Disney regularly returns value to shareholders through dividend distribution and share repurchase. Over time, Disney has distributed significant amounts of capital to shareholders through cash dividends, including over $430 million in dividends to be paid to shareholders in January 2003.

Additionally, Disney has managed its capital base and returned value to shareholders through stock repurchases. Since 1984, Disney has invested $4.4 billion to buy back nearly 550 million shares at an average price of under $8 per share.

As it has for nearly eight decades, The Walt Disney Company continues to pursue steady earnings growth through prudent investment, effective cost management and fiscal responsibility. This philosophy has served the company and its long-term investors well through both difficult and prosperous times. Disney has responded to the challenges of 2002 with a keen focus on managing every aspect of its business to further improve shareholder value, earnings and cash flow. As the economy returns to prosperity, Disney is well positioned to continue to build on its historical success.

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