News FromINVESTOR RELATIONS

FALL 2012

Q3 FY12 Earnings Results pg2 - Company News

Disney B.O. Passes $1 Billion pg3 - Studio Entertainment

ABC Fall Premiere Dates pg4 - Media Networks

ESPN and MLB’s New Agreement pg6 - ESPN C ompany News

Disney Reports Q3 FY12 Earnings Results

On August 7, reported earnings for income increased 21% to $630 million. Results for the quarter its third fiscal quarter and nine months ended June 30, 2012. were driven by increases at Tokyo Disney Resort, Disney Cruise Diluted earnings per share (EPS) for the third quarter increased Line and domestic parks and resorts. 31% to $1.01 from $0.77 in the prior-year quarter. Diluted EPS for the nine months ended June 30, 2012, was $2.44 STUDIO ENTERTAINMENT: Studio Entertainment revenues were compared to $1.93 in the prior-year period. essentially flat at $1.6 billion, and segment operating income increased $264 million to $313 million. Higher operating “We had a phenomenal third quarter, delivering the largest income was primarily due to increases in worldwide theatrical quarterly earnings in the history of our company,” Bob Iger, results and worldwide television distribution, partially offset by Chairman and CEO of The Walt Disney Company, said. a decrease in worldwide home entertainment. “Earnings per share were up 31% over last year, driven by growth in every one of our businesses. We also delivered CONSUMER PRODUCTS: Consumer Products revenues record earnings per share for the first nine months of our fiscal increased 8% to $742 million, and segment operating income year, and we believe our results clearly demonstrate Disney’s increased 35% to $209 million. Higher operating income was unique value proposition and great potential to deliver long- primarily due to increases at Merchandise Licensing and at our term growth.” retail business.

MEDIA NETWORKS: Media Networks revenues for the quarter INTERACTIVE: Interactive revenue for the quarter decreased increased 3% to $5.1 billion, and segment operating income 22% to $196 million, and segment operating results improved increased 2% to $2.1 billion. from a loss of $86 million in the prior-year quarter to a loss of $42 million in the current quarter. Operating results were PARKS AND RESORTS: Parks and Resorts revenues for the driven by improved performance from our games and online quarter increased 9% to $3.4 billion, and segment operating businesses.

Some of the statements in this note are forward looking and actual results may differ materially from what we predict, depending on the general economy and other factors identified in our Reports on Form 10-K and other SEC filings. For more information, visit www.disney.com/investors.

The Walt Disney Company - Investor Relations FALL 2012 I 2 STUDIO ENTERTAINMENT

Marvel’s The Avengers Sequel

The Walt Disney Studios has announced a release date for Marvel Studios’ sequel to the biggest Super Hero blockbuster and third­­‑highest­­‑grossing film of all time, Marvel’s The Avengers. Joss Whedon returns to write and direct the UNTITLED MARVEL’S AVENGERS SEQUEL set for release May 1, 2015.

Disney Passes $1 Billion at Domestic B.O.

Walt Disney Studios Motion Pictures passed $1 billion in previous Studio record of 210 days set in 2010. This marks domestic gross on Sunday, July 8, becoming the first studio to the 16th time in the last 19 years (and the last seven years reach this plateau this year. This is the fastest Disney has ever in a row) that Disney has reached the billion dollar mark (188 days), beating the achieved this milestone.

The Lion King is the Fifth Longest-Running Show in Broadway History

Disney’s landmark musical event, The Lion King, played its 6,138th In its 15th year, The Lion King remains ascendant, recently performance on Wednesday, August 15, becoming the fifth longest- becoming the highest-grossing Broadway show in history. Since running show in Broadway history. The Lion King surpassed the its Broadway premiere on November 13, 1997, 19 productions original Broadway production of A Chorus Line. around the globe have been seen by more than 65 million people, grossing over $4.8 billion and, cumulatively, running a staggering 91 years. Produced by Disney Theatrical Productions (under the direction of Thomas Schumacher), The Lion King is only the second show in history to generate five productions running 10 or more years. Translated into seven different languages (Japanese, German, Korean, French, Dutch, Mandarin, Spanish), the show has been performed in 15 different countries on five continents. Continuing to reign as one of the most popular stage musicals in the world, The Lion King can currently be seen on Broadway, on stages across North America, on tour in Japan, and in Tokyo, London’s West End, Hamburg and Madrid. A UK tour launches in Bristol, England later this month.

