Document:

Exhibit 4.6

 

English translation from French version

For information purposes only

 

CONTRIBUTION AGREEMENT

 

BETWEEN:

 

EURO
DISNEY S.C.A., a French société en commandite par
actions with a share capital of €10,826,802.92, having its
registered office at “Immeubles Administratifs”, Route Nationale 34, 77700
Chessy, France, registered with the Registry of Commerce and Companies of Meaux
under number 334 173 887, represented by Mr. André Lacroix, acting in his
capacity as Président-Directeur Général of Euro Disney
SAS, gérant,

 

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

 

AND:

 

EURO
DISNEY ASSOCIES S.C.A., a French société en
commandite 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 of
Meaux under number 397 471 822, represented by Mr. Jeffrey R. Speed, duly
empowered for purposes hereof and acting in his capacity as representative of
Euro Disney SAS, gérant,

 

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

 

WHEREAS:

 

I.                                         Euro Disney
S.C.A. is a French société en commandite par
actions, whose shares are listed on the Premier Marché of Euronext
Paris.  Euro Disney S.C.A. and with its direct and indirect
subsidiaries are hereafter referred to as the “Euro Disney Group”.

 

The Euro Disney Group operates Disneyland Resort
Paris, 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 entertainment
center Disney Village, and a 27-hole golf facility.  The Euro Disney Group’s operating activities
also include the management and development of the 2,000 hectares site, which
currently includes approximately 1,000 hectares of undeveloped land.

 

 

II.                                     Euro Disney S.C.A. operates directly the
Disneyland Park, the Walt Disney Studios Park, the Disneyland hotel, the Davy
Crockett 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 operates
the 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 six
French sociétés en nom collectif (the “Hotel
SNCs”).  Each of the Hotel SNCs owns
one of the above-mentioned hotels or the Disney Village, as applicable, and
rents the land on which its related hotel (or the Disney Village) is located
from 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 and
operation of:

 

(a)                                    one or more amusement parks and leisure
and entertainment facilities, including the Disneyland and Walt Disney Studios
theme parks, located in Marne-la-Vallée, and all future extensions thereof, and
also including, more generally, all other theme parks, restaurants, merchandise
retailing facilities, leisure centers, nature parks, campsites, sports
facilities, resorts, and entertainment complexes located in Marne-la-Vallée or
in 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, without limitation, the buildings, facilities and structures of the
Euro Disneyland Project (the “EDL Project”), as defined in the agreement
on the creation and the operation of Euro Disneyland in France (the “Master
Agreement”), dated March 24, 1987, as amended;  as well as all roads, settlings, and
facilities, fittings, infrastructures and services relating thereto;

 

(ii)                                  to
invest, directly or indirectly, by establishing new companies, forming
temporary 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 transactions
relating to commercial, industrial, or real estate activities which may be
connected 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 estate
and other transactions directly or indirectly related to any of the purposes
referred to in (i) and (ii) above.

 

2

 

The
share capital of Euro Disney S.C.A. amounts to ten million eight hundred twenty
six thousand eight hundred two euros and ninety two cents (€10,826,802.92),
divided into one billion eighty-two million six hundred eighty thousand two
hundred ninety two (1,082,680,292)  shares each
with 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 three
employee stock option plans, the conditions of which are described in Exhibit
A hereto (the “Stock Options”).

 

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

 

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

 

The gérant and the
general partner (associé commandité) of Euro
Disney S.C.A. are, respectively, Euro Disney S.A.S. and EDL Participations
S.A., both indirect wholly-owned subsidiaries of TWDC.

 

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

 

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

 

3

 

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

 

EDA was converted from a société en nom collectif into a société en
commandite 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 and
operation of:

 

(a)                                    one or more amusement parks and leisure
and entertainment facilities, including the Disneyland and Walt Disney Studios
theme parks, located in Marne-la-Vallée, and all future extensions thereof and
also including, more generally, all other theme parks, restaurants, merchandise
retailing facilities, leisure centers, nature parks, campsites, sports
facilities, resorts, and entertainment complexes located in Marne-la-Vallée or
in 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, without
limitation, the buildings, facilities and structures of the EDL Project, as
defined in the Master Agreement as amended, as well as all roads, facilities,
fittings, infrastructures and services relating thereto;

 

(ii)                                  to
invest, directly or indirectly, by establishing new companies, forming
temporary 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 transactions
relating to commercial, industrial, or real estate activities which may be
connected with or may permit the purpose set forth in (i) above;

 

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

 

4

 

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

 

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

 

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

 

The gérant of EDA
is Euro Disney S.A.S. and its general partners (associés
commandités) are Euro Disney Investments S.A.S. and EDL Corporation
S.A.S.

 

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

 

IV.                                The
purpose of this agreement is to determine the terms and conditions of the
contribution 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”).

 

The
Contribution set forth in this contribution agreement (the “Contribution
Agreement”) is part of the comprehensive financial restructuring plan
agreed upon pursuant to a Memorandum of Agreement dated June 8, 2004, as
amended on September 27, 2004, between inter alia Euro
Disney S.C.A., TWDC, CDC and the other financial institutions party to the loan
agreements entered into with the companies of the Euro Disney Group, Euro
Disneyland SNC and the Hotel SNCs, which, in particular, provides for
modifications to be made to the agreements relating to the loans previously subscribed
by Euro Disney S.C.A., EDL Hôtels, Euro Disneyland SNC and the Hotel SNCs as
well as the rescheduling of the repayment of certain of these loans. This
financial restructuring plan (the “Restructuring”) is designed to allow
Euro Disney S.C.A. to satisfy its near-term and long-term financial obligations
and to have cash enabling it to successfully manage and grow its business.

 

As
mentioned above, in order to comply with the principles of the 1994 financial
restructuring plan and to be in a position to continue 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 under the Lease and in
addition, would either have to pay EDA an amount of €213.4 million, in
eight annual installments allowing it to acquire the ACP Assets, or to continue
financing its acquisition under the 12-year finance lease agreement with
EDA.  The financial condition of Euro
Disney S.C.A. is such that it is highly unlikely that it would be in a position
to meet these financial liabilities in due course.  The Contribution is designed to allow Euro
Disney S.C.A. to participate in the continued operation of the Disneyland Park
through EDA (which, as a result of the Contribution, will become its
subsidiary) without having to pay amounts that would otherwise be payable to
EDA in order to accomplish that result.

 

5

 

V.                                    The execution of the Contribution
Agreement has been authorized by decisions of the Supervisory Board of Euro
Disney S.C.A. and of the Supervisory Board of EDA, dated September 28, 2004
and September 30, 2004 respectively.

 

The effective completion of the Contribution shall be
subject to the approval of the shareholders of Euro Disney S.C.A. and of
EDA as well as that of their respective general partners (associés
commandités).

 

VI.                                By order dated July 2, 2004, the
President of the Commercial Court of Meaux has appointed Messrs. Dominique
Ledouble 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 Disney
S.C.A. has consulted and obtained an opinion from its workers’ committee in
connection with the Contribution.

 

6

 

NOW
THEREFORE, IT IS AGREED AS FOLLOWS:

 

Article 1

Contribution Principles

 

1.1                             Contribution

 

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

 

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

 

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

 

(b)                                 a lump sum amount of €45 million to be
withdrawn 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 Share
Capital Increase and, on the other hand, the future operating costs of the
Contributing Company; and

 

(c)                                  a portion of the cash determined in
accordance with Article 2.3.1 below that may, as the case may be, not be
contributed 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 any
liability or obligation of the Contributing Company under the Stock Options,
nor the costs relating to the Share Capital Increase, nor the liabilities or
social undertakings relating to the employees of the Contributing Company
listed in Exhibit 3.5(i) and not transferred to the Beneficiary (the “Excluded
Liabilities”), it being understood that the Excluded Assets and Excluded
Liabilities shall continue to be held or assumed (as applicable) by the
Contributing Company (the Excluded Assets and the Excluded Liabilities are
hereinafter collectively referred to as the “Excluded Assets and Liabilities”).  All of the assets and liabilities of the
Contributing Company, as of the Completion Date, other than the Excluded Assets
and Liabilities, are herein referred to as the “Contributed Business”.

 

7

 

1.2                             Legal
regime

 

The Contribution is made subject to the provisions of
Articles L. 236-16 through L. 236-21 of the French Commercial Code, in
accordance with the election provided by Article L. 236-22 of the code. As
a result, the Contribution shall result in the Beneficiary being substituted
for the Contributing Company in all its rights and obligations in respect of
the Contributed Business.

 

1.3                             Reference
Accounts

 

The
assets and liabilities contributed to the Beneficiary hereunder and the terms
and conditions of the Contribution have been determined and carried out, on a
preliminary basis, by reference to the interim financial statements of the
Contributing Company as of June 30, 2004 and shall be determined and
carried out, on a definitive basis, by reference to the financial statements of
the Contributing Company as of September 30, 2004 (the “Reference
Accounts”), it being provided that the Contributed Business shall be
transferred to the Beneficiary in its existing condition as of the Completion
Date.

 

The
Reference Accounts certified by the Contributing Company’s auditors shall be
drawn up and provided to the Beneficiary no later than November 15, 2004.

