Document:

Exhibit 4.17(b)

 

Translation for information

 

EURO DISNEYLAND PROJECT IN FRANCE

 

 

Common Agreement dated 10 August 1994

Amended and Restated

 

 

Between

 

Euro Disney S.C.A.

Euro Disney Associés S.C.A.

EDL Hôtels S.C.A.

Euro Disneyland S.N.C.

Hôtel New York Associés
S.N.C.

Newport Bay Club Associés S.N.C.

Sequoia Lodge Associés S.N.C.

Cheyenne Hotel Associés S.N.C.

Hôtel Santa Fe Associés
S.N.C.

Centre de Divertissements Associés
S.N.C.

 

And

 

The banks party to
the Phase IA Credit Facility Agreement

Caisse des Dépôts
et Consignations

The Partners party to the Phase IA Partners Advances Agreement

the Banks party to the Phase IB Credit
Facility Agreement 

the SNC Hotel Companies’ Partners and
the Lenders party to the Phase IB Advances Agreement

 

Agents

 

BNP PARIBAS

CALYON

CDC

 

	
  Advisers to BNP PARIBAS and CALYON

  Slaughter and May

  112, avenue Kléber

  75116 Paris

  	
   

  	
  Advisers to CDC

  Gide Loyrette Nouel

  28, cours Albert 1er

  75008 Paris

  

 

Adviser to the Borrowers

Freshfields Bruckhaus
Deringer

2-4, rue Paul Cézanne

75008 Paris

 

 

Table of Contents

 

	
  1.

  	
  DEFINITIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  UNDERTAKINGS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  AUTHORISATIONS AND
  DEROGATIONS RELATING TO THE COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  IMPLEMENTATION OF
  THE STIPULATIONS OF THE MEMORANDUM OF AGREEMENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  PREPAYMENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  EXPERT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
  DURATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
  WAIVER

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
  GENERAL PROVISIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE I -   List of
  current subsidiaries, direct and indirect, of Euro Disney S.C.A., Euro Disney
  Associés S.C.A. and EDL Hôtels S.C.A. (after the Contribution)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE II -  List of
  Phase IA Banks, Phase IA Partners, Phase IB Banks and Phase IB Lenders

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE III -  Remuneration
  Agreement - Form of Letter from Euro Disney S.A.S. and Euro Disney SCA to the
  BNP Paribas, CALYON and CDC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE IV -  First
  Part Licence Supplemental Agreement ((ii) of the definition)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE IV -  Second
  Part Licence Supplemental Agreement ((iii) of the definition)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE IV -  Part
  Three Letter from Disney Enterprises, Inc. ((iv) of the definition)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE V -  Covenants

  	
   

  	
   

  
					

 

 

BETWEEN :

 

 

1)                                     EURO DISNEY S.C.A., a French société
en commandite par actions (limited partnership with shares), having
its registered office at Immeubles Administratifs, Route Nationale 34, Chessy, 77700,

 

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

 

2)                                     EURO DISNEY ASSOCIES S.C.A., a French société
en commandite par actions (limited partnership with shares), having its registered office at
Immeubles Administratifs, Route Nationale 34, Chessy, 77700,

 

acting both in its own name and in the name and
for the account of its subsidiaries, a list of which appears in schedule I,

 

(hereinafter
referred to as “Euro Disney Associés S.C.A.”)

 

3)                                     EDL HOTELS S.C.A., a French société
en commandite par actions (limited partnership with shares), having
its registered office at Immeubles
Administratifs, Route
Nationale 34, Chessy, 77700,

 

acting both in its own name and in the name and
for the account of its subsidiaries, a list of which appears in schedule I,

 

(hereinafter
referred to as “EDL Hôtels”)

 

4)                                     EURO DISNEYLAND S.N.C., a French société
en nom collectif (general partnership), having its registered office
at Immeubles Administratifs, Route Nationale 34, Chessy, 77700,

 

(hereinafter
referred to as “Euro Disneyland S.N.C.”)

 

5)                                     HOTEL NEW YORK ASSOCIES S.N.C., a French société
en nom collectif (general partnership), having its registered office
at Immeubles
Administratifs, Route Nationale
34, Chessy, 77700,

 

6)                                     NEWPORT BAY CLUB ASSOCIES S.N.C., a French société
en nom collectif (general partnership), having its registered office
at Immeubles Administratifs, Route Nationale 34, Chessy, 77700,

 

7)                                     SEQUOIA LODGE ASSOCIES S.N.C., a French société
en nom collectif (general partnership), having its registered office
at Immeubles Administratifs, Route Nationale 34, Chessy, 77700,

 

1

 

8)                                     CHEYENNE HOTEL ASSOCIES S.N.C., a French société
en nom collectif (general partnership), having its registered office
at Immeubles
Administratifs, Route Nationale 34, Chessy, 77700,

 

9)                                     HOTEL SANTA FE ASSOCIES
S.N.C., a French société en nom collectif (general partnership), having its
registered office at
Immeubles Administratifs, Route Nationale 34, Chessy, 77700,

 

10)                               CENTRE DE DIVERTISSEMENTS
ASSOCIES S.N.C.,
a French société en nom collectif (general
partnership), having its registered office at Immeubles Administratifs, Route
Nationale 34, Chessy, 77700,

 

(hereinafter collectively referred to as the “SNC Hotel Companies” or individually as a “Hotel S.N.C.”)

 

(Euro Disneyland S.N.C. and the SNC Hotel Companies are hereinafter collectively referred to as the
SNCs or individually as an SNC.)

 

(Euro Disney Associés S.C.A., EDL Hôtels, Euro Disneyland S.N.C. and the SNC Hotel Companies being hereinafter collectively
referred to as the “Borrowers” or
individually as a “Borrower”)

 

And:

 

11)                               The banks party to the Phase IA Credit
Facility Agreement, which are listed in schedule II of this agreement,

 

represented by their Agent,
BNP PARIBAS,

 

(hereinafter referred to as the “Phase IA Banks”)

 

12)                               CAISSE DES DEPOTS ET CONSIGNATIONS, special institution created by the
law of 28 April 1816 codified in articles L.518-2 and following the Code monétaire et financier, having its registered office at
56 rue de Lille, 75007 Paris,

 

(hereinafter referred to as “CDC”)

 

13)                               The Partners party to the Phase IA
Partners Advances Agreement, which are listed in schedule III of this
agreement,

 

represented by their Agent,
CALYON,

 

(hereinafter referred to as the “Phase IA  Partners”)

 

14)                               The banks parties to the Phase IB Credit
Facility Agreement, which are listed in schedule II of this agreement.

 

2

 

represented by their Agent,
CALYON,

 

(hereinafter
referred to as the “Phase IB  Banks”)

 

15)                               The SNC Hotel Companies
partners and the lenders party to the Phase IB Advances Agreement, which are listed in schedule II
of this agreement,

 

Represented by their Agent,
CALYON,

 

(hereinafter
referred to as the “Phase IB Lenders”)

 

(The Phase IA Banks, CDC, the Phase IA Partners,
the Phase IB Banks, the Phase IB Lenders are hereinafter collectively referred
to as the “Creditors” or individually as a “Creditor”).

 

3

 

WHEREAS:

 

 

(A)                             Under the terms of the Amendment and
Restatement Agreement to the Common Agreement dated 1 December 2004, the
parties to that agreement have agreed to (a) establish a consolidated version
of the Common Agreement including the modifications which have been made to it
particularly by the consultation of the 25 September 1995 as well as by
the authorisation and dispensation request of 6 September 1999; (b) modify
this consolidated version to (i) clear the text of all historical requirements
which have no further use and update certain obsolete references and (ii)
implement the Memorandum of Agreement ; and (c) restate all of the
unamended stipulations the Common Agreement at the Restatement Date, pursuant
to the terms of the amended and restated contract and appearing in a schedule to
that agreement.

 

(B)                               This amended and restated Common
Agreement constitutes that schedule.

 

 

NOW, THEREFORE, THE PARTIES HERETO HEREBY AGREE AS
FOLLOWS:

 

 

1.                                     DEFINITIONS

 

For the interpretation of the Common Agreement
and its schedules, in addition to the terms defined in the parties clause, the
schedules to the Common Agreement or to each of the Bank Debt Agreements
concerned, the following expressions shall have the meanings set out below:

 

“Agent” means each of the agents appointed as such by
each of the Bank Debt Agreements and by CDC for the execution of the CDC Loan
Agreements.

 

“Agreement with the Expert” means each contract signed with the
Business Expert, the Expert Accountant and the Investor Expert.

 

“Amendment and Restatement Agreement to the Common
Agreement” means
the agreement dated 1 December 2004 including in particular the amendments
and restatement of the Common Agreement.

 

“Bank Debt Agreements” means the following agreements: (i)
Phase IA Credit Facility Agreement; (ii) CDC Loan Agreements; (iii) Phase IA
Partners Advances Agreement; (iv) Phase IB Credit Facility Agreement; and (v)
Phase IB Advances Agreement.

 

“Base Fee” means the base fee that the Operating Company
must pay to Euro Disney SAS in its capacity as gérant of
the Operating Company in accordance with

 

4

 

the terms of the articles of association of the
latter and in accordance with the letter from Euro Disney SA to Euro Disney SCA
dated 28 March, 2003 and the agreements mentioned in (ii) of the definition of
Remuneration Agreement.

 

“Business Expert”
means the person or body corporate appointed by the Agents, in agreement with
the Coordinator, to perform the tasks assigned in accordance with the terms of
the Contract with the Expert, the Common Agreement and the Bank Debt
Agreements.

 

“CDC” means la Caisse des Dépôts et
Consignations.

 

“CDC Junior
Loans” means the participating loans granted to Euro Disney
S.C.A. or Euro Disneyland S.N.C. by CDC under the CDC Participating Loan
Agreement.

 

“CDC
Loan Agreements” means the CDC Ordinary Loan
Agreement and the CDC Participating Loan Agreement.

 

“CDC
Ordinary Loan Agreement” means the agreement
dated 17 May 1989 relating to the granting of ordinary loans between CDC, Euro
Disney S.C.A and Euro Disneyland S.N.C., as amended by two supplemental
agreements dated 10 August 1994 and 30 September 1999 respectively
and an agreement relating to the granting of ordinary loans amended and
restated among CDC, Euro Disney S.C.A and Euro Disneyland S.N.C. on 1 December 2004,
the entry into force of which is conditional upon completion of the
Contribution and Completion of the Share Capital Increase.

 

“CDC Ordinary Loans” means the ordinary loans granted to
Euro Disney S.C.A. or Euro Disneyland S.N.C. by CDC under the CDC Ordinary Loan
Agreement.

 

“CDC
Participating Loan Agreement” means the
agreement dated 17 May 1989 relating to the granting of participating loans
between CDC, Euro Disney S.C.A and Euro Disneyland S.N.C., as amended by two
supplemental agreements dated 10 August 1994 and 30 September 1999
respectively and an agreement relating to the granting of participating loans
amended and restated among CDC, Euro Disney S.C.A and Euro Disneyland S.N.C. on
1 December 2004, the entry into force of which is conditional upon
completion of the Contribution and the Completion of Share Capital Increase.

 

“CDC Subordinated
Long Term Debt Agreement” means each of the agreements relating
to the Subordinated Long Term Debt of Euro Disney Associés S.C.A. created under
the CDC Second Park Agreements.

 

 “CDC Second
Park Agreements” means:

 

(a)                                       the loan agreements (tranches A, B, C and D) between Euro Disney
S.C.A. and CDC dated 30 September, 1999 as amended by supplemental agreements
dated 18 November 2002; and the loan agreements (tranches A, B, C and D)
as amended and restated between Euro Disney SCA and CDC dated 1 December 2004;
and

 

5

 

(b)                                 the loan agreement (tranche E) between Euro Disney Associés S.C.A.
and CDC to be entered into by prior to the Date of Completion of the Share
Capital Increase (as defined in the Phase IA Credit Amendment and Restatement
Agreement); and

 

(c)                                  the subordination agreement between Euro Disney S.C.A., the Priority
Creditors and CDC dated 19 October 1999 as amended by an amendment
agreement between the same parties dated 1 December 2004 and by an amended
and restated subordination agreement between Euro Disney Associés SCA, the
Priority Creditors and CDC dated 1 December 2004.

 

“Common Agreement”
means the common agreement dated 10 August 1994, between
Euro Disney S.C.A., acting both in its own name and in the name and for the
account of its subsidiaries appearing in a schedule to the agreement; EDL
Hôtels S.C.A., acting both in its own name and in the name and for the account
of its subsidiaries appearing in a schedule to the agreement; Euro Disneyland
S.N.C.; the SNC Hotel Companies; the Phase IA Banks; the Phase IA Partners; the
Phase IB Banks; the Phase IB Lenders; and the CDC, as amended in the context of
the requests for authorisations or derogations, including those dated 25 September 1995,
6 September 1999, 7 September 2001 and 30 September 2002, and as
amended and restated at the Date of Restatement pursuant to the Common
Agreement Amendment and Restatement.

 

“Completion of Share Capital Increase” means, as regards one of the
measures agreed in the framework of the Memorandum of Agreement, that the new
shares of Euro Disney S.C.A. will have been subscribed, fully paid up in cash
and issued, up to a gross minimum amount of € 250 million, and that the net
proceeds will have been paid to Euro Disney S.C.A.

 

“Conference Centre Lease” means the crédit-bail property
agreement dated 15 May 1996 between Centre de Congrès Newport SAS and EDL
Hôtels S.C.A. relating to the Newport Bay Club conference centre, as amended.

 

“Conference
Centre Lease Supplemental Agreement” means the supplemental
agreement to the credit Conference Centre Lease dated 1 December 2004.

 

“Contribution” means the
contribution of assets and liabilities from Euro Disney S.C.A. to Euro Disney
Associés S.C.A. as provided for by the Contribution Agreement.

 

“Contribution Agreement”
means the contribution agreement between Euro Disney Associés S.C.A. and Euro
Disney S.C.A. dated 30 September 2004, as amended on 8 November 2004,
as it shall be approved by the extraordinary shareholders’ meetings of each of
these companies.

 

“Coordinator” means Euro Disney Associés S.C.A. in its
capacity as representative of the Borrowers and of the Group companies,
appointed as such conforming to the stipulations of clause 2.2.

 

6

 

“Covenants”
means the covenants set out in Schedule V
(Covenants).

 

“EURIBOR”
means the annual rate for a period equivalent to the relevant period at which
Euro deposits are offered on the European interbank market, at 11 o’clock (Brussels
time) on the second TARGET Day preceeding the relevant date, as determined by
the Banking Federation of the European Union and displayed on the Telerate or
Reuters screen.

 

“Expert” means, according to the nature of the services
to be provided, the Business Expert, the Expert Accountant or the Expert
Investor.

 

“Expert Accountant”
means the person or body corporate appointed by the Agents, in agreement with
the Coordinator, to perform the tasks assigned to him in accordance with the
terms of the Contract with the Expert, the Common Agreement and the Bank Debt
Agreements.

 

“Expert Investor”
means the person or body corporate appointed by the Agents, in agreement with
the Coordinator, to perform the tasks assigned in accordance with the terms of
the Contract with the Expert, the Common Agreement and the Bank Debt
Agreements.

 

“First Period” means the period as provided in clause 3.1.1.

 

“Funds Agreement” means the agreement between Euro
Disney S.C.A. and Euro Disney Associés S.C.A. relating to the advance of € 25
million of funds granted by Euro Disney S.C.A. to Euro Disney Associés S.C.A.
substantially in the form contained in Schedule 14 of the Phase IA Credit
Amendment and Restatement Agreement.

 

“Group” means
Euro Disney S.C.A., including its present and future Subsidiaries, the SNCs and
the other financing companies.

 

“Incentive Fee” means the incentive fee that the Operating
Company must pay to Euro Disney SAS in its capacity as gérant of
the Operating Company, according to the articles of association of the latter
and in accordance with the letter from Euro Disney SA to Euro Disney Associés
SCA dated 28 March, 2003 and the agreements mentioned in (ii) of the definition
of Remuneration Agreement.

 

“Licence Agreement” means the licence agreement dated 28
February 1989 between TWDC, TWDC (Netherlands) B.V. and Euro Disney
S.C.A., as amended by supplemental agreements dated 1 January 1991, 1 March 1993,
10 June 1994 and by the Licence Supplemental Agreement.

 

“Licence
Supplemental Agreement” means (i) the letter from The Walt
Disney Company (Netherlands) BV to Euro Disney SCA dated 28 March, 2003, (ii)
supplemental agreement n°4 to the
Licence Agreement between Disney Enterprises, Inc. (formerly named The Walt
Disney Company), The Walt Disney Company (Netherlands) B.V. and Euro Disney
Associés S.C.A dated 30 November 2004

 

7

 

substantially in the form contained in
the first part of Schedule IV, (iii) the letter from The Walt Disney
Company (Netherlands) B.V. to BNP Paribas, CALYON and CDC, substantially in the
form contained in the second part of Schedule IV enclosing a copy of a
letter from The Walt Disney Company (Netherlands) B.V. to Euro Disney S.C.A,
and (iv) the letter from Disney Enterprises Inc. relating to the terms of
renewal or extension of the Licence Agreement substantially in the form
contained in the third part of Schedule IV.

 

“Management Fees” means the fees
(including the Base Fees and the Incentive Fees) which the Operating Company is
required to pay to Euro Disney SAS in its capacity as gérant
of the Operating Company, according to the articles of association of the
latter and according to the letter from Euro Disney SA to Euro Disney SCA dated
28 March, 2003 and the agreement mentioned in (ii) of the Remuneration
Agreement.

 

“Master Agreement” means the agreement for
the creation and the operation of Euro Disneyland in France dated 24 March 1987
between 1. the Republic of France, 2. the Ile-de-France Regional Authorities,
3. the Département of Seine-et-Marne, 4. the Régie Autonome des Transports Parisiens (the Parisian
independent transport authority), 5. the Etablissement Public d’Aménagement
de la Ville Nouvelle de Marne-la-Vallée (public institution for the
planning and development of the new town of Marne-la-Vallée) and 6. the Etablissement Public d’Aménagement du Secteur IV de la Ville Nouvelle
de Marne-la-Vallée (public institution for the planning and
development of Sector IV of the town of Marne-la-Vallée), on the one hand and a
subsidiary of TWDC, Euro Disney S.C.A. and Euro Disneyland S.N.C. on the other
hand as amended by supplemental agreements n° 1, 2, 3 and by
the Amendment Agreement to the Master Agreement (as defined in the Phase IA
Credit Amendment and Restatement Agreement).

 

“Memorandum of Agreement” means the memorandum of agreement
dated 8 June 2004 between Euro Disney S.C.A., EDL Hôtels S.C.A., Euro
Disneyland S.N.C., the SNC Hotel Companies, TWDC, CDC, as well as the Phase IA
Banks, the Phase IA Partners, the Phase IB Banks and the Phase IB Lenders,
represented respectively by their agents BNP PARIBAS or CALYON, as appropriate,
and approved by the Steering Committee, then amended following the letters sent
by Euro Disney S.C.A. to the Creditors on 20 September 2004, whereby the
parties have agreed on the measures necessary to restore the financial
equilibrium of the Group; the memorandum of agreement as amended by these
letters was accepted pursuant to a letter signed by all of the parties on 30 September 2004.

