|   | x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---|-----------------------------------------------------------------------------------------|

|   | o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---|------------------------------------------------------------------------------------------|

| FLORIDA                                                       |   | 59-3128514                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| FLORIDA                                                       |   | 42-1581381                          |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
|                                                          |   |                                |
| 1000 UNIVERSAL STUDIOS PLAZAORLANDO, FL                       |   | 32819-7610                          |
| (Address of principal executive offices)                      |   | (Zip Code)                          |

| Large accelerated filer                                                   |    | o       |   |    |   |    | Accelerated filer         |    | o       |   |
|---------------------------------------------------------------------------|--------------|---------|--------|--------------|--------|--------------|---------------------------|--------------|---------|--------|
|  Non-accelerated filer (Do not check if a smaller reporting company) |    |  x |   |    |   |    | Smaller reporting company |    |  o |   |

----

|                                                                                                     |   |
|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                     | PAGE   |
| PART I. FINANCIAL INFORMATION                                                                            |   |
|                                                                                                     |   |
| ITEM 1. Financial Statements                                                                        | 3      |
| ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 16     |
| ITEM 3. Quantitative and Qualitative Disclosures About Market Risk                                  | 23     |
| ITEM 4. Controls and Procedures                                                                     | 23     |
|                                                                                                     |   |
| PART II. OTHER INFORMATION                                                                               |   |
|                                                                                                     |   |
| ITEM 1. Legal Proceedings                                                                           | 24     |
| ITEM 1A. Risk Factors                                                                               | 24     |
| ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds                                 | 24     |
| ITEM 3. Defaults Upon Senior Securities                                                             | 24     |
| ITEM 5. Other Information                                                                           | 24     |
| ITEM 6. Exhibits                                                                                    | 24     |
| SIGNATURES                                                                                               | 25     |

----

| ITEM 1. | Financial Statements |
|---------|----------------------|

|                                   |   | September 26, 2010 |       |   | December 31, 2009 |   |
|----------------------------------------|--------|--------------------|------------|--------|-------------------|--------|
|                                   |   |               |       |   |              |   |
| (In thousands)                         |   |               |       |   |              |   |
| ASSETS                                 |   |               |       |   |              |   |
| Current assets:                        |   |               |       |   |              |   |
| Cash and cash equivalents              |   | $                  | 174,147    |   |              | $      | 45,157 |   |
| Accounts receivable, net               |   |               | 27,733     |   |              |   | 25,144 |   |
| Receivables from related parties       |   |               | 371        |   |              |   | 1,137 |   |
| Inventories, net                       |   |               | 53,466     |   |              |   | 42,984 |   |
| Prepaid expenses and other assets      |   |               | 12,014     |   |              |   | 8,989 |   |
| Assets held for sale                   |   |               | 16,186     |   |              |   | 16,186 |   |
|                                   |   |               |       |   |              |   |   |   |
| Total current assets                   |   |               | 283,917    |   |              |   | 139,597 |   |
|                                   |   |               |       |   |              |   |   |   |
| Property and equipment, at cost:       |   |               |       |   |              |   |   |   |
| Land and land improvements             |   |               | 488,939    |   |              |   | 480,181 |   |
| Buildings and building improvements    |   |               | 1,504,169  |   |              |   | 1,402,938 |   |
| Equipment, fixtures and furniture      |   |               | 1,323,630  |   |              |   | 1,154,187 |   |
| Construction in process                |   |               | 10,961     |   |              |   | 220,890 |   |
|                                   |   |               |       |   |              |   |   |   |
| Total property and equipment, at cost: |   |               | 3,327,699  |   |              |   | 3,258,196 |   |
| Less accumulated depreciation          |   |               | (1,606,704 | )      |              |   | (1,521,620 | ) |
|                                   |   |               |       |   |              |   |   |   |
| Property and equipment, net            |   |               | 1,720,995  |   |              |   | 1,736,576 |   |
|                                   |   |               |       |   |              |   |   |   |
| Other assets:                          |   |               |       |   |              |   |   |   |
| Investments in unconsolidated entities |   |               | 9,353      |   |              |   | 9,920 |   |
| Intangible assets, net                 |   |               | 48,728     |   |              |   | 51,188 |   |
| Deferred finance costs, net            |   |               | 21,986     |   |              |   | 24,600 |   |
| Other assets                           |   |               | 8,009      |   |              |   | 7,723 |   |
|                                   |   |               |       |   |              |   |   |   |
| Total other assets                     |   |               | 88,076     |   |              |   | 93,431 |   |
|                                   |   |               |       |   |              |   |   |   |
| Total assets                           |   | $                  | 2,092,988  |   |              | $      | 1,969,604 |   |
|                                   |   |               |       |   |              |   |   |   |

----

|                                                            |   | September 26, 2010 |      |   | December 31, 2009 |   |
|-----------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                            |   |               |      |   |              |   |
|   (In thousands)                                      |   |               |      |   |              |   |
| LIABILITIES AND PARTNERS’ EQUITY                          |   |               |      |   |              |   |
| Current liabilities:                                            |   |               |      |   |              |   |
| Accounts payable and accrued liabilities                        |   | $                  | 138,337   |   |              | $      | 114,936 |   |
| Unearned revenue                                                |   |               | 77,214    |   |              |   | 41,825 |   |
| Due to related parties                                          |   |               | 28,981    |   |              |   | 13,107 |   |
| Current portion of capital lease and financing obligations      |   |               | 5,005     |   |              |   | 5,098 |   |
| Current portion of long-term borrowings                         |   |               | 6,750     |   |              |   | 9,000 |   |
|                                                            |   |               |      |   |              |   |   |   |
| Total current liabilities                                       |   |               | 256,287   |   |              |   | 183,966 |   |
|                                                            |   |               |      |   |              |   |   |   |
| Long-term liabilities:                                          |   |               |      |   |              |   |   |   |
| Long-term borrowings                                            |   |               | 1,487,346 |   |              |   | 1,495,730 |   |
| Capital lease and financing obligations, net of current portion |   |               | 24,607    |   |              |   | 27,415 |   |
| Other                                                           |   |               | 7,278     |   |              |   | 7,482 |   |
|                                                            |   |               |      |   |              |   |   |   |
| Total long-term liabilities                                     |   |               | 1,519,231 |   |              |   | 1,530,627 |   |
|                                                            |   |               |      |   |              |   |   |   |
|                                                            |   |               |      |   |              |   |   |   |
| Equity:                                                         |   |               |      |   |              |   |   |   |
| Partners’ equity:                                         |   |               |      |   |              |   |   |   |
| Vivendi Universal Entertainment                                 |   |               | 156,030   |   |              |   | 124,528 |   |
| Blackstone                                                      |   |               | 156,030   |   |              |   | 124,528 |   |
|                                                            |   |               |      |   |              |   |   |   |
| Total Partners’ equity                                    |   |               | 312,060   |   |              |   | 249,056 |   |
| Noncontrolling interest in UCRP                                 |   |               | 5,410     |   |              |   | 5,955 |   |
|                                                            |   |               |      |   |              |   |   |   |
| Total equity                                                    |   |               | 317,470   |   |              |   | 255,011 |   |
|                                                            |   |               |      |   |              |   |   |   |
| Total liabilities and equity                                    |   | $                  | 2,092,988 |   |              | $      | 1,969,604 |   |
|                                                            |   |               |      |   |              |   |   |   |