 

1.4                               Scope
of the Contribution

 

1.4.1                     Contributed
assets

 

(a)                                  The
assets contributed shall consist of all of the assets and rights of the Contributing
Company, other than the Excluded Assets, as these assets and rights shall exist
on the Completion Date (whether or not these assets are accounted for in the
Reference Accounts and together with any contingent, unknown or future rights
relating to the operation of the Contributed Business the origin of which
predates the Completion Date) and shall therefore include all of the assets
reflected in the Reference Accounts, as reduced by those assets disposed of or
destroyed from October 1, 2004 through the Completion Date (the “Interim
Period”) and increased by any asset acquired by the Contributing Company
during the Interim Period.

 

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

 

1.4.2.                  Assumed
liabilities

 

(a)                                  The
liabilities assumed by the Beneficiary shall consist of all of the liabilities
and obligations of the Contributing Company, other than the Excluded
Liabilities, as such liabilities and obligations shall exist on the Completion
Date (irrespective of whether these liabilities or obligations have been
recorded in the Reference Accounts and together with any contingent, unknown or
future liability relating to the operation of the Contributed Business the
origin of which predates the Completion Date) and shall therefore include all
of the liabilities reflected in the Reference Accounts, as reduced by those
liabilities which shall have been discharged during the Interim Period and
increased by any new liability having accrued during the Interim Period.

 

8

 

(b)                                  In
addition, on the Completion Date, the assumed liabilities shall include the
following two liabilities resulting from the Contribution and which will not be
accounted for in the Reference Accounts (hereinafter, the “Liabilities
resulting from the Contribution”):

 

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

 

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

 

1.5.                            Valuation
principles retained for the Contributions – Value of the Contributions -
Accounting

 

1.5.1                        General Principle

 

The contributed assets
and the assumed liabilities (collectively referred to hereinafter as the “Contributions”)
shall be assessed at
their valeur réelle(2)  (“Real Value”).

 

1.5.2                        Real Value of the
Contributions, taken as a whole

 

The Real Value of the
Contributions, taken as a whole, was determined by reference to the
weighted-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 Agreement
has been extended from July 31 to September 30, 2004), as increased
by the discounted value of the future operating costs of the Contributing
Company, assessed at a lump sum of €25 million, and taking into account
the cash contributed, as determined in Article 1.4.1(b) above (i.e., €205 million).

 

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

 

(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.

 

9

 

Insofar as the Net Value
of the Contributions has been assessed by using the stock price method, this
value shall not be impacted by the accounting losses of the Contributed
Business 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 the
cash contributed and the Liabilities resulting from the Contribution described
in Article 1.4.2 above, the Real Value of the Contributions, computed as a
whole as indicated in Article 1.5.2 above, shall be allocated between
assets and liabilities, taken individually (in €million), and accounted for in
the Beneficiary’s accounts, as follows:

 

(i)                                    the assets and liabilities accounted for
in 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 the
Contributions taken as a whole and (ii) the sum of the values of the
Contributions taken individually, has been assessed at €47.4 million;

 

(iii)                              the
Liabilities resulting from the Contribution shall be assessed at the values
indicated in Article 1.4.2(b) above; and

 

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

 

1.6.                            Principles
applicable to the consideration for the Contribution

 

The
consideration for the Contribution referred to in Article 2.4 below (i.e., the number of shares in the Beneficiary to be issued
to the Contributing Company) has been assessed based on the relative fair
market value of the Contributed Business compared to that of the Beneficiary in
accordance with the methods and calculations shown in Exhibit 1.6.

 

Article 2

Description of the Contributions

 

2.1                               Preliminary
value of the assets contributed

 

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

 

10

 

	
  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

  	
   

  

 

The
assets 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                               Preliminary
value of the assumed liabilities

 

The
following chart provides an estimate as of October 1, 2004 (date on which
the Contribution will be retroactively effective) of the preliminary individual
values of the assumed liabilities, in accordance with the principles defined in
Article 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

  	
   

  

 

11

 

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

 

12

 

	
   

  	
   

  	
  (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 in
particular all off balance sheet liabilities of the Contributing Company that
shall exist on the Completion Date.

 

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

 

2.3                               Adjustment

 

The
projected accounting result of the Contributed Business between July 1 and
September 30, 2004 has been estimated at an amount equal to zero.

 

2.3.1                         If the
definitive 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 exceeds
the value of the goodwill (the “Excess”), a portion of the cash equal to
the Excess will not be contributed by the Contributing Company to the
Beneficiary.

 

Taking into account the
adjustments described above and given that the consideration for the
Contribution has been established pursuant to the principles described in Exhibit
1.6, the Profit would have no effect on the number of shares issued by the
Beneficiary to the Contributing Company in consideration for the Contribution.

 

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

 

This
decrease of the contribution premium shall be acknowledged by the general
shareholders’ meeting of the Beneficiary as of the Completion Date.

 

Taking
into account the adjustment to the contribution premium and given that the
consideration for the Contribution has been established pursuant to the
principles described in Exhibit 1.6, the Loss would have no effect on
the number of shares issued by the Beneficiary to the Contributing Company in
consideration for the Contribution.

 

2.4                               Consideration
for the Contribution

 

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

 

13

 

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

 

On
the basis of the Net Value of the Contributions, and subject to the adjustment
mechanisms described in Article 2.3 above, the contribution premium should
amount to €107,898,691.5.

 

Article 3

Terms and conditions of the Contribution

 

3.1                               Transfer
of title - Retroactivity

 

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

 

However,
the parties expressly agree that among themselves, and for French accounting
and tax purposes, the Contribution will be retroactively effective as of October 1,
2004.  As a result, all transactions
relating to the Contributed Business and carried out during the Interim Period
shall be deemed for these purposes to have been conducted in the name of and
for the account of the Beneficiary.  Any
related profit or loss accrued during the Interim Period shall inure to the
benefit of or shall be sustained by the Beneficiary and shall not result in any
adjustment to the value of the Contributed Business.

 

3.2                               No
joint and several liability

 

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

 

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

 

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

 

14

 

Pursuant
to applicable regulations, any objection brought by a non-bondholder creditor
shall have no effect on the completion of the Contribution.

 

3.3                               Transfer
of rights and obligations

 

As of
the Completion Date and except in connection with the Excluded Assets and
Liabilities, the Beneficiary:

 

(i)                                     shall be subrogated in all rights
and obligations resulting from any contract or commitment whatsoever, binding
upon or benefiting the Contributing Company, except, however, in connection
with those rights and obligations the transfer of which requires consent from a
third party, to the extent such consent would not have been obtained before the
Completion Date;

 

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

 

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

 

3.4                               Third
party consents

 

In the
event the consent of a third party (including any waiver or approval, whether
expressed or implied) is necessary to transfer to the Beneficiary any asset,
right or contract to be contributed hereunder or to ensure the continued
enjoyment or benefit by the Beneficiary of any such asset, right or contract
after the Completion Date, the Contributing Company (or, if applicable, the
Beneficiary) shall seek such consent as soon as possible after the execution
hereof and use its best efforts to obtain it prior to the Completion Date.  The parties shall diligently cooperate with
each other towards the obtaining of any such third party consent and shall keep
each other regularly informed of the progress of any action undertaken in
connection therewith.

 

In the
event 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 not
prevent the Contribution from being carried out in connection with the elements
of the Contributed Business, the transfer of which is not subject to this third
party consent, and the parties shall negotiate in good faith the terms allowing
each of them, to the fullest extent possible, to be in an economic position
that is similar to the one they would have been in had the third party consent
been obtained.  In addition, in the event
it would appear inappropriate to seek the consent of a third party, the parties
shall also negotiate in good faith the terms allowing each of them, to the
fullest extent possible, to be in an economic position that is similar to the
one contemplated above without effecting a transfer.

 

15

 

Attached
as Exhibit 3.4 is the list of the main assets, rights (including in
particular authorizations and third party commitments) and contracts,
identified as of the date of execution of this Contribution Agreement as being
part of the Contributed Business and for which a third party consent is or may
be required.

 

3.5                               Employees

 

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

 

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

 

(iii)                               As
indicated in Article 1.1 above, all obligations attached to the Stock
Options will be excluded from the Contribution and shall continue to be assumed
by the Contributing Company.  The Stock
Options will therefore continue to give the option holders the right to
subscribe to shares of Euro Disney S.C.A. under the terms provided in the
respective stock option plans.

 

3.6                               Condition
of the contributed assets and liabilities

 

(a)                                  The
Beneficiary shall accept the contributed assets and liabilities in their
existing condition as of the Completion Date without any right to make any
claim to the Contributing Company in connection with the assets and liabilities
for any reason whatsoever.

 

(b)                                 For
the real estate property and rights contributed hereunder:

 

(i) the Beneficiary shall have no claim against the
Contributing Company based in particular on (w) any digging or excavation which
may have been made under the buildings and any resulting collapse thereof, as
the nature of the soil and sub-soil are not guaranteed, (x) any defects, of all
kinds, visible or hidden, (y) any error in the description and any difference
in the surface area, and (z) the condition of the buildings or their status, in
particular under the regulations applicable to asbestos, termites and
classified facilities;  and

 

16

 

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

 

3.7                               Supplemental
instruments and formalities

 

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

 

This Contribution Agreement or an
extract thereof and, if need be, any related subsequent deeds, shall be
recorded in the minutes of Maître Sylvie
Burthe-Mique, notaire of the Etude Monassier & Associés, 1 rue Montessuy, 75340 Paris
Cedex 07, with any authentification of writings and signatures, necessary for
it to meet the conditions of a notarized deed (acte
authentique), as if it had been regularly drawn up by a notary.

