité)*of the Contributing Company;

 

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(e)                                  theapproval by the extraordinary general meeting of the shareholders**of the Beneficiary of this Contribution Agreement and ofthe share capital increase for the funding of the Contribution;

 

(f)                                    theapproval by the general partners*(associés commandités)*ofthe Beneficiary of this Contribution Agreement and the share capital increasefor the funding of the Contribution;

 

(g)                                 thewaiver by the beneficiaries of the *droit de préemption urbain*of their preemptive rights with respect to the Contributed Business or thelapse of this right;

 

(h)                                 theinformal ruling of the French tax administration relating to the transfer tothe Beneficiary of the ordinary tax losses of the Contributing Company existingas of September 30, 2004, and to the tax treatment of the reassuming overtime of the provisions relating to the off-balance sheet undertakings accountedfor by the Beneficiary as a result of the Contribution;

 

(i)                                     theexecution by the relevant parties thereto of an amendment to the *Convention pour la Création et l’Exploitation d’Euro Disneyland enFrance* entered into between the French State, the *Ile-de-France**région*, *the Seine-et-Marne département, EPA Marne and the Régie Autonome desTransports Parisiens* on March 24, 1987, as such amendment isrequired in connection with the Contribution;

 

(j)                                     the completion of a share capitalincrease of the Contributing Company in the gross amount of at least €250million and with preferential subscription rights being maintained for theshareholders (the “Share Capital Increase”), it being specified that theShare Capital Increase shall be deemed completed when the new shares aresubscribed for, paid for in full and issued and the corresponding funds havebeen paid to the Contributing Company; and

 

(k)                                  if applicable, the absence of anyLoss (as described in Article 2.3.2 above) of an amount greater than thecontribution premium set forth in Article 2.4 above.

 

Theparties expressly agree that the fulfillment of the conditions precedent shallnot have any retroactive effect as of October 1, 2004, except for Frenchtax and accounting purposes as provided in Article 3.1 above.

 

If anyof the conditions precedent referred to under (h) and (k) above is notfulfilled by November 19, 2004 at the latest or, as far as the otherconditions precedent are concerned, by March 31, 2005 at the latest, thisContribution Agreement will be null and void, if one of the parties heretowishes to raise the benefit of the non-fulfillment of any condition precedentby sending a written notice to the other party. If no such written notice is sent, this Contribution Agreement shallremain in full force and the parties may agree to either consider suchcondition precedent waived or amend it.

 

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**Article 9Miscellaneous**

 

**9.1****                               Publicity**

 

ThisContribution Agreement shall be filed with the clerk of the Commercial Court ofMeaux.

 

**9.2****                               Registrationduties and costs**

 

Allregistration duties due in connection with the Contribution shall be borne bythe Beneficiary.

 

Allother costs and fees due in connection with the Contribution, as well as thosethat ensue or result therefrom will be borne by the Contributing Company.

 

**9.3****                               Applicablelaw - Jurisdiction**

 

ThisContribution Agreement is governed by French law.  All disputes arising in connection with theexistence, interpretation or performance hereof shall be submitted to the solejurisdiction of the Commercial Court of Meaux.

 

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Executed in Paris

 

On September 30, 2004

 

In nine original copies, including seven for legal filings and one foreach party.

 
| EURO DISNEY S.C.A.     | EURO DISNEY ASSOCIES  S.C.A. |
|------------------------|------------------------------|
|                   |                         |
|                   |                         |
|                   |                         |   |   |
|                   |                         |
| Mr. André Lacroix | Mr. Jeffrey R. Speed         |
|                        |                              |  |  |

 

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**LIST OF EXHIBITS**

 
| Exhibit A        |   | Description of Stock  Options                                                                                                                                                                                                                                                          |
|------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 1.6      |   | Principles retained for the consideration  of the Contribution                                                                                                                                                                                                                         |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.1      |   | Interim accounts as of  June 30, 2004: Assets                                                                                                                                                                                                                                          |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.1. (a) |   | List of intellectual  property rights held by Euro Disney S.C.A.  List of licenses granted to Euro Disney S.C.A. relating to intellectual  property rights                                                                                                                             |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.1. (b) |   | Description of the real  estate assets contributed by Euro Disney S.C.A.                                                                                                                                                                                                               |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.1. (c) |   | Description of  interests                                                                                                                                                                                                                                                              |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.1. (d) |   | Liens, pledges and  other sureties burdening the contributed assets                                                                                                                                                                                                                    |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.2.     |   | Interim accounts as of  June 30, 2004: Liabilities                                                                                                                                                                                                                                     |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.2. (a) |   | Borrowings and  financial liabilities                                                                                                                                                                                                                                                  |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.2. (b) |   | Short-term indebtedness  vis-à-vis related companies                                                                                                                                                                                                                              |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.2. (c) |   | Staff                                                                                                                                                                                                                                                                                  |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 2.2. (d) |   | Off-balance sheet  commitments and contingent liabilities of the Contributing Company                                                                                                                                                                                                  |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 3.4      |   | List of the main  properties, rights (including authorizations and third party commitments) and  agreements identified as of the date of this agreement as being included in  the Contributed Business and the transfer of which requires or may require  the consent of a third party |
|             |   |                                                                                                                                                                                                                                                                                   |
| Exhibit 3.5 (i)  |   | List of employees not  transferred to the Beneficiary                                                                                                                                                                                                                                  |

 

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###### **Exhibit A**

 

**Descriptionof the Stock Options**

 

 

In 1994, Euro DisneyS.C.A.’s shareholders approved the implementation of an employee stock optionplan (the “1994 Plan”) authorizing the issuance of stock options for theacquisition of up to 2.5% of Euro Disney S.C.A.’s outstanding sharecapital.   Through September 30, 2003,Euro Disney S.C.A. had granted to certain managers and employees a total of7,726,863 options, net of cancellations and exercises, giving the right toacquire one share of common stock each at a market exercise price representingthe average closing market price over the preceding 20 trading days.  The options are valid for 10 years from theirissuance date and become exercisable over 5 years in equal installmentsbeginning one year from the date of grant. Upon termination of employment, anyunvested options are cancelled. However, options that are exercisable as of thedate of termination may be exercised within a specified period of time or elsethey are cancelled.

 

In March 1999, EuroDisney S.C.A.’s shareholders approved the implementation of a second employeestock option plan, with substantially the same terms as the 1994 Plan,authorizing the issuance of stock options for the acquisition of up to 2.5% ofEuro Disney S.C.A.’s outstanding share capital. The options granted under that plan are valid for a period of 8 yearsfrom their issuance date.  ThroughSeptember 30, 2003, Euro Disney S.C.A. granted a total of 21,582,800 optionsunder this plan, net of cancellations and exercises.

 

In May 2003, Euro DisneyS.C.A.’s shareholders approved the implementation of a third employee stockoption plan, with substantially the same terms as the two prior plans,authorizing the issuance of stock options for the acquisition of up to 2.5% ofthe Euro Disney S.C.A.’s outstanding share capital.  The options granted under that plan are validfor a period of 8 years from their issuance date.  As of September 30, 2003, Euro Disney S.C.A.had not granted any options under this plan.

 

A summary of the status of Euro Disney S.C.A.’s stock option activity for the yearsended September 30, 2002 and 2003, is as follows:

 

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| ** **                        | ** ** | **Number of Options** | ** ** | **Weighted-average  Exercise Price** | ** ** |
|-----------------------------------|------------|-----------------------|------------|--------------------------------------|------------|
| ** **                        | ** ** | **(in thousands)**    | ** ** | **(in €)**                      | ** ** |
| **Balance at September 30, 2001** | ** ** | **25,325**            | ** ** | **0.98**                             | ** ** |
|                              |       |                  |       |                                 |       |
| Options granted                   |       | 9,893                 |       | 1.10                                 |       |
| Options exercised                 |       | (142                  | )          | 0.81                                 |       |
| Options cancelled                 |       | (1,729                | )          | 0.96                                 |       |
| **Balance at September 30, 2002** | ** ** | **33,347**            | ** ** | **1.02**                             | ** ** |
|                              |       |                  |       |                                 |       |
| Options granted                   |       | —                |       | —                               |       |
| Options exercised                 |       | —                |       | —                               |       |
| Options cancelled                 |       | (4,037                | )          | 0.96                                 |       |
| **Balance at September 30, 2003** | ** ** | **29,310**            | ** ** | **1.02**                             | ** ** |

 

The following table summarizes information about stock options atSeptember 30, 2003(*):

 
| ** **                          | ** ** | **Options Outstanding** | ** ** | **Exercisable Options**                             | ** ** |
|-------------------------------------|------------|-------------------------|------------|-----------------------------------------------------|------------|
| **Range  of********Exercise Price** | ** ** | **Number of  Options**  | ** ** | **Weighted-  average  Remaining  Contractual Life** | ** ** | **Weighted-  average  Exercise Price** | ** ** | **Number of  Options** | ** ** | **Weighted-  average Exercise  Price** | ** ** |
| ** **                          | ** ** | **(in thousands)**      | ** ** | **(in years)**                                      | ** ** | ** ** | ** ** | **(in thousands)** | ** ** | ** ** | ** ** |
| €0.77 – 1.00              |       | 13,219                  |       | 6                                                   |       | € | 0.80 |   | 6,496 |   | € | 0.80 |   |
| €1.01 – 2.00              |       | 15,460                  |       | 5                                                   |       | € | 1.16 |   | 8,504 |   | € | 1.21 |   |
| €2.01 – 2.50              |       | 631                     |       | 2                                                   |       | € | 2.32 |   | 631 |   | € | 2.32 |   |
|                                |       | 29,310                  |       | 5                                                   |       | € | 1.02 |   | 15,631 |   | € | 1.09 |   |

 

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(*) Since October 1,2003, no stock options have been granted or exercised.

 

30

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###### **Exhibit 1.6**

 

###### **Principles retained for the consideration of theContribution**

 

As stated in the preamble of this document, Euro Disney SCA (“ED SCA”)and its subsidiaries operate the businesses of the Disneyland Resort Paris.These businesses include, amongst others, the Disneyland and the Walt DisneyStudios theme parks, the Disneyland Hotel, various hotels that are operated byEDL Hotels SCA (a subsidiary of ED SCA), and various other businesses.

 

Euro Disney Investments, Inc. (“EDI”) and EDL SNC Corporation (“EDS”)are two indirectly wholly owned subsidiaries of The Walt Disney Company (“TWDC”).These two companies have been used in the course of the Euro Disney group’s1994 restructuring. Together, they own 100% of Euro Disney Associés (“EDA”).

 

The valuation described below assumes that the restructuring has beenmade, and that consequently the ED SCA contemplated capital increase ED SCA hasbeen done.

 

# **1.**         Valuation Methodologies considered by the parties

 

# **1.1**       Overview

 

The objective of the valuation was to determine the contribution of thevalue contributed by Euro Disney SCA (“ED SCA”) in the new partnership formedby EDA (after conversion into capital of liabilities to EDI and EDS) and thevalue of assets and liabilities contributed by of ED SCA. The outcome is acontribution parity that will lead to the percentage stake of ED SCA andEDI/EDS in EDA’s capital after restructuring.

 

# **1.2**       Valuation Methodologies

 

In terms of contributions, the relative weights of EDA(before drop-down) and of assets and liabilities contributed by ED SCA weredetermined using a variety of valuation methodologies, as is usual in this typeof transaction.  Because of theparticularities of the companies and of assets and liabilities being valued,certain methodologies were excluded, the principles on which they are basedhaving been deemed non applicable in this case.

 

# **1.3**       Excluded methods

 

#### **1.3.1****  ****“Usual” Discounted Cash-Flows (« DCF ») method**

 

This method consists of calculating the enterprise value by discountingthe free cash flows of the company at the weighted average cost of capital (“WACC”).The WACC is the average between cost of equity and cost of debt, weighted bythe market value of their share in total capital. The free cash flows aredefined as the after-tax operating cash flows after capital spending, butbefore financing charges.

 

31

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The equity value is then obtained by subtracting from the enterprisevalue the value of the debt less any cash and marketable securities on thebalance sheet.

 

The implementation of this method presents two difficulties that renderit inappropriate in this case:

•      the high level of debt and the significantchange over the reference period of the financial structure of ED SCA make thedetermination of the WACC difficult;

 

•      this method is sensitive to the market value ofthe debt, which is difficult to estimate in a post-restructuring scenario.

 

These reasons have led us to choose the Equity Discounted Cash Flows(« EDCF ») method, which relies on discounted cash flows after debtservice (see section 2. “Retained Valuation Methods”).

 

#### **1.3.2****  ****Trading Comparables Multiples Method**

 

This approach consists in applying average market multiples observedwithin a sample of comparable companies to financial metrics of ED SCA.

 

The implementation of this method to determine the enterprise value ofED SCA is faced with two difficulties that make it inappropriate:

 

•      there are no listed companies that are directlycomparable to ED SCA. We considered using a broad sample of companies, activein the entertainment sector (theme parks, hotels, casinos, cruises), but, withregards to ED SCA specificities it was concluded that the characteristics ofthe companies of the sample were insufficiently comparable to those of ED SCA;

 

•      the multiples of comparable companies aregenerally available and applied for a forecast horizon of approximately 2years. This forecast horizon does not take into account all the consequences ofthe current restructuring.;

 

•      finally, it is difficult to attribute a valueto the shareholders equity because of the difficulty of estimating the marketvalue of the debt in a post-restructuring scenario.

 

#### **1.3.3****  ****Method using transaction multiples**

 

This approach is methodologically similar to using trading comparablemultiples to value a company. It consists in applying the multiples observedfor comparable transactions to financial metrics of the company beingevaluated.

 

It is difficult to put this method into practice so it has not beenretained since (i) the lack of precise information on the transaction details(restated or non-restated metrics, guarantee elements negotiated between theparties, etc...), in particular for privately-held companies, and (ii) thespecificities of each transaction (especially as regards control premiums),make comparisons more or less irrelevant.

 

32

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In this particular case, the fact that ED SCA is going through a phaseof restructuring makes the implementation of this method inappropriate.  Furthermore, the attribution of a value tothe shareholders equity is made difficult because of the difficulty of estimatingthe market value of the debt in a post-restructuring scenario.

 

#### **1.3.4****  ****Net asset parity**

 

This method is not relevant because: (i) it is based on historicalaccounting information that does not take into consideration the group’s futureprospects, (ii) it can not be based on social accounting information which notreflects the value of some off-balance sheet engagements and (iii) it can notbe based on a net consolidated asset of ED SCA since EDA is now included as anad hoc entity in the scope of consolidation of the consolidated entity ED SCAsince the adoption of new accounting rules in October 1st, 2003.

 

#### **1.3.5****  ****Revalued net assets / “Sum of the parts”**

 

The RNA method consists in evaluating the net accounting assets bytaking into account the potential capital gains or losses of each asset andliability of the company.  Such a methodis therefore particularly appropriate for investment companies but was excludedin this case because of the difficulty in valuing separately each of the assetsof the group.

 

The “sum of the parts” method was also not retained because ED SCA formsa homogenous economic entity focused on theme parks, which does not thereforejustify taking into account varying financial hypotheses for differentactivities.

 

It also has to be noted that expected revenues from property assets andrights on building lands are taken into account in the projections used in thecash flow methods.

 

#### **1.3.6****  ****Discounting of dividends**

 

ED SCA has not distributed any dividends since FY 1993 and its businessplan assumes to allocate all available funds to the financing of its activitiesand to debt service.  In view of thesefacts, this valuation method could not be implemented.

 

# **2.**         Retained valuationmethods

 

# **2.1**       EDA

 

Due to EDA characteristics, and in the context of the exercise of theoptions by ED SCA, the only relevant valuation method is the DCF method. Withinthis framework, the net present value of the cash flows linked to the lease ofthe ACP assets and the sub-lease of the Disneyland park presented at thebeginning of this document was discounted at the rate corresponding to the costof equity, for consistency purposes.

 

33

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# **2.2**       ED SCA

 

*i**          **Stock price analysis*

 

This is a common valuation methodology for companies similar to ED SCAthat are listed on the Paris Stock Exchange and that have significant tradingvolumes. ED SCA has been listed on the Premier Marché of Euronext Paris sinceNovember 6, 1989. The stock is also part of the SBF 120 index. The company hasan important free float, close to 43.5% of the capital, representing about 471million shares and an average daily trading volume over the last three monthsof c.2.0 million. The share price is an important reference even if there hasbeen a significant period of fluctuation over the last 10 months following therepeated announcements relating to the restructuring.

 

It is important to note that ED SCA’s valuation based on analyzing thehistorical evolution of the share price, by definition, only takes into accountthe market perception of available public information concerning operatingresults and ED SCA’s debt restructuring.

 

In the context of a valuation post restructuring, , it has beenconsidered that most relevant share prices to reflect an expected successfulrestructuring plan are those for the period between 9 June 2004, date at whichED announced the principles of the agreement for its restructuring plan, and 2August 2004, date at which the company announced the need for an additionaldelay to approve the MOA as per the agreement dated 8 June 2004. As a result,the weighted average share price for this period has been retained asreference, it being noted that this valuation method is retained as acorroborative method only by the parties.

 

**Basedon this reference share price and considering the value of EDA, ED SCA’sownership stake in EDA share capital post restructuring would be equal to 77%.**

 

*ii**         **Discounted cash flow methods*

 

A cash flows to equity method was used as a referencemethod (Equity Discounted Cash Flows, or “EDCF”) due to ED SCA characteristics,especially its high level of debt and the significant change in this levelthroughout the forecast horizon.  Thismethod is based on the discounting of equity flows, *i.e.*:

 

•      operating cash flows, after tax, whereapplicable;

 

•      minus debt service (financial interest andprincipal reimbursements).

 

These cash flows are then discounted at the rate corresponding to thecost of equity.

 

**Accordingto this methodology, pursuant to the value of EDA and varying the hypotheses ofdiscount rate and perpetuity growth rate, the percentage of ownership of ED SCAin the capital of EDA post restructuring is estimated to be between 81% and83%.**

 

34

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Furthermore, an alternative method was implemented to corroborateresults: the Adjusted Present Value Method (“APV”).  This method, based on the valuation of theassets adjusted for the impact of the financial structure allows to ascertainthe value of the operational assets of the company without using hypothesespertaining to the financial structure. The discounted value of the tax savingslinked to the deductibility of financial charges is then added to the value ofthe operational assets.  This method,which is relatively academic, is not widely used.  It is therefore presented for informationpurposes only.

 

**Accordingto this methodology, pursuant to the value of EDA and varying the hypotheses ofdiscount rate and perpetuity growth rate, the percentage of ownership of ED SCAin the capital of EDA post restructuring is estimated to be between 77% and87%.**

 

The significant width of the range of the resultsobtained, while using the same sensitivities between the financial hypothesesas those within the EDCF method, weakens the pertinence of this method.

