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The Walt Disney Company

Company Profile

Publication Date: 23 Sep 2010

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The Walt Disney Company

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The Walt Disney Company
TABLE OF CONTENTS

TABLE OF CONTENTS

Company Overview..............................................................................................4
Key Facts...............................................................................................................4
Business Description...........................................................................................5
History...................................................................................................................8
Key Employees...................................................................................................11
Key Employee Biographies................................................................................12
Major Products and Services............................................................................19
Revenue Analysis...............................................................................................20
SWOT Analysis...................................................................................................22
Top Competitors.................................................................................................27
Company View.....................................................................................................28
Locations and Subsidiaries...............................................................................32

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The Walt Disney Company
Company Overview

COMPANY OVERVIEW

The Walt Disney Company (Walt Disney or “the company”), together with its subsidiaries, is a
diversified entertainment company. The company primarily operates in North America, Europe, Asia
Pacific and Latin America. It is headquartered in Burbank, California and employs about 144,000
people.

The company recorded revenues of $36,149 million during the financial year ended September 2009
(FY2009), a decrease of 4.5% as compared to FY2008. The operating profit of the company was
$5,547 million in FY2009, a decrease of 24.5% as compared to FY2008. The net profit was $3,307
million in FY2009, a decrease of 25.3% as compared to FY2008.

KEY FACTS

Head Office The Walt Disney Company


500 South Buena Vista Street
Burbank
California 91521
USA
Phone 1 818 560 1000
Fax 1 818 560 1930
Web Address http://www.disney.com
Revenue / turnover 36,149.0
(USD Mn)
Financial Year End September
Employees 144,000
New York Stock DIS
Exchange Ticker

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The Walt Disney Company
Business Description

BUSINESS DESCRIPTION

The Walt Disney Company (Walt Disney) is a US-based entertainment company with operations
spanning North America, Europe, Asia Pacific and Latin America.

The company operates through its five business segments: media networks, parks and resorts,
studio entertainment, consumer products, and interactive media.

The media networks segment of Walt Disney comprises the operations of the company’s domestic
(the US) broadcast television network, television production and distribution operations, domestic
television stations, international and domestic cable networks, domestic broadcast radio networks
and stations, and publishing and digital operations.

Domestic broadcast television network comprises of the ABC Television Network. This network has
233 affiliated stations operating under agreements and reaches 99% of all US television households.

The television production and distribution operations consist of the production and distribution of
live action and animated television programmes. These programmes are produced under the ABC
Studios, ABC Media Productions, and ABC Family Productions labels. The productions are then
distributed domestically and internationally through Disney-ABC Domestic Television and
Disney-ABC-ESPN Television International. The company’s productions are also distributed in DVD
format by the Studio Entertainment segment besides utilizing the online mode.

The operations of domestic television stations include ten television stations. All of the company's
television stations are affiliated with the ABC Television Network and collectively reach 23% of
television households in the US. The stations broadcast three digital channels: ABC Television
Network and syndicated programming; Live Well HD Network; and AccuWeather.

The company's cable networks operations engages in the broadcasting of television programmes,
licensing of television programmes to domestic and international markets and investing in foreign
television broadcasting, programming, production and distribution entities. The two primary brands
for its cable networks are ESPN and Disney Channel. In addition to cable network operations, the
company has ESPN and Disney Channel branded radio operations which are managed together
with the cable operations. The company has various other international investments in broadcast
and cable properties, such as Disney Channels Worldwide, ABC Family, SOAPnet, A&E, Lifetime,
The History Channel, Lifetime Movie Network, The Biography Channel, History International, and
Lifetime Real Women.

Through the parks and resorts segment, the company owns and operates the Walt Disney World
Resort in Florida; the Disneyland Resort in California; the Disney Vacation Club; the Disney Cruise
Line; and Adventures by Disney. The company also owns 51% and 43%, in Disneyland Resort Paris
and Hong Kong Disneyland Resort, respectively. The company also licenses the operations of the

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The Walt Disney Company
Business Description

Tokyo Disney Resort in Japan. The company's Walt Disney Imagineering unit designs and develops
new theme park concepts and attractions as well as resort properties.

The studio entertainment segment produces and acquires live-action and animated motion pictures,
direct-to-video programming, musical recordings and live stage plays. The company distributes
produced and acquired films (including its film and television library) in the theatrical, home
entertainment and television markets.The segment’s operations are further sub-divided into theatrical
market, home entertainment market, television market, Disney music group, Disney theatrical group
business units.

Through theatrical market business unit, the company's subsidiary, Walt Disney Pictures, produces
and acquires live-action motion pictures that are distributed primarily under the Walt Disney Pictures,
Touchstone Pictures, Disneynature, and Pixar banners. Another subsidiary, Miramax Film, acquires
and produces motion pictures that are distributed under the Miramax banner. Besides, the company
also produces and distributes animated motion pictures under the Dimension banner that were
produced and distributed by the company with initial release dates before September 30, 2005.

In the home entertainment market business unit, the company distributes home entertainment
releases under each of its motion picture banners. In addition, the company develops, acquires and
produces original programming for direct-to-video release.

The television market business unit distributes the company’s television releases under each of its
motion picture banners in the pay per view, pay television, free television, pay television 2, and
international television sub categories.

The company's Disney Music Group business unit includes the operations of the Walt Disney Records,
Hollywood Records (including the Mammoth Records and Buena Vista Records labels), Lyric Street
Records, Buena Vista Concerts and Disney Music Publishing. Walt Disney Records produces and
distributes compact discs and music DVDs in the United States and licenses the Walt Disney owned
music properties throughout the rest of the world. Hollywood Records is engaged in the production,
and marketing of music recordings. Lyric Street Records develops, produces and markets recordings
in the country music genre. Buena Vista Concerts is engaged in the production of live-entertainment
events with artists signed to the Disney Music Group record labels. Disney Music Publishing is
responsible for the management, protection, and licensing of the Disney song catalog on a worldwide
basis, including licensing for printed music, records, audio-visual works and new media.

The Disney Theatrical Group includes the operations of Disney Theatrical Productions and Disney
Live Family Entertainment. Disney Theatrical Productions develops, produces and licenses live
entertainment events. Disney Live Family Entertainment delivers worldwide touring productions
under the Disney On Ice and Disney Live! brands under a license to Feld Entertainment.

The consumer products segment engages with licensees, manufacturers, publishers and retailers
throughout the world to design, develop, publish, promote and sell a wide variety of products based
on Disney characters and other intellectual property.

