LASTWILLANDTESTAMENT of WALTERE.

DISNEY
DiedDecember15,1966 I,WALTERE.DISNEY,aresidentofLosAngelesCounty,California,declarethistobemyLastWilland revokeallformerWillsandCodicils. FIRST:IdeclarethatIammarriedtoLILLIANB.DISNEYandthatIhaveonlytwochildren,namely,DIANE DISNEYMILLERandSHARONDISNEYBROWN. SECOND:ItismyintentiontodisposebythisWillofmyonehalf(1/2)ofthecommunitypropertyofmy wifeandmyselfandofallmyseparateproperty,ifany.Idonotundertaketodisposeofmywife'sone half(1/2)ofourcommunityproperty. THIRD:Intheeventthatthereshallbeincludedinmyestateanyinterestinanyresidentialreal properties(i.e.,propertiesoccupiedbymywifeandmyselfasourresidenceatthedateofmydeathor asoneofseveralofourresidences)Iherebygranttomywife,LILLIANB.DISNEY,ifshesurvivesme,an optiontopurchaseanyoneormoreofsuchresidentialrealproperties.Thepurchasepriceforthe residentialrealpropertypurchasedshallbeitsappraisedvalueasshownintheInventoryand Appraisementformyestate,lesstheamountofanyencumbranceonsuchresidentialrealproperty.If mywifeexercisesthisoptiontopurchasesheshalltakesuchresidentialrealpropertysubjecttoany encumbranceexistingagainstitatthedateofmydeathandmyestateshallnotpayanysuch encumbrance.Thepurchasepricefortheresidentialrealpropertypurchasedbymywifepursuantto theexerciseofthisoptionmaybepayablebyhereitherincashorinstockofWaltDisneyProductions (oranysuccessorcorporation)atheroption.Intheeventthatmywifeelectstopayforsuchresidential realpropertyinstock,thevalueofsuchstockforsuchpurposeshallbetheclosingpriceforthestockon theNewYorkStockExchangeonthedayprecedingthedayonwhichmywifeobtainstitletomyinterest insuchresidencepursuanttotheprovisionsofthisArticle.Theoptiongrantedhereundermustbe exercisedbymywifewithinsixmonthsofthedateofmydeath.Anyresidentialrealpropertywhichis notpurchasedbymywifepursuanttotheprovisionsofthisArticleshallaugmenttheresidueofmy estateprovidedforunderthetermsofArticleSIXTHbelow.Intheeventthatanysuchresidentialreal propertyissopurchased,theproceedsfromthesaleshallalsoaugmenttheresidueofmyestateandbe disposedofasprovidedinArticleSIXTHbelow. FOURTH:Igiveandbequeathtomywife,LILLIANB.DISNEY,ifshesurvivesmebysixty(60)days,allof mytangiblepersonalpropertyandpersonaleffects,includingwithoutlimitation,allmyhousehold furniture,furnishings,silverware,books,paintings,worksofart,automobiles,clothing,jewelry, miniatures,awardsandallothersimilaritemsincludingallpoliciesofinsuranceonsuchproperty.Inthe

eventthatmywifedoesnotsosurvivemeIgiveandbequeathallofthepropertydisposedofbythis ArticleFOURTHinequalsharestomychildreniftheybothsosurviveme,oralltothesurvivorifonly oneofmychildrensurviveme.Intheeventthatmywifeandmychildrendonotsosurviveme,thegift providedforinthisArticleFOURTHshalllapseandthepropertiesdisposedofunderthisArticleFOURTH shallaugmenttheresidueofmyestate. FIFTH:Igive,deviseandbequeaththerestandresidueofmyproperty,realandpersonal,wherever located,includingallfailedanlapsedgifts,asfollows: 1.Fortyfivepercent(45%)ofsuchresidueshallbedistributedtoLILLIANB.DISNEY,HERBERTF.STURDY andUNITEDCALIFORNIABANKasTrustees,INTRUST.SuchTrustshallbeknownastheDisneyFamily TrustandshallbeheldanddistributedasprovidedforinArticleSIXTHbelow. 2.Fortyfivepercent(45%)ofsuchresidueshallbedistributedtoDisneyFoundationasTrustee,IN TRUST.SuchTrustshallbeknownastheCharitableTrustandshallbeheldanddistributedasprovided forinArticleSEVENTHbelow.IfalloranyportionofthegiftprovidedforinthisParagraph2shallbe invalidbyreasonofProbateCodeSection41,oranyotherprovisionoflawlimiting,restrictingor invalidatinggiftstocharity,suchbequestshallbecarriedouttotheextentpermittedbylaw,andtothe extentnotsopermittedshallgoinsteadtotheUniversityofCalifornia. 3.Twoandonehalfpercent(21/2%)thereofshallbedistributedtoLILLIANB.DISNEY,HERBERTF. STURDYandUNITEDCALIFORNIABANKasTrustees,INTRUST,forthebenefitofMARJORIEDAVIS (herebydesignatedalifeincomebeneficiary)andNANETTEDAVIS,GEOFFREYDAVISandMELINDA DAVIS(herebydesignatedasremaindermen)tobeheldanddistributedasaResiduaryTrustasprovided forinArticleEIGHTHbelow. 