 

# **3.**         Synthesis of percentage of ownership in the capital of EDA postrestructuring

 

Pursuant to this multi-criteria approach for ED SCA, the postrestructuring percentage of ownership of ED SCA in the capital of EDA isestimated to be between 77% and 87%. The table below sums up the methodologieson which the percentages of ownership obtained are based:

 

**Summary**

 
| ** **     | ** ** | **ED’s % of ownership in  the capital of  EDA post restructuring** | ** ** |
|----------------|------------|-------------------------------------------------------------------------|------------|
| ** **     | ** ** | ** **                                                              | ** ** |
| Stock Analysis |       | 77%                                                                     |       |
|           |       |                                                                    |       |
| EDCF Method    |       | 81% - 83%                                                               |       |
|           |       |                                                                    |       |
| APV Method     |       | 77% - 87%                                                               |       |

 

Note

For ED SCA, weighted average share price between 9 June and 2 August2004

 

**The EDCF is the reference method retained by theparties and leads to central values for ownership percentage in the capital ofEDA of 82% for ED SCA and 18% for EDI/EDS.**

 

35

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###### **Exhibit2.1**

 

**Interimaccounts as of June 30, 2004**

 

**ASSETS**

 
| ** **                                                                                                                                                    | ** ** | **Amounts**                     | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------|------------|
| ** **                                                                                                                                                    | ** ** | **(in €million)**          | ** ** |
| **A)****            FIXED ASSETS**                                                                     | ** ** | ** **                      | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      |       |   |   |
| **1)****            Intangible assets**                                                                | ** ** | ** **                      | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      | ** ** | ** ** | ** ** |
| All of the intangible  assets of the Contributing Company, are assessed as of June 30, 2004 at  (gross)                                                       | ** ** | **211.7**                       |       |
|                                                                                                                                                          | ** ** | ** **                      |       |
| A list of intellectual  property rights, together with a list of licenses relating to all  intellectual property rights, is attached as **Exhibit  2.1.(a).** |       |                            |       |
| ** **                                                                                                                                                    |       |                            |       |
| **2)****            Tangible assets**                                                                  | ** ** | ** **                      | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      |       |   |   |
| **a)****             Land and secondary infrastructure**                                          | ** ** | ** **                      | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      | ** ** | ** ** | ** ** |
| All the land and  secondary infrastructure of the Contributing Company, described in **Exhibit 2.1(b)** is assessed as of  June 30, 2004 at (gross)           | ** ** | **246.0**                       |       |
|                                                                                                                                                          | ** ** | ** **                      |       |
| **b)****             Buildings**                                                                  | ** ** | ** **                      |       |
|                                                                                                                                                          | ** ** | ** **                      |       |
| All buildings of the  Contributing Company, described in **Exhibit 2.1(c)**  are assessed as of June 30, 2004 at (gross)                                      | ** ** | **500.9**                       |       |
|                                                                                                                                                          | ** ** | ** **                      |       |
| **c)****             Leasehold improvements, furniture,  fixtures and equipment**                 | ** ** | ** **                      |       |
|                                                                                                                                                          | ** ** | ** **                      |       |
| All leasehold  improvements, furniture, fixtures and equipment, are assessed as of June 30,  2004 at (gross)                                                  | ** ** | **319.8**                       |       |
|                                                                                                                                                          | ** ** | ** **                      |       |
| **d)****             Other tangible assets**                                                      | ** ** | ** **                      | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      |       |   |   |
| All other tangible  assets are assessed as of June 30, 2004 at (gross)                                                                                        | ** ** | **50.4**                        | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      | ** ** | ** ** | ** ** |
| **e)****             Assets in progress**                                                         | ** ** | ** **                      | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      |       |   |   |
| The assets in progress  are assessed as of June 30, 2004 at (gross)                                                                                           | ** ** | **22.1**                        | ** ** |
| ** **                                                                                                                                                    | ** ** | ** **                      | ** ** | ** ** | ** ** |
|                                                                                                                                                          |       | **Total tangible fixed assets** | ** ** | **1,139.2** |   |

 

36

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|                                                                                                                                                                                                                              |       |        | ** ** | **Amounts**            | ** ** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------|------------|------------------------|------------|
|                                                                                                                                                                                                                              |       |        | ** ** | **(in €million)** | ** ** |
| The total amortization  on the tangible and intangible fixed assets as of June 30, 2004 amounts to                                                                                                                                | ** ** | **(442.8**  | **)**      |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **Net Intangible and Tangible  Fixed Assets**                                                                                                                                                                                     | ** ** | **908.1**   | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **3)****            Financial assets**                                                                                                                                     | ** ** | ** **  | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| All financial assets of  the Contributing Company, which, as of June 30, 2004, consist of:                                                                                                                                        | ** ** | ** **  | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **a)****            **The shareholding interests in the  companies listed in **Exhibit 2.1(d)**  for a value of                                                       | ** ** | **308.9**   | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **b)****            **The receivables related to these  shareholding interests, which are described hereafter amount to                                               | ** ** | **128.1**   | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| A    subordinated  loan granted by the Contributing Company to EDL Hôtels S.C.A. for an amount  equal to €125.5 million of principal and €2.6 million of accrued interest as  of June 30, 2004 | ** ** | ** **  | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **c)****            **The other long-term receivables,  which are described hereafter, amounting to                                                                   | ** ** | **947.1**   | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **•****     **Long-term  advances to Euro Disneyland SNC (including €0.1 million of accrued interest)                                                                                          | ** ** | **845.0**   | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **•****     **Guarantee  deposits for certain loan agreements                                                                                                                                       | ** ** | **100.1**   | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **•****             **Other:  Guarantee deposits and leases paid                                                                                            | ** ** | **2.0**     | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **Total financial assets**                                                                                                                                                                                                        | ** ** | **1,384.1** | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **B)****            CURRENT ASSETS**                                                                                                                                       | ** ** | ** **  | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| **1)****            Inventories**                                                                                                                                          | ** ** | ** **  | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| All inventories of the  Contributing Company as of June 30, 2004 consist of:                                                                                                                                                      | ** ** | ** **  | ** ** |
|                                                                                                                                                                                                                              |       |        | ** ** | ** **             | ** ** |
| Merchandise, food and  beverage                                                                                                                                                                                                   | ** ** | **23.5**    | ** ** |
| ** **                                                                                                                                                                                                                        |       |        | ** ** | ** **             | ** ** |
| Supplies                                                                                                                                                                                                                          | ** ** | **14.7**    | ** ** |
| ** **                                                                                                                                                                                                                        |       |        | ** ** | ** **             | ** ** |
| Reserve for  depreciation                                                                                                                                                                                                         | ** ** | **(3.9**    | **)**      |
| ** **                                                                                                                                                                                                                        |       |        | ** ** | ** **             | ** ** |
| **Total**                                                                                                                                                                                                                         | ** ** | **34.3**    | ** ** |

 

37

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| ** **                                                                                                                               | ** ** | **Amounts**                 |       |
|------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------|------------|
| ** **                                                                                                                               | ** ** | **(in €million)** |       |
| **2)****            Trade accounts receivable**                                   | ** ** | ** **                  |       |
| ** **                                                                                                                               | ** ** | ** **                  |       |
| All trade accounts  receivable of the Contributing Company as of June 30, 2004 consist of:                                               | ** ** | ** **                  |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| **a)****            **Receivables from related companies:                    | ** ** | **72.7**                    |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| allocated as follows:                                                                                                                    | ** ** | ** **                  |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| Euro Disney Vacances S.A.                                                                                                                | ** ** | **8.1**                     |       |
| ** **                                                                                                                               |       | ** **                  | ** ** | ** ** |   |
| EDL Hôtels S.C.A.                                                                                                                   | ** ** | **64.2**                    |       |
| ** **                                                                                                                               |       | ** **                  | ** ** | ** ** |   |
| Les Villages Nature du Val d’Europe                                                                                                 | ** ** | **0.4**                     |       |
| ** **                                                                                                                               |       | ** **                  | ** ** | ** ** |   |
| **b)****            **Receivables from customers and  related accounts:      | ** ** | **30.8**                    |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| **3)****            Other accounts receivable**                                   | ** ** | ** **                  |       |
|                                                                                                                                     |       |                        | ** ** | ** ** |   |
| All other receivables  of the Contributing Company as of June 30, 2004 consist of:                                                       | ** ** | ** **                  |       |
|                                                                                                                                     |       |                        | ** ** | ** ** |   |
| VAT                                                                                                                                      | ** ** | **20.5**                    |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| Other                                                                                                                                    | ** ** | **8.5**                     |       |
|                                                                                                                                     |       |                        | ** ** | ** ** |   |
| **Total**                                                                                                                                | ** ** | **29.0**                    |       |
|                                                                                                                                     |       |                        | ** ** | ** ** |   |
| **4)****            Short-term investments**                                      | ** ** | ** **                  |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| All short-term  investments of the Contributing Company as of June 30, 2004 are assessed at:                                             | ** ** | **11.2**                    |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| **5)****            Cash or cash equivalents**                                    | ** ** | ** **                  |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| All cash or cash  equivalents held by the Contributing Company are assessed as of June 30, 2004  at                                      | ** ** | **2.5**                     |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| **C)****            DEFERRED CHARGES**                                            | ** ** | ** **                  |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| The value represented  by prepaid expenses:                                                                                              | ** ** | **5.1**                     |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| and by other deferred  charges:                                                                                                          | ** ** | **3.6**                     |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| **D)****            OFF-BALANCE SHEET UNDERTAKINGS**                              | ** ** | ** **                  |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| The benefit of all  off-balance sheet undertakings granted in favor of the Contributing Company  in relation to the Contributed Business | ** ** | ** **                  |       |
| ** **                                                                                                                               |       |                        | ** ** | ** ** |   |
| **TOTAL OF THE CONTRIBUTED ASSETS**                                                                                                      | ** ** | **2,481.4**                 |       |

 

38

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**Exhibit2.1(a)**

 

**List ofintellectual property rights**

 

**List oflicenses granted to Euro Disney S.C.A.**

**relatingto intellectual property rights**

 

 

**I - List of Intellectual PropertyRights**

 

**A - EuroDisney S.C.A. holds intellectual property rights in the following fields:**

 

Audiovisual:

 

Euro Disney S.C.A.employs photographers who, under contract, transfer rights of use onphotographs.

 

Moreover, Euro DisneyS.C.A. holds, pursuant to agreements for the assignment of performance rightsand publicity rights, rights of use with actors, models and extras.

 

Productions:

 

Euro Disney S.C.A. holdsperformance rights on shows ready for immediate performance for a limited term,and the right to fix and reproduce images of the show on all audiovisual media,for a term between 5 and 10 years.

 

Furthermore, Euro DisneyS.C.A. produces permanent shows, in which employees of the company (eitherpermanent or seasonal) take part; such employees assign, pursuant to their employmentcontracts, their rights of use to Euro Disney S.C.A.

 

Finally, Euro DisneyS.C.A. relies upon third parties to design and finalize permanent shows.  They are artists qualified as playwrights, *i.e.*, stage directors and designers, who assign all theirrights to Euro Disney S.C.A on such shows.

 

Merchandising:

 

Euro Disney S.C.A. allowsfor the manufacture of various products derived from Disney-copyrighted worksby certain licensors, who assign their rights to Euro Disney S.C.A. when theyare involved in the development of such products.

 

39

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Marketing & Publicity:

 

Euro Disney S.C.A.advertisements (TV and other media) are created by various advertisingagencies, who assign their intellectual property rights on such advertising toEuro Disney S.C.A.

 

Music:

 

Within Euro DisneyS.C.A., a music department develops music and arranges orchestralrecordings.  Musicians and conductorsassign their performance and reproduction rights on such music to Euro DisneyS.C.A.

 

**B – Industrial Property**

 

Euro Disney S.C.A. doesnot own any trademarks in its own name, other than the following:

 

“Business & FinancialSolutions” no. 97 677 841 filed on May 14, 1997 (10-year term) incategories 35, 36 and 41 and acquired with the Portuguese company Business& Financial Solutions (International) by agreement for the assignment oftrademark dated January 24, 2002.

 

The agreement for theassignment of the above trademark to Euro Disney S.C.A. is being registeredwith INPI.  This trademark will beassigned to TWDC (Netherlands) B.V. prior to completion of the Contribution;the formalities of such assignment and the costs incurred are to be borne bythe assignee company.

 

Euro Disney S.C.A. doesnot hold in its own name any drawing or model or patent, or any otherindustrial property rights other than those mentioned above.

 

 

**II – Licenses granted to EuroDisney S.C.A.**

 

Many computer softwarelicenses have been granted to Euro Disney S.C.A, who holds and benefits fromall rights of use of such software.

 

Moreover, pursuant to thelicensing agreement between Euro Disney S.C.A. and TWDC (Netherlands) B.V. (anindirect subsidiary of TWDC and the holder of industrial and intellectualproperty rights belonging to TWDC) (the “License Agreement”), TWDC(Netherlands) B.V. has granted to the company, for a 30-year term from January28, 1989, a master license for the use of all present and future industrial andintellectual property rights included in the facilities and attractionsdesigned by TWDC and in the productions of Euro Disney S.C.A.

 

40

----

 

The property rightsgranted under license to Euro Disney S.C.A. are defined in Article 2.2 of theLicensing Agreement.  They include allcopyrights, trademarks, literary works, rights of synchronization of musicalworks and sound recordings, theatrical works, paintings, graphics, sculptures,movies, patents, know-how, drawings and models, the rights to use fantasyfigures, cartoons, fictional figures and other subjects created by, or theright of use of which belong to, TWDC.

 

Such rights are grantedunder license to Euro Disney S.C.A., strictly for the purposes of the operationof attractions, facilities and shows on site, and for the promotion thereof andadvertising therefor.

 

Furthermore, Euro DisneyS.C.A is entitled to sell on site associated products based on intellectualproperty rights belonging to TWDC or authorized to TWDC.

 

In the context of theContribution, an amendment to the Licensing Agreement will be signed with EuroDisney Associés SNC so it may benefit from the same rights as those granted toEuro Disney S.C.A.

 

41

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**Exhibit2.1(b)**

 

###### **Description of the real estate assets contributed byEuro Disney S.C.A.**

 

 
| ** ** | ** ** | ** **      | ** ** | **Designation**                                       | ** ** | ** **          | ** ** | **Origin of ownership**       | ** ** | ** **                                                                                                                                                                                    | ** ** |
|------------|------------|-----------------|------------|-------------------------------------------------------|------------|---------------------|------------|-------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**        | ** ** | **Lands**                                             | ** ** | **Plots of Volume** | ** ** | **Nature – Description** | ** ** | **(relative effect)**                                                                                                                                                                         | ** ** | **Comments** | ** ** |
| 1          |       | Magny-le-Hongre |       | ZB 211 lieudit  “Courtalin” 4 ha 61 a 83 ca |       |                |       | Land (Plot NO2.5)             |       | Deed Me Gourret  09/28/2001 published on 10/09/2001 volume 2001 P no. 12991                                                                                                                   |       | Land encumbered by a  building lease in favor of Holiday Inns until 10/12/2076 for the construction  of a four stars hotel with 400 rooms (Deed Me Burthe-Mique 09/28/2001  published on 11/08/2001 volume 2001P no. 14209) |   |
|       |       |            |       |                                                  |       |                |       |                          |       |                                                                                                                                                                                          |       |   |   |
| 2          |       | Magny-le-Hongre |       | ZA 48 lieudit  “Courtalin” 5 ha 39 a 60 ca  |       |                |       | Land (plot NO2.2)             |       | Deed Me Gourret  09/28/2001 published on 11/10/2001e and on 05/16/2002 volume 2001 P no. 13098  with correcting certificate of 05/13/2002 published on 05/16/2002 volume  2002P no. 4956 |       | Land encumberd by a  building lease in favor of GENEFIM until 09/27/2033 for the construction of a  hotel (Hôtel Airtour) (Deed Me Frémeaux 09/28/2001 published on 11/06/2001  and 05/27/2002 volume 2001P no. 14070) |   |

 

42

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| ** ** | ** ** | ** **          | ** ** | **Designation**                                                    | ** ** | ** **          | ** ** | **Origin  of ownership**      | ** ** | ** **                                                                                                                                                                                        | ** ** |
|------------|------------|---------------------|------------|--------------------------------------------------------------------|------------|---------------------|------------|-------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**            | ** ** | **Lands**                                                          | ** ** | **Plots of Volume** | ** ** | **Nature – Description** | ** ** | **(relative effect)**                                                                                                                                                                             | ** ** | **Comments** | ** ** |
| 3          |       | Magny-le-Hongre     |       | ZB 210 lieudit  “Courtalin” 3 ha 23 a 37 ca              |       |                |       | Land (plot NO2.6)             |       | Deed Me Gourret  09/26/2001 published on 10/11/2001 and 05/16/2002 volume 2001P no. 13100  with correcting certificate of 05/13/2002 published on 05/16/2002 volume  2002P no. 4954     |       | Land encumbered by a  building lease in favor of Natiocrédimurs Société En Nom Collectif,  Immobilier Elybail and ING Lease France until 09/25/2041

 

Initial building lease  in favor of Hôtelière de Magny for the construction of a two stars hotel with  300 rooms (Deed Me Burthe-Mique 09/26/2001 published on 11/08/2001 and  05/16/2002 volume 2001P no. 14208) 

 

Amendment by deed of Me  Burthe-Mique of 12/17/2002 published on 01/29/2003 volume 2003P  no. 1000.