 

For this purpose, Maître Burthe-Mique:

 

•                     shall establish the detailed designation of the
contributed assets, in compliance with applicable provisions relating to real
estate registration and legal or regulatory provisions related to urbanism or
national and regional development (aménagement du territoire)
and proceed, if need be, with any rectification, addition, or deletion made
necessary by any omission, error or insufficiency of the designation, and

 

•                     shall establish the origin of ownership.

 

The
parties undertake to cooperate in order to prepare and enter into all
instruments necessary to complete, reiterate or implement this Contribution
Agreement, and to provide all supporting documentation that may be required to
carry out the transfer to the Beneficiary of the assets, rights, obligations
and liabilities that form the Contributed Business.  For the purpose of these instruments, the
parties acknowledge that the exhibits to this Contribution Agreement describing
the assets and liabilities to be contributed may have to be completed or
amended in order to reflect the principles of the Contribution as expressed in Article 1.1
above.

 

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

 

Article 4

Representations, warranties and covenants of the Contributing Company

 

4.1                                 The
Contributing Company hereby represents and warrants as follows to the
Beneficiary:

 

(i)                                     it
is a société en commandite par actions duly
incorporated under French law;

 

(ii)                                  the
Contributing Company has the appropriate capacity and, subject to the approval
of the transactions set forth in this Contribution Agreement by the
Contributing Company’s extraordinary shareholders’ meeting and by its general
partner (associé commandité), the authority to
enter into this Contribution Agreement, to carry out all transactions provided
hereby, to transfer the Contributed Business and, more generally, to perform
all of its obligations hereunder;

 

17

 

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

 

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

 

4.2                                 From the date of execution of this
Contribution Agreement through the Completion Date, the Contributing Company
undertakes to manage the Contributed Business in the normal course of business
consistent with its past practice.

 

Article 5

Representations and warranties of the Beneficiary

 

The
Beneficiary hereby represents and warrants as follows to the Contributing
Company:

 

(i)                                   it
is a société en commandite par actions duly
incorporated under French law;

 

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

 

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

 

Article 6

Records and files

 

The
accounting books, documents, archives and files of the Contributing Company
relating to the Contributed Business shall be kept available to the Beneficiary
for a period of ten (10) years following the Completion Date.

 

18

 

Article 7

Tax Regime of the Contribution

 

7.1                               General
provisions

 

(a)                                  General
representations

 

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

 

Each of the Contributing
Company and the Beneficiary further represents and warrants that:

 

•               it is liable for corporate income tax,

 

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

 

(b)                                 General
undertaking

 

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

 

In general, from the Completion Date, the Beneficiary’s
rights and obligations will be subrogated to the Contributing Company’s with
respect to the payment of all contributions or taxes related to the Contributed
Business.

 

7.2.                            Registration
duties

 

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

 

7.3.                            Corporate
Income Tax

 

(a)                                   Effective
date

 

Given
the retroactive effect of the Contribution set forth by the provisions of Article 3.1
of this Contribution Agreement, the Beneficiary shall file its corporate tax
return and pay any and all corporate income tax due in respect of the period
from October 1, 2004, both with respect to its own activity and to that
carried out on its behalf by the Contributing Company with respect to the
Contributed Business.

 

19

 

(b)                                   Favorable
regime

 

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

 

1 – Undertakings
of the Beneficiary

 

In order to ensure that the Contribution qualifies for
the benefit of the regime set forth in Articles 210 A and 210 B of the
General Tax Code, the Beneficiary shall comply with all applicable requirements
set forth in Article 210 A of the General Tax Code, to the extent
that 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 to
deferred taxation at the level of the Contributing Company and which will not
become groundless as a result of the Contribution (Article 210 A-3-a of
the General Tax Code),

 

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

 

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

 

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

 

(e)                                  record in its balance sheet assets (other
than fixed assets) included in the scope of the Contribution at a value equal
to their respective tax basis in the books of the Contributing Company or, in
the absence of such recording, include in its taxable income for the fiscal
year during which the Contribution is completed the profits corresponding to
the difference between the new value of such assets and their tax basis in the
books of the Contributing Company (Article 210 A-3-e of the General Tax
Code).

 

20

 

The Beneficiary will
further assume, when necessary, the tax commitments of the Contributing Company
with respect to previous transactions made by, or in favor of, the Contributing
Company under the favorable merger regime provided under Article 210 A of
the General Tax Code. Therefore, the Contributing Company and the Beneficiary
represent, in accordance with the provisions of Article 210 B bis of the
General Tax Code, that the Beneficiary shall assume the Contributing Company’s
commitment to retain shares subscribed under previous transactions whose holding
period has not expired and which would be transferred under the Contribution.

 

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

 

It is specified that the Contributing Company has not
booked any long-term capital gains reserve pursuant to Article 219-I-a of
the General Tax Code or a reserve in respect of which provisions for price
fluctuations would be recorded pursuant to Article 39-1-5° paragraph 6 of
the General Tax Code.

 

2 – Undertakings
of the Contributing Company

 

In order to ensure the eligibility of the Contribution
for the regime set forth in Articles 210 A and 210 B of the General Tax
Code, the Contributing Company undertakes to:

 

•                       retain
during a three-year period the shares of the Beneficiary received in
consideration for the Contribution;

 

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

 

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

 

(a)                                  Equipment subsidies

 

In accordance with the
provisions of Article 42 septies of the General Tax Code, the Beneficiary
undertakes to recapture the equipment subsidies obtained by the Contributing
Company for the purpose of financing the fixed assets included within the scope
of the Contribution, to the extent such subsidies have not yet been recaptured
as of the effective date of the Contribution. 
It undertakes to spread such recapture over the period prescribed by the
aforementioned Article 42 septies.

 

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

 

21

 

	
  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.                            Value
added tax (VAT)

 

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

 

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

 

In this respect, the
Beneficiary undertakes:

 

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

 

ii)                  to make, if necessary, adjustments to
deductions provided for in Articles 207 bis, 210, 214, 215, 221 and 225 of
Annex II to the General Tax Code with respect to the other fixed assets
included in the Contribution;

 

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

 

The Contributing Company
specifies that it expressly reserves the possibility, insofar as necessary, to
subject to VAT, on the Completion Date, all or part of the properties included
in the Contribution.  Such tax will then
be reported in documents used as an invoice in the Beneficiary’s name, which
will pay the amount thereof to the Contributing Company.

 

The Beneficiary shall
file with the applicable tax authorities a form in two counterparts reiterating
the commitments made in this Article 7.4.

 

22

 

7.5.                            Employers’ contribution to the
construction effort (participation des
employeurs à l’effort de construction)

 

In accordance with Article 163
of 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 all
the Contributing Company’s rights and obligations regarding application of the
regulations relating to the mandatory employers’ investment in the construction
of housing.

 

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

 

The
parties request, insofar as necessary, that the Beneficiary benefit from the
right to carry forward the excess amount of contributions that may have been
incurred by the Contributing Company as of the effective date of the
Contribution.

 

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

 

7.6.                            Wages
tax, apprenticeship tax and employers’ professional training contributions

 

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

 

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

 

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

 

ii)             in
accordance with the provisions of Article 229-A paragraph 1 of the General
Tax Code, the file the return relating to compensation that has not yet been
subject to apprenticeship tax, together with an exemption request, if
necessary, in accordance with the provisions of Article 230 of the General
Tax Code and to pay any corresponding apprenticeship tax contribution;

 

iii)          in
accordance with the provisions of Article 235 ter J-II of the General Tax
Code, to file the return relating to the expenses actually incurred with
respect to professional training for the year during which the Contribution was
completed and the return relating to expenses actually incurred for the
previous year, if not yet filed, and to pay any contribution owed in this
respect.

 

23

 

7.7.                            Employee
profit sharing

 

The
Beneficiary undertakes to assume the Contributing Company’s obligations for the
application of the provisions relating to employee profit sharing and to ensure
the administration of the corresponding rights in accordance with applicable
law and the terms of the profit sharing agreements.

 

In
particular, the Beneficiary undertakes to assume, if applicable, any profit
sharing reserve recorded by the Contributing Company, as well as any
corresponding investment provision, to the extent of the portion that, as of
the effective date of the Contribution, has not been used in accordance with
its purpose.

 

7.8.                            Prior transactions

 

In general, from the Completion Date, the Beneficiary
will assume the Contributing Company’s obligations relating to compliance with
all tax commitments and obligations relating to the assets and liabilities
transferred as a result of the Contribution.

