Document:

Exhibit 4.3

 

Translation
from French

for information purposes only

 

BNP Paribas

 

 

Euro Disney SCA

BP 100

77777 Marne La Vallee Cedex 4

 

Attention: Mr Speed

 

 

Paris, September 28, 2004

 

 

RE: Approval of the memorandum of agreement dated June
8, 2004 relating to the restructuring of the Euro Disney Group as amended by a
letter dated September 20, 2004 (the “Memorandum of Agreement”)

 

 

Dear Sir,

 

In our capacity as Agent of the Phase IA Banks, we
hereby inform you that your request formulated through your letter dated
September 20, 2004 relating to the approval of the amended June 8, 2004
Memorandum of Agreement was unanimously approved.

 

Please note, however, that certain creditors have
expressly indicated that their approval was subject to satisfactory final documentation
(in particular, an extension, in due course and should the creditors request
one, of the term of the current hypothecs in order to match the final maturity
of the loans).

 

Yours sincerely,

 

 

	
  BNP PARIBAS

  	
   

  
	
   

  	
   

  
	
  Martine Aubert

  	
  Olivier Jean

  
			

 

 

Copy: CALYON (X Monteau, J.H. Cariou)

Copy: CDC (C Le Corre)Exhibit 4.4

 

Translation
from French

for
information purposes only

 

CALYON

Corporate and Investment Bank

 

 

Euro Disney SCA

BP 100

77777 Marne La Vallee Cedex 4

 

Attention: Mr Speed

 

 

Paris, September 28, 2004

 

 

RE: Approval of the memorandum of agreement dated June
8, 2004 relating to the restructuring of the Euro Disney Group as amended by a
letter dated September 20, 2004 (the “Memorandum of Agreement”)

 

 

Dear Sir,

 

In our capacity as Agent of the Phase IB Banks and
Lenders and Agent of the Phase IA Partners, we hereby inform you that your
request formulated through your letter dated September 20, 2004 relating to the
approval of the amended June 8, 2004 Memorandum of Agreement was unanimously
approved.

 

Please note, however, that certain creditors have expressly
indicated that their approval was subject to satisfactory final documentation
(in particular, an extension, in due course and should the creditors request
one, of the term of the current hypothecs in order to match the final maturity
of the loans).

 

Yours faithfully,

 

 

	
  Xavier MONTEAU

  	
  Jean Hervé CARIOU

  

 

 

Copy: BNP Paribas, Attention: Martine Aubert

Copy: Caisse des Dépôts et Consignations,
Attention : Catherine Le CorreExhibit
4.5

 

English
translation for information only

Strictly confidential

 

 

MEMORANDUM
OF AGREEMENT

 

dated 8
June, 2004

 

 

among

 

Euro
Disney SCA

 

Euro
Disneyland SNC

 

EDL
Hôtels SCA

 

The
Hotel SNCs

(as
herein defined)

 

The
Walt Disney Company

 

Caisse des Dépôts et Consignations

 

The
Lenders

(as
herein defined)

 

BNP
Paribas

 

CALYON

 

the
Steering Committee

 

 

Slaughter
and May

112, avenue Kléber

75116 Paris

PA041550088

 

 

Table
of contents

 

	
  ARTICLE 1
  - DEFINITIONS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 2
  - COMMITMENTS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 3
  - DEFERRAL OF EXPENDITURE AND FINANCIAL OBLIGATIONS

  	
   

  
	
   

  	
   

  
	
  3.1 

  	
  Performance
  Indicator determination

  	
   

  
	
   

  	
   

  	
   

  
	
  3.2 

  	
  Royalties and
  Management Fees

  	
   

  
	
   

  	
   

  	
   

  
	
  3.3 

  	
  CDC Second Park
  Agreements

  	
   

  
	
   

  	
   

  	
   

  
	
  3.4 

  	
  Partnership
  Structure

  	
   

  
	
   

  	
   

  	
   

  
	
  3.5 

  	
  Standby
  Revolving Credit Facility

  	
   

  
	
   

  	
   

  	
   

  
	
  3.6 

  	
  Convention Centre
  Lease

  	
   

  
	
   

  	
   

  	
   

  
	
  3.7 

  	
  Loan rescheduling

  	
   

  
	
   

  	
   

  	
   

  
	
  3.8 

  	
  Guarantee Deposits

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4
  - NEW RESOURCES

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1 

  	
  New Credit Line

  	
   

  
	
   

  	
   

  	
   

  
	
  4.2 

  	
  Share capital
  increase

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5
  - OTHER MEASURES

  	
   

  
	
   

  	
   

  	
   

  
	
  5.1 

  	
  Prepayment

  	
   

  
	
   

  	
   

  	
   

  
	
  5.2 

  	
  Royalties and Management
  Fees

  	
   

  
	
   

  	
   

  	
   

  
	
  5.3 

  	
  Investments

  	
   

  
	
   

  	
   

  	
   

  
	
  5.4 

  	
  CDC Loan
  Agreements

  	
   

  
	
   

  	
   

  	
   

  
	
  5.5 

  	
  Covenants

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6
  - MAINTENANCE OF TWDC’s INTEREST IN EURO DISNEY’s SHARE CAPITAL

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7
  - MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  7.1 

  	
  Transitional
  period

  	
   

  

 

2

 

	
  7.2 

  	
  Commission – costs

  	
   

  
	
   

  	
   

  	
   

  
	
  7.3 

  	
  Waiver extension

  	
   

  
	
   

  	
   

  	
   

  
	
  7.4 

  	
  Agents’ powers

  	
   

  
	
   

  	
   

  	
   

  
	
  7.5 

  	
  Unity of
  Memorandum

  	
   

  
	
   

  	
   

  	
   

  
	
  7.6 

  	
  Entire agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  7.7 

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  7.8 

  	
  Release of TWDC

  	
   

  
	
   

  	
   

  	
   

  
	
  7.9 

  	
  Steering Committee

  	
   

  
	
   

  	
   

  	
   

  
	
  7.10

  	
  Confidentiality

  	
   

  
	
   

  	
   

  	
   

  
	
  7.11

  	
  Applicable law

  	
   

  
	
   

  	
   

  	
   

  
	
  7.12

  	
  Language

  	
   

  

 

3

 

AMONG THE UNDERSIGNED:-

 

1)                                     Euro Disney SCA, a société en commandite par
actions, whose registered office is at Immeubles Administratifs, RN
34, Chessy, 77144 Montevrain, registered with the Meaux Registry of Commerce
under N° 334 173 887, acting in its name and on its behalf as well as in
the name and on behalf of its subsidiaries not party hereto

 

hereinafter
“Euro Disney”

 

2)                                     Euro Disneyland SNC, a société en nom collectif,
whose registered office is at Immeubles Administratifs, RN 34, Chessy, 77144
Montevrain, registered with the Meaux Registry of Commerce under N° 350 141 818

 

(hereinafter
“Euro Disneyland”)

 

3)                                     EDL Hôtels SCA, a société en commandite par
actions, whose registered office is at Immeubles Administratifs, RN
34, Chessy, 77144 Montevrain, registered with the Meaux Registry of Commerce
under N° 347 686 206,

 

(hereinafter
“EDLH”)

 

4)                                     Hôtel New York Associés SNC, Newport Bay Club Associés SNC, Sequoia
Lodge Associés SNC, Cheyenne Hôtel Associés SNC, Hôtel Santa Fe Associés SNC,
Centre de Divertissements Associés SNC, sociétés en nom collectif,
whose registered offices are at Immeubles Administratifs, RN 34, Chessy, 77144
Montevrain, registered with the Meaux Registry of Commerce respectively under
N° 380 364 877, 380 366 153, 380 366 229, 380 366 278, 380 366 385 and 380 364
422

 

(hereinafter
the “Hotel SNCs”)

 

Euro
Disney, Euro Disneyland, EDLH and Hotel SNCs

hereinafter collectively the “Borrowers”)

 

and

 

5)                                     The Walt Disney Company, a company organised under the laws of the
State of Delaware (United States), having its principal office at 500 South
Buena Vista Street, Burbank, California, 91521 (USA),

 

(hereinafter “TWDC”)

and

 

4

 

6)                                     Caisse des Dépôts et Consignations, établissement public à statut spécial, whose principal
office is at 56, rue de Lille, 75007 Paris,

 

(hereinafter
“CDC”)

and

 

7)                                     the banks and financial institutions listed in schedule 1
hereto, creditors of one or more of the Borrowers pursuant to the Bank Debt
Agreements other than the CDC Loan Agreements,

 

represented,
as the case may be, by BNP Paribas, acting Phase IA Banks Agent, or CALYON,
acting as Phase IB Banks Agent, Phase IB Lenders Agent or IA Partners Agent

 

(hereinafter
together the “Lenders”)

 

and

 

8)                                     BNP Paribas, a société anonyme,
whose registered office is at 16 boulevard des Italiens, 75009 Paris,

 

9)                                     CALYON a société anonyme,
whose registered office is at 9 quai Paul Doumer, 92920 Paris La Défense,

 

10)                               Natexis Banques Populaires, a société anonyme,
whose registered office is at 45, rue Saint Dominique, 75007 Paris,

 

11)                               Bayerische Hypo-Und Vereinsbank AG, whose registered office is at Am
Tucherpark 1 (VTW 1) D - 80538 Munich

 

12)                               Allied Irish Banks plc, acting through its London branch at 12 Old
Jewry, London EC2R 8 DP

 

5

 

acting as
members of the Steering Committee (hereinafter together the “Steering Committee”)

 

(hereinafter
together the “Parties”).

 

WHEREAS:-

 

(A)                             the Euro Disney Group, which is experiencing financial difficulties,
has decided to negotiate with its principal shareholder and its creditors a
financial restructuring of its group;

 

(B)                               in order to allow the negotiation of necessary measures to restore
the Euro Disney Group’s financial situation, the Creditors have agreed to waive
their rights against the Borrowers in respect of a number of actual or
potential events of default until 31st March, 2004, extended to 31st May, 2004;
a further extension was granted, on the basis provided for in the request dated
18th May, 2004 until 8th June, 2004 and, upon the Memorandum of Agreement being
approved by TWDC, Euro Disney,  CDC and
by the Steering Committee, until 30th June, 2004;

 

(C)                               such negotiations have resulted in agreement being reached on a
number of measures described in this memorandum of agreement.

