Throughout the years, our guests, audiences, consumers and shareholders have come to depend on us for quality, creativity, innovation and integrity.

People trust us because of our commitment to them and to the standards to which we hold ourselves. We alone are responsible for upholding our excellence and our integrity. This means acting responsibly in all our professional relationships, in a manner consistent with the high standards we set for our business conduct.

Upholding legal standards of conduct, while mandatory for every Cast Member and employee, is not enough. We are also responsible for maintaining ethical standards. These standards govern how we treat everyone with whom we have contact. These are standards of integrity... honesty... trust... respect... fair play... and teamwork. In short, these are the standards we want Disney to continue to uphold in the years to come. Your company believes that its behavior as a business should reflect the commitment to the values set forth in these "Standards of Business Conduct."

The Standards in this booklet explain both our legal and ethical standards. Please read them. Be familiar with them. Act on them. And don't be afraid to speak up when you have a concern or a question. Talk to your supervisor, your respective Human Resources representative, or the Corporate Legal Department.

Our Standards of Business Conduct are here to guide our behavior and to help us live up to the highest expectations of excellence that are "Disney." As we continue to create Disney magic, I hope your actions show your pride in yourself, those you work with, and the Company.

- Bob Iger
  President and Chief Executive Officer