INTRODUCTION

Financial Highlights
Financial Highlights

Letter To Shareholders
Parts I
Part II
Part III
Part IV
Part V
Part VI
Thank You Michael

Financial Review
Overview
2005 Earnings
Business Segment Performance
Media Networks
Studio Entertainment
Parks And Resorts
Consumer Products
Free Cash Flow
Shareholder Returns
Outlook
Reconciliations
Forward Looking Statements

KEY BUSINESSES

Studio Entertainment
Introduction
Walt Disney Pictures
Touchstone Pictures
Walt Disney Feature Animation
DisneyToon Studios
Miramax
Buena Vista International
Buena Vista Theatrical Group
Buena Vista Home Entertainment
Buena Vista Home Entertainment International
Buena Vista Music Group
Buena Vista Television and Buena Vista Television International

Parks and Resorts
Creating The Next 50 Years Of Disney Theme Park Magic
Bringing Disney Vacation Experiences To New Places

Hong Kong Disneyland
Disney Cruise Line and Disney Vacation Club

Special Events And Celebrations
New Immersive Entertainment Experiences
Live Shows And Entertainment
Allowing Guests To Create And Customize Their Vacations

Bringing Favorite Characters To Life
Enhancing The Guest Experience Online
Creating Tomorrow’s Magic Today

Consumer Products
Compelling Products For All Ages
Infants, Toddlers And Preschoolers
Inspiring The Imagination Of Girls
New Adventures For Boys
Celebrating The Spirit Of Tweens
For The Young And The Young At Heart
Creativity Leads To Product Innovation
A Global Presence
Expanding Our Business

Media Networks – Broadcasting
ABC Television Network

ABC Entertainment
ABC News
Peter Jennings Tribute
ABC Daytime
ABC Kids

Touchstone Television
Walt Disney Television Animation
Buena Vista Television
Buena Vista International Television

Media Networks – Cable Networks
Disney Channel Worldwide
ABC Family
SOAPnet
Lifetime Entertainment Services
A&E Television Networks
E! Networks
ESPN And ABC Sports

Emerging Technology
Multimedia Rights Agreements

ABC Sports
ESPN TV And Radio Networks
Internet

ESPN International
ESPN Publishing And Consumer Products

Media Networks – Internet
Introduction
Broadband
Mobile

Media Networks
ABC Owned Television Stations
Radio

Walt Disney International

Corporate Responsibility
Overview
Disney Worldwide Outreach
Disney's Environmentality™

FINANCIALS
Board Of Directors
Corporate Executive Officers and Principal Businesses
Walt Disney Company and Subsidiaries
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