4.Twoandonehalfpercent(21/2%)thereofshallbedistributedtoLILLIANB.DISNEY,HERBERTF. STURDYandUNITEDCALIFORNIABANKasTrustees,INTRUST,forthebenefitofDOROTHYDISNEY PUDER(herebydesignatedalifeincomebeneficiary)andLINDAPUDER,DAVIDPUDERandPAULPUDER (herebydesignatedasremaindermen),tobeheldanddistributedasaResiduaryTrustasprovidedforin ArticleEIGHTHbelow. 5.Twoandonehalfpercent(21/2%)thereofshallbedistributedtoLILLIANB.DISNEY,HERBERTF. STURDYandUNITEDCALIFORNIABANKasTrustees,INTRUST,forthebenefitofRUTHFLORABEECHER (herebydesignatedalifeincomebeneficiary)andTHEODOREBEECHER(herebydesignateda remainderman)tobeheldanddistributedasaResiduaryTrustasprovidedforinArticleEIGHTHbelow. 6.Twoandonehalfpercent(21/2%)thereofshallbedistributedtoLILLIANB.DISNEY,HERBERTF. STURDYandUNITEDCALIFORNIABANK,asTrustees,INTRUST,forthebenefitofPHYLLISBOUNDS (herebydesignatedalifeincomebeneficiary)andALEXANDRADETIEGE,VICTORIADETIEGEandCLANCY DETIEGE(herebydesignatedasremaindermen)tobeheldanddistributedasaResiduaryTrustas providedforinArticleEIGHTHbelow. SIXTH:DISNEYFAMILYTRUST: 2

1.Intheeventthatmywife,LILLIANB.DISNEY,shallsurviveme,theTrusteesmaypaytoherorapply forherbenefitsomuchofthenetincomeandprincipalofthetrustestateastheTrustees(otherthan LILLIANB.DISNEYwhoshallnotparticipateintheexerciseofthisdiscretion)deemnecessaryorproper forherhealth,supportandmaintenance.IntheexerciseofsuchdiscretiontheTrusteesshalltakeinto considerationotherincomeavailabletoherforsuchpurposesandheldfreeofthistrust.Anyincome whichisnotsoappliedorpaidtoLILLIANB.DISNEYmaybepaidtoorappliedforthebenefitofagroup ofpersonsconsistingsolelyofmydaughters,mygrandchildrenandanyotherissueofminewhoare livingatthetimeofmydeath,orwhomaybebornafterwards,insuchproportionsandamountsasthe Trustees,intheirsolediscretion,deemtobenecessaryorappropriate.Thebalanceoftheincomewhich isnotpaidtoorappliedforthebenefitofLILLIANB.DISNEYorsuchgroupofpersonsshallbe accumulatedbytheTrusteesandaddedtotheprincipalofthetrustestate. 2.UponthedeathofLILLIANB.DISNEY(oruponmydeathintheeventthatsheshallfailtosurviveme), theTrusteesshalldividethetrustestateintotwoequalshares.Onehalf(1/2)oftheincomefromeach shareofthetrustshallbepaidtoorappliedforthebenefitofeachdaughterofmine,inmonthlyor otherconvenientinstalments[sic],butnolessoftenthanquarterly,throughouttheirlifetimes.The otheronehalf(1/2)oftheincomefromsuchshareofthetrustestatemaybepaidorappliedforthe benefitofagroupofpersonsconsistingsolelyofthedaughterreceivingtheonehalf(1/2)oftheincome ofsuchshare,mygrandchildrenandanyothersuchissueofminewhoarelivingatthedateofmy death,orwhomaybebornafterwards,insuchproportionsandamountsastheTrustees,intheirsole discretion,determinetobenecessaryorappropriate.Inmakingthepaymentsfromsuchotheronehalf (1/2)ofthisincometheTrusteesmaypaymoretoorapplymoreforthebenefitofoneormorepersons includedinsuchgroupthantheothers,anddistributionsmaybemadetooneormorepersonsincluded insuchgroupandnottotheothers,iftheTrusteesdeemsuchtobenecessaryorappropriate.The balanceofsuchotheronehalf(1/2)oftheincomefromasharewhichisnotpaidtoorappliedforthe benefitofsuchgroupofpersonsshallbeaccumulatedbytheTrusteesandaddedtotheprincipalof suchshareofthetrustestate.Uponthedeathofadaughterofminetheonehalf(1/2)oftheincomeof asharerequiredtobedistributedtosuchdaughterduringherlifetimeundertheprovisionsofthis Paragraph2shallaugmenttheotheronehalf(1/2)oftheincomewithrespecttosuchshare distributableamongsuchgroupofpersonsundertheprovisionsofthisParagraph2. 3.Uponthedeathofthelasttosurviveofmyself,LILLIANB.DISNEY,DIANEDISNEYMILLERandSHARON DISNEYBROWN,theentireprincipalandaccruedandundistributedincomeofthetrustestateshallbe dividedintoequalshares,one(1)shareforeachgrandchildofminewhoisthenlivingandone(1) shareforthethenlivingissue,takencollectively,ofeachgrandchildofminewhomaythenbe deceased.Thesharesetasideforeachgrandchildofminewhohasthenattainedagethirty(30)shallbe distributedoutrighttosuchgrandchild.Thesharesetasideforeachgrandchildwhohasnotthen attainedagethirty(30)shallcontinuetobeheldintrust,subjecttotheprovisionsofParagraph4ofthis ArticleSIXTH.Thesharesetasidefortheissueofadeceasedgrandchildofmineshallbedistributed outrighttosuchissueupontheprincipleofrepresentation,subjecthowever,totheprovisionsof Paragraph5ofthisArticleSIXTH.

