LE GOUVERNEMENT DU GRAND- DUCHE DE LUXEMBOURG Administration des contributions directes Bureau d'imposition Societes 6

A !'attention de Michel Guilluy PricewaterhouseCoopers 400, route d'Esch B.P. 1443 L - 1014 Luxembourg

Societe(s) concernee(s) : QCNS Cruise Europe S.A Numero fiscal : 201 O 2214 677

9 septembre 2010

Monsieur,

a

En reference votre lettre du 9 septembre 2010 reference MLGY/AEHN/FSLS/L10210009MORWE concernant les operations envisagees par le groupe Rotshchild, je marque mon accord que son contenu est en conformite avec les legislations fiscales et positions administratives en vigueur.

II est bien entendu que ma confirmation ne peut etre utilisee que dans le cadre de la presente structure, et que les principes detailles dans votre lettre ne sont pas transposables ipso facto d'autres cas d'espece.

a

Le prepose

fu

bureau

d'impositio Societes 6

\ I

18, rue du Fort Wedell

Tel.: (352) 40.800-3118

Adresse postale

Luxembourg

Fax: (352) 40.800-3100

L-2982 Luxembourg

ite Internet www.impotsdirects.public.lu

CLASSIFICATION SHEET BUREAU O'IMPOSITION SOC. 6 ENTR~E

This document relates to the following request:

- 9 SEP. 2010

Le 9 septembre 2010

References: MLGY/AEHN/FSLS/L10210009M-ORWE

Projet SAM QCNS CRUISE EUROPE S.A.-N°fiscal: 2010 2214 677

1. Key topics: Structure de financement, PPL, Intellectual Property, debt/equity ratio 2. Name of the advisor: PwC 3. Corporate group's name, or fund sponsor: Groupe Rothschild 4. Name of the project: Sam 5. Amount intended to be invested: EUR lOOm 6. Date of receipt: 7 septembre 20 l 0

I

PricewaterhouseCoopcrs Socictc a rcsponsabilitc limittle 400, Route d'Escb

A l'attention de Mr M arius Kohl Administration des Contributions Directes Bureau d'imposition Societes VI 18, Rue du Fort Wedell L-2982 Luxembourg

B.P. 1443 L-1014 Luxembourg Telephone+352 494848-1 Facsimile+352 494848-2900 www.pwc.com/lu [email protected]

Le 9 septembre 2010 References: MLGY/AEHN/FSLS/L10210009M-ORWE

Projet Sam

QCNS Cruise Europe S.A. - N°fiscal : 2010 2214 677

Monsieur le Prepose, En notre qualite de mandataire de Banque Priv6e Europe, administrateur de la societe luxembourgeoise QCNS Cruise Europe S.A., nous avians 6voqu6 au cours de notre reunion d u 5 juillet 20 I 0 son traitement fiscal suite a la reprise d'activitcs de ventcs de croisieres sur internet en contrepartie d'un pret participatif constitue de deux tranches. Le present courrier a pour but de confirmer nos points de discussion et servira de base la preparation des declarations fiscales de la societe QCNS Cruise Europe S.A.

a

A.

Cadre factuel

I.

Une soci6t6 panameenne, Beauvallon Properties S.A. (i.e. "PanamaCo") detient actuellement 100% deux societes des Iles Viergcs Britanniques (i.e. Chabran Management Corp, ci-apres "BVI 2", et Ultimate Travel S.A., ci-apres "BVI 1"). "BVI I" detient a I 00% une societe moncgasque ayant pour activite la vente de croisicres sur internet (i.e. QCNS Cruise S.A.M, ci-aprcs "SAM"). "BVI 2" detient a I00%, quant a elle, une societe au Delaware (i.e. Dormurs Trading LLC, ci-apres "Delaware") qui est proprietaire des droits de propriete intellectuelle sur des URLs (Uniform Resource Location) et noms de domainc associes et d'une licence d'exploitation portant exclusivement sur Jes URLs ct noms de domaine associes cxploitcs par la societe "SAM". Pour un apen;u general de la structure actuelle, nous vous prions de bien vouloir vous rCf6rer au schema de la structure inclus en Annexe 1.

