Document:

<PAGE>
EXHIBIT 10.1

                     SETTLEMENT AGREEMENT AND MUTUAL RELEASE
                     ---------------------------------------

         This Agreement is made as of June 6, 2003, by and between Telenetics
Corporation ("Telenetics") on the one hand, and Comtel Electronics, Inc. dba
Corlund Electronics - Tustin ("Corlund - Tustin") and Corlund Electronics
Corporation dba Corlund Electronics - Camarillo ("Corlund - Camarillo"), on the
other hand, as follows:

                                    RECITALS
                                    --------

         A. On or about February 21, 2003, Telenetics commenced against Corlund
- Tustin and Corlund - Camarillo the litigation styled TELENETICS CORPORATION V.
COMTEL ELECTRONICS, INC., ET AL., Orange County Superior Court Case No.
03CC03611.. (Hereinafter, the above-referenced litigation , including
Telenetics' Complaint and Corlund - Tustin's Cross-Complaint, shall be referred
to as the "Litigation.") On or about April 7, 2003, Corlund - Tustin filed a
cross-complaint against Telenetics. The Litigation is presently pending.

         B. The parties hereto desire to settle and resolve the Litigation as
well as all disputes and other matters between Telenetics on the one hand, and
Corlund - Tustin and Corlund - Camarillo, on the other hand.

         NOW THEREFORE, in consideration of the foregoing, and for other
valuable consideration, the sufficiency of which is hereby acknowledged, the
parties agree as follows:

                                   AGREEMENT
                                   ---------

         1. PAYMENT BY TELENETICS. Telenetics shall pay to Corlund - Tustin the
sum of $1,000,000. Payments shall be made as follows:

         (i) Telenetics shall pay the sum of $500,000 on or before June 20,
2003;

         (ii) Telenetics shall pay the sum of $250,000 on or before July 21,
2003 (provided, however that such payment shall be deemed timely made if
actually received on or before July 28, 2003); and

         (iii) Telenetics shall pay the sum of $250,000 on or before August 20,
2003 (provided, however that such payment shall be deemed timely made if
actually received on or before August 27, 2003).

         2. ADDITIONAL PAYMENT BY TELENETICS. On or before November 13, 2003,
Telenetics shall pay to Corlund - Tustin an additional sum (presently estimated
to be approximately $500,000) equal to the amount by which accounts of
Telenetics that were specifically assigned pursuant to that certain agreement
entitled "Assignment of Accounts Receivable" and dated September 7, 2001 (as
supplemented from time-to-time with additional assigned accounts) and that have
been or will be collected by Telenetics exceeds the sum of $1,000,000. (Such
payment shall be deemed timely made if actually received on or before November
20, 2003). The amount to be paid by Telenetics pursuant to this section 2 shall
be reduced by an amount equal to any collections by Corlund - Tustin on accounts
not specifically assigned to Corlund - Tustin. The parties will cooperate and
share all appropriate information to enable them to conduct an accounting to

                                       1
<PAGE>

determine the sum payable pursuant to this section. If the parties are unable to
agree by August 15, 2003 upon the amount to be paid by Telenetics pursuant to
this section, the parties will retain a certified public accountant to conduct
an appropriate audit/accounting and to determine the amount payable by
Telenetics pursuant to this section. If the parties are unable to agree upon an
accountant to conduct the audit/accounting, Telenetics and Corlund - Tustin each
will choose an accountant, and such accountants will choose a third accountant
who will be the sole accountant to conduct the audit/accounting. The fees and
costs of the accountant who conducts the audit/accounting shall be split equally
between Telenetics and Corlund - Tustin. The results of the accountant's
audit/accounting shall be binding on the parties and no party shall have any
right to contest the same in any manner in any litigation, arbitration, or other
proceeding. Notwithstanding the foregoing, Telenetics shall not be required to
pay Corlund -Tustin in excess of $912,335 pursuant to this section 2.

         3. COLLECTION OF ASSIGNED ACCOUNTS. To the extent that accounts of
Telenetics that were specifically assigned pursuant to that certain agreement
entitled "Assignment of Accounts Receivable" and dated September 7, 2001 (as
supplemented from time-to-time with additional assigned accounts) have not been
and will not be collected by Telenetics, Telenetics will take all reasonable
steps requested by Corlund - Tustin to assist Corlund - Tustin to collect such
accounts. Such reasonable steps may include, but shall not necessarily be
limited to: (i) providing Corlund - Tustin with contact information for the
account debtors, and (ii) executing joint correspondence (prepared by Corlund -
Tustin) to the account debtors instructing them to pay Corlund - Tustin
directly. To the extent any of the account debtors with respect to any assigned
accounts pay Telenetics directly, Telenetics shall segregate the funds received
and within one business day turn over such funds to Corlund -Tustin. Telenetics
shall cause Rutan & Tucker and Shala Shashani/SMC Group to execute a Release of
Interest In Accounts Receivable in substantially the form attached hereto as
Exhibit "A." To the extent the accounts to be collected pursuant to this section
3 are not collected in full by November 1, 2003, Telenetics shall pay to Corlund
-Tustin on or before November 13, 2003, all amounts not collected with respect
to such accounts.

         4. PURCHASE OF INVENTORY. Telenetics shall purchase from Corlund -
Tustin, at the total cost to Corlund - Tustin (which will be deemed to be actual
cost plus a 7.5% handling charge), inventory that Corlund - Tustin had purchased
as of January 31, 2003 for the purpose of manufacturing products for Telenetics.
Telenetics shall make sufficient purchases of inventory each calendar quarter so
that the total amount paid to Corlund - Tustin in each of the four calendar
quarters commencing with the calendar quarter ending September 30, 2003 and
continuing through the calendar quarter ending June 30, 2004 for inventory
purchases is not less than $100,000.00, for a total minimum inventory purchase
obligation of $400,000. Telenetics is not obligated to make any purchases of
inventory beyond the specified minimum $100,000 per quarter. Notwithstanding the
foregoing, Telenetics shall be entitled to purchase inventory at a discount from
the total cost to Corlund - Tustin in accordance with the following schedule:

                                       2
<PAGE>

         DATE OF PURCHASE AND PAYMENT                DISCOUNT FROM TOTAL COST

         Through 7/9/03                                       40%

         From 7/10/03 through 8/9/03                          30%

         From 8/10/03 through 9/9/03                          20%

         From 9/10/03 and after                                0%

Provided, however, that any inventory purchases in excess of $100,000 in any one
calendar quarter shall not reduce the minimum $100,000 purchase requirement for
any succeeding calendar quarter, unless such inventory purchases were made at
total cost (i.e., without application of any discount pursuant to the above
schedule). The terms for purchases pursuant to this section shall be COD and in
the form of wire transfer or cashier's check. Title to purchased inventory shall
not pass to Telenetics until payment in full has been received and all funds
have cleared. Notwithstanding the foregoing, Corlund - Tustin may exercise its
discretion to not sell any inventory to Telenetics, and Corlund - Tustin
reserves the right to sell any and all inventory to anyone on any terms it
chooses.

         5. PAYMENT INSTRUCTIONS. All payments to Corlund-Tustin pursuant to
this Settlement Agreement shall be directed pursuant to the instructions set
forth in Exhibit "B" hereto.

         6. RELEASE OF CORLUND - TUSTIN AND CORLUND - CAMARILLO. Upon payment to
Corlund - Tustin of all sums required to be paid pursuant to section 1 above
Telenetics, for itself and its predecessors, successors, representatives,
agents, transferees, attorneys, insurance companies, employees, officers,
directors, affiliates, owners, shareholders, and assigns, fully and forever
releases and discharges Corlund - Tustin and Corlund - Camarillo, as well as
Comtel Holdings, Inc. and Alton Diversified Holdings, Inc., and each of them,
and their respective predecessors, successors, representatives, agents,
transferees, attorneys, insurance companies, employees, officers, directors,
affiliates, owners, shareholders, lenders (including but not limited to UPS
Capital Corporation), and assigns from any and all claims, debts, liabilities,
demands, obligations, guarantees, costs, expenses, attorneys' fees, damages,
actions, and causes of action of whatever kind or nature, whether known or
unknown, with the exception of the obligations arising out of this Agreement.

         7. RELEASE OF TELENETICS. Upon payment to Corlund - Tustin of all sums
required to be paid pursuant to section 1 above Corlund - Tustin and Corlund -
Camarillo, and each of them, for themselves and their respective predecessors,
successors, representatives, agents, transferees, attorneys, insurance
companies, employees, officers, directors, affiliates, owners, shareholders, and
assigns, fully and forever release and discharge Telenetics and its
predecessors, successors, representatives, agents, transferees, attorneys,
insurance companies, employees, officers, directors, affiliates, owners,
shareholders, lenders, and assigns from any and all claims, debts, liabilities,
demands, obligations, guarantees, costs, expenses, attorneys' fees, damages,
actions, and causes of action of whatever kind or nature, whether known or
unknown, with the exception of the obligations arising out of this Agreement.

         8. WAIVER OF SECTION 1542 RIGHTS. It is the intention of the parties
hereto that upon their taking effect, the releases set forth in sections 6 and 7
be effective as a bar to all claims, demands, controversies, actions, causes of

                                       3
<PAGE>

action, and obligations, of whatsoever character, nature, and kind, known or
unknown, suspected or unsuspected, specified in sections 6 and 7 to be so
barred; in furtherance of this intention, the parties expressly waive any and
all rights and benefits conferred by the provisions of section 1542 of the
California Civil Code, which provides as follows:

                  A general release does not extend to claims which the creditor
                  does not know or suspect to exist in his favor at the time of
                  executing the release, which if known by him must have
                  materially affected his settlement with the debtor.

Each party hereto understands and acknowledges the significance and consequences
of such specific waiver of Section 1542 and hereby assumes full responsibility
for any injuries, damages, losses or liabilities of or to such party that may
hereafter occur or become known to such party, notwithstanding that such
injuries, damages, losses or liabilities may presently be unknown to such party.

         9. RESOLUTION OF LITIGATION. The Litigation shall be resolved by filing
of the stipulated judgment pursuant to section 11 below.

         10. SECURITY / NOTIFICATION OF ACCOUNT DEBTORS. Telenetics' obligations
pursuant to this Settlement Agreement arise out of that certain Manufacturing
Agreement dated December 29, 2000, as amended by that certain Amendment to
Manufacturing Agreement dated August 31, 2002, and such obligations shall be
secured by one or more Security Agreements in effect between the parties.
Corlund-Tustin is authorized to file any appropriate UCC-1 financing statements
to perfect any security interests not previously perfected. All Security
Agreements and financing statements shall remain in effect until Telenetics has
fully performed pursuant to this Settlement Agreement. Without limiting the
foregoing, and without waiving any security interest(s), upon payment by
Telenetics pursuant to section 1(i) above, Corlund - Tustin shall execute and
send to Telenetics' account debtors whose obligations to Telenetics were not
assigned to Corlund - Tustin a letter in substantially the form attached hereto
as Exhibit "C".

         11. STIPULATED JUDGMENT. Telenetics shall stipulate to a judgment in
the amount of $5,200,000 in substantially the form attached hereto as Exhibit
"D". Such judgment shall be deemed satisfied as follows: (i) the judgment shall
be deemed satisfied by 1/3 upon payment of the amount required by section 1(i)
above, (ii) the judgment shall be deemed satisfied by 1/6 upon payment of the
amount required by section 1(ii) above, (iii) the judgment shall be deemed
satisfied by 1/6 upon payment of the amount required by section 1(iii) above,
and the judgment shall be deemed satisfied by 1/3 upon payment of the amount
required by section 2 above. Such judgment may be enforced only in accordance
with section 12 below.

         12. DEFAULT. In the event Telenetics fails to comply with any monetary
obligation hereunder, or in the event Telenetics fails to comply with any
non-monetary obligation after 10 days' notice in accordance with the notice
provisions of section 27 below, Corlund - Tustin and/or Corlund - Camarillo may
declare a default hereunder, in which case Comtel- Tustin and/or Comtel -
Camarillo may proceed to take all appropriate steps to enforce Telenetics'
obligation's pursuant to this agreement, including but not limited to enforcing
the stipulated judgment pursuant to section 11 above; provided, however, that
Corlund - Tustin shall be entitled to enforce such judgment only to the extent
that some amount thereunder remains unsatisfied after application of the
adjustments provided in section 11 above.