4.Intheeventthatundertheprovisionsoftheprecedingparagraphashareshallcontinuetobeheldin trustforagrandchildofmine,theTrusteesshallpaytoorapplyforthebenefitofsuchgrandchildallof thenetincomeofsuchshareinmonthlyorotherconvenientinstalments[sic],butnotlessoftenthan quarterly,provided,however,thatuntilsuchtimeassuchgrandchildattainsagetwentyone(21)the Trusteesshallonlypaytoorapplyforthebenefitofsuchgrandchildsomuchofthenetincomeofsuch shareastheTrusteesdeemnecessaryorpropertoprovideforthegrandchild'shealth,education, supportandmaintenance,andthebalanceofsuchincomeshallbeaccumulatedandaddedtothe principalofsuchshare.Atsuchtimeasagrandchildforwhomashareisheldintrustunderthe provisionsofthisParagraph4attainsagethirty(30)theTrusteesshalldistributeoutrighttothe grandchildtheentireremainingbalanceofsuchshare.Shouldanygrandchildforwhomashareisheldin trustundertheprovisionsofthisParagraph4diepriortoobtainingfulldistributionofsuchshare,the Trusteesshalldistributeoutrightthethenremainingbalanceofsuchgrandchild'ssharetothelawful issueofsuchgrandchildlivingatthedateofthegrandchild'sdeath,upontheprincipleof representation,subjecthowever,totheprovisionsofParagraph5ofthisArticleSIXTH,andshouldno suchissuebethenlivingsuchremainingbalanceshallgotoaugmentequallythesharesthenheldfor thebenefitof,andthosepreviouslydistributedto,myothergrandchildren,excludingeachgrandchild theretoforedeceasedleavingnoissuelivingatthetimeofsuchaugmentation,butincluding,uponthe principleofrepresentation,thethenlivinglawfulissueofanydeceasedgrandchildofmine. 5.Intheeventthatundertheforegoingprovisionsaportionofthetrustestatebecomesdistributable totheissueofanydeceasedgrandchildofmineandanysuchissuehasnotthenattainedagetwenty one(21),theTrusteesshallhold,administer,investandreinvestsuchissue'spartofthetrustestatefor hisorherbenefitandshallapplysomuchofthenetincomeandsuchportionoftheprincipalthereof astheTrustees,intheirdiscretionshalldeemnecessaryforsuchissue'shealth,education,supportand maintenance,orinthediscretionoftheTrustees,shallmakesuchpaymentstothelegalguardianof suchissueortothepersonwithwhomsuchissuemayresideordirectorytosuchissue,orotherwise,as theTrusteesmayfromtimetotimedeemadvisable,andshallaccumulateforthebenefitofsuchissue anyincomenotsoappliedorpaid.Whenanissueforwhomaportionshallhavebeenretainedunder thisprovisionattainsagetwentyone(21),anyofsuchportionthenheldforthebenefitofsuchissue shallbedistributedoutrighttotheissue,andinthecaseofsuchissue'sdeathpriorthereto,shall forthwithbedistributedtotheissue'sestate. 6.Ifthepaymentofincomefromthistrusttowhichanychildorgrandchildofmineisentitled,shouldbe insufficient,inthediscretionoftheTrustees,toprovideforthehealth,education,supportandmainten anceofsuchchildorgrandchild,theTrusteesmaypaytoorapplyforthebenefitofsuchchildor grandchildsomuchoftheprincipalofthetrustestateastheTrusteesmaydeemproperornecessaryfor suchpurposes;provided,however,thatfromandafterthetimethatthetrustestateisdividedinto separatesharesforeachgrandchildofmine,paymentsofsuchprincipalforthebenefitofagrandchild shallonlybemadefromtheprincipalofthesharesetasideforthegrandchild,shallnotexceedthe principalofthesharesetasideforthegrandchildandshallbedeductedfromit.Intheexerciseof discretionhereundertheTrusteesshalltakeintoconsiderationotherincomeavailabletosuchchildor grandchildforthesepurposesandheldfreeofthistrust. 4

7.Intheeventthatundertheforegoingprovisionsaportionofthetrustestateshallbeundisposedof, suchundisposedofportionshallbedistributedoutrighttomyheirs.Asusedhereintheword"heirs" shallmeanthosepersons,otherthancreditors,whowouldtakemyseparatepersonalpropertyunder thelawsoftheStateofCaliforniaifIhaddiedonthedatestipulatedfordistributionanddomiciledin suchstate. SEVENTH:CHARITABLETRUST: 1.TheTrusteeshalldividethetrustestateintotwosharesasfollows:Oneshareequaltofivepercent (5%)thereofshallbesetasideforDISNEYFOUNDATION,andoneshareequaltoninetyfivepercent (95%)thereofshallbesetasideforCALIFORNIAINSTITUTEOFTHEARTS.Notwithstandingsuchdivision intoshares,eachshareshallnotconstituteaseparatetrust,butrather,theentiretrustestateprovided forunderthisArticleSEVENTHshallbeheldasonetrustforthebenefitofbothorganizations. 