Amendment to the Main Agreement September 14, 2010 1
20 years of unprecedented partnership: 1987 to Today Agreement entered into on March 24, 1987 by TWDC with French State, Ile de France Region, Seine & Marne Department, EPA (Public Authority for the Development of Marne la Vallée new town) and RATP (Suburban Paris Transportation Authority) The combined development of a leading European tourist destination and an economic hub, east of Paris A Project of National Interest (PIG) to drive the development of the site 1,943 ha of land area granted as per the Main Agreement (Marne la Vallée Sector 4) out of which 1,134 have been developed A development process organized in phases (7 to 8 years each) combining a tourist destination, real estate programs, public infrastructure and facilities. Currently in the third phase (2003 2010) 2
Major economic and social impacts since inception Disneyland Paris: # 1 tourist destination in Europe 215 million visits between the opening in 1992 and the end of FY 09 5 th largest hotel accommodation capacity in France 2 Convention Centers, approximately 1,000 business events per year 1st TGV interconnection hub in France Val d Europe: A major Economic Hub East of Paris delivering: 28,000 inhabitants and 21,000 jobs 10 invested by private parties for each 1invested by the public sector since 1989 11,000 housing units in Val d'europe, including 6,000 developed by Euro Disney Major Economic Impacts The Resort activity generates more than 56,000 direct, indirect and induced jobs 1 job at DLP generates 2.8 jobs elsewhere in France Direct, induced and indirect added value to the French economy totaled 3 billion Top single site employer in Ile de France and top private employer in Seine et Marne Sources: Setec, 2009; Euro Disney, SAN Val d Europe 3
2010 2030 Objectives The partnership between Euro Disney and the French public parties has been the driving force of a regional development east of Paris delivering continued growth since inception and demonstrated great success As of 2020, worldwide tourism is expected to double (in terms of visitation). It is essential that Paris and the Ile de France region remain a top destination of choice by offering a diversified array of family, cultural and natural heritage offerings In order to allow the Eastern part of the Paris region to play its role as a development hub for growth and new projects, it is crucial to outline an ambitious yet balanced planning vision We have been negotiating with the Public Authorities with the shared objective to bring sustainable regional economic growth from both tourism and urban development over the next 20 years Development opportunities: Develop the full potential of the Resort Destination with potential third gate, new hotel rooms and other developments Major improvements expected in terms of roadway access and mass transportation networks (RER, TGV Station, etc.) Eco tourism project within a 20 year time frame Promote Val d Europe as a major economic hub East of Paris Integrate all of these objectives into a new generation model of urban development, designed according to sustainable development criterias (Grenelle I and II) 4
1. Continue the development of the tourist destination Securing our existing land options up to 2030 and beyond with the Main Agreement extension from 2017 to 2030 (last deeds of sale before Dec 31, 2035) Perimeter extension from 1,943 to 2,230 hectares and interim milestone land consumption of 1,675 hectares on Dec. 31, 2020 Continued growth and attractiveness of the tourist destination: Double the Theme Park capacity Further develop both existing Theme Parks Creation of a potential third Park Double the existing hotel capacity 14,700 potential room capacity extension (north of the A4), to go from 8,200 existing hotel room to 22,900 Reinforce Business tourism potential leveraging the synergy of business and tourism development Develop sustainable tourism Implementation of Les Villages Nature de Val d Europe, an eco tourism project Up to 7,200 additional housing units south of the A4 over the long term 5
2. Improve the transportation infrastructure Major improvements are currently under study in terms of access to the destination Upgrades of highway interchanges 12 (Jossigny) and 14 (Bailly Romainvilliers) and creation of a link between A4 and RN 36 Public transportation links with surrounding areas under study: Improvement of RER A, including frequency and capacity Interconnections of RER A and RER E between Chessy, Esbly and Meaux stations New links with sectors 2 and 3 of Marne la Vallée Shuttle services to Roissy and Orly airports Links with Paris Vatry airport ( Low cost airline transportation with direct link to Esbly train station) Improving the transportation in Marne la Vallée sector 4 Implementation of a South Bus Station in Chessy and links the existing Resort with the business park, the surrounding cities, Marne la Vallée hospital, Les Villages Nature de Val d Europe and any third Park New building South of the TGV station and South RER station exit, launched with the creation of the convention center or an equal increase in traffic Link between the Tourist Hub and Val d Europe city center 6