----

|                                                                                                                                        |   | Three Months Ended |    |   | Nine Months Ended  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |
|                                                                                                                                        |   | September 26, 2010 |    |   | September 27, 2009 |   |   | September 26, 2010 |   |   | September 27, 2009 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |
| (In thousands)                                                                                                                              |   |               |    |   |               |   |   |   |   |   |   |   |
| Operating revenues:                                                                                                                         |   |               |    |   |               |   |   |   |   |   |   |   |
|      Theme park tickets                                                                                            |   | $                  | 190,259 |   |               | $      | 120,056 |   |   | $ | 405,892 |   |   | $ | 311,072 |   |
|      Theme park food and beverage                                                                                  |   |               | 43,411  |   |               |   | 27,311 |   |   |   | 88,936 |   |   |   | 72,357 |   |
|      Theme park merchandise                                                                                        |   |               | 48,693  |   |               |   | 23,860 |   |   |   | 92,957 |   |   |   | 63,664 |   |
|      Other theme park related                                                                                      |   |               | 33,017  |   |               |   | 23,322 |   |   |   | 72,453 |   |   |   | 63,841 |   |
|      Other                                                                                                         |   |               | 48,187  |   |               |   | 30,026 |   |   |   | 109,396 |   |   |   | 93,172 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Total operating revenues                                                                                                                    |   |               | 363,567 |   |               |   | 224,575 |   |   |   | 769,634 |   |   |   | 604,106 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Costs and operating expenses:                                                                                                               |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|      Theme park operations                                                                                         |   |               | 54,034  |   |               |   | 43,523 |   |   |   | 145,647 |   |   |   | 127,244 |   |
|      Theme park selling, general and administrative                                                                |   |               | 42,229  |   |               |   | 28,620 |   |   |   | 143,641 |   |   |   | 92,865 |   |
|      Theme park cost of products sold                                                                              |   |               | 42,625  |   |               |   | 25,349 |   |   |   | 90,744 |   |   |   | 70,017 |   |
|      Special fee payable to Vivendi Universal Entertainment and consultant fee                                     |   |               | 24,431  |   |               |   | 14,665 |   |   |   | 51,232 |   |   |   | 38,568 |   |
|      Depreciation and amortization                                                                                 |   |               | 32,029  |   |               |   | 26,186 |   |   |   | 87,655 |   |   |   | 79,015 |   |
|      Other                                                                                                         |   |               | 41,227  |   |               |   | 25,209 |   |   |   | 98,745 |   |   |   | 77,209 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Total costs and operating expenses                                                                                                          |   |               | 236,575 |   |               |   | 163,552 |   |   |   | 617,664 |   |   |   | 484,918 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                                                                                            |   |               | 126,992 |   |               |   | 61,023 |   |   |   | 151,970 |   |   |   | 119,188 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Other expense (income):                                                                                                                     |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|      Interest expense                                                                                              |   |               | 30,022  |   |               |   | 26,043 |   |   |   | 86,384 |   |   |   | 77,239 |   |
|      Interest income                                                                                               |   |               | (85     | )      |               |   | (69 | ) |   |   | (122 | ) |   |   | (158 | ) |
|      Expenses associated with debt refinancing                                                                     |   |               | -       |   |               |   | - |   |   |   | 3,310 |   |   |   | - |   |
|  Net change in fair value of interest rate swaps and amortization of accumulated other comprehensive loss                              |   |               | -       |   |               |   | (2,006 | ) |   |   | - |   |   |   | (4,217 | ) |
|      Income from investments in unconsolidated entities                                                            |   |               | (714    | )      |               |   | (272 | ) |   |   | (1,717 | ) |   |   | (1,601 | ) |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Total other expense, net                                                                                                                    |   |               | 29,223  |   |               |   | 23,696 |   |   |   | 87,855 |   |   |   | 71,263 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                                  |   |               | 97,769  |   |               |   | 37,327 |   |   |   | 64,115 |   |   |   | 47,925 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Less: net income attributable to the noncontrolling interest in UCRP                                                                        |   |               | 505     |   |               |   | 197 |   |   |   | 1,457 |   |   |   | 1,409 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to the Partners                                                                                                     |   | $                  | 97,264  |   |               | $      | 37,130 |   |   | $ | 62,658 |   |   | $ | 46,516 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                                  |   | $                  | 97,769  |   |               | $      | 37,327 |   |   | $ | 64,115 |   |   | $ | 47,925 |   |
| Other comprehensive income:                                                                                                                 |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|      Amortization of accumulated other comprehensive loss from interest rate swaps previously designated as hedges |   |               | -       |   |               |   | 1,139 |   |   |   | - |   |   |   | 3,464 |   |
| Total other comprehensive income                                                                                                            |   |               | -       |   |               |   | 1,139 |   |   |   | - |   |   |   | 3,464 |   |
| Comprehensive income                                                                                                                        |   |               | 97,769  |   |               |   | 38,466 |   |   |   | 64,115 |   |   |   | 51,389 |   |
| Less: net income attributable to the noncontrolling interest in UCRP                                                                        |   |               | 505     |   |               |   | 197 |   |   |   | 1,457 |   |   |   | 1,409 |   |
| Comprehensive income attributable to the Partners                                                                                           |   | $                  | 97,264  |   |               | $      | 38,269 |   |   | $ | 62,658 |   |   | $ | 49,980 |   |
|                                                                                                                                        |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |

----

|                                             |   | UCDP's Partners                 |    |   |       |   |    |                            |   |
|--------------------------------------------------|--------|---------------------------------|---------|--------|------------|--------|---------|---------------------------------|--------|
|                                             |   | Vivendi Universal Entertainment |    |   | Blackstone |   |    | Noncontrolling interest in UCRP |   |   | Total Equity |   |
|                                             |   |                            |    |   |       |   |    |                            |   |   |   |   |
| (In thousands)                                   |   |                            |    |   |       |   |    |                            |   |   |   |   |
| Balance at December 31, 2009                |   | $                               | 124,528 |   |       | $      | 124,528 |                            |   | $ | 5,955 |   |   | $ | 255,011 |   |
|                                             |   |                            |    |   |       |   |    |                            |   |   |   |   |   |   |   |   |
| Distributions to noncontrolling interest in UCRP |   |                            | -       |   |       |   | -       |                            |   |   | (2,002 | ) |   |   | (2,002 | ) |
| Contributions from Holdings                      |   |                            | 173     |   |       |   | 173     |                            |   |   |   |   |   |   | 346 |   |
| Net income                                       |   |                            | 31,329  |   |       |   | 31,329  |                            |   |   | 1,457 |   |   |   | 64,115 |   |
|                                             |   |                            |    |   |       |   |    |                            |   |   |   |   |   |   |   |   |
| Balance at September 26, 2010                    |   | $                               | 156,030 |   |       | $      | 156,030 |                            |   | $ | 5,410 |   |   | $ | 317,470 |   |

----

|                                                                      |   | Nine Months Ended  |    |
|---------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                      |   |               |    |   |   |   |
|                                                                      |   | September 26, 2010 |    |   | September 27, 2009 |   |
|  (In thousands)                                                      |   |               |    |   |   |   |
| Cash flows from operating activities                                      |   |               |    |   |   |   |
|                                                                      |   |               |    |   |   |   |
| Net cash and cash equivalents provided by operating activities            |   | $                  | 247,749 |   |   | $ | 161,910 |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Cash flows from investing activities                                      |   |               |    |   |   |   |   |   |
| Property and equipment acquisitions                                       |   |               | (94,020 | ) |   |   | (102,770 | ) |
| Proceeds relating to capital reimbursements                               |   |               | -       |   |   |   | 2,054 |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Net cash and cash equivalents used in investing activities                |   |               | (94,020 | ) |   |   | (100,716 | ) |
|                                                                      |   |               |    |   |   |   |   |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Cash flows from financing activities                                      |   |               |    |   |   |   |   |   |
| Payment of Partner distributions for tax liability                        |   |               | -       |   |   |   | (33,368 | ) |
| Payment of distributions                                                  |   |               | -       |   |   |   | (26,186 | ) |
| Receipt of contributions from Holdings                                    |   |               | 346     |   |   |   | - |   |
| Distributions to noncontrolling interest in equity of UCRP                |   |               | (2,002  | ) |   |   | (2,078 | ) |
| Payments on long-term borrowings, capital lease and financing obligations |   |               | (14,518 | ) |   |   | (5,822 | ) |
| Payments of financing costs                                               |   |               | (8,565  | ) |   |   | - |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Net cash and cash equivalents used in financing activities                |   |               | (24,739 | ) |   |   | (67,454 | ) |
|                                                                      |   |               |    |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                      |   |               | 128,990 |   |   |   | (6,260 | ) |
| Cash and cash equivalents at beginning of period                          |   |               | 45,157  |   |   |   | 87,798 |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Cash and cash equivalents at end of period                                |   | $                  | 174,147 |   |   | $ | 81,538 |   |
|                                                                      |   |               |    |   |   |   |   |   |
|                                                                      |   |               |    |   |   |   |   |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Supplemental disclosures of noncash information                           |   |               |    |   |   |   |   |   |
| Capital lease and financing obligations                                   |   | $                  | 875     |   |   | $ | - |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Decrease in accrued liabilities associated with capital expenditures      |   |               | 25,281  |   |   |   | 5,529 |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Decrease in interest rate swap liability                                  |   |               | -       |   |   |   | 7,681 |   |
|                                                                      |   |               |    |   |   |   |   |   |
| Disposal of fully depreciated assets                                      |   |               | 111     |   |   |   | 5,942 |   |
|                                                                      |   |               |    |   |   |   |   |   |