2.IntheeventtheTrusteeshalldeterminethateitheroftheabovementionedorganizationsshallbein furtherneedoffundsinordertocarryoutthepurposesforwhichsuchorganizationswereformed,the Trusteemaydistributetosuchorganizationsomuchoftheprincipaloftheshareofthetrustestateset asideforthebenefitofsuchorganization,uptothewholethereof,astheTrustee,initssoleand absolutediscretionshalldeemnecessaryorproperforsuchpurposes.Distributionsofprincipalofthe trustestatemaybemadetooneorganizationandnottotheother,inthesoleandabsolutedis cretionoftheTrustee.Anypaymentofprincipal,however,shallnotexceedtheprincipaloftheshareof thetrustestatesetasideforsuchorganizationand,inorderthatsuchorganizationwillthereafter receiveonlythatpartofincomeofthetrustestatewhichisproportionatetotheundistributedshareof suchorganizationinsuchtrustestate,suchprincipaldistributionshallbedeductedfromtheshareset asideforsuchorganization.Forexample,iftwopercent(2%)oftheprincipaloftheentiretrustestate weredistributedtoDisneyFoundation,thereaftertheshareofthetotalincomeofthetrustestatetobe distributedtoDisneyFoundationwouldbethreepercent(3%).Likewise,iftwopercent(2%)ofthe principaloftheentiretrustestatewerethereafterdistributedtoCaliforniaInstituteoftheArts,would beninetythreepercent(93%). 4.IntheeventthattheprincipalofthetrustestateconsistsofsharesofstockofWaltDisney Productions,oranyothersecuritiesofsuchcorporationoranyothercorporation,andtheTrusteehas decidedtomakeadistributionofprincipalinaccordancewiththeprovisionsofthepreceding paragraph,theTrustee,initssoleandabsolutediscretion,mayaccomplishsuchprincipaldistributionin anyoneormoreofthefollowingways,eitheraloneorincombination: (a)Distributethesecurities (b)Sellthesecurities(whichwouldotherwisehavebeendistributed)tooneormorethirdpartiesand distributethenetproceeds,or (c)Purchasesuchsecuritiesinitsindividualcapacity(attheclosingpriceforsuchsecuritiesontheNew YorkStockExchangeonthedateofpurchase)anddistributetheproceeds.

5.IftheentireprincipaloftheshareofthetrustestatesetasideforCaliforniaInstituteoftheArtsis distributedtoitundertheprovisionsoftheforegoingparagraphs,theTrusteemayterminatethetrust anddistributeoutrighttoDisneyFoundationtheentireremainingbalanceofthetrustestate. However,iftheentireprincipaloftheshareofthetrustestatesetasideforDisneyFoundationis distributedoutrighttoit,thetrustshallnotterminate,butrather,theentireremainingbalanceofthe trustestateshallthencontinuetobeheldintrustsolelyforthebenefitofCaliforniaInstituteforthe Arts,subjecttoallofthetermsandconditionsofthisArticleSEVENTH. EIGHTH:RESIDUARYTRUST: 1.TheentirenetincomeofeachofthefourResiduaryTrustscreatedundertheprovisionsofParagraphs 3through6ofArticleFIFTHaboveshallbepaidtoorappliedforthebenefitofthepersondesignatedas alifeincomebeneficiaryinmonthlyorotherconvenientinstalments[sic],butnolessoftenthan quarterly,duringtheentirelifetimeofsuchlifeincomebeneficiary. 2.Uponthedeathofsuchlifeincomebeneficiary(oruponmydeathintheeventthatsuchlifeincome beneficiarydoesnotsurviveme)theTrusteeshalldividetheparticularResiduaryTrustintoequalshares asfollows:OneshareforeachthenlivingpersondesignatedasaremaindermanofsuchResiduary Trustandoneshareforthethenlivingissueofeachsuchremaindermanwhomaythenbedeceased. Thesharesetasideforeachremaindermanwhohasthenattainedagethirty(30)shallbedistributed outrighttohimorher.Thesharesetasideforeachremaindermanwhohasnotthenattainedagethirty (30)shallcontinuetobeheldintrust,subjecttotheprovisionsofParagraph3ofthisArticleEIGHTH below.Thesharesetasidefortheissueofadeceasedremaindermanshallbedistributedoutrightto suchissueupontheprincipleofrepresentation,subjecthowever,totheprovisionsofParagraph4of thisArticleEIGHTHbelow. 