Euro Disney : S.C.A. reports the annual results for fiscal year 2016

• Revenues for Fiscal Year 2016 were €1,278 million, a decrease of 7% compared to the prior year. The decrease was due to lower volumes, primarily resulting from the adverse tourism environment in Paris
• Costs and expenses increased 5% to €1,520 million, driven by the Group's continued improvements to the guest experience, planned labor rate inflation and incremental security costs
• Net loss at €858 million for the year includes an impairment charge for the Group's assets of €565 million. The impairment charge had no impact on the Group's cash position or cash flows
• In November 2016, The Walt Disney Company agreed to waive two years of royalty and management fees to provide the Group additional liquidity

(Marne-la-Vallée, November 10, 2016) Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associés S.C.A., operator of Disneyland®Paris, today reported results of the consolidated group (the "Group") for the fiscal year ended September 30, 2016.1

Fiscal Year

(€ in millions, unaudited) 2016 2015 2014

Fiscal Year

1The Group's consolidated financial accounts for Fiscal Year 2016 were reviewed by the Gérant on November 9, 2016.

2 Refer to Exhibit 8 for definitions.

"Disneyland Paris had an exceptionally challenging year. We have been impacted by various external factors that have significantly affected the tourism business in the Paris region.

In this adverse environment, revenue decreased 7%. This, together with the increase in costs driven by our future growth strategy of continually improving the guest experience plus the costs of additional security measures, resulted in a significant decrease in our operating performance for the fiscal year.

Despite this challenging environment, we are encouraged by the attendance of over 13 million guests that visited the parks this year and by the improved satisfaction ratings for our newly renovated hotels and attractions. Our upcoming 25thAnniversary will be an important milestone for the Group and together with our talented cast members, we are looking forward to sharing unique and magical new experiences with our guests."

REVENUES BYOPERATINGSEGMENT FOR THEFULLYEAR

Resort operating segment revenues decreased 7% to €1,267 million, compared to €1,366 million in the prior year.

Theme parks revenues decreased 10% to €722 million due to a 10% decrease in attendance. The decrease in attendance was due to fewer guests visiting from all the Group's key European markets.

Hotels and Disney Village®revenues decreased 4% to €505 million due to a 2 percentage point decrease in hotel occupancy, a 1% decrease in average spending per room and a 2% decrease in Disney Village revenues. The decrease in hotel occupancy resulted from fewer guests visiting from most key European markets, partially offset by more guests visiting from France and Germany. The decrease in average spending per room was due to lower daily room rates, partly offset by higher spending on food and beverage. The decrease in Disney Village revenues was attributed to lower resort volumes.

Real estate development operating segment revenues increased by €4 million to €11 million due to higher land sale activity. Given the nature of the Group's real estate development activity, the number and size of transactions vary from one year to the next.

(1) Direct operating costs primarily include wages and benefits for employees in operational roles, depreciation and amortization related to operations, cost of sales, royalties and management fees. For Fiscal Years 2016 and 2015, royalties and management fees were €75 million and

€83 million, respectively.

Direct operating costs increased 4% compared to the prior year due to continuing enhancements to the guest experience, including new shows, attraction improvements and hotel refurbishments, as well as labor and other operating cost increases. These increases were partly offset by a decrease in certain costs associated with lower resort volumes. In addition, the Group incurred incremental security costs during the year compared to the prior year.

Marketing and sales expenses increased 5% compared to the prior year due to increased media campaigns and technology initiatives.

General and administrative expenses increased 10% compared to the prior year, reflecting higher labor costs and new technology initiatives.

IMPAIRMENTCHARGE

As a result of the adverse economic conditions of the tourism industry in Paris, which contributed to the deterioration of the operating results of the Group for Fiscal Year 2016, the Group performed an impairment test of all its long-lived assets and determined its assets were impaired1. Accordingly, the Group recorded a charge of €565 million in the year2. The impairment charge had no impact on the Group's cash position or cash flows.

NETFINANCIALCHARGES

Fiscal Year Variance

(€ in millions, unaudited) 2016 2015 Amount %

Net financial charges decreased 17% compared to the prior year, mainly due to lower interest expense on borrowings as a direct result of the recapitalization and debt reduction plan implemented during Fiscal Year 2015 (the "Recapitalization Plan") as well as lower costs related to the Recapitalization Plan in the current year.

1 Non-amortizable assets, such as the assets corresponding to the real estate development activity, are not subject to this impairment.

2As a result of impairment tests performed on the assets of the two main operating subsidiaries of the Company, Euro Disney Associés S.C.A. and EDL Hôtels S.C.A., under French GAAP, the net equity (capitaux propres) of these companies has become less than 50% of the respective share

capital. A vote of the shareholders of Euro Disney Associés S.C.A. and of EDL Hôtels S.C.A., respectively, will therefore be scheduled in accordance with Article L.225-248 and Article L.226-1 of the French Commercial Code. The Company's shareholders will vote on authorizing the Gérant to vote on the related resolution at the shareholders' meeting of Euro Disney Associés S.C.A.

NETLOSS

For Fiscal Year 2016, the net loss of the Group increased to €858 million from €102 million in the prior year. Net loss attributable to owners of the parent and non-controlling interests amounted to €705 million and €153 million, respectively. Excluding the impairment charge of €565 million in the current year and the €24 million gain for the early termination of a lease agreement in the prior year, the net loss increased €167 million.

CASHFLOWS

Cash and cash equivalents as of September 30, 2016 were €113 million, down €136 million compared to the prior year.

Fiscal Year

€69 million in the prior year. This variance resulted from decreased operating performance during the year, partially offset by a change in the timing of payment of royalties and management fees.

Cash used in investing activities for Fiscal Year 2016 totaled €193 million, compared to €134 million in the prior year. The increase was due to continued investments in the guest experience including preparation for the upcoming celebration of Disneyland®Paris' 25thAnniversary as well as cash provided to the Les Villages Nature de Val d'Europe S.A.S. joint venture.

Cash generated by financing activities for Fiscal Year 2016 totaled €125 million, compared to €265 million in the prior year. During Fiscal Year 2016, the Group drew €130 million under the €350 million standby revolving credit facility granted by The Walt Disney Company ("TWDC"). The prior year included the net cash inflow from the Recapitalization Plan.

LIQUIDITY

In November 2016, TWDC agreed to waive two years of royalty and management fees, commencing with the

€21 million payment for the fourth quarter of Fiscal Year 2016, to provide the Group liquidity above its remaining undrawn standby revolving credit facility.