The Public/Private Partnership

RENEWED MOMENTUM FOR THE PARTNERSHIP BETWEEN EURO DISNEY AND THE FRENCH PUBLIC AUTHORITIES
Signature of an Amendment to the Main Agreement of March 24, 1987

Euro Disney S.C.A., parent company of Euro Disney Associés S.C.A, operator of Disneyland® Paris, signed on 14 September 2010 an Amendment to the Main Agreement of March 24, 1987 which created Euro Disneyland in France, with the French State, the Ile-de-France Region, the Seine-et-Marne Department, and the Etablissement Public d’Aménagement de Marne-la-Vallée.

The signing ceremony was held at the Hotel Matignon. In attendance were Prime Minister, François Fillon, Tom Staggs, Chairman Walt Disney Parks & Resorts, and Philippe Gas, CEO Euro Disney S.A.S.

This Amendment will represent a new phase in the existing partnership between the Euro Disney group and the French Public Authorities, that for the past twenty years has driven the development of sector IV of Marne-la-Vallée with Disneyland Paris, Europe’s number one tourist destination, as well as the urban and economic hub of Val d’Europe.

The Amendment reinforces the ongoing significant and growing contributions of the Group to France’s draw as a tourist destination, as well as the creation of added value to the French economy, creation of both direct and indirect jobs, and to support the reinforcement of the eastern part of Ile-de-France, as was highlighted in the Economic Impact Study published in December 2009 by the French Inter-ministerial Delegate to the Euro Disney project.
This Amendment to the Main Agreement, which takes place in the context of a Project of General Interest ("P.I.G: Projet d’Intérêt Général), allows the signatories to:

• Pursue the development of the tourist destination for hotel and theme park activity, including notably the right to build a third theme park in the long term thereby continuing to enhance the attractiveness of Disneyland Paris and reflecting its support of France as a leader in tourism.
• Pursue the urban development of Val d’Europe to reinforce economic growth and job creation in eastern Ile-de-France, which encompasses new housing developments as envisioned by the Ile-de-France Region Master Plan.
• Develop a new tourism project, “Les Villages Nature de Val d’Europe”, based on sustainable development. The project will be in partnership with the Pierre & Vacances Group via a joint venture that is a signatory to the Amendment. This project, which will be launched depending on market conditions, would be developed in phases up to approximately 500 hectares within a 20-year timeframe.

To facilitate the vision for future growth outlined by the Amendment, the perimeter of the Main Agreement has been modified from 1,943 to 2,230 hectares. Similarly, the parties have agreed to change the end date of the Main Agreement from 2017 to 2030. Between now and 2030, and as estimated by the French State projects within the new perimeter could generate an approximate investment of € 8 billion by various tourist and urban developers, including € 1.8 billion for Les Villages Nature de Val d’Europe, most of which will be made by individual and/or institutional investors, and a potential of 70,000 direct and indirect jobs.

The Amendment establishes certain key principles for a balanced and sustainable development and commits the Public Authorities to certain improvements and additional infrastructure in terms of road access and public transportation both within the land covered by the Main Agreement and elsewhere in Seine-et-Marne.