 

“New Revolving Credit Facility” means the standby revolving credit
facility in an amount of € 150,000,000, reduced to € 100,000,000 as
from 1 October 2009, granted by TWDC to Euro Disney Associés S.C.A. on 30 September 2004.

 

“Operating
Company” means (i) before the Contribution, Euro
Disney S.C.A. and (ii) after the Contribution, Euro Disney Associés S.C.A.

 

8

 

“Performance Indicator” means, for any
Financial Year, the Group’s consolidated net income (loss), after profit or
loss allocated to minority interests, as reported in the Group’s consolidated
audited financial statements for such Financial Year certified by the statutory
auditors, and determined in accordance with generally accepted accounting
principles and rules in France, in particular, the principle of consistency,
adjusted for the following items:

 

(a)          plus minority interests as reported in the consolidated statement of
income;

 

(b)         plus charges after deduction of income, in relation to corporate
income tax (current and deferred);

 

(c)          less the relevant share of income (loss) of subsidiaries accounted
for under the equity method;

 

(d)         less the net impact of all waivers of commercial or financial debts
or of any debt forgiveness which may be granted by TWDC or its subsidiaries;

 

(e)          plus the net impact (i.e. amounts allocated less amounts cancelled)
of depreciation and provisions relating to tangible or intangible assets
(including goodwill upon acquisition) and charges to be allocated as well as
exceptional reserves and impairment charges on these same asset categories;

 

(f)            plus the net impact (i.e. amounts allocated less amounts cancelled)
of: (i) current asset provisions (for example: receivables and inventories);
(ii) provisions for risks and charges and (iii) provisions recorded as
exceptional earnings;

 

(g)         plus operating expenses corresponding to actual expenditures for
Major Repairs;

 

(h)         less gains net of losses on the sale or discarding of tangible or
intangible assets;

 

(i)             less financial income net of financial charges, excluding charges
representing bank card commissions;

 

(j)             plus Royalties and Management Fees booked as expenses for the said
Financial Year.

 

The Performance Indicator will be calculated based upon the Group’s
consolidated statement of income and the related supporting accounting records.

 

For purposes of the determination of the reference Performance
Indicators n°1 and n°2 (as contemplated by Sub-Schedule 1 of Schedule V),
the accounting principles and rules applied by Euro Disney S.C.A. in the
preparation of its consolidated financial statements for the Financial Year
ended September 30, 2003, adjusted for the change in accounting principles
related to the consolidation of the financing companies, in accordance with Article 133
of the Financial Security Law have been used. In addition, the companies
included in the reference consolidated group shall be those included in the
semi-annual financial statements as of March 31, 2004.

 

9

 

Any future change in accounting principles and rules and/or the
consolidated group will be reported to the Agents by the Coordinator and the
procedure described in Sub-Schedule 2 of Schedule V will be
applied in order to adjust the reference sequence of the reference Performance
Indicators n°1 and n°2 and/or to calculate the Performance Indicator.

 

“Phase IA” means the part of the Project spread over an
area of approximately 207 hectares and comprising in particular the Disneyland
Park, the Disneyland hotel and a campsite consisting of 595 sites.

 

“Phase IA Credit Amendment and Restatement Agreement” means the agreement dated 1 December 2004 including in
particular the amendments and restatement of the Phase IA Credit Facility.

 

“Phase IA Advances Amendment and Restatement Agreement” means the agreement dated 1 December 2004 including in
particular the amendments and restatement of the Phase IA Partners Advances.

 

“Phase IA Credit Facility” means the
multi-currency credit facility agreement, which operates by way of drawings or
the issuance of letters of credit, dated 5 September 1989 between Euro
Disney S.C.A. and Euro Disneyland S.N.C. as borrowers, the Phase IA Banks as
lenders and BNP PARIBAS as Agent, as amended by supplemental agreements of 10 August 1994,
17 March 1995 and by the authorisation and derogation requests relating to
the Covenants dated 6 September 1999, and amended and restated by the
Phase IA Credit Amendment and Restatement Agreement.

 

“Phase IA Partners Advances Agreement” means the partners advances
agreement dated 26 April 1989 between Euro Disneyland S.N.C. as borrower,
its partners as lenders and CALYON as Agent, as amended by a supplemental
agreement of 10 August 1994, and amended and restated by the Phase IA
Advances Amendment and Restatement Agreement.

 

“Phase IB” means the part of the Project relating to the
hotel development, to the exclusion of the Disneyland hotel and Disney Village.

 

“Phase IB Advances Agreement” means the partners advances
agreement dated 26 April 1991 between the SNC Hotel Companies as
borrowers, EDL Hôtels S.C.A. as guarantor, the Phase IB Lenders as lenders and
CALYON as Agent, as amended by supplemental agreements of 10 August 1994,
12 July 1995, 15 May 1996, and 16 May 2003 as well as by the authorisation
and derogation requests relating to the Covenants dated 6 September 1999,
and amended and restated by the Phase IB Advances Amendment and Restatement
Agreement .

 

“Phase IB Advances Amendment and Restatement Agreement” means the agreement dated 1 December 2004 including in
particular the amendments and restatement of the Phase IB Advances Agreement.

 

10

 

“Phase IB Credit Amendment and Restatement Agreement” means the agreement dated 1 December 2004 including in
particular the amendments and restatement of the Phase IB Credit Facility
Agreement.

 

“Phase IB Credit Facility Agreement” means the credit facility agreement
dated 25 march 1991, between EDL Hôtels and the SNC Hotel Companies as
borrowers, the Phase IB Banks as lenders and CALYON as Credit Agent, Agent of
the Lenders and Security Agent, as amended by supplemental agreements of 10 August 1994,
12 July 1995, 15 May 1996, and 16 May 2003 as well as by the authorisation
and derogation requests relating to the Covenants dated 6 September 1999,
and amended and restated by the Phase IB Credit Amendment and Restatement
Agreement.

 

“Project” means the development of Euro Disneyland in
France envisaged in the Master Agreement and comprising, at the Restatement
Date, in particular Phase IA, Phase IB and the phase that is the subject of the
CDC Second Park Agreements.

 

“Remuneration Agreement” means (i) the letter from Euro
Disney SAS and Euro Disney SCA addressed to BNP PARIBAS, to CALYON and CDC
substantially in the form set out in Schedule III and (ii) the two
agreements between Euro Disney S.C.A. and Euro Disney SAS relating to the
Management Fees of Euro Disney S.C.A., substantially in the form contained in
Schedules A and B to the letter mentioned in clause (i).

 

“Restatement Date” means the date on which all of the
conditions precedent stipulated in the Amendment and Restatement of the Common
Agreement, not having been renounced by the Agents, will have been satisfied

 

“Royalties” means the royalties that the Operating Company
must pay to the licensor (as this term is defined in the Licence Agreement)
under the Licence Agreement.

 

“Second Park” means the second theme park operated by the
Operating Company, opened to the public in April 2002, and named The Walt
Disney Studios.

 

“Second Period” means the period as defined in clause 3.1.2.

 

“Senior Debt” means the sums due under the Phase IA Credit
Facility, the Phase IB Credit Facility Agreement, the CDC Ordinary Loan
Agreement and the Phase IB Advances Agreement.

 

“Single Agent” means the agent appointed by the stipulations
of clause 3.1.2 (Second period).

 

“S.N.C.” means Euro Disneyland S.N.C., the SNC Hotel Companies and
any other société en nom collectif incorporated
with a view to entering into one or more crédit-bail transactions
relating to the assets of Disneyland Resort, Paris, with a Group company.

 

11

 

“Standby Revolving Credit Facility” means (i) the standby revolving
credit facility in an amount of € 167,693,910 granted by TWDC in favour of
Euro Disney S.C.A. on 5 August 1994, as
amended by the Standby Revolving Credit Supplemental Agreement, and (ii) as
from the date of the Completion of Share Capital Increase, the Promissory Note
issued by Euro Disney Associés S.C.A. for a principal sum of €110 million
in favour of Disney Enterprises, Inc. (formerly named The Walt Disney Company)
in substitution of the facility referred to in (i) above.

 

“Standby
Revolving Credit Supplemental Agreement” means the supplemental
agreement to the credit facility referred to in (i) of the definition of
Standby Revolving Credit Facility dated 1 December 2004.

 

“Steering Committee” means the working group, representative
of the creditors of the Senior Debt (excluding CDC), constituted on the
occasion of the financial restructuring of the Group.

 

“Subordinated Long Term Debt” means in relation to the
Royalties, the Management Fees, the interest under the CDC Second Park
Agreements and the Standby Revolving Credit Facility, the sums deferred and
transformed into long term subordinated debt in accordance with the letter
referred to respectively in (iii) of the definition of Licence Supplemental
Agreement, the agreements referred to in (ii) of the definition of Remuneration
Agreement, the CDC Second Park Agreements and the Standby Revolving Credit
Supplemental Agreement.

 

“Subsidiary” means any company in which Euro Disney S.C.A.
holds directly or indirectly more than 10% of the share capital or the voting
rights, it being understood that this percentage shall be calculated, where
appropriate, by adding:

 

(i)                                     the percentages of share capital or voting rights in the
relevant company which are directly held by Euro Disney S.C.A. and by those
companies which are controlled, directly or indirectly, by Euro Disney S.C.A.
within the meaning of clause L. 233-3 of the French code of commerce; and

 

(ii)                                  the percentages of share capital or of voting rights
indirectly held by Euro Disney S.C.A. in the relevant company.

 

For the
purposes of this definition, percentages of capital or voting rights indirectly
held as provided in (ii) above, shall be determined by multiplying the
successive percentages of share capital or voting rights held in each
subsidiary, starting with the first subsidiary not controlled within the
meaning of clause L.233-3 of the code of commerce and down to the relevant
company in the order of affiliation.

 

“TARGET Day”
means every full day when the payment system named Trans-European Automated
Real-Time Gross Settlement Express Transfer operates for the regulation of
payments in Euros.

 

“Total Outstanding Amount” has the meaning
attributed to it in
clause 3.1.2.

 

12

 

“TWDC” means The Walt Disney Company, a company
incorporated under the laws of the State of Delaware (United States of America)
whose principal office is located at 500 South Buena Vista, Burbank, California
91521, United States of America.

 

“Working Day” means every day (other than a Saturday or
Sunday) when credit institutions are open for current transactions in Paris.

 

2.                                     UNDERTAKINGS

 

2.1                               Each Borrower and each Group company
undertakes, insofar as each is concerned, for the benefit of all of the Creditors,
to honour and perform its respective obligations under the Covenants.

 

2.2                               For the implementation of the
Covenants, without the rights of the Creditors or the obligations of Euro
Disney S.C.A., the Borrowers or the group companies, as the case may be, being
thereby diminished in any way whatsoever, Euro Disney S.C.A., the Borrowers and
the Group companies appoint Euro Disney Associés S.C.A., which accepts, as
their common representative vis-à-vis the Creditors solely to:

 

(A)                              oversee the compliance by the
Borrowers or the Group companies which it controls directly or indirectly, and,
to the fullest extent permitted by law and its legal or contractual rights, by
the Group companies which it does not control and by the SNCs, of their
obligations under the Covenants;

 

(B)                                centralise the information from the
Borrowers and the Group companies, calculate the level of Indebtedness at the
dates fixed in the Covenants, know the level of Investment at the dates fixed
in the Covenants, and transmit to each of the Agents, upon receipt and in
identical form, in compliance with the conditions and within the time limits
which are fixed, all of the information and documents provided for in the
Covenants;

 

(C)                                prepare and transmit to each of the
Agents the authorisation or derogation requests of the Borrowers and the Group
companies, and organise with the Agents the consultation procedure of the
Creditor voting groups as set out in Clause 3;

 

(D)                               transmit to the Expert the
information and provide all assistance necessary in order for him to perform
his assignment, in accordance with the Agreement with the expert, the covenants
and the Bank Debt Agreements.

 

3.                                     AUTHORISATIONS AND DEROGATIONS RELATING TO THE COVENANTS

 

3.1                               Voting procedure of
authorisations and derogations

 

All authorisations to be given by the Creditors
to the Borrowers and to the Group companies in accordance with the Covenants or
all derogations to obligations

 

13

 

subscribed to by the Borrowers and the Group
companies pursuant to the Covenants to be accepted by the Creditors, as the
Creditors expressly agree and notwithstanding any other different or contrary
clause relating to the applicable majorities stipulated in the Bank Debt
Agreements, will be considered as having been granted by the Creditors if they
are approved as provided for below.

 

All authorisations or derogations adopted in
accordance with the requirements set out below will bind all of the Creditors.

 

The term “derogation” used in this clause 3
shall not be interpreted as including any waiver by the Creditors of their
rights to avail themselves of the consequences of a consummated breach by one
or more Borrowers of the stipulations of the Covenants: any such waiver shall
be within the jurisdiction of each group of Creditors deciding under the
majority conditions provided for in the Bank Debt Agreement to which they are
parties.

 

3.1.1                        First Period

 

(A)                               Majorities and quorum

 

Until the date fixed under clause 3.1.2, this
authorisation or derogation shall be considered as granted by the Creditors if
three of the following four voting groups of Creditors have approved such
authorisation or derogation by the majority indicated hereafter for each of
them:

 

The first voting group comprises the Phase IA
Banks.

 

To be adopted by this voting group, the authorisation
or derogation request must be approved by one or several of the Phase IA banks
for whom the sum total of all the Outstanding Amounts under the Phase IA Credit
Facility agreement represents, on the date in question, more than two thirds of
the sum of the Outstanding Amounts of the Phase IA Banks having participated in
the vote, so long as the sum of the Outstanding Amounts of the Phase IA Banks
having participated in the vote represent more than one half of the Total
Outstanding Amount under the Phase IA Credit Facility Agreement.

 

The second voting group comprises the Phase IA
Partners.

 

To be adopted by this voting group, the authorisation
or derogation request must be approved by one or several of the Phase IA
Partners whose total advances under the Phase IA Partners Advances Agreement
represent, on the date in question, more than two thirds of the total amount of
the Phase IA Partners Advances held by the Phase IA Partners having
participated in the vote, so long as the total amount of the Advances of the
Phase IA Partners having participated in the vote represents more than one half
of the total sum of the Advances granted by the Phase IA Partners under the
Phase IA Partners Advances Agreement.

 

14

 

The third voting group comprises the Phase IB
Banks and the Phase IB Lenders.

 

To be adopted by this voting group , the authorisation
or derogation request must be approved by one or several of the Phase IB Banks
or Phase IB Lenders whose total participation in the Loans or Advances granted
by the Phase IB Banks under the Phase IB Credit Facility Agreement or by the
Phase IB Lenders under the Phase IB Advances Agreement represents, on the date
in question, more than two thirds of the total amount of the participations in
the said Loans and Advances of the Phase IB Banks and of the Phase IB Lenders
having participated in the vote, so long as all of the participations in the
Loans and Advances of the Phase IB Banks and Phase IB Lenders having
participated in the vote represent more than one half of the total amount of
the Loans and Advances granted by the Phase IB Banks and Phase IB Lenders under
the Phase IB Credit Facility Agreement and the Phase IB Advances Agreement.

 

The fourth voting group comprises CDC.

 

(B)                               Second consultation

 

(a)                                In the event that the voting quorum
of the participants shall not have been achieved with respect to one or more of
the first three voting groups provided for above, a second consultation of such
voting group(s) in which the quorum was not achieved shall be organised by the
Agent or Agents concerned within a period of ten days following the latest date
on which the Creditors were required to give an opinion at the time of the
first consultation.  This consultation
shall be organised according to the same terms and conditions as the first
consultation.  However, the decision
shall be taken through the second consultation under the same majority rules,
but without any quorum of participating Creditors being required.

 

(b)                               The organisation of a second
consultation shall not be necessary if:

 

(i)                                  at the time of the first
consultation, three of the four voting groups approved the request for
authorisation or derogation by the majority and with the quorums fixed above,
in which case the request for authorisation or derogation shall be considered
as definitively adopted; or

 

(ii)                               if at least two of the four voting
group did not approve the request for authorisation or derogation by the
majority and with the quorums fixed above, in which case the request for
authorisation or derogation shall be considered to have been definitively
rejected.

 

15

 

3.1.2                        Second Period

 

As from the date on which the total outstanding
debt of the Phase IA Banks, and of the amount in principal remaining due to the
Phase IB Banks and to the Phase IB Lenders, represents less than 25% of the
aggregate of the Outstanding Debt of the Phase IA Banks, increased by the unreimbursed
amount under the Phase IA Partners’ Advances Agreement, the unreimbursed amount
of the Loans and Advances under the Phase IB Credit Facility Agreement and the
Phase IB Advances Agreement and the unreimbursed amount of the loans under the
CDC Loan Agreements (this last total amount being hereafter called the “Total
Outstanding Amount”), the following stipulations shall apply:

 

(A)                              the Creditors shall constitute a
single voting group, the consultation of which shall be organised by the Single
Agent through the intermediary of the other Agents;

 

(B)                                any authorisation or derogation
shall be considered as adopted by the Creditors if it is approved by one or
several Creditors the sum of whose participations in the Total Outstanding
Amount represents more than two thirds of the sum of the participations in the
Total Outstanding Amount of the Creditors having taken part in the vote, as
long as the sum of the participations in the Total Outstanding Amount of the
Creditors having taken part in the vote represents more than 50% of the Total
Outstanding Amount; in the case where such quorum is not achieved, a second
consultation shall be organised by the Single Agent within a period of ten days
following the latest day on which the Creditors should have reached a decision
on the first consultation; this second consultation shall be organised under
the same terms and conditions as the first; on the second consultation, the
single voting group of the creditors shall decide under the same majority
rules, but without any quorum of the Creditors participating in the vote being
required.

 

(C)                                CALYON is hereby appointed Single
Agent and accepts its appointment.

 

The stipulations described above will continue to
apply even if any one of the four voting groups mentioned above ceases to
exist.

 

3.2                              Presentation and treatment of
authorisation or derogation requests — organisation of consultations

 

3.2.1                        Presentation and treatment of
authorisation or derogation requests

 

Any authorisation or any derogation request, in accordance
with the Covenants, must be transmitted by the Borrowers and the Group
companies to the Coordinator who shall itself transmit it to each of the Agents
and, where appropriate, to the Single Agent. 
All of the four voting groups, during the First Period, and all of the
Creditors during the Second period, must be called upon to vote on the
authorisation or derogation request presented by the Coordinator in the name of
the Borrowers and the relevant Group companies.

 

16

 

Together with all requests for authorisation or
derogation, the Coordinator shall transmit to each of the Agents, during the
First Period, and to the Single Agent, during the Second Period, all of the
available information necessary in order for them to assess the proposed
operation and, in particular, its characteristics, its financial consequences
and its advisability.

 

Each of the Agents and the Single Agent, during the
Second Period, may request the Expert to comment on the request for authorisation
or derogation and in this connection to verify the information transmitted by
the Borrowers and Group companies concerned and to gather all such further
information as this Agent shall reasonably deem useful.  These comments shall be transmitted to all
the Agents.

 

3.2.2                       Organisation of consultations

 

The Agents shall organise the consultation of the
different voting groups during the First Period and the Single Agent shall
organise the consultation of the Creditors through the Agents during the Second
Period in agreement with the Coordinator.