 

NOW
IT IS HEREBY AGREED AS FOLLOWS:-

 

ARTICLE 1 - DEFINITIONS

 

In this
Memorandum of Agreement:

 

“Agents” means collectively CDC, the Phase IA Agent, the
Phase IB Banks Agent, the Phase IB Lenders Agent and the IA Partners’ Agent.

 

“AMF” means the Autorité des marchés
financiers.

 

“Approval Date” means the date on which the Memorandum of
Agreement will have been signed by TWDC, Euro Disney and CDC and approved by
the Steering Committee.

 

“Bank Debt” means the debt of the Borrowers under the Bank Debt
Agreements and the CDC Second Park Agreements.

 

“Bank Debt Agreements” means the following agreements: Phase
IA Credit Facility Agreement, CDC Loan Agreements, Phase IA Partners Advances
Agreement, Phase IB Credit Facility Agreement and Phase IB Advances Agreement.

 

“Business Day” means any day (other than Saturday or Sunday)
on which banks are open for ordinary business in Paris.

 

“CDC Ixis Capital Markets” means CDC Ixis Capital Markets, a société anonyme whose registered office is at 47 quai d’Austerlitz
75013 Paris.

 

6

 

“CDC Junior Loan Agreement” means the Accord CDC
Relatif à l’Octroi de Prêts Participatifs dated 17 May, 1989 between
CDC and Euro Disney and Euro Disneyland as amended by supplemental agreements
dated 10 August, 1994 and 30 September, 1999.

 

“CDC Junior Loans” means the junior loans granted to Euro
Disney and Euro Disneyland by CDC pursuant to the CDC Junior Loan Agreements.

 

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

 

“CDC Loans” means the CDC Ordinary Loans and the CDC Junior
Loans.

 

“CDC Ordinary Loan Agreement” means the Accord
Relatif à l’Octroi de Prêts Ordinaires dated 17 May, 1989 between
CDC and Euro Disney and Euro Disneyland as amended by supplemental agreements
dated 10 August, 1994 and 30 September, 1999.

 

“CDC Ordinary Loans” means the ordinary loans granted to Euro
Disney and Euro Disneyland by CDC pursuant to the CDC Ordinary Loan Agreements.

 

“CDC Second Park Agreements” means the loan agreements –
tranches A, B, C and D – entered into on 30 September, 1999 between Euro Disney
and CDC as amended by supplemental agreements as well as Tranche E referred to
in Article 3.3.2 (Deferred Interest).

 

“CDC Second Park Loans” means the loans granted to Euro
Disney by CDC pursuant to the CDC Second Park Agreements.

 

“CDC Sharing Agreement” means the agreement between CDC and
the Phase IA Banks as amended by supplemental agreement dated 10 August, 1994
pursuant to which CDC and the Phase IA Banks agreed to share certain security.

 

“Common Agreement” means the agreement dated 10 August, 1994
entered into between the Phase IA Banks, CDC, the Phase IB Banks and Lenders,
the IA Partners, Euro Disney acting on its own behalf and on behalf of its
subsidiaries listed in a schedule to the Common Agreement, Euro
Disneyland, EDLH and the Hotel SNCs, as amended at any time by supplemental
agreement or pursuant to any authorisation or waiver granted pursuant to its
terms.

 

“Conditional Share Transfer Agreement” means the agreement
pursuant to which The Walt Disney Company would become a partner in Euro Disney
Associés SNC in the event that Euro Disney did not exercise the substitution
option (option de substitution) referred to in
the Sub-Lease Agreement.

 

“Convention Centre Lease” means the Crédit-Bail Agreement
dated 15 May, 1996 between Centre de Congrès Newport SAS and EDLH relating to
the Newport Bay Club convention centre, as amended.

 

“Covenants” means the covenants listed in schedule XI of
the Common Agreement as amended by supplemental agreement or pursuant to any
authorisation or waiver granted in accordance with the Common Agreement.

 

7

 

“Crédit-Bail Agreement” means the crédit-bail
agreement dated 30 June, 1994 relating to certain assets entered into between
Euro Disneyland as lessor and Euro Disneyland Associés as lessee, as amended by
supplemental agreements.

 

“Creditors” means collectively the Phase IA Banks, the Phase
IB Banks and Lenders, the IA Partners and CDC.

 

“Effective Date” means the date on which all of the following
contracts and supplemental agreements will have entered into force (such date
to be not later than 1 October 2004 even if signature takes place
thereafter, subject to the conditions precedent specified in the Memorandum of
Agreement), namely:

 

(i)                                     the supplemental agreements relating to the Bank Debt Agreements,

 

(ii)                                  the supplemental agreements relating to the CDC Second Park
Agreements,

 

(iii)                               the supplemental agreement relating to the Standby Revolving Credit
Facility,

 

(iv)                              the agreement relating to the New Credit Line,

 

(v)                                 the supplemental agreement relating to the Common Agreement, and

 

(vi)                              all other documents relating to the above contracts or which may be
necessary to give effect to the provisions of the Memorandum of Agreement
(other than the provisions relating to the Partnership Structure and the share
capital increase),

 

it being
agreed that the said contracts and supplemental agreements will provide for the
consequences of the Partnership Structure and the share capital increase
referred to in article  4.2 (Share capital increase) and that their
signature will occur not later than 1 October, 2004 or such other date which
may be agreed between Euro Disney, TWDC and the Agents, not being later than 1 November 2004.

 

“EURIBOR” means the annual rate for a period equivalent to
the period in question at which Euro denominated deposits are offered on the
European interbank market at 11.00 a.m. (Brussels time) two TARGET Days
prior to the relevant date as determined by the European Union Bank Federation
and displayed on the Telerate or Reuters screen.

 

“Euro Disney Group” means Euro Disney and its present and
future subsidiaries.

 

“Euro Disney SA” means Euro Disney SA, a société
anonyme whose registered office is at Immeubles Administratifs, RN
34, Chessy, 77144 Montevrain, registered in Meaux under number 341 908 945, gérant of Euro Disney.

 

“Expert” means, according to the nature of the question to be
dealt with, one expert as regards questions relating to the Euro Disney Group’s
business, one expert as regards accounting questions and one expert as regards
investment-related questions.  The
services to be provided by the Expert will be defined by the Agents.  Their appointment will be made in agreement
with Euro Disney, which will bear all reasonable costs relating to their
services.

 

8

 

“Financial Year” means the period n commencing on 1 October of
calendar year n-1 and ending on 30 September of calendar year n.  For example, Financial Year 2004 commences on
1 October, 2003 and ends on 30 September, 2004.

 

“Guarantee Deposits” means the cash pledges constituted by
Euro Disney and EDLH with the Phase IA Agent and the Phase IB Banks and Lenders
Agent in accordance with article 5 of the Common Agreement.

 

“IA Partners” means the parties to the Financing Company’s
Partners Agreement.

 

“IA Partners’ Agent” means CALYON in its capacity as agent of
the IA Partners.

 

“Lenders” means collectively the Phase IA Banks, the Phase IB
Banks, the Phase IB Lenders and the IA Partners.

 

“Letters” means (a) the letter sent by TWDC to Euro Disney
dated 28 March, 2003 relating to the Licence Agreement and (b) the letter sent
by Euro Disney SA to Euro Disney dated 28 March, 2003 relating to the
Management Fees.

 

“Licence Agreement” means the licence agreement dated 28
February, 1989 between TWDC, The Walt Disney Company (Netherlands) B.V. and
Euro Disney, as amended.

 

“Management Fees” means the fees which Euro Disney is
required to pay to Euro Disney SA, in its capacity as gérant
of Euro Disney, pursuant to article IV of the articles of association of
Euro Disney, as amended, in particular, by the letter referred to in (b) of the
definition of Letters.

 

“Master Agreement” means the convention
pour la création et l’exploitation d’Euro Disneyland en France dated
24 March, 1987 between (i) the French Republic, (ii) the Ile-de-France Region,
(iii) the Département de Seine et Marne, (iv)
Régie Autonome des Transports Parisiens, (v) Etablissement Public d’Aménagement
de la Ville Nouvelle de Marne-la-Vallée and (vi) Etablissement Public d’Aménagement
du Secteur IV de la Ville Nouvelle de Marne-la-Vallée, of the one part, and
Euro Disney and Euro Disneyland of the other part, as amended by supplemental
agreements n° 1, 2, 3 and 4 as well as by the Unilateral Letters referred to in
paragraph 5 of the preamble to the said Master Agreement.

 

“Memorandum of Agreement” means the present memorandum of
agreement and its schedules.

 

“New Credit Line” has the meaning attributed to it in article 4.1
(New Credit Line).

 

“Partnership Structure” means the reorganisation of the Euro
Disney Group referred to in article 3.4 (Partnership Structure) the
principles of which are described in a note dated 23 December 2003 and in schedule 6.

 

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

 

9

 

•                  plus
minority interests as reported in the consolidated statement of income;

 

•                  plus
net income tax expense or benefit (current and deferred);

 

•                  less
income (loss) from investments accounted for under the equity method;

 

•                  less
the net impact of all waivers of debts or commercial or financial payables,
etc. which may be granted by TWDC or its subsidiaries;

 

•                  plus
the net impact (positive or negative) of depreciation and movements in reserves
on tangible, intangible assets (including goodwill) and deferred charges as
well as exceptional reserves and impairment charges on these same asset
categories;

 

•                  plus
the net impact (positive or negative) of movements in: (i) current asset
reserves (for example: receivables and inventories); (ii) provisions for risks
and charges and (iii) provisions recorded in exceptional earnings;

 

•                  plus
operating expenses related to actual expenditures for major fixed assets
renovations;

 

•                  less
net gains and losses on the sale or abandonment of tangible or intangible
assets;

 

•                  less
financial income net of financial charges, excluding charges related to bank
card commissions;

 

•                  plus
Royalties and Management Fees expensed for the said fiscal year.

 

The
Performance Indicator will be calculated based upon the consolidated statement
of income of Euro Disney and the related supporting accounting records.

 

For
purposes of the determination of the reference Performance Indicators n°1 and
n°2 (as contemplated by schedule 2), accounting principles and rules
applied by Euro Disney in the preparation of its consolidated financial
statements for the fiscal year ending 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)
will be 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.

