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Di s n e y ’s Q2 FY08 Ea r n i n g s Re s u l t s p a g e 2

St ud i o r o l l s o u t An i m a t i o n Sl a t e t h r o u g h 2012 p a g e 2

ABC f r o n t Pr e s e n t a t i o n p a g e 5

Ca m p Ro c k Se t f o r June 27 Wo r l dw i d e Ro l l Ou t p a g e 7

Di s n e y Ta k e s Co n t r o l o f No r t h Am e r i ca n Di s n e y St o r e s p a g e 10 Q2 FY08 Th e Wa l t Di s n e y St u d i o s Ro l l s Ea r n i n g s Re s u l t s Ou t Sl a t e o f 10 Ne w An i m a t e d Mo t i o n Pi c t u r e s Th r o u g h 2012 On May 6, 2008, The Company reported earnings for the second fiscal quarter and six months ended March 29, 2008. The Walt Disney recently unveiled a diverse and ambitious Diluted earnings per share (EPS) for the second quarter increased slate of 10 new animated feature from Walt Disney and to $0.58, compared to $0.44 in the prior-year quarter. Earnings per Studios to be released through the year 2012. share from continuing operations in the prior-year quarter totaled $0.43. The line-up includes new films from Disney and Pixar’s accomplished team of filmmakers, and features vocal performances For the six-month period, diluted EPS was $1.21. EPS for the by top celebrity talents. The roster of new animated features prior-year six month period, which included gains on sales of our includes six new films from Pixar Animation Studios, four from interests in E! Entertainment and Us Weekly, income from the Walt Disney Animation Studios, and the first four in a series of discontinued operations of the ABC Radio business, and an equity- direct-to-DVD films featuring Disney from DisneyToon based compensation plan modification charge, which were all Studios. recognized in the first quarter of fiscal 2007, were $1.24. Excluding these items, EPS for the six-month period increased 30% to $1.21 Starting later this year with the release of Disney’s Bolt, with the from $0.93 in the prior-year six months. exception of Princess and the Frog, all Disney and Pixar animated features will be presented in state-of-the-art Disney Digital “We had an outstanding quarter financially and creatively at The 3-D™. Additionally, newly converted 3-D versions of Walt Disney Company,” said Robert A. Iger, president and the beloved classics, and , are set . “This performance demonstrates to debut in 2009 and 2010 respectively. how The Disney Difference gives us a critical and sustainable market advantage. That difference centers on our proven ability to create high-quality content across our wide-ranging distribution and promotional platforms, Swinging into theatres November 26th, allowing us to leverage our hits and grow our company.” is ’ feature animation, Bolt. For further details, including reconciliations of non- GAAP measures to their GAAP equivalents, please visit www.disney.com/investors.

Shareholders Re-Elect All 12 Directors at Annual Meeting

Shareholders of The Walt Disney Company at the 2008 Annual Meeting elected all 12 members of the Board of Directors and supported Board recommendations on the Company’s auditor and stock and executive compensation plans.

Pa g e 2 2010 TOY STORY 2 in 3-D (Domestic Release Date: Feb. 12th, 2010) Pixar Animation Studios Director: Voice Talent: , , Joan Cusack, , Don Rickles, Estelle Harris, , Wallace RELEASE SCHEDULE 2008 - 2012: Shawn, 2008 (Domestic Release Date: June 18th, 2010, Disney Digital 3-D™) Pixar Animation Studios WALL•E Director: (Domestic Release Date: June 27th, 2008) Voice Talent: Tom Hanks, Tim Allen, Joan Cusack, Don Rickles, Pixar Animation Studios Wallace Shawn, Estelle Harris, John Ratzenberger, Ned Beatty Director/Screenwriter: Voice Talent: , , RAPUNZEL , John (Domestic Release Date: Christmas 2010, Disney Digital 3-D™) Ratzenberger, Walt Disney Animation Studios Directors: , Dean Wellins BOLT (Domestic Release Date: Nov. 26th, 2008, Disney Digital 3-D™) A MIDSUMMER STORM* Walt Disney Animation Studios (Disney DVD and Blu-ray Release Date: 2010) Directors: Chris Williams, Byron Howard Voice Talent: John Travolta, Miley Cyrus, Susie Essman Director: Carolyn Gair TINKER BELL (Disney DVD and Blu-ray Release Date: Oct. 28th, 2008) 2011 DisneyToon Studios NEWT Director: Bradley Raymond (Domestic Release Date: Summer 2011, Disney Digital 3-D™) Pixar Animation Studios 2009 Director:

UP THE BEAR AND THE BOW (Domestic Release Date: May 29th, 2009, Disney Digital 3-D™) (Domestic Release Date: Christmas 2011, Disney Digital 3-D™) Pixar Animation Studios Pixar Animation Studios Director: Director: Voice Talent: , , John Ratzenberger, Voice Talent: Reese Witherspoon, , Emma Jordan Nagai Thompson

TOY STORY in 3-D TINKER BELL A WINTER STORY* (Domestic Release Date: Oct. 2nd, 2009) (Disney DVD and Blu-ray Release Date: 2011) Pixar Animation Studios DisneyToon Studios Director: John Lasseter Producer: Sean Lurie Voice Talent: Tom Hanks, Tim Allen, Don Rickles, Jim Varney, Wallace Shawn, John Ratzenberger 2012 THE PRINCESS AND THE FROG 2 (Domestic Release Date: Christmas 2009) (Domestic Release Date: Summer 2012, Disney Digital 3-D™) Walt Disney Animation Studios Pixar Animation Studios Directors: , Director: Voice Talent: , Keith David, , KING OF THE ELVES TINKER BELL NORTH OF NEVER LAND* (Domestic Release Date: Christmas 2012, Disney Digital 3-D™) Walt Disney Animation Studios (Disney DVD and Blu-ray Release Date: 2009) Directors: , DisneyToon Studios Director: Klay Hall * indicates a working title

Pa g e 3 Th e Wa l t Di s n e y St u d i o s La u n c h Ne w s f r o m

The Walt Disney Studios is launching , a prestigious Disney Live! Presents Three Classic Tales Worldwide new production banner that will literally go to the ends of the earth to produce major big screen nature documentaries, Walt Disney The time-honored stories of and the , Studios chairman announced. and Beauty and the Beast will spring from the storybooks and onto the stage in Disney Live! presents Three Disney veteran Jean-Francois Camilleri, who has served as senior Classic Fairy Tales, it was recently announced. and general manager for Walt Disney Studios Motion Pictures , will head the new unit, which will be The first Disney Live! show will debut in Asia. It will make its based in France. debut at the Shanghai Oriental Art Center in Shanghai on Tuesday, Among the first films to be released domestically under the new May 27 and then continue to Beijing and nine other cities in label will be Earth, from award-winning British producer/director before heading to other destinations throughout Asia. , whose credits include the landmark series for the BBC and The and The Blue Planet. Earth, which is produced by BBC Worldwide and Greenlight Media and co-directed by , will take us on a tour of our home planet as we’ve never seen it before. It will be narrated by renowned actor and will premiere theatrically on Earth Day, April 22, 2009. The will also be released under the Disneynature banner in Latin America. Among the other Disneynature projects currently in development

or production are: C The Crimson Wing: Mystery of the Flamingos Worldwide roll-out begins December 2008

C Oceans Domestic release 2010 Receives 3 Moliere Awards C Orangutans: One Minute to Midnight The Lion King (‘Le Roi Lion’) received three Moliere Awards Worldwide release 2010 (France’s Tony Award) on Tuesday, April 29 for Best Musical, Best Costumes and Best Lighting for the French production, C Big Cats which is playing at the Théâtre Mogador in . Le Roi Lion Worldwide release 2011 has been seen by 350,000 spectators in seven months, and has C Naked Beauty: A Love Story that Feeds the Earth extended its run through August 3rd. It was Worldwide release 2011 also announced that new season begins C Chimpanzee August 19th, also at Worldwide release 2012 the Théâtre Mogador.

For more updates go to http://www.disney.com/nature (domestic) and http://www.disneynature.com (international).

For the Q3 FY08 Walt Disney Studios Release Slate, please turn to page 12.

For Walt Disney Studios Home Entertainment Release Slates, please turn to Page 12.

