The Walt Disney Company is committed to maximizing the long-term value of its brands, characters, programming franchises and other assets, and has thereby provided strong investor returns over time. An investment of $1,000 in Disney stock made shortly after Michael Eisner took office as chairman and CEO of the company in 1984, including reinvestment of dividends, was worth $10,901 on November 30, 2001, representing a 15 percent compound annual return over that period. Through careful stewardship of the company's unparalleled assets and a relentless focus on driving future earnings and cash flow growth and increasing capital returns, The Walt Disney Company is well positioned to deliver attractive returns for decades to come.