3. Develop an innovative eco tourism project Les Villages Nature de Val d Europe is a new European tourist destination project based on the search for harmony between Man and Nature. It is an example of an innovative sustainable development tourism and a major breakthrough in eco tourism with the potential to enhance our position as Europe s leading tourism destination as well as additionally enriching to the Ile de France and Seine et Marne tourism offering Leveraging our complementary expertise in development of two major players of the European tourist industry, Euro Disney and Pierre & Vacances, the project should be developed under a 50/50 joint venture and leverage Pierre & Vacances model: Preconstruction sale of tourism units to private investors as well as pre construction sale of recreational facilities and infrastructures to institutional investors, rented back to the operating company In order to make Les Villages Nature de Val d Europe a reference in terms of eco tourism and to reduce the ecological footprint of the destination, a Sustainable Action Plan (PAD) has been implemented with the help of two well known NGOs: WWF and BioRégional. This PAD is based on the 10 key indicators from the «One Planet Living» methodology: Zero Carbons Zero Waste Sustainable Transport Local and Sustainable Materials Local and Sustainable Food Sustainable Water Natural Habitats and Wildlife Culture and Heritage Equity and Fair trade Health and Happiness Les Villages Nature de Val d Europe will be implemented in successive phases. The first one is targeted to open in 2015 in the western area of the total footprint 1
4. Continue the diversification of Val d Europe Secure our land options up to 2030 and beyond (last deeds of sale before end of Dec 2035) Continue to balance the land allocation between residential, business and retail to optimize the development of Val d Europe by increasing the residential and retail land option inventory Continue to grow the inhabitant base: Density 9,000 additional potential new housing units in non urbanized sectors of Val d Europe Diversity Mix of size of housing units and ownership with 30 to 40% allocated to rental properties, range of prices (25% social housing (SRU law) and 15% controlled price access housing) Mix of functions in the new residential districts, including both retail and services Community Infrastructure Creation and accessibility of public facilities as well as public spaces in all new residential districts 8
2010 Amendment contributions Granted Land Area Main Agreement Over 1,943 ha 40 ha to be developed for public facilities 2010 Amendment Perimeter extension from 1,943 to 2,230 ha + 27 ha for new public facilities Period Disneyland Paris Tourist Destination Val d Europe Urban Pole 30 year period (1987 2017) 2 Theme Parks 1 Aquatic Park 18,200 hotel rooms 2,100 bungalows 2,400 tourism housing units 1 Golf course 40,000 sq m convention center 6,000 housing units 700,000 sq m office 750,000 sq m retail 130,000 sq m for the Int l Mall Extension from 2017 to 2030 (last deeds of sale before Dec 31, 2035) Option to build a third gate, not necessarily an Aquatic Park Hotel rooms from 18,200 to 22,900 units Up to 7,200 units and 70,0000 sq m facilities over the LT for Les Villages Nature de Val d Europe + 9,000 housing unit rights + 70,000 sq m retail entitlements Other Les Villages Nature de Val d Europe development Major improvements in roadway access and public transportation network 2
Evolution of Perimeter 10
Conclusion We believe that renewing a unique public/private partnership over the next 20 years and beyond will bring value to the region but also, and most importantly, to our shareholders It extends our land option rights up to 2030 at a minimum It will secure our growth potential due to: Zoning modification, to better align development needs to facilitate first class urban hub growth Concrete option for a 3rd Park and additional hotel rooms Development of Les Villages Nature de Val d Europe Additional transportation infrastructures to further improve access to the destination 11
APPENDIX 12
March 24, 1987 Project of General Interest (P.I.G.) 13
New Project of General Interest (P.I.G.) 14
Roadway Access Under Study Additional Bailly interchanges Link between A4 and RN36 Additional Jossigny interchanges (not direct, RD231 relief route) Additional developments not included in the Amendement: RN 36 doubling Carrefour de l Obélisque 15
Public Transportation Network Under Study South TGV station passenger building / RER A South exit / South Bus Station Villages Nature Phase 1 Shuttles between Chessy and Villages Nature Later phases: New infrastructure extension with RER E STIF commitment to conduct studies (June 2011) 16