                                       4
<PAGE>

         13. WARRANTY RE SECURITY INTERESTS IN ACCOUNTS. TELENETICS WARRANTS AND
REPRESENTS THAT THE ONLY PERSONS OR ENTITIES WITH SECURITY INTERESTS IN
TELENETICS' ACCOUNTS RECEIVABLE ARE THE PARTIES WHO ARE TO EXECUTE EXHIBIT "A"
HERETO, AND NO ONE ELSE. ON OR BEFORE JULY 28, 2003, TELENETICS SHALL PROVIDE
COPIES OF CURRENT UCC-1 FILINGS BY SECURED PARTIES OF RECORD TO EVIDENCE THE
WARRANTY CONTAINED IN THIS SECTION 13.

         14. INTEGRATION CLAUSE. This Agreement contains the entire agreement
between the parties relating to the settlement and transactions contemplated
hereby, and all prior or contemporaneous needs, agreements, understandings,
representations, and statements, whether oral or written, and whether by a party
hereto or such party's legal counsel, are merged herein.

         15. MODIFICATION. This Agreement may not be changed, altered, or
modified except in a writing signed by the parties. This Agreement may not be
discharged except by performance in accordance with its terms or by a writing
signed by the parties.

         16. CALIFORNIA LAW. This Agreement shall be deemed to have been
executed and delivered within the State of California, and the rights and
obligations of the parties hereto shall be construed and enforced in accordance
with, and governed by, the laws of the State of California except to the extent
that federal bankruptcy law applies.

         17. NO PRIOR ASSIGNMENTS. The parties hereto each represent and warrant
to each other that they have not assigned or transferred to any third party any
of the rights, claims, causes of action, or other matters that they are
obligated to release or transfer pursuant to this Agreement.

         18. SIGNATORIES' AUTHORITY. Each entity executing this Agreement
represents that it is authorized to do so. Each person executing this Agreement
on behalf of an entity, other than an individual executing this Agreement on his
or her own behalf, represents that he or she is authorized to execute this
Agreement on behalf of that entity.

         19. BINDING ON SUCCESSORS AND ASSIGNS. This Stipulation shall be
binding upon and inure to the benefit of the parties hereto and their respective
heirs, representatives, successors and assigns.

         20. ATTORNEYS' FEES AND COSTS. In the event any party hereto fails to
perform any of its obligations under this Agreement, or in the event a dispute
arises concerning the meaning or interpretation of any provision of this
Agreement, the party not prevailing in such dispute shall pay any and all costs
and expenses incurred by the other parties in enforcing or establishing their
rights hereunder, including without limitation court costs and reasonable
attorneys' fees.

         21. NO ADMISSION OF LIABILITY. The parties expressly recognize and
agree that the terms and conditions of this Agreement constitute a compromise of
contested matters, and neither the offer nor the acceptance of the terms and
conditions represent an admission regarding liability or regarding the merits of
any other party's claims or assertions.

                                       5
<PAGE>

         22. EXECUTION OF DOCUMENTS. Each party agrees to execute all such
further documents as shall be necessary or appropriate to carry out all of the
provisions of this Agreement.

         23. NON-RELIANCE UPON REPRESENTATIONS. Except as expressly stated in
this Agreement, no party hereto, nor any officer, agent, employee,
representative, or attorney for any party, has made any statement or
representation to any other party hereto regarding any fact relied upon in
entering into this Agreement, and no party hereto relies upon any such statement
or representation in executing this Agreement.

         24. REVIEW AND CONSULTATION WITH COUNSEL. The parties have read this
Agreement, have had the opportunity to consult with counsel of their own
choosing in connection with this Agreement, and have made such investigation of
the facts as they deem necessary.

         25. TIME OF ESSENCE. Time is of the essence for the performance of each
and every covenant and the satisfaction of each and every condition contained in
this Agreement.

         26. CONSTRUCTION. This Agreement shall not be construed against the
party preparing it, but shall be construed as if both parties prepared it.

         27. NOTICES. Unless otherwise specifically provided herein, all
notices, demands, or other communications given hereunder shall be in writing
and shall be deemed to have been duly given as of the second business day after
mailing by United States certified mail, return receipt requested, addressed as
follows:

         To Corlund  - Tustin:

         Lyle Jensen, CEO
         Comtel Electronics, Inc.
         14101 Myford Road
         Tustin, CA 92780

         To Corlund - Camarillo:

         Lyle Jensen, CEO
         Corlund Electronics, Inc.
         2385 E. Pleasant Valley Rd.
         Camarillo, CA 93012

         with a copy to:

         K. Todd Curry, Esq. Sullivan, Hill, Lewin, Rez & Engel
         550 West C Street, Ste. 1500
         San Diego, CA 92101
         Telephone: (619) 233-4100
         Facsimile: (619) 231-4372

                                       6
<PAGE>

         To Telenetics:

         David Stone, President
         Telenetics Corporation
         25111 Arctic Ocean Drive
         Lake Forest, CA 92630

         with a copy to:

         Robert J. Huston III, Esq.
         4299 MacArthur Blvd., Ste. 100
         Newport Beach, CA 92660
         Telephone: (949) 752-9180
         Facsimile:   (949) 752-9180

or to such other address or other person as either party hereto shall designate
to the other in writing.

         28. COUNTERPARTS. This Agreement may be executed in one or more
counterparts with the same force and effect as if executed in a single, complete
document.

         IN WITNESS WHEREOF, the parties and their respective attorneys have
approved and executed this Agreement on the dates set forth opposite their
respective signatures.

Dated:__________________________, 2003       TELENETICS CORPORATION

                                             By:________________________
                                             Its:_______________________

Dated:__________________________, 2003       COMTEL ELECTRONICS, INC. dba
                                             Corlund Electronics -
                                             Tustin

                                             By:________________________
                                             Its:_______________________

Dated:__________________________, 2003       CORLUND ELECTRONICS CORPORATION
                                             dba Corlund Electronics
                                             - Camarillo

                                             By:________________________
                                             Its:_______________________

                                       7
<PAGE>

Approved as to Form and Content:

Dated:__________________________, 2003      ___________________________
                                            Robert J. Huston III
                                            Attorney for Telenetics Corporation

                                            SULLIVAN, HILL, LEWIN, REZ & ENGEL
                                            A Professional Law Corporation

                                            By:______________________________
                                               K. Todd Curry

                                               Attorneys for Comtel
                                               Electronics, Inc. dba
                                               Corlund Electronics -
                                               Tustin, and Corlund
                                               Electronics Corporation
                                               dba Corlund Electronics -
                                               Camarillo

                                       8
<PAGE>

                                   EXHIBIT "A"

                   RELEASE OF INTEREST IN ACCOUNTS RECEIVABLE

         For value received, the undersigned secured creditors of Telenetics
Corporation ("Telenetics") hereby release any and all right, title, and interest
in and to the accounts owed to Telenetics that are listed in the Attachment
hereto consisting of Schedule B-1 through Schedule B-68 to the Assignment of
Accounts Receivable agreement inclusive, totaling 78 pages. The undersigned
hereby authorize Comtel Electronics, Inc dba Corlund Electronics - Tustin
("Corlund - Tustin") and its agents to execute and file and their behalf one or
more appropriate UCC releases with respect to the accounts listed in the
Attachment hereto. To the extent necessary and allowed by law, the undersigned
irrevocably appoint Corlund - Tustin or its agents as attorney-in-fact, which
power is coupled with an interest, with full authority in the place and stead of
the undersigned, to execute any UCC releases relative to all or any portion of
the accounts listed in the Attachment hereto in the name of the undersigned or
without the signature of the undersigned.

Dated:  _________________________   RUTAN & TUCKER

                                     By: ______________________________

                                         ________________________name, title

Dated:  _________________________   SMC GROUP

                                    By: ______________________________

                                        ________________________name, title

Dated:  _________________________   ______________________________
                                    Shala Shashani

                                       9Project Agreement of the Penny's Bay Rail Link

 Exhibit 4.6 
  

 
  
  
  
 Dated the 24 day of July, 2002 
  
  
  
  
 PROJECT AGREEMENT 
  
 FOR THE DESIGN, CONSTRUCTION, FINANCING 
  
 AND OPERATION OF THE PENNY’S BAY RAIL LINK 
  
  
  
 between 
  
  
  
 GOVERNMENT OF THE HONG KONG SPECIAL
ADMINISTRATIVE REGION 
  
 acting through 
  
 DEPUTY SECRETARY FOR THE ENVIRONMENT, 
 TRANSPORT AND WORKS (TRANSPORT AND WORKS) 
  
 and 
  
  
 MTR CORPORATION LIMITED 
  
  
  
  
  
  
  
 SLAUGHTER AND MAY 
  
 HONG KONG 
  

 TABLE OF CONTENTS 
  
  

	Clause	  	 	  	Page
	 	  	  
 PART I
  
 INTERPRETATION
  
	  	 
	 1.
	  	Interpretation	  	2
			
	 	  	  
 PART II
  
 FINANCING OF THE PENNY’S BAY RAIL LINK
  
	  	 
	 2.
	  	Financial Undertakings	  	9
			
	 	  	  
 PART III
  
 SCOPE OF WORKS, PLANNING, DESIGN AND CONSTRUCTION
  
	  	 
			
	 3.
	  	General	  	10
			
	 4.
	  	Scope of Works	  	10
			
	 5.
	  	Corporation’s Skill and Care Warranty	  	11
			
	 6.
	  	Insurance	  	12
			
	 7.
	  	Entrusted Works	  	12
			
	 8.
	  	Capacity	  	13
			
	 9.
	  	Allowances for Future Extensions	  	14
			
	 10.
	  	Licences, Consents and Other Permission	  	14
			
	 	  	  
 PART IV
  
 PROGRAMME AND PROGRESS
  
	  	 
	 11.
	  	Baseline Programme	  	15
			
	 	  	  
 PART V
  
 LAND
  
	  	 
			
	 12.
	  	Land Acquisition	  	20
			
	 13.
	  	Land for Railway Construction	  	20
			
	 14.
	  	Land for Operational Railway	  	21
			
	 15.
	  	Commercial Activities within the PBRL Stations	  	21

  

	 	  	 PART VI
  

OPERATION AND MAINTENANCE OF
 THE
PENNY’S BAY RAIL LINK
  
	  	 
	         16.
	  	Operation and Maintenance of the Penny’s Bay Rail Link	  	23
			
	 	  	  
 PART VII
  
 ENVIRONMENTAL PROTECTION
	  	 
	 17.
	  	Environmental Protection Measures	  	24
			
	 	  	  
 PART VIII
  
 TRANSPORT
	  	 
	 18.
	  	Transport	  	25
			
	 	  	  
 PART IX
  
 PROJECT REPORTING
	  	 
	 19.
	  	Project Monitoring	  	27
			
	 	  	  
 PART X
  
 DISNEYLAND PROJECT/HKITP/DIVIDENDS
	  	 
			
	 20.
	  	Delay in the Disneyland Project	  	28
			
	 21.
	  	Consultation and Agreement	  	29
			
	 22.
	  	Dividends	  	31
			
	 	  	  
 PART XI
  
 MISCELLANEOUS
	  	 
			
	 23.
	  	Utility Services	  	34
			
	 24.
	  	The Ordinance	  	34
			
	 25.
	  	Invalidity	  	34
			
	 26.
	  	No Partnership	  	34
			
	 27.
	  	Further Assurance	  	34
			
	 28.
	  	Amendments	  	35
			
	 29.
	  	Waiver	  	35
			
	 30.
	  	Conflict	  	35
			
	 31.
	  	Payments	  	35

  

			
	         32.
	  	Notices	  	36
			
	 33.
	  	Mediation	  	36
			
	 34.
	  	Governing Law and Jurisdiction	  	36

  

			
	 SIGNATURE PAGE
	  	 	  	37
			
	 APPENDIX A
	  	Summary of Baseline Programme	  	38
			
	 APPENDIX B
	  	Capital Cost Estimate as at the Date of this Agreement	  	40
			
	 APPENDIX C
	  	Disneyland Project	  	43
			
	 APPENDIX D
	  	Penny’s Bay Rail Link—Scope of Works	  	46
			
	 APPENDIX E
	  	Entrusted Works to be carried out by the Corporation on behalf of Government	  	50
			
	 APPENDIX F
	  	Land, Land Availability Dates and Land Return Dates	  	52

  
  
  

 THIS AGREEMENT is made on the 24 day of July, 2002 
  
 BETWEEN 
  

	(1)	 	GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION (“Government”) acting through DEPUTY SECRETARY FOR THE ENVIRONMENT, TRANSPORT AND WORKS
(TRANSPORT AND WORKS); and 

  

	(2)	 	MTR CORPORATION LIMITED whose registered office is MTR Tower, Telford Plaza, 33 Wai Yip Street, Kowloon Bay, Kowloon (the “Corporation”).