3.IntheeventthatundertheprovisionsoftheprecedingparagraphashareofaResiduaryTrustshall continuetobeheldintrustforaremainderman,theTrusteesshallpaytoorapplyforthebenefitof suchremaindermanallofthenetincomeofsuchshareinmonthlyorotherconvenientinstalments[sic] butnolessoftenthanquarterly;provided,however,thatuntilsuchtimeasaremaindermanattainsage twentyone(21)theTrusteesshallonlypaytoorapplyforthebenefitofsuchremaindermansomuchof thenetincomeofsuchshareastheTrusteesdeemnecessaryorpropertoprovideforthe remainderman'shealth,education,supportandmaintenanceandthebalanceofsuchincomeshallbe accumulatedandaddedtotheprincipalofsuchshare.Atsuchtimeasaremaindermanforwhoma shareisheldintrustundertheprovisionsofthisParagraph3attainsagethirty(30),theTrusteesshall distributeoutrighttotheremaindermantheentireremainingbalanceofsuchshare.Shouldany remaindermanforwhomashareisheldintrustundertheprovisionsofthisParagraph3diepriorto obtainingfulldistributionofsuchshare,theTrusteesshalldistributeoutrightthethenremaining balanceofsuchremainderman'ssharetothelawfulissueofsuchremaindermanlivingatthedateofthe remainderman'sdeath,upontheprincipleofrepresentation,subjecthowever,totheprovisionsof Paragraph4ofthisArticleEIGHTHbelow,andshouldnosuchissuebethenlivingsuchremaining balanceshallgotoaugmentequallythesharesthenheldforthebenefitof,andthosepreviously distributedto,theotherremaindermanoftheparticularResiduaryTrust,excludingeachremainderman 6

theretoforedeceasedleavingnoissuelivingatthetimeofsuchaugmentation,butincludinguponthe principleofrepresentationthethenlivinglawfulissueofanydeceasedremaindermanofsuchparticular ResiduaryTrust. 4.IntheeventthatundertheforegoingprovisionsaportionofaResiduaryTrustbecomes distributabletotheissueofanydeceasedremaindermanandanysuchissuehasnotthenattainedage twentyone(21)theTrusteesshallhold,administer,investandreinvestsuchissue'spartofthe ResiduaryTrustforhisorherbenefit,andshallapplysomuchofthenetincomeandsuchportionofthe principalthereofastheTrusteesintheirdiscretionshalldeemnecessaryforsuchissue'shealth, education,supportandmaintenance,orinthediscretionoftheTrustees,shallmakesuchpaymentsto thelegalguardianofsuchissueortothepersonwithwhomsuchissuemayresideordirectlytosuch issue,orotherwise,astheTrusteesmayfromtimetotimedeemadvisable,andshallaccumulateforthe benefitofsuchissueanyincomenotsoappliedorpaid.Whenanissueforwhomaportionshallhave beenretainedintrustunderthisprovisionattainsagetwentyone(21),anyofsuchportionthenheldfor thebenefitofsuchissueshallbedistributedoutrighttotheissue,andinthecaseofsuchissue'sdeath priorthereto,shallforthwithbedistributedtotheissue'sestate. 5.IfthepaymentsofincomefromaResiduaryTrusttowhichanylifeincomebeneficiaryor remaindermanisentitledshouldbeinsufficient,inthediscretionoftheTrusteestoprovideforthe health,education,supportandmaintenanceofsuchlifeincomebeneficiaryorremainderman,the Trusteesmaypaytoorapplyforthebenefitofsuchlifeincomebeneficiaryorremaindermansomuch oftheprincipaloftheResiduaryTrustastheTrusteesmaydeemproperornecessaryforsuchpurposes; providedhowever,thatfromandafterthetimethataResiduaryTrustisdividedintoseparatesharesfor theremainderman,paymentsofsuchprincipalforthebenefitofaremaindermanshallonlybemade fromtheprincipalofthesharesetasidefortheremainderman,shallnotexceedtheprincipalofthe sharesetasidefortheremaindermanandshallbedeductedfromit.Intheexerciseofdiscretion hereundertheTrusteesshalltakeintoconsiderationotherincomeavailabletoalifeincomebeneficiary orremaindermanforthesepurposesandheldfreeofaResiduaryTrust. 6.IntheeventthatundertheforegoingprovisionsaportionofaResiduaryTrustshallbeundisposed of,suchundisposedofportionshallaugmenttheprincipaloftheDisneyFamilyTrustprovidedforunder thetermsofArticleSIXTHaboveandshallbeheld,administeredanddistributedasprovidedtherein. NINTH:POWEROFTRUSTEES: Tocarryoutthepurposesofthetrustscreatedhereunderandsubjecttoanylimitationssetforthelse whereinthisinstrumenttheTrusteesarevestedwiththefollowingpowers,inadditiontoanynowor hereafterconferredbylaw: 1.Tocontinuetoholdanyproperty,includingstockofaTrusteecorporation,andtooperateattherisk oftheTrustEstateandnotattheriskoftheTrustees,anypropertyorbusinessreceivedinthisTrust, includingspecificallyanysharesofstockofWaltDisneyProductions,Inc.andRetlawEnterprises,Inc.(or anysuccessorofsuchcorporations),aslongastheTrusteesmaydeemadvisable,theprofitsandlosses therefromtoinuretoorbechargeabletotheTrustEstateasawholeandnottotheTrustees.The 7

