While today we do not see any major strategic holes in our business portfolio, we continually review both internal investment and outside acquisition opportunities that could contribute to long term growth and increased returns on capital.

Along with profitable reinvestment, returning cash to investors will remain a part of our capital plan. In December 2004, the Disney Board of Directors declared a cash dividend of $0.24 per share (or approximately $490 million in total), making this our 49th consecutive year of dividend payments to shareholders. This dividend represents a 14% increase over the prior year.

Between August 10 and September 30, 2004, we repurchased approximately $335 million of our common stock. We expect that share repurchase will continue to be a use of cash in the near future to return value to our shareholders.