Pa g e 4 Ne w Fa l l Se r i e s

Un v e i l s 2008-09 Pr i m e t i m e Sc h e du l e Life on Mars ABC’s fall primetime schedule is as follows (all times listed are is based on the BBC series created by Matthew Gra- Eastern, with new shows in blue bold): ham, Tony Jordan and Ashley Pharoah. The series revolves around , a modern-day police detective who, after a car crash, mysteriously finds himself transported back to 1973 and still work- M o n da y ing as a detective. 8:00 p.m. “Dancing with the Stars” 9:30 p.m. “Samantha Who?” Life on Mars stars Jason O’Mara as Sam Tyler, Rachelle LeFevre as Annie Cartwright, Colm Meaney as , Stephanie Ja- 10:00 p.m. “ Legal” cobsen as Maya, Lenny Clarke as George Randall, Patrick Wenk- Wolff as Colin Raimes and Richard Benjamin as Milton Kornboll. T u e s da y The series is produced by Twentieth Century Fox Television and 8:00 p.m. “Opportunity Knocks” ABC Studios. 9:00 p.m. “Dancing with the Stars the Results Show” 10:00 p.m. “Eli Stone”

W e d n e s da y 8:00 p.m. “Pushing Daisies” 9:00 p.m. “Private Practice” 10:00 p.m. “Dirty Sexy Money”

T h u r s da y 8:00 p.m. “” 9:00 p.m. “Grey’s Anatomy” 10:00 p.m. “Life on Mars”

F r i da y 8:00 p.m. “Wife Swap” Opportunity Knocks is a new show that breaks the 9:00 p.m. “Supernanny” mold of typical game and 10:00 p.m. “20/20” reality shows. The show takes the action of a S a t u r da y game show directly into 8:00 p.m. “Saturday Night College Football” contestants’ homes, set- ting up shop in a family’s S u n da y front lawn. The host, JD Roth, poses trivia 7:00 p.m. “America’s Funniest Home Videos” questions to family members based directly on their lives, each 8:00 p.m. “Extreme Makeover: Home Edition” other and articles found in and around their home. If they’re able to 9:00 p.m. “” prove they know their family inside and out, they’ll win the prizes of their dreams. Opportunity Knocks is produced by Katalyst 10:00 p.m. “Brothers & Sisters” Films and 3 Ball Productions.

Pa g e 5 The Walt Disney Company’s Disney Increases Strategic Media Networks To Develop Investment in UTV

Emerging Media and UTV Software Communications Limited (UTV) and The Advertising Research Lab Walt Disney Company announced in February that Disney’s subsidiary The Walt Disney Company (Southeast Asia) Pte. Ltd. The Media Networks division of The Walt Disney Company an- would increase its strategic investment in UTV, subject to UTV nounced the development of an emerging media and advertising shareholder and regulatory approvals. Disney’s investment further research lab – the most comprehensive of its kind -- in conjunction establishes its entry into the Indian market through UTV and with Professor Duane Varan, a global authority on the future of complements its fast-growing Disney-branded businesses and long- television and advertising. held joint-venture in ESPN Sports. In July 2006, Disney acquired Hungama TV, a leading Indian children’s television Developed to better understand the channel, and took an initial equity interest in UTV. emotional drivers of audience behavior and physiological reactions to advertis- With this investment, Disney increased its stake in UTV to 32.1% ing, this state-of-the-art research lab on a fully diluted share capital basis. Disney’s investment is will utilize sound empirical research worth approximately USD 200 million. Ronnie Screwvala and methods to test traditional and alterna- certain entities with which he is affiliated (the “Promoter Group”) tive models for advertising. The facil- increased their shareholding in UTV to 32.1% through issue of ity will conduct year-round tests using warrants. Disney’s investment will be made through a preferential the most advanced research techniques allotment of new UTV shares. In addition, Disney will make an – including biometric measurement open tender offer to the UTV shareholders as required under Indian tools -- to evaluate engagement and securities regulations and as was detailed in a public announcement emotional responses to advertising made to UTV shareholders. across media platforms. In connection with its UTV investment, Disney will invest Professor Duane Varan approximately USD 30 million for a 15% stake in UTV Global Broadcasting Limited (“UGBL”). UGBL, through its subsidiaries, has launched two youth entertainment channels under the Bindass Hallmark Channel Acquires brand and The World Movie channel, and a UTV Movies channel. UTV will also invest USD 60 million in UGBL for a 75% 99-Picture Slate of Classic stake, while the remaining shares will continue to be held by the Family Disney Movies From Promoter Group. Disney-ABC Domestic Television

Hallmark Channel has acquired the rights to 99 family-friendly movies from Disney-ABC Domestic Television, it was recently announced.