Trusteesshallnotberequiredtosellanyofsuchassetsmerelyforthesakeofdiversifyingtrustinvest ments,orforthesakeofobtainingfundstopurchaseassetsthatproducemoreincome. 2.Tomanage,control,sell,convey,exchange,partition,divide,subdivide,improve,repair;togrant optionsandtosellupondeferredpayments;toleasefortermswithinorextendingbeyondtheduration oftheTrustforanypurpose,includingexplorationforandremovalofgas,oilandotherminerals;to compromise,arbitrateorotherwiseadjustclaimsinfavoroforagainsttheTrust;tocreaterestrictions, easementsandotherservitudes;tocarrysuchinsuranceastheTrusteesmaydeemadvisable. 3.Toinvestandreinvesttheprincipal,andincomeifaccumulated,andtopurchaseoracquiretherewith everykindofproperty,real,personalormixed,andeverykindofinvestmentspecificallyincluding,but notbywayoflimitation,corporateobligationsofeverykindandstocks,preferredorcommon;to investinanycommontrustfundnoworhereafterestablishedbyacorporateTrustee. 4.ToadvancefundstosaidTrustforanytrustpurpose,suchadvanceswithinterestatcurrentratesto beafirstlienonandtoberepaidoutofprincipalorincome;toreimburseTrusteesfromprincipalor incomeforanylossorexpenseincurredbyreasonofTrustees'ownershiporholdingofanypropertyin thisTrust. 5.ToborrowmoneyforanytrustpurposeuponsuchtermsandconditionsastheTrusteesmaydeem proper,andtoobligatetheTrustEstateforrepayment;toencumbertheTrustEstateoranyofits propertybymortgage,deedoftrust,pledgeorotherwise,usingsuchproceduretoconsummatethe transactionastheTrusteesmaydeemadvisable. 6.Tohaverespectingsecuritiesalltherights,powersandprivilegesofanowner,including,without limitingtheforegoing,thepowertogiveproxies,paycalls,assessmentsandothersumsdeemedbythe TrusteesnecessaryfortheprotectionoftheTrustEstate;toparticipateinvotingtrusts,pooling arrangements,foreclosures,reorganizations,consolidations,mergersandliquidations,andin connectiontherewithtodepositsecuritieswithandtransfertitletoanyprotectiveorothercommittee undersuchtermsastheTrusteesmaydeemadvisable;toexerciseorsellstocksubscriptionor conversionrights;toacceptandretainasaninvestmenthereunderanysecuritiesreceivedthroughthe exerciseofanyoftheforegoingpowers. 7.UponanydivisionorpartialorfinaldistributionoftheTrustEstate,topartition,allotanddistribute theTrustEstateinundividedinterestsorinkindorpartlyinmoneyandpartlyinkind,atsuchvaluation andaccordingtosuchmethodorprocedureastheTrusteesmaydeemnecessarytomakesuchdivision ordistribution. 8.TobudgettheestimatedannualincomeandexpensesoftheTrustinsuchmannerastoequalize,as faraspracticable,periodicalincomepaymentstobeneficiaries. 9.InthedeterminationofwhatisincomeorprincipaloftheTrustEstatetheTrusteesshallbegoverned bytheprovisionsoftheCaliforniaPrincipalandIncomeActfromtimetotimeexisting;provided

however,thatnaystockdividendsoffivepercent(5%)orlesspaidbyWaltDisneyProductions(orany successorcorporation)shallbeconsideredincomeratherthanprincipal. 10.TheenumerationofcertainpowersoftheTrusteesshallnotlimittheirgeneralorimpliedpowers, andtheTrustees,subjectalwaystothedischargeoftheirfiduciaryobligations,arevestedwithand shallhavealltherights,powersandprivilegeswhichanabsoluteownerofthesamepropertywould have;providedhowever,thatnoneoftheforegoingpowersshallbeconstruedtoallowtheTrusteesto transfertrustpropertytoanypersonotherthanthedesignatedTrustbeneficiarieswithoutreceiving fairandadequateconsideration. 11.Intheeventthatthereshallbeincludedasanassetofthetrustestateoneormoreparcelsof residentialrealproperty(orafractionalinteresttherein)theTrusteesareauthorizedtoholdsuchpro pertiesasanassetofthetrustestatesolongasmywife,LillianB.Disney,islivingandshalldesireto occupysuchresidentialrealproperty.Ifmywifedoesoccupysuchresidenceorresidencessheshallbe abletodosowithoutpaymentofrentandshallgenerallymanage,careforandprotectit,butthe Trusteesmaypayaproportionateamountofanytaxes,assessments,liensandinsuranceonsuch propertiesandasimilarproportionoftheexpensesandrepairandreplacementstoanybuildings thereon.TheTrusteesshallhavenootherresponsibilitiesastosuchpropertieswhiletheyarebeing occupiedbymywifebuttheTrusteesmaycarryinsurancefortheprotectionofthetrustestateatthe expenseofthetrustestate.Atsuchresidence,oruponherdeath,theTrusteesshallselltheresidences andtheproceedsshallbecomepartofthetrustestate. TENTH:GENERALPROVISIONS. Subjecttoanylimitationsstatedelsewhereinthisinstrumentthefollowingadditionalprovisionsshall