 

Assignment of building  lease by Hôtelière de Magny (Deed Me Dufour of 12/19/2002 published on  02/17/2003 volume 2003P no. 1743). |   |
| ** ** | ** ** | ** **          | ** ** | ** **                                                         | ** ** | ** **          | ** ** | ** **                    | ** ** | ** **                                                                                                                                                                                        | ** ** | ** ** | ** ** |
| **4**      | ** ** | **Magny-le-Hongre** | ** ** | **ZA 51 lieudit “Fosse des  pressoirs” 4 ha 62 a 36 ca** | ** ** | ** **          | ** ** | **Land (plot NO2.3)**         | ** ** | **Deed Me  Gourret 09/26/2001 published on 11/27/2002 and 03/12/2003 volume 2002P  no. 12794 with correcting certificate of 03/07/2003 published on  03/12/2003 volume 2003P no. 2662** | ** ** | **Land  encumbered by a building lease in favor of UBX France SARL until 09/25/2101  for the construction of a four stars hotel with 405 rooms (Deed Me  Burthe-Mique 09/26/2002 published on 11/25/2002 volume 2002P no. 12655).** | ** ** |

 

43

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| ** ** | ** ** | ** **                                     | ** ** | **Designation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** ** | ** **          | ** ** | **Origin of ownership**                                                                                                                                                                                    | ** ** | ** **                                                                         | ** ** |
|------------|------------|------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**                                       | ** ** | **Lands**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | ** ** | **Plots of Volume** | ** ** | **Nature – Description**                                                                                                                                                                              | ** ** | **(relative effect)**                                                              | ** ** | **Comments** | ** ** |
| **5**      | ** ** | **Magny-le-Hongre  and Bailly Romainvilliers** | ** ** | **•**  As regards Magny-le-Hongre: 

 

**AD 4 (ex AC 5), lieudit  “Pré Sainte Genevière” 20 ha 86 a 06 ca**

 

**AE 4 (ex AC 6), lieudit  “Pré Sainte Genevière”  9 ha 44 a 52 ca**

 

**AH 70 (ex AC 8), lieudit  “Pré du Bray”**

**9 ha 74 a 03 ca**

 

**AD 3 (ex AC 31)lieudit  “Pré Sainte Genevière”**

**7 a 32 ca**

 

**•** As regards Bailly Romainvilliers:

 

AN 1 (ex AE 1)  Lieudit “Le  Bois du Trou”  5 ha 20 a 74 ca

 

**AN 2 (ex AE 2) Lieudit  “Le Bois du Trou”  9 ha 44 a 18 ca** | ** ** | ** **          | ** ** | **•** 27-hole golf course 

**•** Club House

**•** Maintenance of the premises

**•** Structure of tunnels 1 and 2 under CD no. 93.A

** **

**(Plots ES1. 8 and  ES1.15)** | ** ** | **Deed Me  Bernard 12/16/1991 published on 01/24/1992 volume 1992P no. 916.** | ** ** | **Road  permission for two tunnels under CD no. 93.A (the structure of the  tunnels to be owned by Euro Disney SCA – management agreements for such works  attached to the ownership deed).** | ** ** |

 

44

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| ** ** | ** ** | ** **                | ** ** | **Designation**                                                                                                                                                                                                            | ** ** | ** **                                                             | ** ** | **Origin of ownership**                                                      | ** ** | ** **                                                                                                                                                                               | ** ** |
|------------|------------|---------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------|------------|------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**                  | ** ** | **Lands**                                                                                                                                                                                                                  | ** ** | **Plots of Volume**                                                    | ** ** | **Nature – Description**                                                | ** ** | **(relative effect)**                                                                                                                                                                    | ** ** | **Comments** | ** ** |
|       |       |                      |       | AM 19 (ex AD 31) Lieudit “Le Bois du Trou”  7 ha 96 a 22 ca

 

AM 38 (comes from AM 34 itself coming from AM 9  itself coming from AD 33)

 

Lieudit “Le Champs de Magny” 27 ha 69 a 91 ca |       |                                                                   |       |                                                                         |       |                                                                                                                                                                                     |       |   |   |
|       |       |                      |       |                                                                                                                                                                                                                       |       |                                                                   |       |                                                                         |       |                                                                                                                                                                                     |       |   |   |
| 6          |       | Bailly Romainvilliers     |       | • AL 3 (ex AB 6) lieudit “Les Bois de  Citry”  55 ha 15 a 38 ca

 

•  AL 9 (ex AB 37) lieudit “Les Bois de Citry” 1 ha 21 a 57 ca                                                 |       |                                                                   |       | Campground Leisure  housing park Recreation and service center (plot BS 1.1) |       | AL 3: Deed of Me  Bernard 06/27/1991 published on 07/04/1991 volume 1991P no. 8157.

 

AL 9: Deed of Me Bernard  12/27/1996 published on 01/15/1997 volume 1997P no. 616 |       |   |   |
|       |       |                      |       |                                                                                                                                                                                                                       |       |                                                                   |       |                                                                         |       |                                                                                                                                                                                     |       |   |   |
| **7**      | ** ** | **Bailly Romainvilliers** | ** ** | **AB 27 lieudit “Les prés  de la Fontaine”  2 ha**                                                                                                                                                          | ** ** | ** **                                                             | ** ** | **Land (plot ES1.12)**                                                       | ** ** | **Deed Me  Bernard 04/02/1992 published on 05/22/1992 volume 1992P no. 5471**                                                                                                       | ** ** | **Land  encumbered by a building lease in favor of Trois Moulins Habitat until  06/23/2032. (Deed Me Agasse 06/24/1992 published on 08/18/1992 volume 1992 P  no. 8665).** | ** ** |
| ** ** | ** ** | ** **                | ** ** | ** **                                                                                                                                                                                                                 | ** ** | ** **                                                             | ** ** | ** **                                                                   | ** ** | ** **                                                                                                                                                                               | ** ** | ** ** | ** ** |
| 8          |       | Coupvray                  |       |                                                                                                                                                                                                                       |       | Volume 1 on AC 75 lieudit “Les Trois Petits Bois”  14a 90 ca |       | Engineering work  (bridge no. 2) bearing avenue Robert Schuman          | ** ** | Deed Me Bernard  12/30/1992 published on 04/13/1993 volume 1993P no. 3688                                                                                                           |       |   |   |
|       |       |                      |       |                                                                                                                                                                                                                       |       |                                                                   |       |                                                                         | ** ** |                                                                                                                                                                                     |       |   |   |
| 9          |       | Coupvray                  |       | AC 35 lieudit “Les Trois Petits Bois”  15 a 25 ca                                                                                                                                                                |       |                                                                   | ** ** | Road L1 – L2 (access to  hotel Santa Fe from avenue de l’Europe)   | ** ** | Deed Me Gourret  12/13/1993 published on 01/28/1994 volume 1994P no. 1092                                                                                                           |       |   |   |

 

45

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| ** ** | ** ** | ** **          | ** ** | **Designation**                                                                                   | ** ** | ** **                                                                                                                                                                                      | ** ** | **Origin of ownership**                                                  | ** ** | ** **                                                                      | ** ** |
|------------|------------|---------------------|------------|---------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**            | ** ** | **Lands**                                                                                         | ** ** | **Plots of Volume**                                                                                                                                                                             | ** ** | **Nature – Description**                                            | ** ** | **(relative effect)**                                                           | ** ** | **Comments** | ** ** |
| 10         |       | Coupvray            |       | AC 12 lieudit “Les Trois Petits Bois”

 

1 ha 43 a 44 ca |       |                                                                                                                                                                                            |       | Service Station

 

Car rental counter  (plot LA1.3) | ** ** | Deed Me Gourret  09/30/1991 published on 11/18/1991 volume 1991P no. 13482 |       |   |   |
|       |       |                |       |                                                                                              |       |                                                                                                                                                                                            |       |                                                                     | ** ** |                                                                            |       |   |   |
| 11         |       | Coupvray and Chessy |       |                                                                                              |       | Volume 1, which basis  is:

 

•  AC 70 lieudit “Les Trois Petits Bois” 1 ha 35 ca in Coupvray

 

•  AI 35 lieudit “La Mare Baignoire” 41 ca in Chessy |       | Engineering work number  three (bridge) bearing avenue Jules Verne       | ** ** | Deed Me Bernard  12/30/1992 published on 04/13/1993 volume 1993P no. 3687  |       |   |   |

 

46

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| ** ** | ** ** | ** **          | ** ** | **Designation**                                                                                                                                                                                                                                                                                                                                                                                                | ** ** | ** **          | ** ** | **Origin of ownership**                       | ** ** | ** **                                                                                                                                                                        | ** ** |
|------------|------------|---------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------|------------|-----------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**            | ** ** | **Lands**                                                                                                                                                                                                                                                                                                                                                                                                      | ** ** | **Plots of Volume** | ** ** | **Nature – Description**                 | ** ** | **(relative effect)**                                                                                                                                                             | ** ** | **Comments** | ** ** |
| 12         |       | Coupvray and Chessy |       | • As regards Coupvray:

 

AB 56, lieudit “Les  Regards” 54 a 68 ca

 

• As regards Chessy:

 

AI 29, lieudit “La Mare  Baignoire” 27 a 95 ca                                                                                                                                                                                                                   |       |                |       | Road I4 – I5 (access to  hotel Cheyenne) |       | Deed Me Gourret  12/13/1993 published on 01/28/1994 volume 1994P no. 1091                                                                                                    |       |   |   |
|       |       |                |       |                                                                                                                                                                                                                                                                                                                                                                                                           |       |                |       |                                          |       |                                                                                                                                                                              |       |   |   |
| 13         |       | Coupvray and Chessy |       | • As regards Coupvray:

 

AC 40, lieudit “Les Regards” 79 a 17 ca

 

AC 27, lieudit “Les Trois Petits Bois” 46 ca

 

AC 86, lieudit “Les Tois Petits Bois” 64 a 71 ca

 

AC 38, lieudit “Les Trois Petits Bois” 2 ha 21 a 98 ca 

 

• As regards Chessy:

 

AI 53, lieudit “La Mare Baignoire” 49 a 67 ca |       |                |       | Lake                                          |       | Deed Me Gourret  12/20/1994 published on 02/16/1995 volume 1995P no. 1816

 

Additional deed Me  Gourret 01/15/1999 published on 06/08/1999 volume 1999P no. 6730 |       | AK 51 comes from the  division of AK 24 (see deed Me Burthe-Mique 01/18/1999 published on  03/25/1999 volume 1999P no. 3791). |   |

 

47

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| ** ** | ** ** | ** ** | ** ** | **Designation**                                                                                                                                                                                      | ** ** | ** **                                                         | ** ** | **Origin of ownership**                                                                                                                                                                                                    | ** ** | ** **                                                                        | ** ** |
|------------|------------|------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**                                                                                                                                                                                            | ** ** | **Plots of Volume**                                                | ** ** | **Nature – Description**                                                                                                                                                                                              | ** ** | **(relative effect)**                                                             | ** ** | **Comments** | ** ** |
| ** ** | ** ** | ** ** | ** ** | **AK 51 (comes from AK  24), lieudit “La Mare Baignoire” 3 ha 77 a 79 ca**                                                                                                                 |       |                                                               |       |                                                                                                                                                                                                                       |       |                                                                              |       |   |   |
| ** ** | ** ** | ** ** | ** ** | ** **                                                                                                                                                                                           |       |                                                               |       |                                                                                                                                                                                                                       |       |                                                                              |       |   |   |
| **14**     | ** ** | **Chessy** | ** ** | **On AK 16, lieudit “La  Mare Baignoire” 85 a 42 ca**                                                                                                                                      |       | **Volume 5**

** **

**Volume 7**                             | ** ** | **Volume 5: Part of the  infrastructure of the master structure covering the R.E.R tracks**

** **

**Volume  7: Part of the damp-proof course of the cover-slab of the master structure  covering the R.E.R tracks** | ** ** | ** **                                                                        | ** ** | **The  volume five is to be assigned to RATP** |   |
| ** ** | ** ** | ** ** | ** ** | ** **                                                                                                                                                                                           |       | ** **                                                         | ** ** | ** **                                                                                                                                                                                                                 | ** ** | ** **                                                                        | ** ** | ** ** |   |
| 15         |       | Chessy     |       |                                                                                                                                                                                                 |       | Volume 1 on AI 30, lieudit “La Mare Baignoire”  8a 64 ca |       | Engineering structure  no. 6 (bridge) for the access road to hotel Disneyland and crossing the  TGV and RER tracks                                                                                                    |       | Deed of Me Gourret  12/30/1992 published on 04/19/1993 volume 1993P no. 3862 |       |   |   |
|       |       |       |       |                                                                                                                                                                                                 |       |                                                               |       |                                                                                                                                                                                                                       |       |                                                                              |       |   |   |
| 16         |       | Chessy     |       | AI 55, lieudit “La Mare  Baignoire” 64 a 36 ca                                                                                                                                             |       |                                                               |       | Engineering structure  no. 5 (bridge) for the access road to hotel Disneyland                                                                                                                                         |       | Deed Me Gourret  12/7/1993 published on 01/31/1994 volume 1994P no. 1139     |       |   |   |
|       |       |       |       |                                                                                                                                                                                                 |       |                                                               |       |                                                                                                                                                                                                                       |       |                                                                              |       |   |   |
| **17**     | ** ** | **Chessy** | ** ** | **AI 1, lieudit “Les  Livrains” 2 ha 38 a 85 ca**

** **

**AI 6, lieudit “La Galmy”  3 ha 27 a 85 ca**

** **

**AI 32 lieudit “La Mare  Baignoire” 75 ca** |       | **Volume  1 on AI 4**                                              | ** ** | **Hotel  Disneyland (plot TO1.5)**                                                                                                                                                                                         | ** ** | **Deed Me  Gourret 11/7/1989 published on 02/9/1990 volume 1990P no. 1664**  | ** ** | ** ** |   |

 

48

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| ** ** | ** ** | ** ** | ** ** | **Designation**                                                                | ** ** | ** **          | ** ** | **Origin of ownership**                                                      | ** ** | ** **                                                                                                                                                                                | ** ** |
|------------|------------|------------|------------|--------------------------------------------------------------------------------|------------|---------------------|------------|------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**                                                                      | ** ** | **Plots of Volume** | ** ** | **Nature – Description**                                                | ** ** | **(relative effect)**                                                                                                                                                                     | ** ** | **Comments** | ** ** |
| **18**     | ** ** | **Chessy** | ** ** | **AK 52, lieudit “La Mare  Baignoire” 8 a 07 ca (comes from AK 24)** |       |                |       | **Land  (part of the plot TOX1.2)**                                          | ** ** | **Deed Me  Gourret 12/20/1994 published on 02/16/1995 volume 1995P no. 1816.**                                                                                                       | ** ** | **Land  encumbered by a building lease in favor of McDonald’s France S.A until  01/19/2019 (deed Me Burthe-Mique 01/19/1999 published on 03/15/1999 volume  1999P no. 3791.** |   |
| ** ** | ** ** | ** ** | ** ** | ** **                                                                     |       |                |       |                                                                         |       |                                                                                                                                                                                      |       |   |   |
| 19         |       | Chessy     |       | AK 64 lieudit “Le Bois  de Paris” 1 ha 20 a 45 ca                    |       | ** **          | ** ** | Wardrobe building  Second Park (plot AT2.2)                                  |       | Deed Me Gourret  01/26/2000 published on 03/17 and 11/7/2000 volume 2000P no. 3664 with  correcting certificate of 10/27/2000 published on 11/7/2000 volume 2000P  no. 14163    | ** ** | ** ** |   |
|       |       |       |       |                                                                           |       | ** **          | ** ** |                                                                         |       |                                                                                                                                                                                      | ** ** | ** ** |   |
| 20         |       | Chessy     |       | AK 63 lieudit “Le Bois  de Paris” 23 ha 88 a 52 ca                   |       |                |       | Walt Disney Studios®  Park (plot AT2.1)                                 |       | Deed Me Gourret  01/26/2000 published on 03/27 and 10/20/2000 volume 2000P no. 4016 with  correcting certificate of 10/16/2000 published on 10/21/2000 volume 2000P  no. 13382. |       |   |   |
|       |       |       |       |                                                                           |       |                |       |                                                                         |       |                                                                                                                                                                                      |       |   |   |
| 21         |       | Chessy     |       | AK 65 lieudit “Le Bois de Paris” 1 ha 19 a 44 ca                     |       |                |       | Production studios +  The Walt Disney Television International (plot AT 2.3) |       | Deed Me Gourret  01/26/2000 published on 03/27 and 10/20/2000 volume 2000P no. 4018 with  correcting certificate of 10/16/2000 published on 10/20/2000 volume 2000P  no. 13383. |       |   |   |
|       |       |       |       |                                                                           |       |                |       |                                                                         |       |                                                                                                                                                                                      |       |   |   |
| 22         |       | Chessy     |       | Volume 1 on AI 38  lieudit “La Mare Baignoire” 15 a 18 ca            |       |                |       | Engineering structure  number four (bridge)                                  |       | Deed Me Bernard  12/30/1992 published on 04/13/1993 volume 1993P no. 3686.                                                                                                           |       |   |   |

 

49

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| ** ** | ** ** | ** ** | ** ** | **Designation**                                                                                                                                                                                                                                                                                                                           | ** ** | ** **                                                                                                                                                                                                                                                                         | ** ** | **Origin of ownership**                                               | ** ** | ** **                                                                                                                                                                                                                                                                 | ** ** |
|------------|------------|------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**                                                                                                                                                                                                                                                                                                                                 | ** ** | **Plots of Volume**                                                                                                                                                                                                                                                                | ** ** | **Nature – Description**                                         | ** ** | **(relative effect)**                                                                                                                                                                                                                                                      | ** ** | **Comments** | ** ** |
| **23**     | ** ** | **Chessy** | ** ** | **AK 91 lieudit “La Mare  Baignoire” 10 ca**

** **

**AK 92 lieudit “La Mare  Baignoire” 13 ca**

** **

**AK 93 lieudit “La Mare  Baignoire” 16 ca**

** **

**AK 94 lieudit “La Mare  Baignoire” 90 ca**

** **

**AK 87 lieudit “Le Bois  de Paris” 5 a 83 ca** |       | **Volume 2 on AK 88  lieudit “Le Bois de Paris” 81 ca**

** **

**Volume 8 on AK 16  lieudit “La Mare Baignoire” 85 a 42 ca**

** **

**Volume 8 on AK 18  lieudit “La Mare Baignoire” 1 ha 8 a 32 ca**

** **

**Volume 6 on AK 16** | ** ** | **Land  and plots of volume (plot TO3A.1, except volume 6 on AK 16)** | ** ** | **•** Parcels and volumes except for volume 6 on AK 16:

** **

**Deed Me Gourret  09/15/2003 pending publication.**

** **

**•** Volume 6 on AK 16:

** **

**Deed Me Gourret  12/30/1992 published on 04/19/1993 volume 1993P no. 3863.** | ** ** | **Land  and plots of volume encumbered by a building lease in favor of VINCI Park for  40 years from the operation of the car park. (Deed Me Burthe-Mique 09/15/2003  pending publication).** |   |
| ** ** | ** ** | ** ** | ** ** | ** **                                                                                                                                                                                                                                                                                                                                |       |                                                                                                                                                                                                                                                                               |       |                                                                  |       |                                                                                                                                                                                                                                                                       |       |   |   |
| 24         |       | Serris     |       |                                                                                                                                                                                                                                                                                                                                      |       | Volume 3 on AB 8  lieudit “L’Erable” 34 a 70 ca                                                                                                                                                                                                                     |       | Engineering structure  no. 1 (bridge)                            |       | Deed of Me Gourret  10/26/1993 published on 12/10/1993 volume 1993P no. 11635                                                                                                                                                                                         | ** ** | ** ** |   |

 

50

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| ** ** | ** ** | ** ** | ** ** | **Designation** | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                 | ** ** | **Origin of ownership**       | ** ** | ** **                                                                                                                                                | ** ** |
|------------|------------|------------|------------|-----------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**       | ** ** | **Plots of Volume**                                                                                                                                                                                                                                                                                                                                                                        | ** ** | **Nature – Description** | ** ** | **(relative effect)**                                                                                                                                     | ** ** | **Comments** | ** ** |
| 25         |       | Serris     | ** ** |            |       | •** **On AC 53 lieudit “Le Pré Bailly” 14 a 85 ca

 

Volume 1 (Subsoil) 

 

Volume 2 (Airspace) 

 

Volume 3 (car park)

 

Volume 4 (commercial premises  and offices)

 

Volume 5 (commercial premises  and offices)

 

Volume 6 (commercial premises  and offices)

 

Volume 7 (commercial premises and offices) |       | Shopping mall                 |       |  

 

 

 

 

 

 

 

AC 53: deed of Me Gourret  06/22/1998 published on 08/20/1998 volume 1998P no. 9149. |       | AC 53:

 

1) EDDV: Deed Me Pecheteau 06/22/1998 published on  08/20/1998 volume 1998P no. 9153.

 

2) volumes 3 to 7: building lease in favor of SE.  CO. VAL.DE for 75 years from 06/22/1998 (Deed Me Burthe-Mique 06/22/1998  published on 08/20/1998 volume 1998P no. 9157).