  
 WHEREAS 
  

	(A)	 	Government and The Walt Disney Company have agreed to cooperate on the development of a Disney Park and associated complex and infrastructure in Hong Kong. To this end, Government,
The Walt Disney Company and HKITP entered into an agreement (the “Master Project Agreement”) on 10th December, 1999. 

  

	(B)	 	The Master Project Agreement stipulates that Government shall procure a rail link between the planned station along the Mass Transit Railway at Yam O and the Disney Park. And the
Government shall enter into suitable contractual arrangements with a railway operator to achieve this. 

  

	(C)	 	Government and the Corporation have agreed to enter into this Agreement to provide for the design, construction, completion, financing and operation of the aforementioned rail link
and related services and facilities. 

  
 NOW IT IS HEREBY
AGREED as follows:- 
  

 PART I 
  
 INTERPRETATION 
  

	1.	 	Interpretation 

  

	1.1	 	In this Agreement (including the Recitals and Appendices), except where the context otherwise requires, the following terms and expressions shall have the following
meanings:- 

  
 “Associate” of any
Entity means any Subsidiary or holding company of that Entity, or any Subsidiary of any such holding company, or any company in which that Entity or its holding company has a direct or indirect shareholding interest. 
  
 “Baseline Programme” means the programme of the Scope of
Works to be executed, the timing and sequence required to effect the completion of the Penny’s Bay Rail Link, as may be amended from time to time in accordance with the provisions of Clause 11, a summary of which as at the date of this
Agreement in respect of the period up to the Scheduled Operating Date is set out in Appendix A. 
  
 “Building” has the meaning ascribed to that term in the Deed of Restrictive Covenant. 
  
 “Building Works” has the meaning ascribed to that term in
the Deed of Restrictive Covenant. 
  
 “Business Day”
means a day excluding Saturdays on which licensed banks are open for business generally in Hong Kong. 
  
 “Capital Cost” means the aggregate of the direct and indirect costs, losses, expenses and any other amounts incurred or which are payable
or suffered by the Corporation for feasibility studies, technical studies, land acquisition and related expenditure (including but not limited to any amount payable to Government as rent for Works Areas, and all costs and amounts referred to in
Clause 12), design, engineering, procurement, construction, testing, commissioning and completion of the PBRL Works and the RRIW, including any related capitalised interest.  
  
 “Capital Cost Estimate” means the estimate by the
Corporation of the Capital Cost, as set out in Appendix B. 
  
 “Commercial Operations” means the operation of railway services on the Penny’s Bay Rail Link on a revenue earning basis, providing scheduled transport for the public.  

 
 “Contractor” means any person who has entered into a
contract with Government or the Corporation, as the case may be (or any successor to or replacement for such person), to give effect to the obligations of the parties in connection with the Scope of Works, the RRIW, the Entrusted Works, the
Penny’s Bay Public Infrastructure Works, the Penny’s Bay Reclamation Works and the Yam O Reclamation and Public Infrastructure Works Phase 1 (as the case may be). 
  

 2 

 “Corporation” means the MTR Corporation Limited. 
  
 “Deed of Restrictive Covenant” means the deed of restrictive
covenant entered into between Government and HKITP dated 10th December, 1999. 
  
 “Deferred Operating Date” has the meaning ascribed to that term in Clause 11.2.1. 
  
 “Disney Park” has the meaning ascribed to it in the Master Project Agreement. 
  
 “Disneyland Actual Opening Date” means the “Opening
Day” as defined in the Master Project Agreement, that is the date on which the Disney Park to be constructed pursuant to the Master Project Agreement officially opens to the general public and commences operation on a revenue earning basis.

  
 “Disneyland Project” means the works
described as such in Appendix C. 
  
 “Disneyland Scheduled Opening Date” means 31st October, 2005, being the date on which the Disneyland Project is scheduled to open to the general public and commence operation on a revenue earning basis. 

 
 “Disneyland Station” means the railway station to be
constructed adjacent to the Disney Park, as described in Part II of Appendix D, the name of which is to be agreed in accordance with Clause 21.10. 
  
 “Dollars” and the sign “$” denote the lawful currency of Hong Kong. 
  
 “EIA” has the meaning ascribed to that term in Clause
17.1 
  
 “Entity” includes individual,
partnership, corporation, limited liability company, association, estate, trust, business trust and governmental authority. 
  
 “Entrusted Works” means any item of work which is executed or is to be executed by the Corporation for and on behalf of Government or
vice versa, or by the Corporation for and on behalf of any public body or vice versa, and which is to be paid for by the party on whose behalf the work is done. 
  
 “Entrustee” has the meaning ascribed to that term in Clause 7.4. 
  
 “Entrustment Agreement” means any agreement between
Government and the Corporation or between the Corporation and a public body in respect of any Entrusted Works. 
  
 “Entrustment Brief” means, in relation to any Entrustment Agreement, that part describing the full scope of all item(s) of the Entrusted
Works to which such Entrustment Agreement relates. 
  
 “Entrustor” has the meaning ascribed to that term in Clause 7.4. 
  
 “Environmental Permit” has the meaning ascribed to that term in Clause 17.1. 
  

 3 

 “Events of Delay” has the meaning ascribed to that term in Clause 11.7.

  
 “First Parcel” means the parcels of land
identified in Part III of Appendix F whose Land Availability Dates are 10th July, 2002. 
  
 “Force Majeure” means:- 
  

	 	(a)	 	any supervening outbreak of war affecting Hong Kong, hostilities (whether war be declared or not), invasion, acts of foreign enemies, rebellion, revolution, military or usurped
power, overthrow (whether by external or internal means) of the Government, civil war, riot, civil disturbances, terrorism, nuclear explosion or contamination, flood or fire if not caused or contributed to by the party claiming relief hereunder,
civil commotion and acts of God; or 

  

	 	(b)	 	any other events outside the reasonable control of the parties and the effect of which is similar to the foregoing, if not caused or contributed to by the party claiming relief
hereunder, 

  
 and which, in either (a) or
(b) above, prevents or substantially hinders the performance of the duties and obligations under this Agreement by the party claiming relief hereunder excluding, for the avoidance of doubt, any failure or inability by HKITP (or any of its
Associates) to complete and operate on a full revenue earning basis the Disneyland Project by the Disneyland Scheduled Opening Date, unless such failure or inability is caused by the occurrence of any event specified in (a) above (except if the
occurrence of any such event is itself caused or contributed to by HKITP and/or any of its Associates) or unless such failure or inability is caused by the occurrence of any other events (excluding any event relating to the financial condition of
HKITP or any of its Associates, including but not limited to insolvency, receivership, administration or any similar event or condition) outside the reasonable control of HKITP (or any of its Associates) and the effect of which is similar to the
events specified in (a) above, if not caused or contributed to by HKITP (and/or any of its Associates). 
  
 “Franchise Period” has the meaning ascribed to that term in the Ordinance. 
  
 “Franchised Bus Operator” means an operator of a Franchised Bus Service. 
  
 “Franchised Bus Service” means a bus service operated
pursuant to a franchise granted under the Public Bus Services Ordinance (Cap. 230 of the Laws of Hong Kong). 
  
 “Height Control Zone” has the meaning ascribed to that term in the Deed of Restrictive Covenant. 
  
 “HKITP” means Hongkong International Theme Parks Limited, a
company incorporated in Hong Kong and whose company number is 689419. 
  
 “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China. 
  
 “Land Availability Date” means, in relation to each parcel of land specified in Part III of Appendix F, the relevant date
specified as the Land Availability Date in Part III of Appendix F in respect of such parcel of land. 
  

 4 

 “Land Return Date” means, in relation to each parcel of land specified in Part
III of Appendix F, the relevant date specified as the Land Return Date in Part III of Appendix F in respect of such parcel of land. 
  
 “Lantau and Airport Railway Running Line Lease” means the running line lease relating to the Mass Transit Railway Lot No. 2 entered into
between Government and the Corporation on 27th June, 1997. 
  
 “Lantau and Airport Railway Supplemental Agreement” means the agreement dated 27th June, 1997 between Government and the Corporation in respect of the permitted commercial activities at the stations of the Airport Railway
specified therein. 
  
 “Master Project Agreement”
has the meaning ascribed to that term in Recital (A) above.  
  
 “Non-Franchised Bus Service” means a bus, coach or similar service which is not a Franchised Bus Service. 
  
 “Operating Agreement” means the operating agreement dated 30th June 2000 made between the Secretary for Transport for and on behalf of
the Government and the Corporation, as contemplated in the Ordinance. 
  
 “Operating Date” means the actual date on which Commercial Operations commence on the Penny’s Bay Rail Link. 
  
 “Ordinance” means the Mass Transit Railway Ordinance (Cap. 556 of the Laws of Hong Kong) or any replacement
or re-enactment thereof. 
  
 “Original Scheduled Operating
Date” means the date on which Commercial Operations are scheduled to commence on the Penny’s Bay Rail Link, namely 1st July, 2005. 
  
 “PBRL Stations” means Yam O Station and Disneyland Station. 
  
 “PBRL Supplemental Agreement” has the meaning ascribed to that term in Clause 15.2. 
  
 “PBRL Works” means items of work which are necessary for the
construction and/or operation of the Penny’s Bay Rail Link as detailed in Appendix D, as may be amended from time to time in accordance with Clause 4.8. 
  
 “Penny’s Bay Public Infrastructure Works” means the works described in paragraphs 1.2(b), 1.2(g),
1.2(h) and 1.2(i) in Appendix C to be carried out by Government on, over, under and/or adjacent to relevant parts of the land set out in Part IV of Appendix F. 
  
 “Penny’s Bay Rail Link” means the rail link shown in the Schedule to Appendix F, to be
constructed by the Corporation to provide a mass transit service to the Disneyland Project, including for the avoidance of doubt the interchange facilities with the existing railway operated by the Corporation and the PBRL Stations.

  
 “Penny’s Bay Reclamation Works” means
the land at Penny’s Bay to be formed under paragraph 1.2(a)(i) of Appendix C, upon which Government will carry out the Penny’s Bay Public Infrastructure Works in accordance with Clause 4.10. 
  

 5 

 “Penny’s Bay Running Line Lease” means the agreement supplemental to the Airport
Railway Running Line Lease, to be entered into between Government and the Corporation as referred to in Clause 14.1. 
  
 “public body” means any of the District Councils, any other urban, rural or municipal council, any department of Government, any
undertaking by or of Government, the Housing Authority and any statutory corporation, and their respective successors and replacements. 
  
 “Railways Ordinance” means the Railways Ordinance (Cap. 519 of the Laws of Hong Kong). 
  
 “Relevant Matters” has the meaning ascribed to that term in
Clause 19.5. 
  
 “RRIW” means the
replacement, modification or improvement of existing privately owned facilities or facilities owned by Government or public bodies required as a consequence of the construction of the Penny’s Bay Rail Link, a non-exhaustive list of which is
described as such in Appendix D, as may be amended or varied from time to time in accordance with Clause 4.9, and following completion of which shall be owned, managed, maintained and controlled by such private owner, Government or, as
the case may be, such public body. 
  
 “Scheduled
Operating Date” means the date on which Commercial Operations are scheduled to commence on the Penny’s Bay Rail Link, as set out in the Baseline Programme, namely the Original Scheduled Operating Date or, if such scheduled date is
deferred pursuant to the terms of this Agreement, any later date to which the commencement of Commercial Operations have been deferred. 
  
 “Scope of Works” means the PBRL Works and the RRIW, whose arrangements in respect of execution, funding source, ownership and management,
maintenance and control are set out in Part I of Appendix D and as described in Part II of Appendix D, where the context so permits. 
  
 “Soft-Opening Date” means the date which falls prior to the Disneyland Actual Opening Date, being the date
on which the Disney Park to be constructed pursuant to the Master Project Agreement, opens to a limited number of guests. 
  
 “Sub-Contractor” means any sub-contractor of any tier employed in connection with the Scope of Works. 
  
 “Subsequent Parcels” means all parcels of land listed in
Appendix F that do not constitute the First Parcel. 
  
 “Subsidiary” means, in relation to any Entity (its “holding company”) at any particular time, any other Entity more than 50% of whose issued equity share capital (or the like) is then beneficially owned,
directly or indirectly, by that holding company, or any other Entity in respect of which that holding company has the power to appoint and/or remove all or the majority of the members of the board of directors or other governing body of that other
Entity (whether directly or indirectly and whether by the ownership of share capital, the possession of voting power, contract or otherwise). 
  

