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Page 1: Report Builder - The Walt Disney Company - Hoover's Onlineimages.hoovers.com/images/ads/hp/Walt_Disney.pdf · Hoover's Online Report Builder The Walt Disney Company (NYSE: ... Report

Hoover's Online Report BuilderThe Walt Disney Company (NYSE: DIS)

Copyright 2004, Hoover's, Inc.

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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................2Board Members..........................................................................................................................................................4Industry Information..................................................................................................................................................4SIC Codes...................................................................................................................................................................5NAICS Codes.............................................................................................................................................................5Top Competitors.........................................................................................................................................................6All Competitors..........................................................................................................................................................6Rankings.....................................................................................................................................................................7Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................7

Biographies............................................................................................................................................................................8 Michael D. Eisner, Age 62........................................................................................................................................8 Robert A. (Bob) Iger, Age 53....................................................................................................................................9 Thomas O. (Tom) Staggs, Age 41............................................................................................................................9 Peter E. Murphy, Age 41.........................................................................................................................................10 Alan N. Braverman, Age 56....................................................................................................................................11 Preston Padden, Age 55..........................................................................................................................................11 Zenia Mucha............................................................................................................................................................11 John M. Renfro........................................................................................................................................................12 David K. Thompson................................................................................................................................................12 Terri A. Southwick..................................................................................................................................................13 Edward J. Nowak....................................................................................................................................................13 Chris Curtin.............................................................................................................................................................13 Susan Fox................................................................................................................................................................14 Richard W. Cook, Age 52.......................................................................................................................................14 Bob Weinstein, Age 47...........................................................................................................................................15 Harvey Weinstein, Age 51......................................................................................................................................16 Martin A. Sklar........................................................................................................................................................16 Anne M. Sweeney...................................................................................................................................................18 Walter C. Liss Jr......................................................................................................................................................18 John Hare................................................................................................................................................................19 Alex Wallau............................................................................................................................................................20 Nina R. Jacobson.....................................................................................................................................................20 Thomas C. Schumacher, Age 44.............................................................................................................................21 Andrew P. (Andy) Mooney.....................................................................................................................................22 Karl Holz.................................................................................................................................................................22 Deborah Dugan.......................................................................................................................................................23 Matthew A. Ouimet.................................................................................................................................................23 George W. Bodenheimer.........................................................................................................................................24 David J. Stainton, Age 41.......................................................................................................................................25 Andy Bird................................................................................................................................................................26 Stephen H. (Steve) Wadsworth...............................................................................................................................26 James A. (Jay) Rasulo, Age 46...............................................................................................................................27 André Lacroix, Age 43............................................................................................................................................28 Allen R. Weiss........................................................................................................................................................28 Bruce Morrison.......................................................................................................................................................28

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Table of ContentsBiographies

John E. Bryson, Age 60...........................................................................................................................................29 John S. Chen, Age 49..............................................................................................................................................29 Judith L. Estrin, Age 49..........................................................................................................................................30 Aylwin B. Lewis, Age 49........................................................................................................................................30 Monica C. Lozano, Age 47.....................................................................................................................................31

Overview..............................................................................................................................................................................32

History..................................................................................................................................................................................34

Products/Operations...........................................................................................................................................................35

Other Resources Available On Hoover's Online..............................................................................................................41Other Resources.......................................................................................................................................................41Related Products From Our Trusted Partners..........................................................................................................41

Annual Financials................................................................................................................................................................42

Quarterly Financials...........................................................................................................................................................44

Historical Financials & Employees....................................................................................................................................47

Market Data.........................................................................................................................................................................49

Comparison Data.................................................................................................................................................................50

Competitive Landscape.......................................................................................................................................................52

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The Basics

500 S. Buena Vista St.Burbank, CA 91521−9722 (Map)http://disney.go.com

Phone: 818−560−1000Fax: 818−560−1930

The monarch of this magic kingdom is no man but a mouse −− Mickey Mouse. The Walt Disney Company is the #2media conglomerate in the world, behind Time Warner. Disney owns the ABC television network, 10 broadcast TVstations, and more than 70 radio stations. It also has stakes in several cable channels such as ESPN (80%) andAETelevision Networks (38%). Its Walt Disney Studios produces films through imprints Walt Disney Pictures,Touchstone, Hollywood Pictures, and Miramax. Walt Disney Parks &Resorts, which includes Walt Disney World andDisneyland, owns the most popular resorts in North America. Walt Disney Internet Group oversees the Mouse's Webproperties (ABC.com, Disney Online, ESPN.com).

Key Numbers

Company Type Public (NYSE: DIS)

Fiscal Year−End September

2003 Sales (mil.) $27,061.0

1−Year Sales Growth 6.8%

2003 Net Income (mil.) $1,267.0

1−Year Net Income Growth 2.5%

2003 Employees 112,000

1−Year Employee Growth 0.0%

Auditor PricewaterhouseCoopers LLP

Financial Overview

Last Close 2−Mar−2004 $26.76

52−Week High $28.58

52−Week Low $14.84

Basic EPS $0.85

Price/Earnings Ratio 31.48

Current Ratio 1.05

R&D Expenditures (mil.) −−

Ad Expenditures (mil.) 2.50

% Owned by Institutions 64.50%

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Officers & Employees

Title Name Age Salary Bonus

Chairman and CEO Michael D. Eisner 62 $1,000,000

President, COO, and Director Robert A. (Bob) Iger 53 $1,394,231 $4,000,000

SEVP and CFO Thomas O. (Tom) Staggs 41 $841,827 $1,000,000

SEVP and Chief Strategic Officer Peter E. Murphy 41 $841,827 $1,000,000

SEVP and General Counsel Alan N. Braverman 56 $685,291 $700,000

EVP Corporate BusinessDevelopment and StrategicPlanning

Salil Mehta

EVP Planning and Control John J. Garand

EVP Worldwide GovernmentRelations

Preston Padden 55

SVP Disney Worldwide Outreach Jody Dreyer

SVP Corporate Alliances Valerie Cohen

SVP Corporate Communications Zenia Mucha

SVP Corporate Taxes Anne Buettner

SVP Human Resources John M. Renfro

SVP Investor Relations andShareholder Services

Wendy Webb

SVP New Technology Robert Lambert

SVP, Deputy General Counsel −Corporate, and Secretary

David K. Thompson

SVP and Treasurer Christine M. McCarthy

SVP and Deputy GeneralCounsel − Intellectual Property

Terri A. Southwick

SVP and Deputy GeneralCounsel − Litigation andEmployment

Edward J. Nowak

VP Corporate Synergy andSpecial Assistant to theChairman

Chris Curtin

VP Government Relations Susan Fox

VP Governance Administrationand Assistant Secretary

Marsha Reed

VP Multicultural Marketing Gilbert Davila

Chairman, The Walt DisneyStudios

Richard W. Cook 52

Bob Weinstein 47

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Co−Chairman, Miramax FilmCorp.

Co−Chairman, Miramax FilmCorp.

Harvey Weinstein 51

Vice Chairman and PrincipalCreative Executive, Walt DisneyImagineering

Martin A. Sklar

President, Disney Interactive andBuena Vista GameEntertainment Studio

Jan E. Smith

President, ABC Cable NetworksGroup and Disney ChannelWorldwide

Anne M. Sweeney

President, ABC−OwnedTelevision Stations

Walter C. Liss Jr.

President, ABC Radio John Hare

President, ABC TelevisionNetwork

Alex Wallau

President, Buena Vista MotionPictures Group

Nina R. Jacobson

President, Buena VistaTheatrical Productions

Thomas C. Schumacher 44

President, Disney ConsumerProducts

Andrew P. (Andy) Mooney

President, Disney Cruise Line Karl Holz

President, Disney PublishingWorldwide

Deborah Dugan

President, The Disneyland ResortMatthew A. Ouimet

President, ESPN and ABC SportsGeorge W. Bodenheimer

President, Walt Disney FeatureAnimation

David J. Stainton 41

President, Walt DisneyImagineering

Donald W. Goodman

President, Walt DisneyInternational

Andy Bird

President, Walt Disney InternetGroup

Stephen H. (Steve) Wadsworth

President, Walt Disney Parks &Resorts

James A. (Jay) Rasulo 46

President, Walt Disney TelevisionAnimation

Barry M. Blumberg

Chairman and CEO, Euro André Lacroix 43

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Disney

President, The Walt DisneyWorld Resort

Allen R. Weiss

VP Retail Marketing, DisneyConsumer Products

Bruce Morrison

Board Members

Title Name Age

Chairman and CEO Michael D. Eisner 62

President, COO, and Director Robert A. (Bob) Iger 53

Director John E. Bryson 60

Director John S. Chen 49

Director Judith L. Estrin 49

Director Aylwin B. Lewis 49

Director Monica C. Lozano 47

Director

Director George J. Mitchell 70

Director Father Leo J. O'Donovan 69

Director Gary L. Wilson 64

Industry Information

Media (primary)Film & Video

Motion Picture Production & Distribution◊ ♦

Internet Content Providers♦ Music♦ Publishing

Book Publishing◊ Periodicals Publishing◊

Radio Broadcasting & Programming♦ Television

Television Cable, Pay & Broadcast Networks◊ Television Production & Distribution◊ Television Station Groups◊

LeisureEntertainment

Amusement Parks, Arcades & Attractions◊ ♦

LodgingResorts◊

Sports & RecreationProfessional Sports Teams & Organizations◊

Consumer Products ManufacturersToys & Games♦

Retail•

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Nonstore RetailCatalog, Mail Order & Television Sales◊

Telecommunications ServicesData Services

Internet & Online Services Providers◊ ♦

Computer SoftwareEducation & Training Software♦ Entertainment & Games Software♦

SIC Codes

2721 Periodicals

2731 Book publishing

2732 Book printing

2741 Miscellaneous publishing

3652 Prerecorded records and tapes

3942 Dolls and stuffed toys

3944 Games, toys, and children's vehicles

4832 Radio broadcasting stations

4833 Television broadcasting stations

4841 Cable and other pay TV services

4899 Communication services, nec

5961 Catalog and mail−order houses

7011 Hotels and motels

7372 Prepackaged software

7375 Information retrieval service

7379 Computer related services, necs

7383 News syndicates

7812 Motion picture & video production

7819 Services allied to motion pictures

7822 Motion picture and tape distribution

7829 Motion picture distribution services

7929 Entertainers & entertainment groups

7941 Sports clubs, managers, & promoters

7996 Amusement parks

7999 Amusement and recreation, nec

NAICS Codes

33993 Doll, Toy, and Game Manufacturing

339931 Doll and Stuffed Toy Manufacturing

454113 Mail−Order Houses

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511120 Periodical Publishers

511130 Book Publishers

51119 Other Publishers

511210 Software Publishers

512110 Motion Picture and Video Production

512120 Motion Picture and Video Distribution

51219 Postproduction Services and Other Motion Picture and Video Industries

512191 Teleproduction and Other Postproduction Services

512199 Other Motion Picture and Video Industries

512210 Record Production

512230 Music Publishers

512240 Sound Recording Studios

51511 Radio Broadcasting

515111 Radio Networks

515112 Radio Stations

515120 Television Broadcasting

515210 Cable and Other Subscription Programming

516110 Internet Publishing and Broadcasting

517910 Other Telecommunications

51811 Internet Service Providers and Web Search Portals

518111 Internet Service Providers

519190 All Other Information Services

71121 Spectator Sports

711211 Sports Teams and Clubs

713110 Amusement and Theme Parks

713990 All Other Amusement and Recreation Industries

721110 Hotels (except Casino Hotels) and Motels

72119 Other Traveler Accommodation

721199 All Other Traveler Accommodation

Top Competitors

NBC• Time Warner• Vivendi Universal•

All Competitors

Busch Entertainment• Discovery Communications• DreamWorks SKG• Fox Entertainment•

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Liberty Media• Lucasfilm• MGM• Microsoft• NBC• Six Flags• Sony Pictures Entertainment• Terra Lycos• Time Warner• Viacom• Vivendi Universal• Yahoo!•

Rankings

#61 in FORTUNE 500 • S&P 500• Dow Jones Industrials• Dow Jones Global Titans • #78 in FT Global 500 •

Subsidiaries/Affiliates Covered By Hoover's Online

ABC, Inc.ABC Cable Networks Group

A&E Television Networks◊ ESPN, Inc.