 

3) volume 5: assignment of building lease by SCI SE.  CO. VAL.DE to AUCHAN France (Deed Me Pecheteau 06/22/1998 published on  08/20/1998 volume 1998P no. 9159). |   |

 

51

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| ** ** | ** ** | ** ** | ** ** | **Designation** | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                      | ** ** | **Origin of ownership**       | ** ** | ** **                                                                                                                                                                                                                                                              | ** ** |
|------------|------------|------------|------------|-----------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**       | ** ** | **Plots of Volume**                                                                                                                                                                                                                                                                                                                                                                                                                                             | ** ** | **Nature – Description** | ** ** | **(relative effect)**                                                                                                                                                                                                                                                   | ** ** | **Comments** | ** ** |
|       |       |       | ** ** |            |       | **•** On AC 52 lieudit “Le Pré Bailly”

 

Volume 6 (1st level of underground car  park) 

 

Volume 7 (2nd level of car park and subsoil)  

 

Volume 8 (subsoil) 

 

Volume 9 (airspace) 

 

Volume 10 (firemen way and access) 

 

Volume 11 (subsoil) 

 

Volume 12 (service premises)

 

Volume 13 (airspace) 

 

Volume 14 (service premises) 

 

Volume 15 (airspace) |       |                          |       | AC 52:

 

**•** volumes 9,  10, 11: deed Me Gourret 06/22/1998 published on 08/20/1998 volume 1998P  no. 9150.

 

**•** volumes 6,  7, 8, 12, 13, 14 and 15: Deed Me Gourret 06/22/1998 published on 08/20/1998  volume 1998P no. 9149. |       | AC 52:

 

1) EDDV: Me Gourret 06/22/1998 published on  08/20/1998 volume 1998P no. 3148. Modification Me Burthe-Mique  06/22/1998 published on 08/20/1998 volume 1998P no. 3156.

 

2) volumes 6, 7, 10, 12 and 14: building lease in  favor of SCI SE.CO.VAL.DE for 75 years from 06/22/1998. Deed Me Burthe-Mique  of 06/22/1998 referred to above.

 

3) volume 6: assignment of building lease for SCI  SE.CO.VAL.DE to AUCHAN France (Deed Me Pecheteau of 06/22/1998 referred to  above). |   |
|       |       |       | ** ** |            |       | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                      |       |                          |       |                                                                                                                                                                                                                                                                    |       |   |   |
|       |       |       | ** ** |            |       | **•** On AC 63 “Le Pré Bailly” and AC 64 “Le Pré  Bailly” 2 ha 98 a 88 ca

** **

**Volume  1 (subsoil)**

** **

**Volume  2 (airspace)**

** **

** **                                                                                                                                                                                                                                                 |       | ** **                    | ** ** | **AC 63 and 64:**  Deed Me Gourret 06/22/1998 published on 08/20/1998 volume 1998P no. 9150                                                                                                                                                                             | ** ** | **AC  63 and 64:**

** **

**1) EDDV: Me Pecheteau 06/22/1998 published on  08/20/1998 volume 1998P no. 9152. Modification Me Pecheteau 10/24/2000  published on 11/30/2000 volume 2000P no. 15257.** |   |

 

52

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| ** ** | ** ** | ** ** | ** ** | **Designation** | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                        | ** ** | **Origin of ownership**       | ** ** | ** **                                                                                  | ** ** |
|------------|------------|------------|------------|-----------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------|------------|---------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**       | ** ** | **Plots of Volume**                                                                                                                                                                                                                                                                                                                                               | ** ** | **Nature – Description** | ** ** | **(relative effect)**                                                                       | ** ** | **Comments** | ** ** |
|       |       |       | ** ** |            |       | **Volume  3 (car park)**

** **

**Volume 4 (commercial premises and shopping arcade)**

** **

**Volume 5 (commercial premises and manufacturers’  shops)**                                                                                                                                                                                       | ** ** | ** **                    | ** ** | ** **                                                                                  | ** ** | **2)  volumes 3, 4 and 5: building lease in favor of SCI SE.CO.VAL.DE for 75 years  from 06/22/1998. Deed Me Burthe-Mique of 06/22/1998 referred to above.**

** **

**3)  Volume 5: assignment of building lease for SCI SE.CO.VAL.DE to Value Retail.  Deed Me Pecheteau 01/29/1999 published on 02/22/1999 volume 1999P  no. 2289.** |   |
|       |       |       | ** ** |            |       | ** **                                                                                                                                                                                                                                                                                                                                                        |       |                          |       |                                                                                        |       |   |   |
|       |       |       | ** ** |            |       | **•** On AC 54 “Le Pré Bailly” 10 ha 23 a 44 ca

** **

**Volume  1 (subsoil)**

** **

**Volume  2 (airspace)**

** **

**Volume  3 (car park)**

** **

**Volume  4 (commercial premises and shopping arcade)**

** **

**Volume  5 (commercial premises superstore)**

** **

**Volume 6 (service station)** | ** ** | ** **                    | ** ** | **AC  54**: Deed Me Gourret 06/22/1998 published on 08/20/1998 volume 1998P  no. 9150. | ** ** | **AC  54**:

** **

**1)  EDDV: Me Pecheteau 06/22/1998 published on 08/20/1998 volume 1998P  no. 9151. Modification Me Pecheteau 10/24/2000 published on 11/30/2000  volume 2000P no. 15258.**

** **

**2)  volumes 3, 4, 5 and 6: building lease in favor of SCI SE.CO.VAL.DE for 75  years from 06/22/1998. Deed Me Burthe-Mique of 06/22/1998 referred to above.**

** **

**3)volume  5: assignment of building lease by SCI SE.CO.VAL.DE to AUCHAN France. Deed Me  Pecheteau of 06/22/1998 referred to above.**

** **

**4)  volume 6: assignment of building lease by SCI SE.CO.VAL.DE to BOURGANEUF  SARL. Deed Me Pecheteau 11/27/2001 volume 2001P no. 49.** |   |

 

53

----

 
| ** ** | ** ** | ** ** | ** ** | **Designation** | ** ** | ** **                                                                                                                                                                                                                                                                                                                          | ** ** | **Origin of ownership**       | ** ** | ** **                                                                                                   | ** ** |
|------------|------------|------------|------------|-----------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------|------------|--------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**       | ** ** | **Plots of Volume**                                                                                                                                                                                                                                                                                                                 | ** ** | **Nature – Description** | ** ** | **(relative effect)**                                                                                        | ** ** | **Comments** | ** ** |
|       |       |       | ** ** |            |       | **•** On AC 48 lieudit “Le Pré de Bailly”

** **

**Volume 3 (engineering  structure no. 19 crossing the TGV tracks)**

** **

**Volume 4 (airspace above  the engineering structure no. 19 limited to the number NGF 155)**

** **

**Volume 5 (airspace above  the number NGF 155)** | ** ** | ** **                    | ** ** | **AC 48:**(volumes 3, 4,  5) Deed Me Gourret 06/22/1998 published on 08/20/1998 volume 1998P  no. 9150. | ** ** | **AC 48**:

** **

**1) EDDV: Me Gourret  06/22/1998 published on 08/20/1998 volume 1998P no. 9147. Modification  Me Burthe-Mique 06/22/1998 published on 08/200/1998 volume 1998P  no. 9155.**

** **

**2) volume 4: building  lease in favor of SCI SE.CO.VAL.DE for 75 years from 06/22/1998. Deed Me  Burthe-Mique of 06/22/1998 referred to above.** |   |

 

54

----

 
| ** ** | ** ** | ** ** | ** ** | **Designation**                                                                                                                                         | ** ** | ** **                                                                                                                                                                                      | ** ** | **Origin of ownership**                                                                                    | ** ** | ** **                                                                                                                                                          | ** ** |
|------------|------------|------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**                                                                                                                                               | ** ** | **Plots of Volume**                                                                                                                                                                             | ** ** | **Nature – Description**                                                                              | ** ** | **(relative effect)**                                                                                                                                               | ** ** | **Comments** | ** ** |
|       |       |       | ** ** |                                                                                                                                                    |       | **•** On AC 14 lieudit “la Tête de chien” 13 a  63 ca

** **

**Volume  3 (engineering work no. 4333)**

** **

**Volume  4 (airspace)**                     | ** ** | ** **                                                                                                 | ** ** | **AC 14**: (volumes 3 and 4) Deed  Me Gourret 06/22/1998 published on 08/20/1998 volume 1998P no. 9150.                                                        | ** ** | **AC  14**:

** **

**1)  EDDV: Me Gourret 06/29/1995 published on 10/05/1995 volume 1995P  no. 9800. Modification Me Burthe-Mique of 06/22/1998 published on  08/20/1998 volume 1998P no. 9154**

** **

**2) volume 3: building lease in favor of SCI SE.CO.VAL.DE  for 75 years from 06/22/1998. Deed Me Burthe-Mique referred to above.** |   |
|       |       |       | ** ** |                                                                                                                                                    |       | ** **                                                                                                                                                                                      | ** ** | ** **                                                                                                 | ** ** | ** **                                                                                                                                                          | ** ** | ** ** |   |
| **26**     | ** ** | **Serris** | ** ** | **AC 219 lieudit  “Boulevard de l’Europe” 48 a 08 ca**

** **

**AC 222 lieudit  “Boulevard de l’Europe” 6 a 36 ca** |       | **Volume 1 on AC 223  lieudit “Boulevard de l’Europe” 2 a 92 ca**

** **

**Volume 1 on AC 221**

** **

**Lieudit “Boulevard de  l’Europe” 2 a 48 ca** | ** ** | **Land  basis of the traffic circle BO enabling access to the underground car park of  the shopping mall** | ** ** | **Deed Me  Gourret 10/22/2003 published on 11/25/2003 volume 2003P no. 12609**                                                                                 | ** ** | **Land  basis encumbered by a long-term lease in favor of SE.CO.VAL.DE for a term  equivalent to that of the building lease relating to the shopping mall. Deed  Me Burthe-Mique 10/22/2003 published on 12/03/2003 volume 2003P  no. 12967.** |   |
| ** ** | ** ** | ** ** | ** ** | ** **                                                                                                                                              |       | ** **                                                                                                                                                                                      | ** ** | ** **                                                                                                 | ** ** | ** **                                                                                                                                                          | ** ** | ** ** |   |
| **27**     | ** ** | **Serris** | ** ** | ** **                                                                                                                                              |       | **Volume 1 on AC 104  lieudit “La tête de chien” 23 a 26 ca**                                                                                                                    | ** ** | **Plots of volume basis of  a hotel**

** **

**(Part of the plot  AF2C10)**                          | ** ** | **Deed Me Gourret  09/26/2000 published on 10/26/2000 and 06/29/2001 with amending certificate  of 06/19/2001 published on 06/26/2001 volume 2001P no. 8150.** | ** ** | **Plots  of volume encumbered by a building lease in favor of GENEFIM (Hotel  C.E.H.I.E) until 09/25/2030. Deed Me Pône 09/26/2000 published on 11/20/2000  and 06/29/2001 volume 2000P no. 14802.** |   |

 

55

----

 
| ** ** | ** ** | ** ** | ** ** | **Designation**                                                               | ** ** | ** **          | ** ** | **Origin of ownership**       | ** ** | ** **                                                                           | ** ** |
|------------|------------|------------|------------|-------------------------------------------------------------------------------|------------|---------------------|------------|-------------------------------|------------|--------------------------------------------------------------------------------------|------------|
| **No.**    | ** ** | **Town**   | ** ** | **Lands**                                                                     | ** ** | **Plots of Volume** | ** ** | **Nature – Description** | ** ** | **(relative effect)**                                                                | ** ** | **Comments** | ** ** |
| **28**     | ** ** | **Serris** | ** ** | **AC  161 lieudit “Rue Emile Cloud” 1 ha 83 a 21 ca.**              |       | ** **          | ** ** | **Land  (plot AF3C.1a)**      | ** ** | **Deed Me Gourret 08/29/2002 published on 10/18/2002  volume 2002P no. 11343.** | ** ** | **Land encumbered by a building lease in favor of  SE.CO.VAL.DE (Jardinerie Delbard) through 06/22/2073.**

** **

**Deed Me Burthe-Mique of 08/29/2002 published on  11/04/2002 volume 2002P no. 11889.** |   |
|       |       |       |       |                                                                          |       | ** **          | ** ** | ** **                    | ** ** | ** **                                                                           | ** ** | ** ** |   |
| 29         |       | Serris     |       | AH 20 lieudit “Le bout des clos” 3 ha 06 a 24 ca  (comes from AE 2) |       | ** **          | ** ** | Training center (Lot ACX.1)   |       | Deed Me Bernard 08/12/1999 published on 08/24/1999  volume 1999P no. 10457.     | ** ** | ** ** |   |

 

56

----

 

**Exhibit 2.1(c)**

#### **Description of interests**

 
| ** **                            | ** ** | **(in €million)** | ** ** |
|---------------------------------------|------------|------------------------|------------|
| ** **                            | ** ** | ** **             | ** ** |
| EDL Hôtels S.C.A                 |       | 308.12                 |       |
| EDL Hôtels  Participations S.A.* |       | 0.15                   |       |
| Euro Disney  Vacances S.A.*           |       | 0.15                   |       |
| ED Resort  Services S.C.A.*           |       | 0.15                   |       |
| ED Resort  S.C.A.*                    |       | 0.15                   |       |
| Val d’Europe Promotion S.A.*     |       | 0.06                   |       |
| ED Spectacles S.A.R.L.                |       | 0.05                   |       |
| EDL Services S.A.*                    |       | 0.04                   |       |
| S.E.T.E.M.O. Imagineering S.A.R.L.    |       | 0.01                   |       |
| Débit de Tabac S.N.C             |       | NS                     |       |
| ED Finances 1 S.N.C                   |       | NS                     |       |
| ED Finances 2 S.N.C                   |       | NS                     |       |
| ED Finances 3 S.N.C.                  |       | NS                     |       |
| ED Finances 4 S.N.C.                  |       | NS                     |       |
| Convergence Achats S.A.R.L.           |       | NS                     |       |
|                                  |       |                   |       |
| For a total, as of June 30, 2004, of: |       | 308.88                 |       |

 

----

* These companies shallbe converted into S.A.S. before the Completion Date

 

As of June 30, 2004, theContributing Company directly holds 99.9% of the share capital of these subsidiaries,except for ED Spectacles S.A.R.L. (80%), Convergence Achats S.A.R.L. (50%), EDFinances 1 S.N.C. (50%), ED Finances 2 S.N.C. (50%), ED Finances 3 S.N.C.(50%), ED Finances 4 S.N.C. (50%), and Débit de Tabac S.N.C. (40%), andS.E.T.E.M.O. Imagineering S.A.R.L. (100%). The shareholding interests are shownat their acquisition value.

 

As of September 30, 2004, the Contributing Company will directly andindirectly hold 100% of the share capital of these subsidiaries, except forConvergence Achats S.A.R.L. (50%), and Villages Nature de Val d’Europe S.A.R.L.(50%).

 

57

----

 

**Exhibit 2.1.(d)**

 

**Liens, pledges and sureties burdening thecontributed assets**

 

•                  The sureties burdening the real estate assets contributed by EuroDisney S.C.A. to EDA are as follows:

 
| **Description of the real estate property**                                                                                                                                                            |   | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **1)  Hôtel Disneyland (lot TO1.5)**

                                                                                                                                                       |   | **In favor of CDC**:  03/15/2000 vol.2000 no. 2617.

Capital: FF. 801,205,000 (€122,142,914.86)

Ancillaries: FF. 160,241,000 (€24,428,582.97)

Initial registration: 11/24/1989 and 03/8/1990  vol.2075 no. 137.

Renewals: 07/11/1997 vol.97v no. 6869

Effective date: 11/01/2025.                                                                                                                                                                 |
| **• **Plot of land: AI-1 – CHESSY

**Lieudit “Les Livrains”**

**2 ha 38  a 85 ca**

** **                                                                               |   | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **• Plot of land: AI 6 – CHESSY**

Lieudit “La Galmy”

**3 ha 27  a 85 ca****• Volume 1 on plot of land AI 4****Lieudit “Le Royaume  Enchanté”****60 a 67 ca** |   | **In favor of BNP:**

Principal amount: FF. 95,449,078.61 (€14,551,118.23)

Exchange risks: FF. 9,544,907.86 (€1,455,111.82)

Ancillaries: FF. 14,317,361.79 (€2,182,667.73)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 1 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6661.

Effective date: November 30, 2011.                                                                                 |
|                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|  

 

**(The  plot of land AI 32 is not  encumbered with registration)**                                                                                                                     |   | **In favor of CNCA:**

Principal amount: FF. 53,388,942.44  (€8,139,091.81)

Exchange risks: FF. 5,338,894.24 (€813,909.18)

Ancillaries: FF. 8,008,341.36 (€1,220,863.77)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 2 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6662.

Effective date: November 30, 2011.                                                                              |
|                                                                                                                                                                                                   |   | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                   |   | **In favor of “Bank of America National Trust and  Savings Association”:** 

 

Principal amount: FF. 56,355,324.24  (€8,591,313.80)

Exchange risks: FF. 5,635,532.42 (€859,131.38)

Ancillaries: FF. 8,453,298.63 (€1,288,697.07)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 3 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6663.

Effective date: November 30, 2011. |
|                                                                                                                                                                                                   |   | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                   |   | **In favor of Morgan Guaranty Trust Company of New  York:**

Principal amount: FF. 23,951,012.80  (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 4 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6664.

Effective date: November 30, 2011.                                     |

 

58

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |       | **In favor of Crédit National:**

Principal amount: FF. 112,710,648.46  (€17,182,627.59)

Exchange risks: FF. 11,271,064.84  (€1,718,262.76)

Ancillaries: FF. 16,906,597.26 (€2,577,394.14)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 5 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6665.

Effective date: November 30, 2011.                                          |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                        | ** ** | **In favor of Banque INDOSUEZ:**

Principal amount: FF. 61,360,000.20  (€9,354,271.73)

Exchange risks: FF. 6,136,000.02 (€935,427.17)

Ancillaries: FF. 9,204,000.03 (€1,403,140.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 6 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6666.

Effective date: November 30, 2011.                                                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

 

Principal amount: FF. 61,360,000.20  (€9,354,271.73)

Exchange risks: FF. 6,136,000.02 (€935,427.17)

Ancillaries: FF. 9,204,000.03 (€1,403,140.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 7 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6667.

Effective date: November 30, 2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                        | ** ** | **In favor of The Bank of Tokyo Ltd (Kabushiki  Kaish a Tokyo Ginko):**

 

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 8 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6668.

Effective date: November 30,  2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                        | ** ** | **In favor of Banque Française  du Commerce extérieur:**

Principal amount: FF. 61,293,493.79  (€9,344,132.89)

Exchange risks: FF. 6,129,349.37 (€934,413.29)

Ancillaries: FF. 9,194,024.06 (€1,401,619.93)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 9 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6669.

Effective date: November 30, 2011.               |

 

59

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 31,039,208.12 (€4,731,896.77)

Exchange risks: FF. 3,103,920.81 (€473,189.68)

Ancillaries: FF. 4,655,881.21 (€709,784.51)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 10 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6670.

Effective date: November 30, 2011.                      |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                        | ** ** | **In favor of Dresdner Bank Aktiengesellschaft:**

 

Principal amount: FF. 95,909,385.01  (€14,621,291.49)

Exchange risks: FF. 9,590,938.50  (€1,462,129.15)

Ancillaries: FF. 14,386,407.75 (€2,193,193.72)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 11 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6671.

