Euro Disney : S.C.A. reports First Half Results for Fiscal Year 2017

EURO DISNEY S.C.A. Announcement for Six Months Ended March 31, 2017

• Resort revenues were €613 million, an increase of 2% compared to the same prior-year period due to higher volumes as the prior-year period was impacted by a four-day closure of the parks following the November 2015 events in Paris
• Costs and expenses decreased 1% to €756 million mainly due to a €38 million reduction in depreciation, partially offset by continued investment and costs associated with higher resort volumes
• Net loss at €166 million, decreased by €18 million compared to the prior-year period
• On March 25, 2017, Disneyland®Paris officially launched its 25thAnniversary celebration
• In March 2017, the Supervisory Board issued its unanimous support for the cash tender offer announced by The Walt Disney Company ("TWDC"), which remains subject to Autorité des marchés financiers ("AMF") approval. In its filing with the AMF, TWDC confirmed its support of a recapitalization of the Group of up to €1.5 billion

(Marne-la-Vallée, April 20, 2017) 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 six months ended March 31, 2017.

Key Financial Highlights 1	Six Months Ended	Fiscal Year
(€ in millions, unaudited)	March 31, 2017 March 31, 2016	2016
Revenues	623 604	1,278
Resort operating segment	613 600	1,267
Real estate development operating segment	10 4	11
Costs and expenses	(756 ) (764 )	(1,520 )
Operating margin	(133 ) (160 )	(242 )
Plus: depreciation and amortization	65 103	208
EBITDA	(68 ) (57 )	(34 )
EBITDA as a percentage of revenues	(11 )% (9 )%	(3 )%
Impairment charge	- -	(565 )
Net loss	(166 ) (184 )	(858 )
Cash generated by / (used in) operating activities Cash used in investing activities	23 (55 )	(68 )
	(129 ) (89 )	(193 )
Free cash flow	(106 ) (144 )	(261 )
Cash generated by / (used in) financing activities	59 (3 )	125
Cash and cash equivalents, end of period	66 102	113

Six Months Ended Key Operating Statistics March 31, 2017 March 31, 2016 Theme parks attendance (in millions) 6.7 6.4 Average spending per guest (in €) 51 53 Hotel occupancy rate 81% 78% Average spending per room (in €) 214 214	Fiscal Year
	2016
	13.4 54 77 % 235

1 Please refer to Exhibit 7 for definitions.

Commenting on the results,Catherine Powell, Présidente of Euro Disney S.A.S., said:

"This semester, we recorded higher revenues with increased resort volumes; however the environment remains uncertain. Recently, The Walt Disney Company reaffirmed its commitment to Disneyland®Paris and to France announcing its intention to support a recapitalization of the Group of up to €1.5 billion. Along with the Board, we

welcome this positive proposal that will enable us to continue our on-going investments and pursue our strategy to further strengthen and improve the resort.

Disneyland®Park looks more beautiful than ever as we celebrate our 25thAnniversary, including six fully- renovated attractions and enhanced iconic park features. We look forward to sharing new products and entertainment experiences with our guests, Cast Members and partners during the festivities."

SEASONALITY

The Group's business is subject to the effects of seasonality and the last six months of the fiscal year, which include the summer months, usually include higher revenues. Consequently, the operating results for the six months ended March 31, 2017 are not necessarily indicative of results to be expected for the last six months of the fiscal year.

In addition, results for the six months ended March 31, 2017 have been unfavorably impacted by a shift in the Easter vacation period to the last six months of the fiscal year.

REVENUES BYOPERATINGSEGMENT

Six Months Ended Variance

(€ in millions, unaudited)	March 31, 2017	March 31, 2016	Amount	%
Theme parks	345	340	5	1%
Hotels and Disney Village®	249	239	10	4%
Other	19	21	(2 )	(10)%
Resort operating segment	613	600	13	2%
Real estate development operating segment	10	4	6	n/m
Total revenues	623	604	19	3%
n/m: not meaningful

Resort operating segment revenues increased 2% to €613 million compared to €600 million in the prior-year period.

Theme parks revenues increased 1% to €345 million due to a 5% increase in attendance as the prior-year period was impacted by the November 2015 events in Paris, which included a four-day closure of the parks. This increase was partially offset by a 3% decrease in average spending per guest. The increase in attendance was mainly due to more guests visiting from the United Kingdom and France, partially offset by fewer guests visiting from Belgium. The decrease in average spending per guest was due to lower spending on admissions and merchandise.

