DISNEY TO ACQUIRE LUCASFILM LTD.

Global leader in high-quality family entertainment agrees to acquire world-renowned Lucasfilm Ltd, including legendary STAR WARS franchise.

Acquisition continues Disney's strategic focus on creating and monetizing the world's best branded content, innovative technology and global growth to drive long-term shareholder value.

Lucasfilm to join company's global portfolio of world class brands including Disney, ESPN, Pixar, Marvel and ABC.

STAR WARS: EPISODE 7 feature film targeted for release in 2015.

Burbank, CA and San Francisco, CA, October 30, 2012 – Continuing its strategy of delivering exceptional creative content to audiences around the world, The Walt Disney Company (NYSE: DIS) has agreed to acquire Lucasfilm Ltd. in a stock and cash transaction. Lucasfilm is 100% owned by Lucasfilm Chairman and Founder, George Lucas.

Under the terms of the agreement and based on the closing price of Disney stock on October 26, 2012, the transaction value is $4.05 billion, with Disney paying approximately half of the consideration in cash and issuing approximately 40 million shares at closing. The final consideration will be subject to customary post-closing balance sheet adjustments.

"Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas," said Robert A. Iger, Chairman and Chief Executive Officer of The Walt Disney Company. "This transaction combines a world-class portfolio of content including Star Wars, one of the greatest family entertainment franchises of all time, with Disney's unique and unparalleled creativity across multiple platforms, businesses, and markets to generate sustained growth and drive significant long-term value."

"For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next," said George Lucas, Chairman and Chief Executive Officer of Lucasfilm. "It's now time for me to pass Star Wars on to a new generation of filmmakers. I've always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime. I'm confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organization, Star Wars will certainly live on and flourish for many generations to come. Disney's reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products."

Under the deal, Disney will acquire ownership of Lucasfilm, a leader in entertainment, innovation and technology, including its massively popular and "evergreen" Star Wars franchise and its operating businesses in live action film production, consumer products, animation, visual effects, and audio post production. Disney will also acquire the substantial portfolio of cutting-edge entertainment technologies that have kept audiences enthralled for many years. Lucasfilm, headquartered in San Francisco, operates under the names Lucasfilm Ltd., LucasArts, Industrial Light & Magic, and Skywalker Sound, and the present intent is for Lucasfilm employees to remain in their current locations.

Kathleen Kennedy, current Co-Chairman of Lucasfilm, will become President of Lucasfilm, reporting to Walt Disney Studios Chairman Alan Horn. Additionally she will serve as the brand manager for Star Wars, working directly with Disney's global lines of business to build, further integrate, and maximize the value of this global franchise. Ms. Kennedy will serve as executive producer on new Star Wars feature films, with George Lucas serving as creative consultant. Star Wars Episode 7 is targeted for release in 2015, with more feature films expected to continue the Star Wars saga and grow the franchise well into the future.

The acquisition combines two highly compatible family entertainment brands, and strengthens the long-standing beneficial relationship between them that already includes successful integration of Star Wars content into Disney theme parks in Anaheim, Orlando, Paris and Tokyo.

Driven by a tremendously talented creative team, Lucasfilm's legendary Star Wars franchise has flourished for more than 35 years, and offers a virtually limitless universe of characters and stories to drive continued feature film releases and franchise growth over the long term. Star Wars resonates with consumers around the world and creates extensive opportunities for Disney to deliver the content across its diverse portfolio of businesses including movies, television, consumer products, games and theme parks. Star Wars feature films have earned a total of $4.4 billion in global box to date, and continued global demand has made Star Wars one of the world's top product brands, and Lucasfilm a leading product licensor in the United States in 2011. The franchise provides a sustainable source of high quality, branded content with global appeal and is well suited for new business models including digital platforms, putting the acquisition in strong alignment with Disney's strategic priorities for continued long-term growth.

The Lucasfilm acquisition follows Disney's very successful acquisitions of Pixar and Marvel, which demonstrated the company's unique ability to fully develop and expand the financial potential of high quality creative content with compelling characters and storytelling through the application of innovative technology and multiplatform distribution on a truly global basis to create maximum value. Adding Lucasfilm to Disney's portfolio of world class brands significantly enhances the company's ability to serve consumers with a broad variety of the world's highest-quality content and to create additional long-term value for our shareholders.

The Boards of Directors of Disney and Lucasfilm have approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, and other customary closing conditions. The agreement has been approved by the sole shareholder of Lucasfilm.

Note: Additional information and comments from Robert A. Iger, chairman and CEO, The Walt Disney Company, and Jay Rasulo, senior executive vice president and CFO, The Walt Disney Company, regarding Disney's acquisition of Lucasfilm, are attached.