Effective date: November 30, 2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

 

Principal amount: FF. 27,332,332.26 (€4,166,787.19)

Exchange risks: FF. 2,733,233.22 (€416,678.72)

Ancillaries: FF. 4,099,849.83 (€625,018.08)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 12 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6672.

Effective date: November 30, 2011.              |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                        | ** ** | **In favor of Bayerische Vereinsbank BV France:**

 

Principal amount: FF. 49,749,787.94  (€7,584,306.28)

Exchange risks: FF. 4,974,978.79 (€758,430.63)

Ancillaries: FF. 462,468.19 (€1,137,645.94)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 13 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6673.

Effective date: November 30, 2011.   |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                        | ** ** | **In favor of Goldman Sachs Paris Inc. et Cie**:

Principal amount: FF. 50,370,711.98 (€7,678,965.54)

Exchange risks: FF. 5,037,071.19 (€767,896.55)

Ancillaries: FF. 7,555,606.79 (€1,151,844.83)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 14 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6674.

Effective date: November 30, 2011.                          |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                        | ** ** | **In favor of CFF:**

Principal amount: FF. 52,696,330.66  (€8,033,503.82)

Exchange risks: FF. 5,269,633.06 (€803,350.38)

Ancillaries: FF. 7,904,449.59 (€1,205,025.57)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 15 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6675.

Effective date: November 30, 2011.                                      |

 

60

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Crédit Suisse (France):**

Principal amount: FF. 26,092,028.81  (€3,977,704.15)

Exchange risks: FF. 2,609,202.88 (€397,770.41)

Ancillaries: FF. 3,913,804.32 (€596,655.62)

Initial registration: 11/21/1989 and 03/8/990 vol.  2077 no. 16 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6676.

Effective date: November 30, 2011.                        |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft**:

Principal amount: FF 52,692,228.16 (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 17 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6677.

Effective date: November 30, 2011.                                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 52,679,372.77 (€8,030,918.61)

Exchange risks: FF. 5,267,937.27 (€803,091.86)

Ancillaries: FF. 7,901,905.91 (€1,204,637.79)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 18 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6678.

Effective date: November 30, 2011.                      |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 27,332,332.26 (€4,166,787.19)

Exchange risks: FF. 2,733,233.22 (€416,678.72)

Ancillaries: FF. 4,099,849.83 (€625,018.08)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 19 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6679.

Effective date: November 30, 2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                        | ** ** | **In favor of Goldman Sachs Paris Inc et Cie:**

Principal amount: FF. 52,692,228.16 (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 20 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6680.

Effective date: November 30, 2011.                   |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 31,039,208.12  (€4,731,896.77)

Exchange risks: FF. 3,103,920.81 (€473,189.68)

Ancillaries: FF. 4,655,881.21 (€709,784.51)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 21 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6681.

Effective date: November 30, 2011.             |

 

61

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| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 14,386,407.75 (€1,204,931.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 23 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6683.

Effective date: November 30, 2011.                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                        | ** ** | **In favor of Lazard Frères & Co LLC:**

Principal amount: FF. 26,127,288.30  (€3,983,079.42)

Exchange risks: FF. 2,612,728.83 (€398,307.94)

Ancillaries: FF. 3,919,093.24 (€597,461.91)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 24 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6684.

Effective date: November 30, 2011.                |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                        | ** ** | **In favor of NMB Bank France:**

Principal amount: FF. 27,332,332.26  (€4,166,787.19)

Exchange risks: FF. 2,733,233.22 (€416,678.72)

Ancillaries: FF. 4,099,849.83 (€625,018.08)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 25 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6685.

Effective date: November 30, 2011.                                |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                        | ** ** | **In favor of Crédit Industriel et Commercial:**

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 26 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6686.

Effective date: November 30, 2011.              |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                        | ** ** | **In favor of Goldman Sachs Paris Inc et Cie:**

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 27 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6687.

Effective date: November 30,  2011.              |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                        | ** ** | **In favor of Banque  Fédérative du Crédit Mutuel:**

Principal amount: FF. 23,951,012.80 (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 28 – 

Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6688.

Effective date: November 30, 2011. |

 

62

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| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 23,951,012.80  (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 29 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6689.

Effective date: November 30, 2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of BRED:**

Principal amount: FF. 23,951,012.80 (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 30 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6690.

Effective date: November 30, 2011.                                                          |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of Caisse Centrale des Banques  Populaires:**

Principal amount: FF. 47,382,204.62  (€7,223,370.53)

Exchange risks: FF. 4,738,220.46 (€722,337.05)

Ancillaries: FF. 7,107,330.69 (€1,083,505.58)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 31 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6691.

Effective date: November 30, 2011.          |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 21,758,469.74  (€3,317,057.33)

Exchange risks: FF. 2,175,846.97 (€331,705.73)

Ancillaries: FF. 3,263,770.46 (€497,558.60)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 32 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6692.

Effective date: November 30, 2011.                   |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of The Bank of Nova Scotia:**

Principal amount: FF. 96,250,000.00  (€14,673,217.91)

Exchange risks: FF. 9,625,000.00 (€1,467,321.79)

Ancillaries: FF. 14,437,500.00 (€2,200,982.69)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 33 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6693.

Effective date: November 30, 2011.                      |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 23,038,379.72  (€3,512,178.35)

Exchange risks: FF. 2,303,837.97 (€351,217.83)

Ancillaries: FF. 3,455,759.95 (€526,827.21)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 34 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6694.

Effective date: November 30, 2011.                        |

 

63

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| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Bayerische Vereinsbank Aktiengesellschaft  (Bayerische Vereinsbank):**

Principal amount: FF. 41,934,017.75  (€6,392,799.79)

Exchange risks: FF. 4,193,401.77 (€639,279.98)

Ancillaries: FF. 6,290,102.66 (€958,919.97)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 35 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6695.

Effective date: November 30, 2011 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of Crédit Suisse (Schweizerische  Kreditanstalt):**

Principal amount: FF. 24,278,683.17  (€3,701,261.39)

Exchange risks: FF. 2,427,868.31 (€370,126.14)

Ancillaries: FF. 3,641,802.47 (€555,189.21)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 36 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6696.

Effective date: November 30, 2011                       |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 23,038,379.72 (€3,512,178.35)

Exchange risks: FF. 2,427,868.31 (€370,126.14)

Ancillaries: FF. 3,641,802.47 (€555,189.21)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 37 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6697.

Effective date: November 30, 2011                   |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of Deutsche Bank  Aktiengesellschaft :**

Principal amount: FF. 23,083,468.17  (€3,519,052.04)

Exchange risks: FF. 2,308,346.81 (€351,905.20)

Ancillaries: FF. 3,462,520.22 (€527,857.80)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 38 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6698.

Effective date: November 30, 2011                             |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                        | ** ** | **In favor of Lazard Frères & Co LLC:**

Principal amount: €24,243,423.68 (€3,695,886.11)

Exchange risks: FF. 2,424,342.36 (€369,588.61)

Ancillaries: FF. 3,636,513.55 (€554,382.92)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 39 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6699.

Effective date: November 30, 2011                                         |

 

64

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| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of NMB Postbank Groep NV:**

Principal amount: FF. 23,038,379.72  (€3,512,178.35)

Exchange risks: FF. 2,303,837.97 (€351,217.83)

Ancillaries: FF. 3,455,756.95 (€526,826.75)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 40 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6700.

Effective date: November 30, 2011                                                                     |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 23,083,468.17 (€3,519,052.04)

Exchange risks: FF. 2,308,346.81 (€351,905.20)

Ancillaries: FF. 3,462,520.22 (€527,857.80)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 41 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6701.

Effective date: November 30, 2011                                                                |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                        | ** ** | **In favor of Citibank N.A.:**

Principal amount: FF. 65,469,896.25 (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.13)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 42 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6702.

Effective date: November 30, 2011                                                                                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                        | ** ** | **In favor of Bank of Scotland:**

Principal amount: FF. 65,469,896.25  (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.13)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 43 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6703.

Effective date: November 30, 2011                                                                        |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                        | ** ** | **In favor of The Saitama Bank Ltd (Kabushiki  Kaiswa Saitama Ginko”:**

Principal amount: FF. 65,469,896.25 (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.13)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 44 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6704.

In favor of: The Asashi Bank Ltd

Effective date: November 30, 2011 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                        | ** ** | **In favor of The Tokai Bank Ltd (Kabushiki Kaisha  Tokai Ginko):**

Principal amount: FF. 65,469,896.25 (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.3)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 11/21/1989 and 03/8/1990 vol.  2077 no. 45 – Me ASSO. (conventional mortgage).

Renewal: July 11, 1997 vol. 97v no. 6705.

Effective date: November 30, 2011                                        |

 

65

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| **Description of the real estate property**                                                                                                                                                                                     |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **2) Campground**

**Leisure park and recreation and**

**service center**

**(plot BS 1.1)**

 

**Plot of land: AL 3 – Bailly**

**Romainvilliers**

**Called “Les Bois de Citry”**

**55 ha 15 a 38 ca** | ** ** | **In favor of BNP**:

Principal amount: FF. 95,449,078.61 (€14,551,118.23)

Exchange risks: FF. 9,544,907.86  (€1,455,111.82)

Ancillaries: FF. 14,317,361.79 (€2,182,667.73)

Initial registration: 12/08/1992 vol. 92 v  no. 7996 – Me ASSO.

(conventional mortgage including extension of pledge)  and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6706.

Effective date: November 30, 2011.                                                      |
|                                                                                                                                                                                                                            |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **(The plot of land A 29 constituting an extension  of the campground is not encumbered with registration).**                                                                                                                   | ** ** | **In favor of CNCA**:

Principal amount: FF. 53,388,942.44  (€8,139,091.81)

Exchange risks: FF. 5,338,894.24 (€813,909.18)

Ancillaries: FF. 8,008,341.36 (€1,220,863.77)

Initial registration: 12/08/1992 vol. 92 v  no. 7997 – Me ASSO.

(conventional mortgage including extension of  pledge) and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6707.

Effective date: November 30, 2011.                                                    |
|                                                                                                                                                                                                                            |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| ** **                                                                                                                                                                                                                      | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 56,355,324.24  (€8,591,313.80)

Exchange risks: FF. 5,635,532.42 (€859,131.38)

Ancillaries: FF. 8,453,298.63 (€1,288,697.07)

Initial registration: 12/08/1992 vol. 92 v  no. 7998 – Me ASSO.

(conventional mortgage including extension of  pledge) and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6708.

Effective date: November 30, 2011. |
|                                                                                                                                                                                                                            |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| ** **                                                                                                                                                                                                                      | ** ** | **In favor of Morgan Guaranty Trust Company of New  York:**

Principal amount: FF. 23,951,012.80  (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 12/08/1992 vol. 92 v no. 7999  – Me ASSO.

(conventional mortgage including extension of  pledge) and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6709.

Effective date: November 30, 2011.                |
|                                                                                                                                                                                                                            |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| ** **                                                                                                                                                                                                                      | ** ** | **In favor of Crédit National:**

Principal amount: FF. 112,710,648.46 (€17,182,627.59)

Exchange risks: FF. 11,271,064.84 (€1,718,262.76)

Ancillaries: FF. 16,906,597.26 (€2,577,394.14)

Initial registration: 12/08/1992 vol. 92 v  no. 8000 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6710.

Effective date: November 30, 2011.                                   |

 

66

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| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                                  | ** ** | **In favor of Banque INDOSUEZ:**

Principal amount: FF. 61,360,000.20  (€9,354,271.73)

Exchange risks: FF. 6,136,000.02 (€935,427.17)

Ancillaries: FF. 9,204,000.03 (€1,403,140.76)

Initial registration: 12/08/1992 vol. 92 v  no. 8001 – Me ASSO.

(conventional mortgage including extension of pledge)  and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6711.

Effective date: November 30, 2011.                                              |
|                                        |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 26,939,520.15  (€4,106,903.37)

Exchange risks: FF. 2,693,952.01 (€410,690.34)

Ancillaries: FF. 4,040,928.02 (€616,035.51)

Initial registration: 12/08/1992 vol. 92 v  no. 8002 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6712.

Effective date: November 30, 2011.       |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of The Bank of Tokyo Ltd (Kabushiki  Kaish a Tokyo Ginko):**

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 12/08/1992 vol. 92 v  no. 8003 – Me ASSO.

(conventional mortgage including extension of  pledge) and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6713.

Effective date: November 30,  2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of Banque Française  du Commerce extérieur:**

Principal amount: FF. 61,293,493.79  (€9,344,132.89)

Exchange risks: FF. 6,129,349.37 (€934,413.29)

Ancillaries: FF. 9,194,024.06 (€1,401,619.93)

Initial registration: 12/08/1992 vol. 92 v  no. 8004 – Me ASSO.

(conventional mortgage including extension of  pledge) and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6714.

Effective date: November 30, 2011.                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of Crédit Industriel et Commercial:**

Principal amount: €2,602,434.16

Exchange risks: €260,243.42

Ancillaries: €390,365.12

Initial registration: 12/08/1992 vol. 92 v  no. 8005 – Me ASSO.

(conventional mortgage including extension of pledge)  and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6715.

Effective date: November 30, 2011.                                                                                               |

 

67

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| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Dresdner Bank Aktiengesellschaft:**

Principal amount: FF. 95,909,385.01  (€14,621,291.49)

Exchange risks: FF. 9,590,938.50  (€1,462,129.15)

Ancillaries: FF. 14,386,407.75 (€2,193,193.72)

Initial registration: 12/08/1992 vol. 92 v  no. 8006 – Me ASSO.

(conventional mortgage including extension of  pledge) and 12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6716.

Effective date: November 30, 2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: €27,332,332.26 (€4,166,787.19)

Exchange risks: FF. 2,733,233.22 (€416,678.72)

Ancillaries: FF. 4,099,849.83 (€625,018.08)

Initial registration: 12/08/1992 vol. 92 v  no. 8007 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6717.

Effective date: November 30, 2011.                |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                        | ** ** | **In favor of Bayerische Vereinsbank BV France:**

Principal amount: FF. 49,749,787.94 (€7,584,306.28)

Exchange risks: FF. 4,974,978.79 (€758,430.63)

Ancillaries: FF. 7,462,468.19 (€1,137,645.94)

Initial registration: 12/08/1992 vol. 92 v  no. 8008 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6718. 

Effective date: November 30, 2011.          |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                        | ** ** | **In favor of Goldman Sachs Paris Inc et Cie**:

Principal amount: FF. 50,370,711.98 (€7,678,965.54)

Exchange risks: FF. 5,037,071.19 (€767,896.55)

Ancillaries: FF. 7,555,606.79 (€1,151,844.83)

Initial registration: 12/08/1992 vol. 92 v  no. 8009 – Me ASSO.

(conventional mortgage including extension of  pledge) and 

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6719.

Effective date: November 30, 2011.                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                        | ** ** | **In favor of CFF:**

Principal amount: FF. 52,696,330.66  (€8,033,503.82)

Exchange risks: FF. 5,269,633.06 (€803,350.38)

Ancillaries: FF. 7,904,449.59 (€1,205,025.57)

Initial registration: 12/08/1992 vol. 92 v  no. 8010 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6720.

Effective date: November 30, 2011.                                       |

 

68

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Crédit Suisse (France):**

Principal amount: FF. 26,092,028.81 (€3,977,704.15)

Exchange risks: FF. 2,609,202.88 (€397,770.41)

Ancillaries: FF. 3,913,804.32 (€596,655.62)

Initial registration: 12/08/1992 vol. 92 v  no. 8011 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6721.

Effective date: November 30, 2011.                                             |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 12/08/1992 vol. 92 v  no. 8012 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6722.

Effective date: November 30, 2011.                                |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 52,679,372.77  (€8,030,918.61)

Exchange risks: FF. 5,267,937.27 (€803,091.86)

Ancillaries: FF. 7,901,905.91 (€1,204,637.79)

Initial registration: 12/08/1992 vol. 92 v  no. 8013 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6723.

Effective date: November 30, 2011.                      |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 27,332,332.26  (€4,166,787.19)

Exchange risks: FF. 2,733,233.22 (€416,678.72)

Ancillaries: FF. 4,099,849.83 (€625,018.08)

Initial registration: 12/08/1992 vol. 92 v  no. 8014 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6724.

Effective date: November 30, 2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                        | ** ** | **In favor of Goldman Sachs Paris Inc et Cie:**

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 12/08/1992 vol. 92 v  no. 8015 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6725.

Effective date: November 30, 2011.                             |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 31,039,208.12  (€4,731,896.77)

Exchange risks: FF. 3,103,920.81 (€473,189.68)

Ancillaries: FF. 4,655,881.21 (€709,784.51)

Initial registration: 12/08/1992 vol. 92 v  no. 8016 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6726.

Effective date: November 30, 2011.                        |

 

69

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 95,909,385.01  (€14,621,291.49)

Exchange risks: FF. 9,590,938.50 (€1,462,129.15)

Ancillaries: FF. 14,386,407.75 (€1,204,931.76)

Initial registration: 12/08/1992 vol. 92 v  no. 8017 – Me ASSO.

(conventional mortgage including extension of pledge)  and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6727.

Effective date: November 30, 2011.    |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ** **                                  | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 52,692,228.16  (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84 €)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 12/08/1992 vol. 92 v  no. 8018 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6728.

Effective date: November 30, 2011. |
|                                        |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                        | ** ** | **In favor of Lazard Frères & Co. LLC:**

Principal amount: FF. 26,127,288.30 (€3,983,079.42)

Exchange risks: FF. 2,612,728.83 (€398,307.94)

Ancillaries: FF. 3,919,093.24 (€597,461.92)

Initial registration: 12/08/1992 vol. 92 v  no. 8019 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6729.

Effective date: November 30, 2011.                |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                        | ** ** | **In favor of ING Bank N.V.:**

Principal amount: FF. 27,332,332.26 (€4,166,787.19)

Exchange risks: FF. 2,733,233.22 (€416,678.72)

Ancillaries: FF. 4,099,849.83 (€625,018.08)

Initial registration: 12/08/1992 vol. 92 v  no. 8020 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6730.

Effective date: November 30, 2011.                                   |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                        | ** ** | **In favor of Crédit Industriel et Commercial:**

Principal amount: FF. 52,692,228.16 (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 12/08/1992 vol. 92 v  no. 8021 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6731

Effective date: November 30, 2011.           |

 

70

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Goldman Sachs Paris Inc et Cie:**

Principal amount: FF. 52,692,228.16 (€8,032,878.40)

Exchange risks: FF. 5,269,222.81 (€803,287.84)

Ancillaries: FF. 7,903,834.22 (€1,204,931.76)

Initial registration: 12/08/1992 vol. 92 v no. 8022 –  Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6732.

Effective date: November 30,  2011.                                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                        | ** ** | **In favor of Banque  Fédérative du Crédit Mutuel:**

Principal amount: FF. 23,951,012.80 (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 12/08/1992 vol. 92 v  no. 8023 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6733.

Effective date: November 30, 2011.      |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 23,951,012.80 (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 12/08/1992 vol. 92 v  no. 8024 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6734.