The Walt Disney Company - Investor Relations FALL 2012 I 3 MEDIA NETWORKS

The Disney/ABC Television Group Receives 53 Emmy® Nominations

The Disney/ABC Television Group received 53 nominations for the 64th Primetime Emmy Awards, covering the eligibility period of June 1, 2011, through May 31, 2012.

Among ABC’s nominations were 14 for , which received nods for Outstanding Comedy Series, Outstanding Supporting Actress for Julie Bowen and Sofia Vergara, and Outstanding Supporting Actor for Ed O’Neill, Jesse Tyler Ferguson, Ty a Movie for Missing, and Jamie Oliver’s Food Revolution Burrell and Eric Stonestreet. Dancing with the Stars received and Shark Tank were both nominated for Outstanding two nominations, for Outstanding Reality – Competition Reality Program. Program and Tom Bergeron for Outstanding Host for a Reality or Reality-Competition Program. Jimmy Kimmel Live received Jimmy Kimmel will host the 64th Primetime Emmy Awards, a nod for Outstanding Variety Series, Ashley Judd received broadcast live coast to coast, Sunday, September 23, a nomination for Outstanding Lead Actress in a Miniseries or 2012, exclusively on ABC.

ABC Fall Premiere Dates

Friday, September 14 Wednesday, October 3 8:00–9:00 p.m. Shark Tank 8:30–9:00 p.m. The Neighbors (regular time period premiere) 9:00–10:00 p.m. What Would You Do? 10:00–11:00 p.m. 20/20 Sunday, October 7 7:00–8:00 p.m. America’s Funniest Home Videos Monday, September 24 8:00–10:00 p.m. Dancing with the Stars: All-Stars Wednesday, October 10 10:00–11:00 p.m. Castle 10:00–11:00 p.m. Nashville

Tuesday, September 25 Wednesday, October 17 8:00–10:00 p.m. Dancing with the Stars the Results Show 9:30–10:00 p.m. Suburgatory 10:00–11:00 p.m. Private Practice Tuesday, October 23 Wednesday, September 26 9:00–9:30 p.m. Happy Endings 8:00–9:00 p.m. The Middle (special one-hour premiere) 9:30–10:00 p.m. Don’t Trust the B—in Apartment 23 9:00–9:30 p.m. Modern Family 9:30–10:00 p.m. The Neighbors (series premiere) Friday, November 2 8:00–8:30 p.m. Last Man Standing Thursday, September 27 8:30–9:00 p.m. Malibu Country 8:00–9:00 p.m. Last Resort 9:00–10:00 p.m. Shark Tank (new time period premiere) 9:00–10:00 p.m. Grey’s Anatomy 10:00–11:00 p.m. Scandal

Sunday, September 30 8:00–9:00 p.m. Once Upon a Time 9:00–10:00 p.m. Revenge 10:00–11:00 p.m. 666 Park Avenue

The Walt Disney Company - Investor Relations FALL 2012 I 4 Disney/ABC Television Group and Unveil Watch Products

