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In April, our Company signed an agreement with Walt Disney and others to build and operate the Disneyland Park. We paid $500,000 for our stock interest of approximately 35% in Disneyland, Inc., and we have certain obligations to lend additional funds or cause them to be lent.

Disneyland promises to be one of the most unusual amusement centers ever conceived or developed. It is the product of Walt Disney’s creative genius and has been described as a playland, a fantasyland and a world of yesterday and tomorrow.

Disneyland is expected to be completed and opened to the public in midsummer of 1955. It is located in Anaheim, near Los Angeles, and embraces 160 acres with parking facilities for 10,000 cars. Disneyland, Inc. has an additional 81 acres adjoining the park. Negotiations are in progress to rent one-third of this additional land to outside interests who will construct a hotel at an estimated cost to them of $2,000,000. This development should greatly enhance the park and the surrounding area. The remaining land will be used as needed for other purposes.

The park ha s already received extensive publicity in several of the national magazines as well as on the Disneyland television show. A number of the Disneyland programs will originate at this center. With its ideal location and its unusual and exciting conception, it should attract millions of people each year.