 

Any
future change in accounting principles and rules and / or the consolidated
group will be reported to the Agents and the procedure described in article 3.1
(Performance Indicator determination) will be applied in order to adjust the
reference Performance Indicators n°1 and n°2 and / or to calculate the Performance
Indicator.

 

“Performance Indicator  Report” has the
meaning attributed to it in article 3.1 (Performance Indicator
Determination).

 

“Phase IA Advances” means the advances made to Euro
Disneyland by its partners pursuant to the Phase IA Partners Advances
Agreement.

 

“Phase IA Agent” means BNP Paribas in its capacity as agent
of the Phase IA Banks.

 

10

 

“Phase IA Banks” means the banks and financial institutions
party to the Phase IA Credit Facility.

 

“Phase IA Credit Facility Agreement” means the multi-currency
credit facility agreement dated 5 September, 1989 which operates by way of
drawings or the issuance of letters of credit between Euro Disney, Euro
Disneyland and the Phase IA Banks, as amended by supplemental agreements dated
10 August, 1994 and 17 March, 1995.

 

“Phase IA Partners Advances Agreement” means the Partners
Advances Agreement dated 26 April, 1989 between Euro Disneyland and its
partners, as amended by supplemental agreement dated 10 August, 1994.

 

“Phase IB Advances” means the advances made to the Hotel SNCs
pursuant to the Phase IB Advances Agreement.

 

“Phase IB Advances Agreement” means the agreement dated 26
April, 1991 between EDLH, the Hotel SNCs, their partners and banks and financial
institutions, as amended by supplemental agreements dated 10 August, 1994, 12
July, 1995, 15 May, 1995 and 16 May, 2003.

 

 “Phase IB Banks”
means the banks and financial institutions party to the Phase IB Credit
Facility Agreement.

 

“Phase IB Banks Agent” means CALYON in its capacity as agent
of the Phase IB Banks.

 

“Phase IB Credit Facility Agreement” means the credit
facility agreement dated 25 March, 1991 between EDLH, the Hotel SNCs and banks
and financial institutions, as amended by four supplemental agreements
respectively dated 10 August, 1994, 12 July, 1995, 15 May, 1995 and 16 May,
2003.

 

“Phase IB Lenders” means the banks and financial institutions
parties to the Phase IB Advances Agreement.

 

“Phase IB Lenders Agent” means CALYON in its capacity as
agent of the Phase IB Lenders.

 

“Purchase Option” means the purchase option provided for in
the lease agreement referred to in (ii) of the definition of Transfer and Lease
Agreements.

 

“Royalties” means the royalties which Euro Disney is required
to pay to the Licensor (as defined in the Licence Agreement) pursuant to the
Licence Agreement, as amended, in particular, by the letter referred to in (a)
of the definition of Letters.

 

“Share Capital Increase Date” means the date of the Share
Capital Increase Realisation.

 

“Share Capital Increase Realisation” means that the share
capital increase referred to in article 4.2 (Share capital increase) has
taken place, namely, when the new shares are subscribed for, paid for in full
and issued and the corresponding funds have been paid to Euro Disney.

 

11

 

“Signature Date” means the date on which all Parties shall
have signed the Memorandum of Agreement.

 

“Standby Revolving Credit Facility” means the revolving
credit facility in an amount of Euro 167,693,910 granted by TWDC to Euro
Disney pursuant to an agreement dated 5 August, 1994.

 

“Sub-lease Agreement” means the sub-lease agreement dated 30
June, 1994 between Euro Disney and Euro Disney Associés relating to the assets
which are the subject of the Crédit-Bail Agreement.

 

“Subordinated Long Term Debt” means, in respect of any amount
due by the Borrowers, that its maturity and date for payment are deferred to
the date on which all amounts due under the Bank Debt Agreements shall have
been paid in full. Interest on the deferred amounts shall be capitalised
annually in accordance with article 1154 of the Civil Code until 1
January, 2017. With effect from 1 January 2017, interest shall become due
and payable annually. Payment of such interest shall, except in the case of
interest due to CDC, be subordinated to the payment of amounts due under the
CDC Second Park Agreements and, in the event of liquidation, subordinated to
payment of all amounts due under the CDC Second Park Agreements. CDC and Euro
Disney agree that, if, in any year, Euro Disney shall have sufficient available
cash, they will consult in good faith to determine the amount of any repayment
of principal for that year which would be made pari passu between
CDC and TWDC.

 

“Subordination Agreement” means the agreement entered into,
in particular, between CDC and Euro Disney dated 19 October 1999.

 

“Substitution Option” means the substitution option provided
for in the Sub-lease Agreement.

 

“Transfer and Lease Agreements” means (i) the agreements
pursuant to which Euro Disneyland and Euro Disney have transferred to Euro
Disney Associés certain assets and the promotion and commission agreement
entered into between Euro Disney and Euro Disney Associés each dated 1 July,
1994 and (ii) the lease agreement dated 1 July, 1994 pursuant to which Euro
Disney Associés leased those assets to Euro Disney.

 

“Underwriters” has the meaning attributed to in article 4.2
(Share Capital Increase).

 

ARTICLE 2 - COMMITMENTS

 

Each
Party expressly acknowledges that it is bound by the provisions of the
Memorandum of Agreement and undertakes to comply with all its obligations
thereunder.

 

To this
end, each Party undertakes to use its best efforts in order, within a
reasonable period:

 

(a)                                 to prepare, negotiate, enter into and sign (or grant all necessary
powers to sign) all contracts, supplemental agreements and documents,

 

12

 

(b)                                to obtain all relevant corporate decisions, carry out all necessary
changes to its articles of association, establish any company, contribute any
assets,

 

(c)                                 to obtain all agreements, authorisations, carry out all formalities,
whether administrative or otherwise,

 

and,
more generally, do everything which may appear to be useful or necessary to the
implementation of the provisions of the Memorandum of Agreement.

 

TWDC
and Euro Disney guarantee (se portent fort)
compliance with the provisions of the Memorandum of Agreement by their
respective subsidiaries.

 

ARTICLE 3 - DEFERRAL OF EXPENDITURE AND FINANCIAL OBLIGATIONS

 

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).

 

13

 

(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 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).

 

14

 

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
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’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

 

15

 

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

 

3.3                               CDC Second Park Agreements

 

3.3.1                       Deferral

 

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 Share
Capital Increase Realisation 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.

 

16

 

3.4                              Partnership Structure

 

3.4.1                       In order, in particular, to save a total amount of € 290
million and to allow part of the Euro Disney Group’s shareholders’ equity to be
reconstituted, it is envisaged that Euro Disney will, not later than the Share
Capital Increase Date, contribute to Euro Disney Associés (in accordance with
the spin-off regime and without resulting in a mandatory offer to acquire all
the shares – offre publique de retrait obligatoire)
all or substantially all of its assets and liabilities except share purchase or
subscription options and commitments under share purchase or subscription
option schemes existing at the date of the contribution in respect of Euro
Disney shares and any other asset or liability which is non-transferable or
which Euro Disney, TWDC and the Agents agree are not to be contributed. Such
contribution would have the effect of terminating the Sub-lease Agreement and
the lease agreement referred to in (ii) of the definition of the Transfer and
Lease Agreements, as a result of the lessor and the lessee becoming the same
person, Euro Disney Associés, thus avoiding the requirement to pay the
Substitution Option and the Purchase Option exercise prices.  Such contribution will also have a number of
other consequences, among which the termination of the Conditional Share
Transfer Agreement (which would be the subject of a separate express
agreement).

 

3.4.2                       All existing contracts and, in particular, the Bank Debt Agreements,
the CDC Second Park Agreements and the Common Agreement will need to be amended
to reflect the consequences of the implementation of the Partnership Structure,
in particular, in respect of the Covenants and the Performance Indicator.

 

3.5                              Standby Revolving Credit
Facility

 

The
outstanding amount of the Standby Revolving Credit Facility on the Share
Capital Increase Date, namely, taking into account the provisions of article 7.1.1
(Standby Revolving Credit Facility), € 110 million, shall on such date
constitute Subordinated Long Term Debt bearing interest at an annual rate of 12
month EURIBOR.

 

With effect
from the Effective Date, the Standby Revolving Credit Facility may no longer be
drawn down and will no longer be deducted in applying the definition of “Available
Cash” contained in article 1.1 of the Subordination Agreement.

 

Article 7.1.1
(Standby Revolving Credit Facility) contains transitional provisions relating
to the Standby Revolving Credit Facility.

 

3.6                              Convention Centre Lease

 

The rent
payment schedule under the Convention Centre Lease shall be deferred, as
regards the portion representing principal amortisation,  5 years. A new rent payment schedule is
set out in schedule 3A.

 

The provisions
of this article are subject to the condition precedent of the Share
Capital Increase Realisation taking place not later than 31 March 2005.
Upon such condition precedent being satisfied, the provisions of this article will
take effect on the Effective Date.

 

3.7                              Loan rescheduling

 

Subject, in
the case of the Phase IA Advances and the Phase IB Advances, to obtaining any
necessary agreement from the Direction de la
Législation Fiscale, debt will be rescheduled as follows:

 

17

 

3.7.1                       Phase IA Credit Agreement – Phase IB Credit Agreement – Phase IB
Advances Agreement (tranche C)

 

The principal
instalment repayment dates or commitment reduction dates under the Phase IA
Credit Agreement, the Phase IB Credit Agreement and tranche C of the Phase IB
Advances Agreement shall be deferred three years and six months but without the
final repayment or reduction date, as the case may be, falling later than 30
December, 2014.  New repayment or
commitment reduction schedules are set out in schedule 3B.

 

3.7.2                       Phase IA Partners Advances Agreement – Phase IB Advances Agreement
(excluding tranche C)

 

The principal
instalment repayment dates under the Phase IA Partners Advances Agreement and
the Phase IB Advances Agreement (excluding tranche C) shall be deferred
mechanically in accordance with the provisions of such contracts as a result of
the deferrals provided for in article 3.7.1 (Phase IA Credit Agreement –
Phase IB Credit Agreement – Phase IB Advances Agreement (tranche C)) and article 3.7.3
(CDC Loan Agreements).