Comcast and Disney/ABC Television Group recently announced through the TV app on the iPad, iPhone and iPod touch that Xfinity TV customers can now access three new authenticated and Xfinity TV Player app on Android-powered devices, anytime. TV+ products: WATCH Disney Channel, WATCH Disney XD and WATCH —at home or on-the-go—via a suite The free Watch apps include a simple, kid-friendly user interface of new innovative apps for iPhone, iPad and iPod touch, and that brings the current online viewing experience to the high- online at WATCHDisneyChannel.com, WATCHDisneyXD.com resolution, Multi-Touch displays of iOS devices. Once a user and WATCHDisneyJunior.com. The three new WATCH products downloads one of the WATCH apps or visits one of the WATCH are the first-ever to provide authenticated users with both access websites, they will receive sign-in instructions to verify their to live, linear network streams as well as an extensive offering of Comcast Xfinity TV credentials, allowing them access to their advantaged window “on demand” episodes. favorite Disney Channel, Disney XD or Disney Junior programs on their device(s). Xfinity TV customers, who subscribe to Disney Channel, Disney XD and Disney Junior networks as part of their monthly video Non-authenticated users of the WATCH Disney Channel, WATCH service can now stream these channels live online and via Disney XD and WATCH Disney Junior services will have access to the convenience of their iOS devices. In addition, Xfinity TV a limited number of “on demand” episodes each month. customers can view a variety of top series including Good Luck Charlie, Shake It Up, Phineas and Ferb, TRON: Uprising, Mickey Disney/ABC Television Group’s WATCH apps are available for Mouse Clubhouse and Jake and the Never Land Pirates from free from the App Store on iPhone, iPad and iPod touch or at Disney Channel, Disney XD and Disney Junior on these new www.itunes.com/appstore. WATCH products, on Xfinity On Demand, Xfinity.com/tv and

The Walt Disney Company - Investor Relations FALL 2012 I 5 ESPN

ESPN, MLB Reach Eight-Year Multiplatform Rights Extension

ESPN and Major League Baseball have reached an eight- year, multiplatform rights extension which will significantly enhance ESPN’s TV, digital, radio and International MLB rights. The agreement—effective 2014 through 2021— was recently announced by MLB Commissioner Allan H. Selig and ESPN President John Skipper.

ESPN’s expanded MLB package will include the following additional rights: • The addition of an annual Wild Card game presented by Budweiser, which will alternate between AL and NL each year; • The rights to produce a significant amount of • More selection flexibility throughout ESPN’s 25-game additional Baseball Tonight hours; Sunday Night Baseball slate; • The rights to all regular-season tiebreaker games, • Increased highlight rights for ESPN websites and if necessary; applications, additional digital rights for ESPN programs • In-progress highlights during SportsCenter on ESPN, and increased interactive television rights; ESPN2 and ESPNEWS; • Increased ESPN Radio rights, including the additional right • 10 additional regular-season games per season, including to co-exist during two Saturday windows per team, four Pennant Chase games in late September and up to per year; six Holiday games across Memorial Day, July 4th and • All MLB-related television content, including games and Labor Day; studio shows, to be available on WatchESPN; • New and increased co-exist rights on Monday Night • Continued State Farm Home Run Derby coverage during Baseball and Wednesday Night Baseball; MLB All-Star, including renewed 3D Derby rights; • The rights to produce a new, daily baseball studio show. • Renewal and expansion of International rights across territories, including Wild Card games and the rights to The new deal will also include several enhancements to additional Baseball Tonight hours. existing rights: • Increased rights for Sunday Night Baseball exclusive team The new agreement will guarantee a 30-plus year continuous appearances; relationship between ESPN and MLB—dating back to 1990— which is one of the longest standing relationships between a network and a league.

The Walt Disney Company - Investor Relations FALL 2012 I 6 PARKS AND RESORTS

New Fantasyland Grand Opening

Walt Disney Parks and Resorts recently announced that The Storybook Circus section of the New Fantasyland the grand opening of New Fantasyland will take place on expansion, which includes Barnstormer—Starring the Great December 6, 2012. Attractions included in this opening Goofini, the Casey Jr. Splash & Soak Station, and Dumbo the are Under the Sea ~ Journey of The Little Mermaid, Be Our Flying Elephant, opened to guests in July. Guest Restaurant, Enchanted Tales with Belle, Ariel’s Grotto, Gaston’s Tavern and Bonjour! Village Gifts.

Previews of these attractions will begin November 19.

As previously planned, the New Fantasyland expansion will continue with the opening of Princess Fairytale Hall in 2013 and the debut of a new Disney “mountain” in the form of the Seven Dwarfs Mine Train in 2014.