a

Cabinet de n!vision agree Expcn-c le conuibunblc cs1 en1icrcme111 librc de choi•ir. pour l'cxplollation sc sou cntrcprise, la forme qui lul scmblc In 11lus nppropricc cl In moms

oucrcusc au poiu1 de vuc fiscal: quo la libm~ du choix des fonncs cl des convenhons sc hcuiie ccpendant oux prosciipllons de la lul fucruc Apartir du moment o~ 111 fonnc cho•s1c ou le contcnu apparent des co11vc111io1lS ne correspond pas aux objcctif$ r~cllcmcnl vis6s par !cs int~rcs5'!s. »

2

Doc Parl S71 p.294 cornmentairCJ de l"articlc 114 du projct de loi corrtspondant ~ l'ac1ucl article 97

(28)

C

Qualification d'interet de la remuneration payee sur le PPL

5

Certains auteurs dont Steichen ont analyse la question de savoir si la definition de « dividende » donnee par la loi fiscale luxembour~eoise concernant le rcvcnu pouvait 6galement comprendre Jes paiements d' intercts . Les critcres principaux de la qualification de dividende sont : • •

le droit au profit ; et le droit au boni de liquidation.

6

Scion cette interpretation, le paiement d'une somme non lie au profit integral de l'emprunteur, ni au boni de liquidation, ne doit pas etre considere comme dividende.

7

Sur la base des caracteristiques decrites preccdemment, dans la mesure ou l'interet participatif depend du profit realise par ''NewCo" avant imp6t sur lcs royalties et autres revenus pcrc;us en lien avec Jes droits de propricte intcllcctuclle et leur licence d'exploitation, ainsi que Jes revenus issus de la participation clans "SAM" (i.e. dividendes ct plus-value de cession) , diminue des evcntuelles pertes reportables, de l 'interet fixe de 0,5%, d'une marge de respectivement 5% des revenus sur la tranche A et de 0,25 % du montant net investi sur la tranche B liee a la participation dans "SAM", lesdits inten~ts seront considercs comme interets et non comme dividendes.

D

Absence de retenue a la source luxembourgcoise

8

L'articlc 146 (1) 3 LIR prevoit l'application d'une retenue a la source au paiement d'int6rct sur unc obligation participative ou autrcs titres analogues. Ainsi, le paiement de l'int6rct pcut faire l'objet d'une retenue a la source de 15% pour autant que: •

la dette soit structuree sous la forme d'une obligation ou autre titre analogue; et,

•

lorsqu'il est concede pour ces titres un droit a l'attribution, en dehors de l'inten~t fixe, un intcn~t supplementaire variant en fonction du montant du benefice distribue par le debiteur, a moins quc !edit inten~t supplementaire ne soit stipule simultanement avec une diminution passagere du taux d'interet sans qu'au total le taux initial soit depasse.

9

Dans le cas inverse, le paiement des interets relatifs aux prets participatifs ne sont soumis a unc aucune retenue a la source specifique.

I0

Dans Jc cas d'espcce, le PPL n'est pas structure comme une obligation participative, et l'interet participati f ne depend pas du benefice distribue. Par consequent, l'intcrct paye n 'est soumis a aucune retenue a la source.

J

A. S1oichcn, « Pr~c1s de dro1t fiscal de l'cntrcprise '" Edition Soult Poul,§ 701 et seq .. p. 343 et seq.

(29)

11

En outre, lcs inten~ts payes sur le PPL ne sont pas soumis a une retenue a la source confonnemcnt aux articles 97 ( I) 2 ct 146 ( I) 2 LIR (i.e. Stille Gesellschaft, baillcur de fonds ou «silent partnership»). En effet, le detenteur du PPL n'cst pas un bailleur de fonds du fai t de !'absence d'affectio socictatis et qu'aucunc socictc au sens de !'article 1832 du Code civil n'est creee.

12

Sur la base des analyses ci-dcssus, aucune retenuc payes sur le PPL en vcrtu de I' a11iclc 146 ( l) 3 LIR.

E

Deductibilite de la remuneration payee au detenteur du PPL

13

La totalite des inten~ts payes sur le PPL decrits ci-dessus sont deductibles fiscalement conformemcnt a I' article 45( I) LIR a moins que les articles 45(2) ct 166(5) LIR ne soicnt applicablcs.

a la source n'cst due sur les intcrc~ts

(30)

Annexe 5 Principes de sous-capitalisation Selon la pratique luxembourgeoise, un ratio d'endettement de 85/ 15 doit etre respecte par une societe luxembourgeoise. Les inten~ts payes au-dela du ratio applicable doivent etre qualifies de dividendes (non deductibles) et soumis a une retenue a la source de 15% aux fins de )'article 146 LIR. 2