----

|                                     |   | September 26, 2010 |   |   | December 31, 2009 |   |
|------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                     |   |               |   |   |              |   |
| Merchandise                              |   | $                  | 18,554 |   |              | $      | 10,951 |   |
| Food and beverage                        |   |               | 3,795  |   |              |   | 3,293 |   |
| Operating supplies and maintenance parts |   |               | 33,339 |   |              |   | 30,862 |   |
| Less: reserves                           |   |               | (2,222 | )      |              |   | (2,122 | ) |
|                                     |   |               |   |   |              |   |   |   |
| Total                                    |   | $                  | 53,466 |   |              | $      | 42,984 |   |

|                                             |   | September 26, 2010  |      |   | December 31, 2009 |
|--------------------------------------------------|--------|---------------------|-----------|--------|-------------------|
|                                             |   | Carrying Value |      |   | Fair Value   |   |   | Carrying Value |   |   | Fair Value |
|                                             |   |                |      |   |              |   |   |   |   |   |   |
| Long-term borrowings (including current portion) |   | $                   | 1,494,096 |   |              | $ | 1,550,904 |   |   | $ | 1,504,730 |   |   | $ | 1,521,188 |

----

|                                     |   | Interest Rate |   | Maturity Date |              | September 26, 2010 |   |      | December 31, 2009 |   |
|------------------------------------------|--------|--------------------|--------|---------------|-------------------|--------------------|--------|-----------|-------------------|--------|
|                                     |   |               |   |          |              |               |   |      |              |   |
|                                     |   |               |   |          |              |               |   |      |              |   |
| Renewed senior secured credit facilities |   |               | (1     | )             | November 6, 2014  |               | $      | 891,000   |              |   | $ | 900,000 |   |
| 2015 notes                               |   |               | 8.875  | %             | November 15, 2015 |               |   | 400,000   |              |   |   | 400,000 |   |
| 2016 notes                               |   |               | 10.875 | %             | November 15, 2016 |               |   | 225,000   |              |   |   | 225,000 |   |
|                                     |   |               |   |          |              |               |   |      |              |   |   |   |   |
| Gross principal payable                  |   |               |   |          |              |               |   | 1,516,000 |              |   |   | 1,525,000 |   |
| Unamortized discounts                    |   |               |   |          |              |               |   | (21,904   | )                 |   |   | (20,270 | ) |
|                                     |   |               |   |          |              |               |   |      |              |   |   |   |   |
| Total debt                               |   |               |   |          |              |               | $      | 1,494,096 |              |   | $ | 1,504,730 |   |

| (1) | The interest rate on the term loans of the renewed senior secured credit facilities is either a base rate (calculated as the highest of the prime rate in effect on such day, the sum of 1/2 of 1.00% plus the federal funds rate, and LIBOR plus 1.00%, provided that the base rate will never be less than 2.75%) or LIBOR (provided that LIBOR will never be less than 1.75%), in each case plus a specified margin. The specified margin is 2.75% in the case of base rate loans and 3.75% in the case of LIBOR loans. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|          |         |                                                                                                                                    |
|---------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------|
| Level 1. |    | Observable inputs such as quoted prices in active markets for identical assets or liabilities;                                          |
|          |         |
| Level 2. |    | Inputs, other than quoted prices included within Level 1, that are observable either directly or indirectly; and                        |
|          |         |
| Level 3. |    | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |

----

|                         |   | Three Months Ended                       |   |   | Nine Months Ended                      |   |
|------------------------------|--------|------------------------------------------|--------|--------|----------------------------------------|--------|
|                         |   | September 27, 2009                       |   |   | September 27, 2009                     |   |
|                         |   |                                     |   |   |                                   |   |   |   |   |   |   |   |
|                         |   | Recorded in statement of operations |   |   | Recorded in other comprehensive income |   |   | Recorded in statement of operations |   |   | Recorded in other comprehensive income |   |
|                         |   |                                     |   |   |                                   |   |   |   |   |   |   |   |
| Swap #1 (1)                  |   | $                                        | 1,165  |   |                                   | $      | - |   |   | $ | 2,802 |   |   | $ | - |   |
| Swap #2 (1)                  |   |                                     | 1,980  |   |                                   |   | - |   |   |   | 4,879 |   |   |   | - |   |
| Ineffective amortization (1) |   |                                     | (1,139 | )      |                                   |   | 1,139 |   |   |   | (3,464 | ) |   |   | 3,464 |   |
|                         |   |                                     |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                        |   | $                                        | 2,006  |   |                                   | $      | 1,139 |   |   | $ | 4,217 |   |   | $ | 3,464 |   |
|                         |   |                                     |   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |

|                      |   | September 26, 2010 |    |   | December 31, 2009 |   |
|---------------------------|--------|--------------------|---------|--------|-------------------|--------|
|                      |   |               |    |   |              |   |
| Accounts payable          |   | $                  | 8,213   |   |              | $      | 11,563 |   |
| Capital expenditures      |   |               | 8,911   |   |              |   | 34,192 |   |
| Marketing and advertising |   |               | 6,001   |   |              |   | 3,665 |   |
| Interest                  |   |               | 29,571  |   |              |   | 18,303 |   |
| Compensation and benefits |   |               | 36,359  |   |              |   | 19,578 |   |
| Operating accruals        |   |               | 16,305  |   |              |   | 13,566 |   |
| Consulting fees           |   |               | 7,947   |   |              |   | 4,523 |   |
| Property and sales tax    |   |               | 16,393  |   |              |   | 2,149 |   |
| Other                     |   |               | 8,637   |   |              |   | 7,397 |   |
|                      |   |               |    |   |              |   |   |   |
| Total                     |   | $                  | 138,337 |   |              | $      | 114,936 |   |

----

----

| Condensed consolidating statement of operations                                 |   |
|---------------------------------------------------------------------------------|--------|
| (in thousands)                                                                  |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | Three months ended September 26, 2010 |   |
|                                                                            |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| Operating revenues:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating revenues                                                        |   | $ | 334,563 |   |   | $ | 39,236 |   |   | $ | 6,137 |   |   | $ | (16,369 | ) |   | $ | 363,567 |   |
| Costs and operating expenses:                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Theme park operations                                                           |   |   | 54,034 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 54,034 |   |
| Theme park selling, general and administrative                                  |   |   | 42,229 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 42,229 |   |
| Theme park cost of products sold                                                |   |   | 42,625 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 42,625 |   |
| Other costs and operating expenses                                              |   |   | 72,273 |   |   |   | 36,664 |   |   |   | 5,119 |   |   |   | (16,369 | ) |   |   | 97,687 |   |
| Total costs and operating expenses                                              |   |   | 211,161 |   |   |   | 36,664 |   |   |   | 5,119 |   |   |   | (16,369 | ) |   |   | 236,575 |   |
| Operating income                                                                |   |   | 123,402 |   |   |   | 2,572 |   |   |   | 1,018 |   |   |   | - |   |   |   | 126,992 |   |
| Other expense (income):                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                                |   |   | 30,014 |   |   |   | - |   |   |   | 8 |   |   |   | - |   |   |   | 30,022 |   |
| Other income                                                                    |   |   | (782 | ) |   |   | (17 | ) |   |   | - |   |   |   | - |   |   |   | (799 | ) |
| Total other expense (income), net                                               |   |   | 29,232 |   |   |   | (17 | ) |   |   | 8 |   |   |   | - |   |   |   | 29,223 |   |
| Net income                                                                      |   |   | 94,170 |   |   |   | 2,589 |   |   |   | 1,010 |   |   |   | - |   |   |   | 97,769 |   |
| Less:  net income attributable to the noncontrolling interest in UCRP |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 505 |   |   |   | 505 |   |
| Net income (loss) attributable to the Partners                                  |   | $ | 94,170 |   |   | $ | 2,589 |   |   | $ | 1,010 |   |   | $ | (505 | ) |   | $ | 97,264 |   |