The newly acquired movies will play on Hallmark Channel and on its sibling channel, Hallmark Movie Channel -- a new 24-hour channel which airs the greatest family movies of all time. The expansive list of baby boomer favorites includes Disney’s The Shaggy Dog, , Old Yeller, The Parent Trap, The Incredible Journey, The Princess Diaries, Freaky Friday, , , That Darn Cat, , Mighty Joe Young, Babes in Toyland, , Gus, Return to Snowy River, , White Fang, The Apple Dumpling Gang and Swiss Family Robinson.

Disney’s The Apple Dumpling Gang, starring Tim Conway and , will air on Hallmark Movie Channel.

Pa g e 6 Ne w s f r o m ESPN Acquires Girls’ High School Basketball Site Hoopgurlz.com ESPN recently announced that it has acquired HoopGurlz.com – the foremost girls’ basketball site on the Internet. HoopGurlz. ESPN a n d Ti m e Wa r n e r Ca b l e com is the only website in the country that is solely dedicated to the coverage of high- Br i n g ESPN De p o r t e s t o Mo r e school girls’ basketball and Th a n On e Mi l l i o n Di g i t a l Ca b l e women’s college-basketball Cu s t o m e r s in Lo s An g e l e s prospects on a national basis.

Underlining their commitment to serving the Hispanic community, Ne w s f r o m ESPN and Time Warner Cable recently announced the addition of 24-hour Spanish-language network ESPN Deportes to Time Di s n e y Cab l e Ne t w o r k s Warner Cable’s most penetrated level of digital cable service in , beginning immediately. With this launch, ESPN Disney’s Camp Rock Set for Deportes is now available on Time Warner Cable’s Variety Tier, which reaches more than 1 million digital customers in the Los Worldwide Roll Out Angeles area. In an unprecedented, far-reaching cross-platform rollout, the Disney-ABC Television Group recently announced that Disney’s ESPN Deportes offers unparalleled Spanish-language sports Camp Rock, a celebratory, song and dance-filled programming, featuring more than 1800 live and/or original hours Original Movie for kids and families, will premiere on Disney of sports programming presented annually. In addition, ESPN Channel, the ABC Television Network (as part of the “Wonderful Deportes creates branded entertainment outside of the network’s World of Disney” franchise), ABC Family, and traditional event and sports news genres. In 2006, the network Disney.com in Disney XD, Friday, June 20 through Monday, June brought Dominoes to the television screen with its telecast of the 23 in the U.S. It will also premiere on Family Channel Canada and World Domino Tournament and much more. on Quebec’s VRAK.TV (dubbed in French) on Friday, June 20 and on Disney Channels around the world beginning in August. Verizon Wireless and ESPN The Camp Rock soundtrack will release Tuesday, June 17 from Launch ESPN Radio Channel and the DVD, with exclusive bonus features, Exclusively on V CAST Mobile TV will release around the world beginning Tuesday, August 19 from Walt Disney Studios Home Entertainment. ESPN and Verizon Wireless, the builder and owner of the nation’s most reliable wireless voice and data network, recently launched a Starring Platinum-certified Records recording artists mobile simulcast of ESPN Radio, exclusively on Verizon Wireless’ and Top 40 and Radio Disney hit-makers Jonas Brothers (Joe, V CAST Mobile TV service. The ESPN Radio channel will join Kevin and Nick) and singer/songwriter/actress Demi Lovato (of ESPN Mobile TV on V CAST Mobile TV, and gives customers Disney Channel’s As the Bell Rings), Camp Rock is the story of access to popular radio programming, including SportsCenter AM, a talented yet unsure teen who yearns to share her songs with the GameNight and The Pulse. world, and of a tempestuous young superstar who’s lost his passion for music and is sent packing by his band mates. Together, at a ESPN Radio, the nation’s largest network, offers fans camp for aspiring young music artists, they learn to believe in expert analysis and commentary on shows such as Mike and Mike themselves and to value the freedom to be who they really want to in the Morning, The Show and The Herd with Colin be. Cowherd, in addition to the popular Pardon the Interruption and Around the Horn. Now, fans will be able to take these shows when they are on-the-go through V CAST Mobile TV.