 6 

 “VEPA” means the vehicular emergency and public access bridge within the boundary of
Disneyland Station, the structural works of which will be entrusted to the Corporation at a location as shown for the purpose of identification on the plan in Appendix F. 
  
 “Visual Buffer Zone” has the meaning ascribed to that term in the Deed of Restrictive Covenant. 

 
 “Walt Disney World Resort” has the meaning ascribed to it
in the Master Project Agreement, being the resort known as the Walt Disney World Resort located in Orlando, Florida, United States of America. 
  
 “Works Areas” means land temporarily required by the Corporation or its consultants, agents or contractors to facilitate the construction
of the Penny’s Bay Rail Link. 
  
 “Yam O
Reclamation and Public Infrastructure Works Phase 1” means the reclamation to be formed under paragraph 1.2(a)(ii) of Appendix C, and the part of Road P2 and the public transport interchange at Yam O as described respectively in
paragraph 1.2b(i) and 1.2(d) of Appendix C. 
  
 “Yam O Station” means the railway station to be constructed at Yam O, as described in Part II of Appendix D. 
  

	1.2	 	Any reference in this Agreement to:- 

  
 a “day” means a calendar day unless the context otherwise requires; 
  
 a “month” means a calendar month unless the context otherwise requires; and 
  
 a “person” shall be construed as a reference to any
person, firm, company, corporation or any association or partnership or joint venture (whether or not having separate legal personality) of two or more of the foregoing. 
  

	1.3	 	Where words and expressions appearing in this Agreement are defined in the Ordinance, they shall have the meanings assigned to them in the Ordinance unless otherwise stated.

  

	1.4	 	In this Agreement, except where the context otherwise requires:- 

  

	 	1.4.1	 	any reference to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the case may be, such other agreement or document as
the same may have been, or may from time to time be, amended, varied, novated or supplemented and shall include any document which is supplemental to, is expressed to be collateral with or is entered into pursuant to or in accordance with the terms
of this Agreement, or as the case may be, such other agreement or document; 

  

	 	1.4.2	 	a reference to any statute or statutory provision or subsidiary legislation shall be construed as a reference to the same as it may have been, or may from time to time be, amended,
modified or re-enacted;  

  

 7 

	 	1.4.3	 	a statute shall include any and all subsidiary legislation made under such statute; 

  

	 	1.4.4	 	a “Recital”, “Clause”, “Part”, “Appendix” or a “paragraph” is a reference to a Recital hereto, a Clause hereof, a
Part hereof, an Appendix hereto or a paragraph in the Clause or Appendix in which it appears; 

  

	 	1.4.5	 	the singular shall include the plural and vice versa; and 

  

	 	1.4.6	 	the gender shall include all genders. 

  

	1.5	 	Clause, Part and Appendix headings are for ease of reference only and do not affect the interpretation of this Agreement. 

  

	1.6	 	Terms defined in any Appendix to this Agreement and not otherwise defined herein shall bear the meaning ascribed to them in such Appendix. 

  

 8 

 PART II 
  
 FINANCING OF THE PENNY’S BAY RAIL LINK 
  

	2.	 	Financial Undertakings 

  

	2.1	 	The Corporation shall, subject to the terms of this Agreement, bear and finance the full amount of the Capital Cost and shall, from time to time, promptly upon demand of Government,
reimburse Government for all costs referred to in Clause 12 which have been incurred. 

  

	2.2	 	The Capital Cost Estimate for the Scope of Works as at the date of this Agreement is set out in Appendix B which Appendix is annexed hereto for illustrative purposes only and
shall not be binding on either party.  

  

	2.3	 	Government shall co-operate fully with the Corporation in respect of all reasonable requirements of the Corporation for the provision of information or assistance of a non-financial
nature, so as to enable the Corporation to finance the completion of the Penny’s Bay Rail Link. 

  

 9 

 PART III 
  

SCOPE OF WORKS, PLANNING, DESIGN AND CONSTRUCTION 
  

	3.	 	General 

  
 The design, construction completion, testing, commissioning, operation and maintenance of the Penny’s Bay Rail Link shall reflect the
Corporation’s responsibilities and duties under the Ordinance, the Operating Agreement and this Agreement. 
  

	4.	 	Scope of Works 

  

	4.1	 	Subject to Clause 4.3, the Corporation shall carry out, or procure to be carried out, the design, construction, completion, testing and commissioning of the PBRL Works
and shall bring into operation, operate and maintain the Penny’s Bay Rail Link in accordance with this Agreement, the Operating Agreement and the Ordinance (or procure the same to be done). 

  

	4.2	 	Subject to Clause 4.3, the Corporation shall, in accordance with the terms of this Agreement and with specifications and/or standards agreed with Government or the
relevant public body prior to commencement and subject to necessary approvals having been obtained, design, construct and complete the RRIW (or procure the same to be done), and all direct or indirect costs, expenses, losses or otherwise reasonably
incurred or suffered by the Corporation in relation to the RRIW shall be the responsibility of the Corporation. 

  

	4.3	 	The Corporation shall not be in breach of any of its obligations under Clauses 4.1 and 4.2 if any failure of the Corporation to perform any such obligation is
attributable to a failure by Government to comply with its obligations under Clauses 10, 12  
and 13. 

  

	4.4	 	The Corporation shall, in respect of the RRIW, remedy any defects of the relevant Contractor in respect of the carrying out, or the design, of the RRIW for such defects
liability periods and subject to such terms as may be agreed by the relevant Contractor in the relevant construction contracts. 

  

	4.5	 	The Corporation will provide warranties and undertakings to Government in the same terms, mutatis mutandis, as warranties and undertakings that are given to the Corporation
by third parties in all contracts and agreements for the RRIW to be carried out by the Corporation, as set out in Appendix D. Where such warranties and undertakings relate to the carrying out, or the design, of the relevant works such
warranties and undertakings shall be consistent with the Corporation’s obligations in this Agreement and be reasonably appropriate given the nature of such works.  

  

	4.6	 	The Corporation shall consult and liaise with Government concerning such warranties and undertakings prior to agreeing the same with any third party. Where, pursuant to this
Clause 4.6, the Corporation consults and liaises with Government, Government shall give its response to the Corporation within a reasonable period of time. 

  

	4.7	 	Within 28 Business Days following the entering into of any agreement or contract between the Corporation and any third party which contains any warranty or undertaking as is
referred to in Clause 4.5, the Corporation shall execute a warranty agreement, warranting and undertaking to Government in the same terms as the warranty or undertaking given to the Corporation by such third party and shall deliver such
warranty agreement to Government.  

  

 10 

	4.8	 	Government and the Corporation agree that, subject to Clause 4.9 the Scope of Works may only be amended in writing signed by both parties. 

  

	4.9	 	Government shall consult the Corporation in relation to any amendment or variation which Government intends to be required to be made to the scope or design as agreed between
the parties from time to time of the RRIW. In the event that the Corporation does not agree with such amendment or variation proposed by Government, the Corporation shall notify Government promptly and inform the Government in writing of the
difference and the reasons for such difference and Government and the Corporation shall use their respective best endeavours to reach agreement as soon as practicable thereafter. Failing agreement within twenty-one days of such notification of
difference, the Corporation shall implement such amendment or variation required by Government in accordance with its obligations under Clause 4.2 provided that any direct and indirect costs, expenses, losses or amounts otherwise reasonably
incurred or suffered by the Corporation as a result of such amendment or variation shall be met in full by Government. If any such amendment or variation implemented by the Corporation would delay the completion of the RRIW, the completion of the
RRIW and/or the Scheduled Operating Date (as the case may be) shall be deferred to later date by an amount of time equivalent to the additional time required to implement the amendment or variation. 

  

	4.10	 	Government agrees to design and construct the Penny’s Bay Reclamation Works in accordance with the following:- 

  

	 	4.10.1	 	the materials used in the construction shall be of suitable quality and fit for their purpose; 

  

	 	4.10.2	 	the Penny’s Bay Reclamation Works shall be undertaken in a workmanlike manner to a standard expected from a competent contractor; 

  

	 	4.10.3	 	the obligations of the Government in respect of design shall be limited to reasonable skill and care only; 

  

	 	4.10.4	 	the total post-construction settlement from the delivery date of the reclamation shall not exceed 500mm in 50 years; 

  

	 	4.10.5	 	the post-construction differential settlement shall be no steeper than 1/300 between any two points greater than 10m apart in 50 years. 

  

	5.	 	Corporation’s Skill and Care Warranty 

  

	5.1	 	The Corporation warrants that the completed RRIW and Entrusted Works which are to be carried out by the Corporation shall be designed, constructed and completed with the skill and
care to be expected from, and shall be designed, constructed and completed by utilising such equipment and materials to be expected by, a professional design engineer and a competent and workmanlike construction contractor. 

 

 11 

	6.	 	Insurance 

  

	6.1	 	The Corporation will effect and maintain at its own cost and expense with reputable insurers, or will procure from all Contractors and Sub-Contractors employed or engaged in
connection with the Scope of Works to effect and maintain with reputable insurers contractors’ all risks insurance, third party liability insurance and such other insurances as may be required by law from time to time. Contractors’ all
risks insurance, third party liability insurance and such other insurances effected and maintained by the Corporation in accordance with this Clause 6.1 shall in each case be for the benefit and in the joint names of the Corporation as owner,
Government and all relevant Contractors and Sub-Contractors. 

  

	6.2	 	The Corporation shall at its own cost and expense procure that Contractors and Sub-Contractors which have a significant design responsibility in the execution of their
relevant construction contracts and all design consultants employed or engaged in connection with the design of any significant part of the Scope of Works, effect and maintain with reputable insurers professional indemnity insurance for a period of
not less than ten years from the Operating Date provided always that such professional indemnity insurance is available and continues to be available at reasonable commercial rates. In the case of the Entrusted Works carried out by the Corporation
and the RRIW, the Corporation shall immediately notify Government in the event that professional indemnity insurance ceases to be available at reasonable commercial rates or is otherwise not maintained in accordance with this Clause or for any
reason becomes void or unenforceable and shall agree with Government alternative requirements in place of the foregoing requirements of this Clause. 

  

	6.3	 	The Corporation shall use all reasonable endeavours to ensure that no actions shall be taken or omitted or suffer anything to be done or omitted by it or its Contractors,
Sub-Contractors or agents as a result of which any insurance policy or part thereof effected in accordance with this Clause may be avoided, forfeited, revoked or withdrawn. 

  

	7.	 	Entrusted Works 

  

	7.1	 	Each party shall design, construct and complete the Entrusted Works entrusted to it, in accordance with and subject to the relevant Entrustment Agreement.

  

	7.2	 	The Corporation and Government will agree to enter into a separate Entrustment Agreement in respect of one or more items of Entrusted Works as soon as practicable after
either party has been requested to do so by the other. The Corporation or Government (as the case may be) shall endeavour to complete expeditiously the works included in the Entrustment Brief for each item of such Entrusted Works entrusted to it.

  

	7.3	 	Prior to the implementation of any item of Entrusted Works under any construction contract in respect of any Entrusted Works, the Corporation or as the case may be Government
shall consult and liaise and take full account of the views of the other party in respect of the terms of such construction contract, including but not limited to:- 

  

	 	7.3.1	 	the date by which the relevant item of the Entrusted Works to be included in such construction contract is required to be completed; 

  

 12 

	 	7.3.2	 	the provision for general damages and/or liquidated damages and, in the case of liquidated damages, the amount and terms of liquidated damages to be payable by the relevant
Contractor (such amount to be specified in Dollars as an amount per day) for each day that shall elapse between the specified date by which the relevant item of Entrusted Works is required to have been completed and the actual date of completion
thereof; and 

  

	 	7.3.3	 	the nature and form of any warranties, representations and undertakings to be given by the design consultant or such Contractor to the party entrusting the Entrusted Works in
question and the extent of liability in respect thereof. 

  

	7.4	 	Subject to the provisions of any relevant Entrustment Agreement, the party to whom the Entrusted Works are entrusted (the “Entrustee”) shall, in accordance
with the terms of this Agreement and with specifications and/or standards agreed with the other party, namely the party entrusting the Entrusted Works (the “Entrustor”) prior to commencement and subject to necessary approvals having
been obtained, design, construct and complete the Entrusted Works (or procure the same to be done), and all direct or indirect costs, expenses, losses or otherwise incurred or suffered by the Entrustee in relation to the same shall be the
responsibility of the Entrustor unless otherwise agreed between the parties. 