| Condensed consolidating statement of operations                                 |   |
|---------------------------------------------------------------------------------|--------|
| (in thousands)                                                                  |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | Three months ended September 27, 2009 |   |
|                                                                            |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| Operating revenues:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating revenues                                                        |   | $ | 211,276 |   |   | $ | 14,948 |   |   | $ | 4,954 |   |   | $ | (6,603 | ) |   | $ | 224,575 |   |
| Costs and operating expenses:                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Theme park operations                                                           |   |   | 43,523 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 43,523 |   |
| Theme park selling, general and administrative                                  |   |   | 28,620 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 28,620 |   |
| Theme park cost of products sold                                                |   |   | 25,349 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 25,349 |   |
| Other costs and operating expenses                                              |   |   | 53,106 |   |   |   | 15,004 |   |   |   | 4,553 |   |   |   | (6,603 | ) |   |   | 66,060 |   |
| Total costs and operating expenses                                              |   |   | 150,598 |   |   |   | 15,004 |   |   |   | 4,553 |   |   |   | (6,603 | ) |   |   | 163,552 |   |
| Operating income (loss)                                                         |   |   | 60,678 |   |   |   | (56 | ) |   |   | 401 |   |   |   | - |   |   |   | 61,023 |   |
| Other expense (income):                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                                |   |   | 26,032 |   |   |   | 3 |   |   |   | 8 |   |   |   | - |   |   |   | 26,043 |   |
| Other income                                                                    |   |   | (2,341 | ) |   |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | (2,347 | ) |
| Total other expense (income), net                                               |   |   | 23,691 |   |   |   | (3 | ) |   |   | 8 |   |   |   | - |   |   |   | 23,696 |   |
| Net income (loss)                                                               |   |   | 36,987 |   |   |   | (53 | ) |   |   | 393 |   |   |   | - |   |   |   | 37,327 |   |
| Less:  net income attributable to the noncontrolling interest in UCRP |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 197 |   |   |   | 197 |   |
| Net income (loss) attributable to the Partners                                  |   | $ | 36,987 |   |   | $ | (53 | ) |   | $ | 393 |   |   | $ | (197 | ) |   | $ | 37,130 |   |

| Condensed consolidating statement of operations                                 |   |
|---------------------------------------------------------------------------------|--------|
| (in thousands)                                                                  |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | Nine months ended September 26, 2010 |   |
|                                                                            |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| Operating revenues:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating revenues                                                        |   | $ | 712,682 |   |   | $ | 71,256 |   |   | $ | 17,058 |   |   | $ | (31,362 | ) |   | $ | 769,634 |   |
| Costs and operating expenses:                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Theme park operations                                                           |   |   | 145,647 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 145,647 |   |
| Theme park selling, general and administrative                                  |   |   | 143,641 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 143,641 |   |
| Theme park cost of products sold                                                |   |   | 90,744 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 90,744 |   |
| Other costs and operating expenses                                              |   |   | 185,178 |   |   |   | 69,695 |   |   |   | 14,121 |   |   |   | (31,362 | ) |   |   | 237,632 |   |
| Total costs and operating expenses                                              |   |   | 565,210 |   |   |   | 69,695 |   |   |   | 14,121 |   |   |   | (31,362 | ) |   |   | 617,664 |   |
| Operating income                                                                |   |   | 147,472 |   |   |   | 1,561 |   |   |   | 2,937 |   |   |   | - |   |   |   | 151,970 |   |
| Other expense (income):                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                                |   |   | 86,362 |   |   |   | 1 |   |   |   | 21 |   |   |   | - |   |   |   | 86,384 |   |
| Other expense (income)                                                          |   |   | 1,497 |   |   |   | (26 | ) |   |   | - |   |   |   | - |   |   |   | 1,471 |   |
| Total other expense (income)                                                    |   |   | 87,859 |   |   |   | (25 | ) |   |   | 21 |   |   |   | - |   |   |   | 87,855 |   |
| Net income                                                                      |   |   | 59,613 |   |   |   | 1,586 |   |   |   | 2,916 |   |   |   | - |   |   |   | 64,115 |   |
| Less:  net income attributable to the noncontrolling interest in UCRP |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,457 |   |   |   | 1,457 |   |
| Net income (loss) attributable to the Partners                                  |   | $ | 59,613 |   |   | $ | 1,586 |   |   | $ | 2,916 |   |   | $ | (1,457 | ) |   | $ | 62,658 |   |

----

| Condensed consolidating statement of operations                      |   |
|----------------------------------------------------------------------|--------|
| (in thousands)                                                       |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   | Nine months ended September 27, 2009 |   |
|                                                                 |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
| Operating revenues:                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating revenues                                             |   | $ | 562,478 |   |   | $ | 42,495 |   |   | $ | 17,152 |   |   | $ | (18,019 | ) |   | $ | 604,106 |   |
| Costs and operating expenses:                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Theme park operations                                                |   |   | 127,244 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 127,244 |   |
| Theme park selling, general and admin                                |   |   | 92,865 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 92,865 |   |
| Theme park costs of products sold                                    |   |   | 70,017 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 70,017 |   |
| Other costs and operating expenses                                   |   |   | 155,351 |   |   |   | 43,148 |   |   |   | 14,312 |   |   |   | (18,019 | ) |   |   | 194,792 |   |
| Total costs and operating expenses                                   |   |   | 445,477 |   |   |   | 43,148 |   |   |   | 14,312 |   |   |   | (18,019 | ) |   |   | 484,918 |   |
| Operating income (loss)                                              |   |   | 117,001 |   |   |   | (653 | ) |   |   | 2,840 |   |   |   | - |   |   |   | 119,188 |   |
| Other expense (income):                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                     |   |   | 77,213 |   |   |   | 3 |   |   |   | 23 |   |   |   | - |   |   |   | 77,239 |   |
| Other income                                                         |   |   | (5,955 | ) |   |   | (21 | ) |   |   | - |   |   |   | - |   |   |   | (5,976 | ) |
| Total other expense (income)                                         |   |   | 71,258 |   |   |   | (18 | ) |   |   | 23 |   |   |   | - |   |   |   | 71,263 |   |
| Net income (loss)                                                    |   |   | 45,743 |   |   |   | (635 | ) |   |   | 2,817 |   |   |   | - |   |   |   | 47,925 |   |
| Less: net income attributable to the noncontrolling interest in UCRP |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,409 |   |   |   | 1,409 |   |
| Net income (loss) attributable to the Partners                       |   | $ | 45,743 |   |   | $ | (635 | ) |   | $ | 2,817 |   |   | $ | (1,409 | ) |   | $ | 46,516 |   |

