Today, that strategy is paying off. Strong Guest response to these initiatives has helped extend Parks and Resorts' leadership in the family vacation destination market — a sector with significant potential for further growth.

The year 2004 was distinguished by solid financial performance, high Guest satisfaction and strong brand loyalty for Walt Disney Parks and Resorts. Despite recent global and economic events that have affected the entire travel and tourism industry, the desire among consumers to vacation with Disney remains deeply rooted.

Walt Disney Parks and Resorts' longstanding tradition of creativity, innovation and exceptional Guest service — provided by a strong and dedicated Cast — has helped strengthen its position as one of the world's premier family vacation destination businesses. In fact, five Disney destinations are currently ranked among the Top 10 most popular family attractions in any category by the new Zagat Survey U.S. Family Travel Guide. And Disney resorts are today the most visited tourist destinations on three continents.

And the best is yet to come. In 2005, the 50th anniversary of Disneyland in California will be marked with an unparalleled global celebration paying tribute to the timeless tradition of Walt's original park. The "Happiest Celebration on Earth" will be an 18-month event, offering families more reasons to return to their favorite Disney destinations — to relive old memories and to create new ones.

The celebration of Disneyland's magical beginnings and rich heritage will culminate in September 2005 with the opening of Hong Kong Disneyland, introducing the Disney family vacation experience to one of the world's largest markets.

As part of Disneyland Resort's golden anniversary, pictures of Guests' favorite Disneyland moments will help create the "Happiest Faces on Earth... A Disney Family Album" — giant collages that will be displayed in both theme parks throughout the 50th anniversary celebration.