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EXHIBIT 12.1

THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
FIVE YEARS ENDED SEPTEMBER 29, 2007
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

	Fiscal Year Ended
	2007			2006			2005			2004			2003
EARNINGS
Income from continuing operations before income taxes, minority interests and cumulative effects of accounting changes	$	7,725		$	5,324		$	3,811		$	3,545		$	2,053
Equity in the income of investees		(485	)		(473	)		(483	)		(372	)		(334	)
Dividends		420			458			402			408			340
Interest expense, amortization of debt discounts and premium on all indebtedness and amortization of capitalized interest		801			769			654			667			698
Imputed interest on operating leases (estimated to be one-third of rental expense)		161			152			161			173			176
TOTAL EARNINGS	$	8,622		$	6,230		$	4,545		$	4,421		$	2,933
FIXED CHARGES
Interest expense and amortization of debt discounts and premium on all indebtedness	$	746		$	706		$	605		$	629		$	666
Capitalized interest		37			30			77			47			33
Imputed interest on operating leases		161			152			161			173			176
TOTAL FIXED CHARGES	$	944		$	888		$	843		$	849		$	875
RATIO OF EARNINGS TO FIXED CHARGES		9.1			7.0			5.4			5.2			3.4

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EXHIBIT 12.1

THE WALT DISNEY COMPANY RATIO OF EARNINGS TO FIXED CHARGES FIVE YEARS ENDED SEPTEMBER 29, 2007 (AMOUNTS IN MILLIONS, EXCEPT RATIOS)