SportsTicker Enterprises, L.P.⋅ ◊

Lifetime Entertainment Services◊

ABC Radio Networks, Inc.♦ Hyperion♦

Disney Publishing Worldwide• Euro Disney S.C.A.• Mammoth Records• Mighty Ducks of Anaheim• Walt Disney Internet Group• Walt Disney Parks & Resorts• Walt Disney Studio Entertainment

Buena Vista Home Entertainment, Inc.♦ Buena Vista Motion Pictures Group♦ Miramax Film Corp.♦

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Biographies

Michael D. Eisner, Age 62

Chairman and CEO, $1,000,000 salary

Biography

For more than three decades, Michael Eisner has been a leader in the entertainment industry, helping to shape this keyarea of the American economy. He began his career at ABC, where he rose to senior vice president of prime timeproduction and development, taking the network from number three to number one with such landmark shows as HappyDays; Barney Miller; Rich Man, Poor Man; and Roots. In 1977, Eisner became president of Paramount Pictures, leadingthe studio to become number one in box office and profitability, with such films as Raiders of the Lost Ark, SaturdayNight Fever, Grease, Ordinary People and Terms of Endearment. In 1984, Eisner assumed his current position as CEOand chairman of The Walt Disney Company, and immediately implemented a number of successful growth strategies. Atthe theme parks, attendance and revenues climbed due to popular new attractions and the addition of new hotels and anentire new theme park, The Disney/MGM Studios. Thanks, in part, to the development of the Disney Stores, DisneyConsumer Products rose to dominance in the field of entertainment merchandise. The Disney Studios shot from last placeto first with live−action films such as Down and Out in Beverly Hills; Three Men and a Baby; Good Morning, Vietnam;and Dead Poets Society. Renewed efforts at Disney animation resulted in such fiscally and creatively successful films asWho Framed Roger Rabbit, The Little Mermaid, Beauty & the Beast, Aladdin, The Lion King, Toy Story, Mulan andTarzan. In recent years, Disney continued its dramatic growth, thanks to a wide range of initiatives, including: Theopening of Disneyland Paris, which is now Europe's most popular paid vacation destination. The expansion of WaltDisney World with such enhancements as Disney's Animal Kingdom theme park, Blizzard Beach water park, the town ofCelebration and the Downtown Disney entertainment district. Further expansions include new theme parks in Anaheim,Tokyo and Paris. The acquisition of Capital Cities/ABC, which added the ABC television network and such cable assetsas ESPN, The History Channel, Lifetime, A&E and E!. The development of such leading Internet sites as Disney.com,ESPN.com, ABCNews.com, ABC.com and Family.com. The acquisition of Capital Cities/ABC, which added the ABCtelevision network and such cable assets as ESPN, The History Channel, Lifetime, A&E and E!. The development of suchleading Internet sites as Disney.com, ESPN.com, ABCNews.com, ABC.com and Family.com. The acquisition ofMiramax Pictures, which went on to release such critical and box office hits as The English Patient, Good Will Hunting,Life is Beautiful, Shakespeare in Love and The Cider House Rules. The creation of Walt Disney Theatrical, which hasnow produced three successful Broadway shows − Beauty & the Beast, Aida and the box office phenomenon, The LionKing. The development of such theme park−related businesses as the Disney Cruise Line and Disney RegionalEntertainment. The acquistion of Fox Family Worldwide, which includes the Fox Family Channel, 76 percent of Fox KidsEurope, Fox Kids channels in Latin America and the Saban Library and Entertainment Productions Business−−with itsmore than 6,500 episodes of children's and family−friendly programming. Since Eisner joined Disney, the company'sannual revenues have grown from $1.7 billion to $25.4 billion, operating income has gone up from $291 million to to$4.08 billion, and its stock price has risen some 30 times. Eisner is the author of a book, Work in Progress, which hewrote with Tony Schwartz about his involvement in the entertainment industry. Born March 7, 1942 in New York, hegraduated from Lawrenceville School in 1960 and Denison University in 1964 with a B.A. in English literature andtheater. He serves on the boards of California Institute of the Arts, Denison University, American Hospital of ParisFoundation, Conservation International, the UCLA Executive Board for Medical Sciences and the National HockeyLeague. He has established and funded The Eisner Foundation, a philanthropic organization headed by his wife, Jane. Heand Jane have three sons, Breck, Eric and Anders.

Source: Company Web Site, 2002

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Robert A. (Bob) Iger, Age 53

President, COO, and Director, $1,394,231 salary, $4,000,000 bonus

Recent Work Highlights

The Walt Disney Company2002: President, COO, and Director, $1,000,000 salary, $3,000,000 bonus♦ 2001: President, COO, and Director, $1,000,000 salary♦

Biography

Robert A. Iger was named president and chief operating officer of The Walt Disney Company in January, 2000. At thattime, he also became a member of Disney's board of directors and of its executive management committee. Iger had beenchairman of the Disney−owned ABC Group, where he guided the complex merger of ABC with The Walt DisneyCompany. Simultaneously, he was president of Walt Disney International, where he created an organization embracingEurope, the Asia−Pacific Region and Latin America. His mission for Walt Disney International was to establish Disney'sbrand on a worldwide basis and consolidate international operations under a coordinated leadership. As Disney's presidentand chief operating officer, Iger works with Michael D. Eisner, chairman and chief executive officer, in overseeing allaspects of The Walt Disney Company's operations on a worldwide basis. The heads of all of Disney's business units andits chief strategic officer report to both Eisner and Iger. Iger first became part of Disney's management team in 1996,when The Walt Disney Company acquired Capital Cities/ABC, where Iger had been president and chief operating officer.During Iger's years with ABC, he obtained hands−on experience in virtually every aspect of the television networkbusiness, including news, sports and entertainment, as well as the business side of television such as program acquisition,rights negotiations and business affairs. ABC saw tremendous growth during Iger's career there, becoming a market leaderin network television and expanding into numerous cable and related ventures, including A&E, The History Channel,Lifetime, ESPN and ESPN−related businesses. He began his career at ABC in 1974 as a studio supervisor in New York,then moved to ABC Sports, where he advanced over a 12−year period through a series of increasingly responsiblemanagement posts. He became vice president of programming, responsible for all scheduling and program acquisitions forABC Sports in 1987. He left ABC Sports in 1988 for a promotion to executive vice president of the ABC TelevisionNetwork and became president of ABC Entertainment in Los Angeles a year later. Iger was promoted to president to theABC Television Network Group in New York in 1993 and was named president and chief operating officer of ABC in1994. He is a member of the board of directors of Lincoln Center for the Performing Arts, Inc. and New York CityOutward Bound. He is a trustee of the Museum of Television and Radio and of Ithaca College, where he graduated magnacum laude. A native of New York, Iger was born February 10, 1951. He has two daughters, Kate and Amanda, and a son,Max. He is married to Willow Bay, co−anchor of CNN Moneyline.

Source: Company Web Site, 2002

Thomas O. (Tom) Staggs, Age 41

SEVP and CFO, $841,827 salary, $1,000,000 bonus

Recent Work Highlights

The Walt Disney Company2002: SEVP and CFO, $700,000 salary, $750,000 bonus♦ 2001: SEVP and CFO, $700,000 salary, $1,000,000 bonus♦

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Biography

Thomas O. Staggs is senior executive vice president and chief financial officer of The Walt Disney Company and is amember of the company's executive management committee. He oversees the company's worldwide finance organization,controller functions, acquisitions, investor relations, treasury and risk management activities, information systems, realestate and taxes. He also represents Disney on the Supervisory Board of Euro Disney S.C.A., which owns and operatesDisneyland Resort Paris. Staggs joined Disney in 1990 as a manager of strategic planning and soon advanced through aseries of positions of increased responsibility, becoming senior vice president of strategic planning and development in1995. He was appointed executive vice president and chief financial officer in 1998, and assumed his current title inJanuary, 2000. He played an important role in a wide variety of Disney's strategic and operating initiatives and variousDisney strategic joint ventures and corporate transactions, including the acquisition of Capital Cities/ABC, the creation ofthe Mighty Ducks hockey franchise, and the sale of the ABC publishing assets. More recently, Staggs has spearheaded theCompany's efforts to drive greater cost and capital efficiency throughout the organization. Born in Illinois, Staggsreceived a B.S. degree in business from the University of Minnesota and an MBA from the Stanford Graduate School ofBusiness. He worked in investment banking with Morgan Stanley & Co. before joining Disney. He currently resides inLos Angeles with his wife and two children.

Source: Company Web Site, 2002

Peter E. Murphy, Age 41

SEVP and Chief Strategic Officer, $841,827 salary, $1,000,000 bonus

Recent Work Highlights

The Walt Disney Company2002: SEVP and Chief Strategic Officer, $700,000 salary, $750,000 bonus♦ 2001: SEVP and Chief Strategic Officer, $700,000 salary, $1,000,000 bonus♦

Biography

Peter E. Murphy is senior executive vice president and chief strategic officer of The Walt Disney Company and is amember of the company's executive management committee. He is responsible for strategic analysis, businessdevelopment and long term planning for the growth of Disney's global businesses. Murphy joined Disney's StrategicPlanning department in 1988 as a senior planning analyst and advanced through a series of positions of increasedresponsibility, becoming a senior vice president of strategic planning and development in 1995. In 1997, Murphy becamesenior vice president and chief financial officer for ABC, Inc., after having helped with Disney's acquisition of ABC andthe integration of the two organizations. He was promoted to executive vice president and chief strategic officer for TheWalt Disney Company in May, 1998, and received his current title in January, 2000. Murphy worked with Disneybusiness units in developing international television strategy, including plans to launch The Disney Channel in the UnitedKingdom and in Asia. He also initiated plans that led to the purchase of Miramax Films and contributed heavily to thejoint venture that brought the Super RTL television channel in Germany. Before joining Disney, Murphy was an executivewith Strategic Planning Associates. He holds a bachelor's degree from Dartmouth College, and an MBA from the WhartonSchool of Business. Murphy was born in Boston November 10,1962. He and his wife, Ann have two children and live inthe Los Angeles area.

Source: Company Web Site, 2002

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Alan N. Braverman, Age 56

SEVP and General Counsel, $685,291 salary, $700,000 bonus

Biography

In his new position, Braverman will be the chief legal officer of the company and will oversee its team of attorneysresponsible for all aspects of Disney's legal affairs around the world. Braverman will report to both Eisner and Iger.Previously, Braverman was executive vice president and general counsel, ABC, Inc. and deputy general counsel, TheWalt Disney Company. In that capacity he oversaw the legal affairs of the ABC Broadcast Group, ESPN and Disney/ABCCable, as well as labor relations. In August 1996, prior to Disney's acquisition of ABC, Inc., Braverman was named seniorvice president and general counsel, ABC, Inc. In October 1994, he was promoted to vice president and general counsel.He joined ABC, Inc. in November 1993, as vice president and deputy general counsel. In his positions with ABC, Inc. Mr.Braverman had broad responsibilities for the operation of the legal department, for government relations and for theCorporation's legal affairs. During his tenure at ABC, Braverman guided the company through numerous lawsuitsregarding news reporting and news gathering practices, supervised the company's labor department, and oversaw thegovernment relations function for Capital Cities/ABC, Inc. prior to its merger with Disney. Braverman joined CapitalCities/ABC, Inc. from the Washington, D.C. law firm of Wilmer, Cutler & Pickering, where he started in 1976. Hebecame a partner in 1983, specializing in complex commercial and administrative litigation. Before joining Wilmer,Cutler & Pickering, Braverman was a law clerk to the Honorable Thomas W. Pomeroy, Jr., Justice, Pennsylvania SupremeCourt. Braverman, a native of Boston, Massachusetts, received a B.A. degree from Brandeis University in 1969 andsubsequently worked for two years as a Vista volunteer in Gary, Indiana. In 1975, he received a J.D. degree summa cumlaude from Duquesne University in Pittsburgh, where he was also editor−in−chief of the Law Review.