 

3.7.3                       CDC Loan Agreements

 

The
principal instalment repayment dates falling in 2004 to 2016 inclusive under
the CDC Loan Agreements (including the CDC Junior Loans transformed in
accordance with article 5.4.1 (Transformation of CDC Junior Loans into CDC
Ordinary Loans) will be deferred three years and six months.  New repayment schedules, based on semi-annual
repayments, are set out in schedule 3C.

 

3.7.4                       Condition precedent

 

The provisions
of this article 3.7 are subject to the condition precedent of the Share
Capital Increase Realisation taking place not later than 31 March 2005.
Upon such condition precedent being satisfied, the provisions of this article 3.7
will take effect on the Effective Date.

 

3.8                              Guarantee Deposits

 

On the Share
Capital Increase Date, the obligations of Euro Disney and EDLH relating to the
Guarantee Deposits shall be terminated.

 

On that date,
the Phase IA Agent, the Phase IB Banks Agent and the Phase IB Lenders Agent,
acting on behalf of the relevant creditors, shall definitively release the
Guarantee Deposits.  CDC agrees to such
release, subject to compliance with article 5.1.2 (CDC Ordinary Loans).

 

Article 7.1.2
(Guarantee Deposits) contains transitional provisions relating to Guarantee
Deposits.

 

18

 

ARTICLE 4 - NEW RESOURCES

 

4.1                              New Credit Line

 

(a)                                          On the Effective Date, TWDC will make available to Euro Disney a new
revolving credit line for a term of ten years in a principal amount of
€ 150 million reduced to € 100 million from 1 October, 2009
(hereinafter the “New Credit Line”).

 

(b)                                         The purpose of the New Credit Line shall be to finance Euro Disney
Group’s working capital requirements.

 

(c)                                          Drawings under the New Credit Line shall bear interest at 1, 3 or 6
month EURIBOR, according to the interest period selected by Euro Disney.  Such interest shall be due and payable on the
last day of the relevant interest period.

 

(d)                                         All drawings under the New Credit Line made during a Financial Year
shall be repaid by the last day of such Financial Year, i.e. 30 September. Any
amount repaid may be redrawn immediately without exceeding the amounts provided
for in paragraph (a) above.

 

(e)                                          Failure to repay drawings on the date specified in paragraph (d)
above shall in no event result in the accelerated maturity of amounts due under
the New Credit Line or an event of default under the Bank Debt Agreements.

 

(f)                                            Euro Disney’s obligations under the New Credit Line may not be
secured.

 

(g)                                         No reference to the New Credit Line shall be made in the definition
of “Available Cash” in article 1.1 of the Subordination Agreement,
notwithstanding the provisions of paragraph (h).

 

(h)                                         In the event of a condition specified in article 7.7
(Termination) being realised, drawings under the New Credit Line then
outstanding shall be subordinated on the same terms as the Standby Revolving
Credit Agreement, up to € 57,700,000.

 

4.2                              Share capital increase

 

(a)                                          Euro Disney, BNP Paribas, Calyon and CDC shall use their best
efforts to ensure that Euro Disney’s share capital is, subject to the approval
of Euro Disney’s shareholders, increased by a gross amount of at least
€ 250 million not later than 31 December, 2004.

 

Such share
capital increase shall be made by way of public offering by way of a rights
issue of new shares to be subscribed for in cash.

 

19

 

(b)                                         TWDC undertakes to subscribe or cause one or more of its
subsidiaries (not being a subsidiary of Euro Disney) to subscribe to such share
capital increase in an amount of at least € 100 million.

 

(c)                                          CDC, through CDC Ixis Capital Markets whose compliance it guarantees
(porte fort), BNP Paribas, Calyon and the
banks referred to in (iii) below (hereinafter the “Underwriters”)
shall underwrite (not being a garantie de bonne fin
pursuant to article L. 225-145 of the Commercial Code) the subscription of
that part of the share capital increase which is not subscribed for by TWDC on
usual commercial terms in accordance with market practice and subject to (aa)
the Partnership Structure being implemented before or concurrently with the
Share Capital increase Realisation, (bb) market conditions allowing such capital
increase, (cc) the market authorities having granted all necessary
authorisations and (dd) all necessary formalities having been taken for the
Share Capital Increase Realisation (in particular, the carrying out of the
Underwriters’ necessary professional due diligence). Such underwriting will be
granted pursuant to an underwriting agreement which shall be entered into after
agreement between Euro Disney and the Underwriters on the subscription price of
the new shares, and in the following proportions:

 

(i)                           CDC, through CDC Ixis Capital Markets whose compliance it guarantees
(porte fort): a gross amount of € 75
million;

 

(ii)                        each of BNP Paribas and Calyon: 50% of a gross amount of  € 37,500,000; and

 

(iii)                     any banks designated by Euro Disney: a gross amount of  € 37,500,000.

 

A common
mandate including usual clauses for this type of contract and entered into
between the Underwriters and Euro Disney will determine the detailed terms of
the Underwriters’ participation in this transaction.

 

In the event
of any of Euro Disney’s shareholders (other than TWDC) undertaking to
exercise,  directly or indirectly, its
preferential subscription rights, the Underwriters’ commitment shall be reduced
pro tanto, pro rata to their respective commitments.

 

(d)                                         The Underwriters will be paid fees in connection with share capital
increase, specified in a separate letter. These fees will be payable by Euro
Disney on the delivery and payment date for the new shares.

 

(e)                                          In the event that, prior to 31 December 2004, an event shall
occur which is likely to compromise the Share Capital Increase Realisation, the
Share Capital Increase Date may be deferred to 31 March, 2005.

 

(f)                                            If on 1 February, 2005 it appeared to Euro Disney and the
Underwriters that the Share Capital Increase Realisation could not take place
by 31 March 2005, the said parties would consult with the Agents with a
view to finding a solution.

 

20

 

ARTICLE 5 - OTHER MEASURES

 

5.1                              Prepayment

 

5.1.1                     Phase IA Credit Facility Agreement – Phase IB Credit Facility
Agreement – Phase IB Advances Agreement (tranche C)

 

(a)                                  The Borrowers will partially prepay the principal amount due under
the Phase IA Credit Facility Agreement, the Phase IB Credit Facility Agreement
and the Phase IB Advances Agreement (tranche C) in an aggregate net amount of
€ 100 million in accordance with paragraph (b) and subject to the last
sentence of paragraph (b) of article 7.1.4 (Debt Service under the Bank
Debt Agreement).

 

(b)                                 The amount required for such prepayment (excluding breakage costs
and EIB penalties, if any) shall correspond, after taking into account any
principal repayments in accordance with article 7.1.4 (Debt service under
the Bank Debt Agreements), to the amount remaining on the Guarantee Deposits
(excluding interest) which shall have been released pursuant to article 3.8
(Guarantee Deposits), and will, upon such release, be applied by the Phase IA
Agent, the Phase IB Banks Agent and the Phase IB Lenders Agent, acting for the
account of Euro Disney and EDLH, in such prepayment.

 

(c)                                  Notwithstanding the provisions of the relevant financing agreements,
such prepayment will not give rise to payment of any penalty except in the case
of the EIB financed part of tranche B of the Phase IA Credit Facility
Agreement.

 

(d)                                 The repayment instalment schedules in Schedule 3B take such
prepayment into account.

 

(e)                                  In addition, and pursuant to the relevant contracts, the Borrowers
will pay, on presentation of a detailed calculation, any breakage costs which
may arise from such prepayment.

 

5.1.2                     CDC Ordinary Loans

 

Euro Disney
will partially prepay the principal amount due in respect of the CDC Ordinary
Loans in a total amount of € 10 million subject to a penalty calculated in
accordance with article 7.0.4 (A) of the CDC Ordinary Loan Agreement.

 

The repayment
instalment schedules in Schedule 3C take such prepayment into account.

 

5.1.3                     Condition precedent

 

The provisions
of this article 5.1 are subject to the condition precedent of the Share
Capital Increase Realisation taking place not later than 31 March 2005.
Upon such condition precedent being satisfied, the provisions of this article 5.1
will take effect on the Effective Date. However, interest paid to the Lenders
in accordance with article 7.1.4 (Debt service under the Bank Debt
Agreements) on the principal amount repaid pursuant to this article shall
remain irrevocably so paid.

 

21

 

5.2                              Royalties and Management Fees

 

The Royalties
and Management Fees due in respect of the 2004 Financial Year, representing
approximately € 60 million (to be confirmed on the basis of the audited
accounts for the 2004 Financial Year) shall be due and payable on the Share
Capital Increase Date or not later than the expiry of the 30 day-period
specified in article 7.7 (Termination).

 

5.3                              Investments

 

5.3.1                     Development investments

 

The
development investments authorised for the Financial Years 2005 to 2009
inclusive are those programmed by Euro Disney and on the basis of which it has
prepared its business plan dated 26 November 2003 increased by the portion
of development investments provided for in the said business plan for the
Financial Year 2004 which is not implemented, in particular, by reason of article 5.3.2
(Undertaking). These development investments are also subject to paragraph (b)
of article 5.5.3 (Investments).

 

5.3.2                     Undertaking

 

Euro Disney
agrees, during the period from the Approval Date to the Share Capital Increase
Date not to commit, in respect of the development investments and the
authorised investments, any amount which would result in such commitments
during the period from 1 April, 2004 to 31 March, 2005, exceeding € 90
million (excluding tax) in aggregate.

 

5.4                              CDC Loan Agreements

 

5.4.1                     Transformation of CDC Junior Loans to Euro Disneyland into CDC
Ordinary Loans

 

Without
prejudice to any existing contractual provisions, and without recourse against
the Phase IA partners, the CDC Junior Loans to Euro Disneyland shall, on the
Effective Date, be transformed into CDC Ordinary Loans without changing the
debtor in an amount of € 125 million.

 

Accordingly,
the CDC Ordinary Loans will consist of two tranches:

 

(a)                                  a tranche A comprising the CDC Ordinary Loans existing prior to
transformation (being € 127,456,551.06) which have the benefit of security
described in the CDC Sharing Agreement; and

 

22

 

(b)                                 a tranche B comprising CDC Junior Loans granted to Euro Disneyland
transformed into CDC Ordinary Loans (being € 125 million) whose only
security will be a second ranking mortgage over the assets which are subject to
a first ranking mortgage referred to in the CDC Sharing Agreement, to secure
the principal amount of € 125 million and all interest and other amounts
relating thereto.