Dans le cas d'espece, le PPL contracte par ''NewCo" financera entierement la licence d'exploitation et la participation dans la societe monegasque "SAM". Le PPL contracte par "NewCo" financera entierement I' acquisition de la licence d 'exploitation ct la participation dans la societe monegasque "SAM". NewCo est dans ce cadre repute etre economiqucment en position d' «investissement finance par emprunts » en ce qui conceme lcs investissements finances par le PPL. Cela est economiquemcnt demontre par les faits suivants : - si Jes investissements performent bien, « NewCo » paiera un interet variable, alors qu' en cas de mauvais resultats sur les investissements, aucun inten~t variable ne sera du. « NewCo » ne subit done pas un risque financier eleve, meme en cas de mauvaise performance des investissements. - Toute cession des investissemcnts sous-jacents implique un remboursement correspondant du nominal du PPL.

3

En consequence, le financement du pret participatif n'entre pas dans le calcul du ratio dette I capital. Par consequent, les interets verses dans le cadre du PPL ne qualifient pas de dividende d'un point de vue fiscal luxembourgeois.

4

En consequence, l'integralite des interets payes sur le PPL sont, en principe, entierement deductibles aux fins de l'IRC et de !'ICC et ne sont soumis a aucune retenue a la source sur dividendes (ni sur base de !'article 146(1)2 LIR ni de !'article 146(1)3 UR).

(31 )

Annexe 6 Marges taxables au niveau de "NewCo" Les profits realises par "NewCo" ct provenant de son activite d 'invcstissemcnt en relation avec la detention de droits de proprietc intcllcctuelle et leur licence d' exploitation (Tranche A), sont consideres commc realises dans des conditions de marche au sens des articles 56 ct 164 (3) LIR des !ors qu' unc marge nette de 5% calculec sur le montant net des revcnus en lien avec cet investissement (i.e. royalties et plus-values) est enregistrec dans lcs comptes de "NewCo" Ccttc marge est sownise a l'IRC ct a l'ICC au niveau de ''NewCo". La marge nette scra calculee apres deduction de l'int6ret fixe, d'eventucllcs pertes comptables d' exereices precedents mais egalement de I' annuite d ' amortisscmcnt sur le droit de propriete intellectuelle. 2

Les profits realises par ''NewCo" ct provcnant de son activite d' invcstissemcnt en lien avec la detention de la participation dans la societe "SAM" (dividcndcs ainsi que la plusvalue de cession de la participation), sont consideres commc realises dans des conditions de marche au sens des articles 56 ct 164 (3) LIR (Tranche 8) des !ors qu'une margc nettc de 0,25% sur le montant du pret finanyant l 'investisscmcnt (EUR I 0,000,000) est enregistree dans lcs comptes de ''NewCo". Ccttc marge est soumise a l ' IRC ct a !'ICC au niveau de "NewCo".

3

Ces margcs taxables ncttes doivent etrc laissees au nivcau de ''NewCo" en cas de realisation par "NcwCo" de profits sur scs investisscments.

4

En effct, "NcwCo" doit payer au detentcur du PPL, en sus d 'un interet fixe de 0,5% de la valcur nominalc du PPL, un interct variable, qui est fonction du resultat net realise par "NewCo" sur scs invcstissements dans Jes droits de propricte intcllectuelle ct lcur licence d'exploitation et la participation dans la societe "SAM", diminue des pertes comptables d'exercices precedents, de l' interet fixe et des marges fiscales nettes de 5% des revenus et 0,25% du montant du pret lie audit investissement.

5

Tout autre rcvcnu (e.g. revenus sur la gcstion de tresoreric, ... ) reste pleincmcnt imposable dans le chef de "NcwCo".

(32)

Annexe 7

Projet de contrat de PPL

(33)

Findling Collin Fessmann PP! Draft 2 For discussion purposes only

DATED [DATE] SEPTEMBER 2010

PROFIT PARTICIPATING INSTRUMENT AGREEMENT

fC

FINDLING COLLIN FESS MANN

A vocats

ala Cour

12, rue Eugene Ruppert Tel. : (352) 26 18 44- 1 Fax. : (352) 26 18 44 99

Findli11g Collin Fessmann PP! Dra.f1 I For discussion purposes 011/y

THIS PROFIT PARTICIPATING INSTRUMENT AGREEMENT is dated [ ... ] 2010 and made between:

1)

Beauvallon Properties S.A., a public limited liability company incorporated under the laws of the Republic of Panama, having its registered office at P.H. Plaza 2000 Building, 161h Floor, 501h Street, Panama, Republic of Panama (the "Lender"); and

2)

QCNS Cruise Europe S.A., a public limited liability company incorporated under the laws of Luxembourg, having its registered office at 16, boulevard Emmanuel Servais, L-2535 Luxembourg, Grand-Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 154.299 (the "Borrower").