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The Walt Disney Company
Business Description

The interactive media segment of the company creates and delivers Disney-branded entertainment
and lifestyle content across interactive media platforms, through its subsidiaries Disney Interactive
Studios and Disney Online. Disney Interactive Studios produces video games for global distribution;
while Disney Online develops and manages the company’s web sites. In addition, the segment also
manages the company’s Disney-branded mobile phone initiative in Japan and provides technical
infrastructure services to the company’s non Disney-branded websites, such as ABC.com and
ESPN.com, and to its Disney-branded e-commerce websites, principally DisneyStore.com and Walt
Disney Parks and Resorts Online.

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The Walt Disney Company
History

HISTORY

The Walt Disney Company (Walt Disney) traces its history to 1923, when Walt Disney and Roy
Disney set up Disney Brothers Studio in Hollywood, California. Plane Crazy, directed by Walt Disney,
was the first cartoon to come out of Disney studios in 1928.

In 1937, the studio produced its first animated feature film, Snow White and the Seven Dwarves.
The company went public in 1940 and later went on to produce other classic animation films such
as Pinocchio and Fantasia. In 1955, the Disney Land Theme Park was opened. Disney World opened
in Florida in 1971.

The Bass family of Texas, in alliance with Roy Disney, acquired a controlling stake in the company
in 1984. During the early 1980s, the company launched the Disney Channel and established theme
park in Tokyo. In 1985, the company established Disney MGM studio. A year later, the business
changed its name to The Walt Disney Company.

In the early 1990s, the company had a number of successes with animated films such as The Lion
King. In 1992, the company continued its international expansion by opening Disneyland Paris. In
1996, the company bought Capital Cities/ABC for $19,000 million which included 10 TV stations, 21
radio stations, seven daily newspapers, and ownership positions in the cable networks A&E, Lifetime,
History Channel and the powerhouse sports network, ESPN, and in 1998, it purchased web services
from Starwave, a Seattle based software company. It also acquired 43% of internet search engine
Infoseek for $70 million and launched the GO network, in 1999. The company then bought the
remaining 57% of infoseek and formed GO.com, a web portal, which eventually became Walt Disney
Internet Group.

In the early 2001, the company expanded its theme parks in Anaheim, the US and restructured its
internet business. Walt Disney re-entered into a multi-year agreement with Eastman Kodak to make
Kodak the exclusive imaging supplier of film and related products at Disney theme parks and resorts
in the US and France as well as for the Disney Cruise Line in 2002. In the same year, Walt Disney,
Bank One and Visa announced two multi-year, strategic alliances that created Disney-branded Visa
card with Disney rewards, as well as provided Visa with joint marketing opportunities across Disney's
various business units.

Disney entered into a ten year strategic alliance with HP to develop new technologies and enhanced
entertainment experiences in 2003. In the following year, Walt Disney ended the partnership with
Pixar after failing to come to an agreement on how to split future revenues. Comcast announced
plans to acquire Walt Disney in a deal worth around $66,000 million in the same year. Its offer for
Walt Disney was later turned down. At the end of 2004, The Children's Place Retail Stores and Walt
Disney entered into an agreement for The Children's Place to acquire and operate the Disney Store
retail chain in North America, which included 313 stores.

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The Walt Disney Company
History

Mr. Henry Samueli and his wife, Orange County entrepreneurs and philanthropists, in 2005, purchased
the Mighty Ducks of Anaheim, the National Hockey League Club based in Orange County, California
from the Walt Disney. During the mid of 2005, the Monday Night Football moved to ESPN under an
eight-year agreement with the National Football League. In the same year, Buena Vista Games
(BVG), the interactive entertainment arm of Walt Disney, strengthened game development capabilities
through the acquisition of Salt Lake City-based video game developer, Avalanche Software, and
established a start-up development studio in Vancouver, Canada. Also in 2005, Walt Disney's internet
group acquired Minds Eye, one of the leading interactive TV games developers. The company and
Verizon agreed for a long term programming contract, Disney and ESPN networks and services.

Walt Disney and Citadel Broadcasting Corporation combined ABC Radio, which included 22 radio
stations and the ABC Radio Networks, with Citadel Broadcasting in 2006. In the same year, the
company acquired computer animation company, Pixar. The company launched Disney Mobile
www.disneymobile.com in the US with innovative features that, for the first time, allowed parents to
directly manage their family's wireless experience, during the year. Walt Disney acquired Hungama
TV, a leading Indian children's television channel, and also acquired an equity interest in media
company, UTV Software Communications. Wenner Media acquired US Weekly from Disney, in the
same year.

Later in 2006, Comcast and Walt Disney entered into a long-term comprehensive distribution
agreement that extended their relationship into the next decade for the 10 ABC-owned broadcast
television stations and Disney's leading networks and services included: Disney Channel, ABC
Family, Toon Disney, ESPN, ESPN2, ESPN Classic, ESPNEWS, ESPN HD and increased carriage
of SOAPnet. In addition, Comcast launched ESPN Deportes, a stand-alone Spanish-language sports
network, and the companies formalized their ESPN2 HD agreement. Comcast also acquired Walt
Disney's stake in E! Networks in two tranches. At the end of 2006, ESPN acquired NASN, the
European channel dedicated to North American sports, from Setanta Sport Holdings and Benchmark
Capital Europe. ESPN was 80% owned by ABC, an indirect subsidiary of Walt Disney.

In the early 2007, the Disney-ABC Television Group renamed its in-house production company,
Touchstone Television, as the ABC Television Studio. The company announced its plans to expand
cruise business by adding two new ocean liners, scheduled to be launched in 2011 and 2012. In
the same year, the company spun-off its wholly owned subsidiary, ABC Radio Holdings, and
subsequently merged it with a wholly-owned subsidiary of Citadel.

In the same year, the company acquired Club Penguin, one of the fastest-growing online virtual
worlds for kids. At the end of the year, the company's international TV licensing arm, Disney-ABC
International Television, entered a multi-year partnership with Russian state broadcaster Channel
One.

In 2008, the company unveiled a diverse and ambitious slate of 10 new animated feature films from
Walt Disney and Pixar Animation Studios to be released through the year 2012. In the same year,
The Walt Disney Studios announced the debut of Earth, the first feature-length nature documentary
from its new production banner, Disneynature. Also in 2008, the company launched Disney En
Familia, a new Spanish-language magazine. During the same period, the company acquired an 18%

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History

interest in UTV Software Communications (UTV), a media company headquartered and publicly
traded in India, for approximately $197 million. The same year, the company entered into agreements
to acquire outstanding shares of Jetix Europe, a pan-European media company comprised of
television channels, program distribution and consumer products businesses.