 

5.4.2                     Waiver of Recourse

 

On the
Effective Date, CDC agrees to waive any recourse against any IA Partner of the société en nom collectif Euro Disneyland in respect of any
failure by Euro Disneyland to comply with its payment obligations under the CDC
Ordinary Loans and the CDC Ordinary Loan Agreement  (prior to transformation pursuant to article 5.4.1
above) in an amount equal to 50% of the amounts due thereunder by Euro
Disneyland to CDC. Accordingly, the amount of the first demand guarantee which
is provided for in the agreement of 26th April, 1989 between Banque Finama,
CALYON, BNP Paribas and Crédit Agricole S.A. issued in favour of Euro
Disneyland’s partners on 20th September, 1989 (as amended by a supplemental
agreement dated 29 October, 1999) shall be reduced by 50%. The corresponding
guarantee commissions shall be reduced accordingly.

 

Following such
waiver of recourse, the CDC Ordinary Loans made available to Euro Disneyland (being
€ 86,851,852.43 at the date of the Memorandum of Agreement) will be
divided into two sub-categories:

 

(a)                                  a first tranche comprising half of the CDC Ordinary Loans made
available to Euro Disneyland in respect of which CDC continues to have recourse
against Euro Disneyland partners including the initial partners, bearing
interest at 5.15% per annum; and

 

(b)                                 a second tranche comprising the other half of such CDC Ordinary
Loans in respect of which CDC no longer has recourse against the Euro
Disneyland partners, bearing interest at 6.15% instead of 5.15% per annum.

 

5.4.3                     Condition precedent

 

The provisions
of this article 5.4 are subject to the condition precedent of the Share
Capital Increase Realisation taking place not later than 31 March 2005.
Upon such condition precedent being satisfied, the provisions of this article 5.4
will take effect on the Effective Date.

 

5.5                              Covenants

 

Terms used
with a capital letter in this article and not otherwise defined in the
Memorandum of Agreement shall have the meaning ascribed to them in the
Covenants. For the purposes of this article, “Financial Undertakings” means the
financial undertakings of the Borrowers under article 2 of the Covenants.

 

23

 

The Covenants
which will remain of a type usual in project finance, shall be amended on the
Effective Date, in accordance with the principles set out below.

 

In the event
of Euro Disney and the Agents not succeeding in reaching agreement as to the
implementation of such principles in the corresponding agreements, the
Covenants in existence at the Approval Date shall remain unchanged, except as
regards the Financial Undertakings, the Investments and all matters on which
Euro Disney and the Agents shall have agreed.

 

5.5.1                     Information
undertakings

 

(A)                           General

 

(a)                                   Data
format

 

Euro Disney
and the Agents will use their best efforts to define for the documents and data
referred to in this article 5.5 a format which is satisfactory to each of
the parties. In particular, the new formats will have to be consistent among
themselves and, to the extent possible, be reasonably simplified and consistent
with Euro Disney’s existing internal tools and formats.

 

Failing
agreement among Euro Disney and the Agents, as to the format of documents and
data referred to in this Article 5.5:

 

(i)                                    in the case of existing documents and data, the format existing at
the Approval Date shall be maintained; and

 

(ii)                                 in the case of new documents and data, the format shall be
determined by the Agents assisted, to the extent necessary, by the Expert.

 

Formats agreed
pursuant hereto may be subject to evolutions. Any evolution shall be agreed
upon by Euro Disney and the Agents.

 

(b)                                  Change
in accounting methods

 

Subject to article 3.1
(Performance Indicator determination), in the event of any change in accounting
principles and rules used by reference to those used in preparing the
consolidated accounts for the Financial Year ended 30 September of year
N-1 and, in particular, with effect from the first Financial Year during which
IAS will be applied by Euro Disney, Euro Disney 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.

 

24

 

In addition,
in support of each change in accounting principles and rules, Euro Disney’s
management will supply to the Agents a note (i) describing the nature of the
changes in accounting principles and rules, (ii) explaining the methodology
applied to effect the changes in the accounts and the calculation of the
Financial Undertakings and (iii) setting out the detailed calculation of the
changes effected in the accounts and the Financial Undertakings.

 

(c)                                   Partnership
structure

 

By reason of
the implementation of the Partnership Structure, the provisions of this article 5.5
will, if necessary, be adapted to take into account the transformation firstly
of Euro Disney into a holding company and secondly of Euro Disney Associés into
an operating company.

 

(d)                                  Transmission

 

The documents
and data which are the subject of the information undertakings will be
communicated to the Agents electronically as well as by way of a paper copy to
each Agent.

 

(B)                             Annual information

 

Maintenance of
existing provisions except in respect of:

 

(a)                                  balance sheet and profit and loss accounts for each SNC: they will
henceforth be provided within the applicable legal deadlines except as regards
the tax result the amount of which shall be supplied within 30 days after the
end of the relevant Financial Year;

 

(b)                                 Long-Term Forecast (LTF): 60 days after the end of the Financial
Year;

 

(i)                                    new format to be defined in respect of the operations, cash-flow and
investments (authorised investments and development investments) of the Euro
Disney Group, including, in particular, commentaries supporting the operational
assumptions;

 

(ii)                                 Euro Disney will deliver the LTF to the Agents by way of an excel
data file with a paper copy;

 

(iii)                              the drivers of the computer model used by Euro Disney will have to
interface with the LTF excel file and be consistent with a derivative of the “Mozart”
model used for the purposes of the restructuring negotiations; this “Mozart”
derivative model will be updated by Euro Disney in case of changes in
accounting principles and rules;

 

(iv)                               the Revised Business Plan shall form part of the LTF;

 

(c)                                  statement of TWDC expenditure: annual instead of semi-annual, this
statement will have to be detailed with precise explanations as to the nature
of each expenditure and, in particular, 
expenditure relating to investments made during the Financial Year just
ended;

 

25

 

(d)                                 statement of investments realised: procedure for the CAPEX
follow-up  (including major fixed assets
renovations);

 

(e)                                   projected
12 month investment plan: 60 days after the end of the Financial Year;

 

(f)                                    Performance Indicator Report in accordance with article 3.1
(Performance Indicator determination);

 

(g)                                 unaudited consolidated accounts (US GAAP): replaced by the supply of
form 20-F, 180 days after the end of the Financial Year (i.e. not later than 31
March of the Financial Year N +1).

 

(C)                             Semi-annual
information

 

Maintenance of
existing provisions except in respect of:

 

(a)                                   unaudited SNC accounts: to be deleted;

 

(b)                                  statement of expenditure: to be deleted (see paragraph (B) (b)
above);

 

(c)                                  balance sheets and profit and loss accounts of subsidiaries other
than Main Subsidiaries: to be deleted.

 

(D)                            Quarterly
information

 

Maintenance of
existing provisions except in respect of:

 

(a)                                  quarterly report (format to be defined) relating to the operations,
cash-flow and investments (authorised investments and development investments)
of the Euro Disney Group showing actual performance as against budget and the
corresponding information for previous years;

 

(b)                                 quarterly report on the development investments: development
investments will be the subject of a report in accordance with article 5.5.3
(Investments) paragraph (b)(i) in the case of the 2005-2009 programme and (b)
(ii) in the case of other development investments;

 

(c)                                  supply of a monthly cash-flow forecast for the next 12 months in a
format to be defined, updated quarterly as follows: the first cash-flow
forecast for any Financial Year shall be supplied at the same time as Euro
Disney’s annual operation and investment budget for such Financial Year; the
forecast shall be established on the basis of the said budget and shall cover
the 12 months of the said Financial Year; subsequent cash-flow forecasts shall
be supplied within 30 days after the end of each of the first, second and third
quarters of such Financial Year and will cover the next 12 months (on the basis
of the annual budget, updated as the case may be, and the Revised Business
Plan) and the months expired since the beginning of such Financial Year.

 

26

 

(E)                              Expert

 

(a)                                  the missions of the Expert will remain based on those defined in article 4
of the Agreement with the Independent Expert; to the extent possible, the
recurrent missions will be reasonably simplified and be limited to:

 

(i)                                    providing an annual report on the LTF, the Revised Business Plan,
the performance during the Financial Year just ended, the budget, the
Performance Indicator Report and, if relevant, the pro forma Performance
Indicator and the treatment of changes to accounting principles and rules;

 

(ii)                                 auditing the Agreed Computer Model as well as any subsequent
amendment thereto;

 

(iii)                              verifying performance of the Financial Undertakings;

 

(iv)                             providing a quarterly report on the development investments with a
level of detail per attraction and per expense item identical to that provided
in schedule 5; this will be a light review, of a due diligence type,
covering the followings aspects: progress, budget, calendar and specific
problems; this will include site visits and exchanges between the Expert and
Euro Disney’s specialised teams.

 

(b)                                 the amendments resulting from the provisions of this article 5.5
shall be determined with the assistance of the Expert.

 

5.5.2                     Financial
Undertakings

 

(a)                                   deletion of Gross Operating Profit Ratio; and

 

(b)                                 specification of a new debt coverage ratio which will take into
account all cash related items, be calculated annually (on an actual and
forecast basis) and applicable until repayment in full of the Bank Debt
Agreements and the CDC Second Park Agreements.