The Lender and the Borrower are hereafter referred to as the Parties and each of them as a Party.

WHEREAS: (A)

The Borrower has acquired the ownership of URL ("universal resource locator") and domain names associated therewith from Dommrs Trading LLC, a limited liability company incorporated and existing under the laws of New York, having its registered office at 101 Main Street, Suite One, Tappan, New York 10983, United States of America (the "URL Ownership") in consideration for a note issued by the Borrower to Dormurs Trading LLC (the "IP Note").

(B)

The Borrower has further acquired all the shares in the share capital of QCNS Cruise Sam, a public limited liabitiy company incorporated and existing under the laws of Monaco, having its registered office at 1, rue du gabian, Monaco, from Ultimate Travel S.A., a public limited liablity company incorporated and existing under the laws of the British Virgin Islands, having its registered office at Wikham's Cay l, Road Town, Tortola, the British Virgin Islands (the "Participation") in consideration for a note issued by the Borrower to Ultimate Travel S.A. (the " Participation Note", together with the IP Note, the "Notes").

(C)

Each of the Borrower, Dormurs Trading LLC and Ultimate Travel S.A. are the wholly owned subisidiaries of the Lender.

(D)

Each of the Notes may be assigned and further converted into a profit participating instrument agreement (the "Conversion").

(E)

Dormurs Trading LLC and Ultimate Travel S.A. have agreed to transfer the Notes to the Lender so that the Lender becomes the creditor of the Bonower 2

Findling Collin Fessmann PP/ Draft I For discussion purposes only

under each of the Notes. (F)

In the framework of the Conversion, the Parties wishes to convert each of the Note into a profit participating instrument in accordance with the terms and conditions set forth thereunder (the "PPI").

Considering the above, the Parties have agreed as follows: 1.

DEFINITIONS

1.1. The following words and expressions shall, unless the context otherwise requires, have the following meanings:

"Affiliates" means with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control of such Person.

"Aggregate Outstanding Principal Amount" means, at each relevant date, the outstanding aggregate amount of the Drawdown(s) made by the Borrower.

"Agreement" means this profit participating instrument agreement and its schedules (as the case may be), as they may be amended or supplemented from time to time by the Parties.

"Articles" means the articles of association of the Borrower, as amended from time to time.

"Board of Directors" means the board of directors or the sole director (as the case may be) of the Borrower appointed from time to time in accordance with the Articles.

"Borrower" has the meaning given in heading (2) above. " Borrower's Account" means the account of the Borrower o pened at [name of the hank] with references [account reference].

"Business Day" means a day other than a Saturday, Sunday or day on which banks are authorized or required by law to be closed in the GrandDuchy of Luxembourg and in t he Republic of Panama.

"Commitment Period" means the period starting from and including the Effect ive Date and expiring on the Maturity Date unless such period is either terminated before or extended with the prior written consent of the Lender.

"Drawdown(s)" has the meaning given in Clause 5.1. "Drawdown Date" means, for any Drawdown made hereunder, the date on 3

Findling Collin Fessmann PPJ Draft 1 For discu.1·.cion purposes only

which such amount is drawn down (which must be a Business Day). "Drawdown Notice" means a written notice in the fonn set out in Exhibit I setting forth among others the amount of the Drawdown(s). " Effective Date" has the meaning given in Clause 3.1. "Event of Default" has the meaning given in Clause 9 . " Fixed Interest" means the Tranche A Fixed Interest together with the Tranche B Fixed Interest, as described under clause 6.2. "Interest" has the meaning given in Clause 6.1. "Interest Payment" has the meaning given in Clause 6.4. "Interest Period" means the accounting period of the B orrower as amended from time to time and which, as at the date hereof, starts on 1 January and ends on 31 December each year (except fo r the first accounting period which starts as at the incorporation date of the Borrower and ends on [31 December 201 O]). "Investments" means the Tranche A Investments and the Tranche B Investments . " IP" means the ownership of URL ("universal resource locator") and the domain names associated therewith, together with any exploitation rights and rights of use of such URL and domain names associated therewith and any and all intellectual property rights attached to the domain names (excluding any intellectual property rights attached to the internet website in relation to the domain names). " Law" means the Luxembourg law on commercial companies dated 10 August 1915, as amended from time to time. "Lender" has the meaning given in heading (1) above. "Lender Early Redemption Date" has the meaning given in C lause 7 .2. "Maturity Date" means the earlier of (i) 5 (five) years, renewable, after the Effective Date, or (ii) the 30 December of the year when the Borrower has disposed of all the Investments. "Maximum Principal Amount" has the meaning 6riven in Clause 2.1. "Person" means any individual, partnership, corporation , limited liability company, unincorporated organization or association, trust (including the trustees thereof, in their capacity as such) or other entity. 4