 

Article 8

Conditions precedent

 

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

 

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

 

(b)                                 the
decision by the Supervisory Board of EDL Hôtels approving the Beneficiary as
new shareholder of EDL Hôtels;

 

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

 

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

 

24

 

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

 

(f)                                    the
approval by the general partners (associés commandités) of
the Beneficiary of this Contribution Agreement and the share capital increase
for the funding of the Contribution;

 

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

 

(h)                                 the
informal ruling of the French tax administration relating to the transfer to
the Beneficiary of the ordinary tax losses of the Contributing Company existing
as of September 30, 2004, and to the tax treatment of the reassuming over
time of the provisions relating to the off-balance sheet undertakings accounted
for by the Beneficiary as a result of the Contribution;

 

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

 

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

 

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

 

The
parties expressly agree that the fulfillment of the conditions precedent shall
not have any retroactive effect as of October 1, 2004, except for French
tax and accounting purposes as provided in Article 3.1 above.

 

If any
of the conditions precedent referred to under (h) and (k) above is not
fulfilled by November 19, 2004 at the latest or, as far as the other
conditions precedent are concerned, by March 31, 2005 at the latest, this
Contribution Agreement will be null and void, if one of the parties hereto
wishes to raise the benefit of the non-fulfillment of any condition precedent
by sending a written notice to the other party. 
If no such written notice is sent, this Contribution Agreement shall
remain in full force and the parties may agree to either consider such
condition precedent waived or amend it.

 

25

 

Article 9

Miscellaneous

 

9.1                               Publicity

 

This
Contribution Agreement shall be filed with the clerk of the Commercial Court of
Meaux.

 

9.2                               Registration
duties and costs

 

All
registration duties due in connection with the Contribution shall be borne by
the Beneficiary.

 

All
other costs and fees due in connection with the Contribution, as well as those
that ensue or result therefrom will be borne by the Contributing Company.

 

9.3                               Applicable
law - Jurisdiction

 

This
Contribution Agreement is governed by French law.  All disputes arising in connection with the
existence, interpretation or performance hereof shall be submitted to the sole
jurisdiction of the Commercial Court of Meaux.

 

26

 

Executed in Paris

 

On September 30, 2004

 

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

 

	
  EURO DISNEY S.C.A.

  	
  EURO DISNEY ASSOCIES
  S.C.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Mr. André Lacroix

  	
  Mr. Jeffrey R. Speed

  
				

 

27

 

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

  

 

28

 

Exhibit A

 

Description
of the Stock Options

 

 

In 1994, Euro Disney
S.C.A.’s shareholders approved the implementation of an employee stock option
plan (the “1994 Plan”) authorizing the issuance of stock options for the
acquisition of up to 2.5% of Euro Disney S.C.A.’s outstanding share
capital.   Through September 30, 2003,
Euro Disney S.C.A. had granted to certain managers and employees a total of
7,726,863 options, net of cancellations and exercises, giving the right to
acquire one share of common stock each at a market exercise price representing
the average closing market price over the preceding 20 trading days.  The options are valid for 10 years from their
issuance date and become exercisable over 5 years in equal installments
beginning one year from the date of grant. Upon termination of employment, any
unvested options are cancelled. However, options that are exercisable as of the
date of termination may be exercised within a specified period of time or else
they are cancelled.

 

In March 1999, Euro
Disney S.C.A.’s shareholders approved the implementation of a second employee
stock 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% of
Euro Disney S.C.A.’s outstanding share capital. 
The options granted under that plan are valid for a period of 8 years
from their issuance date.  Through
September 30, 2003, Euro Disney S.C.A. granted a total of 21,582,800 options
under this plan, net of cancellations and exercises.

 

In May 2003, Euro Disney
S.C.A.’s shareholders approved the implementation of a third employee stock
option 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% of
the Euro Disney S.C.A.’s outstanding share capital.  The options granted under that plan are valid
for 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 years
ended September 30, 2002 and 2003, is as follows:

 

29

 

	
   

  	
   

  	
  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 at
September 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

  	
   

  

 

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

 

30

 

Exhibit 1.6

 

Principles retained for the consideration of the
Contribution

 

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 Disney
Studios theme parks, the Disneyland Hotel, various hotels that are operated by
EDL 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’s
1994 restructuring. Together, they own 100% of Euro Disney Associés (“EDA”).

 

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

 

1.         Valuation Methodologies considered by the parties

 

1.1       Overview

 

The objective of the valuation was to determine the contribution of the
value contributed by Euro Disney SCA (“ED SCA”) in the new partnership formed
by EDA (after conversion into capital of liabilities to EDI and EDS) and the
value of assets and liabilities contributed by of ED SCA. The outcome is a
contribution parity that will lead to the percentage stake of ED SCA and
EDI/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 were
determined using a variety of valuation methodologies, as is usual in this type
of transaction.  Because of the
particularities of the companies and of assets and liabilities being valued,
certain methodologies were excluded, the principles on which they are based
having 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 discounting
the 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 by
the market value of their share in total capital. The free cash flows are
defined as the after-tax operating cash flows after capital spending, but
before financing charges.

 

31

 

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

 

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

•      the high level of debt and the significant
change over the reference period of the financial structure of ED SCA make the
determination of the WACC difficult;

 

•      this method is sensitive to the market value of
the 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 debt
service (see section 2. “Retained Valuation Methods”).

 

1.3.2   Trading Comparables Multiples Method

 

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

 

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

 

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

 

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

 

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

 

1.3.3   Method using transaction multiples

 

This approach is methodologically similar to using trading comparable
multiples to value a company. It consists in applying the multiples observed
for comparable transactions to financial metrics of the company being
evaluated.

 

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

 

32

 

In this particular case, the fact that ED SCA is going through a phase
of restructuring makes the implementation of this method inappropriate.  Furthermore, the attribution of a value to
the shareholders equity is made difficult because of the difficulty of estimating
the 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 historical
accounting information that does not take into consideration the group’s future
prospects, (ii) it can not be based on social accounting information which not
reflects the value of some off-balance sheet engagements and (iii) it can not
be based on a net consolidated asset of ED SCA since EDA is now included as an
ad hoc entity in the scope of consolidation of the consolidated entity ED SCA
since 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 by
taking into account the potential capital gains or losses of each asset and
liability of the company.  Such a method
is therefore particularly appropriate for investment companies but was excluded
in this case because of the difficulty in valuing separately each of the assets
of the group.

 

The “sum of the parts” method was also not retained because ED SCA forms
a homogenous economic entity focused on theme parks, which does not therefore
justify taking into account varying financial hypotheses for different
activities.

 

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

 

1.3.6   Discounting of dividends

 

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

 

2.         Retained valuation
methods

 

2.1       EDA

 

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

 

33

 

2.2       ED SCA

 

i           Stock price analysis

 

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

 

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

 

In the context of a valuation post restructuring, , it has been
considered that most relevant share prices to reflect an expected successful
restructuring plan are those for the period between 9 June 2004, date at which
ED announced the principles of the agreement for its restructuring plan, and 2
August 2004, date at which the company announced the need for an additional
delay 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 as
reference, it being noted that this valuation method is retained as a
corroborative method only by the parties.

 

Based
on this reference share price and considering the value of EDA, ED SCA’s
ownership 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 reference
method (Equity Discounted Cash Flows, or “EDCF”) due to ED SCA characteristics,
especially its high level of debt and the significant change in this level
throughout the forecast horizon.  This
method is based on the discounting of equity flows, i.e.:

 

•      operating cash flows, after tax, where
applicable;

 

•      minus debt service (financial interest and
principal reimbursements).

 

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

 

According
to this methodology, pursuant to the value of EDA and varying the hypotheses of
discount rate and perpetuity growth rate, the percentage of ownership of ED SCA
in the capital of EDA post restructuring is estimated to be between 81% and
83%.

 

34

 

Furthermore, an alternative method was implemented to corroborate
results: the Adjusted Present Value Method (“APV”).  This method, based on the valuation of the
assets adjusted for the impact of the financial structure allows to ascertain
the value of the operational assets of the company without using hypotheses
pertaining to the financial structure. The discounted value of the tax savings
linked to the deductibility of financial charges is then added to the value of
the operational assets.  This method,
which is relatively academic, is not widely used.  It is therefore presented for information
purposes only.

 

According
to this methodology, pursuant to the value of EDA and varying the hypotheses of
discount rate and perpetuity growth rate, the percentage of ownership of ED SCA
in the capital of EDA post restructuring is estimated to be between 77% and
87%.

 

The significant width of the range of the results
obtained, while using the same sensitivities between the financial hypotheses
as those within the EDCF method, weakens the pertinence of this method.

 

3.         Synthesis of percentage of ownership in the capital of EDA post
restructuring

 

Pursuant to this multi-criteria approach for ED SCA, the post
restructuring percentage of ownership of ED SCA in the capital of EDA is
estimated to be between 77% and 87%. The table below sums up the methodologies
on 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 August
2004

 

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

 

35

 

Exhibit
2.1

 

Interim
accounts 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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
  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

 

Exhibit
2.1(a)

 

List of
intellectual property rights

 

List of
licenses granted to Euro Disney S.C.A. 

relating
to intellectual property rights 

 

 

I - List of Intellectual Property
Rights

 

A - Euro
Disney 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 on
photographs.

 

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

 

Productions:

 

Euro Disney S.C.A. holds
performance 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 Disney
S.C.A. produces permanent shows, in which employees of the company (either
permanent or seasonal) take part; such employees assign, pursuant to their employment
contracts, their rights of use to Euro Disney S.C.A.