Effective date: November 30, 2011. |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| ** **                                  | ** ** | **In favor of BRED:**

Principal amount: FF. 23,951,012.80  (€3,651,308.36)

Exchange risks: FF. 2,395,101.28 (€365,130.84)

Ancillaries: FF. 3,592,651.92 (€547,696.25)

Initial registration: 12/08/1992 vol. 92 v  no. 8025 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6735.

Effective date: November 30, 2011.                                              |
|                                        |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                        | ** ** | **In favor of Caisse Centrale des Banques  Populaires:**

Principal amount: FF. 47,382,204.62 (€7,223,370.53)

Exchange risks: FF. 4,738,220.46 (€722,337.05)

Ancillaries: FF. 7,107,330.69 (€1,083,505.58)

Initial registration: 12/08/1992 vol. 92 v  no. 8026 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6736.

Effective date: November 30, 2011.               |

 

71

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 21,758,469.74 (€3,317,057.33)

Exchange risks: FF. 2,175,846.97 (€331,705.73)

Ancillaries: FF. 3,263,770.46 (€497,558.60)

Initial registration: 12/08/1992 vol. 92 v  no. 8027 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6737.

Effective date: November 30, 2011.                                    |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of The Bank of Nova Scotia:**

Principal amount: FF. 96,250,000.00 (€14,673,217.91)

Exchange risks: FF. 9,625,000.00 (€1,467,321.79)

Ancillaries: FF. 14,437,500.00 (€2,200,982.69)

Initial registration: 12/08/1992 vol. 92 v  no. 8028 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6738.

Effective date: November 30, 2011.                                            |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 23,038,379.72 (€3,512,178.35)

Exchange risks: FF. 2,303,837.97 (€351,217.83)

Ancillaries: FF. 3,455,759.95 (€526,827.21)

Initial registration: 12/08/1992 vol. 92 v  no. 8029 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6739.

Effective date: November 30, 2011.                                         |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of Bayerische Vereinsbank  Aktiengesellschaft (Bayerische Vereinsbank):**

Principal amount: FF. 41,934,017.75  (€6,392,799.79)

Exchange risks: FF. 4,193,401.77 (€639,279.98)

Ancillaries: FF. 6,290,102.66 (€958,919.97)

Initial registration: 12/08/1992 vol. 92 v  no. 8030 – Me ASSO.

(conventional mortgage including extension of pledge)  and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6740.

Effective date: November 30, 2011 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of Crédit Suisse (Schweizerische  Kreditanstalt):**

Principal amount: FF 4,278,683.17 (€3,701,261.39)

Exchange risks: FF. 2,427,868.31 (€370,126.14)

Ancillaries: FF. 3,641,802.47 (€555,189.21)

Initial registration: 12/08/1992 vol. 92 v  no. 8031 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6741.

Effective date: November 30, 2011                          |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                        | ** ** | **In favor of Bank of America National Trust and  Savings Association:**

Principal amount: FF. 23,038,379.72  (€3,512,178.35)

Exchange risks: FF. 2,303,837.97 (€351,217.83)

Ancillaries: FF. 3,455,756.95 (€526,826.75)

Initial registration: 12/08/1992 vol. 92 v  no. 8032 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6742.

Effective date: November 30, 2011             |

 

72

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 23,083,468.17 (€3,519,052.04)

Exchange risks: FF. 2,308,346.81 (€351,905.20)

Ancillaries: FF. 3,462,520.22 (€527,857.80)

Initial registration: 12/08/1992 vol. 92 v  no. 8033 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6743.

Effective date: November 30, 2011       |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                        | ** ** | **In favor of Lazard Frères & Co LLC:**

Principal amount: FF. 24,243,423.68 (€3,695,886.11)

Exchange risks: FF .424,342.36 (€369,588.61)

Ancillaries: FF. 3,636,513.55 (€554,382.92)

Initial registration: 12/08/1992 vol. 92 v  no. 8034 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6744.

Effective date: November 30, 2011          |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                        | ** ** | **In favor of INB NV:**

Principal amount: FF. 23,038,379.72 (€3,512,178.35)

Exchange risks: FF. 2,303,837.97 (€351,217.83)

Ancillaries: FF. 3,455,756.95 (€526,826.75)

Initial registration: 12/08/1992 vol. 92 v  no. 8035 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6745.

Effective date: November 30, 2011                                 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                        | ** ** | **In favor of Deutsche Bank Aktiengesellschaft:**

Principal amount: FF. 23,083,468.17  (€3,519,052.04)

Exchange risks: FF. 2,308,346.81 (€351,905.20)

Ancillaries: FF. 3,462,520.22 (€527,857.80)

Initial registration: 12/08/1992 vol. 92 v  no. 8036 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6746.

Effective date: November 30, 2011 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                        | ** ** | **In favor of Citibank N.A:**

Principal amount: FF. 65,469,896.25 (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.13)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 12/08/1992 vol. 92 v  no. 8037 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6747.

Effective date: November 30, 2011                         |

 

73

----

 
| **Description of the real estate property** |       | **Sureties  and Beneficiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | ** ** | **In favor of Bank of Scotland:**

Principal amount: FF. 65,469,896.25 (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.13)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 12/08/1992 vol. 92 v  no. 8038 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6748.

Effective date: November 30, 2011                                   |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                        | ** ** | **In favor of The Asashi Bank Ltd:**

Principal amount: FF. 65,469,896.25 (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.13)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 12/08/1992 vol. 92 v  no. 8039 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6749.

Effective date: November 30, 2011                                |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                        | ** ** | **In favor of The Tokai Bank Ltd (Kabushiki Kaisha  Tokai Ginko):**

Principal amount: FF. 65,469,896.25 (€9,980,821.34)

Exchange risks: FF. 6,546,989.62 (€998,082.13)

Ancillaries: FF. 9,820,484.43 (€1,497,123.20)

Initial registration: 12/08/1992 vol. 92 v  no. 8040 – Me ASSO.

(conventional mortgage including extension of  pledge) and

12/04/1992 - Me SAVARY.

Renewal: July 11, 1997 vol. 97v no. 6750.

Effective date: November 30, 2011 |
|                                        | ** ** | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                        | ** ** | **In favor of CDC:**

Initial registration: 12/08/1992 vol.92 v  no. 8086.

Conventional mortgage including allocation additional  to that of

11/24/1989 and 03/08/1990 and extension of pledge of  12/04/1992

 – Me Lacourte  – vol.2075 no. 137.

1st Renewal: July 11, 1997 vol. 97v  no. 6870.

Effective date: December 31, 2019.

2nd Renewal: March 10, 2000 vol. 2000v  no. 2618 – Me Vincent

Effective date: 11/01/2025.              |

 

**•**                  Generally, certain categories of movable property assets ofnon-material value contributed by Euro Disney S.C.A. to EDA are burdened bysecurity interests that were granted in the normal course of business and oncustomary terms.

 

74

----

 

###### **Exhibit2.2**

 

**Interim accounts as of June 30,2004**

 

**LIABILITIES**

 
| ** **                                                                                                                                                                                                           |       | **Amounts**             |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------|------------|
| ** **                                                                                                                                                                                                           |       | **(in  €million)** |       |
| **A)      BONDS  REDEEMABLE IN SHARES**                                                                                                                                                | ** ** | ** **              | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| The bonds redeemable in  shares amount as of June 30, 2004 to:                                                                                                                                                       | ** ** | **153.9**               | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| including a principal  amount of €152.4 million and accrued interest of €1.5 million paid on July  11, 2004.                                                                                               | ** ** | ** **              | ** ** |
|                                                                                                                                                                                                                 | ** ** | ** **              | ** ** |
| **B)      PROVISIONS  FOR RISKS AND CHARGES**                                                                                                                                          | ** ** | ** **              | ** ** |
|                                                                                                                                                                                                                 | ** ** | ** **              | ** ** |
| Provisions for risks  and charges amount as of June 30, 2004 to:                                                                                                                                                     | ** ** | **88.9**                | ** ** |
|                                                                                                                                                                                                                 | ** ** | ** **              | ** ** |
| **C)      BORROWINGS  AND FINANCIAL DEBT**                                                                                                                                             | ** ** | ** **              | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| The borrowings and  financial debt contracted by the Contributing Company with banks, credit  institutions and The Walt Disney Company, as described in **Exhibit 2.2(a)** hereunder, amount  as of June 30, 2004 to | ** ** | **867.8**               | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| **D)      SHORT-TERM  DEBT VIS-À-VIS RELATED COMPANIES**                                                                                                                          | ** ** | ** **              | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| Short-term debt  vis-à-vis companies related to the Contributing Company, as this debt is  described in **Exhibit 2.2(b)**  hereunder, amount as of June 30, 2004 to                                            | ** ** | **97.7**                | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| **E)      ACCOUNTS  PAYABLE AND ACCRUED LIABILITIES**                                                                                                                                  | ** ** | ** **              | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| The accounts payable  consist as of June 30, 2004 of:                                                                                                                                                                | ** ** | ** **              | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| Suppliers and related  accounts                                                                                                                                                                                      | ** ** | **89.5**                | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| Payroll and employee  benefits                                                                                                                                                                                       | ** ** | **65.3**                | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| A description of the  employees assigned to the Contributed Business is attached at **Exhibit 2.2(c)**.                                                                                                              | ** ** | ** **              | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| Taxes, other than VAT                                                                                                                                                                                                | ** ** | **3.1**                 | ** ** |
| ** **                                                                                                                                                                                                           | ** ** | ** **              | ** ** |
| VAT                                                                                                                                                                                                                  | ** ** | **3.2**                 | ** ** |
|                                                                                                                                                                                                                 | ** ** | ** **              | ** ** |
| **Total accounts payable and  accrued liabilities**                                                                                                                                                                  | ** ** | **161.1**               | ** ** |

 

75

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| ** **                                                   | ** ** | **Amounts**             | ** ** |
|--------------------------------------------------------------|------------|-------------------------|------------|
| ** **                                                   | ** ** | **(in  €million)** | ** ** |
| **F)      OTHER  LIABILITIES** | ** ** | ** **              | ** ** |
|                                                         | ** ** | ** **              | ** ** |
| Other liabilities  amount as of June 30, 2004 to             | ** ** | **16.7**                | ** ** |
|                                                         | ** ** | ** **              | ** ** |
| **G)      DEFERRED  REVENUES** | ** ** | ** **              | ** ** |
|                                                         | ** ** | ** **              | ** ** |
| Deferred revenues as of  June 30, 2004 to                    | ** ** | **65.8**                | ** ** |
|                                                         | ** ** | ** **              | ** ** |
| **TOTAL LIABILITIES**                                        | ** ** | **1,451.9**             | ** ** |

 

76

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**Exhibit 2.2(a)**

 

###### **Borrowings and financialliabilities**

 
| **(In €million)**                  | ** ** | **As of June 30, 2004** | ** ** |
|-----------------------------------------|------------|-------------------------|------------|
| ** **                              | ** ** | ** **              | ** ** |
| CDC Phase I  loans (a)             | ** ** | **168.9**               | ** ** |
| CDC Walt Disney  Studios Park loans (b) | ** ** | **381.1**               | ** ** |
| Phase IA credit  facility (c)           | ** ** | **108.2**               | ** ** |
| TWDC Line of  Credit (d)                | ** ** | **125.0**               | ** ** |
| Other                                   | ** ** | **0.3**                 | ** ** |
| ** **                              | ** ** | **783.5**               | ** ** |
| Accrued interest                        | ** ** | **84.3**                | ** ** |
| ** **                              | ** ** | **867.8**               | ** ** |

 

----

*(a)**                              **Caisse des Dépôts etConsignations (“CDC”) Phase I loans*

 

In the context of the initial financing and the 1994 financialrestructuring, Euro Disney S.C.A. borrowed from the CDC €40.6 million seniordebt and €128.3 million subordinated debt. The senior debt is secured by mortgages on the Disneyland Park,Disneyland Hotel, Davy Crockett Ranch, other related facilities and theunderlying land thereof.  Thesubordinated debt is unsecured.  The loansoriginally bore interest at a fixed yearly rate of 7.85%; however, effectiveSeptember 30, 1999, the terms of these loans were modified so as to (i) reducethe fixed interest rate to 5.15% per annum, (ii) defer principal repayments and(iii) extend the final maturity date from fiscal year 2015 to fiscal year2024.  At June 30, 2004 accrued interestrelated to these loans was €18.1 million.

 

*(b)**                              **CDC Walt Disney StudiosPark loans*

 

On September 30, 1999, Euro Disney S.C.A. enteredinto a credit agreement with the CDC to provide €381.1 million of subordinatedloans to finance a portion of the construction costs of Walt Disney StudiosPark.  The credit agreement includes fourloan tranches, two of €76.2 million each, maturing in fiscal years 2015 and2021, respectively and two of €114.3 million each, maturing in fiscal years2025 and 2028, respectively. The loans were fully drawn during fiscal year 2001in connection with the construction of Walt Disney Studios Park.  The loans bear interest at a fixed rate of5.15% per annum, unless interest or principal payments were to be deferredunder the provisions of the loans, during which time the interest rate on thedeferred amounts is EURIBOR plus 200 basis points or 5.15%, whichever isgreater.  The timing of interest paymentsdepends on the amount of Euro Disney S.C.A.’s surpluses in cash at eachscheduled annual repayment date. The annual interest payments due as ofDecember 31, 2001, 2002 and 2003 in the total amount of €57.2 million have beendeferred in accordance with these provisions of the loans.  On June 30, 2004, accrued interest on theseloans was €67.7 million, including the deferred interest as described above.

 

77

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*(c)**          **Phase IA credit facility*

 

In the context ofthe initial financing of the Phase IA installations and the 1994 financialrestructuring, Euro Disney S.C.A. entered into a Phase IA creditfacility with a syndicate of international banks under which it borrowed €148.6million.  The obligations under thiscredit facility are secured by mortgages on the Disneyland Park, the DisneylandHotel, the Davy Crockett Ranch, other related facilities and the underlyingland thereof.  Principal repaymentscommenced in fiscal year 2000 with final repayment in fiscal year 2009.  From October 1, 1996 to September 30, 2003,the loans bore interest at EURIBOR plus 1.28%. From October 1, 2003, the marginhas been decreased and the applicable rate is EURIBOR plus 1%.

 

*(d)**         **TWDC Line of Credit*

 

As part of the 1994financial restructuring, TWDC made available a subordinated unsecured €167.7million standby revolving credit facility to the Euro Disney Group, which bearsinterest at EURIBOR and was scheduled to mature in June 2004.  As part of Euro Disney S.C.A.’s financialrenegotiations, the maturity date of this line of credit has been extended tothe fifth business day following September 30, 2004.

 

78

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**Exhibit2.2(b)**

 

###### **Short-term debt vis-à-vis related companies**

 
| **(In €million)**                  | ** ** | **As of June 30, 2004** | ** ** |
|-----------------------------------------|------------|-------------------------|------------|
| ** **                              | ** ** | ** **              | ** ** |
| EDA (a)                                 | ** ** | **32.8**                | ** ** |
| Euro Disney S.A.S. (b)                  | ** ** | **15.6**                | ** ** |
| The Walt Disney  (Netherlands) B.V. (c) | ** ** | **32.7**                | ** ** |
| Val d’Europe Promotions S.A.       | ** ** | **14.2**                | ** ** |
| Others                                  | ** ** | **2.4**                 | ** ** |

 

All amounts are due within one year.

 

----

(a)           EDA:  The debt dueto EDA is comprised of the rent payable pursuant to the Sublease.

 

(b)           Euro Disney S.A.S.: This debt corresponds to costs borne by Euro Disney S.A.S., the managerof the Contributing Company, on behalf of the Contributing Company and itssubsidiaries, for royalties and management fees and other costs associated withthe operation of the Resort and with the construction of Walt Disney StudiosPark.

 

(c)           The Walt Disney Company (Netherlands)B.V.:  Euro Disney S.C.A. pays royalties to The WaltDisney Company (Netherlands) B.V. (a wholly-owned indirect subsidiary of TWDC)pursuant to an agreement which allows Euro Disney S.C.A. to use current orfuture intellectual and industrial property rights held by TWDC and which arerelated to the attractions and other installations of the site.  Euro Disney S.C.A. is also authorized to sellgoods using intellectual property rights held by TWDC.

 

79

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**Exhibit 2.2(c)**

 

###### **Employees**

 

The weighted-average number of employees employed bythe Contributing Company as of June 30, 2004 is as follows:

 
| ** **     | ** ** | **as of June 30, 2004** | ** ** |
|----------------|------------|-------------------------|------------|
|           | ** ** | ** **              | ** ** |
| Executives     | ** ** | **2,308**               | ** ** |
| Non-executives | ** ** | **10,103**              | ** ** |
| ** **     | ** ** | **12,411**              | ** ** |

 

80

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**Exhibit 2.2(d)**

 

###### **Off-balance sheet commitments and contingentliabilities of the Contributing Company as of June 30, 2004**

 

 

***Undertakings relating to theDisneyland Park (Phase IA):***

 

In 1989, various agreementshave been entered into between Euro Disney S.C.A. and Euro Disneyland S.N.C.for the construction of and the funding of the Disneyland Park. As a result,all the existing assets of the Disneyland Park as of its opening date (i.e.,April 12, 1992) as well as the lands on which those assets are located weresold by Euro Disney S.C.A. to Euro Disneyland S.N.C, and then leased to EuroDisney S.C.A. pursuant to a lease agreement.

 

As part of the 1994 financialrestructuring, Euro Disney S.C.A. cancelled the initial lease agreement withEuro Disneyland S.N.C. and entered into new agreements.

 

Since June 30, 1994, Euro Disneyland SNC, which ownsthe Disneyland Park, has, pursuant to a lease agreement (the “Lease”), leased it to EDAwhich subleased the Disneyland Park to Euro Disney S.C.A. pursuant to asublease agreement (the “Sublease”). The Lease shall terminate when the loans subscribed by Euro DisneylandSNC in connection with the financing (as restructured in 1994, 1999 and in2004), of the Disneyland Park (including interest thereon) are repaid infull.  The Sublease has a 12-year term,at the end of which Euro Disney S.C.A. shall have the option to substituteitself for EDA in EDA’s leasehold position upon payment of an amount ofapproximately €78.7 million.  IfEuro Disney S.C.A. does not exercise this substitution option, EDA will be ableto continue to lease the Disneyland Park and shall benefit from an option topurchase it for an amount equivalent to the Euro Disneyland SNC’s outstandingdebt.  Alternatively, EDA will be able toterminate the Lease, in which case EDA would have to pay Euro Disneyland SNC anamount equal to 75% of the outstanding debt of Euro Disneyland SNC.  In such a case, EDA will be able to sell orlease the Disneyland Park on behalf of Euro Disneyland SNC, in order to repaythe remaining outstanding loans, with any excess proceeds payable to thebenefit of EDA.  Rentals due under theSublease are 0.50% greater than those paid under the Lease.

 

As mentioned above, in order to comply with theprinciples of the 1994 financial restructuring plan and to be in a position tocontinue to operate the Disneyland Park, Euro Disney S.C.A. would have to pay,on June 30, 2006, €78.7 million to EDA to be substituted in its rights underthe Lease.

 

The Contribution is designed to allow Euro DisneyS.C.A. to participate in the continued operation of the Disneyland Park throughEDA (which, as a result of the Contribution, shall become its subsidiary)without having to pay amounts that would otherwise be payable to EDA in orderto accomplish that result.