Walt Disney studios entered into an exclusive long-term distribution agreement with DreamWorks
Studios, in February 2009. Under the terms of the arrangement, Disney will handle distribution and
marketing for approximately six DreamWorks films each year. The first DreamWorks motion picture
is expected to be released under the Walt Disney's Touchstone Pictures banner in 2010.

In April 2009, Walt Disney, through a subsidiary of ABC Enterprises, agreed to join NBC Universal,
News Corporation and Providence Equity Partners as a joint venture partner and equity owner of
Hulu, a leading online aggregator of video content.

During September 2009, Disney Interactive Studios entered into an agreement to acquire Wideload
Games, a Chicago-based producer and developer of original interactive entertainment.

The company completed its acquisition of renowned character franchise company, Marvel
Entertainment in December 2009.

In July 2010, Walt Disney entered into an agreement to acquire Playdom, one of the leading
companies in the fast-growing business of online social gaming. During the same month, the company
announced the sale of Miramax Films to Filmyard Holdings for over $660 million, subject to certain
adjustments.

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Key Employees

KEY EMPLOYEES

Name Job Title Board Compensation


Robert A. Iger President and Chief Executive Executive Board 29028362 USD
Officer
John E. Pepper Chairman Non Executive Board 550732 USD
Susan E. Arnold Director Non Executive Board 196242 USD
John E. Bryson Director Non Executive Board 219003 USD
John S. Chen Director Non Executive Board 236558 USD
Judith L. Estrin Director Non Executive Board 235639 USD
Steven P. Jobs Director Non Executive Board
Fred H. Langhammer Director Non Executive Board 246855 USD
Aylwin B. Lewis Director Non Executive Board 247843 USD
Monica C. Lozano Director Non Executive Board 254802 USD
Robert W. Matschullat Director Non Executive Board 236183 USD
Sheryl Sandberg Director Non Executive Board
Orin C. Smith Director Non Executive Board 229930 USD
Alan N. Braverman Senior Executive Vice President, Senior Management 6649581 USD
General Counsel and Secretary
Ronald L. Iden Senior Vice President, Global Senior Management
Security
Kevin A. Mayer Executive Vice President, Corporate Senior Management 3036577 USD
Strategy, Business Development
and Technology Group
Christine M. McCarthy Executive Vice President, Corporate Senior Management 2196411 USD
Finance and Real Estate and
Treasurer
Zenia Mucha Executive Vice President, Corporate Senior Management
Communications
Mary Jayne Parker Executive Vice President and Chief Senior Management
Human Resources Officer
Jay Rasulo Senior Executive Vice President and Senior Management
Chief Financial Officer
Brent Woodford Senior Vice President, Planning and Senior Management
Control
Andy Bird Chairman, Walt Disney International Senior Management
George W. Bodenheimer Co-Chairman, Disney Media Senior Management
Networks and President, ESPN, and
ABC Sports

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Robert A. Iger

Board: Executive Board


Job Title: President and Chief Executive Officer
Since: 2005
Age: 58

Mr. Iger has been the President and Chief Executive Officer at Walt Disney since 2005. He served
as the President and Chief Operating Officer at the company since 2000; and as the President of
Walt Disney International and Chairman of the ABC Group from 1999 to 2000. From 1974-98, Mr.
Iger held a series of increasingly responsible positions at ABC and its predecessor Capital Cities/ABC
culminating in service as President of the ABC Network Television Group from 1993-94 and President
and Chief Operating Officer at ABC from 1994-99. He is also a member of the Board of Directors of
Lincoln Center for the Performing Arts in New York City.

John E. Pepper

Board: Non Executive Board


Job Title: Chairman
Since: 2007
Age: 72

Mr. Pepper has been a Chairman at Walt Disney since 2007. He also serves as the Co-Chairman
of the National Underground Railroad Freedom Center. Previously, Mr. Pepper served as the Chief
Executive Officer of the National Underground Railroad Freedom Center from 2005 to 2007. From
2004 to 2005, he served as the Vice President, Finance and Administration at Yale University. Prior
to that, Mr. Pepper served as the Chairman, Executive Committee at The Procter & Gamble Company.
Since 1963, he had served in various positions at Procter & Gamble, including Chairman of the
Board from 2000 to 2002, Chief Executive Officer and Chairman from 1995 to 1999, President from
1986 to 1995 and Director from 1984 to 2003. Mr. Pepper also serves on the boards of Boston
Scientific Corp. and is a member of the Executive Committee of the Cincinnati Youth Collaborative.

Susan E. Arnold

Board: Non Executive Board


Job Title: Director
Since: 2007
Age: 55

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Key Employee Biographies

Ms. Arnold has been a Director at Walt Disney since 2007. She retired as the Vice Chairman at P&G
Beauty & Health in 2009. Prior to that, Ms. Arnold was the Vice Chair at P&G Beauty and Health
from 2006, Vice Chairman at P&G Beauty from 2004, and President, Global Personal Beauty Care
and Global Feminine Care from 2002. Currently, she is also a Director at McDonalds Corporation.

John E. Bryson

Board: Non Executive Board


Job Title: Director
Since: 2000
Age: 67

Mr. Bryson has been a Director at Walt Disney since 2000. He serves as a Senior Advisor to Kohlberg
Kravis Roberts & Co. (KKR). Earlier, Mr. Bryson served as the Chairman of the Board and Chief
Executive Officer at Edison International. He is also a Director at The Boeing Company and the
W.M. Keck Foundation.

John S. Chen

Board: Non Executive Board


Job Title: Director
Since: 2004
Age: 55

Mr. Chen has been a Director at Walt Disney since 2004. He serves as the Chief Executive Officer
at Sybase. Prior to that, Mr. Chen served as the Chairman, Chief Executive Officer and President
at Sybase. Earlier, he had served as the President of the Open Enterprise Computing Division at
Siemens Nixdorf; and the Chief Executive Officer and Chairman at Siemens Pyramid. Currently, Mr.
Chen is also a Director at Wells Fargo & Company.

Judith L. Estrin

Board: Non Executive Board


Job Title: Director
Since: 1998
Age: 55

Ms. Estrin has been a Director at Walt Disney since 1998. She serves as the Chief Executive Officer
of JLABS. Ms. Estrin served as the Chief Technology Officer and Senior Vice President at Cisco
Systems, from 1998 until 2000; and as the President and Chief Executive Officer at Precept Software,
of which she was co-founder, from 1995 until its acquisition by Cisco in 1998. She also serves as a
Director of FedEx Corporation.

