Message from Our CFO

Dear Stakeholders:

The Chief Financial Officer at Disney is responsible not only for the company's finances, but also for our citizenship performance. There's a fundamental reason for this, one that's been core to our company since its founding: we firmly believe that our financial performance is inseparable from our performance as a corporate citizen. At Disney, citizenship is more than a set of guidelines or focus areas; it is an integral part of our businesses and our growth strategy. It drives competitive differentiation and strengthens our relationships with customers and the communities in which we operate. In order to have sustained success as a company, we must recognize this link and embed citizenship in our everyday actions and decisions. It's good for our planet and for our people, and it makes sound business sense.

Fiscal year 2010 was a banner year for the company. We celebrated two movies that each broke the one billion dollar mark in global box office receipts (Toy Story 3 and Disney Alice in Wonderland); achieved record-breaking viewership for many of our media networks, including ESPN and Disney Channel; unveiled new attractions in our parks, resorts and cruise line; and welcomed Marvel Entertainment and social game publisher Playdom into the Disney family.

Our citizenship commitment provides both opportunities and challenges as we grow our businesses. The launch of two new cruise ships – the 4,000 passenger Disney Dream and her sister ship Disney Fantasy sailing in 2012 – is a perfect example. The Disney Dream is a marvel of craftsmanship and technological excellence and offers an incredible opportunity to continue delivering innovative guest experiences that extend our brand. As we are constantly exploring ways to reduce the environmental impact of our cruise ships, the Disney Dream showcases several environmental innovations, such as a special hull coating to increase fuel efficiency and water reuse programs that improve water efficiency.

Another way we manage the balance between environmental stewardship and business growth is through the company's Climate Solutions Fund. This program, announced in 2010, establishes an internal price on carbon, which is levied on the emissions of our business units and incentivizes them to further reduce their impact. Disney has used these funds to invest more than $15 million in carbon offset projects around the world.

We are also working to embed the company's corporate citizenship principles into new acquisitions. In late 2009, we acquired Marvel Entertainment along with its more than 8,000 well-known characters. Marvel, like Disney, is known for its artistic and creative excellence and the fervor of its fans. Buying Marvel extends our businesses and the scope of the creative content owned by the company. It also creates new opportunities to associate our brands and characters with positive social messages, especially those that inspire kids and families to create a positive and lasting change in their communities.

Looking ahead, we'll be setting new commitments and metrics in core citizenship areas. We are building upon and holding ourselves accountable to these commitments, which have a dual benefit to our business and to society. As we grow, we are determined to continue championing best practices throughout our company.

We appreciate your interest in Disney and our citizenship strategy and we look forward to your feedback.

Sincerely,


Jay Rasulo
Senior Executive Vice President and Chief Financial Officer
The Walt Disney Company

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