  

	7.5	 	The Entrustor shall consult the Entrustee in relation to any amendment or variation which the Entrustor intends to be required to be made to the Entrusted Works. In the event
that the Entrustee does not agree with such amendment or variation proposed by the Entrustor, the Entrustee shall notify the Entrustor promptly and inform the Entrustor in writing of the difference and the reasons for such difference and both
parties shall use their respective best endeavours to reach agreement as soon as practicable thereafter. Failing agreement within twenty-one days of such notification of difference, the Entrustee shall implement such amendment or variation required
by the Entrustor in accordance with its obligations under Clause 7.4, provided that any direct and indirect costs, expenses, losses or amounts otherwise reasonably incurred or suffered by the Entrustee as a result of such amendment or
variation shall be met in full by the Entrustor. 

  

	7.6	 	Each party shall, in respect of the Entrusted Works entrusted to it and subject to the relevant Entrustment Agreement, remedy any defects of the relevant Contractor in
respect of the carrying out, or the design, of the Entrusted Works for such defects liability periods and subject to such terms as may be agreed by the relevant Contractor in the relevant construction contract. 

  

	8.	 	Capacity 

  

	8.1	 	The Penny’s Bay Rail Link shall, at the Operating Date and thereafter, have a minimum capacity of 5,500 passengers per hour per direction of traffic.

  

	8.2	 	The Corporation shall, in the design and construction of the Penny’s Bay Rail Link, allow for an expansion in capacity of the Penny’s Bay Rail Link to a minimum of
10,000 passengers per hour per direction of traffic. 

  

 13 

	9.	 	Allowances for Future Extensions 

  
 The Corporation shall, in the design and construction of the Penny’s Bay Rail Link, make reasonable allowance for:-  
  

	9.1	 	an expansion in capacity of the Penny’s Bay Rail Link to accommodate 8-car trains and/or dual tracks; and 

  

	9.2	 	a possible future extension to serve additional theme park developments and other tourism or recreational developments in Penny’s Bay and Tsing Chau Tsai East.

  

	10.	 	Licences, Consents and Other Permissions 

  
 Government shall, to the extent that it is empowered or otherwise able to do so having taken all reasonable steps, procure that all necessary
licences, consents and other permissions and approvals required for, or in connection with, the design, construction and operation of the Penny’s Bay Rail Link are given or granted as expeditiously as possible when required and shall when given
or granted be of the duration and on terms required. 
  

 14 

 PART IV 
  
 PROGRAMME AND PROGRESS 
  

	11.	 	Baseline Programme 

  

	11.1	 	The Corporation shall prepare the Baseline Programme to demonstrate how the Corporation proposes to carry out the elements of the Penny’s Bay Rail Link which are included in
the Scope of Works. 

  

	11.2	 	Government shall (1) complete the relevant Penny’s Bay Public Infrastructure Works relating to each parcel of land (for the purposes of this Clause 11.2 and Clause
11.3, the “Relevant Parcel”) and to parcel(s) of land adjacent thereto by the Land Availability Date relating to the Relevant Parcel as set out in Part IV of Appendix F and (2) subject to Clauses 12.1 and
13.1, give full and exclusive occupation or grant all necessary rights of access and occupation (as the case may be) to all relevant land stated in Part I and Part II respectively of Appendix F to the Corporation for the
implementation of the Penny’s Bay Rail Link by the relevant Land Availability Dates. If Government does not complete, (or substantially complete, to the reasonable satisfaction of the Corporation) the Penny’s Bay Public Infrastructure
Works or give such full and exclusive occupation to the Corporation or grant all such necessary rights of access and occupation to the Corporation (as the case may be) by the relevant Land Availability Dates in accordance with this Clause
11.2:- 

  

	 	11.2.1	 	and the relevant land is comprised in the First Parcel, the Corporation shall be entitled to defer the Scheduled Operating Date to a later date (the “Deferred Operating
Date”) by an amount of time, the maximum of which shall be equivalent to the difference between the relevant Land Availability Date and the date upon which such full and exclusive possession to the First Parcel or all such necessary rights
of access and occupation (as the case may be), is actually given to the Corporation; and 

  

	 	11.2.2	 	and the relevant land is comprised in the First Parcel or a Subsequent Parcel, then, in all circumstances, Government shall indemnify and hold the Corporation harmless from and
against all costs, expenses, damage, losses, claims or liabilities (whether civil or criminal) and any legal or other professional costs (on a full indemnity basis) incurred or suffered or which may be incurred or suffered by the Corporation as a
direct or indirect result of any delay(s) (including, without limitation, any costs, expenses, losses and claims resulting from delay and any sums paid or suffered by the Corporation in order to accelerate completion of the Scope of Works so that
the Corporation can complete the Scope of Works in accordance with the programme timing set out in the Baseline Programme): (a) by Government in giving to the Corporation full and exclusive occupation of the relevant land or all necessary rights of
access and occupation in respect of the relevant land (as the case may be), by the relevant Land Availability Dates and/or (b) in the commencement of Commercial Operations on the Penny’s Bay Rail Link to later than the Original Scheduled
Operating Date, 

  

 15 

 Provided that, in the case of Sub-clauses 11.2.1 and 11.2.2, the Corporation has made
reasonable efforts to mitigate the effects of Government’s failure to complete the relevant Penny’s Bay Public Infrastructure Works relating to the Relevant Parcels and parcel(s) of land adjacent thereto to give full and exclusive
occupation to the Corporation or grant all necessary rights of access and occupation to the Corporation (as the case may be), by the relevant Land Availability Dates. The cost and expense of such reasonable efforts to mitigate shall not be borne by
the Corporation, and Government shall reimburse the Corporation in full for any and all costs and expenses incurred by the Corporation in relation to the Corporation’s efforts to mitigate. Upon making any claim under Clause 11.2.2, the
Corporation shall provide Government with written documentation in support of such claim. 
  

	11.3	 	The Corporation shall review the Baseline Programme monthly and, without prejudice to Clause 11.2, incorporate into the Baseline Programme any changes in the Scope of Works
and any changes to programme timing to be made in accordance with this Agreement, including any deferrals made pursuant to Clauses 4.8 or 11.2. For the avoidance of doubt, and notwithstanding Clause 28, the Corporation may from
time to time, in its sole and absolute discretion, amend the Baseline Programme, other than the date of the Scheduled Operating Date and the Land Return Dates (and for the avoidance of doubt, the Land Availability Date), provided that:-

  

	 	11.3.1	 	the Corporation shall be entitled to amend the Scheduled Operating Date if Government fails to (1) give full and exclusive occupation or grant all necessary rights of access and
occupation to all relevant land stated in Part I and Part II respectively of Appendix F to the Corporation in accordance with Clause 11.2 and/or (2) complete the relevant Penny’s Bay Public Infrastructure Works
relating to each Relevant Parcel and to parcel(s) of land adjacent thereto as set out in Part IV of Appendix F by the Land Availability Date relating to the Relevant Parcel in accordance with Clause 11.2; and

  

	 	11.3.2	 	the Corporation shall be entitled to revise the Land Return Dates if Government fails to give full and exclusive occupation or grant all necessary rights of access and occupation to
all relevant land to which the Land Return Dates relate in accordance with Clause 11.2, 

  
 Provided that, in the case of Sub-clauses 11.3.1 and 11.3.2, the Corporation has made reasonable efforts to mitigate the effects of such
failure by Government. The cost and expense of such reasonable efforts to mitigate shall not be borne by the Corporation, and Government shall reimburse the Corporation in full for any and all costs and expenses incurred by the Corporation in
relation to the Corporation’s efforts to mitigate. 
  

	11.4	 	The Corporation shall use programming logic and computer software specified by the Corporation and agreed with Government to prepare and produce the Baseline Programme to a level of
detail agreed with Government such that Government may at all times readily monitor the Corporation’s progress of the Scope of Works against the Baseline Programme. 

  

 16 

	11.5	 	Subject to Clause 11.2, the Corporation being kept informed by Government of progress of the construction of the Disneyland Project and the Corporation receiving from
Government at least six months prior written notice of the Soft-Opening Date or unless otherwise agreed with Government in accordance with the terms of this Agreement, the Corporation shall complete the Scope of Works relating to the Penny’s
Bay Rail Link in accordance with the programme timing set out in the Baseline Programme so as to enable Commercial Operations to commence on the Penny’s Bay Rail Link by the Scheduled Operating Date. If the Corporation does not complete the
Scope of Works relating to the Penny’s Bay Rail Link in accordance with the programme timing set out in the Baseline Programme and Commercial Operations are not commenced by the Scheduled Operating Date, as required by this Clause 11.5,
Government agrees that:- 

  

	 	11.5.1	 	the Corporation’s sole liability for such failure by the Corporation, pursuant to this Clause 11.5, will be to procure from Franchised Bus Operators the provision of the
bus services starting from the Scheduled Operating Date or a later date as specified by Government (or, failing which, upon Government’s request, the Corporation shall provide or otherwise procure the provision of other bus services starting
from the Scheduled Operating Date or a later date as specified by Government) at a level commensurate with the reasonably anticipated number of guests and staff at the Disney Park to be constructed pursuant to the Master Project Agreement from time
to time, but with a minimum capacity of 5,500 passengers per hour per direction of traffic (unless otherwise mutually agreed between Government, HKITP, and the Corporation), until such time as Commercial Operations are commenced on the Penny’s
Bay Rail Link at the minimum capacity set out in Clause 8.1, provided that the mode of operating such temporary bus services, including fare charges, shall be approved by Government in advance and the services shall be regulated and
controlled in the same manner as Franchised Bus Services; and 

  

	 	11.5.2	 	the Corporation shall have no other liability whatsoever to any person, whether for breach of contract, misrepresentation, in tort or otherwise. 

  

	11.6	 	Government shall facilitate consultation between HKITP and the Corporation in connection with the implementation of this Agreement. 

  

	11.7	 	Without prejudice to Clause 11.2, the Corporation shall be entitled, but not obliged, to request a deferral of the Scheduled Operating Date if the Corporation has been
delayed, or expects to be delayed, in the execution of the PBRL Works, by reason of (whether directly or indirectly, wholly or in part):- 

  

	 	11.7.1	 	any amendment or variation made under Clause 4.8 or 4.9; 

  

	 	11.7.2	 	any breach by the Government of its obligations under this Agreement; 

  

	 	11.7.3	 	events or circumstances of Force Majeure, 

  
 (together referred to in this Clause as “Events of Delay” and each, an “Event of Delay”). 
  
  

 17 

	11.8	 	The Corporation shall not be entitled to request a deferral pursuant to Clause 11.7.1 unless:- 

  

	 	11.8.1	 	the Corporation gives written notice of the relevant Event of Delay to the Government within 14 days of the Event of Delay occurring or, if later, of the Corporation becoming aware
of the relevant Event of Delay; and 

  

	 	11.8.2	 	not later than 28 days after giving that notice the Corporation gives a further written notice to the Government setting out:- 

  

	 	11.8.2.1	 	details of the circumstances from which the delay arises and the extent of the actual and contemplated delay; 

  

	 	11.8.2.2	 	details of the contemporary records maintained by the Corporation to substantiate its claim; 

  

	 	11.8.2.3	 	details of the consequences, whether direct or indirect, which the delay may have on completion of the PBRL Works; and 

  

	 	11.9.2.4	 	details of any measures the Corporation proposes to adopt to mitigate the consequences of delay, and the increased costs, if any, associated with those measures.

  

	11.9	 	If so required by the Government, the Corporation shall provide from time to time further details of the matters set out in Sub-clause 11.8.2.2.

  

	11.10	 	As soon as reasonably practicable following the service of the notices referred to in Clause 11.8, the Government shall by written notice to the Corporation defer
either prospectively or retrospectively the Scheduled Operating Date by such amount of time as is fair and reasonable. Such deferral shall, however, be subject to the following:- 

  

	 	11.10.1	 	no deferral shall be made if the delay is attributable to any negligence, wilful default, breach of contract or breach of statutory duty of the Corporation, or its Contractors or
suppliers or its or their respective servants or agents; and 

  

	 	11.10.2	 	in determining the amount of time by way of deferral that is fair and reasonable in any particular circumstances, the Government shall have regard to the extent to which the
Corporation has made reasonable efforts to mitigate the effects of the delay. 

  

	11.11	 	Each party shall be relieved of liability for failure to perform its obligations under this Agreement to the extent that the failure to perform is caused by an event of Force
Majeure. 