Source: Company Press Release, January 28, 2003

Preston Padden, Age 55

EVP Worldwide Government Relations

Biography

Preston Padden became executive vice president of worldwide government relations for The Walt Disney Company inJuly, 1998. Based in Washington, D.C., he works with all business units of The Walt Disney Company in theirinteractions with the U.S. government and those of other countries. Previously he was president, ABC TelevisionNetwork. Before joining ABC in 1997, Padden was chairman and chief executive officer of American Sky Broadcasting(ASkyB), a satellite television joint venture between News Corporation and MCI. Prior to joining ASkyB, he had servedas president, telecommunications and television, for News Corporation, having joined Fox Broadcasting Company inJanuary, 1990, as senior vice president, Affiliates. Born on November 26, 1948 in Washington, D.C., he received hisundergraduate degree from the University of Maryland and his law degree from George Washington University inWashington, D.C. Padden and his wife Barbara are the parents of three children and live in Potomac, MD.

Source: Company Web Site, 2002

Zenia Mucha

SVP Corporate Communications

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Biography

Ms. Mucha will assume overall responsibility for both the communications policies and strategic positioning of The WaltDisney Company and its diverse global business segments, which include Media Networks, Parks and Resorts, StudioEntertainment and Consumer Products. She will oversee media relations, financial communications and employeecommunications, in addition to setting direction for overall corporate positioning. Ms. Mucha will be chief spokespersonfor The Walt Disney Company and will continue to be based in Los Angeles. Ms. Mucha has been senior vice president,Communications, for the ABC Broadcast Group and the ABC Television Network since joining the Company inFebruary, 2001. She will continue to have an active role in the overall communications management of these areas. Herresponsibilities have included the development, implementation and oversight of internal and external communications forthe ABC Broadcast Group, the ABC Television Network and other ABC divisions. She also has supervised various otheractivities, such as public service campaigns, audience information, internal publications and the ABC Foundation. Earlierin her career Ms. Mucha served first as director of communications and then as senior policy advisor to Governor GeorgePataki of New York State, where she earned a national reputation for her expert communications and political skills. Shejoined Governor Pataki in 1994 and is widely credited with helping the former State Senator achieve the recognitionnecessary to win the gubernatorial election. Ms. Mucha counseled Governor Pataki on a broad range of public policy andother issues. She also successfully positioned him for his first re−election campaign as Governor. Prior to joining thePataki administration, Ms. Mucha served as press representative and then communications director to former UnitedStates Senator Alfonse D'Amato. Ms. Mucha managed Senator D'Amato's two successful re−election campaigns, in 1986and 1992.

Source: Company Press Release, May 9, 2002

John M. Renfro

SVP Human Resources

Biography

Renfro has been senior vice president of human resources for Gateway, Inc., a technology and personal computercompany based in San Diego. As chief human resources officer at Disney, Renfro will be responsible for areas thatinclude managing Disney's employee communications, culture and organization development, employee education anddevelopment, staffing, diversity, compensation and benefits, and employee relations. The heads of human resources inDisney's business units will report to Renfro as well as to the senior executives of their respective business units. Prior tojoining Gateway, Renfro was senior vice president of human resources and administration for Zenith Electronics Corp. inChicago. Previously, he held increasingly responsible human resources management positions at Ameritech, Dun &Bradstreet and A.C. Nielsen. These latter positions offered him experience managing human resources throughout theAsia−Pacific region, Africa and Latin America. Renfro holds a B.S. degree in administrative sciences from SouthernIllinois University in Carbondale.

Source: Company Press Release, March 14, 2002

David K. Thompson

SVP, Deputy General Counsel − Corporate, and Secretary

Biography

David K. Thompson has been named senior vice president, deputy general counsel − Corporate, and corporate secretary.

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In addition to his existing responsibilities as corporate secretary, Thompson will oversee the company's corporate andtransactional work, public reporting, corporate finance, corporate real estate and development and Walt DisneyImagineering legal affairs. He joined Disney in 1989, and received his J.D. from Columbia University School of Law in1980.

Source: Company Press Release, June 17, 2003

Terri A. Southwick

SVP and Deputy General Counsel − Intellectual Property

Biography

Terri A. Southwick, an experienced attorney with expertise in the field of intellectual property, has joined the company assenior vice president and deputy general counsel − Intellectual Property. She will oversee the Intellectual Property,Technology and Patents, Music and Consumer Products groups. Before joining Disney, she served the company for sevenyears as outside counsel in Washington, D.C., during which time she was also a Senior Lecturing Fellow in digitaltechnologies at Duke University Law School and an Adjunct Professor of copyright law at Georgetown University LawCenter. Before that, she was an attorney−advisor at the U.S. Patent and Trademark Office. She received her J.D. in 1985from Duke.

Source: Company Press Release, June 17, 2003

Edward J. Nowak

SVP and Deputy General Counsel − Litigation and Employment

Biography

Edward J. Nowak has been promoted to senior vice president and deputy general counsel − Litigation and Employment.He will oversee Disney's entire litigation and employment practice, as well as the Benefits, Immigration andEnvironmental groups in the corporate legal department. An 18−year veteran of Disney, Nowak received his J.D. in 1974from Columbia University School of Law.

Source: Company Press Release, June 17, 2003

Chris Curtin

VP Corporate Synergy and Special Assistant to the Chairman

Biography

Curtin had served since last year as director, government relations, based in Disney's Washington, D.C., office. In thatposition, he was responsible for a wide range of legislative, regulatory and human−resources issues affecting Disney. Inaddition, he spearheaded a variety of corporate initiatives, including special events such as the Washington, D.C.,premiere of Disney's hit film ``Remember the Titans,'' and the company's involvement in ``GetNetWise,'' an Internetinitiative dedicated to providing resources and tools to help ensure child safety online. Curtin joined Disney in 1995 asrepresentative, government relations, and was named senior legislative analyst, government relations, in 1997. Previously,

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he was an associate with Robinson Lake Sawyer Miller, a strategic communications firm with offices in Washington,D.C., and New York City. He graduated from Denison University with a bachelor of arts degree and received a jurisdoctor degree from the Georgetown University Law Center.

Source: Company Press Release,

Susan Fox

VP Government Relations

Biography

Most recently, Fox served as deputy chief, mass media bureau at the Federal Communications Commission (FCC) whereshe led a commission−wide task force on digital television. She also directly managed the mass media bureau's policydivision, political programming office and Equal Employment Opportunity branch. Previously, she served as senior legaladvisor to FCC Chairman William Kennard.

Source: Company Press Release,

Richard W. Cook, Age 52

Chairman, The Walt Disney Studios

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Studio Entertainment Chairman, The Walt Disney StudiosRecent Work Highlights

Walt Disney Studio EntertainmentTitle held until 2002: Chairman, Walt Disney Motion Pictures Group♦

Biography

Richard Cook, chairman of The Walt Disney Motion Pictures Group, oversees domestic theatrical marketing anddistribution, international marketing and distribution, and feature film acquisitions; is in charge of the Studio's worldwidehome video operations; and heads production for the Walt Disney, Touchstone and Hollywood Pictures banners.

A 30−year Disney veteran, Cook began his career in 1970 as a ride operator at Disneyland. In 1971, he became aDisneyland sales representative and was promoted three years later to manager of sales for the Anaheim−based themepark. Moving to the Studio in 1977, Cook served as manager, pay television and non−theatrical releases and wasresponsible for the early planning stages of The Disney Channel. In 1980, he was named assistant domestic sales managerfor Buena Vista and subsequently became vice president and general sales manager, and then senior vice president,domestic distribution for Buena Vista Pictures. He assumed the role of president of Buena Vista Pictures Distribution in1988 and added marketing to his areas of responsibility with his promotion in 1994.

Under Cook's leadership, Buena Vista Pictures Distribution was the #1 domestic distributor in 2000, as it has been forseven of the past ten years. During his tenure as chairman, the Studio has had such major box office successes as "101Dalmatians," "Ransom," "Con Air," "Hercules," "George of the Jungle," "Flubber," "The Horse Whisperer," "Six Days,

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Seven Nights," "Mulan," "Armageddon," "The Parent Trap," "A Bug's Life," "The Sixth Sense," "Tarzan," "Toy Story 2,""Fantasia/2000," "Gone in Sixty Seconds," "Dinosaur," and "Remember the Titans."

As president of Buena Vista Pictures Distribution, Cook oversaw the release of such hit films as "Down and Out inBeverly Hills," "Three Men and a Baby," "Good Morning, Vietnam," "Dead Poets Society," "Honey, I Shrunk the Kids,""The Little Mermaid," "Pretty Woman," "Beauty and the Beast," "Father of the Bride," "The Hand That Rocks theCradle," "Sister Act," "Aladdin," "The Lion King" (the Studio's top−grossing film and one of the industry's all−timebiggest releases) and "Pocahontas."

As president of Buena Vista Pictures Distribution and Marketing, Cook was also responsible for overseeing the campaignsfor such major hits as "The Santa Clause," "While You Were Sleeping, " "Crimson Tide," "Mr. Holland's Opus," "ToyStory," "The Rock," "Phenomenon" and "The Hunchback of Notre Dame."

Cook was also responsible for giving in−theater showmanship a major boost with the elaborate two−year restoration ofHollywood Boulevard's classic movie palace, The El Capitan, and its subsequent live stage productions which accompanyspecial releases. The only theater of its kind in the country to ever be restored as a first−run motion picture palace, the ElCapitan has received landmark status for its museum−grade preservation, and has won many conservancy awards. Thetheater itself has set numerous industry records and has consistently broken its own house records since its 1991 opening.

Additionally, he helped to give Disney's 1995 animated release, "Pocahontas," an unprecedented launch with a 23−CityMall Tour, a world premiere (the world's largest) in Central Park and a six−city exclusive engagement featuring a livestage show. The following year, "The Hunchback of Notre Dame" was launched in grand style with an elaborate NewOrleans premiere, complete with Mardi Gras−style parade and a Superdome screening. In 1997, "Hercules" captured theworld's media spotlight as millions lined the streets of Manhattan to see a special themed edition of Disneyland's famousMain Street Electrical Parade. The release of "Mulan" in 1998 continued the tradition of great showmanship with a galaoutdoor premiere at the Hollywood Bowl.

A graduate of the University of Southern California, Cook is a member of the Academy of Motion Picture Arts andSciences, and sits on the board of directors of The Will Rogers Foundation and the Foundation of Motion PicturePioneers. He is a trustee of the University of Southern California and also served as president for the USC AlumniAssociation. Additionally, he is president of the board of trustees of Flintridge Preparatory School and is the recipient ofthe George Washington Medal of Freedom from the Freedom Foundation of Valley Forge.

Source: Company Web Site, 2002

Bob Weinstein, Age 47

Co−Chairman, Miramax Film Corp.

Other Company Affiliations

Company Title Salary Bonus

Miramax Film Corp. Co−Chairman

Walt Disney Studio Entertainment Co−Chairman, Miramax Film Corp.

Read the offsite biography

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Harvey Weinstein, Age 51

Co−Chairman, Miramax Film Corp.

Other Company Affiliations

Company Title Salary Bonus

Miramax Film Corp. Co−Chairman

Walt Disney Studio Entertainment Co−Chairman, Miramax Film Corp.