Investor Conference Call:

An investor conference call will take place at approximately 4:30 p.m. EDT / 1:30 p.m. PDT today, October 30, 2012. To listen to the Webcast, turn your browser to /investors/events or dial in domestically at (888) 771-4371 or internationally at (847) 585-4405. For both dial-in numbers, the participant pass code is 33674546.

The discussion will be available via replay on the Disney Investor Relations website through November 13, 2012 at 5:00 PM EST/2:00 PM PST.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, interactive media, and consumer products. Disney is a Dow 30 company with revenues of over $40 billion in its Fiscal Year 2011.

About Lucasfilm Ltd.

Founded by George Lucas in 1971, Lucasfilm is a privately held, fully-integrated entertainment company. In addition to its motion-picture and television production operations, the company's global activities include Industrial Light & Magic and Skywalker Sound, serving the digital needs of the entertainment industry for visual-effects and audio post-production; LucasArts, a leading developer and publisher of interactive entertainment software worldwide; Lucas Licensing, which manages the global merchandising activities for Lucasfilm's entertainment properties; Lucasfilm Animation; and Lucas Online creates Internet-based content for Lucasfilm's entertainment properties and businesses. Additionally, Lucasfilm Singapore, produces digital animated content for film and television, as well as visual effects for feature films and multi-platform games. Lucasfilm Ltd. is headquartered in San Francisco, California.

# # #

Contact:

Zenia Mucha
The Walt Disney Company
818-560-5300

Forward-Looking Statements:

Certain statements in this communication and the attachments may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including but not limited to: the operations of the businesses of Disney and Lucasfilm separately and as a combined entity; the timing and consummation of the proposed merger transaction; the expected benefits of the integration of the two companies; the combined company's plans, objectives, expectations and intentions and other statements that are not historical fact. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Disney and Lucasfilm regarding future events and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Neither Disney nor Lucasfilm undertakes any obligation to update or revise these statements, whether as a result of new information, future events or otherwise.

Actual results may differ materially from those expressed or implied. Such differences may result from a variety of factors, including but not limited to:

• legal or regulatory proceedings or other matters that affect the timing or ability to complete the transactions as contemplated;
• the risk that the businesses will not be integrated successfully;
• the possibility of disruption from the merger making it more difficult to maintain business and operational relationships;
• the possibility that the merger does not close, including but not limited to, due to the failure to satisfy the closing conditions;
• any actions taken by either of the companies, including but not limited to, restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions);
• developments beyond the companies' control, including but not limited to: changes in domestic or global economic conditions, competitive conditions and consumer preferences; adverse weather conditions or natural disasters; health concerns; international, political or military developments; and technological developments.

Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth in the Annual Report on Form 10-K of Disney for the year ended October 1, 2011, under the heading "Item 1A—Risk Factors," and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Disney.

ROBERT A. IGER, CHAIRMAN AND CEO, THE WALT DISNEY COMPANY REMARKS FOR ANALYSTS REGARDING DISNEY'S ACQUISITION OF LUCASFILM LTD., AS PREPARED

As we just announced, The Walt Disney Company has agreed to acquire Lucasfilm and its world class portfolio of creative content – including the legendary Star Wars franchise – along with all of its operating businesses, including Industrial Light & Magic and Skywalker Sound.

George Lucas is a visionary, an innovator and an epic storyteller – and he's built a company at the intersection of entertainment and technology to bring some of the world's most unforgettable characters and stories to screens across the galaxy. He's entertained, inspired, and defined filmmaking for almost four decades and we're incredibly honored that he has entrusted the future of that legacy to Disney.

Disney has had a great relationship with George that goes back a long way – with Star Wars theme attractions in our parks in Anaheim, Orlando, Paris and Tokyo. This acquisition builds on that foundation and combines two of the strongest family entertainment brands in the world. It makes sense, not just because of our brand compatibility and previous success together, but because Disney respects and understands – better than just about anyone else – the importance of iconic characters and what it takes to protect and leverage them effectively to drive growth and create value.

Lucasfilm fits perfectly with Disney's strategic priorities. It is a sustainable source of branded, high quality creative content with tremendous global appeal that will benefit all of Disney's business units and is incredibly well suited for new business models, including digital platforms. Adding the Lucasfilm IP to our existing Disney, Pixar and Marvel IP clearly enhances our ability to serve consumers, strengthening our competitive position -- and we are confident we can earn a return on invested capital well in excess of our cost of capital.

Star Wars in particular is a strong global brand, and one of the greatest family entertainment franchises of all time, with hundreds of millions of fans around the globe. Its universe of more than 17,000 characters inhabiting several thousand planets spanning 20,000 years offers infinite inspiration and opportunities – and we're already moving forward with plans to continue the epic Star Wars saga.