  

	11.12	 	The right of a party to claim relief under Clause 11.11 shall be subject to the party claiming relief:- 

  

	 	11.12.1	 	having given written notice to the other party of its intention to claim relief under Clause 11.11 within 7 days of becoming aware of the Force Majeure having arisen;

  

 18 

	 	11.12.2	 	having used all reasonable endeavours to mitigate the effects of the Force Majeure; and 

  

	 	11.12.3	 	not having caused the Force Majeure to have arisen by its negligence, wilful default, breach of contract or breach of statutory duty (or any of the same) by its Contractors,
servants or agents. 

  

 19 

 PART V 
  
 LAND 
  

	12.	 	Land Acquisition 

  

	12.1	 	Subject to such terms and conditions, and in such form, as may be prescribed by Government, Government shall procure the possession of the type specified in Appendix F
for the Corporation by the Land Availability Dates of all land, and all necessary easements and rights in, under and over land, required by the Corporation for the construction of the PBRL Works, the RRIW and any Entrusted Works to be carried out by
the Corporation and the subsequent operation and maintenance by the Corporation of the Penny’s Bay Rail Link. The provisions of the Railways Ordinance shall be applicable in all respects to any private land which may be resumed, or easements or
rights in, under or over land which may be created, in connection with the construction of the PBRL Works, or the subsequent operation by the Corporation of the Penny’s Bay Rail Link. 

  

	12.2	 	The Corporation shall bear all costs, expenses and other amounts that have been, are now, or may from time to time be incurred or paid by the Lands Department pursuant to the
involvement of the Lands Department in connection with the implementation of the Project. These costs include, but are not limited to, staff costs, accommodation, equipment, office rent, departmental expenses and administrative overheads as
determined in accordance with the guidelines set out in the costing manual issued by the Treasury of the Government. 

  

	12.3	 	Government shall notify the Corporation in writing as soon as practicable after the Director of Lands has received a written claim from any person claiming an entitlement to
compensation under the Railways Ordinance and may consult with the Corporation on how best such claim should be considered. The responsibility for considering any such claim and for determining the amount of any payment to be made to a claimant
under the Railways Ordinance and any other ex-gratia allowances payable shall lie with Government. In the event that Government makes a payment to a claimant either in settlement of a claim, by way of ex-gratia allowances, or consequent upon a
decision of the Lands Tribunal, the Corporation shall promptly reimburse to Government upon demand the full amount of such payment. 

  

	13.	 	Land for Railway Construction 

  

	13.1	 	Subject to such terms and conditions, and in such form, as may be prescribed by Government, the Corporation shall be permitted to occupy land as stated in Appendix F
required for the purpose of the construction of the Penny’s Bay Rail Link. The rental payable by the Corporation for the land required by the Corporation as Works Areas shall be an amount which is equal to the higher of (i) the standard tenancy
rates for land used for similar purposes by other persons in the relevant district as determined by the Director of Lands and (ii) an amount determined by Government to be equal to the costs of making such land available to the Corporation. The
rental payable by the Corporation for the land required by the Corporation for the purpose of railway construction (other than as Works Areas) and which will be occupied by facilities and structures relating to the operation of the Penny’s Bay
Rail Link shall be nominal. 

  

 20 

	13.2	 	Government shall provide the Corporation with reasonable access to the land specified in Appendix F through land occupied by Government, whether from public roads
(provided that the travelling public and traffic safety are not adversely affected) or such other areas as may be agreed between the Corporation and Government as being necessary, for the purposes of constructing the Penny’s Bay Rail
Link. 

  

	14.	 	Land for Operational Railway 

  

	14.1	 	Government shall grant to the Corporation good title to and, subject to the provisions of the Penny’s Bay Running Line Lease, exclusive possession of all land held or
obtained by Government which is required for the purposes of the operation of the Penny’s Bay Rail Link, by means of the Penny’s Bay Running Line Lease so that the lease arrangements in respect of the Penny’s Bay Rail Link are
substantially in the same form as the Lantau and Airport Railway Running Line Lease), for the Franchise Period. 

  

	14.2	 	In respect of the Penny’s Bay Running Line Lease, the Corporation shall be liable to Government for a nominal premium only. 

  

	14.3	 	The Corporation shall pay an annual rent in respect of the land which is the subject of the Penny’s Bay Running Lines Lease from the date of such lease or the Operating
Date, whichever is the earlier, equivalent to three per cent. (3 %) of the rateable value from time to time of such land. 

  

	15.	 	Commercial Activities within the PBRL Stations 

  

	15.1	 	Subject to Clause 15.2, Government shall permit the Corporation to sublet or part with possession of, or carry out trades or activities in its own name or in the name
of a subsidiary associated or other company connected with the Corporation, upon parts of the premises occupied by the PBRL Stations and in respect of which the Corporation will be the lessee, grantee, owner or tenant in accordance with the terms in
the remaining provisions of this Clause 15, provided that the Corporation shall impose on all sub-tenants and other occupiers of Disneyland Station all relevant restrictions and provisions binding on the Corporation hereunder in respect of
Disneyland Station to the intent that where any works and activities require consultation, implementation of suggestions or mutual agreement hereunder, the same requirement will apply equally and in full to such works or activities proposed to be
carried out by any such sub-tenant or other occupier. 

  

	15.2	 	For the purposes of granting the permission referred to in Clause 15.1, Government will enter into a separate agreement (the “PBRL Supplemental Agreement”)
with the Corporation substantially in the same form as the Lantau and Airport Railway Supplemental Agreement (but which agreement shall also include provisions relating to advertising arrangements) in respect of the PBRL Stations which are to be
included in the Penny’s Bay Running Line Lease. 

  

 21 

	15.3	 	The Corporation shall apply to Government for prior written approval before carrying out any trades and activities at any of the PBRL Stations which: 

  

	 	15.3.1	 	are not expressly permitted under the PBRL Supplemental Agreement; or 

  

	 	15.3.2	 	occupy a total floor area greater than 100 square metres per unit in usable floor area. 

  

	15.4	 	Government shall determine the maximum floor area permissible for any trades or activities within any PBRL Station and may in making such decision take into account, inter alia, the
area of the relevant station, the layout of the railway station concourse and the flow of passengers. 

  

	15.5	 	Subject to Clause 15.6, Government shall not require the Corporation to pay a premium or other sum to Government in consideration of the grant of the permissions referred to
in Clause 15.1. 

  

	15.6	 	Government reserves the right to require the Corporation to pay a premium to Government in consideration of the grant of the permissions referred to in Clause 15.1 in respect
of particular trades or activities occupying more than 100 square metres of usable floor area per unit at any one of the PBRL Stations, such premium to be agreed between Government and the Corporation. 

  

	15.7	 	The Corporation will submit such details as Government may reasonably require to the Safety and Security Co-ordinating Committee (or such other body as may be established to
consider the safety and security of the PBRL Stations) and to the Station Transport Integration Committee (or such other body as may be established to consider the integration of the Penny’s Bay Rail Link into the built environment), and the
Corporation shall abide by and implement the decisions of such committees or other bodies in relation thereto. 

  

 22 

 PART VI 
  
 OPERATION AND MAINTENANCE OF THE PENNY’S BAY RAIL LINK 
  

	16.	 	Operation and Maintenance of the Penny’s Bay Rail Link 

  

	16.1	 	Government and the Corporation agree that the Penny’s Bay Rail Link will be owned and operated in accordance with the Ordinance, the Operating Agreement and this Agreement by
the Corporation for its own account for the Franchise Period. 

  

 23 

 PART VII 
  

ENVIRONMENTAL PROTECTION 
  

	17.	 	Environmental Protection Measures 

  

	17.1	 	The Corporation has carried out an environmental impact assessment relating to the construction and operation of the Penny’s Bay Rail Link which was included in the
environmental impact assessment for the Disneyland Project (endorsed by the Director of Environmental Protection in April 2000) entitled “Environmental Impact Assessment for the Construction of an International Theme Park in Penny’s Bay of
North Lantau and its Essential Associated Infrastructures” (the “EIA”). The Corporation shall, at its own cost, carry out:- 

  

	 	17.1.1	 	the measures specified in the EIA and the environmental permit issued by Government to the Corporation in relation to the Penny’s Bay Rail Link (the “Environmental
Permit”); and 

  

	 	17.1.2	 	all other measures proposed by the Corporation and approved by Government. 

  

	17.2	 	Except as may be agreed between the Government and the Corporation to be to the account of the Corporation as a result of the assessment referred to in Clause 17.1,
Government agrees that if Government shall impose on the Corporation any requirement(s) (other than by way of any change of legislation) to:- 

  

	 	17.2.1	 	carry out any environmental protection measures in respect of the Penny’s Bay Rail Link in relation to noise or resulting from any change in land use which are in addition to
the measures specified in the EIA or the Environmental Permit; or 

  

	 	17.2.2	 	carry out any works, amend any design or alter the construction of any part of the works associated with the Penny’s Bay Rail Link (other than those identified as necessary in
the assessment referred to in Clause 17.1) the cost of which is payable by the Corporation (including, without limitation, any part of the PBRL Works or the RRIW in respect of which the Corporation is required to make a contribution) in
relation to any environmental protection measures in relation to noise resulting from any change in land use, the purpose of which is to provide existing, new or future developments with environmental protection from any part of the Penny’s Bay
Rail Link, 

  
 the implementation of such
requirement(s) shall not be at the cost of the Corporation, and the Corporation shall comply with such requirement only if Government has procured the relevant third party or parties to indemnify (or, failing which, Government shall itself
indemnify) the Corporation in full in respect of any and all costs and expenses incurred or to be incurred by the Corporation in relation to such requirement(s). 
  

 24 

 PART VIII 
  

TRANSPORT 
  

	18.1	 	As stated in the prospectus dated 25th September, 2000 relating to the global offering of shares in the Corporation by the Financial Secretary Incorporated, in the context of the
Government’s overall transport policy as articulated in its Railway Development Strategy 2000 and “Hong Kong Moving Ahead—A Transport Strategy for the Future” the Government acknowledges that it will take active measures to
achieve the policy objectives set out therein. In particular, it recognises: 

  

	 	18.1.1	 	the need to rely on railways as the backbone of Hong Kong’s transport system and for railways to be given priority in the Government’s plans for infrastructure
development; 

  

	 	18.1.2	 	the need for balanced competition within the transport market in Hong Kong and a level playing field for different forms of transport; and 

  

	 	18.1.3	 	the need for, and will facilitate the provision of, feeder services to railway stations. 

  

	18.2	 	Government’s policy with respect to transport to, from and within Penny’s Bay is consistent with the policy described in Clause 18.1 above and involves the
following: 

  

	 	18.2.1	 	Government will develop a plan in respect of transport to, from and within Penny’s Bay which: 

  

	 	(i)	 	recognises the Penny’s Bay Rail Link as the backbone of Hong Kong’s transport system to, from and within Penny’s Bay and will give the Penny’s Bay Rail Link
priority in Government’s plans for infrastructure development in Penny’s Bay; 

  

	 	(ii)	 	takes into account that the Penny’s Bay Rail Link is a high capacity, long term item of the transport infrastructure which has the capacity to carry a major share of the
transport demand; 

  

	 	(iii)	 	takes into account that the Corporation will make a substantial capital investment in the Penny’s Bay Rail Link; and 

  

	 	(iv)	 	seeks to minimise wasteful competition while maintaining healthy competition among service providers to ensure commuter choice. 

  

	 	18.2.2	 	Government agrees to, in accordance with its declared policy, facilitate use of the Penny’s Bay Rail Link and shall take all reasonable action related to such usage to ensure
appropriate co-ordination between the various transport modes. 

  

	18.3	 	Taking into account the policy and considerations set out in Clauses 18.1 to 18.2.2 above, Government’s intention is to introduce three new franchised bus routes
and modify three existing franchised bus routes to serve the Disneyland Project upon its opening. In considering any proposals to add new franchised bus routes (in addition to the aforementioned), either upon opening of the Disneyland Project or
thereafter, Government will take into account relevant factors including but not limited to the following: 

  

 25 

	 	18.3.1	 	the need to make efficient use of existing transport infrastructure and the limited availability of road space; 

  

	 	18.3.2	 	the need to provide convenience of routes and choice of services for passengers at a standard commensurate with the positive visitor experience expected of the Disneyland Project;

  

	 	18.3.3	 	the transport policy considerations described in Clauses 18.1 to 18.2 above. 

  

	18.4	 	Government agrees to consult the Corporation prior to introducing any new franchised bus routes which provide service to, from or within Penny’s Bay and which are additional to
those mentioned in Clause 18.3 above and take account of any written representations made by the Corporation. 

