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2009 Annual Meeting of Shareholders 2009 Annual Meeting of Shareholders MARCH 10, 2009 Disney Speakers: John Pepper, Jr., Chairman of the Board Bob Iger, President and Chief Executive Officer PRESENTATION Company Announcer Ladies and gentlemen, please welcome the Chairman of the Board of The Walt Disney Company, John Pepper Jr. John Pepper Jr. –Chairman of the Board, The Walt Disney Company Good morning, ladies and gentlemen and welcome to the 2009 Annual Shareholder Meeting of The Walt Disney Company. It’s wonderful to be with you here at this beautiful and historic Paramount Theatre. Page 1 2009 Annual Meeting of Shareholders March 10, 2009 Yesterday, Disney’s board had the pleasure of visiting Pixar in nearby Emeryville to review the great projects they’ve been working on and to get a glimpse of what they have in store for the future. This was, in fact, the first time many of us on the Board had visited Pixar since it became part of Disney back in May 2006. That acquisition was, in my view, one of the most important in Disney’s history. It brought with it a group of remarkably creative and talented men and women and of course a host of memorable films and characters that we all know, like The Incredibles, Finding Nemo, Monsters, Inc. and A Bug’s Life. Bob Iger’s bold decision to do that, and it was a big one, supported by the Board, to make this major investment is, I can tell you, already starting to pay off in many ways. You can, if you visit Orlando, already see Pixar characters at Disney World, including the great new attractions Toy Story Mania! and Finding Nemo, and new attractions are being built as we speak at Disneyland around Cars and Radiator Springs. The transformation of these characters is just one example of how Disney, under Bob’s leadership, is taking advantage more than ever of the exciting characters and properties that this Company has, across all the many ways we can reach children and their families, including film, including parks, games, Disney Channel, Disney.com and more. Now ladies and gentlemen we meet, I don’t need to tell you, at a time of unique economic challenge. This is a challenge that is touching virtually every business, every family and every individual. I would remind us that fun-filled vacations, entertaining movies and world-class sports are all experiences, which I think we can all be sure, will always be treasured by people, in the best of times and in the most challenging of times. Page 2 2009 Annual Meeting of Shareholders March 10, 2009 As you will be hearing from Bob Iger, it is Disney’s commitment to provide these experiences in a unique and memorable way that makes this company very special and makes us confident in our future despite the economic environment in which we now find ourselves. I’d note that Disney is not only admired for the quality of its entertainment, but for the way it is operating its businesses. Last week, for example, Fortune Magazine named Disney as one of the most admired companies in the world and as the most admired entertainment company. Not only that, we came in second among all companies only to Apple in the innovation category and we were second to Berkshire Hathaway in the way we invest our funds. That, I think you'd agree, is pretty good company to be in. Bob and his team achieved impressive financial results again last year, and great creative advances. Despite a sharply deteriorating economic environment, they managed to grow your company skillfully while negotiating a fast-changing global media landscape. This year is proving to be even more challenging. But let me assure you that the management and this board remain sharply focused on building long-term shareholder value and on making Disney even more admired for its ability to deliver memorable and magical content and experiences. I’d now like to take a moment to introduce you to the other members of your Board of Directors, with whom I am proud to serve. Susan Arnold has served as President, Global Business Units of The Procter & Gamble Company and she is now Special Advisor to the CEO. Page 3 2009 Annual Meeting of Shareholders March 10, 2009 John Bryson is the former Chairman, President and CEO of Edison International, one of the country’s leading energy providers. John Chen is Chairman, CEO and President of Sybase Inc. John brings us great knowledge of new technology and doing business around the world, particularly in Asia. Judith Estrin is the former Chief Technology Officer of Cisco Systems. She is currently CEO of JLABS, a company focused on furthering innovation in business, government and non-profit organizations. Bob Iger, of course, is our President and CEO. Steve Jobs is CEO of Apple and the former Chairman of Pixar. Fred Langhammer is retired CEO of Estee Lauder. He continues to serve as Chairman of Global Affairs. Aylwin Lewis is the President and CEO of Potbelly Sandwich Works. Monica Lozano is Publisher and CEO of La Opinion. That is the largest Spanish- language daily newspaper in the United States. Bob Matschullat is the former Vice Chairman and Chief Financial Officer of The Seagram Company. Page 4 2009 Annual Meeting of Shareholders March 10, 2009 Finally, let me introduce Orin Smith. Orin is the former President and CEO of Starbucks. I would like to ask the directors who are here if they would stand and be recognized. Ladies and Gentlemen, the Board of Directors of The Walt Disney Company. Thank you very much. Thank you. You’re going to be hearing in just a few minutes from Bob Iger. But first we’d like to give you a taste of the present and a glimpse into the future of the incredibly diverse and high-quality entertainment and experiences produced over so many venues by your Company, The Walt Disney Company. [VIDEO] Company Announcer The President and Chief Executive Officer of The Walt Disney Company, Bob Iger. Bob Iger –President and Chief Executive Officer, The Walt Disney Company Thank you very much and good morning, ladies and gentlemen. You’ve just seen some great examples of the entertainment and experiences that are at the heart of what we do. And it makes me very proud of what we accomplish day in and out, and of the people who do their best to meet the high expectations of our guests, our viewers and of our consumers. It also makes me feel really hopeful about our future. Page 5 2009 Annual Meeting of Shareholders March 10, 2009 We are meeting during perhaps the most difficult economic times of our lifetime. And these are conditions that even the strongest companies can’t fully escape. I’m confident, though, that our brands, our products and our people can overcome the challenges ahead. We remain focused on what you just saw – and that’s creating the very best in entertainment, whether it’s movies, television shows, online virtual worlds, thrilling park experiences; also on innovating while respecting our tremendous legacy; and on maintaining the integrity and the quality of our people and our products. Two weeks ago, Wall·E took home the Oscar for best animated movie. And that is a perfect example of how we mix great storytelling and cutting edge technology to come up with a film that’s both a huge artistic success, but also a huge commercial success. Pixar’s next film will take audiences on a truly unforgettable journey to a lost world with two pretty unlikely adventurers. It’s called Up and it premieres in May. Here’s a first-time look at a new trailer. [VIDEO] It’s nice when you run a trailer and it gets a good reaction. Thank you very much. Our other animated film for 2009 is called The Princess and the Frog, and that’s going to open in New York and Los Angeles on November 25th, followed by a wide release on December 11th. Page 6 2009 Annual Meeting of Shareholders March 10, 2009 We’ll be introducing Disney’s latest princess in our return to 2-D animation in a funny, touching and modern take on Disney classics that I’m sure you and your families are going to love. Here's a sneak peek of an unfinished, and I emphasize that word unfinished, scene. The Princess and the Frog. [VIDEO] Coming to a theater near you November 25th and December 11th. As stewards of this great Company and of such outstanding brands as Disney, ABC and ESPN, we have reason to be optimistic that the quality of the content we produce will serve us well. Our goal is to create long-term shareholder value through high-quality branded content and consumer experiences that can be leveraged over time across our businesses, across technology and across territories. Despite an economy that slowed noticeably, we delivered strong results in fiscal year 2008. Our earnings per share increased to record levels for the 5th consecutive year, and excluding gains on asset sales, EPS increased in 2008 by double-digit percentages over the prior year. Over the last several years, we have returned substantial capital to shareholders via dividends even as we invested in new business opportunities. Last year we paid a cash Page 7 2009 Annual Meeting of Shareholders March 10, 2009 dividend of 35 cents per share. It was the 53rd consecutive year in which we paid a dividend. As I said at the beginning, this is a tough economy and it was reflected in our 2009 first quarter.
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