The last Star Wars movie release was 2005's Revenge of the Sith – and we believe there's substantial pent up demand. In 2015, we're planning to release Star Wars Episode 7 – the first feature film under the "Disney-Lucasfilm" brand. That will be followed by Episodes 8 and 9 – and our long term plan is to release a new Star Wars feature film every two to three years. We're very happy that George Lucas will be creative consultant on our new Star Wars films and that Kathleen Kennedy, the current Co-Chair of Lucasfilm, will executive produce. George handpicked Kathy earlier this year to lead Lucasfilm into the future. She'll join Disney as President of Lucasfilm, reporting into Walt Disney Studios Chairman Alan Horn and integrating and building the Star Wars franchise across our company.

Our successful acquisitions of Pixar and Marvel prove Disney's unique ability to grow brands and expand high-quality creative content to its fullest franchise potential and maximum value.

We've leveraged Pixar's terrific characters and stories into franchises across our company – from feature films to consumer products online games, major attractions in our theme parks, and more.

The 2006 Pixar acquisition delivered more than great Pixar content -- it also delivered the means to energize and revitalize the creative engine at Walt Disney Animation – which was crucial to our long term success. Animation is the heart and soul of Disney and our successful creative resurgence will be on full display this weekend when Wreck-It-Ralph opens in theaters across the country.

Our acquisition of Marvel three years later combined Marvel's strong global brand and world-renowned library of characters with Disney's creative skills, unparalleled global portfolio of entertainment properties, and an integrated business structure that maximizes the value of creative content across multiple platforms and territories. Our first two Marvel films – Thor and Captain America grossed a total of more than $800 million at the box office. This year, Marvel's The Avengers grossed more than $1.5 billion to become the world's third highest grossing movie of all time – and an important and lucrative franchise for us.

We're looking forward to a robust slate of new Marvel movies – starting with Iron Man 3 and Thor: The Dark World next year, followed by Captain America: The Winter Soldier in 2014. And, as we announced previously, Joss Whedon is writing and directing Avengers 2 and developing a Marvel-based series for ABC.

Pixar and Marvel both fit our criteria for strategic acquisitions – they add great IP that benefits multiple Disney businesses for years to come, and continue to create value well in excess of their purchase price. The acquisition of Lucasfilm is in keeping with this proven strategy for success and we expect it to create similar opportunity for Disney to drive long-term value for our shareholders.

We're clearly excited about this move forward. We believe we can do great things with these amazing assets….we have a proven track record of maximizing the value of our strategic acquisitions…. and we're poised to do the same with this one.

JAY RASULO, SENIOR EXECUTIVE VICE PRESIDENT AND CFO, THE WALT DISNEY COMPANY REMARKS FOR ANALYSTS REGARDING DISNEY'S ACQUISITION OF LUCASFILM LTD., AS PREPARED

Lucasfilm, and more specifically the Star Wars franchise, fits perfectly within the Disney portfolio of intellectual properties and the strategic and financial implications of this acquisition are compelling. Our team has spent a tremendous amount of time evaluating this deal and we have concluded we are uniquely positioned to maximize the value of Lucasfilm's IP in a manner that can generate substantial value for our shareholders above and beyond the purchase price.

In this transaction we will acquire rights to the Star Wars and Indiana Jones franchises, a highly talented and expert team, Lucasfilm's best-in-class post production businesses, Industrial Light and Magic and Skywalker Sound, and a suite of cutting edge entertainment technologies. Our valuation focused almost entirely on the financial potential of the Star Wars franchise, which we expect to provide us with a stream of storytelling opportunities for years to come delivered via all relevant platforms on a global basis.

There are a number of ways our company will derive value from Lucasfilm's intellectual property—some of which can be realized immediately while others will accrue to us over time. George and his team have built Star Wars into one of the most successful and enduring family entertainment franchises in history, as well as one of the best selling licensed character merchandise brands in the U.S. and around the world. However, we believe there is great opportunity to further expand the consumer products business. Today, Star Wars is heavily skewed toward toys and North America. We see great opportunity domestically to extend the breadth and depth of the Star Wars franchise into other categories. We also plan to leverage Disney's global consumer products organization to grow the Star Wars consumer products business internationally.

Let me note that in 2012 Lucasfilm's consumer products business is expected to generate total licensing revenue that is comparable to the roughly $215 million in consumer products revenue Marvel generated in 2009, the year in which we announced our acquisition. With renewed film releases, and the support we can give the Star Wars property on our Disney-branded TV channels, we expect that business to grow substantially and profitably for many years to come.