Steven P. Jobs

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Key Employee Biographies

Board: Non Executive Board


Job Title: Director
Since: 2006
Age: 54

Mr. Jobs has been a Director at Walt Disney since 2006. He has served as the Chief Executive
Officer at Apple, since 1997 and is also a member of its Board of Directors. Prior to the company's
acquisition of Pixar, Mr. Jobs also served as the Chairman and Chief Executive Officer at Pixar. He
has been a Director of the Company since the Company's acquisition of Pixar in 2006.

Fred H. Langhammer

Board: Non Executive Board


Job Title: Director
Since: 2005
Age: 66

Mr. Langhammer has been a Director at Walt Disney since 2005. He is the Chairman, Global Affairs
at The Estee Lauder Companies. Prior to that, Mr. Langhammer served as the Chief Executive
Officer at The Estee Lauder Companies, from 2000 to 2004; President from 1995 to 2004; and Chief
Operating Officer from 1985 through 1999. He joined The Estee Lauder Companies in 1975 as the
President of its operations in Japan. Mr. Langhammer is also a director of The Shinsei Bank Limited.

Aylwin B. Lewis

Board: Non Executive Board


Job Title: Director
Since: 2004
Age: 57

Mr. Lewis has been a Director at Walt Disney since 2004. He has served as the President and Chief
Executive Officer at Potbelly Sandwich Works, since 2008. Prior to that, Mr. Lewis was the President
and Chief Executive Officer at Sears Holdings Corporation, from 2005 to 2008. Prior to that, he had
been the President and Chief Executive Officer at KMart. Before that, Mr. Lewis served at senior
management positions at YUM! Brands including the positions of the Chief Multi-branding and
Operating Officer; and Chief Operating Officer.

Monica C. Lozano

Board: Non Executive Board


Job Title: Director
Since: 2000
Age: 54

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Key Employee Biographies

Ms. Lozano has been a Director at Walt Disney since 2000. She is the Chief Executive Officer at
ImpreMedia; and Publisher of its subsidiary, La Opinion. In addition, Ms. Lozano is a member of the
Board of Regents of the University of California and a Trustee of the University of Southern California.
She is also a Director at Bank of America Corporation and the Weingart Foundation.

Robert W. Matschullat

Board: Non Executive Board


Job Title: Director
Since: 2002
Age: 62

Mr. Matschullat has been a Director at Walt Disney since 2002. He is a private equity investor.
Earlier, from 1995-2000, Mr. Matschullat served as the Vice Chairman of the Board of Directors,
and Chief Financial Officer at The Seagram Company. Prior to joining Seagram, he was the Head
of worldwide investment banking for Morgan Stanley & Co. Currently, Mr. Matschullat serves on the
board of The Clorox Company, and Visa.

Sheryl Sandberg

Board: Non Executive Board


Job Title: Director
Since: 2010
Age: 40

Ms. Sandberg has been a Director at Walt Disney since 2010. She has been the Chief Operating
Officer at Facebook, since 2008. From 2001 to 2008, Ms. Sandberg was the Vice President of Global
Online Sales and Operations at Google. She also served as the Chief of Staff of the United States
Treasury Department and previously served as a Management Consultant with McKinsey & Company
and as an Economist with The World Bank. Ms. Sandberg is a Director at Starbucks and serves on
a number of nonprofit boards including The Brookings Institution, The AdCouncil, Women for Women
International, and V-Day.

Orin C. Smith

Board: Non Executive Board


Job Title: Director
Since: 2006
Age: 68

Mr. Smith has been a Director at Walt Disney since 2006. He was the President and Chief Executive
Officer at Starbucks Corporation from 2000-05. Mr. Smith joined Starbucks as the Vice President
and Chief Financial Officer in 1990. Prior to joining Starbucks, he worked for 14 years with Deloitte
& Touche. Mr. Smith, presently, also serves on the boards of Nike and Washington Mutual. He also

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Key Employee Biographies

serves on the Board of Directors of Conservation International and the University of Washington
Foundation Board and is the Chairman of the Starbucks Foundation Board.

Alan N. Braverman

Board: Senior Management


Job Title: Senior Executive Vice President, General Counsel and Secretary
Since: 2003
Age: 61

Mr. Braverman has been the Senior Executive Vice President, General Counsel and Secretary at
Walt Disney since 2003. Previously, he was the Executive Vice President and General Counsel at
ABC. Prior to that, Mr. Braverman served at Wilmer, Cutler & Pickering, where he started in 1976.
He became a Partner of the firm in 1983. Before joining Wilmer, Cutler & Pickering, Mr. Braverman
was a law clerk to the Honorable Thomas W. Pomeroy, Jr., Justice, Pennsylvania Supreme Court.

Ronald L. Iden

Board: Senior Management


Job Title: Senior Vice President, Global Security
Since: 2004

Mr. Iden has been the Senior Vice President, Global Security at Walt Disney since 2004. He joined
the company from the California Office of Homeland Security. Prior to working for the California
State, Mr. Iden worked for 25 years with the Federal Bureau of Investigation (FBI) holding a variety
of roles, culminating in his appointment to lead the FBI's Los Angeles Field Office as the Assistant
Director.

Kevin A. Mayer

Board: Senior Management


Job Title: Executive Vice President, Corporate Strategy, Business Development and Technology
Group
Since: 2005
Age: 47

Mr. Mayer has been the Executive Vice President, Corporate Strategy, Business Development and
Technology Group at Walt Disney since 2005. He previously was the Partner and Head, Global
Media and Entertainment Practice at LEK Consulting, from 2002, and Chairman and Chief Executive
Officer at Clear Channel Interactive, from 2000-01.

Christine M. McCarthy

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Key Employee Biographies

Board: Senior Management


Job Title: Executive Vice President, Corporate Finance and Real Estate and Treasurer
Since: 2005
Age: 54

Ms. McCarthy has been the Executive Vice President, Corporate Finance and Real Estate, and
Treasurer at Walt Disney since 2005. Prior to this, she served as the Executive Vice President and
Chief Financial Officer at Imperial Bancorp, from 1997 to 1999. From 1981 to 1996, Ms. McCarthy
held various finance and planning positions at First Interstate Bancorp.

Zenia Mucha

Board: Senior Management


Job Title: Executive Vice President, Corporate Communications

Ms. Mucha is currently the Executive Vice President, Corporate Communications at Walt Disney.
Previously, she served as the Senior Vice President, Communications at the ABC Broadcast Group
and the ABC Television Network. Earlier in her career Ms. Mucha served first as the Director,
Communications and then as Senior Policy Advisor to Governor George Pataki of New York State.
Prior to joining the Pataki administration, she served as the Press Representative and then
Communications Director to former United States Senator Alfonse D'Amato.

