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October 12, 2001

Terra Mitica and Paramount Parks Sign Strategic Agreement

Spain -- Terra Mitica and Paramount Parks announced that they have signed a four-year strategic agreement in which Paramount will take over operations of the Terra Mitica theme park.

Paramount and Terra Mitica SigningPresent at the signing ceremony were Miguel Navarro, Managing Director of Terra Mitica, Jane Cooper, President of Paramount Parks, Luis Esteban, President of Terra Mitica and Johnny Taylor, Vice President of Paramount Parks.

"Terra Mitica is original in design and concept and is situated in a very competitive marketplace therefore this agreement will lead to great possibilities for both parties in the future," said Jane Cooper, President of Paramount Parks.

Cooper also added there her company wished to use the partnership to enter the European market.

Under the agreement Paramount will take over all areas of operation of the Terra Mitica park including the ride operations, shops, restaurants, sales, marketing, maintenance and human resources.

Navarro stated that Paramount will eventually become a shareholder and will also receive both a fixed sum of cash and a variable amount depending on the park's financial performance. The agreement is also renewable for an additional four more years.