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EXHIBIT 12.1

THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
FIVE YEARS ENDED SEPTEMBER 30, 2004
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

		Year Ended September 30,
		2004			2003			2002			2001			2000
EARNINGS
Income from continuing operations before     income taxes, minority interests and     cumulative effect of accounting change		$	3,739.0		$	2,254.0		$	2,190.0		$	1,283.0		$	2,633.0
Plus
	Equity in (earnings) loss of less than 50%     equity investments		(372.0	)		(334.0	)		(225.0	)		(300.0	)		(208.0	)
	Dividends		404.0			335.0			227.5			254.8			212.4
	Interest expense, amortization of debt     discounts and premium on all     indebtedness and amortization of     capitalized interest		660.2			698.2			797.5			617.1			653.7
Imputed interest on operating leases     (estimated to be one-third of     rental expense)			172.7			176.0			137.7			140.0			160.7
TOTAL EARNINGS		$	4,603.9		$	3,129.2		$	3,127.7		$	1,994.9		$	3,451.8
FIXED CHARGES
Interest expense and amortization of debt     discounts and premium on all indebtedness		$	628.9		$	666.2		$	723.0		$	544.0		$	599.0
Capitalized interest			34.9			33.0			35.8			94.0			132.0
Imputed interest on operating leases			172.7			176.0			137.7			140.0			160.7
TOTAL FIXED CHARGES		$	836.5		$	875.2		$	896.5		$	778.0		$	891.7
RATIO OF EARNINGS TO FIXED CHARGES			5.5			3.6			3.5			2.6			3.9

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EXHIBIT 12.1