Mary Jayne Parker

Board: Senior Management


Job Title: Executive Vice President and Chief Human Resources Officer
Since: 2009
Age: 48

Ms. Parker has been the Executive Vice President and Chief Human Resources Officer at Walt
Disney since 2009. Previously, she served as the Senior Vice President of Human Resources,
Diversity and Inclusion for Walt Disney Parks and Resorts. Ms. Parker began her Disney career in
1988. Prior to joining Walt Disney, she was a Consultant with Wilson Learning Corporation.

Jay Rasulo

Board: Senior Management


Job Title: Senior Executive Vice President and Chief Financial Officer
Since: 2010

Mr. Rasulo has been the Senior Executive Vice President and Chief Financial Officer at Walt Disney
since 2010. He joined Walt Disney in 1986 as the Director, Strategic Planning and Development.
Before joining Walt Disney, Mr. Rasulo held positions with Chase Manhattan Bank and the Marriott
Corp.

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Key Employee Biographies

Brent Woodford

Board: Senior Management


Job Title: Senior Vice President, Planning and Control
Since: 2005

Mr. Woodford has been the Senior Vice President, Planning and Control at Walt Disney since 2005.
Previously he served as the Senior Vice President, Corporate Controllership at the company. Prior
to joining Walt Disney in 2003, Mr. Woodford served as the Vice President, Controller at Yum! Brands,
having spent 10 years with the PepsiCo and Yum!. He was also an equity securities analyst with
A.G. Edwards & Sons and in the audit practice at KPMG.

Andy Bird

Board: Senior Management


Job Title: Chairman, Walt Disney International

Mr. Bird is currently the Chairman, Walt Disney International at Walt Disney. Prior to joining Walt
Disney, he spent nearly a decade with Time Warner, joining in 1994 as the Senior Vice President
and General Manager of Turner Entertainment Networks Limited.

George W. Bodenheimer

Board: Senior Management


Job Title: Co-Chairman, Disney Media Networks and President, ESPN, and ABC Sports
Since: 2004
Age: 46

Mr. Bodenheimer has been the Co-Chairman, Disney Media Networks and President, ESPN, and
ABC Sports at Walt Disney since 2004. He began his ESPN career in the administration department
and held several executive positions in ESPN's affiliate.

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The Walt Disney Company
Major Products and Services

MAJOR PRODUCTS AND SERVICES

Walt Disney, together with its subsidiaries, is a diversified entertainment company. The company's
key products and services include the following:

Products:

Television programmes
Motion pictures
Plays
Musical recordings
Books
Magazines
Video games
Games for mobile phones

Character-based merchandises

Toys
Apparels
Accessories
Footwear
Home furnishings
Home decor
Cosmetics
Stationery
Consumer electronics

Services:

Television network
Television stations
Radio networks
Radio stations
Resorts
Vacation club
Cruise line
Theme parks

Brands:

Disney
ABC
ESPN

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The Walt Disney Company
Revenue Analysis

REVENUE ANALYSIS

The Walt Disney Company

The company recorded revenues of $36,149 million during the financial year ended September 2009
(FY2009), a decrease of 4.5% as compared to FY2008. For FY2009, United States and Canada,
the company's largest geographic market, accounted for 76.1% of the total revenues.

Walt Disney generates revenues through four business divisions: media networks (44.8% of the
total revenues during FY2009), parks and resorts (29.5%), studio entertainment (17.0%), consumer
products (6.7%), and interactive media (2.0%).

Revenues by Division*

In FY2009, the media networks division recorded revenues of $16,209 million, an increase of 2.2%
over FY2008.

The parks and resorts division recorded revenues of $10,667 million in FY2009, a decrease of 7.3%
as compared to FY2008.

The studio entertainment division recorded revenues of $6,136 million in FY2009, a decrease of
16.5% as compared to FY2008.

The consumer products division recorded revenues of $2,425 million in FY2009, an increase of 0.4%
over FY2008.

The interactive media division recorded revenues of $712 million in FY2009, a decrease of 1% as
compared to FY2008.

*Percentages are rounded-off.

Revenues by Geography**

United States and Canada, Walt Disney's largest geographical market, accounted for 76.1% of the
total revenues in FY2009. Revenues from United States and Canada reached $27,508 million in
FY2009, a decrease of 3.5% as compared to FY2008.

Europe accounted for 16.6% of the total revenues in FY2009. Revenues from Europe reached $6,012
million in FY2009, a decrease of 11.7% as compared to FY2008.

Asia Pacific accounted for 5.1% of the total revenues in FY2009. Revenues from Asia Pacific reached
$1,860 million in FY2009, an increase of 2.7% over FY2008.

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The Walt Disney Company
Revenue Analysis

Latin America and other accounted for 2.1% of the total revenues in FY2009. Revenues from Latin
America and other reached $769 million in FY2009, an increase of 6.7% over FY2008.

**Percentages are rounded-off.

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The Walt Disney Company
SWOT Analysis

SWOT ANALYSIS

Walt Disney, together with its subsidiaries, is a diversified entertainment company. The breadth and
depth of Walt Disney's product and service portfolio provides it with considerable strength. The
company's offerings can be broadly classified into four segments: media networks, parks and resorts,
studio entertainment, and consumer products. A broad and diversified revenue base insulates the
company from economic cycles in one industry and diversifies the company's business risks. However,
intense competition threatens to erode the company's market share in its different lines of business.

Strengths Weaknesses

Diversified product and service portfolio Weak performance of studio entertainment


Portfolio of well known brands segment
Significant customer penetration of the Overdependence on the North American
cable networks operations markets
Strong brand equity enjoyed by parks and
resorts operations

Opportunities Threats

Acquisitions to strengthen the position in Intense competition keeps market share


the entertainment industry under check
Distribution agreement with DreamWorks Proliferation of piracy in entertainment
Studios industry
Regulatory risks

Strengths

Diversified product and service portfolio

The breadth and depth of Walt Disney's product and service portfolio provides it with considerable
strength. The company's offerings can be broadly classified into five segments: media networks,
parks and resorts, studio entertainment, consumer products, and interactive media.