  

	18.5	 	The parties recognise that the tourist industry requirements for overseas tourists on package tours mean that a substantial proportion of visitors to the Disneyland Project will use
private coach services as a means of transport to the Disneyland Project. Government will make use of traffic management measures to regulate coach and non-franchised bus activities which shall include, where appropriate, restrictions regarding
stopping on the public roads leading to the Disneyland Project, restrictions regarding drop-off and pick-up activities on the public roads adjacent to the Public Transport Interchange (the “PTI”) at Penny’s Bay, and
restrictions regarding entry to the PTI. 

  

	18.6	 	Government acknowledges the importance of easy access to the PBRL Stations and agrees to use its best endeavours to plan the road and highway systems and traffic engineering schemes
to facilitate reasonable access by the public to the PBRL Stations. 

  

	18.7	 	The Corporation shall take reasonable steps to encourage and promote use of the Penny’s Bay Rail Link as are compatible with the Ordinance, the Operating Agreement, this
Agreement and any relevant agreement with HKITP. 

  

 26 

 PART IX 
  
 PROJECT REPORTING 
  

	19.	 	Project Monitoring 

  

	19.1	 	The Corporation agrees to provide to Government on a monthly basis a report on the engineering progress, programme and cost of the PBRL Works. 

  

	19.2	 	The Government agrees to provide to the Corporation on a monthly basis a report on the progress and programme of the Disneyland Project. 

  

	19.3	 	The Corporation shall provide to Government on a monthly basis, a report containing information sufficient to keep Government informed on the safety measures employed and
implemented on the PBRL Works and the overall safety performance. Such information shall include the safety organisation structure, safety initiatives introduced, safety training, safety promotional campaigns, accident statistics, analysis on
accident rates and remedial measures. 

  

	19.4	 	The reports referred in Clauses 19.1, 19.2 and 19.3 shall be in the format to be agreed between Government and the Corporation. 

  

	19.5	 	In the event that either party identifies any issues in respect of:- 

  

	 	19.5.1	 	the design, construction, completion, financing and operation of the Penny’s Bay Rail Link, the progress and programme of the Disneyland Project, the Yam O Reclamation and
Public Infrastructure Works Phase 1 or the Penny’s Bay Public Infrastructure Works (the “Relevant Matters”) discussed or revealed in any report provided pursuant to Clause 19.1 or 19.2 or 19.3; or

  

	 	19.5.2	 	the format of such reports as agreed pursuant to Clause 19.3, 

  
 on which it wishes to have further deliberations with the other party, such party shall, if in its opinion it is deemed necessary set up a liaison
committee consisting of representatives of Government and the Corporation to obtain further information and to monitor progress on any of the Relevant Matters. 
  

	19.6	 	Each party shall cooperate with the other in relation to the proceedings of the liaison committee referred to in Clause 19.5 and the provision of such information that may
reasonably be requested by such liaison committee on any of the matters referred to in Clause 19.1, 19.2 and 19.3. 

  

 27 

 PART X 
  
 DISNEYLAND PROJECT/HKITP/DIVIDENDS 
  

	20.	 	Delay in the Disneyland Project 

  

	20.1	 	Government shall procure that the Disneyland Project is completed in accordance with the Master Project Agreement. Government undertakes:- 

  

	 	20.1.1	 	that, if the Disneyland Actual Opening Date occurs later than three months after the Disneyland Scheduled Opening Date for whatever reason (other than as a result of any breach of
this Agreement by the Corporation or as a result of the occurrence of a Force Majeure), Government shall pay to the Corporation, as compensation for the delay, an amount of HK$8.0 million (equivalent to about HK$5 million in present value terms
using the 11.25% project internal rate of return as the discount rate) for each month (or a proportionate part of such amount for part of a month) of delay in the Disneyland Actual Opening Date beyond the later of three months after the Disneyland
Scheduled Opening Date, and the date the Scope of Works relating to the Penny’s Bay Rail Link is completed and the Penny’s Bay Rail Link is ready for Commercial Operations, such payments to continue up to the earlier of the Disneyland
Actual Opening Date and the date that is twelve months after the Disneyland Scheduled Opening Date (the “First Anniversary”); 

  

	 	20.1.2	 	that, if the Disneyland Actual Opening Date for whatever reason (other than as a result of any breach of this Agreement by the Corporation or as a result of the occurrence of a
Force Majeure), occurs after the later of the First Anniversary and the date the Scope of Works relating to the Penny’s Bay Rail Link is completed and the Penny’s Bay Rail Link is ready for Commercial Operations. Government shall, in
addition to making payment to the Corporation in accordance with Clause 20.1.1, indemnify and hold the Corporation harmless from and against all costs, expenses, damage, losses, claims or liabilities (whether civil or criminal) and any legal
or other professional costs (on a full indemnity basis) incurred or suffered or which may be incurred or suffered by the Corporation in relation (directly or indirectly) to the Project as a direct or indirect result of any such delay in the
Disneyland Actual Opening Date beyond the later of twelve months after the Disneyland Scheduled Opening Date and the date the Scope of Works relating to the Penny’s Bay Rail Link is completed and the Penny’s Bay Rail Link is ready for
Commercial Operations (as the case may be) or of the failure to complete the Disneyland Project at all (including, without limitation, any loss of profit directly or indirectly resulting from such failure (which shall be calculated by multiplying
11.25% per annum by the amount of Capital Cost incurred by the Corporation from time to time accruing on a daily basis for the period commencing on and including the date on which the relevant portion of Capital Cost is incurred by the Corporation
and ending on and including the date immediately before the date on which Government discharges the indemnity given pursuant to this Clause), and any amount in respect of design, financing, construction and otherwise), unless agreed otherwise by the
parties; and 

  

 28 

	 	20.1.3	 	to give the Corporation written notice immediately upon Government becoming aware that the Disneyland Project will cease to be operated in accordance with the Master Project
Agreement. 

  

	20.2	 	Payment of any amounts due to the Corporation under Clause 20.1.1 shall be satisfied by the waiver of any claim for or entitlement to (as against the Corporation) dividends
as set out in Clause 22.5. 

  

	20.3	 	Upon making any claim under Clause 20.1.2, the Corporation shall provide Government with written documentation in support of such claim. 

  

	21.	 	Consultation and Agreement 

  

	21.1	 	The Corporation will consult with Government and HKITP on the establishment of reasonable operating, safety and maintenance standards for the Penny’s Bay Rail Link,
including the operating hours of the Penny’s Bay Rail Link which, subject to the provisions of the Operating Agreement (as may be amended from time to time), will normally be between 0610 and 0045. 

  

	21.2	 	Three utility crossings of the Penny’s Bay Rail Link, one of which shall be located at the West Resort Road Bridge, another of which shall be located approximately 300 metres
south of the southern portal of the Tai Yam Teng tunnel, and the other of which shall be located at the VEPA, shall be constructed by Government. Government will consult with, and wherever applicable incorporate the suggestions of, HKITP and the
Corporation regarding the design and construction of such utility crossings. 

  

	21.3	 	Without prejudice to the Deed of Restrictive Covenant, the Corporation shall not, without the prior written consent of Government and HKITP: 

  

	 	21.3.1	 	grant any interest or grant any consent or approval or do any similar thing in respect of the land in the Height Control Zone which has the effect of granting the right to carry out
Building Works or permitting or approving Building Works in the Height Control Zone; or 

  

	 	21.3.2	 	carry out any Building Works in the Height Control Zone; 

  
 which exceed the height limits imposed in Clause 4 of the Deed of Restrictive Covenant. 
  

	21.4	 	Without prejudice to the Deed of Restrictive Covenant, the Corporation shall not, without the prior written consent of Government and HKITP: 

  

	 	21.4.1	 	grant any interest or grant any consent or approval or do any similar thing in respect of the land in the Visual Buffer Zone which has the effect of granting the right to carry out
Building Works or permitting or approving Building Works in the Visual Buffer Zone; 

  

 29 

	 	21.4.2	 	carry out any Building Works in the Visual Buffer Zone; 

  

	 	21.4.3	 	set off or permit the setting off of any fireworks or pyrotechnics displays in the Visual Buffer Zone or project any skyward laser beams or search lights on or from the Visual
Buffer Zone; or 

  

	 	21.4.4	 	direct or permit the direction of exterior artificial light sources in the Visual Buffer Zone other than to the ground and it shall shield or procure the shielding of individual
light sources from view by opaque shields so that such light sources are not visible from the Disney Park. 

  

	21.5	 	The Corporation shall not, without the prior written consent of Government and HKITP, construct any Building at or in the immediate vicinity of Disneyland Station and the
Penny’s Bay Rail Link between West Resort Road Bridge and Disneyland Station, which exceeds the height of the berm to the south of and adjacent to Disneyland Station. 

  

	21.6	 	Without prejudice to Clause 21.7, the Corporation shall consult with Government and HKITP and incorporate all reasonable suggestions of Government and HKITP during the design
and construction of the Penny’s Bay Rail Link, and during any redesign, refurbishment, modification, renovation or expansion thereof. 

  

	21.7	 	The Design Features of the initial design of Disneyland Station, and of the Penny’s Bay Rail Link between West Resort Road Bridge and Disneyland Station, to be constructed by
the Corporation (or its agents or contractors) pursuant to this Agreement, and any redesign, refurbishment, modification, renovation or expansion thereof, shall be subject to the mutual agreement of the Corporation, Government and HKITP. For the
purposes of this Clause 21, “Design Features” shall mean, the architectural concept and aesthetic aspects, and shall include (without limitation) architectural design, landscaping, signage, lighting, artwork and any other
feature of a visual nature in connection with Disneyland Station and the Penny’s Bay Rail Link between West Resort Road Bridge and Disneyland Station, and any Building thereon. 

  

	21.8	 	The mutual agreement of the Corporation, Government and HKITP required pursuant to Clause 21.7 shall not be unreasonably withheld or delayed. For this purpose, it shall not
be unreasonable to withhold such agreement on the basis that the standards of the Design Features are not commensurate with those prevailing at the Walt Disney World Resort (the “WDWR Standards”) unless any relevant railway safety
standard cannot be met if the relevant WDWR Standards are applied. 

  

	21.9	 	If the Corporation submits any proposed Design Features for the agreement of Government and HKITP, Government and HKITP shall have fifteen (15) Business Days after the receipt of
any such submission (which shall be in writing and accompanied by all requisite documentation and plans) to give to the Corporation any comments. 

  

	21.10	 	The name of the Disneyland Station shall be mutually agreed by Government, the Corporation and HKITP. 

  

	21.11	 	The location, form, content and aesthetic aspects of any advertising to be displayed in the Disneyland Station shall be subject to the mutual agreement of the Corporation and HKITP,
such agreement not to be unreasonably withheld or delayed. For this purpose, it shall not be unreasonable to withhold such agreement on the basis that the standards are not commensurate with those prevailing at the Walt Disney World Resort.

  

 30 

	21.12	 	The Corporation shall be required to attend public consultation meetings and/or meetings with various Government agents and HKITP, as required by Government from time to time to
coordinate the works carried out by such various Government agents or HKITP, provided reasonable notice of such meetings are given to the Corporation in writing. 

  

	21.13	 	Prior to the commencement of operations on the Penny’s Bay Rail Link and following the consultation carried out pursuant to Clause 21.1, the parties shall amend the
Operating Agreement to deal with the operation of the Penny’s Bay Rail Link, including (without limitation) the operating hours of the Penny’s Bay Rail Link. 

  

	22.	 	Dividends 

  

	22.1	 	The Corporation intends to offer a scrip dividend election to its shareholders and holders of its American Depositary Shares (“ADSs”) (subject to the decision of
the board of directors of the Corporation and applicable securities laws) in respect of interim dividends and final dividends for the financial year ending 31st December, 2002 (together, the “2002 Dividends”) and the financial year
ending 31st December, 2003 (together, the “2003 Dividends”). 

  

	22.2	 	Government agrees to ensure that, in respect of the 2002 Dividends and the 2003 Dividends, an election will be made to the Corporation for the receipt of all or part of such amount
of dividends representing Government’s beneficial entitlement to dividends in the form of shares under any scrip dividend election to be offered by the Corporation to its shareholders and holders of its ADSs (subject to the decision of the
board of directors of the Corporation and applicable securities laws), to the extent necessary to ensure that a maximum of 50 per cent. of the total dividend paid (and for this purpose ‘total dividend paid’ shall be calculated as though
there has been no waiver of any dividend under Clause 22.3) by the Corporation in respect of the relevant financial year will be in the form of cash. 