Read the offsite biography

Martin A. Sklar

Vice Chairman and Principal Creative Executive, Walt Disney Imagineering

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Parks & ResortsVice Chairman and Principal Creative Executive, Walt DisneyImagineering

Biography

Martin A. Sklar, Vice Chairman and Principal Creative Executive of Walt Disney Imagineering (WDI), has worked forThe Walt Disney Company continuously since 1956. From September 1987 to May 1996, when he was promoted to ViceChairman, Marty served as President of the Imagineering subsidiary, the Disney organization responsible for the creationand expansion of the company's theme parks and a variety of new Disney creative initiatives. In May 1996, when theDisney Development Company (DDC) and WDI were combined into one organization, he was named to his presentresponsibilities. Marty became an officer of WED Enterprises (as Walt Disney Imagineering was then called) in 1974,when he was appointed Vice President, Concepts/Planning, a role in which he guided the creative development of Epcotat The Walt Disney World Resort in Florida. In 1979 he became Vice President of Creative Development; in 1982 he wasappointed Executive Vice President, and in 1987 became Imagineering's President. As Vice Chairman, Marty providesleadership for the Imagineering creative staff, which is charged with delivering breakthrough entertainment concepts forDisney's Theme Parks and attractions. Today, Imagineering is responsible for every project, from idea through fieldconstruction, that goes into the present Disney Theme Parks (Disneyland in California; The Magic Kingdom, Epcot,Disney−MGM Studios, and Disney's Animal Kingdom at Walt Disney World in Florida; Tokyo Disneyland in Japan; andDisneyland Paris in France) and future projects for each, including Disney's California Adventure, opening in 2001adjacent to Disneyland; Tokyo DisneySea, opening in the same year adjacent to Tokyo Disneyland; and Disney StudiosParis, opening adjacent to Disneyland Paris in 2002. Imagineering is also responsible for the creative development ofideas and concepts for many other new Disney initiatives, including projects for Regional Entertainment (seeDisneyQuest, opened in 1998 at Walt Disney World, and in 1999 in Chicago), new flagship stores for The Disney Store(see the 5th Avenue Store in New York City), design and construction of the Disney Cruise Line ships, creation of Disneyresort hotels (designed by world−famous architects), ideas for Disney sports initiatives, and many more. Marty originallyjoined the Disney organization for a brief stint a month before Disneyland opened in July 1955. At that time, he was astudent at UCLA, recruited by former Disney Chief Executive Officer E. Cardon Walker, while Marty was serving aseditor of the Daily Bruin student newspaper. Returning to finish his senior year after Disneyland's first summer, hegraduated from UCLA and took a position as assistant news editor of MAC (Media Agency Clients) Publications, a

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leading advertising trade journal. In September 1956, Marty returned to Disneyland, where he assumed responsibility formost of the Park's publicity and marketing materials, including the establishment of the highly successful Vacationlandmagazine. Joining WED Enterprises in 1961, he was part of the team assigned by Walt Disney to developindustry−sponsored shows and pavilions for General Electric, Ford, Pepsi−Cola/UNICEF and the State of Illinois at the1964−65 New York World's Fair. During the late 1950s and 1960s, until Walt Disney's death in 1966, Marty wrotepersonal materials for the "Showman of the World", for use in publications, television and special films. These included a20−minute film devoted entirely to communicating Walt Disney's visionary concepts for the Epcot project. "Working withWalt Disney was the greatest 'training by fire' anyone could ever experience," Marty says. "Our training was by Walt, whowas always there pitching in with new ideas and improving everyone else's input, like a master chef brewing a new recipe.The fire was that we were constantly breaking new ground to create deadline projects never attempted before in thisbusiness. That, I'm proud to say, has never stopped in my more than 40 consecutive years at Disney." In addition to hisconcepts and writing contributions for Disney Theme Park shows, Marty has written and produced films, television showsand major presentations communicating Disney projects to the public, industry, government and professionalorganizations. From the 1960s to the 1990s, Marty was Imagineering's primary strategist in relations with Americanindustry in the development of sponsored attractions for Disneyland and the Walt Disney World Theme Parks, withemphasis on Epcot. Corporations now participating in Disney's U.S. parks include many of America's leading companies:AT&T, American Express, Coca−Cola, Exxon, Federal Express, General Motors, Kodak, Nestle USA and MetLife,among others. "I have been truly blessed to spend almost my entire career working with the creative talent of Walt DisneyImagineering − artists, designers, architects, engineers, writers and many other disciplines. Just coming to work has beenan exciting new adventure every day. Today, with Michael Eisner providing the corporate leadership, Disney has to beone of the most exciting places in the world for creative people. The opportunities for growth − both personal andcorporate − are enormous. We are 'dreamers and doers'." Marty has been a featured speaker at art, design andrecreation−related conferences, among them the American Institute of Architects annual convention, the Art DirectorsClub of Boston, the American Association of Museums, the Annual Conference of the Association of Science andTechnology Centers, the National Recreation and Parks Association Convention, the Getty Center for Education in theArts, the Southeastern Museums Conference, the annual IAAPA Panel on Entertainment, Cal Poly Pomona's AdvancedManagement Executive Series, the UCLA Extension Conference − "Business and Design Issues in ThemedEntertainment" and Stanford University's Law School, where he travelled many times for a dialogue with a graduate classin business. He has also spoken to gatherings of key executives from Exxon, IBM, Ford and other companies, and is apopular speaker at such Disney "fan clubs" as the annual Disneyana Convention and the National Fantasy Fan Club(NFFC). "Our guests in the Disney Parks − and the audiences I speak to − respond to what I call 'Mickey's TenCommandments': the do's and don'ts of Disney creativity and communications as I understand and practice them after 40years of 'training by fire'." Before moving to Los Angeles in 1986, Marty was twice elected (1969 and 1973) to the Boardof Education of the Anaheim (CA) City School District and served two terms as board president. He was also elected totwo terms as president of the Orange County (CA) School Board Association; was an Anaheim City Commissioner (Parksand Recreation and Cultural Arts Commissions); was the founding chairman of the "Michael L. Roston Creative WritingAwards", an annual competition sponsored by the Anaheim Public Library; and was the 1977 recipient of the"Community Service Award for Anaheim", presented by Cypress College. In the 1990s, Marty was honored in July, 1995as a "Disney Legend" by the National Fantasy Fan Club; and in September, 1995 became only the second recipient of the"Lifetime Achievement Award" presented by the Themed Entertainment Association (TEA). Marty also served two termson the Board of The Manned Space Flight Education Foundation, Inc. formed to create "Space Center Houston", whichopened in October 1992. He has been married to his wife Leah since 1957. They have two children: Howard, who recentlycompleted his Master's Degree at the Graduate Theological Union in Berkeley and is currently teaching and living withhis family in Helsinki, Finland; and Leslie Sklar Dahan, a former story analyst in the motion picture industry who liveswith her family in Los Angeles. They also have four grandchildren. Mrs. Sklar has also served in the community, mostnotably as a member of the Orange County Commission on the Status of Women, including two years as its chairwoman.Most recently, the Sklars have been instrumental in creating the Ryman Program for Young Artists, named in honor of thequintessential Imagineering artist Herbert D. Ryman who created the first visual depiction of Disneyland for Walt Disney.The Ryman Program is a project of the Ryman−Carroll Foundation, which Marty serves as President. Its purpose is toteach "traditional" drawing and painting skills to talented young artists in Southern California. The program, filling a voidin public art education, is now in its ninth year and continuously serves more than 100 high school artists withwide−ranging ethnic and cultural diversity. For 1994 and 1995, a Ryman Program student was selected to receive theGovernor's Award as the Outstanding Student Artist in the State of California. Extending their commitment to young

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talent, the Sklars have established the annual "Martin and Leah Sklar Scholarship for Ryman Program Graduates" atCalArts, in Valencia, California.

Source: Company Web Site, 2002

Anne M. Sweeney

President, ABC Cable Networks Group and Disney Channel Worldwide

Other Company Affiliations

Company Title Salary Bonus

ABC Cable Networks Group President, ABC Cable Networks Group and Disney Channel Worldwide

ABC, Inc. President, ABC Cable Networks Group and Disney Channel WorldwideBiography

Anne Sweeney has been president of the ABC Cable Networks Group and president of Disney Channel Worldwide, sinceOctober, 2000. Sweeney had held the title of president of Disney/ABC Cable Networks and president of Disney Channelsince 1998, with responsibility for ABC's interests in Lifetime, A&E, the History Channel and E! EntertainmentTelevision and overseeing operation of Disney Channel in the U.S.; Toon Disney, the all−animation channel; andSoapNet, the 24−hour soap opera network. She has the added responsibility of overseeing all Disney Channels worldwideand all Disney−branded blocks of programming on cable and network television. Sweeney oversees 13 InternationalDisney Channels, including those in the United Kingdom, Germany, Spain, Australia, Singapore, Taiwan, the Middle Eastand Latin America. Sweeney was named president, Disney Channel, and executive vice president, Disney/ABC CableNetworks, in February 1996. As president of Disney Channel, Sweeney headed one of the fastest growing networks incable, the only full−time general entertainment television network designed for kids and families. Under her leadership,Disney Channel grew its subscriber base from 14 million to 70 million homes with its mix of family entertainment,original series, movies and specials. In April 1998, Sweeney oversaw the successful launch of the all−animation channelToon Disney and in January 2000 she oversaw the launch of SoapNet. Sweeney joined the company from FX Networks,Inc. where she had been chairman and chief executive officer since 1993. During her tenure at FX, Sweeney presided overthe launch of two basic cable networks: FX, an entertainment network representing the most successful basic cable launchin history; and FXM: Movies from Fox, Hollywood's first studio−based movie network. Prior to joining Fox in 1993,Sweeney spent 12 years at Nickelodeon/Nick at Nite where she was senior vice president of Program Enterprises. AtNickelodeon, she oversaw program acquisitions, sales, co−production and syndication of Nickelodeon programming. Shealso oversaw international expansion, which included establishing Nickelodeon in the United Kingdom through a jointventure with British Sky Broadcasting. Active in cable industry affairs, Sweeney is a board member of the Walter KaitzFoundation, which supports minorities in cable television. A founding member of Women in Cable andTelecommunications, Sweeney was named the organization's Executive of the Year in 1994 and Woman of the Year in1997. In 1995, she received the prestigious STAR Award from American Women in Radio and Television. Sweeney wasthe 1998 recipient of the Advocate Leader Award, the highest award given by the Southern California Chapter of Womenin Cable and Telecommunications. Sweeney is a member of the Board of Directors for Special Olympics. She received aB.A. degree from the College of New Rochelle and an Ed.M. degree from Harvard University. Sweeney and her husband,Philip Miller, an attorney, and their two children reside in Los Angeles.

Source: Company Web Site, 2002

Walter C. Liss Jr.

President, ABC−Owned Television Stations

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Other Company Affiliations

Company Title Salary Bonus

ABC, Inc. President, ABC−Owned Television StationsBiography

Walter C. Liss was named President, ABC Owned Television Stations, in May 1999. He had been Chairman, Buena VistaTelevision, since October 1996. In his new position, Mr. Liss assumes responsibility for 10 ABC Owned TelevisionStations: WABC−TV (New York), WLS−TV (Chicago), WPVI−TV (Philadelphia), WTVD (Durham−Raleigh),KABC−TV (Los Angeles), KGO−TV (San Francisco), KTRK−TV (Houston), KFSN−TV (Fresno), WJRT−TV (Flint),and WTVG (Toledo). This station group reaches almost a fourth of the nation's viewing audience. Previously, Mr. Lisswas responsible for Buena Vista Television and the Pay Television unit. Before that, he was President and GeneralManager of WABC−TV since 1987. He joined Capital Cities Communications (now ABC, Inc.) in 1971. He started aspromotion manager at WPVI−TV in Philadelphia. In 1973, he moved to WKBW−TV, another Capital Cities station, inBuffalo, New York, where he served as Program Director. He was promoted to Vice President and General Manager atKFSN−TV, the Capital Cities owned station in Fresno, California, where he worked from 1975 to 1981. He subsequentlymoved to Miami, Florida, where he became Vice President/General Manager at WPLG−TV, a Post−NewsweekTelevision station. Mr. Liss served as President of the Broadcasting Division of Cox Enterprises, Inc. from 1983 to 1987.In that capacity, he directed the operations of eight television stations, 12 radio stations and a national sales representativefirm. Mr. Liss' early years in the business were at John Blair and Company in New York, where he worked as AssociateCreative Director from 1969−71, and at Triangle Stations in Philadelphia, where he was Assistant National PromotionDirector from 1967 to 1969. He attended La Salle College in Philadelphia from 1961−1965, where he worked asannouncer for WIBF−FM − an interest started when Mr. Liss was 16 years old and hosted his own radio program. Mr.Liss has been active in the communities in which he has worked. In New York, he was a member of the Mayor's MidtownCitizens Committee; he serves on the Board of Directors for the Promesa Foundation and the Board of the Foundation forMinority Interests in Media. He served as the 1992 dinner chair for the National Puerto Rican Forum's annualachievement awards banquet, and he supports numerous other important civic organizations. In 1991, Mr. Liss receivedthe National Puerto Rican Forum's affirmative action award on behalf of WABC−TV; and in 1992 he received the DonaldH. McGannon Award for his contributions to the advancement of women and minorities in the media. The award wasgiven by the United Church of Christ. Mr. Liss and his wife, Lisa, have two sons, Brandon and Jonathan. Mr. Liss also hastwo grown sons, Brian Christopher and Gregory.