| Condensed consolidating balance sheet      |   |
|--------------------------------------------|--------|
| (in thousands)                             |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | September 26, 2010 |   |
|                                       |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Total |   |
| ASSETS                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current assets:                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                  |   | $ | 150,968 |   |   | $ | 22,915 |   |   | $ | 264 |   |   | $ | - |   |   | $ | 174,147 |   |
| Other current assets                       |   |   | 111,420 |   |   |   | 2,267 |   |   |   | 1,373 |   |   |   | (5,290 | ) |   |   | 109,770 |   |
| Total current assets                       |   |   | 262,388 |   |   |   | 25,182 |   |   |   | 1,637 |   |   |   | (5,290 | ) |   |   | 283,917 |   |
| Property and equipment, at cost            |   |   | 3,312,661 |   |   |   | 1,171 |   |   |   | 13,867 |   |   |   | - |   |   |   | 3,327,699 |   |
| Less accumulated depreciation              |   |   | (1,598,082 | ) |   |   | (1,039 | ) |   |   | (7,583 | ) |   |   | - |   |   |   | (1,606,704 | ) |
| Total property and equipment, net          |   |   | 1,714,579 |   |   |   | 132 |   |   |   | 6,284 |   |   |   | - |   |   |   | 1,720,995 |   |
| Other assets:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investments in unconsolidated entities     |   |   | 13,053 |   |   |   | - |   |   |   | - |   |   |   | (3,700 | ) |   |   | 9,353 |   |
| Intangible assets, net                     |   |   | 43,893 |   |   |   | - |   |   |   | 4,835 |   |   |   | - |   |   |   | 48,728 |   |
| Other assets                               |   |   | 29,995 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 29,995 |   |
| Total other assets                         |   |   | 86,941 |   |   |   | - |   |   |   | 4,835 |   |   |   | (3,700 | ) |   |   | 88,076 |   |
| Total assets                               |   | $ | 2,063,908 |   |   | $ | 25,314 |   |   | $ | 12,756 |   |   | $ | (8,990 | ) |   | $ | 2,092,988 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities:                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities   |   | $ | 135,622 |   |   | $ | 2,378 |   |   | $ | 709 |   |   | $ | (372 | ) |   | $ | 138,337 |   |
| Other current liabilities                  |   |   | 96,995 |   |   |   | 24,646 |   |   |   | 1,227 |   |   |   | (4,918 | ) |   |   | 117,950 |   |
| Total current liabilities                  |   |   | 232,617 |   |   |   | 27,024 |   |   |   | 1,936 |   |   |   | (5,290 | ) |   |   | 256,287 |   |
| Long-term liabilities:                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term borrowings                       |   |   | 1,487,346 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,487,346 |   |
| Other long-term liabilities                |   |   | 31,885 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 31,885 |   |
| Total long-term liabilities                |   |   | 1,519,231 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,519,231 |   |
| Equity (Deficit):                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partners' equity (deficit)                 |   |   | 312,060 |   |   |   | (1,710 | ) |   |   | 10,820 |   |   |   | (9,110 | ) |   |   | 312,060 |   |
| Noncontrolling interest in UCRP            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,410 |   |   |   | 5,410 |   |
| Total equity (deficit)                     |   |   | 312,060 |   |   |   | (1,710 | ) |   |   | 10,820 |   |   |   | (3,700 | ) |   |   | 317,470 |   |
| Total liabilities and equity (deficit)     |   | $ | 2,063,908 |   |   | $ | 25,314 |   |   | $ | 12,756 |   |   | $ | (8,990 | ) |   | $ | 2,092,988 |   |

----

| Condensed consolidating balance sheet      |   |
|--------------------------------------------|--------|
| (in thousands)                             |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | December 31, 2009 |   |
|                                       |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Total |   |
| ASSETS                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current assets:                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                  |   | $ | 43,313 |   |   | $ | 1,481 |   |   | $ | 363 |   |   | $ | - |   |   | $ | 45,157 |   |
| Other current assets                       |   |   | 96,153 |   |   |   | 883 |   |   |   | 1,031 |   |   |   | (3,627 | ) |   |   | 94,440 |   |
| Total current assets                       |   |   | 139,466 |   |   |   | 2,364 |   |   |   | 1,394 |   |   |   | (3,627 | ) |   |   | 139,597 |   |
| Property and equipment, at cost            |   |   | 3,243,237 |   |   |   | 1,175 |   |   |   | 13,784 |   |   |   | - |   |   |   | 3,258,196 |   |
| Less accumulated depreciation              |   |   | (1,513,677 | ) |   |   | (1,006 | ) |   |   | (6,937 | ) |   |   | - |   |   |   | (1,521,620 | ) |
| Total property and equipment, net          |   |   | 1,729,560 |   |   |   | 169 |   |   |   | 6,847 |   |   |   | - |   |   |   | 1,736,576 |   |
| Other assets:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investments in unconsolidated entities     |   |   | 12,578 |   |   |   | - |   |   |   | - |   |   |   | (2,658 | ) |   |   | 9,920 |   |
| Intangible assets, net                     |   |   | 45,918 |   |   |   | - |   |   |   | 5,270 |   |   |   | - |   |   |   | 51,188 |   |
| Other assets                               |   |   | 32,323 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32,323 |   |
| Total other assets                         |   |   | 90,819 |   |   |   | - |   |   |   | 5,270 |   |   |   | (2,658 | ) |   |   | 93,431 |   |
| Total assets                               |   | $ | 1,959,845 |   |   | $ | 2,533 |   |   | $ | 13,511 |   |   | $ | (6,285 | ) |   | $ | 1,969,604 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current liabilities:                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities   |   | $ | 113,121 |   |   | $ | 1,214 |   |   | $ | 710 |   |   | $ | (109 | ) |   | $ | 114,936 |   |
| Other current liabilities                  |   |   | 67,041 |   |   |   | 4,617 |   |   |   | 891 |   |   |   | (3,519 | ) |   |   | 69,030 |   |
| Total current liabilities                  |   |   | 180,162 |   |   |   | 5,831 |   |   |   | 1,601 |   |   |   | (3,628 | ) |   |   | 183,966 |   |
| Long-term liabilities:                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term borrowings                       |   |   | 1,495,730 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,495,730 |   |
| Other long-term liabilities                |   |   | 34,897 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 34,897 |   |
| Total long-term liabilities                |   |   | 1,530,627 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,530,627 |   |
| Equity (Deficit):                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partners' equity (deficit)                 |   |   | 249,056 |   |   |   | (3,298 | ) |   |   | 11,910 |   |   |   | (8,612 | ) |   |   | 249,056 |   |
| Noncontrolling interest in UCRP            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,955 |   |   |   | 5,955 |   |
| Total equity (deficit)                     |   |   | 249,056 |   |   |   | (3,298 | ) |   |   | 11,910 |   |   |   | (2,657 | ) |   |   | 255,011 |   |
| Total liabilities and equity (deficit)     |   | $ | 1,959,845 |   |   | $ | 2,533 |   |   | $ | 13,511 |   |   | $ | (6,285 | ) |   | $ | 1,969,604 |   |

| Condensed consolidating statement of cash flows                           |   |
|---------------------------------------------------------------------------|--------|
| (in thousands)                                                            |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   | Nine months ended September 26, 2010 |   |
|                                                                      |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from operating activities                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash and cash equivalents provided by (used in) operating activities  |   | $ | 224,329 |   |   | $ | 21,434 |   |   | $ | 3,988 |   |   | $ | (2,002 | ) |   | $ | 247,749 |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property and equipment acquisitions                                       |   |   | (93,937 | ) |   |   | - |   |   |   | (83 | ) |   |   | - |   |   |   | (94,020 | ) |
| Net cash and cash equivalents used in investing activities                |   |   | (93,937 | ) |   |   | - |   |   |   | (83 | ) |   |   | - |   |   |   | (94,020 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Payment of partner distributions                                          |   |   | - |   |   |   | - |   |   |   | (4,004 | ) |   |   | 4,004 |   |   |   | - |   |
| Receipt of contributions from Holdings                                    |   |   | 346 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 346 |   |
| Distributions of noncontrolling interest in equity of UCRP                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,002 | ) |   |   | (2,002 | ) |
| Payments on long-term borrowings, capital lease and financing obligations |   |   | (14,518 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (14,518 | ) |
| Payments of financing costs                                               |   |   | (8,565 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (8,565 | ) |
| Net cash and cash equivalents (used in) provided by financing activities  |   |   | (22,737 | ) |   |   | - |   |   |   | (4,004 | ) |   |   | 2,002 |   |   |   | (24,739 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                      |   |   | 107,655 |   |   |   | 21,434 |   |   |   | (99 | ) |   |   | - |   |   |   | 128,990 |   |
| Cash and cash equivalents at beginning of period                          |   |   | 43,313 |   |   |   | 1,481 |   |   |   | 363 |   |   |   | - |   |   |   | 45,157 |   |
| Cash and cash equivalents at end of period                                |   | $ | 150,968 |   |   | $ | 22,915 |   |   | $ | 264 |   |   | $ | - |   |   | $ | 174,147 |   |