 

5.5.3                     Investments

 

Maintenance of
existing provisions except in respect of:

 

(a)                                   authorised investments (article 3.2 of the Covenants)

 

(i)                                    expenditures for major fixed asset renovations will be included in
authorised investments;

 

(ii)                                 renovations, reconstructions and repairs financed by insurance
proceeds up to € 10 million per Financing Year will not be taken into
account in the calculation of authorised investments;

 

27

 

(iii)                              in the case of Financial Years 2005 to 2009 inclusive: fixed amounts
in absolute value and as a percentage for each Financial Year N as specified in
schedule 4 with a readjustment of the amount allowed for Financial Year N
+ 1 by reference to the realised turnover (excluding income from Participants)
and the percentage applicable to Financial Year N;

 

(iv)                             in the case of subsequent Financial Years:

 

•                  the amount
authorised for Financial Year N will be equal to 5% of the turnover (excluding
income from Participants) of the prior Financial Year (N – 1), without
exceeding 25% of the Performance Indicator (after Royalties and Management Fees
actually paid) for such Financial Year N - 1;

 

•                  in the event that in
respect of any Financial Year, interest payable to CDC in respect of the CDC
Second Park Loans were to be deferred in full pursuant to article 3.3.3
(Financial Years 2005 to 2014), Euro Disney and the Agents will agree a new
authorised investments budget for the following Financial Years; failing
agreement within 30 days following delivery to the Agents of the Performance
Indicator Report approved by the Expert, the new budget shall be set at 3 per
cent of the realised turnover (excluding income from Participants) for the
relevant Financial Year;

 

(b)                                 development
investments

 

(i)                                    2005-2009 programme:

 

the
definition, the manner of implementing and the carrying out of development
investments which Euro Disney intends to make during the 2005 to 2009 Financial
Years will be followed up by the Expert. These investments are those programmed
by Euro Disney and on the basis of which it has prepared its business plan
dated 26 November 2003. These investments, as well as the use of
contingencies  and the allocation of the
budget as between development investments and contingencies, shall be the
subject of a quarterly follow-up report (as defined in paragraph (D)(b) of article 5.5.1
(Information Undertakings)) with a level of detail per attraction and per
expenditure identical to that provided for in schedule  5. This report
will be reviewed by the Expert. Any savings on an asset shall be available to
finance additional investments on new assets. Upon completion of each
development investment, Euro Disney shall supply a completion report (in the
same form as that of the quarterly report) not later than 3 months after
opening to the public. With effect from the delivery of such report, Euro
Disney may no longer commit to any further expenditure constituting development
investment in respect of the relevant investment;

 

28

 

(ii)                                 other development investments: in addition to the provisions of article 3.11
of the Covenants, these investments will be treated in the same manner as those
included in the 2005-2009 programme as provided in paragraph (i) above.

 

5.5.4                     Indebtedness

 

Maintenance of
existing provisions except that the Euro Disney Group may enter into crédit-bail or financial lease agreements intended to
finance investments authorised pursuant to paragraph (a) of article 5.5.3
(Investments)  in a maximum amount of €
10 million per annum without the aggregate outstanding amount exceeding
€ 50 million.

 

ARTICLE 6 - MAINTENANCE OF TWDC’s INTEREST IN EURO DISNEY’s SHARE CAPITAL

 

TWDC
undertakes to retain at least 39% of the share capital of Euro Disney until 31
December, 2016.

 

ARTICLE 7 - MISCELLANEOUS

 

7.1                              Transitional period

 

7.1.1                     Standby Revolving
Credit Facility

 

Upon 9th June,
2004, the maturity date of the Standby Revolving Credit Facility shall be
deferred until the date falling on the 5th Business Day after the expiry of the
one month period referred to in article 7.3 (Waiver Extension), the other
terms of the Standby Revolving Credit Facility remaining unchanged, subject to article 3.5
(Standby Revolving Letter of Credit).

 

With effect
from the Signature Date, provided it occurs prior to the expiry of the said
one-month period, the maturity date of the Standby Revolving Credit Facility
shall be deferred until 30 June, 2005, the other terms thereof remaining
unchanged, subject to article 3.5 (Standby Revolving Letter of Credit).

 

Until the
Effective Date, the Standby Revolving Credit Facility may be the subject of new
drawings provided that the amount outstanding thereunder shall at no time fall
below € 110 million and shall be reduced to € 110 million at the
Effective Date.

 

7.1.2                     Guarantee
Deposits

 

Subject to article 7.1.4
(Debt service under the Bank Debt Agreements), the aggregate amount of the
Guarantee Deposits (€ 100 million) together with all interest accrued
thereon (which shall, subject to the provisions of the said article be
paid to Euro Disney on the Share Capital Increase Date) shall remain at that
level from the Signature Date until the Share Capital Increase Date.

 

29

 

7.1.3                     CDC Second
Park  Agreements

 

No interest
payment under the CDC Second Park Agreements in respect of the years 2001 to
2003, (being the amounts including accrued interest referred to in article 3.3.2
(Deferred interest)), may be made:

 

(a)                                  between the Approval Date and the date falling on the 5th Business
Day after the expiry of the one month period referred to in article 7.3
(Waiver Extension); and

 

(b)                                 with effect from the Signature Date until 30 June, 2005.

 

7.1.4                     Debt service
under the Bank Debt Agreements

 

(a)                                  The Bank Debt Agreements shall continue to be serviced (principal,
interest, fees, costs and related amounts) in the usual way by the Borrowers
until the Share Capital Increase Date subject to paragraphs (b) and (c) below.

 

(b)                                 However, with effect from 1 October 2004, principal amounts due
under the Phase IA Credit Facility Agreement and the Phase IB Credit Facility
Agreement shall be paid as follows: the Phase IA Agent and the Phase IB Banks
Agent, acting on behalf of the relevant creditors, shall partially release the
Guarantee Deposits, in amounts equal to principal instalments as and when they
fall due. CDC  agrees to such release
subject to all obligations to CDC referred to in paragraph (c) below having
been complied with. The Parties expressly agree that the amounts so released
shall simultaneously be applied by the Phase IA Agent and the Phase IB Banks
Agent, acting on behalf of Euro Disney, EDLH and the relevant creditors to
payment of such principal instalments. It is expressly agreed that principal
debt service referred to in this paragraph and prepayments referred to in article 5.1.1.
(Phase IA Credit Facility Agreement – Phase IB Credit Facility Agreement –
Phase IB Advances Agreement (tranche C)) shall not exceed the Guarantee Deposit
amounts (excluding interest) at the Approval Date, namely, €100 million.

 

(c)                                  Until the Share Capital Increase Date, principal amounts due under
the CDC Loan Agreements will be paid as follows:

 

(i)                                    as regards the CDC Ordinary Loans to Euro Disney, Euro Disney will
repay principal instalments, up to the amount due to CDC, out of interest
accrued on the Guarantee Deposits until 30 October, 2004. Upon that date and to
that end, the Phase IA Agent and the Phase IB Banks Agent, acting for the
account of the relevant creditors, shall partially release accrued interest on
the Guarantee Deposits, up to the amount due by Euro Disney to CDC; in the
event of the amount of such interest being less than the amount due to CDC,
Euro Disney will pay such shortfall;

 

30

 

(ii)                                 as regards CDC Ordinary Loans to Euro Disneyland and CDC Junior
Loans to Euro Disney and Euro Disneyland, payment of principal instalments
shall be deferred until the Share Capital Increase Date; as security for its
payment obligation in respect of the principal amounts so deferred, Euro Disney
will constitute a cash pledge (gage-espèces);
CDC will release such cash pledge on the Share Capital Increase Date and its
restitution obligation will be set off against Euro Disney’s payment obligation
in respect of the deferred principal amounts on that date.

 

7.2                              Commission – costs

 

7.2.1                     Commission

 

Euro Disney
shall pay to the Creditors other than CDC in respect of the financial
restructuring envisaged by the Memorandum of Agreement a global commission,
excluding any value added tax thereon, of 0.80% of the aggregate outstanding
amount at the Effective Date under the Phase IA Credit Facility Agreement, the
Phase IB Credit Facility Agreement and the Phase IB Advances less the amounts
prepaid pursuant to article 5.1.1 (Phase IA Credit Facility Agreement -
Phase IB Credit Facility Agreement - Phase IB Advances Agreement (tranche c)).

 

Such
commission, excluding any value added tax thereon, shall be payable to the
Agents other than CDC as to 0.20% on the Effective Date and as to 0.60% at the
Share Capital Increase Date.

 

Euro Disney
will pay to each Phase IA Partner a restructuring commission of € 10,000 and to
CDC a restructuring commission of € 65,000 on the Effective Date, in each case
excluding any value added tax thereon.

 

7.2.2                     Costs

 

All reasonable
costs relating to the preparation, negotiation, signature and implementation of
the Memorandum of Agreement, including legal fees and the fees of KPMG, Secor
and Imaginvest, as experts, in particular, incurred in respect of bank
meetings, shall be borne by Euro Disney.

 

Payment will
be made within 30 days after receipt of the relevant invoice.

 

7.3                              Waiver extension

 

Upon the
majority requirements provided for in the Bank Debt Agreements being met,  the waiver referred to in paragraph (B) of
the preamble shall be extended one month and, after approval of the Memorandum
of Agreement, until the Effective Date. With effect from such approval, in the
event of non-compliance by the Borrowers with their financial undertakings
under the Covenants in respect of the Financial Year 2004, the Creditors hereby
agree during such extension not to invoke against the Borrowers any event of
default arising by reason of such non-compliance.

 

31

 

So long as the
waiver referred to in paragraph (B) of the preamble remains effective, and
notwithstanding any contrary provision in the Bank Debt Agreements, the implementation
by the Borrowers of the transactions provided for in the Memorandum of
Agreement in accordance with the provisions thereof shall not constitute an
event of default or a potential event of default under the Bank Debt
Agreements.

 

7.4                              Agents’ powers

 

The Agents are
hereby irrevocably and unconditionally authorised by all the Lenders to accept,
in their name and on their behalf, to agree with the Parties other than the
Lenders (i) to defer for up to one month the date specified in article 7.7
(Termination) in the event that further time is required for practical reasons
to implement the provisions of the Memorandum of Agreement, (ii) to defer for
up to one month the date of 1 November 2004 specified in the
definition of Effective Date and (iii) such adjustments as may be useful or
necessary to the Partnership Structure.

 

7.5                              Unity of Memorandum

 

The Memorandum
of Agreement constitutes an indivisible whole of which no clause may be amended
without the prior agreement of all Parties or pursuant to article 7.4
(Agents’ powers).

 

7.6                              Entire agreement

 

The Memorandum
of Agreement constitutes the entire agreement between the Parties relating to
the financial restructuring of the Euro Disney Group and accordingly supersedes
and cancels any prior document relating thereto.