Source: ABC Website, 2002

John Hare

President, ABC Radio

Other Company Affiliations

Company Title Salary Bonus

ABC, Inc. President, ABC RadioBiography

John Hare was named President, ABC Radio, in February 1999. Mr. Hare is responsible for the ABC Radio division,which consists of 44 radio stations − 26 AM and 18 FM − and the ABC Radio Networks, the largest commercial radionetwork in the world. Mr. Hare had been Group President, ABC Owned Radio Stations since July 1997. In that capacityhe was responsible for all the radio stations in New York, Los Angeles, Dallas, Detroit and Washington, D.C. ABC alsoowns radio stations in San Francisco, Chicago, Minneapolis, Atlanta, Seattle, Oakland, Cleveland, St. Louis, Phoenix and

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Denver. Mr. Hare is an executive with 30 years experience in radio. He began his broadcasting career in 1969 as anaccount executive at KXYZ−AM/FM, former ABC radio stations in Houston. After a series of promotions, he moved toWashington, D.C. as General Sales Manager of WRQX−FM. In 1980 he became Vice President and General Manager ofWRIF−FM in Detroit. He returned to Dallas−Fort Worth in 1984 when he was named Vice President and GeneralManager of KTKS−FM, a former ABC radio station. In 1986 he was promoted to President and General Manager ofWBAP−AM in Dallas−Fort Worth. In 1996 he also took over as President and General Manager of KSCS−FM,Dallas−Fort Worth, and assumed managerial responsibility for the Company's stations in Detroit. ABC Radio is a unit ofABC, Inc., an indirect subsidiary of The Walt Disney Company. ABC Radio owns 44 radio stations, 26 AMs and 18 FMs,throughout the United States, reaching over 14 million listeners weekly. The division also includes ABC Radio Networks.ABC Radio Networks is the largest radio network in the United States, with an estimated audience of 144 million personsper week and is heard in over 90 countries. ABC Radio Networks broadcasts five full−service line networks, Paul HarveyNews & Comment, the ESPN Radio Network, Tom Joyner Morning Show and American Country Countdown with BobKingsley, ABC Radio's 24−hour formats, ABC News, Sports, and daily and weekly features. ABC Radio Networks'affiliate lineup consists of almost 9,000 program affiliations on 4,400 radio stations. A native of Detroit, Mr. Haregraduated from Ferris State University, Big Rapids, Michigan, with a BS in marketing. He and his wife Joanne are theparents of four children.

Source: ABC Website, 2002

Alex Wallau

President, ABC Television Network

Other Company Affiliations

Company Title Salary Bonus

ABC, Inc. President, ABC Television NetworkBiography

Alex Wallau was named president, ABC Television Network, in June 2000. In this position he is responsible for allbusiness and programming areas of the ABC Television Network, including ABC Entertainment, ABC News, ABCSports, ABC Children's Programming and Daytime, as well as Finance, Research, Network Public Relations, TelevisionNetwork Sales, Affiliate Relations, Marketing, and Broadcast Operations and Engineering. Prior to this appointment hehad served as interim president. From August 1998 to March 2000, Mr. Wallau was president, ABC Television NetworkOperations and Administration, responsible for Sales, Broadcast Operations and Engineering and Affiliate Relations. Healso worked on a broad range of policy, administrative and operational issues within the ABC Television Network. From1996 to 1998 Mr. Wallau served as executive vice president of the Network, and as vice president from 1993. He beganhis career with ABC Sports in 1976 as head of On−Air Promotion, and went on to become a two−time EmmyAward−winning producer and director of ABC's sports coverage. In 1986 he moved in front of the cameras as ABC'sboxing analyst, and was honored by the Boxing Writers of America as the top television boxing journalist in his first year.In addition to his management responsibilities, Mr. Wallau continues as ABC's on−air boxing analyst, serves on the Boardof Directors of ESPN and the Advertising Council, and is a member of the Los Angeles Board of Governors of theMuseum of Television and Radio. Born at Fort McPherson, Georgia, Mr. Wallau was raised in the Bronx andConnecticut. He earned a BA degree from Williams College. He and his wife, Martha, live in Los Angeles.

Source: ABC Web Site, 2003

Nina R. Jacobson

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President, Buena Vista Motion Pictures Group

Other Company Affiliations

Company Title Salary Bonus

Buena Vista Motion Pictures Group President

Walt Disney Studio Entertainment President, Buena Vista Motion Picture GroupBiography

Nina Jacobson is president of the Buena Vista Motion Pictures Group, responsible for developing scripts and overseeingfilm production for Walt Disney Pictures, Touchstone Pictures and Hollywood Pictures. She has been with the studiosince February of 1998, where she supervised production of THE SIXTH SENSE and REMEMBER THE TITANS, aswell as PEARL HARBOR and THE PRINCESS DIARIES. Previously, Jacobson was a senior film executive atDreamWorks, SKG, where she developed WHAT LIES BENEATH and originated the idea for DreamWorks' firstanimated feature ANTZ. Prior to DreamWorks, Jacobson worked at Universal as senior vice president of Production,where she was involved with the development and making of TWELVE MONKEYS, DAZED AND CONFUSED andDRAGON − THE BRUCE LEE STORY. Jacobson started her career as a documentary researcher for Arnold ShapiroProductions. In 1987, she joined the Disney Sunday Movie as a story analyst. In 1988, Jacobson moved to Silver Picturesas Director of Development. She went on to head development at MacDonald/Parkes Productions, before leaving to joinUniversal. She is a graduate of Brown University.

Source: Company Web Site, 2002

Thomas C. Schumacher, Age 44

President, Buena Vista Theatrical Productions

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Studio Entertainment President, Buena Vista Theatrical ProductionsRecent Work Highlights

Walt Disney Studio EntertainmentTitle held until 2003: President, Buena Vista Theatrical Productions, Walt Disney Feature Animation, andWalt Disney Television Animation

♦ •

Biography

Schumacher joined Walt Disney Feature Animation in 1988 to produce "The Rescuers Down Under" and rose to presidentof Feature Animation after having helped with the turnaround of Disney's animation activities. He has supervised 18 ofDisney's major animated films in recent years, including "Pocahontas," "Toy Story," "The Hunchback of Notre Dame,""Hercules," "Mulan," "A Bug's Life," "Tarzan," "Toy Story 2," "Dinosaur," "The Emperor's New Groove" and thissummer's hit "Lilo & Stitch," which has made nearly $250 million at the worldwide box office. Schumacher wasexecutive producer of the film "The Lion King." Further, he expanded Disney's Video Premieres business, as well asDisney's television animation offerings, which air on Disney Channel and ABC−TV. Before joining The Walt DisneyCompany, he enjoyed a distinguished 10−year career in the performing arts. As associate director of the acclaimed 1987Los Angeles Festival of Arts, he was instrumental in presenting the American premiere of Canada's immensely popular

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Cirque du Soleil. Prior to the Los Angeles Festival, Schumacher spent five years on staff at the Los Angeles MusicCenter's Mark Taper Forum. Schumacher worked on the 1984 Olympic Arts Festival and served as assistant generalmanager of the Los Angeles Ballet. A graduate of UCLA, he currently serves on The Tony Administration Committee, theEducation Council and the Presentations Committee of the Performing Arts Center of Los Angeles County, and is atrustee of Broadway Cares/Equity Fights AIDS.

Source: Company Press Release, January 3, 2003

Andrew P. (Andy) Mooney

President, Disney Consumer Products

Biography

Andy Mooney joined The Walt Disney Company in December 1999 as president of Disney Consumer Products. In thisrole, he oversees the worldwide day−to−day operations of the division's six lines of business: Disney Apparel, DisneyToys, Disney Hardlines, Disney Retail, Disney Interactive and Disney Publishing. Under Mooney's direction, DisneyConsumer Products' business has turned around through a variety of initiatives. He and his team have strengthened theDisney brand at retail, transitioned the licensing business into a consumer products company focused on productinnovation and developed strong relationships with category leaders. Prior to joining Disney Consumer Products, Mooneyenjoyed a 20−year career with Nike, Inc., originally joining the company's United Kingdom division as chief financialofficer. Mooney transitioned to marketing in 1982, holding several senior positions before becoming chief marketingofficer for Nike in the United States in 1994. In 1999, Mooney became chief marketing officer and head of GlobalApparel. In this position, he assumed additional responsibilities for worldwide marketing strategies for the Nike andJordan brands, as well as the company's $3 billion global apparel business. He also led successful efforts to reorganizeNike's brand marketing activities, including implementing new advertising strategies for the company. Mooney, amusician and avid collector of vintage guitars, was born in 1955 in Whitburn, Scotland. He and his wife, Vizhier, reside inHollywood, Calif.

Source: Company Web Site, 2002

Karl Holz

President, Disney Cruise Line

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Parks & Resorts President, Disney Cruise LineBiography

Holz began his career with Disney at the Walt Disney World Resort in 1996 as vice president, Downtown Disney wherehe oversaw the successful expansion of the shopping, dining and entertainment district. In 2000, Holz became the vicepresident of Epcot and in 2001 was promoted to senior vice president of operations. Prior to joining Disney, Holz wasvice president of theme parks for Knott's Berry Farm and was also the president and COO with Sky Chefs/ConcessionAir. Karl, born in Germany, has a B.S. in Business Administration from The State University of New York, Fredonia.

Source: Company Press Release, November 14, 2003

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Deborah Dugan

President, Disney Publishing Worldwide

Other Company Affiliations

Company Title Salary Bonus

Disney Publishing Worldwide PresidentBiography

Dugan joined Disney Publishing in 1998 as vice president of business development and strategic planning and waspromoted to senior vice president and managing director two years later. During this time, Dugan refocused the publishinggroup from a licensing model to a content−driven model supporting the development of new ``tween'' properties, such asinternational W.I.T.C.H. magazine and Volo, a new paperback series in the U.S. Dugan achieved substantial growth forDisney's domestic magazine group, recently expanding the FamilyFun franchise with the launch of FamilyFun.com. And,Disney's celebrated Hyperion Books for Children continues to be a creative magnet for new and established talent,including Maurice Sendak, Toni Morrison and recent Caldecott award−winner Bryan Collier. A strong advocate forDisney's learning projects, Dugan, a former teacher, spearheaded the acquisition of several key properties including``Baby Einstein,'' and championed the growth of Disney's ``Magic English'' language−learning program. Before Disney,Dugan held senior positions with EMI Records Group and worked as a corporate attorney on Wall Street. She received abachelor's degree in English and education from the University of Florida and a J.D. from the University of Utah Collegeof Law. Dugan serves on the boards of the Association of American Publishers and The Magazine Publishers of America.

Source: Company Press Release, March 5, 2002

Matthew A. Ouimet

President, The Disneyland Resort

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Parks & Resorts President, The Disneyland ResortBiography

Ouimet joined The Walt Disney Company in 1989 and over the last 14 years has held leadership positions in real estatedevelopment, finance and business development. He has held a series of executive positions that include senior vicepresident and chief financial officer at the Disney Development Company (now part of Walt Disney Imagineering) andsenior vice president of Finance and Business Development at the Walt Disney World Resort as well as executive generalmanager of Disney Vacation Club and Disney's Wide World of Sports. Since becoming president of Disney Cruise Line in1999, Ouimet oversaw the establishment of this exciting business as a successful element of the Walt Disney Parks andResorts portfolio. Under his leadership, the Disney Cruise Line grew into one of the country's premier cruise operators.His focus on the guest experience has resulted in the highest guest satisfaction ratings of all of the Walt Disney Parks andResorts vacation experiences. Active in Florida's business community, Ouimet serves as the chairman of the FloridaChamber of Commerce and on the Board of Directors for the International Council of Cruise Lines and the FloridianCaribbean Cruise Association. A native of upstate New York, Ouimet is a graduate of Binghamton University. He and hisfamily will begin the transition to California immediately.