The media networks segment owns television, radio and cable properties in the US and other
countries. Through the parks and resorts segment, the company owns and operates the Walt Disney
World Resort and Disney Cruise Line in Florida, the Disneyland Resort in California and ESPN Zone
facilities in several states. The studio entertainment segment produces and acquires live-action and
animated motion pictures, animated direct-to-video programming, musical recordings and live stage
plays. The consumer products segment partners with licensees, manufacturers, publishers and
retailers to design, promote and sell products based on existing and new Disney characters and

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The Walt Disney Company
SWOT Analysis

other intellectual property. The interactive media segment of the company creates and delivers
Disney-branded entertainment and lifestyle content across interactive media platforms

The company has balanced revenue mix in terms of revenue generated from these segments. In
FY2009, the company generated 44.8% of the total revenue from the media network segment. This
was followed by parks and resorts (29.5%); studio entertainment (17.0%), consumer products (6.7%),
and interactive media accounted for the remaining 2.0% of the overall revenues. A broad and
diversified revenue base insulates the company from economic cycles in one industry and diversifies
the company's business risks.

Portfolio of well known brands

The company has a portfolio of globally recognized brands. For instance, the company owns one
of the most powerful brands, Disney, in the entertainment business. Disney brand was ranked 9th
in the Top 100 Global Brands ranking of the BusinessWeek magazine and Interbrand, with the brand
value of $28,731 million, in 2010. Apart from a strong corporate brand, the company has several
other brands such as ESPN within its portfolio. ESPN, for instance, is one of the largest and popular
sports channels in the world. Touchstone, and Pixar are other brands of Walt Disney, which have
strong brand equity. Strong brand image helps the company gain consumer acceptance of new
products easily. The company also has the option to leverage its strong brand image to enter new
businesses.

Significant customer penetration of the cable networks operations

The company has strong cable networks. The company's cable networks and international broadcast
operations are principally involved in the distribution of television programming, the licensing of
programming to domestic and international markets, and investing in foreign television broadcasting,
production, and distribution entities. The cable networks produce its own programs or acquire
programming rights from other producers and rights holders for network programming. Some of the
company's most significantly penetrated cable properties as of FY2008 include ESPN with 99 million
subscribers; ESPN Classic with 64 million subscribers; ESPNEWS with 70 million subscribers; Disney
Channel with 98 million subscribers; Toon Disney with 74 million subscribers; and ABC Family with
98 million subscribers.

The company also has made investments in international broadcast and cable properties. ESPN
operates six television sports networks, including ESPN, ESPN2, ESPN Classic, ESPNEWS, ESPN
Deportes (a Spanish language network) and ESPNU (a network devoted to college sports). ESPN
also operates four high-definition television simulcast services, including ESPN HD, ESPN2 HD,
ESPNEWS HD and ESPNU HD.

The strong market penetration in the cable networks lends greater stability to the company's
operations. The company leverages this platform to cross-sell its other businesses, leading to better
revenue growth prospects.

Strong brand equity enjoyed by parks and resorts operations

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The Walt Disney Company
SWOT Analysis

Walt Disney has a strong presence in the parks and resorts business. About 29.5% of its revenue
amounting to $10,667.0 million comes from parks and resorts segment. The company's parks and
resorts segment consist of the Walt Disney World Resort, the Disneyland Resort, the Disney Vacation
Club, the Disney Cruise Line, Adventures by Disney, and ESPN Zone.

The Walt Disney World Resort is located in Florida, on approximately 25,000 acres of company's
owned land.The resort includes theme parks (the Magic Kingdom, Epcot, Disney’s Hollywood Studios
and Disney’s Animal Kingdom), hotels, vacation club properties, retail, dining and entertainment
complex, sports complex, water parks and other recreational facilities.

The Disneyland Resort owns 461 acres and has the rights under long-term lease for use of an
additional 49 acres of land in Anaheim, California. It includes two theme parks (Disneyland and
Disney’s California Adventure), three hotels and Downtown Disney, a retail, dining and entertainment
district.

Further, the Disney Vacation Club (DVC) offers ownership interests in ten resort facilities located at
the Walt Disney World Resort; Vero Beach, Florida; and Hilton Head Island, South Carolina.

The company's Disney Cruise Line has two 85,000-ton ships, the Disney Magic and the Disney
Wonder. The Adventures by Disney offers a series of all inclusive guided vacation tour packages at
predominantly non-Disney sites around the world. Also, the company operates eight ESPN Zone
restaurants.

Furthermore, the company manages and has effective ownership interests of 51% and 43%,
respectively, in Disneyland Resort Paris and Hong Kong Disneyland Resort. The company also
licenses the operations of the Tokyo Disney Resort in Japan. An elaborate parks and resorts operation
enables the company to not only reach more customers but also reinforce its brand equity among
its target group.

Weaknesses

Weak performance of studio entertainment segment

The studio entertainment segment has witnessed a declining revenue growth in the last three years
(FY2007-09). The segment recorded revenues of $6,136.0 million in FY2009, a decrease of 16.5%
over FY2008. The segment's revenues have declined at a compounded annual rate of interest of
10% during FY2007-09. The percentage contribution of the segment to the total revenue has also
declined from 21.1% in FY2007 to 17.0% in FY2009. Furthermore, the segment has been contributing
the least operating profit, apart from the interactive media segment. Over the years the segments’
contribution to the company’s operating profit has declined from 15.2% in 2007 to 2.6% in 2009.
The declining revenues from the segment indicate the fact that the company might be losing its edge
to other competitors. While, the declining operating profit contribution indicate the cost management
problem at the company. Since the segment still constitute a major part of the company’s global

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The Walt Disney Company
SWOT Analysis

operations, aggravating weak performance could have negative implications for the company’s
overall operations.

Overdependence on the North American markets

Walt Disney has its operations all across the world spanning North America, Europe, Asia Pacific
and Latin America. However, the company derives a majority of its revenues from the North American
market, which does not truly reflect its global presence. The company derived 76.1% of its revenues
from the US and Canada in FY2009. The company has a little presence in emerging markets like
Asia Pacific, Latin America and other, which accounted for only 7.3% of the company's total revenue.
Concentrating on matured markets like the US and Canada, which are already witnessing economic
slowdown, and not expanding in emerging markets would limit the company's overall revenue growth
and also weaken its market position in the international market.

Opportunities

Acquisitions to strengthen the position in the entertainment industry

Walt Disney has acquired several companies in the recent past to expand its position in the kids
and families media markets. In the FY2009, the company acquired Wideload Games, a Chicago-based
producer and developer of original interactive entertainment; Marvel Entertainment, renowned
character franchise company; and Playdom, one of the leading companies in the fast-growing
business of online social gaming.