 

7.7                              Termination

 

In the event
of the Share Capital Increase Realisation not taking place or the Partnership
Structure not being implemented by 31 March 2005:

 

(a)                                  the Parties shall consult each other during 30 days with a view to
finding a solution;

 

(b)                                 failing agreement at the expiry of such period, the provisions of Article 3.1
(Performance Indicator determination), 3.2 (Royalties and Management Fees),
3.3.1 (Deferral), 3.3.2 (Deferred interest), 3.3.3 (Financial Years 2005 to
2014), 3.5 (Standby Revolving Credit Facility), 4.1 (New Credit Line) other
than paragraph (h), 4.2 (Share capital increase), 5.3 (Investments), 5.5
(Covenants), 6 (Maintenance of TWDC’s interest in Euro Disney’s share capital),
7.1.2 (Guarantee Deposits), 7.1.4 (Debt service under the Bank Debt Agreements)
7.3 (Waiver extension), 7.4 (Agents’ Powers) and 7.5 (Unity of Memorandum)
shall terminate. Such termination will be effective as from the expiry of the
said 30-day period.

 

7.8                              Release of TWDC

 

In the event
of the Share Capital Increase Realisation and with effect from the Share
Capital Increase Date:

 

32

 

(i)                                     in consideration of TWDC’s participation in the Euro Disney Group’s
financial restructuring, each of the Creditors hereby waives all rights,
claims, or causes of action which it may now or hereafter have against TWDC or
any of its officers, directors or employees by reason of any act or omission prior
to the Signature Date in respect of Euro Disneyland in France (as defined in
the Master Agreement); and

 

(ii)                                  each of the Creditors acknowledges and agrees that neither TWDC nor
any of its officers, directors or employees is or will be considered, by reason
of participating in any transaction comprised in the Euro Disney Group’s
financial restructuring, to be a guarantor of or surety for Euro Disney under
the Bank Debt Agreements.

 

7.9                              Steering Committee

 

The Parties
acknowledge that the approval of the Memorandum of Agreement by any member of
the Steering Committee is only granted by reason of its participation in that
working group established by the Lenders’ agents in connection with the Euro
Disney Group’s financial restructuring.

 

Each member of
the Steering Committee which has signed the Memorandum of Agreement undertakes
to present, acting as Lender or sub-participant, the Euro Disney Group’s
financial restructuring to its credit committee as soon as possible.

 

7.10                       Confidentiality

 

Except for the
press releases referred to in the paragraph below, the Parties undertake to
maintain the terms of the Memorandum of Agreement strictly confidential unless
otherwise required by any administrative authority or pursuant to applicable
regulations including to allow Euro Disney to comply with its legal obligations
as to information and consultation of employee representatives.

 

Euro Disney
will consult the Agents prior to any release (press or otherwise) relating to
the existence or the contents of the Memorandum of Agreement. This article shall
not prevent (i) a Lender from supplying a copy of the Memorandum of Agreement
to any transferee subject to such transferee undertaking to comply with this article or
(ii) a member of the Steering Committee from discussing the Memorandum of
Agreement with any other creditor of the Euro Disney Group subject to such
creditor undertaking to comply with this article.

 

7.11                       Applicable law

 

The Memorandum
of Agreement is governed by French law.

 

33

 

7.12                       Language

 

The Memorandum
of Agreement is drafted in the French language which shall be the sole
governing version. An English language translation will be made for information
only.

 

Made in
Paris on 8 June, 2004

 

in 8
original counterparts

 

34

 

	
  Euro
  Disney S.C.A

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Euro
  Disneyland S.N.C

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  EDL
  Hôtels S.C.A.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Hôtel
  New York Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  

 

35

 

	
  Newport
  Bay Club Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Sequoia
  Lodge Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Cheyenne
  Hôtel Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Hôtel
  Santa Fe Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  

 

36

 

	
  Centre
  de Divertissements Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The
  Walt Disney Company

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Caisse
  des Dépôts et Consignations

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BNP
  Paribas

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  

 

37

 

	
  CALYON

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE
  STEERING COMMITTEE 

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BNP
  Paribas

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CALYON

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Natexis
  Banques Populaires

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  

 

38

 

	
  Bayerische
  Hypo-Und Vereinsbank AG

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Allied
  Irish Banks plc

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  

 

39

 

Schedule 1

List of Banks and Lenders

 

	
  Phase IA
  Banks

  
	
   

  
	
  BANCO
  SANTANDER HISPANO

  
	
   

  
	
  BANK OF
  SCOTLAND

  
	
   

  
	
  BANQUE FEDERATIVE
  DU CREDIT MUTUEL

  
	
   

  
	
  BAYERISCHE
  HYPO- UND VEREINSBANK

  
	
   

  
	
  BANK OF
  AMERICA

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  BRED

  
	
   

  
	
  CALYON

  
	
   

  
	
  CREDIT INDUSTRIEL ET COMMERCIAL

  
	
   

  
	
  CITIBANK
  N.A.

  
	
   

  
	
  CREDIT AGRICOLE SA

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  CSFB

  
	
   

  
	
  DEUTSCHE
  BANK

  
	
   

  
	
  DRESDNER
  BANK

  
	
   

  
	
  GOLDMAN
  SACHS PARIS INC

  
	
   

  
	
  ING BANK NV
  AMSTERDAM

  
	
   

  
	
  JP MORGAN
  CHASE

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  SCOTIABANK

  

 

40

 

	
  Phase
  IA Partners

  
	
   

  
	
  AXA BANQUE

  
	
   

  
	
  BANQUE HERVET

  
	
   

  
	
  BANQUE NSMD

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  BRED

  
	
   

  
	
  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 AGRICOLE SA

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  CREDIT INDUSTRIEL ET COMMERCIAL

  
	
   

  
	
  CREDIT LOCAL DE FRANCE (DEXIA)

  
	
   

  
	
  EURODISNEYLAND PARTICIPATIONS

  
	
   

  
	
  FORTIS

  
	
   

  
	
  KODAK PATHE

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  SOCIETE DU LOUVRE

  
	
   

  
	
  SOFINCO

  

 

41

 

	
  Phase
  IB Banks

  
	
   

  
	
  BANCO DE SABADELL

  
	
   

  
	
  BANCO
  SANTANDER CENTRAL HISPANO

  
	
   

  
	
  BANK OF
  AMERICA

  
	
   

  
	
  BANQUE FEDERATIVE DU CREDIT MUTUEL

  
	
   

  
	
  BANQUE SAN PAOLO

  
	
   

  
	
  BARCLAYS

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  CAISSE D’EPARGNE DE PARIS

  
	
   

  
	
  CALYON

  
	
   

  
	
  CITIBANK

  
	
   

  
	
  CREDIT INDUSTRIEL ET COMMERCIAL

  
	
   

  
	
  CREDIT SUISSE
  FIRST BOSTON

  
	
   

  
	
  DEUTSCHE
  BANK

  
	
   

  
	
  DRESDNER

  
	
   

  
	
  GOLDMAN
  SACHS

  
	
   

  
	
  HYPOVEREINSBANK

  
	
   

  
	
  MERRIL LYNCH

  
	
   

  
	
  MORGAN STANLEY

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  YASUDA TRUST
  (MIZUHO)

  

 

42

 

	
  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

  
	
   

  
	
  CALYON

  
	
   

  
	
  CASDEN BANQUES POPULAIRES

  
	
   

  
	
  CREDIT AGRICOLE SA

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  CREDIT LOCAL DE FRANCE (DEXIA)

  
	
   

  
	
  FORTIS

  
	
   

  
	
  J.P. MORGAN

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  SOCIETE DU LOUVRE

  
	
   

  
	
  SOFINCO

  

 

43

 

English translation for information only

 

SCHEDULE  2

 

REFERENCE PERFORMANCE INDICATOR SEQUENCES

 

	
  Financial
  Year

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  	
  2010

  	
   

  	
  2011

  	
   

  	
  2012

  	
   

  	
  2013

  	
   

  	
  2014

  	
   

  
	
   

  	
   

  	
  €
  millions

  	
   

  
	
  Reference Performance Indicator n°1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  282.5

  	
   

  	
  305.4

  	
   

  	
  313.1

  	
   

  	
  317.2

  	
   

  	
  340.6

  	
   

  	
  352.7

  	
   

  	
  365.8

  	
   

  	
  380.6

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reference Performance Indicator n°2

  	
   

  	
  230.6

  	
   

  	
  263.9

  	
   

  	
  257.5

  	
   

  	
  280.4

  	
   

  	
  288.1

  	
   

  	
  292.2

  	
   

  	
  315.6

  	
   

  	
  327.7

  	
   

  	
  340.8

  	
   

  	
  355.6

  	
   

  

 

44

 

Schedule 3

Repayment schedules

 

[Outdated
schedule]

 

Schedule 4

 

Authorised investments

 

	
   

  	
   

  	
  FY05

  	
   

  	
  FY06

  	
   

  	
  FY07

  	
   

  	
  FY08

  	
   

  	
  FY09

  	
   

  
	
  Amount (€ millions)

  	
   

  	
  81.7

  	
   

  	
  62.3

  	
   

  	
  51.8

  	
   

  	
  51.5

  	
   

  	
  68.7

  	
   

  
	
  %*

  	
   

  	
  7.38

  	
  %

  	
  5.36

  	
  %

  	
  4.18

  	
  %

  	
  3,87

  	
  %.

  	
  4.98

  	
  %

  

 

* percentage of sales (excluding Participants’ income)

 

45

 

Schedule 5

 

08/06/2004

 

	
   

  	
   

  	
  YEAR

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  
	
  Detailed table for each principal
  attraction

  	
   

  	
  TOTAL
  (in ME)

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  
	
  Attraction 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/ Construction costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Buildings (including civil works and site filling out) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scenery elements (show) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction (mechanics) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Projects development and management costs 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  General costs (insurance, guarantee,...) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Software

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sub total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/ Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/ Contingencies

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/ Capitalised interests

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of which billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Expensed opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 2

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/ Construction costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Buildings (including civil works and site filling out) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scenery elements (show) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction (mechanics) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Projects development and management costs 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  General costs (insurance, guarantee,...) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Software

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sub total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/ Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/ Contingencies

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/ Capitalised interests

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of which billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Expensed opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 3

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1/ Construction costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Buildings (including civil works and site filling out) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scenery elements (show) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction (mechanics) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Projects development and management costs 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  General costs (insurance, guarantee,...) 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Software

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sub total

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/ Capitalised opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/ Contingencies

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4/ Capitalised interests

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Of which billed by TWDC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Expensed opening costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Specific line item for each
  attraction costing more than € 2 million

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attraction 1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total cost

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Attraction 2 ...