applytoalltrustsandtrustestatescreatedhereunder: 1.Eachandeverybeneficiaryshallbewithoutright,powerorauthoritytosell,assign,pledge,mortgage orinanyothermannertoencumber,alienate,orimpairhisorherbeneficialorlegalinterestinthe Trust,oranypartthereof,orintheprincipalorincomethereof,andthebeneficialandlegalinterestin andtheprincipalandtheincomeoftheTrustandeverypartthereofshallbefreefromtheinterference orcontrolofcreditorsofeachandeverybeneficiaryoftheTrustandshallnotbesubjecttotheclaimsof anycreditorofanybeneficiary,norliabletoattachment,execution,bankruptcyoranyotherprocessof law,andtheincomeandprincipaloftheTrustshallbepaidovertothebeneficiaryinperson,orinthe eventofminorityorincompetencyofthebeneficiary,ortoorforthebenefitofthebeneficiaryinsuch mannerasintheTrustees'discretionseemsmostadvisable,atthetimeandinthemannerherein providedandnotuponanywrittenorverbalordernoruponanyassignmentoftransferthereofbythe beneficiaryorbyoperationoflaw. 2.WhenevertheTrustEstatehereunderisdividedintoseparateshares,eachsuchshareshallconstitute aseparateanddistincttrust,buttheTrusteesshallnotberequiredtomakephysicalsegregationofthe trustassetsandmayholdpropertyinundividedinterestsineachofsuchtrusts.TheTrusteesmay, however,makephysicalsegregationifthatseemsnecessaryoradvisableintheirdiscretion.

3.IncomeaccruedorunpaidontrustpropertywhenreceivedintotheTrustshallbetreatedasany otherincome. 4.Uponthedeathofanybeneficiary,anyaccruedorundistributedincomewhichwouldhavebeen payabletosuchbeneficiaryhadsuchbeneficiarycontinuedtolive,shallbepaidtothepersonor personswhomaybeentitledtothepaymentofincomeonthedayonwhichincomenextispayableor whomaybeentitledtothetransferofprincipaluponsuchbeneficiary'sdeath. 5.TheTrusteesmaymakepaymentstoanybeneficiaryunderdisabilitybymakingthemtotheguardian ofthepersonofthebeneficiary,ordirectlytothebeneficiary,ormayapplythemforthebeneficiary's benefit.Inthecaseofaminor,paymentsmayalsobemadetoeitherparent,ormaybemadedirectlyto anyminorwho,inthejudgmentoftheTrustees,issufficientlymaturetojudiciouslyusethesame. 6.Theterms"child,""grandchildren,""issue,"and"heirs"wheneverusedinthisinstrumentshallinclude legallyadoptedchildren. 7.AnyTrusteeshallhavetherighttoresignthetrusteeshipatanytime.Uponresignationorinabilityto actofanyTrustee,asuccessorTrusteeshallbeappointedinthemannerprovidedhereinwithrespectto successorTrustees.NobondshallberequiredofanyTrusteenamedhereinnorofanysuccessorTrustee whomaybeappointedhereunder. 8.UntiltheTrusteesshallreceivewrittennoticeofanybirth,marriage,deathorothereventuponwhich therighttopaymentsfromthisTrustmaydepend,theTrusteesshallincurnoliabilitytopersonswhose interestsmayhavebeenaffectedbythateventfordisbursementsmadeingoodfaith. 9.TheTrusteesshallbefullyprotectedinanyactionornonactiontaken,permittedorsufferedingood faithandinaccordancewiththeopinionoftheircounsel,andincaseoflegalproceedingsinvolvingthe Trusteesortheprincipalorincomeofthetrustestates,theTrusteesmaydefendsuchproceedings,or may,uponbeingadvisedbycounselthatsuchactionisnecessaryoradvisablefortheprotectionofthe interestsoftheTrusteesorofthebeneficiaries,instituteanylegalproceedings. 10.Anythingtothecontrarynotwithstanding,notrustcreatedhereunder(excepttheCharitableTrust providedforinArticleSEVENTHabovewhichshallcontinueindefinitelyasprovidedfortherein)shall continueforaperiodlongerthantwentyone(21)yearsafterthedeathofthelasttodieofallofthe beneficiariesthereoflivingatthedateofmydeath,andanytrustwhichdoesnototherwiseterminate priortothatdateshallterminateonthatdateandthereupontheTrusteesshalldistributeanddeliver freeandclearofanytrustthethenremainingbalanceofprincipalandundistributednetincometothe personswhoareatthattimeentitledtoincomefromeachtrustorportionofatrustonsuch terminationdate,andinthesameproportionsastheyareentitledtoreceivetheincomeatsuchtime. ELEVENTH:SUCCESSORTRUSTEES: Intheeventofthedeath,resignationorincapacityofLILLIANB.DISNEY,sheshallbesucceededasa CoTrusteebyDIANEDISNEYMILLER,andintheeventofthedeath,resignationorincapacityofDIANE DISNEYMILLER,sheshallbesucceededasaCoTrusteebySHARONDISNEYBROWNandintheeventof 10

