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MANAGEMENT’S
RESPONSIBILITY FOR Management is responsible for the preparation of the company’s consolidated financial statements and related information appearing in this report. Management believes that the consolidated financial statements fairly reflect the form and substance of transactions and that the financial statements reasonably present the company’s financial position and results of operations in conformity with generally accepted accounting principles. Management also has included in the company’s financial statements amounts that are based on estimates and judgments which it believes are reasonable under the circumstances. The independent accountants audit the company’s consolidated financial statements in accordance with generally accepted auditing standards and provide an objective, independent review of the fairness of reported operating results and financial position. The Board of Directors of the company has an Audit Review Committee composed of seven non-management Directors. The Committee meets periodically with financial management, the internal auditors and the independent accountants to review accounting, control, auditing and financial reporting matters. REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors and Stockholders of The Walt Disney Company In our opinion, the consolidated balance sheets (page 55) and the related consolidated statements of income (page 54) and cash flows (page 56) and of stockholders’ equity (page 57) present fairly, in all material respects, the financial position of The Walt Disney Company and its subsidiaries (the company) at September 30, 1999 and 1998, and the results of their operations and their cash flows for each of the three years in the period ended September 30, 1999, in conformity with accounting principles generally accepted in the United States. These financial statements are the responsibility of the company’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States, which require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. PRICEWATERHOUSECOOPERS
LLP STOCK EXCHANGES Disney Group common stock and go.com common stock are listed for trading on the New York and Pacific Stock exchanges. Certain debt securities of the company are listed on the Luxembourg and Swiss stock exchanges. REGISTRAR AND STOCK TRANSFER AGENT The Walt Disney
Company INDEPENDENT ACCOUNTANTS PricewaterhouseCoopers LLP, Los Angeles OTHER INFORMATION A copy of the company’s annual report filed with the Securities and Exchange Commission (Form 10-K) will be furnished without charge to any stockholder upon written request to the address listed on the left. Please visit the Disney and GO.com Investor Relations sites at disney.go.com/investors and www.go.com/investors. On these sites you can order financial documents online, send e-mail inquiries, get instructions on how to transfer shares, and review additional information about the company and its shareholder services. |
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