Hotels and Disney Village®revenues increased 4% to €249 million mainly due to a 3 percentage point increase in hotel occupancy. This increase resulted from more guests visiting from the United Kingdom, partially offset by fewer guests staying at the hotels from France and business groups.

Real estate development operating segment revenues increased by €6 million to €10 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 period to the next.

COSTS ANDEXPENSES	Six Months	Ended	Variance
(€ in millions, unaudited)	March 31, 2017	March 31, 2016	Amount	%
Direct operating costs(1)	617	628	(11 )	(2)%
Marketing and sales expenses	75	76	(1 )	(1)%
General and administrative expenses	64	60	4	7%
Costs and expenses	756	764	(8 )	(1)%

(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 the six months ended March 31, 2017 and 2016, royalties and management fees were €36 million for each of these periods. For accounting purposes, the waived royalties and management fees continue to be recorded as expense. For more information on the waiver, please refer to the "Cash flows" section next page.

Direct operating costs decreased 2% compared to the prior-year period due to lower depreciation in the current- year period. The lower depreciation is the result of the lower carrying value of the Group's long-lived assets due to the €565 million impairment charge recorded as of September 30, 2016. This decrease was partially offset by continued enhancements to the guest experience, which includes new shows and hotel refurbishments, as well as costs associated with higher resort and real estate activities. In addition, the Group incurred increased labor costs due to an amendment of its employee retirement plan and incremental security costs.

Marketing and sales expenses remained relatively flat compared to the prior-year period.

General and administrative expenses increased 7% mainly due to higher labor costs, including the amendment of the employee retirement plan.

NETFINANCIALCHARGES	Six Months Ended	Variance
(€ in millions, unaudited)	March 31, 2017 March 31, 2016	Amount	%
Financial income	- 1	(1 )	n /m
Financial expense	(19 ) (20 )	1	(5 )%
Net financial charges	(19 ) (19 )	-	-
n/m: not meaningful

Net financial charges remained flat at €19 million compared to the prior-year period.

NETLOSS

For the six months ended March 31, 2017, the net loss of the Group decreased to €166 million from €184 million in the prior-year period.

CASHFLOWS

Cash and cash equivalents as of March 31, 2017 were €66 million, down €47 million compared with September 30, 2016. Cash used in the Group's activities for the six months ended March 31, 2017 totaled

€47 million compared to €147 million used in the prior-year period. This variance resulted from:

Six Months Ended

(€ in millions, unaudited)	March 31, 2017	March 31, 2016	Variance
Cash generated by / (used in) operating activities	23	(55 )	78
Cash used in investing activities	(129 )	(89 )	(40 )
Cash generated by / (used in) financing activities	59	(3 )	62
Change in cash and cash equivalents	(47 )	(147 )	100
Cash and cash equivalents, beginning of period	113	249	(136 )
Cash and cash equivalents, end of period	66	102	(36 )

Cash generated by operating activities for the six months ended March 31, 2017 totaled €23 million compared to

€55 million used in the prior-year period. This variance resulted from a waiver of royalties and management fees payment in the current-year period, compared with €47 million of royalties and management fees paid in the prior-year period, as well as lower working capital requirements.

In November 2016, The Walt Disney Company ("TWDC")1agreed to waive two years of royalties and management fees, commencing with the payment for the fourth quarter of fiscal year 2016, to provide the Group liquidity above its remaining undrawn revolving credit facility granted by TWDC (the "Revolving Credit Facility").

Cash used in investing activities for the six months ended March 31, 2017 totaled €129 million compared to

€89 million used in the prior-year period. This variance was due to investments to enhance the guest experience in preparation for Disneyland®Paris' 25thAnniversary celebration as well as cash provided to the Les Villages Nature de Val d'Europe S.A.S joint venture.

Cash generated by financing activities totaled €59 million for the six months ended March 31, 2017 compared to

€3 million used in the prior-year period. During the six months ended March 31, 2017, the Group drew an additional €60 million under the €350 million Revolving Credit Facility. As of March 31, 2017, the Group still has a €160 million undrawn Revolving Credit Facility available from TWDC.

1 The waiver of royalties and management fees was granted by wholly-owned affiliates of TWDC.