Fi11dli11g Colli11 Fessman11 PP! Draft I

For disc11ssio11 purposes only

"PPI" has the meaning given in paragraph F of the preamble.

"PPI Commitment" has the meaning given in Clause 2.1. "Tranche A" has the meaning ascribed to it in Clause 4. "Tranche A Adjusted Profits" means the positive amount resulting from the sum of all income and gains resulting from Tranche A Investment, whether before or after the repayment of the principal of the PPI, before Luxembourg taxes and before deducting any interest with respect to the PPI, for the relevant accounting reference period of the Borrower reduced by: (a) direct and indirect costs of Tranche A (including Tranche A Fixed Interest) (b) losses derived from the Tranche A lnvestments accounted for by the Borrower in the relevant accounting reference period.

"Tranche A Fixed Interest" has the meaning ascribed to it in Clause 6.2. "Tranche A Investment" means all of the underlying investments made by the Borrower with respect to the IP (including, but not limited to any royalty income, deferred income, non-recurring engineering fees as well as capital gains).

"Tranche A Principal Amoun t" means the principal amount of EUR 81,000,000 (eighty-one million Euro) made available to the Borrower during the duration of this PPl for the purpose of Tranche A Investment and recorded under Tranche A (i.e., all Tranche A Advance(s) less all repayments or prepayments under Tranche A) made under this PPI computed prorate on a 360-day basis.

"Tranche A Variable Interest" has the meaning ascribed to it in Clause 6.3.

"Tranche B" has the meaning ascribed to it in Clause 4. "Tranche B Adjusted Profits" means the positive amount resulting from the sum of all income and gains resulting from Tranche B Investment whether before or after the repayment of the principal of the PPI, before Luxembourg taxes and before deducting any interest with respect to the PPI, for the relevant accounting reference period of the Borrower reduced by: (a) direct and indirect costs of Tranche B (including Tranche B Fixed Interest) (b) losses derived from the Tranche B Investments accounted for by the Borrower in the relevant accounting reference period.

"Tranche B Fixed Interest" has the meaning ascribed to it in Clause 6.2. "Tranche B Investment" means the underlying investments made by the Borrower with respect to the Participation. 5

Fitulling Collin Fessmann

PP/ Draft I For discussion purposes only

"Tranche B Principal Amount" means the principal amount of EUR 9,000,000 (nine million Euro) made available to the Borrower during the duration of this PPI for the purpose of Tranche B Investment and recorded under Tranche B (i.e., all Tranche B Advance(s) less all repayments or prepayments under Tranche B) made und er this PPI computed prorate on a 360-day basis. "Tranche B Variable Interest" has the meaning ascribed to it in Clause 6.3. "Tranches" mean Tranche A and Tranche B. "Variable Interest" means Tranche A Variable Interest and Tranche B Variable Interest together. 1.2.

All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, the singular shall include the plural, and vice versa, as the context may require.

1.3.

Interpretation Any reference in this Agreement to: the "Borrower" and the "Lender" shall be construed so as to include its and any successors and transferees, if any, in accordance with their respective interests; a "law" shall be construed as any law (including common or customary law), statute, constitution, decree, judgment, treaty, regul ation, directive, by-law, order or any other legislative measure of any government, supranational local goverrunent, statutory or regulator body o r court; "repay" (or any derivative form thereof) shall , subject to any contrary indication, be construed to include "prepay" (or as the case may be, the corresponding derivative form thereof); a "successor" shall he construed so as to include any assignee or successor in title o f such party and any P crson who under the laws of its jurisdiction or incorporation or domicile has assumed the rights and obligation of such party under this Agreement or to which, under such laws, such rights and obligation have been transferred;

2.