We also expect to create significant value in the film business. We plan to release the first new Star Wars film in 2015, and then plan to release one film every two to three years. These films will be released and distributed as part of our target slate of 8-10 live-action films per year, and will augment Disney's already strong creative pipeline for many years to come. Lucasfilm has not released a Star Wars film since Revenge of the Sith in 2005. However, adjusted for inflation, as well as growth in both international box office and 3D, we estimate the three most recent Star Wars films would have averaged about $1.5 billion in global box office in today's dollars. This speaks to the franchise's strength, global appeal and the great opportunity we have in the film business.

We also expect to utilize Star Wars in other businesses including Parks & Resorts, in games and in our television business. These initiatives were also considered in our valuation.

Under the terms of the agreement, Disney will buy Lucasfilm for $4.05 billion, consisting of approximately fifty percent cash and fifty percent in Disney stock. Based on Friday's closing price of Disney stock, we expect to issue approximately 40 million Disney shares in this transaction. We continue to believe our shares are attractively priced at current levels and therefore, we currently intend to repurchase all of the shares issued within the next two years-- and that's in addition to what we planned to repurchase in the absence of the transaction.

Our valuation of Lucasfilm is roughly comparable to the value we placed on Marvel when we announced that acquisition in 2009. Our Lucasfilm valuation is almost entirely driven by the Star Wars franchise, so any success from other franchises would provide upside to our base case. I realize it may be a challenge for you to quantify our opportunity given the limited amount of publicly available information. But to give you some perspective on the size of the Lucasfilm business-- in 2005, the year in which the most recent Star Wars film was released, Lucasfilm generated $550 million in operating income. We've taken a conservative approach in our valuation assumptions, including continued erosion of the home entertainment market, and we expect this acquisition to create value for our shareholders.

In terms of the impact on our financials, we expect the acquisition to be dilutive to our EPS by low single digit percentage points in fiscal 2013 and 2014 and become accretive to EPS in 2015.

Our capital allocation philosophy has been consistent since Bob took over as CEO. In addition to returning capital to shareholders, we have invested, both organically and through acquisitions, in high quality, branded content that can be seamlessly leveraged across our businesses. Our acquisition of Lucasfilm is entirely consistent with this strategy, and we're incredibly excited by the prospect of building on Lucasfilm's successful legacy to create significant value for our shareholders.

Taking Early Exits Off Wall Street

By LESLIE KWOH

After five years in investment banking, Matt Wolf decided he'd had enough.

While the 35-year-old vice president enjoyed his close-knit team of colleagues at Morgan Stanley in Manhattan, he had reached a breaking point: Too many takeout-fueled late nights, too many canceled trips with his wife and too many judgmental looks at social gatherings. His pay—still generous, but lower than he had expected before the financial crisis—was no longer worth the sacrifices.

So last month, he left. With no job lined up, his only plan is to spend the next few months coasting solo on his motorcycle from New York to South America, crashing at hostels and campsites and exploring job opportunities in the emerging markets. "You want to feel good about what you're doing in the long run," says Mr. Wolf, who is now seeking a more entrepreneurial career.

After the financial crisis resulted in less prestige and money, "the equation changed."

Disruption on Wall Street, resulting in image problems for the industry, smaller bonuses and less lavish perks, are spurring other midcareer bankers to similarly reassess their careers.

After a lifetime of targeted choices—attending top-tier schools and pursuing competitive internships in hopes of winning high-paying finance jobs—some bankers are bailing out with no Plan B. Their only certainty, according to interviews The Wall Street Journal conducted with a dozen midcareer bankers, is that they no longer want to stay in banking.

"People in the industry have started to question what the grand purpose is, really," Mr. Wolf says.

Burnouts on Wall Street are nothing new, nor are early retirees who leave after stockpiling cash. But industry recruiters say it is unusual to see 30-somethings, who have spent close to a decade in finance, leaving without an exit plan.

Kevin Hagen for the Wall Street Journal

Mr. Wolf has organized the items he plans to take on his trip at his home in Mamaroneck, N.Y.

"It's been an all-too-common story line this year," says Ross Baltic, managing partner at Mercury Partners Inc., a Manhattan recruiting firm specializing in investment banking. The middle ranks of bankers naturally thin out as workers head to private equity or hedge funds, but leaving without a destination is a new phenomenon, he says.

Lower pay is, of course, a major factor in prompting bankers to weigh the costs and benefits of the profession. Average bonuses for first-year vice presidents—generally a position with five to 10 years of experience—fell 13% in 2011, to $203,358, according to an annual survey by WallStreetComps.com.