Aulani, a Disney Resort & Spa, Ko Olina, Hawai’i Announces Plans to Expand Offerings

Aulani, a Disney Resort & Spa, Ko Olina, Hawai’i recently Hui show, a family favorite, will move to a larger venue so announced it is expanding its offerings to give guests even more guests can experience the performance. more to love at the 21-acre vacation paradise resort inspired by the wonders and traditions of Hawaii. Scheduled to begin in September and conclude in mid 2013, the expansion is happening in conjunction with the final build- The project is planned to include an expansion of the highly out of the resort. More specific details of the expansion will be popular Waikolohe Valley pool area as well as the addition of shared at a later date. two new quick-service dining options. In addition, the Starlit

The Walt Disney Company - Investor Relations FALL 2012 I 7 CONSUMER PRODUCTS

Disney Junior’s Hit Series Inspire New Product Lines

Disney Consumer Products has launched an assortment of Breakout hit Jake and the Never Land Pirates, ranked as products inspired by Disney Junior’s hit series’ Jake and 2011’s No.1 cable TV series for boys 2-5, a spot it continues the Never Land Pirates and Doc McStuffins. Popularity for to hold. The March premiere of Doc McStuffins, the imaginative both programs has generated strong consumer demand for animated series featuring 6-year-old Doc McStuffins who merchandise lines that allow fans to take home their favorite communicates with and heals stuffed animals and toys out of characters. her backyard playhouse clinic, ranks as the No. 1 preschool series launch in cable TV history among Adults 18-49.

The Walt Disney Company - Investor Relations FALL 2012 I 8 INTERACTIVE

Disney Interactive Launches Disney PIXEL’D

Disney Interactive recently launched Disney PIXEL’D, a new pieces of original artwork since its launch in August 2009. app for creating original and Disney-themed pixel art and Designed for all ages and abilities, Disney PIXEL’D artists animations for iPhone, iPad and iPod Touch. With Disney can use their imagination to make original images or use PIXEL’D, guests can create one-of-a-kind pixel art that literally Disney character stamps and fill patterns to complement their pops as you make it, and then bring that artwork to life with scenes. Artists can share their work with friends and family an easy frame-by-frame animation tool. Disney PIXEL’D is a on Facebook, Twitter, Tumblr and YouTube or through email. free app that will offer regular content updates and in-app A Buddy Draw feature allows multiple friends to connect via purchases for expanded sets of Disney character art and fill Bluetooth or Wi-Fi to draw together in real-time. patterns for endless hours of pixel art fun. Disney PIXEL’D was developed internally at Disney Interactive by the makers of the The Disney PIXEL’D website is available for online support, award-winning online creativity destination Create on Disney. tutorials and inspirational fan art at http://disney.com/pixeld. com, whose guests have produced more than 16 million

The Walt Disney Company - Investor Relations FALL 2012 I 9

Domestic Motion Pictures

Q4 - FY12 Q4 - FY11

Title Banner Release Date Title Banner Release Date The Odd Life of Timothy Green Disney 08/15/12 Winnie the Pooh Disney 07/15/11 Finding Nemo 3D Pixar 09/14/12 Captain America: Marvel 07/22/11 The First Avenger* The Help DreamWorks 08/10/11 Fright Night DreamWorks 08/19/11 Lion King Re-Release (3D) Disney 09/16/11

Note: Release Dates Subject to Change. * Paramount Distributed

Walt Disney Studios Home Entertainment - North America

Q4 - FY12 Q4 - FY11

Title Street Date Title Street Date Chimpanzee 08/21/12 Mars Needs Moms 08/09/11 Beverly Hills Chihuahua 3 09/18/12 Prom 08/30/11 Marvel’s The Avengers 09/25/12 Thor 09/13/11 The Tempest 09/13/11 Spooky Buddies 09/20/11

* Release Dates Subject to Change.

