The Walt Disney Company’s primary financial goals are to maximize earnings and cash flow from existing businesses and to allocate capital profitably toward growth initiatives. In pursuing these goals, management is focused on the continued development of the company’s powerful brands in order to maintain the ongoing competitive advantage they confer. In this way, Disney constantly strives to maximize long-term value to shareholders. Management measures each of its businesses by its contribution to cash flow growth, return on investment and profitability. Management also evaluates allocation of capital to existing businesses, new initiatives, stock repurchases and acquisitions on the basis of their long-term contribution to shareholder value. At the same time, the company adheres to a strong ethical code of conduct, with sensitivity to all of its stakeholders – including shareholders, cast members, suppliers and the communities in which it operates.

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