 

The decision taken by each voting group during the
First Period shall be transmitted by the Agent concerned to the coordinator and
to the other Agents.

 

During the Second Period, the result of the vote of the
Creditors under each Bank Debt Agreement shall be transmitted by the Agent
concerned to the single Agent and to the Coordinator, and the Single Agent
shall transmit the decision taken by the Creditors to the Coordinator and to
the other Agents.

 

The Single Agent or the Agents shall transmit the
request for consultation to the Creditors within a period of 10 days following
receipt by all of the Agents of the request for authorisation or derogation
together with all necessary information for such consultation.

 

The Creditors shall have a period of 21 days starting
from the date upon which the Single Agent or the Agents under the relevant Bank
Debt Agreement shall forward the request to them to decide on the request for
authorisation or derogation.

 

4.                                     IMPLEMENTATION OF THE
STIPULATIONS
OF THE MEMORANDUM OF AGREEMENT

 

4.1                              Deferment of certain expenses
and financial charges

 

The parties to the Memorandum of Agreement have agreed
on certain measures in relation to the restructuring of the Group, including
the deferment of certain expenses and financial charges relating particularly
to Royalties, Management Fees and interest due under the CDC Second Park Loan
Agreements.

 

The stipulations of clauses 3.1, 3.2 and 3.3 of the
Common Agreement are reproduced below:

 

17

 

“3.1                         Performance Indicator determination

 

The Parties agree that the Performance
Indicator will be established in accordance with the following provisions:

 

(a)                               not later than 1 December in each calendar year commencing with
the 2005 calendar year, Euro Disney will supply to the Agents a report (the “Performance Indicator Report”) comprising:

 

(i)                                 its consolidated accounts certified by its auditors for the Financial
Year ended 30 September of the relevant year;

 

(ii)                             in the event of any change in its accounting principles and rules
during the relevant Financial Year, its pro forma consolidated accounts and the
pro forma Performance Indicator;

 

(iii)                         a certificate from its gérant setting out all items taken into account
and the detail of its calculations of the amounts:

 

•                  of the Performance Indicator for the Financial Year in question;

 

•                  of Royalties and Management Fees due in respect of the Financial Year
in question;

 

•                  of interest payable on 31 December of the said calendar year in
respect of the CDC Second Park Loans;

 

•                  of the deferrals applicable to the Royalties and Management Fees
pursuant to article 3.2 (Royalties and Management Fees); and

 

•                  of the deferrals applicable to interest due in respect of the CDC
Second Park Loans pursuant to article 3.3 (CDC Second Park Agreements).

 

(b)                               In the absence of any change in accounting principles and rules, the
calculation of the Performance Indicator will be verified and confirmed by the
Expert within 15 days after delivery by Euro Disney to the Agents of the
Performance Indicator Report, prior to payment of any Royalties, Management
Fees or interest due under the CDC Second Park Agreements.

 

(c)                                in the event of any change in accounting principles and rules used as
compared with those used in preparing the consolidated accounts (x) for the
Financial Year ended 30 September, 2003 (other than the change in accounting
principles and rules related to the consolidation of the financing companies in
accordance with Article 133 of the Financial Security Law) and, in
particular, with effect from the first Financial Year in respect of which IAS
will be applied by Euro Disney or (y) if there have been subsequent changes

 

18

 

to the accounting principles and rules, the last Financial Year in
respect of which there was an amendment to the Performance Indicator or to the
reference sequence which became effective pursuant to the provisions below:

 

(i)                                with effect from
the delivery by Euro Disney to the Agents of the Performance Indicator Report,
the Expert will have:

 

•                  15 days within
which to validate the format of the pro forma Performance Indicator prior to
payment of Royalties, Management Fees and interest due under the CDC Second
Park Agreements;

 

•                  a
further 60 days to validate the amendment in the definition of “Performance
Indicator” and, if necessary, or in the reference sequence.

 

(ii)                            during the 60-day period referred to in paragraph (i) above, Euro
Disney and the Agents, assisted by the Expert, will consult with each other as
to the amendments to be made either to the definition of the Performance
Indicator or, if necessary, to the reference sequence or to both for subsequent
Financial Years;

 

(iii)                        in case of disagreement either of the Expert on the Performance
Indicator or of Euro Disney and the Agents as to the changes to be made to
the  Performance Indicator or the
reference sequence by the end of the 60 day-period referred to in paragraphs
(i) and (ii) above, the Agents and Euro Disney will each appoint an expert
charged with making the necessary amendments for the determination of the
Performance Indicator and to determine a new reference sequence taking into
account the new method of calculation for subsequent Financial Years. Failing
agreement between the two experts so appointed, they will appoint a third
expert who, in the absence of agreement between the above mentioned experts as
to his appointment, will be appointed by the chairman of the Compagnie
Nationale des Commissaires aux Comptes. The two or three experts (if a third
expert is appointed) will deliver their report within three months of the
appointment of the last of them, such report being binding on the parties. The
entire procedure shall not take longer than six months. Such experts shall be
expert-comptables (certified accountants).”

 

“3.2                         Royalties and Management Fees

 

With effect
from the Financial Year commencing on 1 October, 2004 and until and including
the Financial Year ending on 30 September, 2014, the Royalties and Management
Fees due in respect of any Financial Year shall be due and payable annually within 5 Business Days following the date on which
the Agents shall have

 

19

 

received the
Performance Indicator Report verified and confirmed or, as the case may be,
validated by the Expert as provided in article 3.1 (Performance Indicator
performance).

 

3.2.1                      Financial Years 2005 to 2009

 

Notwithstanding
any contrary provision in the Licence Agreement, Euro Disney’s articles of
association or the Letters, with effect from the Financial Year commencing on 1
October, 2004, payment of the Royalties and Management Fees due in respect of
each Financial Year 2005 to 2009 inclusive, shall be deferred in a total amount
of € 25 million, excluding tax, per Financial Year (representing, in
aggregate, € 125 million excluding tax).

 

The amount of
the deferral for each such Financial Year:

 

(a)                                       shall be applied first to the
Management Fees due in respect of the relevant Financial Year, and

 

(b)                                       shall constitute Subordinated Long
Term Debt bearing interest annually at 12 month EURIBOR.

 

3.2.2                      Financial years 2007 to 2014

 

Notwithstanding any contrary provision in
the Licence Agreement, Euro Disney SA’s Articles of Associations or the
Letters, with effect from the Financial Year commencing on 1 October, 2006, and
without prejudice to the provisions of Article 3.2.1 (Financial Years 2005
to 2009) in respect of the Financial Years 2007, 2008 and 2009, payment of the
Royalties and Management Fees due in respect of Financial Years 2007 to 2014
inclusive shall, if the Performance Indicator or, as the case may be, the pro
forma Performance Indicator for the relevant Financial Year is less than the
reference Performance Indicator n°1 for such Financial Year stipulated in schedule 2,
be deferred in an amount equal to such difference but without exceeding € 25
million excluding tax per Financial Year.

 

The amount so
deferred for each such Financial Year:

 

(a)                               shall be applied
first to the Management Fees due in respect of the relevant Financial Year, and

 

(b)                               shall constitute
Subordinated Long Term Debt bearing interest annually at 12 month EURIBOR.”

 

“3.3                         CDC Second Park Agreements

 

3.3.1                      Deferral

 

20

 

Interest due to
CDC under the CDC Second Park Agreements on 31 December, 2004 shall be paid on
the Share Capital Increase Date, or on 31 December, 2004 if the Completion of
Share Capital Increase takes place prior to such date.

 

3.3.2                      Deferred interest

 

With effect
from the Share Capital Increase Date, interest due pursuant to the CDC Second
Park Loans in respect of the years 2001 to 2003, payment of which has been
deferred in accordance with the contractual provisions referred to above,
together with all additional interest accrued in accordance with the relevant
contractual provisions until the Share Capital Increase Date (representing at
the date hereof an amount of approximately € 58 million), shall on such
date become a new tranche under the CDC Second Park  Agreements (Tranche “E”) which will be
repayable in November 2023 and governed by the same terms as are
applicable to the existing tranches A, B, C and D.

 

The transitional
provisions relating to this deferred interest are contained in article 7.1.3
(CDC Second Park Agreements).

 

3.3.3                      Financial Years 2005 to 2014

 

With effect from the Financial Year
commencing on 1 October, 2004, and without prejudice to the application of any
existing contractual provision, interest payable to CDC in respect of the CDC
Second Park Loans on 31 December following the end of each of the
Financial Years 2005 to 2014 inclusive, shall:

 

(a)                              if the Performance Indicator or, as the case may be, the pro forma
Performance Indicator for such Financial Year is less than the reference
Performance Indicator n°2 for such Financial Year specified in schedule 2,
be deferred in the amount of that difference; the amount so deferred shall
constitute Subordinated Long Term Debt bearing interest at the rate of 5.15%
per annum; and

 

(b)                              as to the amount not so deferred, be payable within 5 Business Days
following the date on which the Agents shall have received the Performance
Indicator Report verified and confirmed or, as the case may be, validated by
the Expert, as provided in article 3.1 (Performance Indicator
determination), but not earlier than 31 December after the end of the
relevant Financial Year.”

 

4.2                        Undertakings of Euro Disney
Associés S.C.A.

 

Euro Disney Associés S.C.A. undertakes:

 

(A)                             to comply with and require the
compliance by the parties to these agreements with the stipulations of the New
Revolving Credit Facility, of the Standby Revolving Credit Facility, of the
provisions of the CDC Second Park Agreements relating to the deferment of
certain expenses and financial

 

21

 

charges as described in clause
4.1 above, of the Remuneration Agreement, of the Licence Supplemental
Agreement, of the Conference Centre Lease Supplemental Agreement and to not
accept that they be amended in any material way or in relation to important
points without the consent of the Creditors which will be given in accordance
with the stipulations in clause 3;

 

(B)                               not to terminate or reduce the amount
available under the New Revolving Credit Facility, without the consent of
Creditors which will be given in accordance with the stipulations in clause 3;

 

(C)                               to effect any drawings necessary
under the new revolving Credit Facility, and to utilise the funds resulting
from the deferment of Royalties, of Management Fees and of interest due under
the CDC Second Park Agreements, conforming to the stipulations of the Licence
Supplemental Agreement, of the agreements referred to in (ii) of the definition
of Remuneration Agreement and of the CDC Second Park Agreements, in order to
satisfy the cash flow needs of all of the Borrowers, by lending, as the case
may be, to the Borrowers the amount necessary for their cash flow needs in the form
of subordinated loans under conditions of remuneration equivalent to those
applicable under the terms of the New Revolving Credit Facility;

 

(D)                              in the event that it may become
aware that one of the Borrowers has not on the due date thereof entirely paid
to the creditors any sum due under the terms of (a) a Senior Debt or (b) a CDC
Junior Loan, immediately to suspend payment of all sums due by way of the
stipulations of the agreements referred to in paragraph (ii) of the definition
of Remuneration Agreement, for so long as this sum due under the said Senior
Debt remains unpaid;

 

(E)                                in the case mentioned in paragraph
(D) (a) above, the gérant of Euro
Disney S.C.A. shall reimburse the Base Fee which will have been paid to it, if
any, in the course of the 183 days preceding the date of occurrence of a
default in payment under the Senior Debt in accordance with the stipulations of
the agreements referred to in paragraph (ii) of the definition of Remuneration
Agreement;

 

(F)                                to allocate on a priority basis to the
payment of the sums due under the Senior Debt the sums received from any
reimbursement by the gérant of Euro
Disney Associés S.C.A. of the Base Fee, made pursuant to the stipulations of
paragraph (E) above;

 

(G)                                in the case of a default in payment
under the Senior Debt or under the CDC Participating Loan Agreement which has
given rise to a deferral of payment of the sums due as Management Fees, and
where the available funds of Euro Disney Associés S.C.A. so permit, to allocate
on a priority basis the proceeds from such deferral to the payment of the sums
due under the Senior Debt and the CDC Participating Loan Agreement.

 

22

 

(H)                               not to accept amendment to the
Master Agreement or any resultant agreement or agreement implementing the
Master Agreement which compromises the ability of the Group companies to honour
and perform the Covenants or would be incompatible with them;

 

(I)                                    not to incorporate a company which
would constitute a Subsidiary and not to acquire a participation in the capital
of a company which, as a result of this acquisition, would become a Subsidiary
provided that this company has, at the time of its incorporation or at the date
on which Euro Disney Associés S.C.A. will have acquired the relevant
participation, adhered to this Common Agreement; Euro Disney Associés S.C.A.
undertakes to take all measures in order to ensure that the stipulations of the
Common Agreement are honoured by the Subsidiary concerned;

 

 (J)                                on each date on which a Subordinated
Long Term Debt of Euro Disney Associés S.C.A. is created under the CDC Second
Park Agreements, to enter with CDC into a CDC Subordinated Long Term Debt
Agreement;

 

(K)                               at any date on which a Subordinated
Long Term Debt of Euro Disney Associés SCA 
arises in accordance with the terms of the agreements described in (ii)
of the definition of Remunerations Agreement, to sign with Euro Disney SAS an
acknowledgement of debt stipulating the terms and conditions applicable to such
Subordinated Long Term Debt;

 

(L)                                 at any date on which a Subordinated
Long Term Debt of Euro Disney Associés SCA  arises in accordance with the terms of
the letter referred to in (iii) of the definition of Supplemental Licence
Agreement, to sign with The Walt Disney Company Netherlands (BV) or any other
principal which may succeed it, a “Promissory Note” determining the terms and
conditions applicable to such Subordinated Long Term Debt.

 

The sums mentioned under
paragraphs (F) and (G) above shall be divided between the Borrowers concerned
and, if need be, loaned to them by Euro Disney Associés S.C.A. in proportion to
the unpaid sums in question in order to pay all sums which may be due and
payable under the relative Bank Debt Agreements.

 

 

5.                                     PREPAYMENT

 

5.1                              The Borrowers undertake that should
they proceed with a prepayment pursuant to the Senior Debt or CDC Junior Loans
(other than prepayment made in the cases mentioned in clauses 5.3 and 10.4 (F)
of the Phase IB Credit Facility Agreement and clauses 5.2 and 10.4 (F) of the
Phase IB Advances Agreement), pursuant to the Bank Debt Agreements, they will
proceed with a simultaneous reimbursement under all the Bank Debt Agreements
which are part of the Senior Debt and the CDC Junior Loans in proportion to the
principal amounts remaining due to the Creditors under each of the Bank Debt
Agreements.  It is however specifically
understood that in the

 

23

 

event of any prepayment under the Phase
IA Credit Facility, the Phase IB Credit Facility or the Phase IB Advances
Agreement, the simultaneous reimbursement obligation shall be limited to these
three agreements.

 

5.2                              In the case of a partial prepayment
under the Bank Debt Agreements, the reimbursement shall be applied against the
repayment instalments due, in inverse order of maturity, i.e. starting with the
last instalments due.

 

 

6.                                     EXPERT

 

6.1                              (A)                              The parties agree that the Expert shall be
appointed by the Agents in agreement with the Coordinator.

 

(B)                                The Expert’s duties shall be
determined by the Agents according to the principles appearing in paragraph 8
of the Covenants.

 

(C)                                The fees and costs of the Expert
will be payable by the Coordinator.

 

(D)                               The duration of the term of office
as Expert shall be that fixed in the Agreement with the Expert, unless the
Expert resigns or the Agreement with the Expert is terminated by the Agents.

 

(E)                                 In case of such resignation or
termination of the Agreement with the Expert, the Agents shall appoint a new
Expert in agreement with the Coordinator. 
A new agreement, identical in substance to the Agreement with the
Expert, shall be entered into by the Creditors with the new Expert and the
Borrowers undertake to sign such new Agreement with the Expert.

 

6.2                              No Borrower, Creditor or any Agent
shall, except for gross negligence or fraudulent misrepresentation on its part,
be held liable towards any other person for what the Expert may or may not do.

 

 

7.                                     DURATION

 

The Common Agreement will
terminate on 31 December 2027.

 

 

8.                                     WAIVER

 

Notwithstanding the provisions
of clause L.221-1 of the code of commerce, but without this affecting or
limiting the scope of any other stipulation of the Common Agreement and the
Bank Debt Agreements, Euro Disney S.C.A., Euro Disney Associés S.C.A., EDL
Hôtels, each Group company , each Creditor and each Agent

 

24

 

(except
for CDC insofar as the POSNC1 tranche of the CDC Ordinary Loan Agreement
individually and collectively, expressly and irrevocably waive:

 

(A)                              all recourse that it may have, or
believe it may in law be entitled to exercise, against any partner  of Euro Disneyland S.N.C. or any one of the SNC Hotel
Companies in relation to any obligation of Euro Disneyland S.N.C. or one of the
SNC Hotel Companies by virtue of the Common Agreement and the bank Debt
Agreements; and

 

(B)                                the taking of any action with the
object of obtaining a court order for the commencement of bankruptcy
proceedings or liquidation (redressement ou
liquidation judiciaries) of Euro Disneyland S.N.C. or any one of the
SNC Hotel Companies.

 

 

9.                                     GENERAL
PROVISIONS

 

9.1                              Memorandum of Agreement 1994

 

In relation to the financial
restructuring of the Group which took place in 1994, the parties agree that
only the stipulations of the definitions (those definitions which still apply
to the following clauses), clause I (Respective undertakings), clause IV.7
(Phase II Development Fees), clause VIII (Unity of agreement), clause X
(Waiver), clause XI (Confidentiality) and clause XII (Applicable law – Election
of jurisdiction) of the memorandum of agreement dated 14 March 1994
remaining in force.

 

9.2                              Agreement of 10 August 1994

 

The parties note that as a
result of the full coming into force of all of the Decisions and Agreements (as
defined in clause 9.3), the Agreement of 10 August 1994 between Euro
Disney Associés S.N.C., the banks party to the Phase IA Credit Facility, CDC,
the partners of Euro Disneyland S.N.C. party to the Phase IA Partners’ Advances
Agreement, the banks party to the Phase IB Credit Facility, the partners of the
SNC Hotel Companies and the banks party to the Phase IB Advances Agreement and
Euro Disney S.C.A. have become obsolete.

 

9.3                              Memorandum of Agreement

 

The parties acknowledge that
by reason of the decisions and of the signature and of
the coming into force of the Amendment and Restatement of the Common Agreement,
the Phase IA Credit Amendment and Restatement Agreement, the Phase IA Advances
Amendment and Restatement Agreement, the Phase IB Credit Amendment and
Restatement Agreement, the Phase IB Advances Amendment and Restatement
Agreement, the CDC Loan Agreements and the CDC Second Park Agreements, the
instruments which are set forth in the schedules to each of the

 

25

 

abovementioned agreements and supplemental agreements
(hereinafter the “Decisions and Agreements”), the
stipulations of the Memorandum of Agreement, other than those mentioned
hereafter, shall, at the date of the full coming into force of the Decisions
and Agreements, replaced by the stipulations of these Decisions and Agreements
and will become obsolete.