Meanwhile, in a report earlier this month, the New York Comptroller's Office found the total average salary and bonus for securities-industry professionals in New York City rose 0.5% to $362,950 in 2011, but still fell far short of the slightly more than $400,000 from 2007, just before the worst of the financial crisis.

Bankers from Goldman Sachs, Bank of America Merrill Lynch, Morgan Stanley, Citigroup Inc., J.P. Morgan Chase & Co. and UBS AG interviewed for this article —but who declined to be named because either they are still working at the banks or fear they may one day need to return to the industry—cited brutal hours, lack of exercise, weight gain and a nonexistent social life as reasons for leaving.

"I only dated bankers, because they could at least understand my lifestyle," says one Citigroup banker who left the profession in July.

Todd Lawrence, 31, a former Citigroup senior associate in Australia specializing in mergers and acquisitions, says he quit his nearly $300,000-a-year job in December when he realized that after seven years, he would have to put in another three to five years just to advance beyond doing paperwork or proofing pitch books.

"Everyone goes into banking with wide eyes, but once you sit down at your desk, that fades pretty quickly," he says. "You're really just living skin deep. You've got nice suits and nice cars."

Now, he worries about paying his mortgage as he works pro bono for a businessman expanding a silver-production venture in Mexico. But he says he prefers taking that risk and pursuing personal fulfillment "as opposed to something that's just going to give me an income."

Earlier this year, Escape the City, an online community for corporate professionals exploring a career change, polled 75 current or recently departed finance workers. When asked if a raise would change their minds, 36% responded: "No price tag on my soul."

"It's not just a money thing; they just don't feel their values align," says Mike Howe, 28, a partner at Escape the City and a former banker himself.

Several banks contacted for this story, including Goldman Sachs, Bank of America and Citigroup, declined to comment on whether they have observed midlevel talent leaving their firms without jobs.

A person familiar with hiring trends at Morgan Stanley says voluntary turnover across all business units has fallen to the lowest levels since the financial crisis.

Christina Maslach, a University of California, Berkeley psychology professor who has researched job dissatisfaction, says a sense of fairness and values often plays a role in burnout. She likens the banking-migration trend to the dot-com bust circa 1999, when technology firms—initially proud to advertise themselves as "burnout shops"—began losing talent due to tough working conditions and poor morale.

Not everyone makes a permanent escape, with many bankers returning to the industry within a year or two of their departures.

But similar gambles have paid off. Andy Frankenberger left the industry in 2009 after 14 years as an equity-derivatives trader. "I wanted to grow more as a person," he says.

A recreational poker player, the 39-year-old began playing tournaments in 2010 and has since raked in $2.5 million in winnings.

Still, Mr. Frankenberger says he wouldn't rule out someday returning to banking or even starting his own hedge fund. "A lifetime is a long time, right?" he says.

Write to Leslie Kwoh at leslie.kwoh@wsj.com

Treat Cheerleaders as Athletes, Pediatrics Academy Advises

By KATHERINE HOBSON

AP Photo/Gerald Herbert

University of Kentucky cheerleaders during the 2012 NCAA Southeastern Conference college basketball tournament in New Orleans in March.

The nation's pediatricians say cheerleaders should be treated more like athletes to help prevent serious injuries from stunts and pyramids.

In a report published online Monday, the American Academy of Pediatrics recommends that cheerleading should be designated a sport at the high school and collegiate levels "so that it is subject to rules and regulations set forth by sports governing bodies," such as the NCAA.

There are an estimated 400,000 participants in high school cheerleading, almost all women, and 29 states recognize high school cheering as a sport.

The National Collegiate Athletic Association doesn't track the number of college cheerleaders because it isn't considered a sport.

Sports must petition to be recognized by the NCAA, and the criteria for inclusion, among other things, state that there must be an element of competition. Two groups emphasizing tumbling and stunts have asked for cheerleading recognized as an emerging sport. An NCAA spokeswoman says the petitions will be reviewed for three years. Sideline cheerleaders wouldn't be included.

Cheerleading has a lower overall injury rate than women's sports like gymnastics, soccer and basketball. But the rate of catastrophic injury, causing death or permanent disability, is comparatively high, according to previously published data cited in the pediatrics academy report.

According to researchers at the University of North Carolina's National Center for Catastrophic Sport Injury Research, about 65% of the 128 direct catastrophic injuries to high-school female athletes between the 1982-1983 and 2010-2011 school years were received while cheerleading, according to the center's research.

Among college female athletes, cheerleading accounted for 71% of 51 direct catastrophic injuries, according to the center.

The pediatrics academy report cites statistics indicating a rise in the number of cheerleaders ages 6 and older, including traditional cheer squads on the sidelines at games and competitive squads that aren't affiliated with schools, from 3.0 million in 1990 to 3.6 million in 2003.