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Source: Company Press Release, October 14, 2003

George W. Bodenheimer

President, ESPN and ABC Sports

Other Company Affiliations

Company Title Salary Bonus

ABC, Inc. President, ABC Sports and ESPN

ESPN, Inc. President; President, ABC SportsBiography

An ESPN and industry pioneer, George W. Bodenheimer was named ESPN's fifth President on November 19, 1998.Bodenheimer's path to leadership mirrors that of the company itself − with his sharp focus on creativity and cutting−edgeinnovation, emphasis on always enhancing value, and conviction for teamwork.

As President, Bodenheimer oversees all of the company's domestic and international business entities − more than 40.They include six domestic (ESPN, ESPN2, ESPN Classic, ESPNEWS, ESPN Extra and ESPN Now) and 19 internationaltelevision networks, pay−per−view packages, the Internet (ESPN.com), radio (ESPN Radio), print (ESPN The Magazineand books), restaurants (ESPN Zone) and more. Bodenheimer, who joined the company in January 1981, had served asExecutive Vice President, Sales and Marketing for ESPN since September 1996.

Bodenheimer's contributions over the years have been integral to ESPN's success. His innovative business initiatives weredesigned with one goal in mind − to bring greater value to all of ESPN's constituents: affiliates, advertisers, rightsholdersand ultimately consumers.

He has been strategically involved in the development of the ESPN domestic networks and product, especially thecreation and evolution of ESPN2, ESPN Classic and ESPNEWS, as well as with ESPN The Magazine, ESPN.com andESPN Radio. He led the most successful launch of a new network in the modern era of cable when ESPN2 debuted in 10million homes in October 1993. ESPN2, the fastest growing network in the '90s, is the second largest sports network andfeatures a programming lineup on par with ESPN.

Prior to becoming President, Bodenheimer was responsible for affiliate sales, advertising sales, marketing and research forall of ESPN's domestic networks. In 1995, Bodenheimer implemented an integrated sales and marketing unit to facilitatemultimedia buys across all of ESPN's franchises, the broadest portfolio in sports marketing. Through this approach,ESPN's multimedia platforms provide the most effective and efficient sports marketing vehicle worldwide for advertisersand affiliates.

Bodenheimer's leadership has been recognized throughout the industry. ESPN in 1995 earned the inaugural CAB Awardfor Network Affiliate Sales Achievement, given to the network which supplies cable advertisers with the finest localadvertising support. In 1996, ESPN was named Cable Marketer of the Year by Advertising Age.

He chaired the Marketing Committee for the NCTA's successful "On Time Guarantee" initiative and led ESPN'sinvolvement in "Cable in the Classroom," the industry's educational effort, through the critically acclaimed SportsFigures,a program that teaches math and science through sports. He also was instrumental in ESPN's co−sponsorship of the localCableACE Awards and helped initiate ESPN and ESPN2's sponsorship of the annual "Good Sports Award," BeaconAward honoring cable affiliates for exemplary community involvement through education and sports.

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Bodenheimer serves on the boards of NCTA (The National Cable Television Association), CTAM (the marketing societyfor the cable and telecommunications industry), Cable in the Classroom and The V Foundation for cancer research whichESPN founded with the late Jim Valvano. He is also a member of the board and secretary of the Cable TelevisionAdvertising Bureau (CAB). He was named to the "CableFax 100" list of industry leaders in 1998 and 1999. He is amember of the Cable Programming Committee of the Museum of Television and Radio.

Bodenheimer, who began his ESPN career in the administration department, held several executive positions in ESPN'saffiliate sales and marketing area throughout the 1980's, working in the company's Bristol, New York, Chicago, Denverand Dallas offices. In 1982, he joined the affiliate marketing staff as marketing representative for ESPN's South Centralregion. Bodenheimer was promoted to national accounts manager of the Rocky Mountain region (July 1985) and todirector, affiliate sales, Eastern division (February 1988). He was named vice president, affiliate sales, Eastern division inJuly 1989 and was promoted to vice president, national affiliate sales in June 1991. Bodenheimer was named vicepresident, affiliate sales and marketing in November 1992, and senior vice president, affiliate sales and marketing inOctober 1993. He was appointed to senior vice president, sales and marketing in May 1995.

He was graduated from Denison University in 1980 with a Bachelor of Arts degree in economics. Bodenheimer is basedin New York but also works from ESPN's Bristol, Conn. headquarters.

Source: Company Web Site, 2002

David J. Stainton, Age 41

President, Walt Disney Feature Animation

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Studio Entertainment President, Walt Disney Feature AnimationRecent Work Highlights

Walt Disney Studio EntertainmentTitle held until 2003: President, Walt Disney Television Animation♦

Biography

Previously, Stainton served as president, Walt Disney Television Animation since January 2001. In that role, Staintonoversaw the day−to−day operations for the division's animated television series, Disney Video Premieres andDisneyToons. Stainton joined The Walt Disney Company in 1989 as manager of special projects for Walt Disney Picturesand Television. In 1991, Stainton joined the Feature Animation department where he served in a series of positions, witheach new role increasing the scope of his responsibilities. In January 1998, Stainton was named senior vice president ofcreative affairs for Walt Disney Feature Animation where he was charged with overseeing Disney's animation studio inParis. The facility houses 150 artists from 13 countries. During his tenure, Stainton worked with Schumacher on suchsuccessful films as "The Lion King," "Toy Story," "Mulan," "Tarzan," "Hercules," "The Hunchback of Notre Dame,""Pocahontas," and "Dinosaur". Stainton holds a bachelor's degree from Princeton University and a master's degree inBusiness Administration from Harvard.

Source: Company Press Release, January 3, 2003

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Andy Bird

President, Walt Disney International

Biography

Working in conjunction with business unit leaders around the world, Bird will be responsible for coordinating andoverseeing growth opportunities for Disney outside the United States, and for targeting new businesses, growing andincreasing penetration of existing businesses, and leading the development of business and operations in emergingmarkets. For nearly a decade, Bird has been with Time Warner, joining in 1994 as senior vice president and generalmanager of Turner Entertainment Networks Limited, the TBS Europe arm that produced Cartoon Network, which hehelped grow to 13 channels across Europe from one. He rose to president of TBS International in 2000, and becameresponsible for all TBS broadcasting outside of the continental U.S. In addition, he was leading a new initiative for TimeWarner in the wireless arena, an area in which Disney has seen strong growth internationally, especially in Asia. Birdstarted his career with Piccadilly Radio in Manchester, England, as breakfast show producer. After that, Bird moved toLondon to join the Virgin Broadcasting Company working at Music Box, a Pan−European music channel. Later, Virginasked Bird to help launch and program a satellite−delivered national radio service called Radio Radio. Bird became Headof Programming for the service producing radio shows for leading comedians and television presenters. Between 1989and 1994, Bird held a number of positions in radio and television in Europe, including a helping start a music channel,producing and directing a popular London−based morning TV program and producing a Saturday morning children's TVshow. In 1992, Bird was tapped by Unique Broadcasting, the largest independent radio production company in the UnitedKingdom, to start up and operate Unique Television. A native of the U.K., Bird earned a Bachelor of Arts degree (withhonors) from the University of Newcastle Upon Tyne in 1985. He will be based in Burbank, California.

Source: Company Press Release, November 19, 2003

Stephen H. (Steve) Wadsworth

President, Walt Disney Internet Group

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Internet Group PresidentBiography

Steve Wadsworth is president of the Walt Disney Internet Group (WDIG), which provides centralized strategic leadership,business execution support and a world−class technology platform for all of the Internet properties of The Walt DisneyCompany (TWDC). In addition to guiding the company's portfolio of Internet businesses, he has direct operationalresponsibility for Disney.com worldwide, FamilyFun.com, Movies.com, DisneyAuctions and the wireless businesses forall TWDC properties. WDIG is charged with developing and delivering new forms of interactive content and capabilities,such as the Enhanced TV service, which showcases the convergence of video and interactive programming, andbroadband entertainment content, such as the new embedded web video. Wadsworth has seven years of Internetexperience, all at The Walt Disney Company. Named president of Disney's Internet unit in 1999, he is well versed inInternet business and technology operations. He has played a critical role in leading the company's successfulconsolidation of data centers, engineering, database management, ad sales and other core functions. Wadsworth joinedDisney Online, Disney's first Internet operation, at its inception in September 1995. Prior to being named president ofDisney's Internet operations, he served as senior vice president and chief financial officer, responsible for all strategicplanning, business development, technology operations, finance, accounting and administrative functions. He came to

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Disney Online from Disney Consumer Products, where he served as director of business planning. Before joining Disneyin 1993, Wadsworth was a principal for the Windsor Park Group in Los Angelesresponsible for providing strategic,operational and financial management consulting services to companies primarily in the retail and consumer productsindustries. Wadsworth is a frequent spokesperson on Internet issues and guest speaker at Internet industry forums. Heholds a B.S. in engineering from the University and received his M.B.A. from the UCLA Graduate School ofManagement.

Source: Company Web Site, 2002

James A. (Jay) Rasulo, Age 46

President, Walt Disney Parks & Resorts

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Parks & Resorts PresidentBiography

James A. Rasulo was named president of Walt Disney Parks and Resorts in September 2002. In his role as president, he isresponsible for Disney's renowned theme parks and resorts around the world−−Disneyland Resort in California, WaltDisney World Resort in Florida, Tokyo Disney Resort and Disneyland Resort Paris in France. Rasulo also manages thelong−term growth and international expansion initiatives for the business, including the Hong Kong Disneyland Resortscheduled to open in 2005/06. Rasulo also oversees the Disney Cruise Line; Walt Disney Imagineering, the organizationthat designs and builds Disney theme parks, attractions and other facilities; Disney Regional Entertainment, including thepopular sports−themed restaurants, ESPN Zone; and Anaheim Sports Inc., the management company of the sports teamfranchises, Major League Baseball's Anaheim Angels and the National Hockey League's Mighty Ducks. In 1998, Rasulomoved to Paris to become executive vice president, Euro Disney S.C.A. and served as president and C.O.O. in 1999 untilbeing named chairman and CEO in May of 2000. He was best known for the many growth initiatives that transformedDisneyland Paris into the top tourist destination in Europe. Rasulo was also at the helm during the March 2002 opening ofthe Disneyland Paris Resort's second park, Walt Disney Studios, which marked the beginning of a new and exciting era.In January of 2001, Rasulo welcomed the 100 millionth guest to the Disneyland Paris Park and celebrated its 10thanniversary in 2002. During his tenure at Disneyland Resort Paris, Rasulo oversaw a massive period of real estatedevelopment and signed four major hotel deals with European tour operators and hotel chains for the construction of twothousand new hotel rooms on the Euro Disney property and surrounding area. Also under his leadership, the DisneyVillage retail, entertainment and dining center expanded dramatically and saw record levels of revenue. Rasulo joined TheWalt Disney Company in 1986 as director and later became senior vice president of Corporate Strategic Planning, wherehe led strategy development for all real estate−based businesses in The Walt Disney Company's portfolio. He was seniorvice president of Corporate Alliances from 1993 − 1995, organizing the sponsorship activities into a company−widestrategic business unit. Rasulo also spent three years with Disney Regional Entertainment, where he was part of thedevelopment of ESPN Zone. Prior to joining Disney, Rasulo worked for Chase Manhattan Bank as an exchangerate/interest rate forecaster, and then became a manager of corporate planning for the Marriott Corporation. A native NewYorker, Rasulo graduated from Columbia in 1978 with a degree in economics. He went on to earn an MA in Economics in1982 and an MBA in 1984 both from the University of Chicago. Among Rasulo's many interests and affiliations, he is thefounding member of the Columbia University Club of France, and a board member for the American Chamber ofCommerce in France. Rasulo is bilingual in English and French.