 

81

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As of October 1, 2004, thevalue of Euro Disney S.C.A.’s undertakings assumed under the agreements(Sublease/Lease)relating to the Magic Kingdom Park will be as follows:

 
| **(€  in million)**                                          | ** ** | ** ** | ** ** |
|-------------------------------------------------------------------|------------|------------|------------|
| Obligation to repay debt of Euro Disneyland S.N.C.                |       | 1,734.9    |       |
| Less: Real value of subleased assets                              |       | 924.6      |       |
| **Value of the undertakings relating to the Magic  Kingdom Park** | ** ** | **810.3**  | ** ** |

 

***Euro Disney Group Retirement******Indemnity******Obligation***

 

Retirement indemnities paidunder the Euro Disney Group’s collective bargaining agreement are expensed aspaid.

 

A new collective bargainingagreement became effective in April 2001, which among other things increasedthe retirement benefits provided by the Euro Disney Group to itsemployees.  Under this agreement, aretirement indemnity ranging from one-half of a month to 3 months of grosswages is provided to employees who retire from the Euro Disney Group at the ageof 60 or older after completing at least 1 year of employment.

 

As of October 1, 2004, theamount of future commitments with respect to these retirement indemnities willbe equal to €8.6 million.

 

***Contingent Liabilities that willbe transferred to the Beneficiary:***

 

**Fiscal Year 2003 Royalties and Management FeesWaiver – Return to Better Fortune**

 

On March 28, 2003, TWDC agreed to ***waive***royalties and management fees due to it for the second, third and fourthquarters of fiscal year 2003. For the fiscal year 2003, royalties andmanagement fees amounted to €5.6 million and €2.5 million, respectively,reflecting a total waiver of €24.6 million. The waived amount may in the future become payable if and to the extentthat income before lease and financial charges excluding depreciation andamortization for any year from fiscal year 2004 through fiscal year 2008exceeds €450 million.  TWDC furtheragreed that fiscal year 2004 royalties will be paid on a fiscal year-end basisrather than quarterly.

 

**Development Fee**

 

As part of the terms of the1994 financial restructuring, Euro Disney S.C.A. was required to pay a one-timedevelopment fee of €182.9 million to TWDC upon the satisfaction of certainconditions, including conditions relating to financing of Walt Disney StudiosPark.  In order to obtain the approvalfrom the lenders for the financing of the Walt Disney Studios Park, TWDC agreedto amend the terms and conditions of the development fee so that it will not bedue until future events occur, including the repayment of the existing bankdebt of Euro Disney S.C.A. and of the CDC Walt Disney Studios Park loans andthe achievement by the Euro Disney Group of specified cash flow levels.

 

82

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**Exhibit 3.4**

 

**List ofthe main properties, rights (including authorizations and third partycommitments) and agreements identified as of the date of this agreementincluded in the Contributed Business and the transfer of which requires or mayrequire the consent of a third party**

 
| **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ** ** | **Relevant Authorities and/or Regimes**                                                                                                                                | ** ** | **Details of Implementation**                                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------|
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ** ** | ** **                                                                                                                                                             | ** ** | ** **                                                            |
| **MAINTENANCE**                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Sailing License  (Molly Brown ; Mark Twain ; Coyotte ; Racoon)                                                                                                                                                                                                                                                                                                                                                                                      |       | *Service  Navigation de la Seine, Commission de surveillance de Paris*                                                                                                 | * *   | Application for a  license for the new manager                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |       | * *                                                                                                                                                               | * *   |                                                                  |
| Registration  Certificates for River boats (Molly Brown ; Mark Twain ;  Coyotte ; Racoon)                                                                                                                                                                                                                                                                                                                                                           |       | *Ministère  de l’Aménagement du territoire, de l’Equipement et des transports,  Subdivision de la réglementation et surveillance des bateaux* | * *   | Application for new  certificates bearing the name of the new manager |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |       | * *                                                                                                                                                               | * *   |                                                                  |
| **ANIMALS**                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Notices, re: opening of  an equestrian establishment and licence for horse rentals (professional  cards):

•      Cheyenne

•      Ranch                                                                                                                                                                                                                                                               |       | *Service  Régional des Haras, Haras National des Bréviaires*                                                                                                 | * *   | Change the name of the  manager on the professional card              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |       | * *                                                                                                                                                               | * *   |                                                                  |
| **SECURITE (*Préfecture de  Seine-et-Marne*)**                                                                                                                                                                                                                                                                                                                                                                                                                |
| AUTHORIZATION TO  OPERATE A SECURITY FIRM                                                                                                                                                                                                                                                                                                                                                                                                                          |       | Administrative regulation *(ARRETE PREFECTORAL*)  N° 92 DAGR 3PG 37                                                                                               |       | New administrative  regulation                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               |       |                                                                                                                                                                   |       |                                                                  |
| AUTHORIZATION TO  OPERATE SECURITY SYSTEMS FOR THE FOLLOWING LOCATIONS :  1) CENTRAL SECURITY SYSTEM FOR THE DISNEYLAND PARIS PARK  2) AUTONOMOUS SECURITY SYSTEMS IN THE PARK :PARADE ROUTE  FANTASYLAND INSTALLATIONS  DISCOVERYLAND INSTALLATIONS  FRONTIERLAND INSTALLATIONS  ADVENTURELAND INSTALLATIONS  3) AUTONOMOUS SYSTEMS OUTSIDE THE PARK :  GOLF  SECURITY POST OF THE NEW YORK  HOTEL  SECURITY POST OF THE SÉQUOIA  LODGE HOTEL |       | Administrative regulation *(ARRETE PREFECTORAL*)  N° 97 DAGR 3PG 387                                                                                              |       | New administrative  regulation                                        |

 

83

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| AUTHORIZATION TO ADD 5  INSIDE PERMANENT VIDEO CAMERAS ON THE « NAUTILUS » INSTALLATION                                       |   | Administrative regulation *(ARRETE PREFECTORAL*)  N° 2002 DRLP 3PA 16Modification of the administrative regulation *(ARRÊTÉ  PRÉFECTORAL*) N° 97 DAGR 3PG 387 |     | New administrative  regulation                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------------------------------------|
|                                                                                                                                              |   |                                                                                                                                                                                   |     |                                           |
| AUTHORIZATION TO  OPERATE A SECURITY SYSTEM ON « PARADE DU PARC D’ANIMATIONS DE DISNEYLAND  PARIS – DISNEY STUDIO » |   | Administrative regulation *(ARRETE PREFECTORAL*)  N° 2002 DRLP 3PA 331                                                                                                            |     | New administrative  regulation                 |
| ** **                                                                                                                                        |
| **LICENSES  TO SELL ALCOHOLIC BEVERAGES**                                                                                                         |
| WDS PARK                                                                                                                                          |   |                                                                                                                                                                                   |     | Ownership change: new  license                 |
| DAVY CROCKETT RANCH                                                                                                                               |   |                                                                                                                                                                                   |     | Ownership change: new  license                 |
| GOLF                                                                                                                                              |   |                                                                                                                                                                                   |     | Ownership change: new  license                 |
| REQUESTS FOR LATE  OPENING HOURS                                                                                                                  |   | Are linked to the  licenses to sell alcoholic beverages                                                                                                                                |     | Id.                                            |
| ** **                                                                                                                                        |
| **TRAVEL  AGENCY**                                                                                                                                |
| TRAVEL AGENT LICENSE                                                                                                                              |   | *Préfecture  de Seine-et-Marne*                                                                                                                                                   | * * | Request for keeping the  license               |
| AUTHORIZATION                                                                                                                                     |   | *Préfecture  de Seine-et-Marne*                                                                                                                                                   | * * | Id.                                            |
| ** **                                                                                                                                        |
| **DOUANES**                                                                                                                                       |   |
| Proxy and certificates  of origin to carry out exportations of goods                                                                              |   | *Commerce and Industry Chamber  of Meaux*                                                                                                                                              | * * | Notice letter+  New proxy and new certificates |
| Proxy from Customs for  imports and exports                                                                                                       |   | *Direction  régionale des douanes de Paris-Est*                                                                                                                                   | * * | Notice letter + new  proxy                     |
| Guaranty for intra-EU  exchanges                                                                                                                  |   | *Recette  régionale des douanes et droits indirects à Torcy*                                                                                                                 | * * | Notice letter + new  guaranty                  |
| Guaranteed submission  for collection credits and credit linked to various operations                                                             |   | *Recette  régionale des douanes et droits indirects à Torcy*                                                                                                                 | * * | Notice letter + new  guaranteed submission     |
|                                                                                                                                                   |        |                                                                                                                                                                                        |          |                                                |  |  |  |  |  |  |  |  |

 

84

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| **TRANSPORTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Réseau flotte des véhicules

•      Authorization  to operate bus lines

•      Sacem duty  (bus)

•      Vehicle  Registration fees (green licence tags, *cartes grises*  and *cartes violettes* for buses)

•      Filing for  payment of the *taxe à l’essieu* (TVTS)                                                                                       |   | *DDE  Seine-et-Marne* | * * | New authorizations |
| Transport Development  license                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | *DDE  Seine-et-Marne* | * * | New authorization |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **REAL  ESTATE**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| CDEC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | *CCI Meaux* | * * | Authorization for the *AEC*  of the future « World of Disney » shop |   |
| DECLARATIONS D’INTENTION  D’ALIENER :

the Company’s assets  located in the towns of Bailly Romainvilliers, Magny and Serris :

Bailly :

•      Golf course

•      Davy Crockett  Ranch

Magny :

•      Golf

•      Land of the  hotels of Val de France

Serris :

•      Land of the  Shopping Centerl |   | *SAN* | * * | Authorization |   |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **SHOWS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| License to perform  Performing Arts                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | *Direction  Régionale des Affaires Culturelles (DRAC)* | * * | Administrative  regulation, re: withdrawal of prior license and new administrative regulation  to grant a new license |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |  |

 

85

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**List ofthe main properties, rights (including authorizations and third partycommitments) and agreements identified as of the date of this agreementincluded in the Contributed Business and the transfer of which requires or mayrequire the consent of a third party**

 
| **N°** | ** ** | **Execution   Date**   | ** ** | **Parties**                                                                                                                                      | ** ** | **Name of the agreement**                                                                                                                                                                                                                  | ** ** | **Subject matter of the agreement**                                                                                                           |
|-------------|------------|------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| 1           |       | 03/24/1987             |       | ED SCA and  EtatRégion IDF  Département  RATP  EPAMarne  EPAFrance                                                                     |       | Agreement for the  creation and operations of the Euro Disneyland (*Convention  pour la creation et l’exploitation d’Euro Disneyland*)                                                                                           |       |                                                                                                                                          |
| 2           |       | 03/25/2004  04/08/2004 |       | ED SCA and  Directeur Territorial de l’Office National des Forêts  Directeur Départemental des Services Fiscaux de Seine-et-Marne |       | Agreement, re: land occupancy, installations and maintenance of a forest  acrobatic course *(Convention portant  autorisation d’occupation de terrain, d’installation et de maintien d’un  parcours acrobatique forestier)* | * *   |                                                                                                                                          |
| 3           |       | 10/23/2001             |       | ED SCA and  SAN du Val d’Europe                                                                                                             |       | *Convention  de rejet des eaux pluviales BEP4*                                                                                                                                                                                             | * *   | Agreement, re:  rejection of the rain water from Theme Parks I and II in the reservoir built  and managed by the SAN of the Val d’Europe |
| 4           |       | 12/15/1999  04/02/2004 |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : *Pépinière Est Venturi* area (Parking lot)                                                                                |
| 5           |       | 12/04/1997             |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Temporary  parking of the *Centre de Congrès*                                                                                  |
| 6           |       | 07/14/1990  12/31/2003 |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Water  amusement park, gardens and building site (Coteba, building site offices)                                                    |
| 7           |       | 08/09/1996  12/31/2003 |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Frame  agreement of *Centre de Congrès* (+ North  triangle)                                                                    |
| 8           |       | 08/10/2000             |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Access route  to the Davy Crockett Ranch                                                                                            |
| 9           |       | 05/02/1996  04/02/2004 |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Horse park of  the Davy Crockett Ranch                                                                                              |
| 10          |       | 03/10/1999  01/21/2004 |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Dome of the  Disney Village                                                                                                         |
| 11          |       | 05/02/1996  10/29/2003 |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Temporary  Parking Venturi Area 1                                                                                                   |
| 12          |       | 09/26/2001             |       | ED SCA and  EPAFrance                                                                                                                            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                          | * *   | Re : Building site  ES1.4 Lot on ES1.3 lot                                                                                               |

 

86

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| **N°** | ** ** | **Execution   Date**   | ** ** | **Parties**                      | ** ** | **Name of the agreement**                                                                                                                                                                                                                                                                                                                                                                                  | ** ** | **Subject matter of the agreement**                                                 |
|-------------|------------|------------------------|------------|----------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------|
| 13          |       | 11/06/2003             |       | ED SCA and  EPAFrance            |       | Agreement for temporary  occupancy (*Convention d’occupation précaire*)                                                                                                                                                                                                                                                                                                                          | * *   | Re : Manchester  United Soccer School                                          |
| 14          |       | 05/30/1994             |       | ED SCA and  Yann Arthus-Bertrand |       | Order confirmation  (photograph contract)                                                                                                                                                                                                                                                                                                                                                                  | * *   | Report N° 9405810  Re : Helicopter shot of the area                            |
| 15          |       | 05/09/1994             |       | ED SCA and  Jacques Denarnaud    |       | Order confirmation  (photograph contract)                                                                                                                                                                                                                                                                                                                                                                  | * *   | Report N° 9405805  Re : Shot of children in the park                      |
| 16          |       | 05/09/1994             |       | ED SCA and  Patrick Jacob        |       | Order confirmation  (photograph contract)                                                                                                                                                                                                                                                                                                                                                                  | * *   | Report N° 9405803  Re : Shots of hotels                                   |
| 17          |       | 05/28/1994             |       | ED SCA and  Christophe Boisvieux |       | Order confirmation  (photograph contract)                                                                                                                                                                                                                                                                                                                                                                  | * *   | Report N° 9405802  Re : Shots of parades and park atmospheres             |
| 18          |       | 02/05/2002  02/18/2002 |       | ED SCA and  Eric Cuvillier       |       | *Bordereaux*contract  n°024103, 024104 and 024102 (photograph contract)                                                                                                                                                                                                                                                                                                                               | * *   | Reports :  02.02.434 ; 01.11.422 and 02.02.435  Re : Shots of hotels |
| 19          |       | 08/31/1996             |       | ED SCA and  Agency CUTE          |       | Invoice n° 96361  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                                                                                                                                                                                                                                              | * *   | SHOOTING: BEAUTY SHOTS  SHOWS 96 N° 96.08.803                                  |
| 20          |       | 08/01/1997             |       | ED SCA and  Agency CUTE          |       | Invoice n° 97352  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                                                                                                                                                                                                                                              | * *   | SHOOTING : BEAUTY  SHOTS SUMMER 97  N° 97.07.604                     |
| 21          |       | 02/20/1999             |       | ED SCA and  Agency CUTE          |       | *Contrats  de mise à disposition :*

-       n°  003544 with M. SAMBOURG

-       n°  003564 with J. KNAFO

-       n°  003545 with M. FORMONT

Children Modeling  Contract - *assignment of rights of image use (Contrat  mannequins enfants - cession de droits à l’image)* | * *   | SHOOTING : BEAUTY  SHOTS “SVP HONEY” N° 98.12.009               |
| 22          |       | 03/22/1999             |       | ED SCA and  Agency FRIMOUSSE     |       | Invoice n° 08485

Children Modeling  Contract - *assignment of rights of image use (Contrat  mannequins enfants - cession de droits à l’image)*                                                                                                                                                                                                                                             | * *   | SHOOTING : BEAUTY  SHOTS “SVP HONEY” N° 98.12.009               |
| 23          |       | 10/31/2000             |       | ED SCA and  Agency FRIMOUSSE     |       | Invoice n° 10500  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                                                                                                                                                                                                                                              | * *   | SHOOTING : BEAUTY  SHOTS “HALLOWEEN” N° 00.10.001               |

 

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| **N°** | ** ** | **Execution  Date**    | ** ** | **Parties**                       | ** ** | **Name of the agreement**                                                                                                                                                                                                                   | *** *** | **Subject matter of the agreement**                                                                 |
|-------------|------------|------------------------|------------|-----------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-----------------------------------------------------------------------------------------------------|
| 24          |       | 01/15/2001             |       | ED SCA and  Agency CUTE           |       | Invoice n° 21011

 

Children Modeling  Contract - *assignment of rights of image use (Contrat  mannequins enfants - cession de droits à l’image)*                                                                      | * *     | SHOOTING : BEAUTY  SHOTS “NOEL” N° 00.11.010                                    |
| 25          |       | 01/10/2001             |       | ED SCA and  Agency FRIMOUSSE      |       | Invoice n° 10755

 

Children Modeling  Contract - *assignment of rights of image use (Contrat  mannequins enfants - cession de droits à l’image)*                                                                      | * *     | SHOOTING : BEAUTY  SHOTS “NOEL” N° 00.11.010                                    |
| 26          |       | 02/22/2002             |       | ED SCA and  Agency CUTE           |       | Invoice n° 22080  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                                                                               | * *     | SHOOTING : BEAUTY  SHOTS “ART OF DISNEY ANIMATION & ARMAGEDON” N° 02.01.002 |
| 27          |       | 12/31/2003             |       | ED SCA and  Agency FRIMOUSSE      |       | Invoice n° 13847  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                                                                               | * *     | SHOOTING : BEAUTY  SHOTS “HALLOWEEN FILM PRODUCT FY 04” SHOTS N° 03.09.007      |
| 28          |       | 10/20/2003             |       | ED SCA and  Agency NEW KID’S |       | Fax agreement, re: assignment of rights (*Accord sur  la cession de droits par échange de fax)*Children Modeling Contract - *assignment  of rights of image use (Contrat mannequins enfants - cession de droits à  l’image)* | * *     | SHOOTING : BEAUTY  SHOTS “HALLOWEEN FILM PRODUCT FY 04”   N° 03.09.007     |
| 29          |       | 09/11/2001  05/11/2004 |       | ED SCA and  Agency CUTE           |       | Invoice n° 21548  Invoice n°24255  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                                                         | ** **   | SHOOTING : N° 95.10.410                                                                   |
| 30          |       | 01/01/2000             |       | ED SCA and  Agency FRIMOUSSE      |       | Invoice n° 9555

 

Children Modeling  Contract - *assignment of rights of image use (Contrat  mannequins enfants - cession de droits à l’image)*                                                                       | * *     | SHOOTING : N°  99.09.407                                                                  |
| 31          |       | 02/29/2000             |       | ED SCA and  Agency FRIMOUSSE      |       | Invoice n° 9642  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                                                                                | * *     | SHOOTING : N°  00.03.401                                                                  |

 