Cheerleading injury rates have actually decreased over the past few years, after increased attention to safety, says Frederick Mueller, director of the UNC sport-injury research center, which collects injury reports.

Cheering squads often maintain intense workout schedules throughout the school year, not just during a single season, he says. They would benefit from better facilities, qualified coaches, access to athletic trainers and limits on practice.

The AAP says cheerleaders, like other student athletes, should have a pre-participation physical. Coaches should be specially trained in the types of gymnastic stunts that cheering squads increasingly perform.

The most dangerous stunts and pyramids shouldn't be done on hard surfaces, the AAP says. Cheerleaders with signs of a head injury should leave the competition or practice and shouldn't return until they have been cleared by a doctor or medical professional.

"Participation has increased, and the demands of the sport have increased," says Cynthia LaBella, lead author of the report and an associate professor of pediatrics at Northwestern University's Feinberg School of Medicine. "The things that they're doing are more dangerous."

The academy hopes coaches, administrators and state high-school athletic organizations will follow the guidelines, which aren't binding.

Jim Lord, executive director of the American Association of Cheerleading Coaches & Administrators, says he agrees with most of the pediatricians' recommendations.

Whether or not cheerleading is deemed a sport, participants should be treated as athletes, with access to the same level of facilities, medical personnel and qualified coaches, he says.

He does have a quibble with the recommendations: Use of a thick landing mat when performing pyramids may actually increase the danger by leading to instability, he says.

The policy recommendations appear online in the journal Pediatrics.

Do you Polo? Get to Grips with the Gentleman's Sport

The polo season is drawing to a close and it's time for Argentina to welcome the be-jodhpured and bejeweled members of the polo elite, for their final three tournaments of the season: the Tortugas Open, Hurlingham Open and the Argentine Open.

For those of you reading this in a Palermo coffee house, waiting for the Buenos Aires rain (currently delaying the Tortugas semifinal) to cease: congratulations! You can be considered a Polo Insider. But for those scarred into avoiding equine sports by reading Black Beauty as a child: it's time to redress those issues - you've been missing out on far too much field-side fun.

So here is the simplest of guides to ride you into The Sport of Kings.

A Bit of Background

From its roots 2500 years ago - when it was developed as a cavalry training exercise by the Persian Moguls - to today's beautiful game, polo hasn't changed a great deal over the centuries. The Brits took note of it in the 1850s when tea-planters saw it played on the Burmese-Indian border, and quickly established the world's first polo club. By 1862 it was enjoyed by the finest of the upper echelons of British society, before spreading to the American social elite.

It's now played in 77 countries - most popularly in England, the US and Argentina - and remains a sport associated with the wealthy and the terribly aristocratic. It's also a favourite amongst groups of giggling 20-something girls, for whom the sight of a short man on a large horse is almost too much to bear.

The Polo Match by Francisco Miralles Y Gallup

Hockey on Horseback: the Basics

• Each game is divided into between four and six 7.5 minute chukkers, with a 4 minute break between each one.
• The aim of the game is to hit the small ball into the goal at the end of the field (sound familiar?)
• To avoid confusion (especially after a few too many champagne raspberries) remember that after each goal is scored, teams change their direction of play. Don't worry, you haven't changed where you're standing.

Outdoor teams have 4 players, creatively named 1, 2, 3 and 4.
Arena teams have 3 players, and surprisingly, these are named 1, 2 and 3:

Number 1: The team's offensive player
Number 2: The teams's more experienced player, plays both offensive and defensive
Number 3: The team's most experienced player, as well as Field Captain (delegates the ball)
Number 4: The team's defensive player
And FYI: there is no goalkeeper. Each player covers their matching number from the opposing team, trying to stop him from scoring.

The Foul System

This system is complex so if you're only really going for the caviar (and let's face it, most of us are) then this is all your cheat sheet should need:

As soon as the crowd becomes either tense/angry/guttural, immediately imitate their offended expressions, shake your head and quietly mutter something about "the line of the ball" . That should do it.

Partaking in a little stomping

The Divot Stomp

Kings and Queens have been doing this for centuries and now you can too! If you've ever watched Pretty Woman you will know what this is, and if you haven't watched Pretty Woman a). you should, and b). the divot stomp is when spectators wander onto the field at half time and replace the bits of grass that the ponies have removed with their heels, thereby smoothing the field ready for part 2.