thedeath,resignation,orincapacityofSHARONDISNEYBROWN,asuccessorCoTrusteeshallbe appointedbytheremainingtwoCoTrustees.Intheeventofthedeath,resignationorincapacityof HERBERTF.STURDY,asuccessorCoTrusteeshallbeappointedbytheremainingtwoCoTrustees; providedhowever,thatsuchCoTrusteesshallgiveconsiderationtoappointinganotherpartnerinthe lawfirmofGibson,Dunn&CrutchertoserveaseachsuccessorCoTrustee.Allrights,powers,duties anddiscretionshereinconferredupontheoriginalTrusteesshallvestinallsuccessorTrustees. TWELFTH:ExceptasImayotherwiseexpresslyprovideinwritinginconnectionwithanytransfermade priortomydeath,Idirectthatallestate,inheritanceandsuccessiontaxesimposedbytheFederal Governmentorbyanycountry,state,districtorterritory,andoccasionedorpayablebyreasonofmy death,whetherornotattributabletopropertysubjecttoprobateadministration,shallbechargeable toandpaidoutoftheresidueofmyestateprovidedforunderthetermsofArticleFIFTHabovewith outapportionment,deductionorreimbursementtherefor,andwithoutadjustmentthereofamongthe residuarybeneficiaries. THIRTEENTH:ExceptasotherwiseprovidedinthisWill,Ihaveintentionallyandwithfullknowledge omittedtoprovideformyheirs,includinganypersonswhomayclaimtobeanissueofmine. FOURTEENTH:Ifanydevisee,legateeorbeneficiaryunderthisWilloranylegalheirofmine,orperson claimingunderanyofthem,shallcontestthisWillorattachorseektoimpairorinvalidatethisWill,or anypartorprovisionhereof,orconspirewithorvoluntarilyassistanyoneattemptingtodoanyofthose things,inthateventIspecificallydisinheriteachsuchpersonandalllegacies,bequests,devisesand interestsgivenunderthisWilltothatpersonshallbeforfeitedandshallaugmentproportionatelythe sharesofmyestategoingunderthisWilltoorintrustforsuchofmydevisees,legateesand beneficiariesashallnothaveparticipatedinsuchactsorproceedings.Ifallmydevisees,legateesand beneficiariesshallparticipateinsuchproceedings,Igivedeviseandbequeaththewholeofmyestate tomyheirsatlawexcludingalloftheaforesaidpersonsasiftheyhadpredeceasedme. FIFTEENTH:Inominateandappointmywife,LILLIANB.DISNEY,HERBERTF.STURDYandUNITED CALIFORNIABANK,asCoExecutorsofthisWill.IntheeventthateithermywifeorHERBERTF.STURDY shallbeunabletoactassuchorshallfailtocompletetheadministrationofmyestate,thentheother shallserveasCoExecutoralongwithUNITEDCALIFORNIABANKandintheeventthatbothmywifeand HERBERTF.STURDYareunabletoactassuchorshallfailtocompletetheadministrationofmyestate thenUNITEDCALIFORNIABANKshallbethesoleExecutor.Nobondshallberequiredofanyindividual whileactingasaCoExecutorhereunder.SuchCoExecutorsshallhavefullpowerandauthoritytolease, sell,exchangeorencumberthewholeoranypartofmyestate,withoutnotice,butsubjecttosuch confirmationasmayberequiredbylawandmaycontinuetohold,manageandoperateanyproperty, and,subjecttocourtapproval,anybusinessbelongingtomyestate.Ifurtherauthorizeandempower myCoExecutors,uponanydivisionofmyestate,oruponanypartialorfinaldistributionofmyestate, topartition,allotanddistributemyestateinundividedinterestsorinkindorpartlyinmoneyandpartly inkindaccordingtouchmethodorprocedureasmyCoExecutorsshalldetermine;providedhowever, thatinmakinganallocationofassetstothevarioustrustcreatedundertheprovisionofArticleFIFTH above,anysharesofstockofRetlawEnterprises,Inc.,oranysuccessorcorporation,oranyinterestin 11

residentialrealpropertieswhichareincludedintheresidueofmyestateshallonlybeallocatedtothe DisneyFamilyTrustprovidedforthereunder. INWITNESSWHEREOF,Ihavehereuntosetmyhandthis18thdayofMarch1966. WALTERE.DISNEY [signedWalterE.Disney]Theforegoinginstrumentconsistingoffifteen(15)pages,includingthepage uponwhichthisattestationiscompleted,wasatthedatethereofbythesaidWALTERE.DISNEYsigned andsealedandpublishedasanddeclaredbyhimtobehisLastWillandTestamentinthepresenceof us,who,athisrequestandinhispresenceandinthepresenceofeachother,havesubscribedour namesaswitnessesthereto. Residingat[signedRoyalClark] [YorbaLinda]Residingat[signedRonaldE.Gother][SanGabriel,Calif.] Residingat[signedWilliamH.D.Cottrell][NorthHollywoodCalif.] FILEDDEC21196619 WILLIAMG.SHARP,COUNTYCLERK ByDeputy [signedO.Vines] ADMITTEDTOPROBATE DateJAN61967 Attest:WILLIAMG.SHARP,CountyClerk ByDeputy [signedT.Lockard]

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