PPI 6

Findling Collin Fessmann PP! Draft I For discussion purposes only

2.1

PP I Commitment Upon the terms and subject to the conditions hereof, the Lender grants to the Borrower, who accepts, this PPI for a maximum principal amount of EUR [150,000,000) ([one hundred fifty million Euro) (the "Maximum Principal Amount") which can be drawn down in one or several installments made under Tranche A or Tranche B provided that the Maximum Principal Amount remains at any time during the Commitment Period below or equal to EUR [ 150,000,000] ([one hundred fifty million Euro) (the "PPI Commitment").

It is noted that a first Drawdown has already been made available to the Borrower in an amount of [EUR 90,000,000] [(ninety million Euro)] m accordance with the terms and conditions of this Agreement. 2.2

Commitment Period The Facility Commitment shall be made available to the Borrower during the C ommitment Period.

3.

DURATION

3.1.

This Agreement shall become effective on the date of execution by all the Parties of this Agreement (the "Effective Date").

3.2.

This Agreement shall remain in full force and effect until the Maturity Date unless it is terminated prior to the Maturity Date by mutual consent of the Parties.

4.

PURPOSE Each Advance made pursuant to this Agreement will have the purpose of financing directly or indirectly the Tranche A Investments and the Tranche B Investment. At any time during the duration of the Commitment Period, the PPI shall be divided into 2 (two) Tranches, the aggregate of which shall not exceed the PPI Commitment and shall be linked to the nature of the underlying investment it finances as follows: (i)

Tranche A shall finance the Tranche A Investment as defined herein;

(ii)

Tranche B shall finance the Tranche B Investment as defined herein.

5.

DRAWDOWNS

5.1.

The Borrower may from time to time, within the limits of the PPI

7

Findling Collin Fessmann PP/ Draft I For discussion purposes only

Commitment, request the making of Drawdowns in one or several installments (the "Drawdown(s)") prior to the expiration of the Commitment Period subject to a 5 (five) Business Days period prior Drawdown Notice of the Borrower. 5.2.

Each Drawdown shall be governed by the terms and conditions set forth in this Agreement.

5.3.

The Drawdown shall be made available to the Borrower by the Lender to the Borrower's Account or such other account as the Borrower may specify from time to time in the Drawdown Notice by wire transfer of immediately available funds in such currency as is specified by the Borrower's Board of Directors.

5.4.

The Aggregate Outstanding Principal Amount borrowed under this Agreement and all accrued and unpaid interest shall immediately become due and payable in full on Maturity Date, except for such amounts which have already been repaid in full to the Lender prior to the Maturity Date in accordance with article 7 of this Agreement.

6.

INTEREST

6 .1

For each Interest Period, the Borrower shall pay to the Lender a Fixed Interest and a Variable Interest (together hereinafter referred to as the "I nterest")

6.2

For each Interest Period, the Drawdowns made under this Agreement shall bear an annual fixed interest of 0,5% (zero point five per cent) computed on the basis of a 360 days year (i) on the Tranche A Principal Amount (the "Tranche A Fixed Interest") and (ii) on the Tranche B Principal Amount (the "Tranche B Fixed Interest") as from their respective Drawdown Date and until the Maturity Date or until such earlier date on which any repaid or prepaid amount under the Aggregate Outstanding Principal Amount is made in accordance with article 7 of this Agreement (the "Fixed Interest").

6.3

For each Interest Period, the Tranche A Variable Interest shall be equal to 95% (five per cent) of the Tranche A Adjusted Profits (the "Tranche A Variable Interest") and the Tranche B Variable Interest shall be equal to 100% (one hundred per cent) of the Tranche B Adjusted Profits (the "Tranche B Variable Interest") realized by the Borrower during the relevant accounting reference period less 0,25% (zero point twenty-five per cent) of the net amount of the Tranche B Investment (the " Variable Interest").

6.4

Interest Payment Date The Interest payable in respect of Aggregate Outstanding Principal Amount (the "Interest Payment") shall be payable at Matu1ity Date or at the date of the Lender Early Redemption Date. 8

Findling Collin Fessmann PP/ Draft I For discussion purposes only

7.

LIMITED RECOURSE

The Lender acknowledges and agrees that any recourse the Lender may have to the Borrower with respect to any amount owing to it under the PPI shall be limited to all the Investments and any funds, monies or assets received for, in relation with or deriving there from, and the Lender will have no recourse on any assets of the Borrower that arc not related to the Investments.