 

46

 

Annex 6

 

STRICTLY
CONFIDENTIAL

 

1.                                       The proposed contribution  by
Euro Disney SCA to Euro Disney Associés of assets and liabilities (the “Contribution”)
would be subject to the conditions set forth in paragraph 2 below.

 

Outstanding stock options as of the date of the Contribution and
contingent obligations under existing stock option plans of Euro Disney SCA as
of the date of the Contribution would be excluded from the Contribution.

 

Euro Disney
SCA and Euro Disney Associés would elect in accordance with Article L.236-22
of the French Commercial Code that the Contribution be subject to the “spin off
regime” (régime des scissions) provided for in
Articles L.236-16 to L.236-21 of the French Commercial Code and Article 210B
of the French General Tax Code.

 

2.                                       The Contribution would be subject to the following conditions
precedent:

 

(i)  shareholder approvals (as to which approval
TWDC will take all reasonable steps to obtain the favorable vote of Euro Disney
Associés and of any company which it controls directly or indirectly and which
is a shareholder of, or partner in, Euro Disney SCA);

 

(ii)  formal, final and legally binding
confirmation by the AMF that no mandatory tender offer (offre
publique de retrait) will be required as a result of, or following,
the Contribution (as to which it is noted that any formal confirmation issued
by the AMF on this matter will be appealable before the Paris Court of Appeals
for ten days after its publication in the Bulletin des Annonces
Légales Obligatoires and that it will not be considered final and
legally binding unless and until such time has expired without any appeal being
filed or, in case of such an appeal, unless and until a final unappealable
decisions has been rendered confirming that no mandatory tender offer will be
required);

 

47

 

(iii)  written and unconditional confirmation by the
French tax authorities that (a) the contribution by EDI and EDS of their
interest in Euro Disney Associés to two newly formed sociétés par
actions simplifiées will be taxed as described in the letter of February 4,
2004 from Euro Disney SCA and Euro Disney Associés to the French tax
authorities; (b) Article 210A and 210B of the French General Tax Code will
apply to the Contribution notwithstanding the transformation of Euro Disney
Associés into a société en commandite par actions;
(c) certain French tax rulings issued prior to the Contribution will remain
effective thereafter; and (d) the transfer of tax losses by Euro Disney SCA to
Euro Disney Associés are approved (agréés) by the Direction Générale des Impôts (as to which Euro Disney SCA
and Euro Disney Associés have kept the French tax authorities informed of the
proposed terms of the Contribution and certain related transactions);

 

(iv)  approval of the Contribution by the
Supervisory Board (conseil de surveillance)
of Euro Disney SCA;

 

(v)  execution of the required amendment to the
Master Agreement; and

 

(vi)  consent of any party to any material
agreement with Euro Disney SCA the consent of which is required in accordance
with the term of such agreement for the continuation of such agreement
following its contribution by Euro Disney SCA to Euro Disney Associés.

 

3.                                       Prior to the Contribution, the following steps are expected to be
taken:

 

(i)  EDI and EDS would capitalize all or part of
their advances to Euro Disney Associés either by subscribing for a reserved
equity offering of Euro Disney Associés or by contributing their receivable to
Euro Disney Associés in consideration of Euro Disney Associés equity;

 

(ii)  Euro Disney Associés would be transformed
into a société en commandite par actions;

 

48

 

(iii)  EDI and EDS would contribute their interests
in Euro Disney Associés to two newly formed sociétés par actions
simplifiées, each of which would become general partner (associé commandité)(1) and shareholder (associé commanditaire of Euro Disney Associés); and

 

(iv)  the conditional sale (Acte de
Cession de Part Sociale sous Condition Suspensive) dated June 30,
1994 between EDS and Disney Enterprises, Inc. (formerly known as The Walt
Disney Company) relating to one share in Euro Disney Associés will be
unconditionally cancelled and terminated without any liability for any of the
parties thereto.

 

4.                                       As a result of the Contribution, certain measures, transactions and
determinations contemplated in connection with the financial restructuring of
Disneyland Resort Paris to be implemented by, or related to, Euro Disney SCA
(including without limitation in connection with Management Fees and royalties
under the License Agreement, the new Working Capital Facility and the exisiting
Standby Line of Credit) may instead be implemented by, or determined in
relation to, Euro Disney Associés as successor to Euro Disney SCA.

 

5.                                       The Contribution and the related reorganization may be subject to
such adjustments and modifications as may be necessary to ensure the
feasibility thereof; provided that no such adjustment or modification shall
have the effect of undermining the intent or purpose of any material terms or
provisions of the Memorandum of Agreement of June 8, 2004.

 

(1)            In addition to EDI and EDS, a wholly-owned subsidiary of Euro Disney
SCA may become general partner (associé commandité) of Euro Disney Associés.

 

49

 

The
undersigned parties acknowledge that the Memorandum of Agreement relating to
the restructuring of the Euro Disney group, signed by The Walt Disney Company,
Euro Disney SCA, Euro Disneyland S.N.C, EDL Hôtels S.C.A., Hôtel New York
Associés S.N.C., Newport Bay Club Associés S.N.C., Sequoia Lodge Associés
S.N.C., Cheyenne Hôtel Associés S.N.C., Hôtel Santa Fe Associés S.N.C., Centre
de Divertissements Associés S.N.C., Caisse des Dépôts et Consignations on 8
June, 2004 and approved by the Steering Committee on that date, as amended by
inserting the amendments proposed by the Borrowers in the letter from Euro
Disney SCA dated 20 September, 2004, Annex 1 thereto and the schedule headed
“CDC senior loans interest increase” attached to such annex, is, after receipt
(i) of letters from The Walt Disney Company dated 29 September, 2004 and from
Caisse des Dépôts et Consignations dated 20 September, 2004 formally accepting
such amendments and (ii) of the letters from BNP Paribas and Calyon, in their
capacity as Phase IA Banks Agent, IA Partners Agent, Phase IB Banks Agent and
Phase IB Lenders Agent relating to the approval by the Phase IA Banks, the IA
Partners, the Phase IB Banks and the Phase IB Lenders, representative of the
agreement of all parties to the Memorandum of Agreement as so amended, the
provisions of which bind each of them.

 

Any reference
to the Memorandum of Agreement dated 8 June, 2004 shall be construed as a reference
to the Memorandum of Agreement as so amended.

 

All the
documents referred to above are attached to this letter.

 

Capitalised
terms used in this letter have the meaning attributed thereto in the Memorandum
of Agreement.

 

Made in
Paris, on 30 September, 2004

in 8 original counterparts

 

	
  Euro
  Disney S.C.A

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Jeffrey
  R. Speed

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Euro
  Disneyland S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Dominique
  Le Bourhis

  	
   

  

 

50

 

	
  EDL
  Hôtels S.C.A.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Jeffrey
  R. Speed

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Hôtel
  New York Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Dominique
  Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Newport
  Bay Club Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Dominique
  Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Sequoia
  Lodge Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Dominique Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Cheyenne
  Hôtel Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Dominique Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Hôtel
  Santa Fe Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Dominique Le Bourhis

  	
   

  

 

51

 

	
  Centre
  de Divertissements Associés S.N.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by Dominique
  Le Bourhis

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The
  Walt Disney Company

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Caisse
  des Dépôts et Consignations

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BNP
  Paribas

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  acting in
  its capacity as Agent for and on behalf

  of the Phase IA Banks listed in Annex 1 hereto

  by Christophe Rousseau and Martine Aubert

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CALYON

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  acting in
  its capacity as Agent for and on behalf

  of the Phase IB Banks, the Phase IB Lenders

  and the IA Partners listed in Annex 1 hereto

  by

  	
   

  

 

52

 

ANNEX 1

 

List
of Banks and Lenders

 

	
  Phase IA
  Banks

  
	
   

  
	
  BANCO
  SANTANDER HISPANO

  
	
   

  
	
  BANK OF
  SCOTLAND

  
	
   

  
	
  BANQUE
  FEDERATIVE DU CREDIT MUTUEL

  
	
   

  
	
  BAYERISCHE
  HYPO- UND VEREINSBANK

  
	
   

  
	
  BANK OF
  AMERICA

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  BRED

  
	
   

  
	
  CALYON

  
	
   

  
	
  CIC

  
	
   

  
	
  CITIBANK
  N.A.

  
	
   

  
	
  CREDIT AGRICOLE SA

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  CSFB

  
	
   

  
	
  DEUTSCHE
  BANK

  
	
   

  
	
  DRESDNER
  BANK

  
	
   

  
	
  GOLDMAN
  SACHS PARIS INC

  
	
   

  
	
  ING BANK NV
  AMSTERDAM

  
	
   

  
	
  JP MORGAN
  CHASE

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  SCOTIABANK

  

 

53

 

	
  IA
  Partners

  
	
   

  
	
  AXA BANQUE

  
	
   

  
	
  BANQUE HERVET

  
	
   

  
	
  BANQUE NSMD

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
  BRED

  
	
   

  
	
  CAISSE REGIONALE DU CREDIT AGRICOLE MUTUEL DE LA BRIE

  
	
   

  
	
  CAISSE REGIONALE DU CREDIT AGRICOLE MUTUEL PARIS ILE DE FRANCE

  
	
   

  
	
  CALYON

  
	
   

  
	
  CREDIT AGRICOLE SA

  
	
   

  
	
  CASDEN BANQUES POPULAIRES

  
	
   

  
	
  CREDIT INDUSTRIEL ET COMMERCIAL

  
	
   

  
	
  COMPAGNIE FINANCIERE DE ROTHSCHILD

  
	
   

  
	
  CREDIT FONCIER DE FRANCE

  
	
   

  
	
  CREDIT LOCAL DE FRANCE (DEXIA)

  
	
   

  
	
  FORTIS

  
	
   

  
	
  EURODISNEYLAND PARTICIPATIONS

  
	
   

  
	
  KODAK PATHE

  
	
   

  
	
  NATEXIS BANQUES POPULAIRES

  
	
   

  
	
  SOCIETE DU LOUVRE

  
	
   

  
	
  SOFINCO

  

 

54

 

	
  Phase
  IB Banks

  
	
   

  
	
  BANCO DE SABADELL

  
	
   

  
	
  BANCO
  SANTANDER CENTRAL HISPANO

  
	
   

  
	
  BANK OF
  AMERICA

  
	
   

  
	
  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)

  

 

55

 

	
  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

  
	
   

  
	
  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

  

 

56

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]