Pa g e 7 Disney-ABC Television Group and MobiTV Partner to Offer Disney Announces 2008 Summer Channel To Mobile Television and Fall Schedule Viewers Paul Lee, president, ABC Family, recently outlined ABC Disney-ABC Television Group and MobiTV, Inc., the leader in Family’s 2008 Summer and Fall schedule. Scheduled to debut mobile and broadband entertainment services, recently announced this summer are new original series including The Middleman a content licensing agreement under which MobiTV will offer and The Secret Life of the American Teenager. In addition to the Disney Channel to MobiTV service subscribers. The same content summer series, ABC Family will premiere Samurai Girl, a special and programming as seen on cable and satellite television is now event premiering with six hours over three nights this Fall, and available to MobiTV service subscribers on their enabled wireless has ordered a third season of Lincoln Heights and Kyle XY and a handsets via MobiTV’s carrier partners. second season of Greek. The 11th annual event will feature an original movie and special as well as the basic Now available through a dedicated channel on MobiTV’s wireless cable premieres of and Cars. television subscription service, Disney Channel on MobiTV is live, linear programming featuring full-length episodes of hit Disney Channel series and , as well as films from the wildly popular Disney Channel Original Movie franchise. The service also includes , a daily morning programming block for preschoolers and their caregivers featuring a wide array of content, including the critically-acclaimed series , and Clubhouse.

The Middleman (above) and The Secret Life of the American Ne w s f r o m Teenager (below) premiere this summer on ABC Family.

Cl u b Pe n g u i n Ex p a n d s Se r v i c e in UK

Club Penguin, the fun-filled, kids’ online phenomenon is expanding the services it offers in the UK, with a new office in Brighton dedicated to providing additional player support and moderation for the popular virtual world - the first time Playhouse Disney Channel has offered local support to players outside North Launched in Latin America America. Disney & ESPN Media Networks Latin America recently announced the launch of their new Playhouse Disney Channel The UK team will work with the existing Club Penguin team to in Latin America, with programming especially designed for nurture the global community of players and listen to kids’ views preschoolers, available 24 hours a day, seven days a week. about how the game should evolve. Playhouse Disney Channel thus joins existing Disney Channel The expansion of services means and cable channels, present in 19 countries in the region, to Club Penguin players in the provide entertainment for the entire family. will receive more timely and responsive As from June 1, Playhouse Disney Channel will be offered in the customer support and basic subscription package offered by Cablevisión, Multicanal the ability to pay and Teledigital, and will have three feeds in Latin America: the in local currency. North feed (Caribbean countries, Colombia, Costa Rica, Ecuador, The locally-based El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, moderators will also be Dominican Republic and Venezuela), the South feed (, better positioned to protect Bolivia, Chile, Paraguay and Peru), both in Spanish; and the the interests and online safety feed – in Portuguese. of children in the UK.

Pa g e 8 First-Ever Disney Parks Chief Magic Official Inducted

Disney Parks and CareerBuilder.com recently announced that Justin Muchoney from Seven Fields, Pa. has been named the first-ever Disney Parks Chief Magic Official (CMO) -- emerging Ph i l i p p e Ga s t o As s u m e To p victorious from a field of 1,300 candidates nationwide. Du t i e s a t Eu r o Di s n e y As CMO, Muchoney will first go through Disney’s Traditions Euro Disney S.C.A. recently announced the nomination of Training where he will learn the ins and outs of being a Cast Philippe Gas to the position of President of Euro Disney S.A.S., Member as he creates magical experiences for guests, participate the management company of Euro Disney S.C.A. and Euro Disney in special events and work behind the scenes with the Walt Disney Associes S.C.A., the operator of ® Resort Paris. Imagineers as part of the “Year of a Million Dreams” throughout Philippe will take over the responsibilities of Karl Holz who has the year. been appointed President, New Vacation Operations, Walt Disney Parks and Resorts. For information regarding the search for the CMO, please visit Philippe’s appointment will be effective on September 1, 2008. He http://www.DreamCMO.com. will transition into this new role over the summer, working closely with Karl to ensure continued commitment to the Company’s Disney’s ‘Year of a Million long term strategic priorities: driving results towards profitability, providing a high-quality guest experience and developing our cast Dreams’ Continues with members. Launch of Toy Story Mania!