 

Finally, Euro Disney
S.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 their
rights to Euro Disney S.C.A on such shows.

 

Merchandising:

 

Euro Disney S.C.A. allows
for the manufacture of various products derived from Disney-copyrighted works
by certain licensors, who assign their rights to Euro Disney S.C.A. when they
are involved in the development of such products.

 

39

 

Marketing & Publicity:

 

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

 

Music:

 

Within Euro Disney
S.C.A., a music department develops music and arranges orchestral
recordings.  Musicians and conductors
assign their performance and reproduction rights on such music to Euro Disney
S.C.A.

 

B – Industrial Property

 

Euro Disney S.C.A. does
not own any trademarks in its own name, other than the following:

 

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

 

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

 

Euro Disney S.C.A. does
not hold in its own name any drawing or model or patent, or any other
industrial property rights other than those mentioned above.

 

 

II – Licenses granted to Euro
Disney S.C.A.

 

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

 

Moreover, pursuant to the
licensing agreement between Euro Disney S.C.A. and TWDC (Netherlands) B.V. (an
indirect subsidiary of TWDC and the holder of industrial and intellectual
property rights belonging to TWDC) (the “License Agreement”), TWDC
(Netherlands) B.V. has granted to the company, for a 30-year term from January
28, 1989, a master license for the use of all present and future industrial and
intellectual property rights included in the facilities and attractions
designed by TWDC and in the productions of Euro Disney S.C.A.

 

40

 

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

 

Such rights are granted
under license to Euro Disney S.C.A., strictly for the purposes of the operation
of attractions, facilities and shows on site, and for the promotion thereof and
advertising therefor.

 

Furthermore, Euro Disney
S.C.A is entitled to sell on site associated products based on intellectual
property rights belonging to TWDC or authorized to TWDC.

 

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

 

41

 

Exhibit
2.1(b)

 

Description of the real estate assets contributed by
Euro 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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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

 

	
   

  	
   

  	
   

  	
   

  	
  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 shall
be converted into S.A.S. before the Completion Date

 

As of June 30, 2004, the
Contributing 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%), ED
Finances 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%), and
S.E.T.E.M.O. Imagineering S.A.R.L. (100%). The shareholding interests are shown
at their acquisition value.

 

As of September 30, 2004, the Contributing Company will directly and
indirectly hold 100% of the share capital of these subsidiaries, except for
Convergence 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 the
contributed assets

 

•                  The sureties burdening the real estate assets contributed by Euro
Disney 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

 

	
  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

 

	
  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

 

	
  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

 

	
  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

 

	
  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

 

	
  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

 

	
  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 of
non-material value contributed by Euro Disney S.C.A. to EDA are burdened by
security interests that were granted in the normal course of business and on
customary terms.

 

74

 

Exhibit
2.2

 

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

 

	
   

  	
   

  	
  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

 

Exhibit 2.2(a)

 

Borrowings and financial
liabilities

 

	
  (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 et
Consignations (“CDC”) Phase I loans

 

In the context of the initial financing and the 1994 financial
restructuring, Euro Disney S.C.A. borrowed from the CDC €40.6 million senior
debt 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 the
underlying land thereof.  The
subordinated debt is unsecured.  The loans
originally bore interest at a fixed yearly rate of 7.85%; however, effective
September 30, 1999, the terms of these loans were modified so as to (i) reduce
the 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 year
2024.  At June 30, 2004 accrued interest
related to these loans was €18.1 million.

 

(b)                               CDC Walt Disney Studios
Park loans

 

On September 30, 1999, Euro Disney S.C.A. entered
into a credit agreement with the CDC to provide €381.1 million of subordinated
loans to finance a portion of the construction costs of Walt Disney Studios
Park.  The credit agreement includes four
loan tranches, two of €76.2 million each, maturing in fiscal years 2015 and
2021, respectively and two of €114.3 million each, maturing in fiscal years
2025 and 2028, respectively. The loans were fully drawn during fiscal year 2001
in connection with the construction of Walt Disney Studios Park.  The loans bear interest at a fixed rate of
5.15% per annum, unless interest or principal payments were to be deferred
under the provisions of the loans, during which time the interest rate on the
deferred amounts is EURIBOR plus 200 basis points or 5.15%, whichever is
greater.  The timing of interest payments
depends on the amount of Euro Disney S.C.A.’s surpluses in cash at each
scheduled annual repayment date. The annual interest payments due as of
December 31, 2001, 2002 and 2003 in the total amount of €57.2 million have been
deferred in accordance with these provisions of the loans.  On June 30, 2004, accrued interest on these
loans was €67.7 million, including the deferred interest as described above.

 

77

 

(c)           Phase IA credit facility

 

In the context of
the initial financing of the Phase IA installations and the 1994 financial
restructuring, Euro Disney S.C.A. entered into a Phase IA credit
facility with a syndicate of international banks under which it borrowed €148.6
million.  The obligations under this
credit facility are secured by mortgages on the Disneyland Park, the Disneyland
Hotel, the Davy Crockett Ranch, other related facilities and the underlying
land thereof.  Principal repayments
commenced 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 margin
has been decreased and the applicable rate is EURIBOR plus 1%.

 

(d)          TWDC Line of Credit

 

As part of the 1994
financial restructuring, TWDC made available a subordinated unsecured €167.7
million standby revolving credit facility to the Euro Disney Group, which bears
interest at EURIBOR and was scheduled to mature in June 2004.  As part of Euro Disney S.C.A.’s financial
renegotiations, the maturity date of this line of credit has been extended to
the fifth business day following September 30, 2004.

 

78

Exhibit
2.2(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 due
to 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 manager
of the Contributing Company, on behalf of the Contributing Company and its
subsidiaries, for royalties and management fees and other costs associated with
the operation of the Resort and with the construction of Walt Disney Studios
Park.

 

(c)           The Walt Disney Company (Netherlands)
B.V.:  Euro Disney S.C.A. pays royalties to The Walt
Disney 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 or
future intellectual and industrial property rights held by TWDC and which are
related to the attractions and other installations of the site.  Euro Disney S.C.A. is also authorized to sell
goods using intellectual property rights held by TWDC.

 

79

 

Exhibit 2.2(c)

 

Employees

 

The weighted-average number of employees employed by
the 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

 

Exhibit 2.2(d)

 

Off-balance sheet commitments and contingent
liabilities of the Contributing Company as of June 30, 2004

 

 

Undertakings relating to the
Disneyland Park (Phase IA):

 

In 1989, various agreements
have 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 were
sold by Euro Disney S.C.A. to Euro Disneyland S.N.C, and then leased to Euro
Disney S.C.A. pursuant to a lease agreement.

 

As part of the 1994 financial
restructuring, Euro Disney S.C.A. cancelled the initial lease agreement with
Euro Disneyland S.N.C. and entered into new agreements.

 

Since June 30, 1994, Euro Disneyland SNC, which owns
the Disneyland Park, has, pursuant to a lease agreement (the “Lease”), leased it to EDA
which subleased the Disneyland Park to Euro Disney S.C.A. pursuant to a
sublease agreement (the “Sublease”). 
The Lease shall terminate when the loans subscribed by Euro Disneyland
SNC in connection with the financing (as restructured in 1994, 1999 and in
2004), of the Disneyland Park (including interest thereon) are repaid in
full.  The Sublease has a 12-year term,
at the end of which Euro Disney S.C.A. shall have the option to substitute
itself for EDA in EDA’s leasehold position upon payment of an amount of
approximately €78.7 million.  If
Euro Disney S.C.A. does not exercise this substitution option, EDA will be able
to continue to lease the Disneyland Park and shall benefit from an option to
purchase it for an amount equivalent to the Euro Disneyland SNC’s outstanding
debt.  Alternatively, EDA will be able to
terminate the Lease, in which case EDA would have to pay Euro Disneyland SNC an
amount equal to 75% of the outstanding debt of Euro Disneyland SNC.  In such a case, EDA will be able to sell or
lease the Disneyland Park on behalf of Euro Disneyland SNC, in order to repay
the remaining outstanding loans, with any excess proceeds payable to the
benefit of EDA.  Rentals due under the
Sublease are 0.50% greater than those paid under the Lease.

 

As mentioned above, in order to comply with the
principles of the 1994 financial restructuring plan and to be in a position to
continue 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 under
the Lease.

 

The Contribution is designed to allow Euro Disney
S.C.A. to participate in the continued operation of the Disneyland Park through
EDA (which, as a result of the Contribution, shall become its subsidiary)
without having to pay amounts that would otherwise be payable to EDA in order
to accomplish that result.

 

81

 

As of October 1, 2004, the
value 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 paid
under the Euro Disney Group’s collective bargaining agreement are expensed as
paid.

 

A new collective bargaining
agreement became effective in April 2001, which among other things increased
the retirement benefits provided by the Euro Disney Group to its
employees.  Under this agreement, a
retirement indemnity ranging from one-half of a month to 3 months of gross
wages is provided to employees who retire from the Euro Disney Group at the age
of 60 or older after completing at least 1 year of employment.

 

As of October 1, 2004, the
amount of future commitments with respect to these retirement indemnities will
be equal to €8.6 million.