----

| Condensed consolidating statement of cash flows                           |   |
|---------------------------------------------------------------------------|--------|
| (in thousands)                                                            |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   | Nine months ended September 27, 2009 |   |
|                                                                      |   | Parent |   |   | Guarantors |   |   | Non-Guarantors |   |   | Eliminations |   |   | Consolidated |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from operating activities                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net cash and cash equivalents provided by (used in) operating activities  |   | $ | 161,043 |   |   | $ | (1,224 | ) |   | $ | 4,169 |   |   | $ | (2,078 | ) |   | $ | 161,910 |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property and equipment acquisitions                                       |   |   | (102,482 | ) |   |   | (201 | ) |   |   | (87 | ) |   |   | - |   |   |   | (102,770 | ) |
| Proceeds related to capital reimbursements                                |   |   | 2,054 |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | 2,054 |   |
| Net cash and cash equivalents used in investing activities                |   |   | (100,428 | ) |   |   | (201 | ) |   |   | (87 | ) |   |   | - |   |   |   | (100,716 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Payments of partner distributions                                         |   |   | (59,554 | ) |   |   | - |   |   |   | (4,156 | ) |   |   | 4,156 |   |   |   | (59,554 | ) |
| Distributions of noncontrolling interest of UCRP                          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,078 | ) |   |   | (2,078 | ) |
| Payments on long-term borrowings, capital lease and financing obligations |   |   | (5,822 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5,822 | ) |
| Net cash and cash equivalents (used in) provided by financing activities  |   |   | (65,376 | ) |   |   | - |   |   |   | (4,156 | ) |   |   | 2,078 |   |   |   | (67,454 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                 |   |   | (4,761 | ) |   |   | (1,425 | ) |   |   | (74 | ) |   |   | - |   |   |   | (6,260 | ) |
| Cash and cash equivalents at beginning of period                          |   |   | 83,760 |   |   |   | 3,719 |   |   |   | 319 |   |   |   | - |   |   |   | 87,798 |   |
| Cash and cash equivalents at end of period                                |   | $ | 78,999 |   |   | $ | 2,294 |   |   | $ | 245 |   |   | $ | - |   |   | $ | 81,538 |   |

----

----

|                                                                      |   | Three Months Ended |    |   | % Change           |   |
|---------------------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
|                                                                      |   | September 26, 2010 |    |   | September 27, 2009 |   |   | Favorable/(unfavorable) |   |
| Operational Data:                                                         |   |               |    |   |               |   |   |   |   |
| Paid theme park admissions                                                |   |               | 3,684   |   |               |   | 2,710 |   |   |   | 35.9 | % |
| Turnstile theme park admissions                                           |   |               | 3,856   |   |               |   | 2,958 |   |   |   | 30.4 | % |
| Theme park ticket revenue per paid admission                              |   | $                  | 51.64   |   |               | $      | 44.30 |   |   |   | 16.6 | % |
| Theme park food, beverage and merchandise revenue per turnstile admission |   |               | 23.89   |   |               |   | 17.30 |   |   |   | 38.1 | % |
| Other theme park related revenue per turnstile admission                  |   |               | 8.56    |   |               |   | 7.88 |   |   |   | 8.6 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Statement of operations data:                                             |   |               |    |   |               |   |   |   |   |   |   |   |
| Operating revenues:                                                       |   |               |    |   |               |   |   |   |   |   |   |   |
| Theme park ticket revenue                                                 |   | $                  | 190,259 |   |               | $      | 120,056 |   |   |   | 58.5 | % |
| Theme park food and beverage                                              |   |               | 43,411  |   |               |   | 27,311 |   |   |   | 59.0 | % |
| Theme park merchandise                                                    |   |               | 48,693  |   |               |   | 23,860 |   |   | NM |   |
| Other theme park related                                                  |   |               | 33,017  |   |               |   | 23,322 |   |   |   | 41.6 | % |
| Other                                                                     |   |               | 48,187  |   |               |   | 30,026 |   |   |   | 60.5 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Total operating revenues                                                  |   |               | 363,567 |   |               |   | 224,575 |   |   |   | 61.9 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Costs and operating expenses:                                             |   |               |    |   |               |   |   |   |   |   |   |   |
| Theme park operations                                                     |   |               | 54,034  |   |               |   | 43,523 |   |   |   | (24.2 | %) |
| Theme park selling, general and administrative                            |   |               | 42,229  |   |               |   | 28,620 |   |   |   | (47.6 | %) |
| Theme park cost of products sold                                          |   |               | 42,625  |   |               |   | 25,349 |   |   |   | (68.2 | %) |
| Special fee payable to Vivendi Universal Entertainment and consultant fee |   |               | 24,431  |   |               |   | 14,665 |   |   |   | (66.6 | %) |
| Depreciation and amortization                                             |   |               | 32,029  |   |               |   | 26,186 |   |   |   | (22.3 | %) |
| Other                                                                     |   |               | 41,227  |   |               |   | 25,209 |   |   |   | (63.5 | %) |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Total costs and operating expenses                                        |   |               | 236,575 |   |               |   | 163,552 |   |   |   | (44.6 | %) |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Operating income                                                          |   |               | 126,992 |   |               |   | 61,023 |   |   | NM |   |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Non-operating expense, net                                                |   |               | 29,223  |   |               |   | 23,696 |   |   |   | (23.3 | %) |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Net income                                                                |   |               | 97,769  |   |               |   | 37,327 |   |   | NM |   |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Less: net income attributable to the noncontrolling interest in UCRP      |   |               | 505     |   |               |   | 197 |   |   | NM |   |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Net income attributable to the Partners                                   |   | $                  | 97,264  |   |               | $      | 37,130 |   |   | NM |   |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| NM--Not meaningful                                                        |   |               |    |   |               |   |   |   |   |   |   |   |

----

|                                                                      |   | Nine Months Ended  |    |   | % Change           |   |
|---------------------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
|                                                                      |   | September 26, 2010 |    |   | September 27, 2009 |   |   | Favorable/(unfavorable) |   |
| Operational Data:                                                         |   |               |    |   |               |   |   |   |   |
| Paid theme park admissions                                                |   |               | 7,898   |   |               |   | 7,046 |   |   |   | 12.1 | % |
| Turnstile theme park admissions                                           |   |               | 8,385   |   |               |   | 7,705 |   |   |   | 8.8 | % |
| Theme park ticket revenue per paid admission                              |   | $                  | 51.39   |   |               | $      | 44.15 |   |   |   | 16.4 | % |
| Theme park food, beverage and merchandise revenue per turnstile admission |   |               | 21.69   |   |               |   | 17.65 |   |   |   | 22.9 | % |
| Other theme park related revenue per turnstile admission                  |   |               | 8.64    |   |               |   | 8.29 |   |   |   | 4.2 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Statement of operations data:                                             |   |               |    |   |               |   |   |   |   |   |   |   |
| Operating revenues:                                                       |   |               |    |   |               |   |   |   |   |   |   |   |
| Theme park ticket revenue                                                 |   | $                  | 405,892 |   |               | $      | 311,072 |   |   |   | 30.5 | % |
| Theme park food and beverage                                              |   |               | 88,936  |   |               |   | 72,357 |   |   |   | 22.9 | % |
| Theme park merchandise                                                    |   |               | 92,957  |   |               |   | 63,664 |   |   |   | 46.0 | % |
| Other theme park related                                                  |   |               | 72,453  |   |               |   | 63,841 |   |   |   | 13.5 | % |
| Other                                                                     |   |               | 109,396 |   |               |   | 93,172 |   |   |   | 17.4 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Total operating revenues                                                  |   |               | 769,634 |   |               |   | 604,106 |   |   |   | 27.4 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Costs and operating expenses:                                             |   |               |    |   |               |   |   |   |   |   |   |   |
| Theme park operations                                                     |   |               | 145,647 |   |               |   | 127,244 |   |   |   | (14.5 | %) |
| Theme park selling, general and administrative                            |   |               | 143,641 |   |               |   | 92,865 |   |   |   | (54.7 | %) |
| Theme park cost of products sold                                          |   |               | 90,744  |   |               |   | 70,017 |   |   |   | (29.6 | %) |
| Special fee payable to Vivendi Universal Entertainment and consultant fee |   |               | 51,232  |   |               |   | 38,568 |   |   |   | (32.8 | %) |
| Depreciation and amortization                                             |   |               | 87,655  |   |               |   | 79,015 |   |   |   | (10.9 | %) |
| Other                                                                     |   |               | 98,745  |   |               |   | 77,209 |   |   |   | (27.9 | %) |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Total costs and operating expenses                                        |   |               | 617,664 |   |               |   | 484,918 |   |   |   | (27.4 | %) |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Operating income                                                          |   |               | 151,970 |   |               |   | 119,188 |   |   |   | 27.5 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Non-operating expense, net                                                |   |               | 87,855  |   |               |   | 71,263 |   |   |   | (23.3 | %) |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Net income                                                                |   |               | 64,115  |   |               |   | 47,925 |   |   |   | 33.8 | % |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Less: net income attributable to the noncontrolling interest in UCRP      |   |               | 1,457   |   |               |   | 1,409 |   |   |   | (3.4 | %) |
|                                                                      |   |               |    |   |               |   |   |   |   |   |   |   |
| Net income attributable to the Partners                                   |   | $                  | 62,658  |   |               | $      | 46,516 |   |   |   | 34.7 | % |

