Walt Disney Company (DIS)

Minority Interests

Minority interest expense was flat at $302 million for the current year as the impact of lower financing costs at Hong Kong Disneyland and improved operating results at ESPN were offset by lower performance at Disneyland Paris. The minority interest is determined on income after royalties, financing costs and income taxes.

36

Table of Contents

Minority Interests

Minority interest expense increased from $177 million to $302 million reflecting the impact of improved results at Disneyland Paris, ESPN and Hong Kong Disneyland. The minority interest is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense was flat at $302 million for the year and increased $42 million to $179 million for the quarter. The increase in minority interest expense for the quarter was primarily due to the impact of increased profits at ESPN. The minority interest is determined on income after royalties, financing costs and income taxes.

7

Minority Interests

Minority interest expense is follows:

The decrease in minority interest expense for the quarter was due to the impact of lower performance at Disneyland Resort Paris, partially offset by increased profits at ESPN. For the six months, minority interest expense decreased due to the impact of lower performance at Disneyland Resort Paris, partially offset by the impact of improved performance at Hong Kong Disneyland. The minority interest is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense decreased for the quarter due to the impact of lower performance at Disneyland Resort Paris and at ESPN. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense decreased from $183 million to $177 million reflecting the impact of increased losses at Hong Kong Disneyland, partially offset by the impacts of increased profits at ESPN and decreased losses at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense decreased from $24 million in the prior-year quarter to $6 million in the current quarter due to the impact of lower performance at Disneyland Resort Paris and ESPN. The minority interest is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense decreased from $183 million to $177 million reflecting the impact of increased losses at Hong Kong Disneyland, partially offset by the impacts of increased profits at ESPN and decreased losses at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

FACE="Times New Roman" SIZE="2">Minority interest expense decreased from $183 million to $177 million reflecting the impact of increased losses at Hong Kong Disneyland, partially offset by the impacts of increased profits at ESPN and decreased
losses at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense increased from $177 million to $302 million for the year and from $100 million to $137 million for the quarter. Minority interest expense for the year reflected the impact of improved results at Disneyland Resort Paris, ESPN and Hong Kong Disneyland. The increase in minority interest expense for the quarter was due to the impact of increased profits at ESPN and Disneyland Resort Paris. The minority interest is determined on income after royalties, financing costs and income taxes.

7

Minority Interests

Minority interest expense increased from $69 million to $91 million for the quarter due to the impacts of improved performance at Disneyland Resort Paris and ESPN. The minority interest is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense is follows:

Minority interest expense increased for the quarter due to the impacts of improved performance at Disneyland Resort Paris and at ESPN. For the nine months, minority interest expense increased due to the impacts of decreased losses at Disneyland Resort Paris and Hong Kong Disneyland and increased profits at ESPN. The minority interest is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense increased from $3 million to $50 million for the quarter due to the impacts of decreased losses at Hong Kong Disneyland and Disneyland Resort Paris and increased profits at ESPN. The minority interest is determined on income after royalties, financing costs and income taxes.

5

Minority Interests

Minority interest expense is follows:

Minority interest expense increased for the quarter due to the impacts of decreased losses at Hong Kong Disneyland and Disneyland Resort Paris and increased profits at ESPN. For the six months, minority interest expense increased due to the impacts of decreased losses at Disneyland Resort Paris and Hong Kong Disneyland and increased profits at ESPN. The minority interest is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense increased from $5 million to $24 million for the quarter due to the impact of improved performance at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense increased from $5 million to $24 million for the quarter due to the impact of improved performance at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

24

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS—(continued)

Minority Interests

Minority interest expense decreased from $183 million to $177 million reflecting the impact of increased losses at Hong Kong Disneyland, partially offset by the impacts of increased profits at ESPN and decreased losses at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense decreased from $183 million to $177 million for the year and increased from $82 million to $100 million for the quarter. Minority interest expense for the year reflected the impact of increased losses at Hong Kong Disneyland, partially offset by the impacts of increased profits at ESPN and decreased losses at Disneyland Resort Paris. The increase for the quarter was due to the impact of increased profits at ESPN, partially offset by the impact of increased losses at Hong Kong Disneyland. The minority interest impact is determined on income after royalties, financing costs and income taxes.

6

Minority Interests

Minority interest expense is as follows:

27

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS—(continued)

Minority interest expense decreased for the nine months due to the impact of increased losses at Hong Kong Disneyland, partially offset by the impacts of increased profits at ESPN and decreased losses at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense is as follows:

Minority interest expense decreased for the quarter and the six months due to the impact of increased losses at Hong Kong Disneyland, partially offset by the impacts of increased profits at ESPN and decreased losses at Disneyland Resort Paris. The minority interest impact is determined on income after royalties, financing costs and income taxes.

Minority Interests

Minority interest expense is as follows:

Minority interest expense decreased for the quarter due to the allocation of increased losses after royalties, financing costs and taxes relating to Hong Kong Disneyland.

22

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS—(continued)

Minority Interests

Minority interest expense increased from $177 million to $183 million for the year and from $50 million to $82 million for the quarter. The increase for the year was due to the allocation of increased profits to the minority interest holder of ESPN, partially offset by the allocation of increased losses (after royalties, financing costs, and taxes) to minority interest holders of the partially owned international theme parks.

For the quarter, the increase in minority interest expense was due to the allocation of increased profits to the minority interest holder of ESPN and the allocation of decreased losses (after royalties, financing costs, and taxes) to the minority interest holder of Hong Kong Disneyland.

Minority Interests

Minority interests are as follows:

Minority interest expense increased for the quarter due to the allocation of increased profits to the minority interest holder at ESPN and decreased losses (after royalties, financing costs and taxes) to minority interest holders of Euro Disney.

Minority interest expense decreased for the nine months primarily due to the allocation of increased losses (after royalties, financing costs and taxes) to the minority interest holders of the partially owned international theme parks, partially offset by the allocation of increased profits to the minority interest holder at ESPN.

Minority Interests

Minority interest expense increased from $47 million to $73 million due to the allocation of increased profits to the minority interest holder at ESPN and the allocation of decreased losses after royalties, financing costs and taxes to minority interest holders of Euro Disney.