Euro Disney S.C.A. - Euro Disney announces successful equity rights offering

18.02.2005, Marne-la-Vallée, Euro Disney S.C.A., operator of Disneyland Resort Paris, announced today the success of its share capital increase for a total amount of €253.3 million (issue premium included) launched on 20th January, 2005.

The offering provided existing shareholders the preferential rights to purchase 2.8 billion new shares at €0.09 per share.

At the closing of the centralisation period, total subscriptions exceeded shares offered by approximately 9%, demonstrating investor confidence in the Company’s future. 3.1 billion total shares were subscribed, of which 2.6 billion shares were subscribed on a non-reducible basis and 496.3 million were subscribed on a reducible basis. The method by which applications for reducible shares will be scaled down will be published early next week.

The new shares will be admitted to trading on Euronext Paris and Euronext Brussels as from 23rd February, 2005. The new shares and the new Depositary Receipts will also be admitted to trading on the London Stock Exchange’s market for listed securities.

Upon final settlement of the share capital increase on 23rd February, 2005, the Company’s restructuring, which was designed to provide liquidity and capital to support operations and fuel future growth, will become fully effective.

We are pleased with the strong market response to our equity offering, which we see as a vote of confidence in the Company’s growth potential and strategy. Now, our undivided attention turns to the execution of our growth strategy, said Jeffrey R. Speed, Senior Vice President and Chief Financial Officer of Euro Disney S.A.S.

André Lacroix, Chairman and Chief Executive Officer of Euro Disney S.A.S., added:

“We look forward to an exciting future as we begin an unprecedented, multi-year expansion of our resort offering. In April, we will witness the launch of Space Mountain: Mission 2, followed by our Summer Magic Celebration honoring the 50th Anniversary of The Disneyland Resort in California. Each of the years 2006, 2007 and 2008 will bring even more rides and attractions to our Resort. These investments, combined with an innovative marketing and sales strategy should set the foundation for sustained and profitable growth.”

Über Disneyland Paris:

Euro Disney S.C.A. et ses filiales exploitent le site de Disneyland Resort Paris qui comprend le Parc Disneyland, le Parc Walt Disney Studios, 7 Hôtels d’une capacité d'environ 5 800 chambres (en excluant les 2 033 chambres des hôtels situés sur le site détenus par des partenaires extérieurs), deux centres de congrès, le centre de divertissements Disney Village et un golf de 27 trous. L’activité du Groupe comprend également la gestion et le développement d’un site de 2 000 hectares dont environ 1 000 hectares de réserves foncières. Les actions d’Euro Disney S.C.A. sont cotées à Paris (SRD), Londres et Bruxelles.

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