 

The stipulations of the
Memorandum of agreement which remain in force are the following: whereas,
clause 1 (Definitions) (those definitions which
are still applicable for the purposes of the following clauses), clause 2 (Undertakings), clause 7.2.2 (Costs),
article 7.5 (Unity of Agreement),
clause 7.8 (Release of  TWDC),
clause 7.10 (Confidentiality) clause 7.11 (Applicable law) and clause 7.12 (Language)

 

9.4                              Prevalence of the Common Agreement

 

In the event that the
stipulations of the Common Agreement and those of the Bank Debt Agreements and
the CDC Second Park Agreements, as they may be subsequently amended should be
inconsistent or contradictory, the parties expressly agree that the stipulations
of the Common Agreement shall prevail. 
The Common Agreement does not constitute a novation of the Bank Debt
Agreements.

 

9.5                              Modifications

 

Each Creditor undertakes not
to accept any amendment to the stipulations relating to the deferment of interest,
the relinquishing of debts, or the schedule of repayments of principal
under the relevant Bank Debt Agreements and under the CDC Second Park
Agreements which would favour them in relation to others, or to amend the
Common Agreement unless such amendments have been accepted by all the Creditors
pursuant to the stipulations of clause 3.

 

9.6                              Transfer

 

Should a creditor wish to
assign or transfer all or part of its rights and obligations in accordance with
the stipulations of the Bank Debt Agreement to which it is a party,
that Creditor undertakes to cause the assignee to enter into an
agreement whereby the latter expressly acknowledges being bound by the terms
and conditions of the Common Agreement.

 

9.7                              Representations and Warranties

 

Each Creditor represents and
warrants that its decision to participate in the 2004 financial restructuring
of the Group and to sign the Memorandum of Agreement, the Amendment and
Restatement of the Common Agreement, the Phase IA Credit Amendment and
Restatement Agreement, the Phase IB Credit Amendment and Restatement Agreement,
the Phase IB Advances Amendment and Restatement Agreement, the Phase IA
Advances Amendment and Restatement Agreement, the CDC Loan Agreements and the
CDC Second Park Agreements, was made on the basis of its own judgement and that
in making this decision, it did not rely in any fashion on the opinions or
representations of the members of the Steering Committee

 

26

 

mentioned in the Memorandum of
Agreement or the Agents, or any other Creditor as far as concerns in particular
the financial situation and the activities of the Borrowers, the Common
Agreement, the abovementioned agreements and supplemental agreements, their
schedules and all documents mentioned therein and, more generally, any document
or agreement given or signed on account of the signature of the Memorandum of
Agreement and the abovementioned agreements and supplemental agreements and
each Creditor acknowledges that the members of the Steering Committee and the
Agents assume no liability with regard to this.

 

The Agents shall incur no
liability with respect to the Borrowers or the Creditors, except in the case of
gross negligence, fraud, or wilful misrepresentation, or violation by one of
them of its express obligations under the Common Agreement or the Phase IA
Credit Amendment and Restatement Agreement or the Phase IB Credit Amendment and
Restatement Agreement or the Phase IA Advances Amendment and Restatement
Agreement or the CDC Loan Agreements or the CDC Second Park Agreements.

 

9.8                              Information

 

If a Borrower fails to make,
on time, full payment of a sum due under a Bank Debt Agreement, the relevant
Agent will inform the other Agents of this fact.

 

9.9                              Applicable law and jurisdiction

 

The Common Agreement is
governed by French law.

 

The parties agree that any
disagreement relating to the Common Agreement will be a matter for the
exclusive jurisdiction of the commercial court of Paris (tribunal de
commerce de Paris) or if it involves CDC, a competent court falling
within the jurisdiction of the Paris Court of Appeal.

 

9.10                       Language

 

The Common Agreement is signed in the French
language. In case of discrepancy between the French text and any other version
which may exist in any other language, the French text shall prevail.

 

Amended and restated in Paris,
at the Restatement Date

 

27

 

SCHEDULE I - 

 

List of current
subsidiaries, direct and indirect,

of Euro Disney S.C.A., Euro Disney Associés S.C.A. and EDL Hôtels S.C.A.

(after the Contribution)

 

I.                                         DIRECT SUBSIDIARIES OF EURO
DISNEY S.C.A.

 

	
  Name

  	
   

  	
  RCS

  	
   

  	
  Percentage
  held

  	
   

  
	
  Euro Disney Associés S.C.A.

  	
   

  	
  RCS Meaux 397 471 822

  	
   

  	
  82

  	
  %(1)

  
	
  Euro Disney Commandité S.A.S.

  	
   

  	
  RCS Meaux 384 279 808

  	
   

  	
  100

  	
  %

  

 

The registered office of each company listed above is at:

 

Immeubles Administratifs

Route Nationale 34

77700 CHESSY

 

II.                                     DIRECT SUBSIDIARIES OF EURO DISNEY ASSOCIES S.C.A.

 

	
  Name

  	
   

  	
  RCS

  	
   

  	
  Percentage
  held

  	
   

  
	
  EDL Hôtels S.C.A.

  	
   

  	
  RCS Meaux 347 686 206

  	
   

  	
  99.99

  	
  %(2)

  
	
  EDL Hôtels Participations S.A.S.

  	
   

  	
  RCS Meaux 380 365 015

  	
   

  	
  100.00

  	
  %

  
	
  EDL Services S.A.S.

  	
   

  	
  RCS Meaux 379 410 301

  	
   

  	
  100.00

  	
  %

  
	
  Euro Disney Vacances S.A.S.

  	
   

  	
  RCS Meaux 383 850 278

  	
   

  	
  100.00

  	
  %

  
	
  Val d’Europe Promotion S.A.S.

  	
   

  	
  RCS Meaux 384 279 857

  	
   

  	
  100.00

  	
  %

  
	
  ED Resort Services S.A.S.

  	
   

  	
  RCS Meaux 384 280 046

  	
   

  	
  100.00

  	
  %

  
	
  SETEMO lmagineering S.A.R.L.

  	
   

  	
  RCS Meaux 388 457 004

  	
   

  	
  100.00

  	
  %

  
	
  Convergence Achats S.A.R.L.

  	
   

  	
  RCS Créteil 444 199 343

  	
   

  	
  50.00

  	
  %(3)

  
	
  ED Finances 1 S.N.C.

  	
   

  	
  RCS Meaux 413 892 480

  	
   

  	
  50.00

  	
  %

  
	
  ED Finances 2 S.N.C.

  	
   

  	
  RCS Meaux 413 892 621

  	
   

  	
  50.00

  	
  %

  
	
  ED Finances 3 S.N.C.

  	
   

  	
  RCS Meaux 413 892 761

  	
   

  	
  50.00

  	
  %

  
	
  ED Finances 4 S.N.C.

  	
   

  	
  RCS Meaux 413 892 902

  	
   

  	
  50.00

  	
  %

  
	
  Débit de Tabac S.N.C.

  	
   

  	
  RCS Meaux 392 222 220

  	
   

  	
  40.00

  	
  %

  
	
  ED Spectacles  S.A.R.L.

  	
   

  	
  RCS Meaux 385 405 584

  	
   

  	
  20.00

  	
  %

  

 

The registered office of each company listed
above is at:

 

(1)    The remaining 18% being held by Euro Disney
Investments S.A.S. (9 %) and EDL Corporation S.A.S. (9 %), which are indirectly
held wholly-owned subsidiaries of The Walt Disney Company.

 

(2)    The remaining % being held by EDL Services S.A.S., ED
Resort Services S.A.S. and Euro Disney Vacances S.A.S., which are direct
subsidiaries of Euro Disney Associés S.C.A.

 

(3)    The remaining 50 % being held by Groupe Flo.

 

28

 

Immeubles Administratifs

Route Nationale 34

77700 Chessy

 

Except for Convergence Achats S.A.R.L. which has its registered office
at:

 

14, rue du Séminaire

94516 Rungis Cedex

 

III.                                 DIRECT SUBSIDIARIES
OF EDL HOTELS S.C.A.

 

	
  Name

  	
   

  	
  RCS

  	
   

  	
  Percentage
  held

  	
   

  
	
  ED Spectacles S.A.R.L.

  	
   

  	
  RCS Meaux 385 405 584

  	
   

  	
  80

  	
  %

  
	
  Débit de Tabac S.N.C.

  	
   

  	
  RCS Meaux 392 222 220

  	
   

  	
  60

  	
  %

  
	
  ED Finances 1 S.N.C.

  	
   

  	
  RCS Meaux 413 892 480

  	
   

  	
  50

  	
  %

  
	
  ED Finances 2 S.N.C.

  	
   

  	
  RCS Meaux 413 892 621

  	
   

  	
  50

  	
  %

  
	
  ED Finances 3 S.N.C.

  	
   

  	
  RCS Meaux 413 892 761

  	
   

  	
  50

  	
  %

  
	
  ED Finances 4 S.N.C.

  	
   

  	
  RCS Meaux 413 892 902

  	
   

  	
  50

  	
  %

  

 

IV.                                SUBSIDIARIES OF BOTH EURO DISNEY
ASSOCIES S.C.A. AND EDL HOTELS S.C.A.

 

	
  Name

  	
   

  	
  RCS

  	
   

  	
  Percentage
  held

  
	
  ED Spectacles S.A.R.L.

  	
   

  	
  RCS Meaux 385 405 584

  	
   

  	
  20% by EDA SCA 80% by EDLH SCA

  
	
  Débit de Tabac S.N.C.

  	
   

  	
  RCS Meaux 392 222 220

  	
   

  	
  40% by EDA SCA 60% by EDLH SCA

  
	
  ED Finances 1 S.N.C.

  	
   

  	
  RCS Meaux 413 892 480

  	
   

  	
  50% by EDA SCA 50% by EDLH SCA

  
	
  ED Finances 2 S.N.C.

  	
   

  	
  RCS Meaux 413 892 621

  	
   

  	
  50% by EDA SCA 50% by EDLH SCA

  
	
  ED Finances 3 S.N.C.

  	
   

  	
  RCS Meaux 413 892 761

  	
   

  	
  50% by EDA SCA 50% by EDLH SCA

  
	
  ED Finances 4 S.N.C.

  	
   

  	
  RCS Meaux 413 892 902

  	
   

  	
  50% by EDA SCA 50% by EDLH SCA

  

 

29

 

V.                                    SUBSIDIARY OF EURO DISNEY VACANCES S.A.S.,

(ITSELF A DIRECT SUBSIDIARY OF EURO DISNEY ASSOCIES S.C.A)

 

	
  Name

  	
   

  	
  Percentage held

  	
   

  
	
  Euro Disney Vacaciones S.A.

  	
   

  	
  99.90

  	
  %(4)

  

 

The registered office of the above company is at:

 

Edificio Gorbea 3

José Bardasano Baos 9

28016 Madrid

(Spain)

 

VI.                                 SUBSIDIARY OF VAL D’EUROPE
PROMOTION  S.A.S.,

(ITSELF A DIRECT SUBSIDIARY
OF
EURO DISNEY ASSOCIES S.C.A.

 

	
  Name

  	
   

  	
   

  	
   

  	
  Percentage held

  	
   

  
	
  Les Villages Nature de Val d’Europe S.A.R.L.

  	
   

  	
  RCS Meaux 449 772 953

  	
   

  	
  50.00

  	
  %(5)

  

 

The registered office of the above company is at:

 

Immeubles Administratifs

Route Nationale
34

77700 Chessy

(4)    The remaining % being held by individuals.

 

(5)    The remaining % being held by Pierre & Vacances.

 

30

 

SCHEDULE II - 

 

List of Phase IA
Banks, Phase IA Partners, Phase IB Banks

and Phase IB Lenders

 

Phase IA Banks

 

BANCO SANTANDER HISPANO SA

 

BANK OF SCOTLAND

 

BANQUE FEDERATIVE DU CREDIT MUTUEL

 

BAYERISCHE HYPO- UND VEREINSBANK

 

BANK OF AMERICA NA

 

BNP PARIBAS

 

BRED BANQUE POPULAIRE

 

CALYON

 

CIC

 

CITIBANK N.A.

 

CREDIT AGRICOLE SA

 

CREDIT FONCIER DE FRANCE

 

CSFB

 

DEUTSCHE BANK AG

 

DRESDNER BANK AG

 

GOLDMAN SACHS PARIS INC

 

JP MORGAN CHASE BANK NA

 

MORGAN STANLEY BANK INTERNATIONAL LTD

 

NATEXIS BANQUES POPULAIRES

 

BANK OF NOVA SCOTIA

 

31

 

Phase IA Partners

 

AXA BANQUE

 

BANQUE HERVET

 

BANQUE NSMD

 

BNP PARIBAS

 

BRED BANQUE POPULAIRE

 

CAISSE REGIONALE DU CREDIT AGRICOLE MUTUEL DE LA BRIE

 

CAISSE REGIONALE DU CREDIT AGRICOLE MUTUEL PARIS ILE DE
FRANCE

 

CALYON

 

CASDEN BANQUES POPULAIRES

 

COMPAGNIE FINANCIERE DE ROTHSCHILD

 

CREDIT FONCIER DE FRANCE

 

DEXIA CREDIT LOCAL

 

EURODISNEYLAND PARTICIPATIONS SAS

 

FORTIS BANQUE FRANCE

 

PATHE

 

NATEXIS BANQUES POPULAIRES

 

SOCIETE DU LOUVRE

 

SOCIETE NANCEENNE VARIN BERNIER

 

SOFINCO

 

 

Phase IB Banks

 

BANCO DE SABADELL

 

BANCO SANTANDER CENTRAL HISPANO

 

BANK OF AMERICA

 

32

 

BANQUE FEDERATIVE DU CREDIT MUTUEL

 

BANQUE SAN PAOLO

 

BARCLAYS 

 

BNP PARIBAS

 

CAISSE D’EPARGNE DE PARIS 

 

CALYON

 

CREDIT INDUSTRIEL ET COMMERCIAL

 

CITIBANK

 

CREDIT SUISSE FIRST BOSTON

 

DEUTSCHE BANK

 

DRESDNER

 

GOLDMAN SACHS

 

HYPOVEREINSBANK

 

MERRIL LYNCH

 

MORGAN STANLEY

 

NATEXIS BANQUES POPULAIRES

 

YASUDA TRUST (MIZUHO)

 

 

Phase IB Lenders

 

AXA BANQUE

 

BNP PARIBAS

 

CAISSE REGIONAL DU CREDIT AGRICOLE MUTUEL DE L’UNION NORD
EST

 

CAISSE REGIONALE DU CREDIT AGRICOLE MUTUEL DE CHAMPAGNE
BOURGOGNE

 

CAISSE REGIONALE DU CREDIT AGRICOLE MUTUEL DE LA BRIE

 

33

 

CALYON

 

CREDIT AGRICOLE SA

 

CASDEN BANQUES POPULAIRES

 

CREDIT FONCIER DE FRANCE

 

CREDIT LOCAL DE FRANCE (DEXIA)

 

FORTIS 

 

J.P. MORGAN

 

NATEXIS BANQUES POPULAIRES

 

SOCIETE DU LOUVRE

 

SOFINCO

 

34

 

SCHEDULE III -

 

Remuneration
Agreement - Form of Letter from Euro Disney S.A.S. and Euro Disney 

SCA to the BNP
Paribas, CALYON and CDC

 

Form letter concerning the
Remuneration Agreement

 

[From (letterhead): ]

 

EURO DISNEY S.A.S.

Immeubles Administratifs

Route Nationale 34

77700 Chessy

 

EURO DISNEY S.C.A.

Immeubles Administratifs

Route Nationale 34

77700 Chessy

 

1 December 2004

 

 

BNP Paribas

E.C.E.P.

Project Finance

37, place du Marché Saint Honoré

75001 Paris

 

CALYON

81-83 rue de Richelieu

75001 Paris

 

Caisse des Dépôts et
Consignations

72 rue Pierre Mendès-France

75914 Paris Cedex 13

 

Dear Sirs,

 

 

We enclose a copy of a letter sent by Euro Disney S.A.S. to Euro Disney
S.C.A.(schedule A) and of the agreement (the “Agreement”) dated 1 December 2004
between Euro Disney SAS and Euro Disney Associés S.C.A. (schedule B).  Terms defined in the Agreement have the same
meanings for the purposes of this letter.

 

We hereby confirm that, so long as any amount remains unpaid in respect
of the CDC Loan Agreements, the CDC Second Park Agreements, the Phase IA Credit
Facility Agreement, the Phase IB Credit Facility Agreement, the Phase IB
Advances Agreement, the Phase IA

 

35

 

Partners Advances Agreement, you will be entitled, in the case of CDC,
in respect of the CDC Loan Agreements and the CDC Second Park Agreements, in
the case of BNP Paribas, as Agent for the Phase IA Banks in respect of the
Phase IA Credit Facility Agreement, and in the case of CALYON, as Agent for the
Phase IB Banks and Phase IB Lenders in respect of the Phase IB Credit Facility
Agreement and the Phase IB Advances Agreement and as Agent for the IA Partners
in respect of the Phase IA Partners Advances Agreement, to take all measures
with a view to enforcing the provisions of the Letter and the Agreement.

 

This letter is provided to you, in the case of CDC, in respect of the
CDC Loan Agreements and the CDC Second Park Agreements, in the case of BNP
Paribas, as Agent for the Phase IA Banks in respect of the Phase IA Credit
Facility Agreement, and in the case of CALYON, as Agent for the Phase IB Banks
and Phase IB Lenders in respect of the Phase IB Credit Facility Agreement and
the Phase IB Advances Agreement and as Agent for the IA Partners in respect of
the Phase IA Partners Advances Agreement, for your exclusive benefit and that
of the institutions whose Agents are BNP Paribas and CALYON respectively.  No provision of this letter will grant any
third party or will create in favour of any third party, other than such
institutions, in their capacity as creditors under the Phase IA Credit Facility
Agreement, the Phase IB Credit Facility Agreement, the Phase IB Advances
Agreement, and the Phase IA Partners Advances Agreement, any right or recourse
whatsoever which would not exist in the absence of this letter.

 

This letter will cease to have any effect in the event of the
provisions of article 3.2 (Royalties and Management
Fees) of the Memorandum of Agreement being terminated in accordance
with the provisions of article 7.7 (Termination) of
the Memorandum of Agreement.

 

The provisions of this letter are governed by French law and shall be
interpreted in accordance therewith. Any dispute relating thereto will be
submitted to the competent courts within the jurisdiction of the Paris Court of
Appeal.

 

	
  Yours truly,

  
	
   

  
	
   

  
	
  Euro Disney S.A.S.

  
	
   

  
	
   

  
	
   

  	
   

  
	
  by

  

 

36

 

 

	
  Euro Disney S.A.S.

  
	
  in its capacity as manager of

  
	
  Euro Disney Associés S.C.A.

  
	
   

  
	
   

  
	
   

  	
   

  
	
  by

  

 

 

Accepted in the name and on behalf of  the Phase IA Banks party to the Phase
IA Credit Facility Agreement

 

 

	
   

  	
   

  
	
  BNP Paribas

  
	
  in its capacity as Agent

  
	
  by

  

 

 

Accepted in the name and on behalf of the Phase IB Banks and Phase IB
Lenders party to the Phase IB Credit Facility Agreement and Phase IB Advances
Agreement and in the name of the IA Partners party to the Phase IA Partners
Advances Agreement

 

 

	
   

  	
   

  
	
  CALYON

  
	
  in its capacity as Agent

  
	
  by

  

 

 

Accepted

 

 

	
   

  	
   

  
	
  Caisse des Dépôts et Consignations

  
	
  by

  

 

37

 

Schedule A

 

Form of letter on the protection mechanism

Management Fees

 

[on Euro Disney
S.A.S. headed note paper]

 

 

Euro Disney S.C.A.