 

Contingent Liabilities that will
be transferred to the Beneficiary:

 

Fiscal Year 2003 Royalties and Management Fees
Waiver – Return to Better Fortune

 

On March 28, 2003, TWDC agreed to waive
royalties and management fees due to it for the second, third and fourth
quarters of fiscal year 2003. For the fiscal year 2003, royalties and
management 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 extent
that income before lease and financial charges excluding depreciation and
amortization for any year from fiscal year 2004 through fiscal year 2008
exceeds €450 million.  TWDC further
agreed that fiscal year 2004 royalties will be paid on a fiscal year-end basis
rather than quarterly.

 

Development Fee

 

As part of the terms of the
1994 financial restructuring, Euro Disney S.C.A. was required to pay a one-time
development fee of €182.9 million to TWDC upon the satisfaction of certain
conditions, including conditions relating to financing of Walt Disney Studios
Park.  In order to obtain the approval
from the lenders for the financing of the Walt Disney Studios Park, TWDC agreed
to amend the terms and conditions of the development fee so that it will not be
due until future events occur, including the repayment of the existing bank
debt of Euro Disney S.C.A. and of the CDC Walt Disney Studios Park loans and
the achievement by the Euro Disney Group of specified cash flow levels.

 

82

 

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
included in the Contributed Business and the transfer of which requires or may
require 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

 

	
  AUTHORIZATION TO ADD 5
  INSIDE PERMANENT VIDEO CAMERAS ON THE « NAUTILUS » INSTALLATION

  	
   

  	
  Administrative regulation (ARRETE PREFECTORAL)
  N° 2002 DRLP 3PA 16

  Modification 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

 

	
  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

 

List of
the main properties, rights (including authorizations and third party
commitments) and agreements identified as of the date of this agreement
included in the Contributed Business and the transfer of which requires or may
require 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

  Etat

  Région 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

 

	
   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

  

 

87

 

	
  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

  

 

88

 

	
  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

  

 

89

 

	
  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

  

 

90

 

	
  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

  

 

91

 

	
  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

  

 

92

 

	
  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

  

 

93

 

	
  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

  

 

94

 

	
  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 and

  Microsoft 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 and

  Esso 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 and

  GIE 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

  SNCF

  European Passenger
  Services Ltd

  	
   

  	
  Agreement EUROSTAR (Protocole d’Accord
  EUROSTAR)

  	
   

  	
  Re : Travel Alliance (promotion)

  

 

95

 

	
  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 and

  Insurance 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 and

  Assureur

  	
   

  	
  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 and

  Assureur

  	
   

  	
  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 and

  Assureur

  	
   

  	
  Police
  RC Produits Vekoma

  N° 86121482

  	
   

  	
  Vekoma Products insurance
  policy

  
	
  123

  	
   

  	
  10/01/2003

  	
   

  	
  ED SCA and

  Assureur

  	
   

  	
  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

 

	
  N°

  	
   

  	
  Execution

  Date

  	
   

  	
  Parties

  	
   

  	
  Name of the agreement

  	
   

  	
  Subject matter of the agreement

  
	
  125

  	
   

  	
  10/01/2003

  	
   

  	
  ED SCA and

  Assureur

  	
   

  	
  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 and

  ED SAS

  	
   

  	
  Contrat
  de développement

  	
   

  	
  Development Contract

  

 

97

 

Exhibit 3.5 (i)

 

List of
employees 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

  

 

98Exhibit 4.7

 

2004 STANDBY REVOLVING CREDIT AGREEMENT

 

BETWEEN:

 

Euro Disney S.C.A., a société en
commandite par actions organized under the laws of France, having
its registered office at Immeubles Administratifs, Route Nationale 34, Chessy,
Seine-et-Marne, with a capital of € 10,826,802.92, registered with the Registry
of Commerce and Companies of Meaux under number 334 173 887

 

(hereinafter,
“EDL”)

 

AND:

 

The Walt Disney Company, a corporation organized under
the laws of Delaware, having its principal office at 500 South Buena Vista,
Burbank, California 91521, USA

 

(hereinafter,
“TWDC”)

 

WHEREAS

 

Pursuant
to Article 4 of the “Memorandum of Agreement
dated June 8, 2004” entered into by, inter alia,
EDL, TWDC and various lenders to EDL, as amended and unanimously approved by the
lenders on September 28, 2004 (the “Memorandum”), TWDC has undertaken to make
or cause to be made available to EDL for a period of ten years a new standby
revolving credit facility having an original maximum principal amount of € 150
million, bearing interest at EURIBOR (the “Facility”).

 

This
Agreement sets forth the final and binding terms and conditions of the
Facility.

 

 

NOW,
THEREFORE, IT IS AGREED AS FOLLOWS:

 

Article 1

Definitions

 

For
the purpose of this Agreement, the following terms shall have the meanings
given below:

 

	
  Terms

  	
   

  	
  Meanings

  
	
   

  	
   

  	
   

  
	
  “Available
  Unused Amount”

  	
   

  	
  The principal
  amount of the Total Commitment less the sum of the aggregate principal amount
  of Drawdowns outstanding under this Agreement.

  
	
   

  	
   

  	
   

  
	
  “Bank Debt”

  	
   

  	
  The amounts owed
  in respect of (a) the Agreement Relating to Drawings of Prêts
  Ordinaires dated May 17, 1989 between Euro Disney SCA and Euro
  Disneyland SNC, as borrowers and Caisse des Dépôts et Consignations, as
  lender; (b) the Multi-Currency Loan and Letter of Credit Facilities Agreement
  dated September 5, 1989 between Euro Disney SCA and Euro Disneyland SNC, as
  borrowers, and BNP Paribas, as agent; (c) the Agreement for Partners Advances
  dated April 26, 1989 between Euro Disneyland SNC, as borrower and Calyon, as
  agent; (d) the Credit Facility Agreement dated March 25, 1991 between EDL
  Hotels SCA and the Hotel SNCs, as borrowers, and Calyon, as agent; (e) the
  Advances Agreement dated March 25, 1991 between the Hotels SNCs, as
  borrowers, EDL Hotels SCA, as guarantor and Calyon, as agent; (f) the
  Agreements relating to Prêts  Participatifs dated May 17, 1989 between Euro Disney SCA
  and Euro Disneyland SNC, as borrowers and Caisse des Dépôts et Consignations,
  as lender; and (g) the Loan Agreements - tranches A, B, C and D – dated
  September 30, 1999 between EDL, as borrower and Caisse des Dépôts et
  Consignations, as lender, as such Agreements may be amended pursuant to the
  Memorandum.

  
	
   

  	
   

  	
   

  
	
  “Business Day”

  	
   

  	
  A day (other
  than a Saturday or Sunday) on which banks are open for general business in
  London, New York and Paris and which is a day on which “Target” is open for
  the settlement of payments in Euro.

  
	
   

  	
   

  	
   

  
	
  “Drawdown”

  	
   

  	
  A borrowing at
  EDL’s option, in accordance with the provisions hereof, of all or part of the
  Total Commitment for a period of 1, 3 or 6 months.

  
	
   

  	
   

  	
   

  
	
  “Drawdown Date”

  	
   

  	
  The date on
  which a Drawdown is made or renewed.

  

 

2

 

	
  “Early
  Termination Date”

  	
   

  	
  The date defined
  as such in Paragraph 8.2.

  
	
   

  	
   

  	
   

  
	
  “EDL”

  	
   

  	
  The corporation
  defined as such in the identification of the parties to this Agreement.

  
	
   

  	
   

  	
   

  
	
  “Effective Date”

  	
   

  	
  October 1, 2004

  
	
   

  	
   

  	
   

  
	
  “EURIBOR”

  	
   

  	
  The percentage
  rate per annum for the relevant period, displayed on the page EURIBOR of the
  Reuters screen.

  
	
   

  	
   

  	
   

  
	
  “Euro Disney
  Associés”

  	
   

  	
  Euro Disney
  Associés, a société en commandite par actions
  organized under the laws of France, with its principal office at Immeubles
  Administratifs, Route Nationale 34, Chessy, Seine-et-Marne, registered with
  the Registry of Commerce of Meaux under number 397 471 822.

  
	
   

  	
   

  	
   

  
	
  “Euro Disneyland
  SNC”

  	
   

  	
  Euro Disneyland
  SNC, a société en nom collectif organized
  under the laws of France, with its principal office at Immeubles
  Administratifs, Route Nationale 34, Chessy, Seine-et-Marne, registered with
  the Registry of Commerce of Meaux under number 350 141 818.

  
	
   

  	
   

  	
   

  
	
  “Facility”

  	
   

  	
  The Facility, as
  defined in the introduction hereto.

  
	
   

  	
   

  	
   

  
	
  “Final Repayment
  Date”

  	
   

  	
  September 30,
  2014.

  
	
   

  	
   

  	
   

  
	
  “Hotel SNCs”

  	
   

  	
  Hotel New York
  Associés SNC, Newport Bay Club Associés SNC, Sequoia Lodge Associés SNC,
  Cheyenne Hotel Associés SNC, Hotel Santa Fe Associés SNC and Centre de
  Divertissements Associés SNC, each a société en nom collectif
  organized under the laws of France with its principal office at Immeubles
  Administratifs, Route Nationale 34, Chessy, Seine-et-Marne, registered with
  the Registry of Commerce of Meaux.

