The consolidation of Euro Disney and Hong Kong Disneyland pursuant to FIN 46R increases reported capital expenditures because the capital expenditures of those operations are now included in our financial results, so for comparability purposes, we also look at capital expenditures excluding capital expenditures of those operations. Capital expenditures excluding capital expenditures of Euro Disney and Hong Kong Disneyland is a non-GAAP financial metric. The following table reconciles capital expenditures to capital expenditures excluding Euro Disney and Hong Kong Disneyland.

Fiscal year ended September 30 2004		2004
Media Networks Parks and Resorts    Domestic    International Studio Entertainment Consumer Products Corporate and unallocated shared expenditures Less: Capital expenditures of Euro Disney and    Hong Kong Disneyland		$    221 719 289 39 14 145 1,427 (289)
		$1,138

This Financial Review contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See "Forward-Looking Statements" in Management's Discussion and Analysis of Financial Condition and Results of Operations on page 68 for cautions regarding forward-looking statements.