2011 Shareholder Meeting Update #22 – Q&A: 3 Part Question

Q: Grandfather. Been to Disneyland easily more than 200 times. 1) What is Disney doing about controlling the proprierty of their brand? 2) The details at Disneyland and WDW (painting, etc) are not what they once were 3) Expansion of DVC at the Disneyland Resort? Very difficult to get a reservation as a DVC in that resort.

A: Iger: 3) Made a decision to only have 50 units and not currently selling in CA. 2) Impressed with how they look right now. At a point was not but have increased investment in that area. It’s good but always room for improvement. 1) We work hard to police it but have limits due to resources and not wanting to seem like policemen. But we’re pretty effective.