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Filed by The Walt Disney Company pursuant to Rule 425 promulgated under the

Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-12

promulgated under the Securities Act of 1934, as amended.

Subject Company: Pixar

Commission File No.: 0-26976

Bob Iger —Walt Disney—CEO, President

[T]he intention is to release “A Day with the Robinsons” sometime next Christmas season and then a year later “American Dog” and we don’t intend, unless there are unforeseen circumstances, to change the release schedule for those films. Once the deal closes, John Lasseter and Ed Catmull will take a good look at everything we’ve got in animation, both films that are in production and in our development slate, and under their leadership they’ll make decisions about ultimately what gets made and when it gets released. One of the things that is obviously attractive to us about this deal is that the talent at Pixar, including John and Ed, and the technology, can be applied in a variety of different ways to the pursuits of Disney animation. And when you think about the Pixar deal you have to think about it in terms of movies themselves, and three specific categories.