  

	22.3	 	Government will ensure that:- 

  

	 	22.3.1	 	any claim for or entitlement to (as against the Corporation) such amount of dividends representing Government’s beneficial entitlement to cash dividends in respect of the 2002
Dividends will be waived (as against the Corporation); and 

  

	 	22.3.2	 	thereafter, to the extent necessary, any claim for or entitlement to (as against the Corporation) such amount of dividends representing Government’s beneficial entitlement to
cash dividends in respect of the 2003 Dividends will be waived (as against the Corporation); and 

  

	 	22.3.3	 	thereafter, to the extent necessary, any claim for or entitlement to (as against the Corporation) such amount of dividends representing Government’s beneficial entitlement to
cash dividends in respect of the interim and final dividends for the financial year ending 31st December, 2004 will be waived (as against the Corporation); and 

  

 31 

	 	22.3.4	 	thereafter, to the extent necessary, any claim for or entitlement to (as against the Corporation) such amount of dividends representing Government’s beneficial entitlement to
cash dividends in respect of the interim and final dividends for the subsequent financial years will be waived (as against the Corporation), 

  
 as is equivalent (in aggregate, where applicable) to the Funding Gap as at the date on which the relevant dividends are waived (a “Relevant
Date”). 
  
 Any claim to be waived in accordance with
this Clause shall be waived on the date on which the relevant dividends are distributed. 
  
 For the purposes of this Clause, “Funding Gap” as at a Relevant Date means: 
  
 in the case of the Relevant Date in respect of the interim dividends for the six months ending 30th June, 2002, HK$798 million plus an amount equal to
11.25% per annum multiplied by HK$798 million, accruing on a daily basis for the period commencing on (and including) 1st January, 2002 and ending immediately before (and excluding) such Relevant Date; and 
  
 in the case of a Relevant Date in respect of interim and final dividends for
subsequent financial periods (a “Present Relevant Date”): 
  
                                 (A - B) + C 
  
 where: 
  

	 	A =	 	the Funding Gap as at the immediately preceding Relevant Date (the “Preceding Relevant Date”) determined in accordance with this Clause (which, for the avoidance of
doubt, shall be determined prior to the deduction of any amount of dividends waived in accordance with this Clause on such Preceding Relevant Date); 

  

	 	B =	 	the amount (in Hong Kong dollars) of dividends waived in accordance with this Clause on the Preceding Relevant Date; and 

  

	 	C =	 	an amount equal to 11.25% per annum x (A - B), accruing on a daily basis for the period commencing on (and including) the Preceding Relevant Date and ending immediately before (and
excluding) the Present Relevant Date. 

  

	22.4	 	Until such time as the Funding Gap has been satisfied by the waiver of cash dividends, prior to distribution of any dividend by the Corporation, the Corporation shall notify
Government of the outstanding amount of the Funding Gap and the amount of dividends representing Government’s beneficial entitlement to cash dividends, after taking into account Government’s obligation under Clause 22.2, that is
treated as waived under Clause 22.3. 

  

 32 

	22.5	 	If any amount becomes payable by Government under Clause 20.1.1 Government agrees to ensure that, after the Funding Gap has been satisfied in full by the waiver of cash
dividends, any claim for or entitlement to (as against the Corporation) such amount of dividends representing Government’s beneficial entitlement to cash dividends in respect of the interim or final dividends (as the case may be) next
distributed immediately following the earlier of the Disneyland Actual Opening Date and the First Anniversary (the “First Available Dividends”) will be waived (as against the Corporation) and, thereafter, to the extent necessary,
any claim for or entitlement to (as against the Corporation) such amount of dividends representing Government’s beneficial entitlement to cash dividends in respect of subsequent interim and final dividends will be waived (as against the
Corporation), as is equivalent (in aggregate, where applicable) to the amounts payable by Government under Clause 20.1.1 which have accrued up to the date of distribution of such interim and final dividends as adjusted in accordance with this
Clause (the “Indemnity Amount”). The Indemnity Amount (or, as the case may be, such portion thereof which has not been satisfied by such waiver) shall be increased at the rate of 11.25% per annum, accruing on a daily basis for the
period commencing on (and including) the First Anniversary and ending immediately before (and excluding) the date on which the Indemnity Amount is satisfied in full and compounded annually. 

  

	22.6	 	To the extent necessary, Government shall procure that any relevant nominee or trustee for Government (from time to time) shall take such steps and actions and/or omit to
take such steps and actions to achieve the purpose and intent of this Clause 22. 

  

 33 

 PART XI 
  
 MISCELLANEOUS 
  

	23.	 	Utility Services 

  
 The Corporation agrees that Government shall not be liable to the Corporation for any failure whatsoever to perform or inadequate or delayed
performance by the owner of any gas, electricity, water or telecommunication service apparatus situated on any unleased Government land of any works required to be carried out by such owner pursuant to a notice given to such owner by the Secretary
for the Environment, Transport and Works under Section 25(l) of the Railways Ordinance. 
  

	24.	 	The Ordinance 

  

	24.1	 	The Ordinance shall not be, or be deemed to be, amended or revoked in any respect by the provisions of this Agreement. 

  

	24.2	 	The Penny’s Bay Rail Link shall be part of the Mass Transit Railway for the purposes of the Ordinance and the Operating Agreement, and the Corporation shall comply with
the provisions of the Ordinance and the Operating Agreement notwithstanding anything to the contrary in this Agreement. Nothing in this Agreement shall oblige the Corporation to conduct its business in any manner or do any thing which is
incompatible with the provisions of the Ordinance or the Operating Agreement. 

  

	25.	 	Invalidity 

  
 If at any time any provision or part of this Agreement is or becomes illegal invalid or unenforceable in any respect under the law of any
jurisdiction, such illegality, invalidity or unenforceability shall not affect or impair the legality, validity or enforceability in that jurisdiction of any other part of that provision or any other provision of this Agreement or, in any other
jurisdiction, of that provision or part thereof or any other provision of this Agreement. 
  

	26.	 	No Partnership 

  
 Nothing in this Agreement and no action taken by the parties pursuant to this Agreement shall constitute, or be deemed to constitute, the parties a
partnership, association, joint venture or other co-operative entity. 
  

	27.	 	Further Assurance 

  
 Each of the parties agrees that it shall, from time to time on being required to do so by the other party, now or at any time during the subsistence of
this Agreement, do or procure the doing of all such acts and/or execute or procure the execution of all such documents in a form satisfactory to that other party as reasonably considered necessary by it for giving full effect to and the full benefit
of the rights, powers and remedies conferred by this Agreement. 
  

 34 

	28.	 	Amendments 

  
 Save as otherwise expressly provided in this Agreement, no provision of this Agreement may be amended, waived, discharged or terminated other than (in
each case) by an instrument in writing signed by or on behalf of each of the parties hereto. 
  

	29.	 	Waiver 

  
 No failure to exercise, nor any delay in exercising, on the part of any party hereto, any right or remedy hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights and
remedies provided by law. 
  

	30.	 	Conflict 

  

	30.1	 	In the event of any conflict between the provisions of this Agreement and the Appendices, the provisions of this Agreement shall prevail. 

  

	30.2	 	In the event of any conflict between the provisions of this Agreement and the Ordinance, the Operating Agreement or the Penny’s Bay Running Line Lease, the provisions of
the Ordinance, the Operating Agreement or the Penny’s Bay Running Line Lease (as the case may be) shall prevail. 

  

	31.	 	Payments 

  

	31.1	 	Any and all payment to be made by Government or the Corporation to the other under this Agreement shall be made in Dollars in such manner as may be agreed between Government
and the Corporation from time to time. 

  

	31.2	 	Subject to the foregoing provisions of this Agreement, if any sum would otherwise become due for payment on a day which is not a Business Day, such sum shall become due on
the next succeeding Business Day. 

  

	31.3	 	In the event of failure by either Government or the Corporation to pay any sum on the date on which such sum is expressed to be due hereunder (whether legally or formally
demanded or not), the defaulting party shall, without prejudice to any remedies available to the other party hereunder or at law, or in equity, pay to the other party interest on such sum from the date of such failure up to the date of actual
payment (as well after as before judgement) calculated at the rate per annum equal to one per cent. over the best lending rate for Dollars quoted from time to time by The Hongkong and Shanghai Banking Corporation Limited or such other bank as may be
agreed from time to time between Government and the Corporation. 

  

	31.4	 	Except as may be otherwise expressly provided herein, every sum payable by Government or the Corporation to the other shall be paid in full without set-off, counterclaim,
condition or qualification of any nature and without any deduction or withholding for or on account of any taxes, levies, imposts, duties, charges or fees of any nature including, without limitation, by any provision of the Ordinance.

  

 35 

	32.	 	Notices 

  

	32.1	 	Any notices, certificates or other communications to Government in connection with this Agreement shall be sent to the Secretary for the Environment, Transport and Works at
Murray Building, Garden Road, Central, Hong Kong (facsimile number: 2868 5261), or such other address or fax number, or to such other person, as may be notified by Government to the Corporation in accordance with the provisions of this
Clause. 

  

	32.2	 	Any notices, certificates or other communications to the Corporation in connection with this Agreement shall be sent to it at MTR Tower, Telford Plaza, 33 Wai Yip Street,
Kowloon Bay, Kowloon and marked for the attention of the Legal Director and Secretary (facsimile number: 2993 3379), or such other address or fax number, or to such other person, as may be notified by the Corporation to Government in accordance with
the provisions of this Clause. 

  

	32.3	 	All notices shall be in writing. Any notice delivered personally shall be deemed to have been given at the time of such delivery. Any notice sent by facsimile transmission
shall be effective only on receipt. Any notice sent by post shall be deemed to have been given on the third Business Day after posting if correctly addressed and sent by prepaid surface mail within Hong Kong. 

  

	33.	 	Mediation 

  
 Any dispute or difference arising out of or in connection with this Agreement shall first be referred to mediation at Hong Kong International
Arbitration Centre (“HKIAC”) and in accordance with its then current Mediation Rules. If the mediation is abandoned by the mediator or is otherwise concluded without the dispute or difference being resolved, then such dispute or
difference shall be referred to and determined by arbitration at HKIAC and in accordance with its Domestic Arbitration Rules. 
  

	34.	 	Governing Law and Jurisdiction 

  

	34.1	 	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong. Each party agrees that the courts of Hong Kong are to have jurisdiction to settle
any proceeding, suit or action arising out of or in connection with the Agreement and each party submits to the jurisdiction of such courts. 

  

	34.2	 	The parties hereto agree that any separate agreement entered into between them referred to in or contemplated by this Agreement shall be governed by and construed in
accordance with the laws of Hong Kong. 

  
 IN WITNESS WHEREOF
the parties hereto have caused this Agreement to be duly executed the day and year first above written. 
  
 HK021500046_56.doc 
  

 36 

 SIGNATURE PAGE 
  

	GOVERNMENT	  	 	  	 
			
	 SIGNED by
	  	)	  	 
			
	 GOVERNMENT OF THE HONG KONG 
	  	)	  	 
	 SPECIAL ADMINISTRATIVE REGION
	  	)	  	 
			
	 acting through
	  	)	  	 
			
	 DEPUTY SECRETARY FOR THE
	  	)	  	 
	 ENVIRONMENT, TRANSPORT AND WORKS
	  	)	  	 
	 (TRANSPORT AND WORKS)
	  	)  /s/ Tang Kwok Wai, Paul	  	 
			
	 in the presence of:- 
	  	)	  	 
	 CHIU WAI FAN
	  	)  /s/ Chiu Wai Fan	  	 
			
	 THE CORPORATION
	  	 	  	 
			
	 SIGNED by
	  	)	  	 
			
	 JACK C.K. SO, CHAIRMAN
	  	)	  	 
			
	 for and on behalf of
	  	)	  	 
			
	 MTR CORPORATION LIMITED
	  	)  /s/ Jack C.K. So	  	 
		
	 in the presence of:-
	  	 )  /s/ Hamish Fleming [stamp for Hamish Fleming]

	  
  
 AND
	  	 	  	 
			
	 RUSSELL J. BLACK,
	  	)	  	 
	 PROJECT DIRECTOR
	  	)	  	 
			
	 for and on behalf of
	  	)	  	 
			
	 MTR CORPORATION LIMITED
	  	)  /s/ Russell J. Black	  	 
		
	 in the presence of:-
	  	 )  /s/ Hamish Fleming [stamp for Hamish Fleming]

  
  

 37

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