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                  | ** ** | **Name of the agreement**                                                                                                                                     | *** *** | **Subject matter of the agreement** |
|-------------|------------|---------------------|------------|------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------|
| 32          |       | 03/17/2000          |       | ED SCA and  Agency CUTE      |       | Invoice n° 20107  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  00.03.412  |
| 33          |       | 07/28/2000          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 10211  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  00.07.402  |
| 34          |       | 08/10/2000          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 10230  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  00.08.402  |
| 35          |       | 08/31/2000          |       | ED SCA and  Agency CUTE      |       | Invoice n° 20508  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  00.08.413  |
| 36          |       | 09/29/2000          |       | ED SCA and  Agency CUTE      |       | Invoice n° 20575  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  00.09.419  |
| 37          |       | 12/21/2001          |       | ED SCA and  Agency CUTE      |       | Invoice n° 21783  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  01.01.402  |
| 38          |       | 11/30/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11747  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 01.01.402   |
| 39          |       | 04/13/2001          |       | ED SCA and  Agency CUTE      |       | Invoice n° 21229  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 01.02.408   |
| 40          |       | 03/30/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11005  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  01.02.408  |
| 41          |       | 09/25/2001          |       | ED SCA and  Agency CUTE      |       | Invoice n° 21585  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  01.03.409  |

 

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                  | ** ** | **Name of the agreement**                                                                                                                                     | *** *** | **Subject matter of the agreement** |
|-------------|------------|---------------------|------------|------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------|
| 42          |       | 04/27/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11087  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  01.04.408  |
| 43          |       | 04/12/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11088  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  01.04.411  |
| 44          |       | 06/20/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11268  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  01.06.404  |
| 45          |       | 08/29/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11482  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 01.08.407   |
| 46          |       | 08/22/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11456  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 01.08.408   |
| 47          |       | 10/30/2001          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11652  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  01.10.419  |
| 48          |       | 11/30/2001          |       | ED SCA and  Agency CUTE      |       | Invoice n° 21731  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 01.11.405   |
| 49          |       | 01/31/2002          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11913  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  02.01.403  |
| 50          |       | 03/15/2002          |       | ED SCA and  Agency CUTE      |       | Invoice n° 22143  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 02.01.416   |
| 51          |       | 01/31/2002          |       | ED SCA and  Agency FRIMOUSSE |       | Invoice n° 11914  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 02.01.416   |

 

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| **N°** | ** ** | **Execution  Date**    | ** ** | **Parties**                           | ** ** | **Name of the agreement**                                                                                                                                                            | *** *** | **Subject matter of the agreement** |
|-------------|------------|------------------------|------------|---------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------|
| 52          |       | 02/28/2002             |       | ED SCA and  Agency FRIMOUSSE          |       | Invoice n° 11988  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                        | * *     | SHOOTING : N°  02.02.401  |
| 53          |       | 03/15/2002             |       | ED SCA and  Agency CUTE               |       | Invoice n° 22141  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                        | * *     | SHOOTING : N°  02.02.401  |
| 54          |       | 02/02/2002  02/13/2002 |       | ED SCA and  Agency FRIMOUSSE          |       | Invoice n° 11939  Invoice n° 11931  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  02.02.406  |
| 55          |       | 02/28/2002             |       | ED SCA and  Agency CUTE               |       | Invoice n° 11988  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                        | * *     | SHOOTING : N°  02.02.406  |
| 56          |       | 02/13/2002             |       | ED SCA and  Agency FRIMOUSSE          |       | Invoice n° 11945  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                        | * *     | SHOOTING : N°  02.02.407  |
| 57          |       | 03/15/2002             |       | ED SCA and  Agency CUTE               |       | Invoice n° 22140  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                        | * *     | SHOOTING : N°  02.02.407  |
| 58          |       | 02/20/2002  02/28/2002 |       | ED SCA and  Agency FRIMOUSSE          |       | Invoice n° 11950  Invoice n° 11987  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 02.02.420   |
| 59          |       | 05/22/2002             |       | ED SCA and  Agency CUTE               |       | Invoice n° 22261  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                        | * *     | SHOOTING : N°  02.04.411  |
| 60          |       | 06/17/2002             |       | ED SCA and  Agency REGARD’S SARL |       | Order n° CD 4500048828  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*                  | * *     | SHOOTING : N°  02.06.403  |

 

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                        | ** ** | **Name of the agreement**                                                                                                                                           | *** *** | **Subject matter of the agreement** |
|-------------|------------|---------------------|------------|------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------|
| 61          |       | 07/04/2002          |       | ED SCA and  Agency FRIMOUSSE       |       | Invoice n° 12347  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  02.07.401  |
| 62          |       | 07/15/2002          |       | ED SCA and  Agency FRIMOUSSE       |       | Invoice n° 12373  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  02.07.402  |
| 63          |       | 07/11/2002          |       | ED SCA and  Agency CUTE            |       | Invoice n° 22377  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  02.07.402  |
| 64          |       | 07/15/2002          |       | ED SCA and  Agency FRIMOUSSE       |       | Invoice n° 12572  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  02.09.401  |
| 65          |       | 09/30/2002          |       | ED SCA and  Agency FRIMOUSSE       |       | Invoice n° 12588  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  02.10.402  |
| 66          |       | 09/30/2002          |       | ED SCA and  Agency CUTE            |       | Invoice n° 22531  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  02.10.402  |
| 67          |       | 11/29/2002          |       | ED SCA and  Agency FRIMOUSSE       |       | Invoice n° 12741  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N° 02.11.405   |
| 68          |       | 01/02/2003          |       | ED SCA and  Agency NEW KIDS AGENCY |       | Order n° CD 4500066160  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  02.11.405  |
| 69          |       | 12/16/2002          |       | ED SCA and  Agency CUTE            |       | Invoice n° 22670  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  02.11.410  |
| 70          |       | 12/27/2002          |       | ED SCA and  Agency NEW KIDS AGENCY |       | Order n° CD 4500065859  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  02.11.410  |

 

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                             | ** ** | **Name of the agreement**                                                                                                                                           | *** *** | **Subject matter of the agreement** |
|-------------|------------|---------------------|------------|-----------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------|
| 71          |       | 12/27/2002          |       | ED SCA and  Agency FRIMOUSSE            |       | Order n° CD 4500065856  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  02.11.410  |
| 72          |       | 03/28/2003          |       | ED SCA and  Agency CUTE                 |       | Invoice n° 23153  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  03.03.407  |
| 73          |       | 04/30/2003          |       | ED SCA and  Agency PEOPLE INTERNATIONAL |       | Invoice n° FA 230583  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*   | * *     | SHOOTING : N°  03.04.401  |
| 74          |       | 07/07/2003          |       | ED SCA and  Agency FRIMOUSSE            |       | Invoice n° 13346  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  03.07.403  |
| 75          |       | 07/23/2003          |       | ED SCA and  Agency FRIMOUSSE            |       | Invoice n° 13379  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N° 03.07.404   |
| 76          |       | 07/26/2003          |       | ED SCA and  Agency PEOPLE INTERNATIONAL |       | Invoice n° FA 230961  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*   | * *     | SHOOTING : N°  03.07.412  |
| 77          |       | 03/11/2004          |       | ED SCA and  Agency CUTE                 |       | Invoice n° 2412  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*        | * *     | SHOOTING : N°  03.08.406  |
| 78          |       | 08/05/2003          |       | ED SCA and  Agency FRIMOUSSE            |       | Invoice n° 13476  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       | * *     | SHOOTING : N°  03.08.406  |
| 79          |       | 11/05/2003          |       | ED SCA and  Agency REGARD’S SARL   |       | Order n° CD 4500087766  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N°  03.10.417  |
| 80          |       | 11/05/2003          |       | ED SCA and  Agency PEOPLE KIDS          |       | Order n° CD 4500087778  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* | * *     | SHOOTING : N° 03.10.417   |

 

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                                          | ** ** | **Name of the agreement**                                                                                                                                           |       | **Subject matter of the agreement**                          |
|-------------|------------|---------------------|------------|------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------|
| 81          |       | 04/16/2004          |       | ED SCA and  Agency NEW KIDS AGENCY                   |       | Invoice n° FA 232168  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*   |       | SHOOTING : N°  03.10.420                           |
| 82          |       | 03/05/2004          |       | ED SCA and  Agency FRIMOUSSE                         |       | Invoice n° 14082  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       |       | SHOOTING : N°  03.10.420                           |
| 83          |       | 12/17/2003          |       | ED SCA and  Agency FRIMOUSSE                         |       | Invoice n° 13813  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       |       | SHOOTING : N°  03.12.405                           |
| 84          |       | 12/31/2003          |       | ED SCA and  Agency FRIMOUSSE                         |       | Invoice n° 13855  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*       |       | SHOOTING : N°  03.12.414                           |
| 85          |       | 01/14/2004          |       | ED SCA and  Agency FRIMOUSSE                         |       | Order n° CD 4500093119  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)* |       | SHOOTING : N°  04.01.402                           |
| 86          |       | 07/13/2004          |       | ED SCA and  Agency ANIMUS AGENCE TEEN                |       | Invoice n° N/A  Children Modeling Contract - *assignment of rights of  image use (Contrat mannequins enfants - cession de droits à l’image)*    |       | SHOOTING : N°  04.07.407                           |
| 87          |       | 01/31/1991          |       | ED SCA and  AGENCE FRANCE PRESSE                     |       | Software License Agreement*(Contrat de licence de  logiciel)*                                                                                                       |       | Software to receive  stories from the *Agence France Presse* |
| 88          |       | 04/03/1996          |       | ED SCA and  Novell                                   |       | Corporate license  agreement                                                                                                                                        |       | Re : Novell operating  system Software license               |
| 89          |       | 11/26/1998          |       | ED SCA and  PEREGRINE System SA                      |       | *Contrat  de licence d’utilisation du progiciel Apsylog*                                                                                                       |       | User’s license of  Apsylog software package             |
| 90          |       | ???                 |       | ED SCA and  ADOBE SOFTWARE IRELAND LTD               |       | *License  Agreement  (manque version signée du contrat)*                                                                                                       |       | Re : Adobe  software                                    |
| 91          |       | 03/22/2004          |       | ED SCA and**ADOBE SYSTEMS SOFTWARE IRELAND LIMITED** |       | Contract with no  specific name                                                                                                                                     |       | Re : Adobe  Software and Adobe system maintenance       |
| 92          |       | 01/18/1993          |       | ED SCA and  Transpac                                 |       | ***Tedeco Contract***                                                                                                                                               | ** ** | Re : Transpac  Software License                         |
| 93          |       | 12/28/2001          |       | ED SCA and  SAP France SA                            |       | Software Package  license agreement, re: right of use and servicing *(Contrat  de droit d’utilisation et maintenance de progiciel)*                            |       | Re : SAP  Software package                         |

 

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                                      | ** ** | **Name of the agreement**                                                                                                                                                                                                                                                                                               | ** ** | **Subject matter of the agreement**                                      |
|-------------|------------|---------------------|------------|--------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------|
| 94          |       | -                   |       | ED CSA and  OUROUMOFF INFORMATIQUE SYNFORM SA    |       | * *                                                                                                                                                                                                                                                                                                                |       | Re : Run time  Oracle Software maintenance services                 |
| 95          |       | 09/25/1997          |       | ED SCA andMicrosoft France                       |       | Microsoft license frame agreement*(Contrat-cadre de  licence Microsoft)*                                                                                                                                                                                                                                                |       |                                                                     |
| 96          |       | 05/01/2002          |       | ED SCA and  Kellogg’s                       |       | Participant Agreement                                                                                                                                                                                                                                                                                                   |       |                                                                     |
| 97          |       | 09/18/2000          |       | ED SCA and  Hasbro                               |       | Participant Agreement                                                                                                                                                                                                                                                                                                   |       |                                                                     |
| 98          |       | 04/12/2002          |       | ED SCA and  General Motors                       |       | Participant Agreement                                                                                                                                                                                                                                                                                                   |       |                                                                     |
| 99          |       | 07/01/2002          |       | ED SCA andEsso SA                                |       | Participant Agreement                                                                                                                                                                                                                                                                                                   |       |                                                                     |
| 100         |       | 04/12/2002          |       | ED SCA and  Nestlé France                   |       | Participant Agreement                                                                                                                                                                                                                                                                                                   |       |                                                                     |
| 101         |       | 01/01/2002          |       | ED SCA and  Eastman Kodak SA                     |       | Participant Agreement                                                                                                                                                                                                                                                                                                   |       |                                                                     |
| 102         |       | 11/15/2002          |       | ED SCA andGIE ELIS                               |       | Agreement, re: rental and dry-cleaning of textile products*(Contrat de location-entretien d’articles textiles, blanchissage  et/ou nettoyage à sec de vêtements et costumes)*                                                                                                                            |       |                                                                     |
| 103         |       | 08/28/2000          |       | ED SCA and  BNP Paribas Lease Group              |       | Rental agreement, re: Renault buses*(Contrat de location de  véhicules Autocars Renault)*                                                                                                                                                                                                                          |       |                                                                     |
| 104         |       | 01/11/2002          |       | ED SCA and  Planet Academy                       |       | Assignment of  intellectual property rights, re: scenario and derivative rights*(Cession de droits sur le scénario et droits derives)*                                                                                                                                                                             |       | Re : Stunt Show                                                          |
| 105         |       | 01/31/2002          |       | ED SCA and  GUILLAUME ZUBLENA  Peninsula Films   |       | Assignment of related  rights (*Cession de droits voisins)*                                                                                                                                                                                                                                                             |       | Re :  Interpretation Actor Movie « Stunt Show » |
| 106         |       | 09/15/2003          |       | ED SCA and  CFC                                  |       | Assignment contract,  re: reproduction and performance of copyrighted works – overview of  electronic ads shown on the internet*(Contrat d’autorisation  de reproduction et de représentation d’œuvres protégées – panorama de presse  electronique diffusé sur Intranet)* |       |                                                                     |
| 107         |       | 09/25/1996          |       | ED SCA and  SNCFEuropean Passenger  Services Ltd |       | Agreement EUROSTAR*(Protocole d’Accord  EUROSTAR)*                                                                                                                                                                                                                                                                 |       | Re : Travel Alliance (promotion)                                    |

 

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                  | ** ** | **Name of the agreement**                                                                                               | ** ** | **Subject matter of the agreement**                               |
|-------------|------------|---------------------|------------|------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------|
| 108         |       | 04/07/1999          |       | ED SCA and  Sitel            |       | **Agreement**                                                                                                           |       | Re : UK Call  Center services                           |
| 109         |       | 10/01/2003          |       | ED SCA and  Insurance policy |       | *Police Individuelle Accident  Club Dingo + Fun Run*N° 4.083.304                                                   |       | Insurance policy, re:  accidents to occur at Club Dingo + Fun Run |
| 110         |       | 01/01/2004          |       | ED SCA and  Insurance policy |       | *Police  MRH Résidences CM*N°2010204004                                                                       |       | Insurance policy, re:  MRH Residences CM                          |
| 111         |       | 04/01/2004          |       | ED SCA and  Insurance policy |       | *Police Flotte Auto*N°53788432M                                                                                    |       | Auto Insurance policy                                             |
| 112         |       | 02/01/2004          |       | ED SCA andInsurance policy   |       | *Police  Marchandises transportées*N° 353482                                                                  |       | Insurance policy, re:  transport of goods                         |
| 113         |       | 04/01/2004          |       | ED SCA and  Insurance policy |       | *Police D&O*N° 7900188  N° RD0081948513  N° 41303121820  N° 240838001                 |       | Insurance policy  D&O                                         |
| 114         |       | 10/01/2003          |       | ED SCA and  Insurance policy |       | *Police  Fraude*N° 2200139                                                                                         |       | Insurance policy  against fraud                                   |
| 115         |       | 01/01/2002          |       | ED SCA and  Insurance policy |       | *Police  RC décennale*N° 72286884                                                                             |       | Civil liability  insurance policy                                 |
| 116         |       | 04/23/2004          |       | ED SCA and  Insurance policy |       | *Police Cast Member Assistance*N° 5000026*98                                                                       |       |                                                              |
| 117         |       | 02/01/2004          |       | ED SCA andAssureur           |       | *Police  Individuelle Accident (UK)*N° PA03547                                                                     |       | Civil liability  insurance policy (UK)                            |
| 118         |       | 04/12/2004          |       | ED SCA and  Assureur         |       | *Police  Risques spéciaux*N° 702067                                                                           |       | Insurance policy,  against specific casualties                    |
| 119         |       | 01/01/2004          |       | ED SCA and  Assureur         |       | *Police annulation WWS*N° 10062741                                                                                 |       | WWS cancellation policy                                           |
| 120         |       | 01/01/2004          |       | ED SCA andAssureur           |       | *Police  MRH Expatriés*N°6912740K                                                                             |       | MRH expatriate policy                                             |
| 121         |       | 10/01/2003          |       | ED SCA and  Assureurs        |       | *Police RC*N° 86018467 -N° 86018468  N° FN0092 – FR00003079LI  N° 73511985  N° RF72000357 |       | Civil liability  insurance policy                                 |
| 122         |       | 10/01/2003          |       | ED SCA andAssureur           |       | *Police  RC Produits Vekoma*N° 86121482                                                                            |       | Vekoma Products insurance  policy                                 |
| 123         |       | 10/01/2003          |       | ED SCA andAssureur           |       | *Police  RC VEP*N° 86250407                                                                                        |       | VEP Civil Liability  insurance policy                             |
| 124         |       | 10/01/2003          |       | ED SCA and  Assureur         |       | *Police  dommages/PE*N°FR20200                                                                                     |       | Damages/PE Insurance  policy                                      |

 

96

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| **N°** | ** ** | **Execution  Date** | ** ** | **Parties**                                                                    | ** ** | **Name of the agreement**                         | *** *** | **Subject matter of the agreement**                                     |
|-------------|------------|---------------------|------------|--------------------------------------------------------------------------------|------------|---------------------------------------------------|--------------|-------------------------------------------------------------------------|
| 125         |       | 10/01/2003          |       | ED SCA andAssureur                                                             |       | *Police  tous risques chantiers*N° 048111226 |         | Full-coverage insurance  policy against risks related to building sites |
| 126         |       | 02/28/1989          |       | ED SCA and  The Walt Disney Company (Netherlands) BV  Disney Enterprises, Inc. |       | License Agreement                                 |         |                                                                    |
| 127         |       | 02/28/1989          |       | ED SCA andED SAS                                                               |       | *Contrat  de développement*                  | * *     | Development Contract                                                    |

 

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**Exhibit 3.5 (i)**

 

**List ofemployees of the Contributing Company not transferred to the Beneficiary**

 
| François Pinon                   |   | VP – General Internal Counsel                                   |
|---------------------------------------|--------|----------------------------------------------------------------------|
| Dominique Le Bourhis                  |   | VP – Treasurer/Tax                                              |
| Diane Fuscaldo                        |   | Director –  Controllership (Accounting and Financial Reporting) |
| Philippe Marie                        |   | VP – Communications Institutional                               |
| Bernd Nendersheuser                   |   | Director – Assistant  Treasurer                                 |
| Xavier Cottineau                      |   | Director – Business  Planning                                   |
| Laurent Schmitt                       |   | Director – Accounting                                           |
| Jean-Yves Bignon                      |   | Director – Risk  Management                                     |
| Sandra Picard                         |   | Senior Mgr – Investor  Relations                                |
| Replacement person for  Marie Galeffi |   | Administrative  Assistant                                            |
| Olivier Lambert                       |   | Analyst – Investor  Relations                                   |

 

98

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