Immeubles Administratifs

Route Nationale 34

77700 Chessy

 

1 December 2004

 

Dear Sirs,

 

Re: Management Fees

 

We refer to:

 

(i)                                    article IV of
your statuts which provides for certain
payments in our favour by way of remuneration for our management;

 

(ii)                                 the Common
Agreement dated 10 August 1994 as amended and restated in accordance with
the Common Agreement Amendment and Restatement dated 1 December 2004.

 

Terms defined in the statuts, in the
Common Agreement and in the Common Agreement Amendment and Restatement have the
same meanings for the purposes of this letter.

 

Notwithstanding the provisions of any other document:

 

(A)                             we agree to receive Management Fees on an annual rather than on a
quarterly basis in respect of each of your Financial Years 2005 to 2014
inclusive, such remuneration being due and payable subject to (B) and (C)
below, not later than five Business Days following the date on which the Agents
receive the Performance Indicator Report, verified and confirmed, or, as the
case may be, validated by the Expert, in accordance with the Common Agreement
and the Covenants;

 

(B)                               we accept the deferral of the Management Fees due in respect of each
of your Financial Years 2005 to 2009 inclusive, up to a total amount of
€25 million, excluding taxes, in respect of each Financial Year, the
amount so deferred constituting Subordinated Long Term Debt bearing interest at
an annual rate of 12 months EURIBOR capitalised annually in accordance with article 1154
of the Civil Code until 1 January 2017; with effect from that date
interest calculated at the above rate will become due and payable annually in
arrear. Upon each deferral you will issue in our

 

38

 

favour an acknowledgement of debt evidencing such Subordinated Long Term
Debt including in substance the terms of the Promissory Note annexed to the
Standby Revolving Credit Supplemental Agreement;

 

(C)                               we accept, without prejudice to the foregoing in respect of
Financial Years 2007, 2008 and 2009, the deferral of Management Fees due in
respect of each of your Financial Years 2007 to 2014 inclusive, if the
Performance Indicator, or, as the case may be, the pro forma Performance
Indicator for the relevant Financial Year (the “Financial Year PI”) is lower
than the reference n°1 Performance Indicator for such Financial Year described
in the schedule in an amount equal to the difference between reference
Performance Indicator n° 1 and the Financial Year Performance Indicator, up to
an amount of €25 million, excluding taxes, per Financial Year; the amount
so deferred shall constitute Subordinated Long Term Debt bearing interest at an
annual rate of 12 months EURIBOR capitalised annually in accordance with article 1154
of the Civil Code until 1 January 2017; with effect from that date
interest calculated at the above rate will become due and payable annually in
arrear. Upon each deferral you will issue in our favour an acknowledgement of
debt evidencing such Subordinated Long Term Debt including in substance the
terms of the Promissory Note annexed to the Standby Revolving Credit
Supplemental Agreement.

 

The provisions of this letter will be for the exclusive benefit of Euro
Disney Associés S.C.A. upon realisation of the Contribution in accordance with
the Contribution Agreement.

 

This letter will cease to have any effect in the event of the
provisions of article 3.2 (Royalties and Management
Fees) of the Memorandum of Agreement being terminated in accordance
with the provisions of article 7.7 (Termination) of
the Memorandum of Agreement.

 

This letter is signed in the French language.
In case of discrepancy between the French text and any other version which may
exist in any other language, the French text shall prevail.

 

The provisions of this letter are governed by French law.  Any dispute relating thereto will be referred
to the Paris Commercial Court.

 

Yours truly,

 

 

Euro Disney
S.A.S.

 

39

 

Annex to the Letter

 

Reference Performance Indicator
n° 1

 

Reference Sequence in million
euros

 

	
  Financial Year

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  	
  2010

  	
   

  	
  2011

  	
   

  	
  2012

  	
   

  	
  2013

  	
   

  	
  2014

  	
   

  	
  2015

  	
   

  	
  2016

  	
   

  	
  2017

  and beyond

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reference IP n° 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  282.5

  	
   

  	
  305.4

  	
   

  	
  313.1

  	
   

  	
  317.2

  	
   

  	
  340.6

  	
   

  	
  352.7

  	
   

  	
  365.8

  	
   

  	
  380.6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

40

Schedule B

 

 

AGREEMENT

 

 

BETWEEN :

 

 

EURO DISNEY
S.A.S. (the « Management Company »)

 

of the one part

 

and

 

EURO DISNEY
ASSOCIES S.C.A. (the « Operating Company»)

 

of the other part

 

 

WHEREAS:

 

The Management
Company has been appointed manager of the Operating Company pursuant to the
latter’s statuts.

 

The Operating
Company is one of the Borrowers under a multi currency credit facility
agreement, which operates by way of withdrawals or the issuance of letters of
credit dated September 5, 1989 between (1) Euro Disneyland S.N.C. and the
Operating Company (as Borrowers), (2) the Banks whose names are contained in schedule 1
thereto and (3) BNP Paribas (as Agent), as amended and restated on the
Restatement Date (the « Credit Agreement »)

 

 

IT
IS HEREBY AGREED AS FOLLOWS :

 

1.                                      DEFINITIONS

 

Expressions
defined in the Credit Agreement, the Common Agreement or the Covenants have the
same meanings for the purposes of this Agreement.

 

“Debt
Service” means, in respect of any Period,
all amounts which are due and payable by any member of the Group during such
Period pursuant to the Credit Agreements, the CDC Agreement, the Phase IB
Credit Facility Agreement, and the

 

41

 

Phase IB
Advances Agreement as well as any taxes which are due and payable by them
during such Period.

 

“Period” means a quarter, a year or any other period by reference to which
turnover is taken into account in the calculation of Base Fee or Incentive Fee
and following the expiration of which such Base Fee or Incentive Fee falls due.

 

“Statuts” means the
Operating Company’s Statuts.

 

2.                                      DECLARATION - UNDERTAKINGS

 

The Management Company undertakes to comply with the payment terms of
the Base Fee as provided in its letter to the Operating Company dated 1 December 2004
a copy of which is attached to this Agreement and hereby agrees to the payment
deferral of the Management Fees resulting therefrom.  The Operating Company and the Management
Company declare and acknowledge that no management fees have been paid since 1,
January, 2003.

 

3.                                      DEFERRAL OF BASE FEE AND
INCENTIVE FEE

 

Notwithstanding any contradictory provisions in the Statuts, the
Management Company and the Operating Company agree that in the event that at
the end of any Period, the Group’s cash was insufficient to pay the Debt
Service in full as well as the Base Fee and Incentive Fee for that Period, the
Operating Company will defer payment of Incentive Fee, and if such deferral is
insufficient, payment of Base Fee which would be necessary to allow payment in
full of Debt Service (or if the Group’s cash at the end of such Period is less
than Debt Service, that part of the Debt Service which the available cash will
cover) and the Operating Company will not be considered to have failed to
comply with any obligation to the Management Company by reason of the deferral
of the Incentive Fee and Base Fee pursuant to this Clause.  The portion of Incentive Fee and Base Fee so
deferred will accumulate and be paid by the Operating Company to the Management
Company at the end of the First Period at the end of which the Group’s cash is
sufficient for this purpose to the extent of available cash after payment in
full of all Debt Service in respect of Periods expired after that date.  No interest will accrue on the portion of
Incentive fee so deferred.  Interest will
only accrue on 33 1/3% of Base Fee so deferred. 
Any portion of Incentive Fee and Base Fee deferred and remaining unpaid
will only constitute an unsecured debt of the Operating Company.

 

4.                                      CLAWBACK

 

Notwithstanding any contradictory provision in the Statuts,
the Management Company and the Operating Company agree that in the event of any
amount of interest or principal due on the Phase IA Credit Facility Agreement,
the CDC Agreement Relating to the Granting of Ordinary Loans, the Phase IB
Credit Facility Agreement or the Phase IB Advances Agreement not being paid on
its due date, the Management Company will immediately suspend payment of any
amount due in respect of management fees and will pay to the Operating Company
an amount

 

42

 

equal to one
half of any Base Fee paid to it in respect of the preceding Financial
Year.  Such amount shall be applied first
in settlement of the unpaid amount and will be a debt due and payable as soon
as the Group’s cash is sufficient for such purpose, to the extent of cash
available after payment in full of all Debt Service falling due up to such
date.  Interest will only accrue on 33
1/3% of such debt.

 

5.                                      GENERAL PROVISIONS

 

(A)                             In the event of the Completion of Share Capital Increase or the
Contribution not taking place by 31 March, 2005 and if, at the end of the
consultation period provided for in paragraph (a) of clause 7.7 (Termination) of the Memorandum of Agreement, certain
provisions of the Memorandum of Agreement were terminated in accordance with
paragraph (b) of such clause 7.7 (Termination),
the Agreement will automatically cease to have effect.

 

The termination of this Agreement will take effect on the date on which
the termination of the Memorandum of Agreement takes effect.

 

(B)                               This Agreement will prevail over the agreement dated 10 August 1994
between the parties to this Agreement until 31 March 2005.  With effect from such date, unless this
Agreement is terminated as provided in paragraph (A) above, the agreement of 10
August 1994 will cease to have effect.

 

(C)                               Headings: The headings to clauses of this Agreement are not to be
taken into account in interpreting its provisions.

 

(D)                              Rights and limited recourse: Except as otherwise provided in any
letter or instrument signed by the Management Company and the Operating Company
and expressly referring to this Agreement, no provision of this Agreement will
grant to any third party or create in favour of any third party any right or
recourse whatsoever which would not have existed in the absence of this
Agreement.

 

(E)                                Governing law: This agreement is governed by French law and shall be
interpreted in accordance therewith.

 

43

 

(F)                                Jurisdiction: Any dispute which may arise in respect of this
Agreement will be submitted to the exclusive jurisdiction of the Paris
commercial court.

 

 

Made in Paris,
on [•] 2004

 

 

	
   

  	
   

  
	
  EURO DISNEY
  S.A.S.

  

 

 

EURO DISNEY
S.A.S.

in its capacity as manager of EURO DISNEY ASSOCIES S.C.A.

by

 

44

 

SCHEDULE IV - 

First Part

Licence Supplemental Agreement

( (ii) of the definition)

 

FOURTH AMENDMENT TO THE LICENSE
AGREEMENT

 

FOURTH AMENDMENT, dated as of November 30, 2004, to
the license agreement dated as of February 28, 1989, as amended by a First
Amendment dated as of January 1, 1991, a Second Amendment dated as of March 1,
1993 and a Third Amendment dated as of June 10, 1994 (the “License Agreement”).

 

BETWEEN:

 

The Walt Disney Company (Netherlands) B.V., a Dutch
corporation, whose registered office is at Koningslaan 34, 1075 AD Amsterdam,
Netherlands (the “Licensor”).

 

Disney Enterprises, Inc.; formerly known as The Walt Disney Company, a
Delaware Corporation, whose registered office is at 500 South Buena Vista
Street, 91521-1030 Burbank, USA (“DEI”).

 

AND:

 

Euro Disney S.C.A., formerly known as Euro Disneyland S.C.A, a French société en commandite par actions, whose
registered office is at Immeubles Administratifs, RN 34, 77705 Chessy,
registered with the Meaux Registry of Commerce under N°334 173 887 (the “Licensee”).

 

WITNESSETH:

 

Whereas, the Licensor is a temporary successor to DEI under the License
Agreement pursuant to a License and Assignment Agreement dated as of July 1,
1992 between DEI and the Licensor;

 

Whereas,
pursuant to a contribution agreement dated September 30, 2004 and amended
on November 8, 2004 between the Licensee and Euro Disney Associés SCA (“EDA”), a société
en commandite par actions with a capital of 109,997,848.20 euros,
having its principal office at Immeubles Administratifs, Route Nationale 34,
77700 Chessy, the Licensee agreed to contribute substantially all its assets
and liabilities to EDA (the “Contribution”);

 

Whereas, on November 29,
2004, the Licensor consented to the transfer of the Licensee’s rights and
obligations under the License Agreement to EDA as a result of, and subject to,
completion of the Contribution and authorized, subject to the same condition,
EDA to enter into sub-licenses with Euro Disneyland SNC and Euro Disney SCA for
the right to use “Euro Disneyland” and “Euro Disney” names in their corporate
denominations;

 

Whereas, the parties agreed to amend the License Agreement subject to
the same conditions;

 

The parties wish to amend the License Agreement as set forth herein.

 

 

NOW, THEREFORE, IT HAS BEEN AGREED AS
FOLLOWS:

 

ARTICLE I

 

Definitions

 

Section 1.27 of the License Agreement shall be
amended as follows:

 

“Management Company” shall mean Euro Disney S.A.S., a
French société par actions simplifiées, acting in its capacity as
manager of Licensee and Euro Disney S.C.A.”

 

ARTICLE II

 

Grant of License

 

A new paragraph (h) is added after paragraph (g) of Section 2.4. of Article II of the License Agreement, reading as
follows:

 

“(h) The right to sublicense to Euro Disney S.C.A. the right to use the
“Euro Disney” and “Euro Disneyland” names in its corporate denomination.”

 

ARTICLE III

 

Events of Default; Remedies

 

Paragraph (b) (ii) of Section 14.1 of Article XIV of the
License Agreement shall be amended and restated as follows:

 

“(b) (ii) any person or entity that is not a Controlled Affiliate of
Licensor becoming (A) an associé commandité or gérant of Euro
Disney S.C.A. or Euro Disney Associés S.C.A. or (B) a gérant of Euro
Disneyland S.N.C.”

 

ARTICLE IV

 

Effectiveness

 

This fourth amendment is subject to the condition precedent of, and
will become effective immediately upon, completion of the Contribution.

 

ARTICLE V

 

No Other Amendment

 

All provisions of the License Agreement that are not
expressly modified by this fourth amendment shall remain unchanged.

 

45

 

ARTICLE VI

 

Miscellaneous

 

Articles XVIII “Choice of Law” and XIX “Miscellaneous
Provisions” of the License Agreement are incorporated herein by reference as if
they had been fully restated herein.

 

IN WITNESS WHEREOF, the
parties have caused this fourth amendment to be executed and delivered by their
officers or duly constituted representatives thereunto duly authorized as of
the date first above written.

 

 

[SIGNATURES BEGIN ON NEXT
PAGE]

 

46

 

	
   

  	
   

  	
   

  
	
   

  	
  The Walt Disney Company (Netherlands) B.V.

  
	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Disney Enterprises, Inc.

  
	
   

  	
   

  
	
   

  	
  By: Joseph M. Santaniello

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Euro Disney S.C.A.

  
	
   

  	
   

  
	
   

  	
  By:

  

 

47

 

SCHEDULE IV - 

 

Second Part

 

Licence Supplemental Agreement

((iii) of the definition)

 

 

[on The Walt Disney Company
(Netherlands) B.V. headed note paper]

 

 

BNP Paribas

E.C.E.P.

Project Finance

37, place du Marché Saint Honoré

75001 Paris

 

CALYON

9, quai du
Président Paul Doumer

92920 Paris La Défense

 

Caisse des Dépôts et Consignations

72 rue Pierre
Mendès-France

75914 Paris Cedex 13

 

1 December 2004

 

Dear Sirs,

 

We enclose a
copy of a letter sent by The Walt Disney Company (Netherlands) B.V. to Euro
Disney S.C.A. (scheduled hereto).  Terms
defined in the letter have the same meanings for the purposes of this letter.

 

We hereby
confirm that, so long as any amount remains unpaid in respect of the CDC Loan
Agreements, the CDC Second Park Agreements, the Phase IA Credit Facility
Agreement, the Phase IB Credit Facility Agreement, the Phase IB Advances
Agreement, the Phase IA Partners Advances Agreement, you will be entitled, in
the case of CDC, in respect of the CDC Loan Agreements and the CDC Second Park
Agreements, in the case of BNP Paribas, as Agent for the Phase IA Banks in
respect of the Phase IA Credit Facility Agreement, and in the case of CALYON,
as Agent for the Phase IB Banks and Phase IB Lenders in respect of the Phase IB
Credit Facility Agreement and the Phase IB Advances Agreement and as Agent for
the Phase IA Partners in respect of the Phase IA Partners Advances Agreement,
to take all measures with a view to enforcing the provisions of the letter.

 

This letter is
provided to you, in the case of CDC, in respect of the CDC Loan Agreements and
the CDC Second Park Agreements, in the case of BNP Paribas, as Agent for the
Phase

 

48

 

IA Banks in
respect of the Phase IA Credit Facility Agreement, and in the case of CALYON,
as Agent for the Phase IB Banks and Phase IB Lenders in respect of the Phase IB
Credit Facility Agreement and the Phase IB Advances Agreement and as Agent for
the Phase IA Partners in respect of the Phase IA Partners Advances Agreement,
for your exclusive benefit and that of the institutions whose Agents are BNP
Paribas and CALYON respectively.  No
provision of this letter will grant any third party or will create in favour of
any third party, other than such institutions, in their capacity as creditors
under the Phase IA Credit Facility Agreement, the Phase IB Credit Facility
Agreement, the Phase IB Advances Agreement, and the Phase IA Partners Advances
Agreement, any right or recourse whatsoever which would not exist in the
absence of this letter.

 

This letter
will cease to have any effect in the event of the provisions of article 3.2
(Royalties and Management Fees) of the
Memorandum of Agreement being terminated in accordance with the provisions of article 7.7
(Termination) of the Memorandum of
Agreement.

 

The provisions
of this letter are governed by and shall be construed in accordance with French
law.  Any dispute relating thereto will
be referred to the competent courts within the jurisdiction of the Paris Court
of Appeal.

 

This letter is
furnished in the English language and in the French language by us to you in
connection with the financial restructuring of the Euro Disney project and is
solely for the benefit of the Creditors and their respective assignees.  In the event of any discrepancy between the
English version and the French version, the French version will prevail.

 

Yours truly,

 

 

The
Walt Disney Company (Netherlands) B.V.

 

 

	
   

  	
   

  
	
  By

  

 

49

 

Accepted in
the name and on behalf of the Phase IA Banks party to the Phase IA Credit
Facility Agreement

 

 

	
   

  	
   

  
	
  BNP Paribas

  	
   

  
	
  in its
  capacity as Agent

  	
   

  
	
  by

  	
   

  

 

 

Accepted in
the name and on behalf of the Phase IB Banks and Phase IB Lenders party to the
Phase IB Credit Facility Agreement and Phase IB Advances Agreement and in the
name of the Phase IA Partners party to the Phase IA Partners Advances Agreement

 

 

	
   

  	
   

  
	
  CALYON

  	
   

  
	
  in its
  capacity as Agent

  	
   

  
	
  by

  	
   

  

 

 

Accepted

 

 

	
   

  	
   

  
	
  Caisse des Dépôts et Consignations

  	
   

  
	
  by

  	
   

  

 

50

 

Schedule

 

Form of Protection Mechanism Letter

Royalties

 

[on The Walt Disney Company
(Netherlands) B.V. headed note paper]

 

 

Euro Disney S.C.A.