Wideload Games, which was acquired by the company in 2009, is well known for its Bungie Software
label, the Marathon and Myth computer game series, and the extremely popular game franchise
Halo. Wideload Games is slated to develop original video games for Disney. Another acquired
company, Marvel, owns some of the strong global brand and world-renowned characters including
Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four, Hulk and other 5,000 characters.
The acquisition has brought these popular characters under the Disney brand umbrella. Besides,
the acquisition of Playdom strengthens the company’s position in the fast-growing online social
gaming.

The company can capitalize on the synergies from each of these acquired companies to further
enhance its business operations and revenues.

Distribution agreement with DreamWorks Studios

The Walt Disney Studios, a motion picture arm of Walt Disney, entered into a long-term distribution
agreement with DreamWorks Studios, in 2009. Under the terms of this agreement, Walt Disney will
distribute 30 DreamWorks films over five years. Disney will also handle DVD sales and distribution
on Starz, the premium cable channel with which Disney has a long-term deal. The first DreamWorks
motion picture is expected to be released under the Walt Disney's Touchstone Pictures banner in

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The Walt Disney Company
SWOT Analysis

2010. Furthermore, DreamWorks, for instance, will pay Disney a fee of 10% of the revenues. The
above agreement enables the company to further enhance its quality of motion picture offerings and
expand its customer base.

Threats

Intense competition keeps market share under check

There is strong competition in many of Disney's key segments. Its broadcasting services compete
for viewers with other television networks, cable television, satellite television, videocassettes, DVDs,
and internet. This high level of competition is particularly important with respect to advertising
revenues, where it also competes with other media such as newspapers, magazines, radio and
billboards. Disney's broadcasting division competes with organizations such as CBS and Fox, with
strong market presence and technical expertise to challenge it in every aspect of business. The
parks and resorts segment competes with other parks and resorts operators like Xanterra Parks &
Resorts and smaller local US based amusement parks for visitors. Intense competition threatens to
erode the company's market share in its different lines of business.

Proliferation of piracy in entertainment industry

The proliferation of piracy in the entertainment industry is a significant and rapidly growing
phenomenon. New technologies such as the convergence of computing, communication, and
entertainment devices, the falling prices of devices incorporating such technologies, and increased
broadband internet speed and penetration have made the unauthorized digital copying and distribution
of films, television productions and other creative works easier and faster and enforcement of
intellectual property rights more challenging. This facilitates the creation, transmission and sharing
of high quality unauthorized copies of Disney's content. The proliferation of unauthorized copies and
piracy of these products has an adverse effect on the company's businesses and profitability as
these products reduce the revenue that the company could potentially receive from legitimate sale
and distribution of its products and services. Thus, increasing instances of piracy will have an adverse
effect on the company's businesses and profitability.

Regulatory risks

The company's television and radio broadcasting are highly regulated, and each of its other
businesses is subject to a variety of US and overseas regulations. These regulations include the
US Federal Communications Commission (FCC) regulation of its television and radio networks and
owned stations, including licensing of stations, ownership limits, prohibitions on 'indecent' programming
and restrictions on commercial time in children's programming. These regulations are also in the
form of federal, state and foreign privacy and data protection laws and regulations and regulation
of the safety of consumer products and theme park operations. Changes in any of these regulatory
areas may require the company to spend additional amounts to comply with the regulations.

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The Walt Disney Company
Top Competitors

TOP COMPETITORS

The following companies are the major competitors of The Walt Disney Company

Fox Entertainment Group, Inc.


Liberty Media Corporation
Viacom Inc.
Time Warner Inc.
CBS Corporation
Lions Gate Entertainment Corp.

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The Walt Disney Company
Company View

COMPANY VIEW

A statement by Robert A. Iger, President and Chief Executive Officer at Walt Disney is given below.
The statement has been taken from the company's 2009 annual report.

As I was drafting this letter, word came about the passing of a true Disney legend, Roy E. Disney.
Roy devoted the better part of his life to our Company, and during his 56 year tenure, he was involved
on many levels with many businesses, most notably animation. No one was a bigger champion of
this art form than Roy, and it was at his urging that we returned to a full commitment to animation
in the mid-1980s. Roy also introduced us to Pixar in the 1990s, a relationship that has proven vital
to our success. Roy understood the essence of Disney, and his passion for the Company, his
appreciation of its past and his keen interest in its future will be sorely missed.

Last year was both an interesting and challenging one for your Company. On the positive side, we
released two extraordinary animated films, Up and The Princess and the Frog that exemplify the
very best of what we do. We received the go-ahead from China’s government to build a new theme
park in Shanghai. We acquired Marvel Entertainment, whose portfolio of great stories and characters
and talented creative staff complement and strengthen our own. And we reached an agreement to
distribute live-action films made by Steven Spielberg’s DreamWorks SKG.

At the same time, we faced a severe global economic downturn and an acceleration of secular
challenges that affect several of our key businesses. Earnings per share for the year, excluding
certain items affecting comparability between years (1), fell by 20% to $1.82 from the record $2.28
we reported in fiscal year 2008. Revenues were down 4% to $36.1 billion.

Throughout, we’ve remained focused on advancing our strategic objectives of building the Company’s
position as a leader in the creation of high quality branded content; of using technology to make that
content more compelling and to reach more consumers in more ways; and of making Disney an
even more prominent and successful provider of entertainment globally. We believe our strategy is
the right one and I’m confident it will keep us competitive and enhance our ability to deliver long-term
value to shareholders.

We’re really pleased the Chinese government has given approval for a Disney theme park in
Shanghai. We look forward to finalizing a deal with our partners in Shanghai to build a world-class
resort. With 1.3 billion people, increasing affluence and one of the world’s most unique and dynamic
cultures, China is an important and promising country for Disney.

We’re also excited to welcome to the Disney family the talented team at Marvel. Marvel’s brand,
characters and stories are well-known globally and their popularity cuts across age, gender and
cultural boundaries. Marvel’s business really complements ours and all that we’ve been doing to
maximize and extend the value of Disney’s creative properties across our businesses, media platforms
and geographical markets. In pursuing our expansion strategy, we’ve also focused on how to confront
challenges to our media businesses brought about by advances in technology, the abundance of

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The Walt Disney Company
Company View

choice and changing consumer preference. We’ve really looked hard at how we could innovate and
bring down the cost of making, marketing and distributing the content we create without sacrificing
the quality that consumers have come to expect of us.

During the course of the last year, we took several steps in that direction. ABC Entertainment and
ABC Studios merged into a single organization dedicated to producing and marketing compelling
programming for ABC and other platforms. Walt Disney Studios streamlined its production, marketing
and distribution teams to manage the release of motion pictures from theaters all the way to handheld
devices. And we brought together under a new segment, Disney Interactive Media Group, our console
and online game units so that we can adapt quickly as the gaming market evolves.