Philippe Gas, 44 and a 17-year Disney veteran, has extensive Guests don 3-D glasses and enter the world of Woody, Buzz and experience with both Euro Disney and Walt Disney Parks & other favorite Toy Story characters in ‘Toy Story Mania!’ which Resorts worldwide. recently made its debut as part of Disney’s “Year of a Million Dreams” at Disney’s Hollywood Studios. ‘It’s A Small World’ Debuts at Inspired by the Disney-Pixar filmsToy Story and Toy Story II, ‘Toy Story Mania!’ is a high-energy, immersive adventure that puts Hong Kong Disneyland recently unveiled its very own, unique guests right in the action. version of the classic Disney attraction “it’s a small world,” also marking yet another milestone in the Resort’s young history. welcomes ‘Toy Story Mania!’ Promoting the themes of mutual understanding, peace, love when the attraction debuts and friendship, “it’s a small world” takes guests on a leisurely in late June at Disney’s boat journey across the continents of the world, inviting them Adventure. to re-discover the world through the eyes of a child. Audio- Animatronics® dolls of singing children dressed in their colorful costumes, Disney character dolls, world-famous landmarks and unique Asian elements combine to offer a wonderful experience.

Tower of Terror™ Debuts at Disneyland Resort Paris The Twilight Zone Tower of Terror™, one of Disney’s most popular attractions worldwide, recently launched at Disneyland Resort Paris. Guests plunged faster than the speed of gravity in this 13-story drop based on a “lost episode” of The Twilight Zone®, the spooky cult television series that ran from 1959 to 1964.

Pa g e 9 Th e Wa l t Di s n e y Co m p a n y Ta k e s Co n t r o l o f Di s n e y St o r e s in No r t h Am e r i c a

The Walt Disney Company recently announced that it has acquired Toys Powered By Clickables™ the chain in North America from subsidiaries of The Children’s Place Retail Stores, Inc. After the transaction, which The franchise will fly to new heights in 2008 as consisted of an asset purchase by Disney’s subsidiaries through Disney introduces a breakthrough concept in next-generation the bankruptcy and insolvency proceedings of Hoop Retail Stores, Internet-connectivity with Disney Fairies™ toys featuring LLC in Delaware and Hoop Canada, Inc. in Canada, Disney plans Clickables™ technology. Developed as an exclusive collaboration to operate approximately 220 Disney Stores in the between Disney and Techno Source, a leader in electronic toys and Disney Stores in Canada, with the actual number of acquired and games, the Clickables technology enables girls to extend their stores dependent upon the outcome of negotiations with landlords. virtual playtime in Disney Fairies , Disney’s latest online virtual world, with friends offline, into the real world, with patent-pending technology.

Techno Source is an award-winning toy company with a solid reputation for delivering innovative electronic toys and games that feature top-tier licensed brands at aggressive price points. The collections will be available at retail this fall in conjunction with the animated release of Tinker Bell Prince Caspian Product Line on Disney Available to Fans Everywhere DVD.

The timeless and fascinating Narnia series has been captivating fans and collectors for over 50 years, and on May 16th Walt Disney Pictures and are bringing the world of Above, a Disney Fairies Narnia back to the big screen with the release of The Chronicles Clickables Bracelet. of Narnia: Prince Caspian. In conjunction with the film release, announced an all new exciting product line which focuses on quality and authenticity. The toy range has impressive detail and industry leading points of articulation and Rooms To Go Makes Room for features. Pop Superstar Hannah Montana