The Look

As a spectator, dressing to impress is essential - especially if you're heading to a match on British soil.
• If you've been invited into a private English enclosure to indulge in a leisurely liquid luncheon, you'll want to err on the smarter side of smart-casual.
• Steer clear of large hats though ladies - this isn't Ascot and those are ponies not horses. Leave the stilettos at home too; sinking into and being physically lifted out of the field after divot stomping is not a good way to start conversations with attractive jockeys. A nice pair of smart flats will spare your dignity.
• Gentlemen should not shy away from pinks and lemons when choosing their chinos - these being very much de rigueur. And as surprising as it may sound, Polo Ralph Lauren sells the perfect range of clothing for such an occasion.

Kate Middleton showing them how it's done

The Lingo

It's no good looking the part if you fail to sound it. Here are a few sound-bites for you to drop into conversation, allowing you to avoid awkward silences and ingratiate yourself with the master spectator:

• "What a shame the Novillo Astrada brothers have split. I always liked watching Ignacio and Alejandro together."
• "La Dolfina is a 40 goal dream team. This year's Triple Crown championship certainly threw the idea of their so called 'Cambiaso dependence' out the window!"
• "I'm so pleased Tortugas has finally been rescheduled. The yacht's arriving in Punta on the 19th and I didn't want to miss it."
• To be directed at the field when other spectators seem frustrated: "Take the man, not the ball!"

And finally,

If you are taking a picnic to watch the game, make sure not to set up camp too close to the field. Balls and ponies have been known to stray, and the last thing one needs is a hoof in one's hummus.

Polo picnics aren't for pansies

Lower-End Bordeaux Rises to the Occasion

FOR many would-be Bordeaux drinkers, the highly praised 2009 vintage was the watershed: the point at which they could take no more. Prices rose so high on the critical enthusiasm and international demand that, no matter how good the vintage was, many Americans turned their backs on the year and on Bordeaux.

Of course, they were simply joining multitudes who had already bid adieu to Bordeaux. Many younger wine lovers paid it no mind in the first place.

These disdainful attitudes are acutely painful to earlier generations of American wine drinkers who, like me, were essentially weaned on Bordeaux as they came of age in the 1980s and before. Bordeaux’s central importance historically and its role as a beacon, raising the level of quality in wines around the world, cannot be so easily dismissed.

But that is precisely what’s happened. Bordeaux, in the eyes of many wine lovers, is now a region of brand names, wielded by status-seeking point chasers like so many luxury cars or watches. Where so many wine lovers detect a purity of purpose in Burgundy, the Rhône Valley, the Loire and numerous other regions, in Bordeaux they see only a quest for filthy lucre.

Clearly, a measure of truth supports that attitude. Demand from Asia and other regions relatively new to wine has more than offset whatever drop Bordeaux has seen in the American market. While the Bordeaux trade may pay lip service to attracting a new generation of American customers or bemoan the high price of its wines, it seems content to make its profits. In its public image, Bordeaux far more often connotes the absentee owner and commerce rather than viticulture and love of wine.

Yet much of the emotional reaction against Bordeaux ignores these critical components: the wines, the people who make the wines, the land and the centuries of history that waft up so invitingly and instructively from each glass.

Bordeaux is one of the world’s greatest wines. In terms of complexity, longevity, soulful sense of place and sheer refreshment, Bordeaux remains not merely a great example but a benchmark. It even, like Burgundy, has its independent vignerons.

Surprisingly, it even has its less expensive side. That’s right, and from the pricey 2009 vintage, as well. This is not to say that top-ranked Bordeaux will be accessible for less-than-outrageous prices. Even a wine like Léoville-Barton, an excellent St.-Julien whose proprietor, Anthony Barton, has long tried to hold the line on prices, won’t be found (the 2009s, at least) for less than $120 or so.

Nonetheless, good, moderately priced Bordeaux is out there, wines that convey if not the grandeur of the region’s best wines at least a sense of what’s so good about them. In fact, 2009 is a great vintage to explore Bordeaux’s less expensive side. It was a year of rich, supple wines that are accessible when young, yet the wines have the freshness and vitality that makes good Bordeaux such a superb partner with food.

To get a sense of what’s available in the realm of moderately priced Bordeaux, the wine panel recently tasted 20 bottles of the 2009 vintage, all $50 or less. The wines came from the well-drained, gravelly soils of the Médoc and Graves, classic left bank Bordeaux from the areas west of the Gironde and Garonne rivers, where cabernet sauvignon is king. For the tasting, Florence Fabricant and I were joined by Hristo Zisovski, beverage director at Ai Fiori, Osteria Morini and Nicoletta, and Greg Majors, beverage director at Craft.