----

|                                                                                           |   | Three Months Ended |    |   | Nine Months Ended  |   |
|------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
| (Dollars in thousands)                                                                         |   | September 26, 2010 |    |   | September 27, 2009 |   |   | September 26, 2010 |   |   | September 27, 2009 |   |
|                                                                                           |   |               |    |   |               |   |   |   |   |   |   |   |
| Net cash and cash equivalents provided by operating activities                                 |   | $                  | 163,928 |   |               | $      | 88,653 |   |   | $ | 247,749 |   |   | $ | 161,910 |   |
|                                                                                           |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Adjustments:                                                                                   |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|   Interest expense                                                                   |   |               | 30,022  |   |               |   | 26,043 |   |   |   | 86,384 |   |   |   | 77,239 |   |
|   Interest income                                                                    |   |               | (85     | )      |               |   | (69 | ) |   |   | (122 | ) |   |   | (158 | ) |
|   Amortization of deferred finance costs                                             |   |               | (747    | )      |               |   | (2,390 | ) |   |   | (2,614 | ) |   |   | (7,169 | ) |
|   Interest on financing obligations                                                  |   |               | (536    | )      |               |   | (539 | ) |   |   | (1,742 | ) |   |   | (1,797 | ) |
|   Changes in deferred special fee payable and related interest payable to affiliates |   |               | -       |   |               |   | (759 | ) |   |   | - |   |   |   | (2,237 | ) |
|   Distributions from investments in unconsolidated entities                          |   |               | (710    | )      |               |   | (1,225 | ) |   |   | (2,284 | ) |   |   | (2,540 | ) |
|   Income from investments in unconsolidated entities                                 |   |               | 714     |   |               |   | 272 |   |   |   | 1,717 |   |   |   | 1,601 |   |
|   Accretion of bond discount                                                         |   |               | (1,243  | )      |               |   | (209 | ) |   |   | (2,855 | ) |   |   | (624 | ) |
|   Income attributable to the noncontrolling interest in UCRP                         |   |               | (505    | )      |               |   | (197 | ) |   |   | (1,457 | ) |   |   | (1,409 | ) |
|   Net change in working capital accounts (1)                                         |   |               | (31,608 | )      |               |   | (22,296 | ) |   |   | (84,891 | ) |   |   | (26,421 | ) |
| EBITDA                                                                                         |   |               | 159,230 |   |               |   | 87,284 |   |   |   | 239,885 |   |   |   | 198,395 |   |
|                                                                                           |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Adjustments to arrive at Covenant EBITDA:                                                      |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|   Income attributable to the noncontrolling interest in UCRP                         |   |               | 505     |   |               |   | 197 |   |   |   | 1,457 |   |   |   | 1,409 |   |
|   Income from investments in unconsolidated entities                                 |   |               | (714    | )      |               |   | (272 | ) |   |   | (1,717 | ) |   |   | (1,601 | ) |
|   Distributions from investments in unconsolidated entities                          |   |               | 710     |   |               |   | 1,225 |   |   |   | 2,284 |   |   |   | 2,540 |   |
|   Interest income                                                                    |   |               | 85      |   |               |   | 69 |   |   |   | 122 |   |   |   | 158 |   |
|   Other                                                                              |   |               | 750     |   |               |   | - |   |   |   | (1,060 | ) |   |   | 965 |   |
| Covenant EBITDA                                                                                |   | $                  | 160,566 |   |               | $      | 88,503 |   |   | $ | 240,971 |   |   | $ | 201,866 |   |

|                                                                                                                     |   | Three Months Ended |    |   | Nine Months Ended  |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
| (Dollars in thousands)                                                                                                   |   | September 26, 2010 |    |   | September 27, 2009 |   |   | September 26, 2010 |   |   | September 27, 2009 |   |
|                                                                                                                     |   |               |    |   |               |   |   |   |   |   |   |   |
| Net income attributable to the Partners                                                                                  |   | $                  | 97,264  |   |               | $      | 37,130 |   |   | $ | 62,658 |   |   | $ | 46,516 |   |
|                                                                                                                     |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Adjustments:                                                                                                             |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|   Interest expense                                                                                             |   |               | 30,022  |   |               |   | 26,043 |   |   |   | 86,384 |   |   |   | 77,239 |   |
|   Expenses associated with debt refinancing                                                                    |   |               | -       |   |               |   | - |   |   |   | 3,310 |   |   |   | - |   |
|   Loss on extinguishment of debt                                                                               |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|   Depreciation and amortization                                                                                |   |               | 32,029  |   |               |   | 26,186 |   |   |   | 87,655 |   |   |   | 79,015 |   |
|   Net change in fair value of interest rate swaps and amortization of accumulated other comprehensive loss (1) |   |               | -       |   |               |   | (2,006 | ) |   |   | - |   |   |   | (4,217 | ) |
|   Interest income                                                                                              |   |               | (85     | )      |               |   | (69 | ) |   |   | (122 | ) |   |   | (158 | ) |
| EBITDA                                                                                                                   |   |               | 159,230 |   |               |   | 87,284 |   |   |   | 239,885 |   |   |   | 198,395 |   |
|                                                                                                                     |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Adjustments to arrive at Covenant EBITDA:                                                                                |   |               |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|   Income attributable to the noncontrolling interest in UCRP                                                   |   |               | 505     |   |               |   | 197 |   |   |   | 1,457 |   |   |   | 1,409 |   |
|   Income from investments in unconsolidated entities                                                           |   |               | (714    | )      |               |   | (272 | ) |   |   | (1,717 | ) |   |   | (1,601 | ) |
|   Distributions from investments in unconsolidated entities                                                    |   |               | 710     |   |               |   | 1,225 |   |   |   | 2,284 |   |   |   | 2,540 |   |
|   Interest income                                                                                              |   |               | 85      |   |               |   | 69 |   |   |   | 122 |   |   |   | 158 |   |
|   Other                                                                                                        |   |               | 750     |   |               |   | - |   |   |   | (1,060 | ) |   |   | 965 |   |
| Covenant EBITDA                                                                                                          |   | $                  | 160,566 |   |               | $      | 88,503 |   |   | $ | 240,971 |   |   | $ | 201,866 |   |