Rooms To Go, America’s #1 furniture company, has partnered with Miley Cyrus Signs Deal with Disney to launch a line of children’s furniture inspired by Miley Disney Book Group Cyrus’ hit television character, pop star Hannah Montana. The Disney Hannah Montana furniture collection is now exclusively Disney Book Group has acquired world rights to the first ever available at all Rooms To Go stores as well as online at www. book from teen superstar Miley Cyrus, star of the international hit roomstogo.com. The collection will be available at other regional Disney Channel series Hannah Montana. Miley will share her specialty retailers during the Fall of 2008. inspiring story, spanning from her Southern roots in Tennessee to the excitement of her record-setting triumphs in TV, music and Rooms To Go has maintained a successful and exclusive film. Notably, Miley will reveal how her solid relationship with partnership with Disney for three years and has produced furniture her family, especially her mother Leticia, helps her navigate the collections based on hit Disney properties such as Winnie the spotlight and encourages her to contribute and connect to the world Pooh, , Cars and Disney Princesses. in a variety of ways and grow up happy and well-rounded. A collection inspired by the mega-hit High School Musical is The book, featuring never-before-seen photos, family stories, and forthcoming. a look at her inner circle of loved ones, will be published in early spring 2009.

Pa g e 10 Disney & Stremicks Heritage Ne w s f r o m Foods Launch New Milk Beverage Line Disney Corporate Responsibility

Disney Consumer Products and Stremicks Heritage Foods™ Record Participation in Disney’s recently announced a new milk beverage line that meets Disney’s Environmentality Challenge new food guidelines, while also providing critical nutrients for families and children. Available in U.S. grocery stores now, A record number of kids worldwide participated in this year’s Disney Milk is rBST hormone-free and enriched Disney’s Environmentality Challenge, a friendly competition with 32mg of omega-3 DHA per serving to support brain and eye among fifth grade classes to develop solutions for critical development and the heart’s health through every stage of life. It environmental issues. is the first Disney-branded refrigerated dairy beverage to launch since Disney announced its food guidelines in 2006. Disney Little Around 150,000 kids in the United States, Cayman Islands and Einsteins milk is the first product line to launch as part of a series Hong Kong, the three locales where the challenge takes place, were of healthy dairy and non-dairy beverages currently in development asked to identify and develop solutions for local environmental by Disney and Heritage. problems. The challenge builds educational curriculum into the project, giving kids the opportunity to learn the same content as other fifth graders in an interactive and fun way.

Disney’s Environmentality Challenge is part of a broader company outreach program that seeks to help kids and families become better stewards of the environment. The Environmentality Challenge is backed by several state and federal agencies in California and Florida, including representatives from the U.S. Fish and Wildlife Service, the Environmental Protection Agency, and state departments of education, environment, and food and agriculture. Ne w s f r o m To date, more than one and a half million students worldwide have taken Disney’s Environmentality Challenge.

Disney Interactive Studios Agrees to Acquire China-Based Video Game Software Developer Gamestar

Disney Interactive Studios recently announced an agreement to acquire Gamestar, one of China’s leading independent video game software developers. With locations in Shanghai and Wuhan, Gamestar has a six-year track record producing high quality art and technology solutions for interactive entertainment software development.

Gamestar would become the sixth in Disney Interactive Studios’ growing international portfolio of creative centers of excellence. Disney’s previous acquisition was Warren Spector’s Junction Point Studios, based in Austin, Texas, acquired in July 2007.

Pa g e 11 Wa l t Di s n e y St ud i o s Q3 FY08 Re l e a s e Sl a t e Q3 FY08 Q3 FY07 Title Studio Date Title Studio Date Prom Night* 4/11/08 Hoax Miramax 4/6/07 Smart People Miramax 4/11/08 The Invisible Hollywood 4/27/07 The Chronicles of Disney 5/16/08 The Golden Door Miramax 5/25/07 Narnian:Prince Caspian Pirates of the Disney 5/25/07 Reprise Miramax 5/16/08 Caribbean: At World’s End Wall-E Disney/Pixar 6/27/08 Eagle vs. Shark Miramax 6/15/07 Ratatouille Disney 6/29/07 * Miramax will not distribute domestically.