Immeubles Administratifs

Route Nationale 34

77700 Chessy

 

1 December 2004

 

Dear Sirs,

 

Re: Royalties

 

We refer to:

 

(i)               the Licence
Agreement (as modified, the “Licence Agreement “) dated as of February 28,
1989 among Disney Enterprises, Inc. (formerly known as The Walt Disney
Company), The Walt Disney Company (Netherlands) B.V. (the “Licensor”) as
temporary successor thereof and Euro Disney S.C.A. (the “Licensee”);

 

(ii)            the Common
Agreement dated 10 August 1994 as amended and restated in accordance with
the Common Agreement Amendment and Restatement dated 1 December 2004;

 

(iii)         the letter dated 1 December 2004
from Euro Disney S.A.S. to you relating to Management Fees (the “Letter”).

 

Terms defined
in the statuts, in the Common Agreement and in
the Common Agreement Amendment and Restatement have the same meanings for the
purposes of this letter.

 

Notwithstanding
the provisions of any other document:

 

(A)                             we agree to receive Royalties on an annual rather than on a
quarterly basis in respect of each of your Financial Years 2005 to 2014
inclusive (it being understood that other provisions of Section 6.1 of the
Licence Agreement, including provisions regarding the determination of the
amount of the Royalties which will continue to be determined on a quarterly
basis, will continue to be applied in accordance with their current terms) such
Royalties being due and payable subject to (B) and (C) below, not later than
five Business Days following the date on which the Agents receive the
Performance Indicator Report, verified and confirmed, or, as the case may be,
validated by the Expert, in accordance with the Common Agreement and the
Covenants.

 

51

 

(B)                               we accept the deferral of the Royalties due in respect of each of
your Financial Years 2005 to 2009 inclusive, up to a total amount of
€25 million, excluding taxes, per Financial Year (after deducting any
deferred Management Fee in respect of such Financial Year in accordance with
paragraph (B) of the Letter), the amount so deferred constituting Subordinated
Long Term Debt bearing interest at an annual rate of 12 months EURIBOR
capitalised annually in accordance with article 1154 of the Civil Code
until 1 January 2017; with effect from that date interest calculated at
the above rate will become due and payable annually in arrear. Upon each
deferral you will issue in our favour a promissory note evidencing such
Subordinated Long Term Debt including in substance the terms of the Promissory
Note annexed to the Standby Revolving Credit Supplemental Agreement;

 

(C)                               we accept, without prejudice to the foregoing in respect of
Financial Years 2007, 2008 and 2009, the deferral of Royalties due in respect
of each of your Financial Years 2007 to 2014 inclusive, if the Performance
Indicator, or, as the case may be, the pro forma Performance Indicator for the
relevant Financial Year (the “Financial Year PI”) is lower than the reference
n°1 Performance Indicator for such Financial Year as described in the schedule in
an amount equal to the difference between reference Performance Indicator n° 1
and the Financial Year Performance Indicator, up to an amount of
€25 million, excluding taxes, per Financial Year (after deduction of any
deferred Management Fee amount for the same Financial year in accordance with
paragraph (C) of the Letter); the amount so deferred shall constitute
Subordinated Long Term Debt bearing interest at an annual rate of 12 months
EURIBOR capitalised annually in accordance with article 1154 of the Civil
Code until 1 January 2017; with effect from that date interest calculated
at the above rate will become due and payable annually in arrear. Upon each
deferral you will issue in our favour a promissory note evidencing such
Subordinated Long Term Debt including in substance the terms of the Promissory
Note annexed to the Standby Revolving Credit Supplemental Agreement.

 

The provisions
of this letter will be for the exclusive benefit of Euro Disney Associés S.C.A.
as Licensee upon realisation of the Contribution in accordance with the Contribution
Agreement. In addition, all rights and obligations of the Licensor pursuant to
this letter will be deemed transferred to, and inure to the benefit of, any
successors to the Licensor under the Licence Agreement.

 

This letter
will cease to have any effect in the event of the provisions of article 3.2
(Royalties and Management Fees) of the Memorandum of Agreement being terminated
in accordance with the provisions of article 7.7 (Termination) of the
Memorandum of Agreement.

 

52

 

The provisions
of this letter are governed by French law. 
Any dispute relating thereto will be referred to the Paris Commercial
Court.

 

 

Yours truly,

 

	
   

  	
  The Walt
  Disney Company (Netherlands) B.V.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

 

 

Signed
by way of agreement by

Disney Enterprises, Inc.

 

	
  By:

  	
   

  	
   

  

 

53

 

Annex to the Letter

 

Reference Performance Indicator n° 1

 

Reference Sequence in million euros

 

	
  Financial Year

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  	
  2010

  	
   

  	
  2011

  	
   

  	
  2012

  	
   

  	
  2013

  	
   

  	
  2014

  	
   

  	
  2015

  	
   

  	
  2016

  	
   

  	
  2017

  and beyond

  	
   

  
	
  Reference IP

  n° 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  282.5

  	
   

  	
  305.4

  	
   

  	
  313.1

  	
   

  	
  317.2

  	
   

  	
  340.6

  	
   

  	
  352.7

  	
   

  	
  365.8

  	
   

  	
  380.6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

54

 

SCHEDULE IV -

 

Part Three

 

Letter from Disney
Enterprises, Inc.

( (iv) of the definition)

 

Draft
of November 19, 2004

 

(Letterhead of Disney Enterprises, Inc.)

 

	
  To:

  	
  BNP Paribas

  	
   

  
	
   

  	
  E.C.E.P.

  	
   

  
	
   

  	
  Project Finance

  	
   

  
	
   

  	
  37, place du Marché Saint Honoré

  	
   

  
	
   

  	
  75001 PARIS

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  as Agent for
  the Phase IA Banks

  	
   

  
	
   

  	
   

  	
   

  
	
  To:

  	
  Caisse des Dépôts et Consignations

  	
   

  
	
   

  	
  73, avenue Pierre Mendès-France

  	
   

  
	
   

  	
  75003 PARIS

  	
   

  
	
   

  	
   

  	
   

  
	
  To :

  	
  CALYON

  	
   

  
	
   

  	
  9, quai du Président Paul Doumer

  	
   

  
	
   

  	
  92920 PARIS LA DEFENSE CEDEX

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  As Agents
  for the Creditors which are parties

  	
   

  
	
   

  	
  to the Phase
  IA Credit Facility Agreement,

  	
   

  
	
   

  	
  the Phase IA
  Partners’ Advances Agreement,

  	
   

  
	
   

  	
  the Phase IB
  Credit Facility Agreement and

  	
   

  
	
   

  	
  the Phase IB
  Advances Agreement

  	
   

  
	
   

  	
   

  	
  1 December 2004

  

 

 

Dear Sirs,

 

Re:  License Agreement

 

1.                                      We refer to (i) the License Agreement (as modified, the “License Agreement”)
dated as of February 28, 1989 among Disney Enterprises, Inc. (formerly
known as The Walt Disney Company), The Walt Disney Company (Netherlands) B.V.
(the “Licensor”) as temporary successor thereof and Euro Disney S.C.A. (the “Licensee”),
(ii) the Common Agreement dated August 10, 1994 as amended and restated in
accordance with the Common Agreement Amendment and Restatement dated 1 December 2004;

 

55

 

and (iii) the
letter dated 1 December 2004 from the Licensor to the Licensee relating to
Royalties (the “Letter”).

 

2.                                      Terms defined in the License Agreement, in the Common Agreement and
in the Common Agreement Amendment and Restatement have the same meanings for
the purposes of this letter.

 

3.                                      This is to confirm that should the rights of the Licensor resulting
from the License and Assignment Agreement, dated as of July 1, 1992, as
amended be assigned to another of our subsidiaries (the “Assignee”), we will
cause the Assignee to assume the undertakings of the Licensor resulting from
the Letter or assume them ourselves , should the
Licence and Assignment Agreement terminate;

 

4.                                      (a)  This letter and the
rights and obligations of the parties hereunder shall be construed in
accordance with and be governed by the laws of the State of New York without
regard to the conflict of law principles thereof.  Any legal action or proceeding against us
with respect to this letter shall be brought exclusively in the courts of the
State of New York or of the United States for the Southern District of New
York, and by execution and delivery of this letter we hereby irrevocably accept
the jurisdiction of the aforesaid courts.

 

(b)  We hereby irrevocably waive
any objection which we may now or hereafter have to the laying of venue of any
of the aforesaid action or proceeding arising out of or in connection with this
letter brought in the courts referred to in paragraph (a) above and hereby
further irrevocably waive and agree not to plead or claim in any such court
that such action or proceeding brought in any such court has been brought in an
inconvenient forum.

 

This letter is
furnished in the English language by us to you in connection with the financial
restructuring of the Euro Disney project and is solely for the benefit of the
Creditors and their respective assignees.

 

 

	
  Very truly
  yours,

  
	
  Disney
  Enterprises, Inc.

  
	
   

  
	
  By

  	
   

  	
   

  

 

 

	
  Agreed and
  accepted on behalf of the

  
	
  Creditors
  that are parties to the Phase IA 

  
	
  Credit
  Facility Agreement

  
	
   

  
	
  BNP Paribas

  
	
  as Agent

  

 

56

 

	
  By

  	
   

  	
   

  
	
   

  
	
   

  
	
  Agreed and
  accepted on behalf of the 

  
	
  Creditors
  that are parties to the Phase IA

  
	
  Partners’
  Advances Agreement the Phase 

  
	
  IB Credit
  Facility Agreement and the 

  
	
  Phase IB
  Advances Agreement

  
	
   

  
	
  CALYON 

  
	
  as Agent

  
	
  By

  	
   

  	
   

  
	
   

  
	
   

  
	
  Agreed and accepted 

  
	
  Caisse des Dépôts et Consignations

  
	
   

  
	
   

  
	
  By

  	
   

  	
   

  

 

57

 

SCHEDULE V -

 

Covenants

 

[See Exhibit 4.17 (c) of the Form 20-F]

 

58Exhibit 4.17(c)

 

TRANSLATION
FOR INFORMATION

 

SCHEDULE V

 

Covenants

 

Index

 

	
  Definitions

  	
   

  
	
   

  	
   

  
	
  1.

  	
  Information
  Covenants

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  1.1

  	
  Annual
  Information

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  1.2

  	
  Half-Yearly
  Information

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  1.3

  	
  Quarterly
  Information

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  Financial
  Covenants

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Investment

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  3.1

  	
  Current
  Investment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.2

  	
  Development
  Investment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.3

  	
  Investment
  reports

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.4

  	
  Third party
  Investment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.5

  	
  In-kind
  contribution of land to Non-Recourse Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.6

  	
  Investments
  by Limited Recourse Subsidiaries and by Non-Recourse Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  3.7

  	
  Remunerated
  management

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  Other
  Indebtedness

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  4.1

  	
  General

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4.2

  	
  Debt
  incurrence by Non-Recourse Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4.3

  	
  Debt
  incurrence by Limited Recourse Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  Market
  Transactions

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  5.1

  	
  Control
  of interest rate Market Transactions

  	
   

  

 

 

	
   

  	
  5.2

  	
  Control
  of foreign currency Market Transactions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  Changes
  in accounting rules and principles

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Undertakings
  of Euro Disney S.C.A.

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Expert

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Computer
  Model and document format

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  9.1

  	
  Computer
  model

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  9.2

  	
  Document
  Format

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  1 Reference Performance Indicators n°1, n°2 and n°3 Reference
  Sequences in millions of €

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  2 Performance Indicator Determination

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  3 Summary of Debts, Other Indebtedness and Market Transactions of the Group
  as at 30 September 2004

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  4 Form of statement describing expenses referred to in Sub-Paragraph
  1.1(c)(iv)(v’)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  5 Form of statement describing
  investment referred to in Sub-Paragraph 1.1(c)(iv)(ii’)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  6 Form of Twelve-Month Forecast Investment Plan

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  7 Form of Monthly Cashflow Forecast

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  8 Agreed Procedures

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Schedule A to
  Sub-Schedule 8 Form of LTF

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  9 Form of Quarterly Development Investment Report

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  10 Indebtedness excluded from the definition of Other Indebtedness

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  11 Changes in accounting rules and principles

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  12 List of Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  13 Pro-Forma Quarterly Report

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  14 Adjustment Procedure

  	
   

  

 

2

 

	
   

  	
  Sub-Schedule
  15 Development Investment authorised for Financial Years 2005 to 2009

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule
  16 Pro-Forma Budget

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Sub-Schedule 17
  Short Description of the Expert’s missions

  	
   

  

 

3

 

Definitions

 

In this Schedule:

 

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

 

“Authorised Investment”
means:

 

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

 

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

 

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

 

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

 

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

 

(f)            Any
deposit with the Caisse de Dépôts et Consignations;

 

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

 

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

 

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

 

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

 

4

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)                                    the Phase IA Credit Facility Agreement,

 

(ii)                                 the Phase IA Partners Advances Agreement,

 

(iii)                              the CDC Agreements,

 

(iv)                             the Phase IB Credit Facility Agreement,

 

(v)                                the Phase IB Advances Agreement,

 

(vi)                             the CDC Second Park Loan Agreements,

 

(vii)                          Long Term Subordinated Debt, and

 

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

 

“Debt Service Coverage
Ratio (DSCR)” means, for each completed Financial Year N of Euro
Disney S.C.A., the ratio between:

 

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

 

(i)                                    the amounts of Royalties and Management Fees which, in accordance
with the terms of the Amendment to the Licence Agreement and the Remuneration
Agreement and on the basis of the PI of the relevant Financial Year N, have not
been deferred and are payable in respect of such Financial Year N, less

 

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

 

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

 

5

 

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

 

(b)           Debt Service for such Financial Year
N.

 

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

 

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

 

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

 

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

 

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

 

6

 

“Financial  Year  End  Report” means the report compiled by the Coordinator at the
end of the Financial Year under consideration in accordance with Sub-Paragraph
1.1 (b) (iv).

 

“Forecast Debt Service
Coverage Ratio (Forecast DSCR)” means, for every completed Financial
Year N of Euro Disney S.C.A., the ratio between:

 

a)                                     Forecast PI less:

 

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

 

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

 

(iii)            the
lower of (x) the financial income received during Financial Year N from
treasury investments made by the Group, and (y) the financial income to be
received from treasury investments made by the Group (as shown in the Budget
for Financial Year N+1), provided they are Authorised Investments; and

 

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

 

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

 

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

 

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

 

“IFRS” means
International Financial Reporting Standards.

 

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

 

7

 

“Limited  Recourse  Subsidiary”
means any Subsidiary (whatever the level of the aggregate holding of all
companies of the Euro Disney Group in the equity of such Subsidiary) designated
as such to the Agents by the Coordinator, and in respect of which the
Coordinator shall demonstrate that it is a société anonyme,
a société à responsabilité limitée of
which no Group company is the manager or a société en commandite par
actions of which no Group company is the manager or an associé commandité (i) incorporated, activated or
reactivated after 1  October 2009 or in
which no Group company had an interest before 1 October 2009 and (ii) the
management bodies of which are not controlled by any Group company (such
prohibition not  preventing contractual
agreements for the provision of management services) and (iii) whose agreements
provide for an express waiver by the lenders of all possible claims against
Group companies in respect of its Other Indebtedness.

 

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

 

“Major  Repairs” means the expenditure incurred on the fixed assets and
recorded in the Group’s consolidated accounts in accordance with French
generally accepted accounting rules and principles, according to the two
categories defined in Avis n° 00-01 issued by the Conseil
National de la Comptabilité, whether this expenditure is booked as
an asset or as an expense.

 

“Market  Transaction” means any market transaction contracted over
the counter or in an organised or regulated exchange market, the settlement of
which occurs on or after the date of its conclusion, such as a spot contract, a
forward fixed or option contract, a swap contract, any combination of several
such contracts or any similar contract relating to government or other
securities, goods or commodities, interest rates, indices, currencies or to any
combination of the foregoing.

 

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

 

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

 

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

 

8

 

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

 

“Other  Indebtedness” means (a) borrowings (b) purchases on credit
and deferred payment terms for a period exceeding 180 days; (c) the Crédit-Bail
contracts (d) the issue of guarantees, endorsements or indemnities, or the
undertaking of payment obligations in whatever form in favour of creditors of
Borrowings contracted by third parties outside the Group; (e) the issue of
securities representing claims against any Group company, other than Equity
Securities.

 

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

 

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

 

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

 

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

 

“Performance Indicator
Report” means the annual report relating to the PI determined by the
Coordinator in accordance with Sub-Schedule 2.

 

“Quarterly Development
Investment Report” means the report compiled by the Coordinator in
accordance with Sub-Paragraph 3.3 (a).

 

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

 

“S.N.C.” means
Euro Disneyland S.N.C., the Hotel S.N.C.s and any other société en
nom collectif incorporated with a view to entering into one or more
crédit-bail transactions relating to the assets of Disneyland Resort, Paris,
with a Group company.

 

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

 

9

 

redressement judiciaire or judicial liquidation of the relevant borrower; (b) the lenders
which have granted such Other Indebtedness are not entitled to declare the
acceleration of any sums due to them thereunder except on the express condition
that the payment of any sums due by the Borrowers under the Bank Debt
Agreements and the CDC Second Park Loan Agreements have themselves already been
accelerated; (c) the amounts due under such Other Indebtedness may not be
prepaid as long as there remains any amount due under the Bank Debt Agreements
and the CDC Second Park Loan Agreements; and (d) the payment of all sums due
under such Other Indebtedness must be deferred in the event that available
funds are insufficient for their payment.

 

“US  GAAP” means generally accepted accounting principles in the
United States of America.

 

Expressions not defined in this Schedule have the same
meaning as those attributed to them in the Common Agreement and the other
Schedules or in each Bank Debt Agreement.

 

Unless otherwise expressly stated, all references in
this Schedule to a Paragraph, a Sub-Paragraph or a Sub-Schedule is a reference
to a Paragraph, a Sub-Paragraph or, as the case may be, a Sub-Schedule of these
Covenants.

 

1.                                     Information Covenants

 

The documents
and information which are the subject of this Paragraph 1 must be communicated
by the Coordinator to each of the Agents:

 

(a)                                  in paper form with one copy of each document certified by the legal
representative of the relevant company provided to each Agent (except for those
documents referred to in Sub-Paragraphs 1.1(c) (iii) and (v) and 1.2(b) which
will be signed by the Coordinator); and

 

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

 

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

 

1.1                              Annual Information

 

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

 

10

 

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

 

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

 

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

 

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

 

(ii)                                 the balance sheet, profit and loss account and notes for such
Financial Year of each of Euro Disney S.C.A and Euro Disney Associés S.C.A. as
well as, for Euro Disney Associés S.C.A., the annual management report and the
auditors’ report;

 

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

 

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

 

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

 

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

 

11

 

show the
calculation by the Coordinator of the amount of adjustment on the Current
Investment relating to the 2005 to 2009 Financial Years as provided for in
Sub-Paragraph 3.1(a);

 

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

 

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

 

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

 

(v)                               the LTF, it being agreed that the LTF relating to Financial Year
2005 (which must be submitted on 30 November 2004) shall be prepared in
accordance with the existing format used to prepare the LTF relating to
Financial Year 2004;

 

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

 

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

 

12

 

(e)                                 no later than 1 December of each calendar year starting with the
2005 calendar year, the Performance Indicator Report including, as the case may
be, the calculation of the DSCR and the Forecast DSCR conducted in accordance
with Paragraph 2;

 

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

 

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

 

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

 

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

 

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

 

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

 

1.2                              Half-Yearly Information

 

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

 

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

 

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

 

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

 

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

 

13

 

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

 

1.3                              Quarterly Information

 

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

 

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

 

(b)                                an update (including comments) of the MCF referred to in
Sub-Paragraph 1.1(a) relating to the months elapsed since the start of the
Financial Year, taking into account the actual performance and the updated
management forecasts through the end of the current Financial Year; it being
agreed that forecast figures for the following Financial Year, except the cash
balance, shall continue to be derived from the LTF provided at the beginning of
the Financial Year.