8.

REPAYMENT

8.1

The Aggregate Oustanding Principal Amount and any accrued unpaid Interest shall be repaid by the Borrower to the Lender no later than at Maturity Date.

8.2

The Lender may at any time, subject to a [5] ([five]) Business Days prior written notice to the Borrower, ask for the immediate repayment of all or part of the Aggregate Outstanding Principal Amount, in which case that portion of principal shall become immediately due and payable together with all accrued and unpaid Interest in relation thereto (the "Lender Early Redemption Date").

8.3

If prior to the Maturity Date or prior to the Lender Early Redemption Date, all or part of the Investment A is disposed of by the Borrower by way of transfer, sale or other form of disposal of the Investment A or operation resulting in a change or transfer of part or all of title and/or ownership of the Investment A, whatever be the legal means, including, without limitation, whether by way of sale, gift, contribution, merger, de-merger, liquidation, loan, auction, split ("dem embrement") or any combination of these methods of transfer of ownership or otherwise (the "Investment A Disposal"), the Borrower shall use all proceeds available received from the Investment A Disposal, after payment or provision for the payment of all assets relating thereto and of the Tranche A Variable Interest and relevant portion of the Fixed Interest, to the repayment of the Tranche A Principal Amount as soon as practicable, and in any case, no later than 30 December of the year of the Investment A Disposal.

8.4

If prior to the Maturity Date or prior to the Lender Early Redemption Date, all or part of the Investment B is disposed of by the Borrower by way of transfer, sale or other form of disposal of the Investment B or operation resulting in a change or transfer of part or all of title and/or ownership of the Investment B, whatever be the legal means, including, without limitation, whether by way of sale, gift, contribution, merger, de-merger, liquidation, loan, auction, split ("demembrement") or any combination of these methods of transfer of ownership or otherwise (the "Investment B Disposal"), the Borrower shall use all proceeds available received from the Investment B Disposal, after payment or provision for the payment of all assets relating thereto and of the Tranche B Variable Interest and relevant portion of the Fixed interest, to the 9

Findling Collin Fessmann PP/ Draft 1 For discussion purposes only

repayment of the Tranche B Principal Amount as soon as practicable, and in any case, no later than 30 December of the year of the Investment B Disposal.

9.

COVENANTS

The Borrower covenants so long as any sum remains payable under this Agreement, that the Borrower: (a)

(b)

10.

will promptly advise the Lender in writing upon becoming aware of: •

any Event of Default or any event or circumstance which may become an Event of Default; and

•

any material adverse factor which may inhibit the Borrower in the performance of its obligations under this Agreement;

will supply the Lender forthwith on demand with such financial documentation as may be requested by the Lender from time to time.

EVENT OF DEFAULT

If at any time and for any reason, whether within or beyond the control of the Borrower, any of the following events occurs: (a)

the Borrower is declared insolvent, bankrupt or suspends its payments or enters into a composition agreement; or

(b)

any assets of the Borrower are attached by a creditor; or

(c)

the Borrower goes into liquidation or is dissolved; or

(d)

the Borrower ceases, or threatens to cease to carry on business; or

(e)

the Borrower ceases to pay its debts or becomes unable to pay its debts; or

(f)

an event occurs or circumstances arise which could cause the Borrower not performing or complying with (or being unable to perform or comply with) any one or more of its obligations under this Agreement or any other agreement; or

(g)

the introduction of, or a change in, any applicable law or regulation or in the interpretation thereof, by any governmental or other regulatory authority charged with the administration thereof or any court of competent jurisdiction, which makes it unlawful for the Lender or the Borrower to give effect to or maintain their respective obligations 10

Findling Collin Fessmann PP/ Draft I For discussion p111poses only

under this Agreement (individually referred to as an "Event of Default"); then, at any time (whether or not any such event is continuing) the Lender may, by written notice to the Borrower, declare the Drawdown(s) and all other sums payable under this Agreement to be immediately due and payable, whereupon the same shall immediately become due and payable and no amounts shall subsequently be available for draw hereunder.

11.

BINDING AGREEMENT

This Agreement and the rights, powers and duties set forth herein shall be binding upon the Parties and each of their respective successors and assigns and shall inure to their benefit, and their successors and assigns.

12.