----

|                                                                             |   | As of              |      |
|----------------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                             |   | September 26, 2010 |      |   | December 31, 2009 |   |
|                                                                             |   |               |      |   |   |   |
| Cash and cash equivalents                                                        |   | $                  | 174,147   |   |   | $ | 45,157 |   |
|                                                                             |   |               |      |   |   |   |   |   |
| Unused portion of revolving credit facilities                                    |   |               | 75,000    |   |   |   | 75,000 |   |
|                                                                             |   |               |      |   |   |   |   |   |
| Current portion of long-term borrowings, capital lease and financing obligations |   |               | 11,755    |   |   |   | 14,098 |   |
|                                                                             |   |               |      |   |   |   |   |   |
| Current portion of special fees                                                  |   |               | 16,601    |   |   |   | 8,903 |   |
|                                                                             |   |               |      |   |   |   |   |   |
| Total long-term obligations (1)                                                  |   |               | 1,511,953 |   |   |   | 1,523,145 |   |

|                                                           |   | Nine months ended  |    |
|----------------------------------------------------------------|--------|--------------------|---------|
|                                                           |   | September 26, 2010 |    |   | September 27, 2009 |   |
|                                                           |   |               |    |   |   |   |
| Net cash and cash equivalents provided by operating activities |   | $                  | 247,749 |   |   | $ | 161,910 |   |
|                                                           |   |               |    |   |   |   |   |   |
| Net cash and cash equivalents used in investing activities     |   |               | 94,020  |   |   |   | 100,716 |   |
|                                                           |   |               |    |   |   |   |   |   |
| Cash paid for capital expeditures                              |   |               | 94,020  |   |   |   | 102,770 |   |
|                                                           |   |               |    |   |   |   |   |   |
| Net cash and cash equivalents used in financing activities     |   |               | 24,739  |   |   |   | 67,454 |   |

----

----

|   | • |   | the risks and uncertainties relating to the global recession and its duration, severity and impact on overall consumer activity; |
|--------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | the substantial indebtedness of us and of our subsidiaries; |
|--------|---------|--------|-------------------------------------------------------------|

|   | • |   | the Consultant’s (as defined herein) right to exercise his put option starting in June 2017 and the impact of such right on our ability to refinance our indebtedness when it matures, including the notes; |
|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • |   | competition within the Orlando theme park market; |
|--------|---------|--------|---------------------------------------------------|

|   | • |   | our dependence on Vivendi Universal Entertainment and its affiliates; |
|--------|---------|--------|-----------------------------------------------------------------------|

|   | • |   | the risks related to the pending joint venture among Comcast, GE and NBCU; |
|--------|---------|--------|----------------------------------------------------------------------------|

|   | • |   | the loss of material intellectual property rights used in our business; |
|--------|---------|--------|-------------------------------------------------------------------------|

|   | • |   | the risks inherent in deriving substantially all of our revenues from one location; |
|--------|---------|--------|-------------------------------------------------------------------------------------|

|   | • |   | the dependence of our business on air travel; |
|--------|---------|--------|-----------------------------------------------|

|   | • |   | geopolitical or environmental events that could impact travel to Florida; |
|--------|---------|--------|---------------------------------------------------------------------------|

|   | • |   | the loss of key distribution channels for ticket sales; |
|--------|---------|--------|---------------------------------------------------------|

|   | • |   | publicity associated with accidents occurring at theme parks; |
|--------|---------|--------|---------------------------------------------------------------|

|   | • |   | the seasonality of our business; and |
|--------|---------|--------|--------------------------------------|

|   | • |   | risks related to unfavorable outcomes of our legal proceedings. |
|--------|---------|--------|-----------------------------------------------------------------|

|   |   |   |   |
|--------|--------|--------|--------|

----

| Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
|---------|------------------------------------------------------------|

|                      |   | 2010   |   |   | 2011   |   |   | 2012   |   |   | 2013   |   |   | 2014   |   |   | Thereafter |   |    | Total  |   |   | Fair value |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|---------|--------|--------|--------|------------|--------|
|                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |    |   |   |   |       |   |
| Debt (1):                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |    |   |   |   |       |   |
|                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |    |   |   |   |       |   |
| Fixed rate debt           |   | $      | -      |   |   | $      | -      |   |   | $      | -      |   |   | $      | -      |   |       | $      | -       |   |   | $      | 625,000    |   |   | $ | 625,000 |   |   | $ | 656,563 |   |
|                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Average interest rate     |   |   | n/a    |   |   |   | n/a    |   |   |   | n/a    |   |   |   | n/a    |   |       |   | n/a     |   |   |   | 9.6        | %      |   |   |   |   |   |   |   |   |
|                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Variable rate debt        |   | $      | -      |   |   | $      | 9,000  |   |   | $      | 9,000  |   |   | $      | 9,000  |   |       | $      | 864,000 |   |   | $      | -          |   |   | $ | 891,000 |   |   | $ | 894,341 |   |
|                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Average interest rate (2) |   |   | n/a    |   |   |   | 5.5    | %      |   |   | 5.5    | %      |   |   | 5.5    | %      |       |   | 5.5     | %      |   |   | n/a        |   |   |   |   |   |   |   |   |   |
|                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |    |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Total gross debt          |   | $      | -      |   |   | $      | 9,000  |   |   | $      | 9,000  |   |   | $      | 9,000  |   |       | $      | 864,000 |   |   | $      | 625,000    |   |   | $ | 1,516,000 |   |   | $ | 1,550,904 |   |

| (1) | Amounts exclude discounts and therefore represent gross maturities. |
|-----|---------------------------------------------------------------------|

| (2) | Represents the current interest rate of the renewed senior secured credit facilities. |
|-----|---------------------------------------------------------------------------------------|

| Item 4. | Controls and Procedures |
|---------|-------------------------|

----

| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------|-------------------------------------------------------------|

| Item 3. | Defaults upon Senior Securities |
|---------|---------------------------------|

| Item 5. | Other Information |
|---------|-------------------|

| Item 6. | Exhibits. |
|---------|-----------|

|   |         |                                                                                                                                    |
|--------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |         |                                                                                                                                    |
|   |         |                                                                                                                                    |
| 31.1   |    | Certification of Principal Executive Officer of Universal City Development Partners, Ltd. Pursuant to Rule 13a-14(a) or Rule 15d-14(a). |
|   |         |
| 31.2   |    | Certification of Principal Financial Officer of Universal City Development Partners, Ltd. Pursuant to Rule 13a-14(a) or Rule 15d-14(a). |
|   |         |
| 31.3   |    | Certification of Principal Executive Officer of UCDP Finance, Inc. Pursuant to Rule 13a-14(a) or Rule 15d-14(a).                        |
|   |         |
| 31.4   |    | Certification of Principal Financial Officer of UCDP Finance, Inc. Pursuant to Rule 13a-14(a) or Rule 15d-14(a).                        |
|   |         |
| 32.1   |    | Certification of Principal Executive Officer of Universal City Development Partners, Ltd. Pursuant to 18 U.S.C. Section 1350.           |
|   |         |
| 32.2   |    | Certification of Principal Financial Officer of Universal City Development Partners, Ltd. Pursuant to 18 U.S.C. Section 1350.           |
|   |         |
| 32.3   |    | Certification of Principal Executive Officer of UCDP Finance, Inc. Pursuant to 18 U.S.C. Section 1350.                                  |
|   |         |
| 32.4   |    | Certification of Principal Financial Officer of UCDP Finance, Inc. Pursuant to 18 U.S.C. Section 1350.                                  |

----

|                   |   |   |   |                                     |   |                        |
|------------------------|--------|--------|--------|------------------------------------------|--------|-----------------------------|
|                   |   |   |
|                   |   |   |   | UNIVERSAL CITYDEVELOPMENT PARTNERS, LTD. |
|                   |   |   |   |
| Date: November 5, 2010 |   |   |   | By:                                      |   | /s/ Tracey L. Stockwell     |
|                   |   |   |   | Name:                                    |   | Tracey L. Stockwell         |
|                   |   |   |   | Title:                                   |   | Principal Financial Officer |
|                   |   |   |
|                   |   |   |   | UCDPFINANCE, INC.                        |
|                   |   |   |   |
| Date: November 5, 2010 |   |   |   | By:                                      |   | /s/ Tracey L. Stockwell     |
|                   |   |   |   | Name:                                    |   | Tracey L. Stockwell         |
|                   |   |   |   | Title:                                   |   | Principal Financial Officer |

----