As we continue to pursue our goals for the company’s balance sheet and for generation of higher levels of free cash flow, we will strive to allocate funds to projects with high potential returns as the primary means of delivering long-term value to shareholders. To the extent the company generates more cash than it anticipates being able to invest in this regard, we will look to utilize excess cash to pay shareholder dividends and/or repurchase Disney stock.

In December 2003, the Disney Board of Directors declared a cash dividend of $0.21 per share (or approximately $430 million in total), making this our 48th consecutive year of dividend payments to shareholders.