NOTICES

12.1

All notices and other communications hereunder shall be made in writing and in English, delivered by hand, by registered or certified mail (return receipt requested) or by facsimile, and shall be sent as follows: (a)

In the case of the Borrower:

Attention: QCNS Cruise Europe S.A. 16, boulevard Emmanuel Servais L-2535 Luxembourg Grand-Duchy of Luxembourg To the attention of the directors Facsimile: +352 [ ... ] (b)

In the case of the Lender:

Attention: Beauvallon Properties S.A. P.H. Plaza 2000 Building 16111 Floor 50111 Street Panama Republic of Panama To the attention of the directors 11

Findling Collin Pessmann PP! Draft I For discussion purposes only

Facsimile: [ .. .] or at such address or number as either Party hereto may hereafter specify to the other Party in writing. I 2.2.

13.

Every notice or other communication sent in accordance with this Clause I 1.2. shall be effective as follows and where in this Agreement any reference is made to the receipt of a notice, the receipt is deemed to have occurred on the date such notice becomes effective: (a)

if delivered by hand, upon receipt by the addressee;

(b)

if sent by letter, one ( 1) Business Day after receipt of the acknowledgement of receipt; and

(c)

if sent by facsimile, upon receipt by the sender of a clear transmission report, provided that any such notice or communication which would otherwise take effect after 4:00 p.m. on any particular day shall not take effect until 10:00 a.m. on the immediately succeeding Business Day.

ASSIGNMENT-TRANSFER The Lender may at any time assign and transfer its rights and obligations under this Agreement.

14.

ENTIRE AGREEMENT This Agreement contains the entire agreement of the Parties with respect to the subject matter hereof, and there are no representations, covenants or other agreements except as stated or referred to herein. ln the event of a conflict between the provisions of this Agreement and the Articles, this Agreement will prevail to the extent permitted by law.

15.

PARTIAL INVALIDITY If, at any time, any provision of the Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, valid ity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. To the extent legally pennissible, the Parties shall substitute for the invalid, illegal or unenforceable provision a provision with a substantially similar economic effect and intent. 12

Findling Coflin Fessmann PP/ Draft I For discussion purposes only

16.

CONFIDENTIALITY

None of the Parties will make available to any Person (other than to its Affiliates, officers. employees, agents or professional advisers, in each case on a confidential basis) in whole or in part, any of this Agreement, the Articles, or any other agreement, instrument, report or document contemplated hereby or thereby.

17.

GOVERNING LAW AND JURISDICTION

17.1

This Agreement is governed by and shall be construed in accordance with the laws of the Grand-Duchy of Luxembourg.

17.2

Each Party hereby irrevocably and unconditionally submits to the jurisdiction of the district of Luxembourg in respect of all matters arising out of or in connection with this Agreement or the transactions contemplated hereby.

18.

COUNTERPARTS

This Agreement may be executed in any number of counterparts each of which when executed and delivered shall be an original, but all the counterparts together shall constitute one and the same instrument.

IN WITNESS WHEREOF the Parties have executed this Agreement in 2 (two) originals, each Party acknowledging having received l (one) original.

EXECUTED on[ ... ] 2010.

The Lender Beauvallon Properties S.A.

Represented by: Title :Director

The Borrower QCNS Cruise Europe S.A. 13

Findling Collin Fessmann PP! Draji I For discussion purposes only

Represented by: Title: Director

14

Findling Collin Fessmann PP/ Draft I For discussion purposes only

Exhibit 1 Form of Drawdown Notice

QCNS Cruise Europe S.A. Societe anonyme Registered office: 16, boulevard Emmanuel Servais, L-2535 Luxembourg Grand-Duchy of Luxembourg R.C.S. Luxembourg: B 79.234 (the "Company")

Beauvallon Properties S.A. P.H. Plaza 2000 Building 16111 Floor, 50111 Street Panama Republic of Panama Luxembourg, [... ] 20 l 0 Dear Sirs, We refer to the profit participating instrument agreement dated [ ... ) 2010 and made between the Company as Borrower and Beauvallon Properties S.A. as Lender (the "Agreement"). We hereby give you notice that, pursuant to the Agreement and upon the terms and subject to the conditions contained therein, we wish to make a Drawdown as follows: (i) (ii) (iii) (iv) (v) (vi)

Currency: EUR Amount: [ ... ] Drawdown date: [ ... ] Maturity Date: [ ... ] Account number:( ... ] Specific Terms and Conditions:[ ... ]

Yours faithfully, Signed on[ ... ] 2010.

QCNS Cruise Europe S.A. Name: Title: Director 15