The Walt Disney Company - Investor Relations FALL 2012 I 10 Cable Subscribers

Disney Channel ( a ) ESPN ( f ) (g )

6/30/12 7/2/11 6/30/12 7/2/11 # subscribers # subscribers # Nielsen Households # Nielsen Households (in millions) (in millions) (in millions) (in millions) United States 98.8 99.8 Latin America 37.0 31.7 ESPN 98.9 100.1 India 9.9 7.8 ESPN2 98.8 100.0 United Kingdom 11.3 9.1 ESPNEWS 74.7 74.3 4.8 5.5 ESPNU (g) 73.2 73.2 Taiwan 6.1 6.0 ESPN Classic 32.0 34.1 18.7 16.4 ESPN3 (h) 73.0 70.8 Japan 5.9 5.6 Scandinavia (b) 4.9 4.9 6.6 6.3 AETN/Lifetime ( f ) Romania (c) 5.7 5.3 6/30/12 7/2/11 Hungary/Czech/ 4.3 4.1 # Nielsen Households # Nielsen Households Slovakia/ (in millions) (in millions) Asia (d) 3.8 3.3 A & E Channel 99.1 100.1 Australia (e) 2.6 2.5 Lifetime Television 99.1 100.0 3.0 2.6 HISTORY 98.8 99.6 Korea 7.4 1.7 Lifetime Movie Network 84.4 82.2 South Africa 2.8 2.0 The Biography Channel 69.9 64.7 Russia (k) 0.0 4.2 H2 (j) 68.8 63.7 2.5 2.3 Lifetime Real Women (g) 15.5 17.0 Israel 1.1 1.1 Turkey (k) 0.0 1.4 Benelux 8.4 6.5 1.1 1.0 Ukraine (c) 0.7 0.4 Other Cable Properties Middle East 0.5 0.4 6/30/12 7/2/11 Angola 0.3 0.2 # Nielsen Households # Nielsen Households Malta 0.5 0.5 (in millions) (in millions) ABC Family (i) 97.5 98.8 International Sub-Total 150.0 132.6 Disney XD International (g) 91.8 85.7 Worldwide Total 248.8 232.4 Toon Disney (g) 0.0 3.5 Disney XD Domestic (i) 79.5 78.7 SOAPnet (i) 69.3 74.8 Disney Jr. International (g) 70.9 52.5 Hungama 9.9 7.8 Disney Cinemagic 11.1 11.5 UTV 73.7 0.0

(a) United States reflects estimated subscriber counts according to Nielsen Media Research; International Disney Channels reflect reported subscribers. (b) Includes , Norway, , and . (c) Ukraine was previously reported under Romania. (d) Includes Brunei, Cambodia, Hong Kong, Indonesia, Malaysia, Palau, Papua New Guinea, Singapore, Thailand, Philippines and Vietnam. (e) Numbers include New Zealand. (f) ESPN and AETN/Lifetime based on estimated U.S. subscriber counts according to Nielsen Media Research, except as noted. Our ownership interest in ESPN and AETN/Lifetime is 80% and 42%, respectively. ESPN and A&E programming is also distributed internationally through other networks. (g) ESPNU, Lifetime Real Women, Disney XD International and Disney Jr. International based on reported subscribers. Toon Disney, which used to be included in Disney XD international, was shut down in Q1 FY12. (h) Represents estimated broadband subscribers for June 2012 and June 2011. (i) Based on estimated U.S. subscriber counts according to Nielsen Media Research. (j) H2 channel launched in Oct ‘11 (previously branded as History Int’l). (k) Russia and Turkey became free to air on January 2012.

The Walt Disney Company - Investor Relations FALL 2012 I 11 Please note: This newsletter has been prepared by the Investor Relations group of The Walt Disney Company solely for the information of shareholders of the Company. It is not intended to be a recommendation with respect to investment decisions. All information contained in this newsletter is presented as of the date indicated below, and the Company assumes no duty to confirm, revise or update the information. Certain statements in this newsletter may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of our views and assumptions regarding future events and business performance as of the time the statements are made and we do not undertake any obligation to update these statements. Actual events may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, as well as from developments beyond the Company’s control, including international, political, health concern and military developments and changes in domestic and global economic conditions that may affect our businesses generally. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended October 1, 2011, and in subsequent reports on Form 10-Q under Item 1A “Risk Factors.” Reconciliations of non-GAAP financial measures to equivalent GAAP financial measures are available on Disney’s Investor Relations website.

September 14, 2012

The Walt Disney Company - Investor Relations FALL 2012 I 12