Annual ResultsPresentationFiscal Year 2013

November 7, 2013

Philippe GASChief Executive Officer

Looking ahead into 2014

© Disney.Pixar

Continued Renovationof our Hotels

Opening of RatatouilleEnhance Booking

Conversion and Materialization of

New Markets

Mark STEADChief Financial Officer

2013 highlights

1% decline in total revenues despite a very challenging economic environment- Higher spending in both our parks and hotels

- Continued focus on rate vs volume

- Strength of base demand

Resort costs and expenses grew below inflation rate

Net loss narrowed by €22M, reflectingthe positive impact of the 2012 refinancing

Continued focus on long term strategyto drive guest spending through improved experience

Revenues

750

519

9

46

FY 2012 FY 2013

1,324

738

510

41

20

1,309

(4.7) Other Revenues

+11.1 Real Estate Development

(12.9) Theme Parks

(8.4) Hotels & Disney Village

(€ in millions)

Revenues - Theme parks

750

FY 2012 FY 2013

1,324

738

1,309

(49) 36

Average Spending per Guestat 48.1€

Attendanceat 14.9M

(7%)

+4%

(€ in millions)

14.9MILLION VISITS

SPAIN 8%

UK 13%

52%

Fiscal Year

2012

FRANCE

8%

14%

51%

Fiscal Year

2013

2%3%GERMANY

ITALY 3%3%

FRANCE

UNITED-KINGDOM

SPAIN

BELGIUM

NETHERLANDS

ITALY

GERMANY

REST OF THE WORLD

Breakdown of attendance by country

14%

6%

6%

8%

3%3%

9%

51%

Revenues - Hotels & Disney Village

519

FY 2012 FY 2013

1,324 1,309

+2%

(4.7 ppt)

(24) 6

Average Spendingper Roomat 235.0€

Hotel Occupancy

at 79%

Disney Village & Other

510

(€ in millions)

9

Revenues

750

519

9

46

FY 2012 FY 2013

1,324

738

510

41

20

1,309

(4.7) Other Revenues

+11.1 Real Estate Development

(12.9) Theme Parks

(8.4) Hotels & Disney Village

(€ in millions)

2511

107 (12)

Costs and expenses

1,321

1,337

FY 2012 FY 2013

Real EstateCost of Sales

LaborRate

Impact ofNew Content

Productivity& Other

Resort Segment : 5M€

+0,3%

(€ in millions)

Fiscal Year2013

Fiscal Year2012

Variance 12/13

€ %

Revenues 1,324.3 (14.9) (1.1) %1,309.4

Operating Margin 3.4 (30.9) n/m(27.5)

Plus: Depreciation & Amortization 173.8 (2.0) (1.1) %171.8

Net Financial Charges (103.7) 53.0 (51.1)%(50.7)

EBITDA 177.2 (32.9) (18.6) %

as a % of revenues 13.4 % (2.4ppt)-

144.3

11.0%

Costs and Expenses (1,320.9) (16.0) 1.2 %(1,336.9)

Net Loss - Owners of the parent

(14.6) 0.8 (5.5) %Net Loss - Non-controlling Interests

(85.6) 21.2 (24.8) %

Net Loss (100.2) 22.0

(13.8)

(64.4)

(78.2) (22.0) %

Income statement(€ in millions)

Variance12/13

Beginning Cash and Cash Equivalents 366.1114.3 (251.8)

Cash Flow from Operating Activities 144.095.0

Cash Flow used in Investing Activities (153.3)(126.1) 27.2

Cash Flow used in Financing Activities (242.5)(5.2) 237.3

Ending Cash and Cash Equivalents 78.0

(49.0)

114.3

Free Cash Flow Used (9.3)(31.1) (21.8)

(36.3)

Fiscal Year2013

Fiscal Year2012

Cash flows(€ in millions)

Delivering on long term strategy

1% decline in total revenues despitea very challenging economic environment

Limited cost and expense growth

Net loss narrowed by 22M€

Continued focus on long term strategyto drive guest spending through improved guest experience

Growth projects for 2014 and beyond

Questions

Answers&

Annual ResultPresentationFiscal Year 2013

November 7, 2013