  
	
   

  	
   

  	
   

  
	
  “Interest
  Payment Date”

  	
   

  	
  The last day of
  an Interest Period.

  
	
   

  	
   

  	
   

  
	
  “Interest
  Period”

  	
   

  	
  Any period of 1,
  3 or 6 months, starting on a Drawdown Date and ending on an Interest Payment
  Date, determined pursuant to the terms hereof. The term “month” shall mean
  the lapse of time beginning on a given day of a calendar month and ending on
  the same day of the following month, it being understood that the last day of
  an Interest Period will be determined in accordance with the practices of the
  Euro interbank market and will be excluded from the calculation of interest
  in such manner that if a new Drawdown begins on the last day of the preceding
  Drawdown, there will be neither a double charge of interest nor a loss of a
  day’s use of funds.

  
	
   

  	
   

  	
   

  
	
  “Interest Rate”

  	
   

  	
  The rate of
  interest determined pursuant to Article 3.

  

 

3

 

	
  “Loan”

  	
   

  	
  The aggregate
  Euro principal amount of all or part of the Total Commitment borrowed at any
  given time by EDL.

  
	
   

  	
   

  	
   

  
	
  “Memorandum”

  	
   

  	
  The Memorandum
  as defined in the introduction hereto.

  
	
   

  	
   

  	
   

  
	
  “Original
  Amount”

  	
   

  	
  The amount which
  is specified by EDL pursuant to Paragraph 2.3.1, as modified from time to
  time pursuant to Paragraph 2.4.1, as the case may be.

  
	
   

  	
   

  	
   

  
	
  “Partnership
  Structure”

  	
   

  	
  The Partnership
  Structure defined as such in the Memorandum and referred to in Article 3.4
  thereof.

  
	
   

  	
   

  	
   

  
	
  “Payment Date”

  	
   

  	
  An Interest
  Payment Date or the Final Repayment Date.

  
	
   

  	
   

  	
   

  
	
  “Preferential
  Bank Debt”

  	
   

  	
  The amounts owed
  in respect of the loans mentioned in the definition of “Bank Debt”, other
  than the loans referred to in clauses (c) and (g) of such definition.

  
	
   

  	
   

  	
   

  
	
  “Reference
  Banks”

  	
   

  	
  BNP Paribas,
  Calyon and HSBC CCF.

  
	
   

  	
   

  	
   

  
	
  “Subordinated
  Portion of Drawdowns”

  	
   

  	
  The portion of
  Drawdowns so defined in Paragraph 8.2.

  
	
   

  	
   

  	
   

  
	
  “Tax Treaty”

  	
   

  	
  The Tax Treaty
  so defined in Paragraph 5.5.

  
	
   

  	
   

  	
   

  
	
  “Total
  Commitment”

  	
   

  	
  A maximum
  aggregate principal amount of € 150,000,000 from the Effective Date
  through September 30, 2009 and of € 100,000,000 from October 1, 2009
  through the Final Repayment Date.

  
	
   

  	
   

  	
   

  
	
  “TWDC”

  	
   

  	
  The corporation
  defined as such in the identification of the parties to this Agreement.

  

 

Article 2

Terms of Utilization

 

2.1              This Facility is a Euro standby
revolving credit facility under which TWDC agrees, until the Final Repayment
Date, to make advances in Euros from time to time to EDL in the form of
Drawdowns without requiring any guarantee or security, on the terms and subject
to the conditions set forth herein; provided, however that the
aggregate principal amount of the Drawdowns shall at no time exceed the
applicable Total Commitment.

 

2.2              Subject to the terms and
conditions of this Agreement, one or more Drawdowns may be effected on any
Business Day by EDL, at its option.

 

4

 

2.3              A Drawdown shall be requested by
EDL on the terms and with the effect provided below:

 

2.3.1          No new Drawdown shall be made unless
(i) there exists no event of default as defined in Article 7 hereof and (ii)
TWDC has received, no less than 5 Business Days and no more than 30 days prior
to the date of such Drawdown, a written notice from EDL specifying the Drawdown
Date, Interest Period, Interest Payment Date and Original Amount of such
Drawdown.  In addition, notwithstanding
the foregoing, no new Drawdown shall be made in the event (i) EDL applies for
the institution of redressement judiciaire (bankruptcy)
proceedings or (ii) on the initiative of a creditor or following an application
by the Procureur de la République, a court
becomes seized of such proceedings with respect to EDL and within the next 15
Business Days such application is not withdrawn or a decision that no redressement judiciaire is required is not made by the
court having jurisdiction.

 

2.3.2          The giving of the notice shall
irrevocably bind EDL to make the Drawdown on the Drawdown Date and in
accordance with the other terms specified in such notice, and TWDC shall
advance to EDL on such Drawdown Date the amount of such Drawdown.

 

2.3.3          The Original Amount of each Drawdown
shall be an integral multiple of € 5,000,000 provided, however,
that if the Available Unused Amount shall be less than € 5,000,000, or
shall not be a multiple of € 5,000,000, then a Drawdown may be made in the
amount of the Available Unused Amount.

 

2.4              A Drawdown may be renewed by EDL
as provided below:

 

2.4.1          At the end of each Interest Period,
EDL may renew all or part of the corresponding Drawdown, subject to (i) there
existing no event of default as defined in Article 7 hereof, and (ii) EDL
having given no less than 5 Business Days’ and no more than 30 days’ prior
written notice of the renewal to TWDC. 
Subject to the provisions of Paragraph 2.4.2 below, EDL shall repay any
part of any Drawdown not so renewed and the Original Amount of such Drawdown
shall be modified accordingly.

 

5

 

2.4.2          In the absence of the renewal notice
referred to in the previous Paragraph, the relevant Drawdown shall be renewed
for an Interest Period of three months and an unchanged Original Amount.

 

2.4.3          If EDL elects to repay all or part of
a Drawdown, such repayment shall be made at the end of the applicable Interest
Period or at any earlier time as EDL may desire.  The amount of any partial repayment shall be
such that the Original Amount as modified pursuant to the last sentence of
Paragraph 2.4.1 shall be in accordance with the provisions of Paragraph 2.3.3.

 

2.5              Drawdowns must be repaid as
provided below:

 

2.5.1          Subject to the
provisions of Article 8, all Drawdowns together with interest accrued thereon
and any other amounts outstanding hereunder shall be repaid in full no later
than the Final Repayment Date.

 

2.5.2          During each fiscal year of EDL until
the Final Repayment Date, all Drawdowns together with interest accrued thereon
and any other amounts outstanding hereunder shall be repaid in full no later
than the last day of such fiscal year, provided, however, that any Drawdown so
repaid may immediately be redrawn.

 

2.6              The total or partial repayment of
a Drawdown by EDL pursuant to the provisions of Paragraph 2.4 shall under no
circumstances be construed as a reduction of the Total Commitment.

 

2.7              Subject to the provisions hereof,
additional Drawdowns may be made on any Business Day which EDL elects to be a
Drawdown Date.

 

2.8              No Drawdown shall be made or
renewed if it would at any time exceed the Available Unused Amount and no
Drawdown shall be made or renewed if it would result in a maturity subsequent
to the Final Repayment Date; to this end, the term of certain Drawdowns shall,
if necessary, be adjusted by TWDC to make the duration thereof (and of the
corresponding Interest Period) terminate on the Final Repayment Date.

 

6

 

Article 3

Interest on Drawdowns

 

3.1              On each Interest Payment Date, EDL
shall pay the interest due on the corresponding Drawdown, calculated at the
Interest Rate for the corresponding Interest Period.

 

3.2              The Interest Rate applicable to
each Interest Period shall be determined as follows:

 

3.2.1          The Interest Rate shall be EURIBOR for
a period equal to the relevant Interest Period, two Business Days before the
Drawdown Date.

 

3.2.2          In the event that, on the second
Business Day preceding any Drawdown or renewal thereof for which notice has
been given pursuant to Paragraph 2.3 or Paragraph 2.4, by reason of
circumstances affecting the Euro Interbank market, it is not possible to
determine the Interest Rate for such Drawdown as provided in Paragraph 3.2.1,
the Interest Rate will be determined on the basis of the rates at which
deposits in Euros are offered by the Reference Banks at approximately 11:00
a.m., Paris time, on the day of the contemplated Drawdown or renewal thereof,
to prime banks in the Euro Interbank market, for a period equal to the relevant
Interest Period commencing on the Drawdown Date and in an amount equal to the
minimum Drawdown indicated in Paragraph 2.3.3.

 

Article 4

Interest - General

 

4.1              Interest on Drawdowns shall be
computed on the basis of the exact number of days elapsed and a year of 360
days.

 

4.2              If an amount payable to TWDC by
EDL pursuant to this Agreement is not paid or repaid on the due date thereof,
interest shall accrue, to the fullest extent permitted by applicable law, from
such due date until the date of actual payment or repayment at a rate equal in
any month to EURIBOR, on the next to last Business Day of the preceding month,
plus 1% per annum, automatically and without any further notice or demand.

 

4.3              Acceptance of overdue interest at
any time shall not imply the granting of any extension of the time for payment
whatsoever.