Source: Company Web Site, 2002

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André Lacroix, Age 43

Chairman and CEO, Euro Disney

Other Company Affiliations

Company Title Salary Bonus

Euro Disney S.C.A. Chairman and CEO

Walt Disney Parks & Resorts Chairman and CEO, Euro DisneyBiography

Lacroix has been President of Burger King International since 2001, and was responsible for the development,management and profitability of the brand outside of North America. He has been recognized as one of the top leaders inthe industry by driving sustainable growth ahead of the market and his competitors. Lacroix joined Burger King inSeptember 1996 as General Manager for Germany and was appointed General Manager, Germany & Northern Europe inJune 1998. As the General Manager in Germany, he was the architect of the turnaround of this market, tripling thebusiness in the past five years. He was promoted to President Europe, Middle East & Africa in 1999. In this role, heexpanded the Burger King brand by entering into several new markets and introducing innovative new products. Prior tohis tenure at Burger King, Lacroix joined Pepsi Cola International in 1988 as International Marketing Manager of the 7UPbrand. In 1990, he became Marketing Director, Middle East & Africa, and in 1991, Lacroix was promoted to OperationsDirector Pepsi, East Germany. Finally, he held the position of General Manager Pepsi, Holland, Austria, Belgium andSwitzerland from 1993 until 1996. He graduated from the Ecole de Commerce de Paris. He is a French native and speaksfive languages fluently.

Source: Company Press Release, March 28, 2003

Allen R. Weiss

President, The Walt Disney World Resort

Other Company Affiliations

Company Title Salary Bonus

Walt Disney Parks & Resorts President, The Walt Disney World Resort

Bruce Morrison

VP Retail Marketing, Disney Consumer Products

Biography

Morrison is charged with strengthening critical business relationships with DCP's key retailers in the United States, aswell as the company's global relationship with Wal−Mart International, and developing merchandising plans andmarketing objectives. He is the primary contact for marketing within each DCP line of business, including Disney Toys,Disney Hardlines and Disney Softlines, as well as Disney Publishing and Disney Interactive, where appropriate, and willmanage country−specific retail marketing teams. He also continues to maintain responsibility for DCP's Canadian retail

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team. Morrison joined Disney's Buena Vista Home Entertainment division in Canada in 1995, handling the Costco andWal−Mart accounts, and by 1998 he was leading the national account sales team for the mass, club and department storechannels. In 1999, he joined DCP Canada as director of retail marketing and led the process of forging strongerrelationships with licensees and retailers. He was again acknowledged for his efforts in 2000 when he was promoted to theposition of managing director, licensing retail and marketing for DCP Canada. In this role, Morrison was instrumental insolidifying direct−to−retail agreements with Wal−Mart and Zellers, two leading mass retailers in Canada, and developingsuccessful merchandise focused retail and consumer marketing initiatives. Prior to Disney, Morrison worked for HallmarkCards Canada, where he managed the marketing division for the specialty products brand. Morrison, a native of Toronto,Canada, received an Honours Bachelor of Business Administration from Wilfrid Laurier University in Waterloo, Ontario,Canada. He will relocate to the Los Angeles area with his wife and three children.

Source: Company Press Release, March 20, 2002

John E. Bryson, Age 60

Director

Other Company Affiliations

Company Title Salary Bonus

The Boeing Company Director

Edison International Chairman, President, and CEO; Chairman, Southern CaliforniaEdison and Edison Capital

$1,020,000$1,000,000

Southern California EdisonCompany

Chairman

Recent Work Highlights

Edison International2001: Chairman, President, and CEO; Chairman, Edison Mission Energy and Edison Capital, $950,000salary, $1,350,000 bonus

Title held until 2003: Chairman, President, and CEO; Chairman, Edison Mission Energy and EdisonCapital

Biography

Mr. Bryson has served as Chairman of the Board, President and Chief Executive Officer of Edison International, theparent company of Southern California Edison, an electric utility, since 1990. He is also a director of The BoeingCompany and Pacific American Income Shares, Inc./Western Asset Funds, Inc.

Source: Proxy, January 27, 2004

John S. Chen, Age 49

Director

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Other Company Affiliations

Company Title Salary Bonus

iAnywhere Solutions, Inc. Chairman

Sybase, Inc. Chairman, President, and CEO $821,500 $479,280Recent Work Highlights

Sybase, Inc.2001: Chairman, President, and CEO, $821,500 salary, $314,635 bonus♦ 2000: Chairman, President, and CEO, $775,000 salary, $1,019,900 bonus♦

Biography

Mr. Chen has been Chairman, Chief Executive Officer and President of Sybase, Inc., a software developer, sinceNovember 1998. From February 1998 through November 1998, he served as co−Chief Executive Officer. Mr. Chenjoined Sybase in August 1997 as Chief Operating Officer and served in that capacity until February 1998. From March1995 to July 1997, Mr. Chen was President of the Open Enterprise Computing Division, Siemens Nixdorf, a computer andelectronics company, and Chief Executive Officer and Chairman of Siemens Pyramid, a subsidiary of Siemens Nixdorf.

Source: Proxy, January 27, 2004

Judith L. Estrin, Age 49

Director

Other Company Affiliations

Company Title Salary Bonus

FedEx Corporation DirectorBiography

Ms. Estrin is President and Chief Executive Officer of Packet Design, LLC, a company that she co−founded in May 2000to develop networking technology. Ms. Estrin served as Chief Technology Officer and Senior Vice President of CiscoSystems Inc., a developer of hardware and software to link computer systems, from 1998 until April 2000, and asPresident and Chief Executive Officer of Precept Software, Inc., a developer of networking software of which she wasco−founder, from 1995 until its acquisition by Cisco in 1998. She is also a director of FedEx Corporation, an internationalprovider of transportation and delivery services.

Source: Proxy, January 27, 2004

Aylwin B. Lewis, Age 49

Director

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Other Company Affiliations

Company Title Salary Bonus

A&W All−American FoodRestaurants

CEO

Halliburton Company Director

Long John Silver's CEO

YUM! Brands, Inc. President, Chief Multibranding and Operating Officer; CEO, A&WAll−American Food Restaurants and Long John Silver's

$445,000$826,875

Recent Work Highlights

YUM! Brands, Inc.Title held until 2003: COO♦

Biography

Mr. Lewis is President, Chief Multibranding and Operating Officer of YUM! Brands, Inc., a franchisor and licensor ofquick service restaurants including KFC, Long John Silvers, Pizza Hut, Taco Bell and A&W. Prior to being namedPresident, Chief Multibranding and Operating Officer in 2003, he was Chief Operating Officer of YUM! Brands since2000 and Chief Operating Officer of Pizza Hut from 1996. Mr. Lewis is also a director of Halliburton Co.

Source: Company Press Release, January 27, 2004

Monica C. Lozano, Age 47

Director

Other Company Affiliations

Company Title Salary Bonus

Impremedia LLC Publisher and CEO, <I>La Opinion</I>

UnionBanCal Corporation DirectorBiography

Ms. Lozano is Publisher and Chief Executive Officer of La Opinión, the largest Spanish−language newspaper in theUnited States, and Senior Vice President of its parent company, ImpreMedia, LLC. In addition, Ms. Lozano is a memberof the Board of Regents of the University of California and a trustee of the University of Southern California. She is atrustee of SunAmerica Asset Management Corporation and a director of Union Bank of California, the California HealthCare Foundation and Tenet Healthcare Corporation.

Source: Proxy, January 27, 2004

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Overview

The monarch of this magic kingdom is no man but a mouse −− Mickey Mouse. The Walt Disney Company is the #2media conglomerate in the world, behind Time Warner. Disney owns the ABC television network, 10 broadcast TVstations, and more than 70 radio stations. It also has stakes in several cable channels such as ESPN (80%) andAETelevision Networks (38%). Its Walt Disney Studios produces films through imprints Walt Disney Pictures,Touchstone, Hollywood Pictures, and Miramax. Walt Disney Parks &Resorts, which includes Walt Disney World andDisneyland, owns the most popular resorts in North America. Walt Disney Internet Group oversees the Mouse's Webproperties (ABC.com, Disney Online, ESPN.com).

The company has suffered in 2001−03 in virtually every business. ABC has been in a slump due to the soft advertisingmarket and low ratings. Despite early improvements in the 2002−03 season thanks to a strong new slate of sitcomsincluding 8 Simple Rules and Life with Bonnie, the network still wallows in third place in the ratings (behind CBS andNBC). Desperate to hang onto a hit show, ABC decided to continue producing 8 Simple Rules without star John Ritter,who died suddenly in 2003.

In an effort to jumpstart its television business Disney bought the Fox Family Channel from News Corp. and Haim Sabanfor $5.2 billion (including debt). It renamed the channel ABC Family, but the move has been criticized for a lack ofcompelling programming on the network.

One area in which Disney has bounced back is in the movie business. For the past couple years the company was marredby the mediocre performances of films such as Atlantis, Pearl Harbor, and Bad Company. And though the studio hadshowed signs of life in late 2002 with some successful live action movies such as Signs and The Santa Clause 2, itsanimated division released one of the company's biggest bombs, Treasure Planet. With a budget of $140 million, the filmopened with a tepid $17 million take in its first weekend of release. The disastrous performance forced Disney to lower itsearnings forecast for 2002. But in 2003, Disney's film releases topped the $3 billion mark, thanks to such hits as Pirates ofthe Caribbean: The Curse of the Black Pearl, Finding Nemo (a co−production with Pixar), and Freaky Friday.

Also in 2003, computer animation company Pixar dealt Disney's animated division another devastating blow when itannounced it would find a new distribution partner for its films starting in 2006. Pixar, the studio behind the hitsMonsters, Inc., Toy Story, and Finding Nemo, owes Disney two more films under its current contract in which thecompanies' split the costs and profits of the films down the middle.

The parks and resorts unit's attendance and revenue figures declined because of the combination of the 2001 terroristattacks on the US (which caused a steep drop in the travel business) and a recession. The company is looking toward theinternational market to grow the business. Walt Disney already has a presence in Japan where it earns royalties on theTokyo Disney Resort (owned and operated by the Oriental Land Co.), and owns 39% of Disneyland Paris. An additionaltheme park is being built in Hong Kong.

In the professional sports arena Disney owns the Mighty Ducks of Anaheim hockey franchise. Disney is exiting the sportsworld, however. Early in 2003 it sold baseball's Anaheim Angels to Arturo Moreno, a Phoenix businessman, for $182million. Disney decided to sell its teams just when they became successful. The Angels won its first World Serieschampionship in 2002, and the Ducks gained its first berth in the Stanley Cup finals in 2003 (but lost to the New JerseyDevils).

After much initial success, the company's Disney Stores retail unit has fallen on hard times. The company reduced thenumber of North American stores to about 480 from a high of 520. (Worldwide, Disney has about 550 locations.) Amakeover plan to divide the stores into two retail concepts, one focused on kids (Disney Play) and the other for parents(Disney Kids At Home), has failed to catch fire. Disney is contemplating closing more stores or selling the businessaltogether.

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A boardroom brawl erupted at Disney in late 2003 when the company forced Roy E. Disney Jr., the last Disney familydirector, to resign from his position by enforcing a rule that requires all directors over the age of 72 to retire. Roy E. hasbeen highly critical of CEO Michael Eisner, who he sees as the major obstacle to the company's rebound, and repeatedlycalled for his resignation. Roy E. ally Stanley Gold also resigned from the board in protest of the ouster.

The drama thickened early the next year when cable company Comcast made an unsolicited $54 billion bid to buy Disney.Disney's board rejected the bid on the grounds that it undervalued the company.

Amid all the strife, Disney struke a deal to boost its children's entertainment properties by purchasing the Muppet andBear in the Big Blue House characters, along with their film and television libraries, from The Jim Henson Company.

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History

After getting started as an illustrator in Kansas City, Walt Disney and his brother Roy started Disney Brothers Studio inHollywood, California, in 1923. Walt directed the first Mickey Mouse cartoon, Plane Crazy, in 1928 (the third, SteamboatWillie, was the first cartoon with a soundtrack). The studio produced its first animated feature film, Snow White and theSeven Dwarfs, in 1937. Walt Disney Productions went public in 1940 and later produced classics such as Fantasia andPinocchio. The Disneyland theme park opened in 1955.