 

(c)                                 the Quarterly Development Investment Report referred to in
Sub-Paragraph 3.3(a).

 

2.                                     Financial Covenants

 

The DSCR and
the Forecast DSCR for each Financial Year of Euro Disney S.C.A. will be
calculated from the Financial Year ending on 30 September 2006 through the date
on which all amounts due under the CDC Second Park Loan Agreements have been
repaid in full.

 

However, until
the Financial Year ending on 30 September 2014:

 

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

 

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

 

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

 

14

 

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

 

The Restoration Amount, which shall be added to the
numerator when calculating the DSCR and the Forecast DSCR, shall be the higher
of :

 

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

 

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

 

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

 

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

 

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

 

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

 

3.                                     Investment

 

No Group
company shall undertake or agree to undertake Investment other than under the
provisions of Sub-Paragraphs 3.1 to 3.7 without having obtained the prior
consent of the Creditors in accordance with Clause 3 of the Common Agreement.

 

15

 

3.1                              Current Investment

 

Subject to the
provisions of Paragraphs 3.2 to 3.4 below:

 

(a)                                  for each Financial Year of Euro Disney S.C.A. from 2005 to 2009
inclusive, the total sum of expenses relating to Current Investment shall not
exceed the fixed amounts provided below, in terms of value, in relation to each
relevant Financial Year, provided that such value shall be adjusted (upwards or
downwards) for Financial Year N+1 according to the realised consolidated
turnover (excluding Participants’ revenue) and to the applicable percentage
indicated in the table below relating to Financial Year N, in accordance with
the procedure stipulated in Sub-Schedule 14:

 

	
   

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  
	
  Value
  (in millions of €)

  	
   

  	
  81.7

  	
   

  	
  62.3

  	
   

  	
  51.8

  	
   

  	
  51.5

  	
   

  	
  68.7

  	
   

  
	
  Percentage
  of consolidated financial year turnover (excluding Participants’ revenue)

  	
   

  	
  7.38

  	
  %

  	
  5.36

  	
  %

  	
  4.18

  	
  %

  	
  3.87

  	
  %

  	
  4.98

  	
  %

  

 

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

 

(c)                                  for any Financial Year of Euro Disney S.C.A., the expenses relating
to renovations, reconstructions and repairs financed by insurance proceeds
shall

 

16

 

not be
taken into account in the calculation of Current Investment up to a global sum
of €10 million par Financial Year;

 

(d)                                solely in order to improve the Forecast DSCR, the Coordinator may
undertake, in writing to the Agents, that the amount of Current Investment for
Financial Year N+1 shall be lower than the amount determined in accordance with
the provisions of this Sub-Paragraph; however, such reduction may not exceed
25% of that amount and may not be carried forward to Subsequent Financial
Years.

 

 

3.2                              Development Investment

 

(a)                                 Second Park

 

As the
programme of Investment relating to the creation of the Second Park launched in
1999 has ended, there will be no further carry forwards of the Development
Investment under this programme in respect of Financial Year 2005 or
thereafter, except as to the insurance proceeds relating to such programme and
the guarantees relating to the Second Park assets.

 

(b)                                Financial Years 2005 to 2009 (inclusive)

 

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

 

(i)                                    the break down of such expenditure by attraction (for any attraction
having a value in excess of €2 million) as well as the hourly capacity and
forecast opening date of each attraction shall be communicated to the Agents no
later than the start date of the subscription period for the shares to be
issued by Euro Disney S.C.A. in connection with its share capital increase;

 

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

 

17

 

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

 

(c)                                 Financial Year 2010 onwards

 

No Group
company shall undertake or agree to undertake Investment other than that
authorised in accordance with Paragraphs 3.1 and 3.4 to 3.7, without having
obtained the prior agreement of the Creditors subject to the conditions set out
in Article 3 of the Common Agreement.

 

3.3                              Investment reports

 

The following rules shall apply to any
relevant Financial Year:

 

(a)                                  Quarterly Development Investment Report

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)                                 Completion of Development Investment Report

 

18

 

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

 

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

 

This
Completion of Development Investment Report, which shall be reviewed by the
Experts, shall be delivered to the Agents no later than 3 months after the
public opening of the relevant Development Investment.

 

Following the
delivery of the relevant Development Investment Report, the Coordinator shall
not undertake any further expenditure constituting Development Investment in
relation to such Development Investment.

 

3.4                              Third party Investment

 

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

 

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

 

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

 

provided, in
each case, that (i) no acceleration has been declared under any one of the Bank
Debt Agreements and CDC Second Park Loan Agreements at the relevant time, (ii)
such Investment aims at improving the profitability of the Group, and (iii) the
Group companies ultimately do not bear any Investment expense or any Other
Indebtedness, it being understood that Group advances resulting from the
difference in time between the payment of these expenses by the Group and their
repayment by third parties shall not exceed € 2 million and may not extend
beyond a period of three months.

 

3.5                              In-kind contribution of
land to Non-Recourse Subsidiaries

 

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

 

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

 

19

 

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

 

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

 

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

 

3.6                              Investments by
Limited Recourse Subsidiaries and by Non-Recourse Subsidiaries

 

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

 

3.7                              Remunerated management

 

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

 

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

 

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

 

4.                                     Other Indebtedness

 

4.1                              General

 

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

 

20

 

Notwithstanding
the preceding paragraph, Group companies may enter into Other Indebtedness
subject to an aggregate total maximum of € 50 million outstanding at any one
time.

 

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

 

4.2                              Debt incurrence by
Non-Recourse Subsidiaries

 

From 1 October
2009, Non-Recourse Subsidiaries may freely incur any Other Indebtedness.

 

4.3                              Debt incurrence by
Limited Recourse Subsidiaries

 

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

 

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

 

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

 

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

 

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

 

5.                                     Market Transactions

 

5.1                              Control of interest
rate Market Transactions

 

No Group
company other than Euro Disney Associés S.C.A. shall enter into interest rate
Market Transactions. Such Market Transactions will be hedging transactions to
cover a specific risk (transactions de couverture
affectée), i.e., transactions entered into exclusively to cover a
risk (i) related to an item of asset or liability of Euro Disney

 

21

 

Associés
S.C.A. or any of the Subsidiaries identified at the time of the conclusion of
the relevant Market Transaction, or (ii) related to a homogeneous set of such
items.

 

5.2                              Control of foreign
currency Market Transactions

 

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

 

In the event
that other Group companies wish to enter into foreign currency Market
Transactions, the Coordinator shall inform the Agents and shall demonstrate the
genuineness of the underlying commercial transaction, which will be verified by
the Expert.

 

6.                                     Changes in accounting
rules and principles

 

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

 

7.                                     Undertakings of Euro
Disney S.C.A.

 

Euro Disney
S.C.A. undertakes:

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

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

 

(e)          not to conduct activities
other than (i) holding its interest in Euro Disney Associés S.C.A. and Euro
Disney Commandités SAS;  (ii) making
available its excess cash to Euro Disney Associés S.C.A., (iii) providing
administrative services to Euro Disney Associés S.C.A. and (iv) remaining a
contracting party to the contracts which shall not be transferred to Euro
Disney Associés S.C.A. pursuant to the Contribution Agreement;

 

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

 

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

 

8.                                     Expert

 

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

 

23

 

specifically entrusted to it in the Bank Debt
Agreements. The recurring and non-recurring tasks of the Expert shall be based
on their description in Sub-Schedule 17. In addition, in case of events or
facts which may have an adverse effect on the Creditors, the Agents may entrust
the Expert with ad hoc tasks related to such
events or facts.

 

(b)         The Debtors undertake to
provide to the Expert all necessary assistance to enable it to fulfil its
duties. In particular, the Debtors undertake to allow the Expert access, upon
request, to any installation of Group companies, and to furnish to the Expert
any accounting books or documents, archives, computer programs or other
information relating to the Project, to the Debtors and to Group companies
which the Expert may request, as necessary to the proper fulfilment of its
duties, and to allow it to make copies of such accounting books or documents,
archives, computer programs or other information (subject to the rights of
third parties).

 

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

 

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

 

The Debtors
shall place at the disposal of the Expert and his associates, while carrying
out theirs tasks on site, and in order to ensure the proper performance
thereof, appropriate accommodation including such office equipment and
furniture as is normally provided to auditors for the performance of their
duties.

 

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

 

9.                                     Computer Model and
document format

 

9.1                              Computer model

 

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

 

The Computer
Model:

 

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

 

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

 

24

 

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

 

If Euro Disney
Associés S.C.A. and the Agents cannot reach agreement as to the new Computer
Model, the existing computer model shall be retained.

 

9.2                              Document Format

 

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

 

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

 

25

 

Sub-Schedule 1

Reference
Performance Indicators n°1, n°2 and n°3

Reference Sequences

in millions of €

 

	
  Financial Year

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  	
  2010

  	
   

  	
  2011

  	
   

  	
  2012

  	
   

  	
  2013

  	
   

  	
  2014

  	
   

  	
  2015

  	
   

  	
  2016

  	
   

  	
  2017

  and

  thereafter

  	
   

  
	
  Reference PI n° 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  282.5

  	
   

  	
  305.4

  	
   

  	
  313.1

  	
   

  	
  317.2

  	
   

  	
  340.6

  	
   

  	
  352.7

  	
   

  	
  365.8

  	
   

  	
  380.6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reference PI n° 2

  	
   

  	
  230.6

  	
   

  	
  263.9

  	
   

  	
  257.5

  	
   

  	
  280.4

  	
   

  	
  288.1

  	
   

  	
  292.2

  	
   

  	
  315.6

  	
   

  	
  327.7

  	
   

  	
  340.8

  	
   

  	
  355.6

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reference PI n° 3

  	
   

  	
  210.4

  	
   

  	
  243.7

  	
   

  	
  237.3

  	
   

  	
  260.2

  	
   

  	
  267.9

  	
   

  	
  272

  	
   

  	
  295.4

  	
   

  	
  307.5

  	
   

  	
  318.1

  	
   

  	
  332.9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

DSCR and Forecast DSCR

Sequence of minimum ratios to be complied with in
each Financial Year

 

	
  Financial Year

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  	
  2010

  	
   

  	
  2011

  	
   

  	
  2012

  	
   

  	
  2013

  	
   

  	
  2014

  	
   

  	
  2015

  	
   

  	
  2016

  	
   

  	
  2017

  and

  thereafter

  	
   

  
	
  DSCR

  	
   

  	
   

  	
   

  	
  1.80

  	
   

  	
  2.35

  	
   

  	
  1.45

  	
   

  	
  1.20

  	
   

  	
  1.05

  	
   

  	
  1.00

  	
   

  	
  1.00

  	
   

  	
  1.10

  	
   

  	
  2.60

  	
   

  	
  1.40

  	
   

  	
  3.10

  	
   

  	
  1.30

  	
   

  
	
  Forecast DSCR

  	
   

  	
   

  	
   

  	
  2.45

  	
   

  	
  1.30

  	
   

  	
  1.20

  	
   

  	
  1.00

  	
   

  	
  1.00

  	
   

  	
  1.00

  	
   

  	
  1.05

  	
   

  	
  2.50

  	
   

  	
  1.05

  	
   

  	
  2.90

  	
   

  	
  1.30

  	
   

  	
  1.30

  	
   

  

 

26

 

Sub-Schedule 2

 

Performance
Indicator Determination

 

Without prejudice to the provisions of
Sub-Schedule 11, the Parties agree that the PI will be established in
accordance with the following provisions:

 

(a)                                 Not
later than 1 December in each calendar year, commencing with the 2005 calendar
year, the Coordinator will supply to the Agents a report (the “Performance Indicator Report”) including:

 

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

 

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

 

(iii)                              a
certificate from its gérant
specifying all items taken into account and the detailed calculations of the
amounts:

 

•                                         of
the PI for the relevant Financial Year;

 

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

 

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

 

•                                         of
the deferrals applicable to the Royalties and Management Fees pursuant to the
Supplemental Licence Agreement and to the Remunerations Agreement; and

 

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

 

(iv)                             as
from the Financial Year ending on 30 September 2006, the DSCR and the Forecast
DSCR; however, until the Financial Year ending on 30 September 2014, these
calculations will only be made (x) if, on the basis of the Performance
Indicator Report of the Financial Year N, the PI of Financial Year N
is less than the IP n° 3 of the same Financial Year set out in
Sub-Schedule 1 or (y) if the Forecast PI of such Financial Year is
less than the reference PI n°3 of the Financial Year N+1 provided in Sub-Schedule 1;

 

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

 

27

 

Indicator Report, prior to payment of any
Royalties, Management Fees or interest due under the CDC Second Park Loan
Agreements;

 

(c)                                 In
the following cases:

 

(i)                                     in
the event of any change in accounting principles and rules by reference to
those used in preparing the consolidated accounts for the Financial Year ended
30 September, 2003 (other than the change in accounting principles and rules
related to the consolidation of the financing companies in accordance with
Article 133 of the Financial Security Law) and, in particular, with effect from
the first Financial Year in respect of which IFRS rules will be applied by Euro
Disney S.C.A. or

 

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

 

the following rules shall apply:

 

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

 

•                    15 days in which
to validate the format of the pro forma PI and, as the case may be, the
calculation format for the DSCR and the Forecast DSCR prior to the payment of
Royalties, Management Fees and interest due under the CDC Second Park Loan
Agreements;

 

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

 

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

 

(z)                                in case of disagreement either of the Expert with the Performance
Indicator or the Forecast PI, or of the Coordinator and the Agents as to the
changes mentioned in sub-paragraph (y) above by the end of the 60-day
period referred to in paragraphs (x) and (y) above, the Agents and the
Coordinator will each appoint an expert. 
In the event of disagreement between the Agents as to the appointment of
their expert, the expert will be that appointed by two of the three
Agents.  The experts will be charged with
making the necessary amendments mentioned in sub-paragraph (y) above,
taking into account the

 

28

 

new method
of calculation for subsequent Financial Years. Should an agreement between the
two experts so appointed not be reached, they will appoint a third expert who,
in the absence of agreement between the above-mentioned experts as to his
appointment, will be appointed by the chairman of the Compagnie
Nationale des Commissaires aux Comptes. The two or three experts (if
a third expert is appointed) will deliver their report within three months of
the appointment of the last of the experts; such report will be binding on the
parties. The entire procedure shall not take longer than six months. Such
experts shall be expert-comptables (certified
accountants).

 

29

Sub-Schedule 3

 

Summary of Debts, Other Indebtedness and Market
Transactions of the Group

as at 30 September 2004

 

Other Indebtedness

Amounts as at September 30 2004

 

	
  Crédit-Bail, Leasing

  	
   

  	
   

  	
   

  	
  Principal

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IT Equipment

  	
   

  	
  14 413 872

  	
   

  
	
   

  	
   

  	
  Fixed Assets

  	
   

  	
  4 786 136

  	
   

  
	
   

  	
   

  	
  Divers

  	
   

  	
  2 329 526

  	
   

  
	
   

  	
   

  	
  Car Leasing

  	
   

  	
  3 727 042

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  25 256 576

  	
  (1)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Purchases on credit and deferred payment
  terms for a period exceeding 180 days

  	
   

  	
   

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The issue of guarantees, endorsements or
  indemnities or the undertaking of payment obligations in whatever form
  relating to Borrowings contracted by third parties outside the Group

  	
   

  	
   

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The issue of securities representing claims
  against any Group company, other than Equity Securities

  	
   

  	
   

  	
   

  	
  0

  	
   

  

 

(1) Reported
amounts are based upon the existing definition of Additional Indebtedness in
the Common Agreement as of September 30, 2004 and the Company’s past
practice.  Each contract will be
re-examined in light of the modifications to the Other Indebtedness definition
in Financial Year 2005.

 

30

 

Financing Agreements (in M€):

Principal Amounts as  at September 30, 2004

 

	
   

  	
   

  	
   

  	
   

  	
  EDL Hotels

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ED S.C.A.

  	
   

  	
  EDL SNC

  	
   

  	
  S.C.A.