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Wa l t Di s n e y St ud i o s Ho m e En t e r t a i n m e n t Q3 FY08 Re l e a s e Sl a t e

Q3 FY08 Q3 FY07 Title Date Title Date Diving Bell & The Butterfly 4/29/08 The Queen 04/24/07 National Treasure 2: Book of Secrets 5/20/08 Deja Vu 04/24/07 Jungle Book II 6/17/08 Apocalypto 05/22/07 Primeval 06/12/07 Many Adventures Of 06/19/07 Winnie The Pooh Bridge To Terabithia 06/19/07

Pa g e 12 3/29/2008 3/31/2007 3/29/2008 3/31/2007 # Subscribers # Subscribers # Nielsen Households # Nielsen Households (in millions) (in millions) (in millions) (in millions) United States (a) 95.1 90.7 ESPN 96.3 93.1 United Kingdom 9.0 8.8 ESPN2 96.0 92.6 France 4.6 2.1 ESPN Classic 62.5 65.1 2.4 2.4 ESPNEWS 63.4 full-time 56.4 full-time 4.3 4.0 Ot h e r Ca b l e Pr o p e r t i e s 2.0 2.1 3/29/2008 3/31/2007 0.3 0.3 # Nielsen Households # Nielsen Households (in millions) (in millions) Middle East (e) 0.4 0.3 Scandinavia (d) 4.3 3.4 A & E Channel 96.2 92.4 South Africa (i) 1.5 1.4 Lifetime Channel 96.5 92.7 (j) 2.5 1.7 The History Channel 95.6 91.9 0.9 N/A A & E International (c) 95.7 79.4 Asia (b) (l) 3.0 2.2 68.6 60.6 (g) (l) 2.3 2.6 Lifetime Movie Channel 58.8 54.0 (h) 6.0 4.2 SOAPnet 68.7 58.9 5.7 5.6 Biography 47.1 42.8 (f) 4.0 4.8 History Int’l 46.8 42.5 Korea (k) 2.4 N/A Lifetime Real Women (c) 10.0 16.9 Latin America (c) 18.6 13.5 Int’l Sub-Total 74.2 59.4 Worldwide Total 169.3 150.1

ABC Fa m i l y Ch a n n e l s 3/29/2008 3/31/2007 # Subscribers # Subscribers (in millions) (in millions) ABC Family 95.7 91.9 Jetix Europe (c) 52.7 49.0 Jetix 18.6 13.7 Latin America (c)

(a) Nielsen households; International Disney Channels reflect reported subscribers. (b) Includes Brunei, Cambodia, Hong Kong, Indonesia, , Palau, Papua New Guinea, , Thailand, and Vietnam; note that as of FY2007, Philippines and Korea are being reported by Australia and Japan, respectively. (c) Not tracked by Nielsen (d) Channel launched 28 February 2003. Includes , Norway and , Aug ‘05 launched on Teledenmark, Canal Digital, and in Finland (e) Estimated data (f) Channel launched 18 Nov 2003. As of FY’07, Korea is now being reported by Japan. (g) Numbers include New Zealand territory following launch in December 03. As of FY’07, Phillipines is now being reported by Australia. (h) Channel launched 17 Dec 04. (i) Channel launched 25 September 2006 (j) Channel launched 02 December 2006; subs number based on best estimate until Polish platforms publish official numbers (k) Korea separately stated from Japan starting FY’08 (l) Philippines is now included in Asia, whereas it was part of Australia in FY07. Pa g e 13 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 any particular investment decision. 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 the views and assumptions of the management of The Walt Disney Company regarding future events and business performance as of the time the statements are made and it does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company, including restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions), as well as from developments beyond the company’s control, including: adverse weather conditions or natural disasters; health concerns; international, political or military developments; technological developments; and changes in domestic and global economic conditions, competitive conditions and consumer preferences. Such developments may affect assumptions regarding the operations of the business of The Walt Disney Company including, among other things, the performance of the company’s theatrical and home entertainment releases, expenses of providing medical and pension benefits, and demand for products and performance of some or all company businesses either directly or through their impact on those who distribute our products. Additional factors that may affect results are set forth in the Annual Report on Form 10-K of The Walt Disney Company for the year ended September 29, 2007 under the heading “Item 1A—Risk Factors“and subsequent filings. Reconciliations of non-GAAP financial measures to equivalent GAAP financial measures are available on Disney’s Investor Relations website.

June 6, 2008 – Burbank, CA

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