If you've been reading these annual letters for long, you've heard me extol the significance of Hong Kong Disneyland year after year. Well, it's now almost here. Main Street is taking shape, Space Mountain has risen on the horizon and Sleeping Beauty Castle already has golden spires. The interest level among Hong Kong and Southern China residents is phenomenal. There is little doubt that Walt's dream will once again be infectious in a land that would have seemed unimaginable for such a development back in 1955.

But, of course, Disney is all about imagining the unimaginable (after all, we have an entire division called Imagineering!). This is not only the foundation of the creative spirit, it is also the foundation of growth at this Company. This is really just another way of saying that people turn to us for experiences that are out of the ordinary. And we plan to keep delivering these experiences and having our shareholders benefit from the growth that results.

Out-of-the-ordinary experiences represent one of the underlying appeals of ESPN. At any given sporting event, the unexpected can generally be expected. Reinforcing the excitement of the unpredictability of sports is the excellence of ESPN's coverage. And, in the years ahead, this coverage will remain on the cutting edge, helping to fuel future growth. In 2005, ESPN and ESPN2 will be offering 6,000 hours of programming in HDTV. As more and more people purchase high definition televisions, we expect this to be an added reason for them to turn to ESPN. Similarly, more and more people are moving to cell phones that are, in effect, small TVs, and ESPN will be providing more great content for these small screens as well.

These are just two examples of how we expect technology to be a driver of growth across the Company in the years ahead. A related growth driver is the international market. Hong Kong Disneyland is indicative of the kind of opportunity that is springing up around the world for our Company. When I first joined Disney, it was unthinkable that China’s economy or political environment would be ready for a Disney theme park. In just 20 years, this all changed.

Similar transformation is happening in any number of nations. While, of course, this doesn't mean we'll be opening theme parks everywhere, it does mean that consumer demand for all things Disney will be growing in more and more places. It seems "it's a small world after all." This is why new developments like wireless technology are potentially so significant, since they will be opening up new markets for us not just in the U.S. but around the globe.

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With the iconic Space Mountain in the background, Tomorrowland in Hong Kong Disneyland takes shape as the new park nears completion for its September 2005 grand opening.

Enthusiastic fans around the world turn to ESPN for the finest in quality, cutting edge sports entertainment.