By $50 or less, I actually mean $20 to $50. No, this is not cheap, though it’s fair to say you will rarely if ever see good wines under $20 from most top regions, whether Burgundy, Barolo, Napa Valley or Châteauneuf-du-Pape. Yes, you can find Bordeaux for as low as $10, but in that range you run the risk of buying mass-produced commodity wines, or wines made from indifferent terroirs. While those wines are no doubt palatable, it’s far easier in the $20 to $50 range to find wines representative of Bordeaux’s best qualities.

As with wines from any region, we found a variety of styles. Some were lush, dense and concentrated. Others showed more finesse and refinement. We especially liked wines that showed good acidity, which helps keep wines fresh and refreshing. We were looking for good structure in the wines, too, the skeleton of tannins and acidity that transports the flesh of flavors through the mouth and helps wine age.

It’s important to understand that tannic and structured are not synonyms. Wines that are simply tannic can flop in the mouth like a formless, astringent blob. Structured wines develop in the mouth, existing in the dimension of time as well as taste and texture. The flavors evolve and linger, well after you’ve swallowed.

Decades ago, the influential Bordeaux enologist Émile Peynaud urged producers to create secondary, cheaper labels for grapes of lesser quality, reserving their best grapes for their top wines. At the time, many producers were aghast at making less wine by diverting grapes to a second label, but now all of Bordeaux seems to have embraced the idea of second labels, and sometimes even third labels. Seven of our 20 wines were second labels.

I have mixed feelings about second labels. They can obviously be good, but emotionally I’d like to feel I’m getting the best a producer has to offer. Also, they’re not always great values as they trade off on their illustrious siblings. In fact, four of those seven didn’t make our top 10, but among those that did were two of our first four, including our No. 1 wine, La Croix de Beaucaillou St.-Julien, sibling of the excellent St.-Julien Ducru-Beaucaillou. This wine was lively and bright with inviting mineral and fruit flavors.

Our No. 4 bottle was Le Petit Haut Lafitte from Pessac-Léognan, one of Smith Haut Lafitte’s secondary labels, concentrated yet accessible and refreshing. The third on our list was our No. 8 bottle, Château Gruaud Larose’s Sarget de Gruaud Larose St.-Julien, firm yet silky with spicy flavors of red fruit.

Our best value, at $25, was Château Lusseau, a producer I’ve never had before. It comes from the less exalted end of Graves, but this structured, precise wine shows Lusseau (not to be confused with Lusseau of St.-Émilion) is a producer worth watching.

Even in an accessible year like 2009, good Bordeaux requires time before it shows its best. These lower-end 2009s may only need two or three years, or maybe five or seven for the more structured wines. You might bemoan the fact that they demand patience. Or you could be thankful that even moderately priced Bordeaux improve with age.

Château Ducru-Beaucaillou, $44, ***
La Croix de Beaucaillou St.-Julien 2009
Fresh, bright and lip-smacking with lingering flavors of plummy fruit and minerals. (Massanois Imports, Washington)

BEST VALUE
Château Lusseau, $25, ***
Graves 2009
Structured yet inviting with lively, pure flavors of red fruit and tobacco. (Franck’s Signature Wines/Saturn Wine Imports, Scarsdale, N.Y.)

Château Larrivet Haut-Brion, $45, ***
Pessac-Léognan 2009
Earthy, smoky and compelling, with aromas and flavors of herbs and red fruit. (Fruit of the Vines, Long Island City, N.Y.)

Château Smith Haut Lafitte, $50, ***
Le Petit Haut Lafitte Pessac-Léognan 2009
Concentrated fruit tinged with herbal flavors, dense yet accessible and refreshing. (Vintage Trading, N.Y.)

Château Poujeaux, $45, ** ½
Moulis 2009
Well-structured and fresh with complex aromas and a pleasing tannic grip. (Vintage Trading)

Château de Ste. Gemme, $20, ** ½
Haut-Médoc 2009
Light-bodied and balanced with aromas and flavors of red fruit, minerals and tobacco. (Upslope Vineyards, N.Y.)

Château Tronquoy-Lalande, $45, ** ½
St.-Estèphe 2009
Structured yet harmonious with pure, pleasing flavors of red fruits. (Frederick Wildman & Sons, N.Y.)

Château Gruaud Larose, $35, **
Sarget de Gruaud Larose St.-Julien 2009
Clear aromas of spicy red fruit, pleasantly firm and silky. (Frederick Wildman & Sons)

Château Meyney, $40, **
St.-Estèphe 2009
Rich and muscular with concentrated flavors of ripe fruit and oak. (Premier Wine Company, Richmond, Calif.)

Château Cantemerle, $50, **
Haut-Médoc 2009
Dense and well-knit with ripe red fruit and oak flavors. (Cynthia Hurley French Wines, West Newton, Mass.)