Our management team is proud of Disney's reputation as a solid, long-term investment based on sound fundamentals, and we are committed to upholding the trust our shareholders have placed in us with their investments in Disney.

As technology and the growth of emerging markets continue to force changes in worldwide distribution of and access to entertainment, we will remain committed to leveraging Disney's powerful set of assets, strong brands, and relationships with our customers and distribution partners in innovative ways to take advantage of these changes. In 2006, we plan to invest in a broad array of projects in the Internet, wireless, broadband and video game spaces that meet these criteria and that we believe will enable us to monetize our strong brands and creative content across these dynamic new platforms.

In all of these efforts, we realize that our overriding goal is to manage The Walt Disney Company in the best interests of its shareholders. We look forward to translating Disney's creative success into growth in earnings, coupled with improving returns on invested capital, strong cash flow and, ultimately, shareholder value.

Thomas O. Staggs
Senior Executive Vice President and Chief Financial Officer,
The Walt Disney Company