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The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2013

Income Taxes

The effective income tax rate was as follows:

Quarter Ended Year Ended

Sept. 28,2013


Sept. 29,2012


Sept. 28,2013


Sept. 29,2012

Effective Income Tax Rate 30.6% 34.2% 3.6 ppt 31.0% 33.3% 2.3 ppt

The decrease in the effective income tax rate for the quarter was driven by favorable tax adjustments related to pre-tax earnings in prior years and the impact of changes in our full year effective income tax rate relative to our estimate at the end of the third quarter. This impact was slightly favorable in the current quarter, whereas it was unfavorable in the prior-year quarter.

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