We are also reassessing our business models to make sure we continue to be competitive in this
new environment. Decisions are being made on issues related to timing to market, pricing and scope
of distribution that we believe can give us the necessary agility to respond to rapid technological
change and to meet the expectations of consumers who increasingly enjoy entertainment how, when
and where they want it.

Ultimately, though, what sets Disney apart more than anything else is the strength of our brands
and the quality of our entertainment, a distinction we are determined to uphold. Last year, despite
the downturn, and apart from our purchase of Marvel, we invested extensively in entertainment and
experiences we believe will delight Disney, ABC and ESPN fans for years to come.

Our Parks and Resorts business is expanding with the addition of attractions and features that bring
together great creativity, fantastic new technology and some of our most beloved characters and
stories at Disney’s California Adventure, at Hong Kong Disneyland and at the Magic Kingdom at
Walt Disney World. We are also greatly expanding our geographical reach and type of experience
available to vacationing families with the opening of our new family resort in Hawaii in 2011 and the
launch of two magnificent new cruise ships in 2011 and 2012.

Movies remain at the core of what we do, providing many of the rich stories, memorable characters
and compelling worlds that are Disney’s hallmarks. Going forward, we will focus almost exclusively
on making branded films from Disney, Pixar and Marvel. Consumers know and love these brands
and this gives us a competitive advantage. A high quality Disney, Pixar or Marvel film can be of great
value to the entire company over many years. We will also be distributing DreamWorks films, taking
advantage of our Disney global studio infrastructure without much additional risk.

At our media networks, ABC got off to a solid start in the fall season with several of the most watched
shows, including new offerings we are proud of like Modern Family, Flash Forward, The Middle and
V. These shows are attracting the viewers most coveted by advertisers, both on TV and the web,
and affirm the benefit of investing in content that’s smartly written and presented, universal in appeal
and adaptable to different technology platforms. The same holds true of Disney Channel, which last
year had its best ever domestic ratings, and successfully launched the new boy-focused Disney XD
Channel.

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The Walt Disney Company
Company View

Now thirty years old, ESPN remains an incredible innovator, both technologically and in the quality
and scope of its content, and in doing so has built and maintains a truly great brand. Last year, it
made a major move internationally with its purchase of Premier League rights in the United Kingdom
and has deepened its relationship with its most avid fans by setting up local sports portals in key
cities including Chicago, Dallas, Boston and Los Angeles. ESPN’s emphasis on cutting-edge platforms,
ranging from ESPN360.com to the popular SportsCenter iPhone app, insures its content is relevant
and easily accessible no matter what sport you love or where you happen to be.

We’ve been investing in our future in other ways as well. Disney has always had a strong culture,
rooted in our deep pride in what we do every day and a firm understanding of the enormous
responsibility that comes with being stewards of a top global brand. As such, we’ve intensified our
corporate social responsibility efforts to make them even more integral to the way we do business.

Last March, we published our first comprehensive Corporate Responsibility Report


(www.disney.com/crreport), a detailed multimedia portrait of our approach to everything from charitable
giving to workplace diversity, and from environmental measures to online safety for kids. The scope
of our activities is truly impressive, in large part due to the enthusiastic participation of our Cast
Members and employees, and the report has helped solidify Disney’s reputation as one of the world’s
most admired companies.

We’re particularly proud of the ambitious long-range environmental goals we have set and with the
accompanying three to five year targets to reduce emissions, waste, electricity and fuel use, as well
as impact on water and eco-systems. We are also committed to using our skills as a media company
to inspire kids to take more personal responsibility for preserving the planet we share.

These programs are practical from a business perspective and in keeping with our heritage. People
all over the world have high expectations of Disney and meeting these standards requires that we
not only deliver entertainment people love, but also behave responsibly in everything we do. When
we do so effectively, we are admired by our employees, shareholders and consumers and that’s
good for our businesses and brands.

It’s also positive from a business perspective when our employees and Cast Members have the
opportunity to gain experience in various parts of the organization. It gives them a new set of
challenges, new perspectives and a great opportunity for continued growth. Longer term, the practice
of motivating and developing Cast Members and employees by providing new or expanding
opportunities will help us attract and retain talented people and will serve this company well.

Over the last year, we’ve been putting into motion such an approach and have started with changes
at the senior management level. On January 1, 2010 Tom Staggs, our chief financial officer for the
last decade, became Chairman, Walt Disney Parks and Resorts, while Jay Rasulo, who held that
position for seven years, became our CFO. In Europe, our executive team is now led by Diego
Lerner, who has very effectively built our Latin American operations over the last decade. And Rich
Ross has become Chairman of Walt Disney Studios in the wake of his first-rate performance as
head of Disney Channel’s global operations.

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The Walt Disney Company
Company View

Last year was a demanding one. But it’s also been a period that’s reinforced some key themes: that
quality must remain at the forefront of what we do; that we must not be afraid to take risks and
challenge the status quo; and that the passion and creativity of our employees and Cast Members
is what makes The Walt Disney Company not only successful, but truly special.

We have many challenges ahead, but I like how we are positioned, who we are and what we stand
for. It’s truly been an honor serving as the President and CEO for the last four years with each new
day bringing new challenges and opportunities for our Company. So, on behalf of all of us at Disney,
I’d like to thank you for your continued support and the faith you show in us to keep exceeding your
expectations in everything we do.

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The Walt Disney Company
Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES


Head Office
The Walt Disney Company
500 South Buena Vista Street
Burbank
California 91521
USA
P:1 818 560 1000
F:1 818 560 1930
http://www.disney.com

Other Locations and Subsidiaries

Epcot Theme Park Disney Animal Kingdom Theme Park


1510 North Avenue of the Stars 505 N Rainforest Road
Lake Buena Vista Lake Buena Vista
Florida 32830 Florida 32830
USA USA

Magic Kingdom Park Disney's Animal Kingdom Villas


4720 Caribbean Way 2901 Osceola Parkway
Lake Buena Vista Lake Buena Vista
Florida 32830 Florida 32830
USA USA

Bay Lake Tower Disney's Beach Club Villas


4600 North World Drive 1800 Epcot Resorts Boulevard
Lake Buena Vista Lake Buena Vista
Florida 32830 Florida 32830
USA USA

Disney's BoardWalk Villas Disney's Old Key West Resort


2101 Epcot Resorts Boulevard 1510 North Cove Road
Lake Buena Vista Lake Buena Vista
Florida 32830 Florida 32830
USA USA

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