 

7

 

Article 5

Payments and Taxes

 

5.1              All amounts to be paid by EDL to
TWDC shall be paid, without set-off or counterclaim, to such account as TWDC
may from time to time designate, in Euros, in France or in the United States,
under the reference “Euro Disney – 2004 Standby Revolving Credit Facility”.

 

5.2              All amounts to be paid by TWDC to
EDL shall be paid to such account as EDL may from time to time designate, in
Euros.

 

5.3              All payments contemplated by this
Agreement shall be made in such manner that the funds concerned are available
as of the Drawdown Date or the Payment Date, as the case may be (or any other
date on which a payment is to be made in accordance with the terms hereof).

 

5.4              Any payment of principal or
interest not falling on a Business Day shall be postponed to the following
Business Day unless the effect of such postponement is to make the day of
payment fall in the next calendar month, in which event the day of payment
shall be the last Business Day of the current month and allowance shall be made
therefor in the computation of interest and the duration of the Interest Period
affected shall be adjusted accordingly.

 

5.5              Pursuant to the provisions of Article
11 of the France–US tax treaty for the avoidance of double taxation and the
prevention of fiscal evasion with respect to taxes on income and capital, dated
August 31, 1994 (the “Tax Treaty”), interest and other income arising under
this Agreement will be exempt from any withholding or deduction for or on
account of any taxes, duties, assessments or governmental charges imposed or
levied by or on behalf of the French Republic, or any authority in or of the
French Republic having the power to tax, provided that TWDC complies with the
procedural formalities necessary for EDL to obtain authorisation to make that
payment without a tax deduction or withholding in accordance with the
provisions of the Tax Treaty.

 

5.6              If, as a result of any change in,
or amendment to, or change in the official application or interpretation of,
the laws or regulations of the French Republic (including the Tax Treaty), or
any authority therein or thereof, affecting taxation, EDL would become
obligated to deduct or withhold any amount from any payment to TWDC provided
for hereunder, then the following provisions shall apply:

 

8

 

5.6.1          EDL and TWDC shall
use their best efforts in order to cause one or more other facilities to be
made available to EDL by one or more third parties and substituted for this
Facility, on economic terms similar to the ones of this Facility or such other
terms as may be acceptable to both EDL and TWDC.

 

5.6.2          Unless and until one
or more facilities are substituted for this Facility pursuant to Paragraph
5.6.1, EDL shall, unless prevented by law from so doing, pay such additional
amounts to TWDC as may be necessary in order that the net payment to TWDC with
respect to any Drawdown which is or becomes outstanding at or after the time of
the change or amendment of the relevant tax rules after the deduction or
withholding shall equal the amount payable hereunder in the absence of such
deduction or withholding.  In such case,
EDL shall forward to TWDC a copy of the documents evidencing payment to the
appropriate governmental authority of any taxes so deducted.  To the extent that TWDC shall have recovered,
in whole or in part, whether in the form of tax credits, deductions or other
benefits, any amount as a result of the payment of any such taxes, it shall
cause to be paid or allowed as a credit to EDL an amount which will leave TWDC
(as determined in good faith by TWDC) in the position in which it would have
been had no such tax been applicable.

 

5.6.3          If EDL should be prevented by
applicable law from paying the additional amounts referred to in Paragraph
5.6.2, then EDL and TWDC shall in good faith negotiate appropriate amendments
to this Agreement in order to ensure that its economic conditions remain
acceptable to both parties.

 

Article 6

Use of proceeds

 

The
Drawdowns shall be used exclusively to cover the working capital requirements
of EDL and its current and/or future subsidiaries.

 

Article 7

Events of Default

 

7.1              If one or more of the events of
default defined below should occur and be continuing, then upon the giving of
notice thereof to EDL by registered mail, facsimile or messenger (with
appropriate receipt), TWDC may terminate this Agreement and declare the Loan
immediately due and payable as to principal, interest, costs and incidental
charges, without legal or other formalities. 
The following shall constitute events of default:

 

9

 

7.1.1          EDL fails to pay any
amount due under this Facility unless the failure to pay is due solely to an
administrative or technical error and remedied no later than the fifth Business
Day following the due date for payment, provided that any failure to comply
with Paragraph 2.5.2 shall not constitute a failure to pay under this Paragraph
7.1.1.

 

7.1.2          The maturity of any of the Bank Debt
is accelerated for any reason whatsoever.

 

7.1.3          A decree or order by a court having
jurisdiction is entered, or law enacted, for the commencement of redressement judiciaire (bankruptcy) proceedings or
liquidation of EDL or a conciliateur is
appointed pursuant to Article L.611-3 of the French Commercial Code.

 

7.2              In the event TWDC terminates this
Agreement and accelerates the Loan as provided in Paragraph 7.1.2 because of
the acceleration of any Bank Debt, TWDC shall be required to waive such
termination and acceleration if the Bank Debt lenders waive the acceleration of
the Bank Debt within 30 days after the termination of this Agreement.

 

Article 8

Condition Subsequent

 

8.1.             The Facility is
subject to the condition subsequent that all transactions, documents, contracts
and amendments contemplated by the Memorandum of Agreement will have been
unconditionally and irrevocably completed, closed and executed and become
unconditionally and irrevocably effective no later than March 31, 2005, unless
the parties hereto agree otherwise by April 30, 2005.

 

8.2              In the event
that the condition referred to in Paragraph 8.1. is not satisfied, the Facility
will terminate on the fifth Business Day following April 30, 2005 (such day
being the “Early Termination Date”) and on the Early Termination Date, EDL will
repay all outstanding Drawdowns together with accrued interest to the date of
repayment and any other amounts outstanding hereunder; provided, however, that,
in these circumstances, no repayment of principal, or payment of interest (or
other amounts), in respect of Drawdowns shall, up to a principal amount of
Drawdowns equal to € 57,700,000 (the “Subordinated Portion of Drawdowns”),
be made in the event that, and for as long as, any amounts of whatever nature
due and payable under any of the agreements evidencing the Preferential Bank
Debt have not been paid on their due date as provided by such agreements.  Under such circumstances and until such
amounts have been paid, payment of interest (or other amounts) or repayment of
principal contemplated by this Agreement, in respect of the Subordinated
Portion of Drawdowns shall be deferred with interest accruing as provided in
(i) Paragraph 3.2.1 until the Final Repayment Date and (ii) Paragraph 4.2
thereafter.

 

10

 

Article 9

Miscellaneous

 

9.1              Any communication, notice, request
or demand to be given hereunder shall be given by registered mail, facsimile or
messenger, and, unless otherwise specifically provided herein, be deemed to
have been duly given when received, addressed, in each case, as follows:

 

	
  • to EDL:

  	
   

  	
  Euro Disney S.C.A.

  
	
   

  	
   

  	
  F-77777 Marne-la-Vallée

  
	
   

  	
   

  	
  CEDEX 4, France

  
	
   

  	
   

  	
  Attn: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  • to TWDC:

  	
   

  	
  The Walt Disney
  Company

  
	
   

  	
   

  	
  500 South Buena
  Vista Street

  
	
   

  	
   

  	
  Burbank,
  California 91521, USA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn: General
  Counsel

  

 

or to such other address
as each party may have notified to the other party.

 

9.2              This Agreement contains the entire
Agreement of the parties with respect to the subject matter hereof and
supersedes all oral and prior written statements with respect hereto.  This Agreement may be amended only by an
instrument in writing executed by both parties.

 

11

 

9.3              This Agreement and the rights and
obligations of the parties hereunder shall be governed by, and interpreted in
accordance with, French law. Any disputes arising from this Agreement shall be
submitted to the exclusive jurisdiction of the Paris commercial court.

 

9.4              Non-exercise by TWDC of a right or
remedy in whole or in part, or delay in exercise thereof, shall not constitute
a waiver of such right or remedy.

 

9.5              EDL agrees to reimburse TWDC for
actual expenses, including legal fees, incurred by it in connection with, the
enforcement or the preservation of any rights under this Agreement.

 

9.6              TWDC expressly consents to the
transfer of this Agreement to Euro Disney Associés in the context of the
Partnership Structure.

 

9.7              The headings of the Articles and
Paragraphs of this Agreement are inserted for convenience only and shall not be
deemed to constitute part of this Agreement.

 

9.8              For
the purposes of Articles L.313-1 et seq., R.313-1 and R.313-2 of the Code de la consommation, the parties acknowledge that by
virtue of certain characteristics of the Facility (and in particular the
variable interest rate applicable to the Facility and EDL’s right to select the
duration of the Interest Period of each Drawdown) the taux
effectif global cannot be calculated at the date of this
Agreement.  However, EDL acknowledges
that it has received from TWDC a letter containing an indicative calculation of
the taux effectif global, based on figured
examples calculated on assumptions as to the Interest Rate and Interest Period
set out in the letter. The parties acknowledge that that letter forms part of
this Agreement.

 

Executed
in Paris and in Burbank in two originals on September 30, 2004.

 

	
  Euro Disney
  S.C.A.,

  	
   

  	
  The Walt Disney
  Company

  
	
  represented by its

  	
   

  	
   

  
	
  Gérant, Euro Disney S.A.S.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  by: 

  	
   

  	
   

  	
   

  	
  by: 

  	
   

  	
   

  
							

 

12

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