  	
   

  	
  Hotels SNCs

  	
   

  	
  Total

  	
   

  
	
  Phase 1A Credit
  Facility(1) :

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Tranche A

  	
   

  	
  Euribor + 0.8%

  	
   

  	
  70.0

  	
   

  	
  155.9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  225.9

  	
   

  
	
   

  	
  EIB

  	
   

  	
  4.24%

  	
   

  	
   

  	
   

  	
  5.9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  5.9

  	
   

  
	
   

  	
  Dexia CLF Banque

  	
   

  	
  Euribor + 0.47%

  	
   

  	
  4.4

  	
   

  	
  3.9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  8.3

  	
   

  
	
   

  	
  Tranche D1

  	
   

  	
  Euribor + 0.8%

  	
   

  	
  18.1

  	
   

  	
  39.7

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  57.8

  	
   

  
	
   

  	
  Tranche D2

  	
   

  	
  Euribor + 0.8%

  	
   

  	
  13.0

  	
   

  	
  29.3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  42.3

  	
   

  
	
  CDC Ordinary Loan (2)

  	
   

  	
  5.15%

  	
   

  	
  40.6

  	
   

  	
  86.9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  127.5

  	
   

  
	
  CDC Participating
  Loan

  	
   

  	
  5.15%

  	
   

  	
  128.3

  	
   

  	
  274.4

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  402.7

  	
   

  
	
  Phase 1A Partners’
  Advances:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Tranche B

  	
   

  	
  3%

  	
   

  	
   

  	
   

  	
  304.9

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  304.9

  	
   

  
	
  Phase 1B Credit
  Facility

  	
   

  	
  Euribor + 1%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  22.4

  	
   

  	
  128.2

  	
   

  	
  150.6

  	
   

  
	
  Phase 1B Advances:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Tranche B

  	
   

  	
  3%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  78.1

  	
   

  	
  78.1

  	
   

  
	
   

  	
  Tranche C

  	
   

  	
  Euribor +1.125%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  18.9

  	
   

  	
  18.9

  	
   

  
	
  Crédit-Bail 1.4 BFRF
  (Additional Capacity 1994)

  	
   

  	
  1%

  	
   

  	
  213.4

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  213.4

  	
   

  
	
  Stand By Credit
  Agreement

  	
   

  	
  Euribor

  	
   

  	
  125.0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  125.0

  	
   

  
	
  CDC 2nd Gate (Walt
  Disney Studios)

  	
   

  	
  5.15%

  	
   

  	
  381.1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  381.1

  	
   

  
	
  Convention Center

  	
   

  	
  Euribor + 0.20%

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  20.5

  	
   

  	
   

  	
   

  	
  20.5

  	
   

  
	
   

  	
  TOTAL

  	
   

  	
   

  	
   

  	
  993.9

  	
   

  	
  900.9

  	
   

  	
  42.9

  	
   

  	
  225.1

  	
   

  	
  2 162.9

  	
   

  

 

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

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

 

31

 

Market
Transaction

as at 
September 30 2004

 

	
  Interest Rate Hedging:

  	
   

  	
  Principal

  	
   

  	
  Latent Result

  	
   

  
	
  SWAPS

  	
   

  	
  20 000

  	
   

  	
  -24

  	
   

  
	
  FRA

  	
   

  	
  40 000

  	
   

  	
  0

  	
   

  

 

	
  Foreign Exchange
  Hedging:

  	
   

  	
  Principal

  	
   

  	
  Latent Result

  	
   

  
	
  Forward Sale GBP

  	
   

  	
  N/A

  	
   

  	
   

  	
   

  
	
  Forward Sale CHF

  	
   

  	
  N/A

  	
   

  	
   

  	
   

  
	
  Forward Buy USD

  	
   

  	
  -11 969

  	
   

  	
  -203

  	
   

  

 

	
  Options

  	
   

  	
  Principal

  	
   

  	
  Latent Result

  	
   

  
	
  N/A

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Note: Spot

  	
   

  	
  GBP =

  	
   

  	
  1.4560 

  	
  €

  	
   

  	
   

  
	
   

  	
   

  	
  CHF =

  	
   

  	
  0.6442

  	
  €

  	
   

  	
   

  
	
   

  	
   

  	
  USD =

  	
   

  	
  0.8059

  	
  €

  	
   

  	
   

  

 

32

 

Sub-Schedule 4

 

Form of statement describing expenses

referred to in Sub-Paragraph 1.1(c)(iv)(v’)

 

[SCHEDULE TO FOLLOW]

 

33

 

Sub-Schedule 5

 

Form of
statement describing investment
 referred to in Sub-Paragraph
1.1(c)(iv)(ii’)

 

[SCHEDULE TO FOLLOW]

 

34

 

Sub-Schedule 6

 

Form of Twelve-Month Forecast Investment Plan

 

[SCHEDULE
TO FOLLOW]

 

35

 

Sub-Schedule 7

 

Form of Monthly Cashflow
Forecast

 

	
  SUB SCHEDULE 7

  	
  TABLE OF MONTHLY CASH FLOW FORECAST

  

 

	
  (in €*1,000)

  
	
   

  
	
  MONTH:

  	
  SEPTEMBER

  	
  2004

  

 

	
   

  	
   

  	
  2004

  	
   

  
	
   

  	
   

  	
  Cumulative

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  to
  June

  	
   

  	
  Actual

  	
   

  	
  Total

  	
   

  	
  Forecast

  	
   

  
	
   

  	
   

  	
  2004

  	
   

  	
  July

  	
   

  	
  August

  	
   

  	
  September

  	
   

  	
  2004

  	
   

  	
  October

  	
   

  	
  November

  	
   

  	
  December

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash position at start (before New WCF reimbursement/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (excluding deposits & SNCs cash available)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EBITDA

  	
  (before RMF)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Adjustments:

  	
  RMF actually paid 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Financial not related to debt service (incl. interest
  on available deposits)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Exceptional items (including insurances)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Change in Working Capital and taxes *

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Payables (excluding RMF and Investments)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Inventories

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deferred charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deferred revenues

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Provision for risks and charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Net VAT Payable

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash flow from operating
  activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  
  

  

  

  	
   

  
	
  * 
  Based on aggregated statutory accounts excluding investing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Investing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Cash in on sale of assets

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Capitalised Growth Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Capitalised Authorised Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Net VAT Payable on Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Changes in payables for Growth & Capitalised
  Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash flow before financing
  activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Financing activities: (excluding New
  WCF reimbursement/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Interest actually paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (including New WCF interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debt actually reimbursed

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (excluding New WCF reimbursement/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash from financing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Equity issue net proceeds

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Variation of cash deposit

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Other

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Taxes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Dividends

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net change in cash in the month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  position end of month (excluding New WCF reimb,/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Working Capital Facilities

  	
   

  	
  Nominal >

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Drawdown in the month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Reimbursement in the month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Outstanding end of month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Available end of month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash position end of month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Information

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Protection
  Mechanism:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Deferred RMF

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Deferred CDC second park loan interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash deposit outstanding

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ED SCA cash position

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ED SCA partner advances outstanding

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SNCs attendance lease cumulative amount (actual
  figures only)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																					

 

	
   

  	
   

  	
  2005

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Forecast

  	
   

  	
  Total

  	
   

  
	
   

  	
   

  	
  January

  	
   

  	
  February

  	
   

  	
  March

  	
   

  	
  April

  	
   

  	
  May

  	
   

  	
  June

  	
   

  	
  July

  	
   

  	
  August

  	
   

  	
  September

  	
   

  	
  2005

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash position at start (before New WCF reimbursement/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (excluding deposits & SNCs cash available)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EBITDA

  	
  (before RMF)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Adjustments:

  	
  RMF actually paid 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Financial not related to debt service (incl. interest
  on available deposits)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Exceptional items (including insurances)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Change in Working Capital and taxes *

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Receivables

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Payables (excluding RMF and Investments)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Inventories

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deferred charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deferred revenues

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Provision for risks and charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Net VAT Payable

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash flow from operating
  activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  
  

  

  

  	
   

  
	
  * 
  Based on aggregated statutory accounts excluding investing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Investing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Cash in on sale of assets

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Capitalised Growth Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Capitalised Authorised Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Net VAT Payable on Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Changes in payables for Growth & Capitalised
  Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash flow before financing
  activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Financing activities: (excluding New
  WCF reimbursement/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Interest actually paid

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (including New WCF interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debt actually reimbursed

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (excluding New WCF
  reimbursement/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash from financing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Equity issue net proceeds

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Variation of cash deposit

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Other

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Taxes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Dividends

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net change in cash in the month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  position end of month (excluding New WCF reimb,/drawdowns)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Working Capital Facilities

  	
   

  	
  Nominal >

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Drawdown in the month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Reimbursement in the month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Outstanding end of month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Available end of month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash position end of month

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Information

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Protection
  Mechanism:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Deferred RMF

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Deferred CDC second park loan interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash deposit outstanding

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ED SCA cash position

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ED SCA partner advances outstanding

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SNCs attendance lease cumulative amount (actual
  figures only)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																									

 

36

 

TABLE OF
MONTHLY CASH FLOW FORECASTS

	
  (in €*1,000)

  
	
   

  
	
  MONTH:

  	
  SEPTEMBER

  	
  2004

  

 

	
   

  	
   

  	
  2004

  	
   

  
	
   

  	
   

  	
  Cumulative

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  to
  June

  	
   

  	
  Actual

  	
   

  	
  Total

  	
   

  	
  Forecast

  	
   

  
	
   

  	
   

  	
  2004

  	
   

  	
  July

  	
   

  	
  August

  	
   

  	
  September

  	
   

  	
  2004

  	
   

  	
  October

  	
   

  	
  November

  	
   

  	
  December

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Financing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Interest paid SCAs Debt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other (NBC,,,)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC second park loan

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt CDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Existing TWDC Credit Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ED SCA partner advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  New Working Capital Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Interest paid SNCs Debt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IA Partner Advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances Tr C

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr A *

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (including guarantee fee for Finama Guarantee)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debt SCAs reimbursement

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other (NBC,,,)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC second park loan

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt CDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Existing TWDC Credit Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ED SCA partner advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  New Working Capital Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debt SNCs reimbursement

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IA Partner Advances 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr A

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																					

 

	
   

  	
   

  	
  2005

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Forecast

  	
   

  	
  Total

  	
   

  
	
   

  	
   

  	
  January

  	
   

  	
  February

  	
   

  	
  March

  	
   

  	
  April

  	
   

  	
  May

  	
   

  	
  June

  	
   

  	
  July

  	
   

  	
  August

  	
   

  	
  September

  	
   

  	
  2005

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Financing activities

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Interest paid SCAs Debt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other (NBC,,,)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC second park loan

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt CDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Existing TWDC Credit Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ED SCA partner advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  New Working Capital Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Interest paid SNCs Debt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IA Partner Advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances Tr C

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr A *

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (including guarantee fee for Finama Guarantee)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debt SCAs reimbursement

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other (NBC,,,)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC second park loan

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt CDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Long Term Subordinated Debt TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Existing TWDC Credit Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ED SCA partner advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  New Working Capital Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debt SNCs reimbursement

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IA

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Credit Phase IB

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IA Partner Advances 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr A

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Ordinary loans Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CDC Participating loans

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IB Partner Advances Tr B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																									

 

37

 

Sub-Schedule 8

 

Agreed Procedures

 

[SCHEDULE TO FOLLOW]

 

38

 

Schedule A to Sub-Schedule 8

 

Form of LTF

 

[SCHEDULE TO FOLLOW]

 

39

 

Sub-Schedule 9

 

Form of Quarterly Development Investment Report

 

	
  SUB SCHEDULE 9

  	
  FORM OF QUARTERLY DEVELOPMENT INVESTMENT REPORT

  
	
   

  	
   

  	
   

  
	
   

  	
  Table used in the following reports

  	
   

  
	
  TABLE TRACKING

  	
  Quarterly report on Development Investments

  	
  Drawn
  up since 2005 until relevant quarter with details and commentary on relevant
  quarter

  
	
  DEVELOPMENT INVESTMENTS

  	
  Completion report on a Development Investment

  	
  Will
  recapitulate with detail and commentary quarterly history of relevant
  attraction

  
	
   

  	
  Budget (investment planned for the next 12 months)

  	
  Not
  quarterly

  
	
   

  	
  Year end report

  	
  Not
  quarterly

  
	
   

  	
  LTF

  	
  Not
  quarterly

  
				

 

	
  Amounts in million euros

  	
   

  	
   

  	
   

  	
  First

  	
   

  	
   

  	
   

  
	
  Amounts of expenses accounted
  for since first expenditure

  	
   

  	
  Estimated

  	
   

  	
  expenditures

  	
   

  	
  2005

  	
   

  
	
  except columns Total Financial
  Year

  	
   

  	
  Final Cost

  	
   

  	
  accounted for

  	
   

  	
  T1

  	
   

  	
  T2

  	
   

  	
  T3

  	
   

  	
  T4

  	
   

  	
  Total Financial Year (non cumulative)

  	
   

  
	
  indicate “Actual” for quarters
  expired or “Budget”

  	
   

  	
  “EFC”

  	
   

  	
  prior to QI 2005

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Actual

  	
   

  	
  Difference

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Cumulative amounts since first expenditures

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Recapitulation

  	
  Attraction 1: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction 2: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction 3: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Saving (if any) during financial year

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Income less sales of Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 1: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 2: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 3: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specific line for each attraction the
  cost of which exceeds 2 m €

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction X ...

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  cost

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction Y ...

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Amounts in million euros

  	
   

  	
   

  	
   

  	
  First

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Amounts of expenses accounted
  for since first expenditure

  	
   

  	
  Estimated

  	
   

  	
  expenditures

  	
   

  	
  2006

  	
   

  
	
  except columns Total Financial
  Year

  	
   

  	
  Final Cost

  	
   

  	
  accounted for

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  	
  Total Financial Year (non cumulative)

  	
   

  
	
  indicate “Actual” for quarters
  expired or “Budget”

  	
   

  	
  “EFC”

  	
   

  	
  prior to QI 2005

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Budget

  	
   

  	
  Actual

  	
   

  	
  Difference

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Cumulative amounts since first expenditures

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Recapitulation

  	
  Attraction 1: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction 2: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction 3: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Saving (if any) during financial year

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Income less sales of Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 1: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 2: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 3: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specific line for each attraction the
  cost of which exceeds 2 m €

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction X ...

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  cost

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction Y ...

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Amounts in million euros

  	
   

  	
   

  	
   

  	
  First

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Amounts of expenses accounted
  for since first expenditure

  	
   

  	
  Estimated

  	
   

  	
  expenditures

  	
   

  	
   

  	
   

  
	
  except columns Total Financial
  Year

  	
   

  	
  Final Cost

  	
   

  	
  accounted for

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  indicate “Actual” for quarters
  expired or “Budget”

  	
   

  	
  “EFC”

  	
   

  	
  prior to QI 2005

  	
   

  	
  2007
  to 2009 inclusive

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Recapitulation

  	
  Attraction 1: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction 2: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction 3: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Saving (if any) during financial year

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Income less sales of Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Development Investments

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 1: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 2: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/
  Construction costs

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 3: 

  	
   

  	
   

  	
  Date of Opening to public

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/ Construction
  costs

  	
   

  	
   

  	
  Initial Budget (excluding
  capitalized interest)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Building
  (including civil engineering and site equipment)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Scenery
  (“show”)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attraction
  (mechanism)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Costs
  of studies and project management

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Overheads
  (insurance, guarantees)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Computer
  programs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/
  Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/
  Provisions for unforeseen events

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sub
  total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/
  Capitalised Interest

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL Attraction 3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of
  which: billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Opening
  costs booked as charges

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cash
  paid out (cumulative)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specific line for each attraction the
  cost of which exceeds 2 m €

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction X ...

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  cost

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction Y ...

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

40

 

Sub-Schedule 10

 

Indebtedness excluded from the definition of
Other Indebtedness

 

•                  the Bank Debt Agreements;

 

•                  the CDC Second Park Loan Agreements;

 

•                  the New Revolving Credit Facility;

 

•                  Long Term Subordinated Debt;

 

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

 

41

 

Sub-Schedule 11

 

Changes in accounting rules
and principles

 

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

 

In addition, in support of each change in accounting
principles and rules, the Coordinator’s management will supply to the Agents a
note:

 

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

 

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

 

42

 

Sub-Schedule 12

 

List of Subsidiaries

 

EDL Hôtels S.C.A.

 

Euro Disney Vacances S.A.S.

 

Val d’Europe Promotion S.A.S.

 

ED Spectacles S.A.R.L.

 

Euro Disney Commandité S.A.S.

 

EDL Services S.A.S.

 

ED Resort Services S.A.S.

 

EDL Hôtels Participations S.A.S.

 

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

 

Débit de tabac S.N.C.

 

ED Vacaciones S.A.

 

ED Finances 1 S.N.C.

 

ED Finances 2 S.N.C.

 

ED Finances 3 S.N.C.

 

ED Finances 4 S.N.C.

 

Convergence Achats S.A.R.L.

 

Les Villages Nature de Val d’Europe
S.A.R.L.

 

43

 

Sub-Schedule 13

 

Pro-Forma Quarterly Report

 

[SCHEDULE TO FOLLOW]

 

44

 

Sub-Schedule 14

 

Adjustment Procedure

 

Current Investment for Financial Years 2005-2009

(Sub-Paragraph 3.1 of the Covenants)

 

Definitions :

 

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

 

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

 

EICN  means the authorised Current Investment Cap for
Financial Year N expressed in millions of euros;

 

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

 

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

 

For any Financial Year

 

EICN = EICON  + EICCN-1

 

With

 

EICC2004  = 0

 

And for any other subsequent
Financial Year

 

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

 

45

 

Sub-Schedule 15

 

Development Investment
authorised for Financial Years 2005 to 2009

 

Indicative total annual amount of expenditure booked in connection with
the Development

Investment Programme for 2005 to 2009 inclusive

 

(in € millions) (1)

 

	
  Financial Year 04/05

  	
   

  	
  75

  	
   

  
	
  Financial Year 06

  	
   

  	
  75

  	
   

  
	
  Financial Year 07

  	
   

  	
  50

  	
   

  
	
  Financial Year 08

  	
   

  	
  30

  	
   

  
	
  Financial Year 09

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
  240

  	
   

  

 

(1)           excluding capitalized interest and
taxes.

 

46

 

Sub-Schedule 16

 

Pro-Forma Budget

 

 

[SCHEDULE TO FOLLOW]

 

47

 

Sub-Schedule
17

 

Short Description of the Expert’s missions

 

1.                                       General framework of intervention

 

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

 

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

 

i)                                        the precise definition of the task,

 

ii)                                     the appointment of the Expert, and

 

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

 

are defined in Clause 6 of the Common
Agreement.

 

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

 

2.                                       Non-recurring tasks

 

The Agents may ask the Expert for selective
assistance on such non-recurring tasks as those described below (this list not
being exhaustive):

 

i)                                        amending the Agreed Computer Model, or

 

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

 

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

 

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

 

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

 

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

 

vii)                              upon the occurrence of exceptional events, or

 

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

 

48

 

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

 

3.                                      Recurring tasks

 

These tasks are envisaged in the Covenants.

 

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

 

BUSINESS EXPERT

 

•                  Examination of the Financial Year End Report

 

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

 

•                  Examination of the Budget

 

Examination and opinion on the operating
assumptions, particularly in view of the noted performances and the strategy
displayed by the management, on compliance with the Convents, on the
consistency between the operating principles and those of the programme of
Investment.

 

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

 

•                  Examination of the LTF and the Business Plan

 

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

 

EXPERT ACCOUNTANT

 

•                  Financial Year End Report

 

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

 

49

 

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

 

Examination and opinion on (i) “the
statement describing the Investment undertaken by the Group”, (ii) “the
statement describing the Debt and Other Indebtedness and Market Transactions”,
including ascertaining the genuineness of the underlying transactions of
foreign currencies Market Transactions, and (iii) “the statement describing the
expenses paid to and incurred vis-à-vis TWDC
or one of the Group Controlled Affiliates”, and reconciliation of these
statements with the consolidated financial statements.  Examination of the financial information
relating to Crédit-Bail Agreements which would not
be consolidated.  Verification of the
calculation of the readjustment amount on the Current Investment for the
Financial Years 2005 to 2009.  The Expert
will distinguish in his analysis of items of expenditure, the costs incurred
from the sums paid out, and will analyse in detail the development of the need
for working capital.

 

•                  Examination of the Performance Indicator Report

 

Verification and confirmation of the
calculation of the Performance Indicator and, according to the case, of the
DSCR and the forecast DSCR.  Comments on
the noted variations between the Performance Indicator of the Financial Year
and the sum of the Forecast PI appearing in the initial Budget of the Financial
Year.  Verification of the application of
the “Protection Mechanism” (clauses 3.2 and 3.3 of the Memorandum of
Agreement).

 

•                  Examination of the Budget

 

Examination and opinion on the accounting
and fiscal assumptions.  Verification of
the calculation of the Forecast PI. Verification of the consistency with the
sums appearing in the MCF.

 

EXPERT INVESTOR

 

•                  Examination of the Budget

 

Examination and opinion on the assumptions
relative to Development Investment. 
Verification of compliance with the Covenants and the Memorandum of
Agreement.

 

•                  Financial Year End Report

 

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

 

50

 

•                  Quarterly Development Investment Report

 

Comments on the physical progress of
construction (by Investment and overall), following the advancement of
expenditure (distinguishing by item: budget, expenses incurred, accumulated
outlay and forecast balance yet to be paid out).  Analysis and comments on the compliance with
the timetable.  Comments on site visits.

 

•                  Completion of Development Investment Report

 

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

 

51

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