Roy Disney became chairman after Walt died of lung cancer in 1966. Disney World opened in Florida in 1971, the yearRoy died. His son, Roy E., became the company's principal individual shareholder. Walt's son−in−law, Ron Miller,became president in 1980. Two years later Epcot Center opened in Florida. In 1984 the Bass family of Texas, in alliancewith Roy E., bought a controlling interest in the company. New CEO Michael Eisner (from Paramount) and presidentFrank Wells (from Warner Bros.) ushered in an era of innovation, prosperity, and high executive salaries. The companylater launched The Disney Channel and opened new theme parks, including Tokyo Disneyland (1984) and Disney−MGMStudios (1989). In 1986 the company changed its name to The Walt Disney Company. Disneyland Paris (originally EuroDisney) opened in 1992.

Following Wells' death in a helicopter crash in 1994, boardroom infighting led to the acrimonious departure of studiohead Jeffrey Katzenberg. (He was awarded $250 million in compensation in 1999.) The next year Eisner appointedHollywood agent Michael Ovitz as president. (Ovitz left after 16 months with a severance package of more than $100million.) Disney bought Capital Cities/ABC (now ABC, Inc.) for $19 billion in 1996, and two years later it bought Webservices firm Starwave from Microsoft co−founder Paul Allen. It later acquired 43% of Internet search engine Infoseekfor $70 million, and together they launched the GO Network in 1999. Disney bought the remaining 57% of Infoseek laterthat year and formed GO.com (now Walt Disney Internet Group), which began trading as a separate tracking stock.

In early 2000 ABC chairman Robert Iger was named Disney's president and COO (and heir apparent to Eisner). Later thatyear Time Warner Cable briefly suspended ABC broadcasts during a dispute over rebroadcasting rights, drawing the ire ofsome 3.5 million cable customers. (The FCC later ruled that Time Warner violated rules against dropping a station fromcable systems during sweeps periods.)

In 2001 the company expanded its theme parks in Anaheim, opening Downtown Disney and Disney's CaliforniaAdventure. It also announced a further restructuring of its Internet business, including closing the GO.com search site andconverting its Internet tracking stock back into Disney common stock. That year Disney formed a joint venture withWenner Media (US Weekly LLC) and took a 50% stake in entertainment magazine US Weekly. Later Disney bought FoxFamily Channel, which it renamed ABC Family, from News Corp. and Haim Saban for $2.9 billion in cash andassumption of $2.3 billion in debt.

In 2003 Disney began its exit from the sports world by selling the Anaheim Angels.

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Products/Operations

2003 Radio Stations

AM FM Total

Minneapolis/St. Paul 1 5 6

Dallas/Ft. Worth 2 3 5

Chicago 3 1 4

Los Angeles 3 1 4

Atlanta 1 2 3

Detroit 1 2 3

New York City 2 1 3

San Francisco 3 0 3

Washington, DC 1 2 3

Norfolk, VA 2 0 2

Portland, OR 2 0 2

Albany, NY 1 0 1

Albuquerque 1 0 1

Boston 1 0 1

Charlotte, NC 1 0 1

Cleveland 1 0 1

Denver 1 0 1

Flint, MI 1 0 1

Fremont, OH 1 0 1

Hartford, CT 1 0 1

Houston 1 0 1

Indianapolis 0 1 1

Jacksonville, FL 1 0 1

Kansas City, MO 1 0 1

Little Rock, AR 0 1 1

Louisville, KY 1 0 1

Miami 1 0 1

Milwaukee 1 0 1

Mobile, AL 0 1 1

New Orleans 1 0 1

Orlando, FL 1 0 1

Philadelphia 1 0 1

Phoenix 1 0 1

Pittsburgh 1 0 1

Providence, RI 1 0 1

Richmond, VA 1 0 1

San Antonio, TX 1 0 1

Sacramento, CA 1 0 1

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Salt Lake City 1 0 1

Seattle 1 0 1

St. Louis 1 0 1

Tampa 1 0 1

Tulsa, OK 1 0 1

West Palm Beach, FL1 0 1

Wichita, KS 1 0 1

Total 52 20 72

2003 Sales

$ mil. % of total

Media networks 10,94140

Studio entertainment 7,364 27

Parks & resorts 6,412 24

Consumer products 2,344 9

Total 27,061100

Selected Operations and Operating Units

Media Networks• ABC Radio Networks• ABC Television Network• Buena Vista Productions• Buena Vista Television• Cable networks• A&E Television Networks (37.5%)• A&E• A&E International• The Biography Channel• The History Channel• History International• ABC Family• Fox Kids Europe (76%)• Fox Kids Latin America• Disney Channel• E! Entertainment Television (39.6%)• ESPN (80%)• ESPN2• ESPN Classic• ESPNEWS• Lifetime Entertainment Services (50%)• Lifetime (50%; magazine)• Lifetime Movie Network• Lifetime Real Women (cable network)• Lifetime Television (cable network)• SOAPnet• Style (39.6%)• Toon Disney• Touchstone Television• TV stations• KABC (Los Angeles)•

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KFSN (Fresno, CA)• KGO (San Francisco)• KTRK (Houston)• WABC (New York City)• WJRT (Flint, MI)• WLS (Chicago)• WPVI (Philadelphia)• WTVD (Raleigh−Durham, NC)• WTVG (Toledo, OH)• Walt Disney Internet Group• ABC.com• ABCNEWS.com• ABCSports.com• Disney.com• Disney on MSN (co−branded ISP with Microsoft)• DisneyMobile.com• ESPN.com• FamilyFun.com• Movies.com• Walt Disney Television• Studio Entertainment• Buena Vista Home Entertainment• Buena Vista Theatrical Group• Disney Live Family Entertainment• Disney Theatrical Productions• Hollywood Pictures• Miramax Film Corp.• Dimension• Miramax• Music Group• Hollywood Records• Buena Vista Records• Lyric Street• Walt Disney Records• Touchstone Pictures• Walt Disney Pictures• Theme Parks and Resorts• Anaheim Sports• Mighty Ducks of Anaheim (National Hockey League)• Disney Cruise Line• Disney Regional Entertainment• ESPN Zone• Euro Disney (39%)• Disney Village• Disneyland Paris• The Walt Disney Studios Park (Marne−La−Vallee, France)• Disneyland Resort (Anaheim, CA)• Disneyland• Disney's California Adventure• Downtown Disney• Hong Kong Disneyland (43%, in development)• Tokyo Disney Resort (owned and operated by Oriental Land Co.; Disney earns royalties)• Tokyo Disneyland•

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Tokyo DisneySea• Walt Disney Imagineering (planning and development)• Walt Disney World Resort (Orlando, FL)• Disney Vacation Club• Disney−MGM Studios• Disney's Animal Kingdom• Disney's Wide World of Sports• Downtown Disney• Epcot• Magic Kingdom• Consumer Products• Buena Vista Games (video games)• The Disney Catalog (direct marketing)• Disney Interactive (children's software and video games)• Disney Merchandise Licensing• Disney Publishing Worldwide (children's books)• DisneyStore.com• The Disney Store• Hyperion (adult trade books)• Magazines• Discover (magazine)• Disney Adventures (magazine)• FamilyFun (magazine)• US Weekly (50%, magazine)•

Selected ABC Shows

8 Simple Rules• 10−8• According to Jim• Alias• The Bachelor• Less Than Perfect• Life with Bonnie• George Lopez• Hope & Faith• I'm With Her• Monday Night Football• My Wife And Kids• NYPD Blue• The Practice• Threat Matrix•

Selected Film Releases

Atlantis• Bad Boys II• Brother Bear• Cold Mountain• Finding Nemo (co−production with Pixar)• Freaky Friday• The Haunted Mansion•

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Holes• Kill Bill: Vol 1• Kill Bill: Vol 2• Pirates of the Caribbean: The Curse of the Black Pearl• Scary Movie 3• Spy Kids 3−D: Game Over• Treasure Planet• Under the Tuscan Sun• Young Black Stallion•

Archived Charts

2002 Radio Stations

AM FM Total

Minneapolis/St. Paul 1 5 6

Dallas/Ft. Worth 2 3 5

Chicago 3 1 4

Los Angeles 3 1 4

Atlanta 1 2 3

Detroit 1 2 3

San Francisco 3 0 3

Washington, DC 1 2 3

Denver 2 0 2

New York City 1 1 2

Norfolk, VA 2 0 2

Albany, NY 1 0 1

Boston 1 0 1

Charlotte, NC 1 0 1

Cleveland 1 0 1

Flint, MI 1 0 1

Fremont, OH 1 0 1

Hartford, CT 1 0 1

Houston 1 0 1

Jacksonville, FL 1 0 1

Kansas City, MO 1 0 1

Louisville, KY 1 0 1

Miami 1 0 1

Mobile, AL 0 1 1

Orlando, FL 1 0 1

Philadelphia 1 0 1

Phoenix 1 0 1

Pittsburgh 1 0 1

Providence, RI 1 0 1

Richmond, VA 1 0 1

Sacramento, CA 1 0 1

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Seattle 1 0 1

St. Louis 1 0 1

Tampa 1 0 1

West Palm Beach, FL1 0 1

Wichita, KS 1 0 1

Total 44 18 62

2002 Sales

$ mil. % of total

Media networks 9,733 38

Studio entertainment 6,691 26

Parks & resorts 6,465 26

Consumer products 2,440 10

Total 25,329100

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Other Resources Available On Hoover's Online

News for Walt Disney (last 90 days)

Company Press Release Archive

Other Resources

Headquarters Map• SEC Filings

10−K Filings♦ •

Stock Quote• Stock Chart• Earnings Estimates• ValuEngine Analysis• Annual Report • Investor Relations • Financial Data Definitions• Market Data Definitions• Comparison Data Definitions• Historical Financials & Employees Definitions•

Related Products From Our Trusted Partners

Buy Reports and Books

D&B Business/Credit Reports: The Walt Disney Company(D&B, Feb 1, 2004, Business Reports)

The Walt Disney Company: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)

Quantitative Report for DIS(ValuEngine, Inc., Jan 1, 2004, Business Reports)

Book Publishers Deluxe Set(Harris Industry Reports, Aug 12, 2003, Business Reports)

Academic E−Learning Must Confront Content Development Costs(Gartner, Inc., Apr 30, 2003, Business Reports)

Financial Performance Scorecard Second Quarter 2003: ContinuedStrength Teamed With Remarkable Leverage(Outsell, Inc., Oct 17, 2003, Business Reports)

Amusement Parks, Arcades & Attractions: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

Amusement and Theme Parks in the US(IBISWorld, Jan 18, 2004, Business Reports)

Additional 3rd Party Libraries

Additional Research On Walt Disney

Manufacturing Branches • Corporate Hierarchy •

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Annual Financials

All amounts in millions of US Dollars

Income Statement Sep 03 Sep 02 Sep 01

Revenue 27,061.0 25,329.0 25,269.0

Cost of Goods Sold 23,271.0 21,903.0 20,683.0

Gross Profit 3,790.0 3,426.0 4,586.0

Gross Profit Margin 14.0% 13.5% 18.1%

SG&A Expense 0.0 0.0 0.0

Depreciation & Amortization 1,077.0 1,042.0 1,754.0

Operating Income 2,713.0 2,384.0 2,832.0

Operating Margin 10.0% 9.4% 11.2%

Nonoperating Income 350.0 259.0 322.0

Nonoperating Expenses 793.0 453.0 417.0

Income Before Taxes 2,254.0 2,190.0 1,283.0

Income Taxes 789.0 853.0 1,059.0

Net Income After Taxes 1,465.0 1,337.0 224.0

Continuing Operations 1,338.0 1,236.0 120.0

Discontinued Operations 0.0 0.0 0.0

Total Operations 1,338.0 1,236.0 120.0

Total Net Income 1,267.0 1,236.0 (158.0)

Net Profit Margin 4.7% 4.9% −−

Diluted EPS from Continuing Operations ($) 0.65 0.60 0.11

Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00

Diluted EPS from Total Operations ($) 0.65 0.60 0.11

Diluted EPS from Total Net Income ($)

Dividends per Share 0.21 0.21 0.21

Balance Sheet Sep 03 Sep 02 Sep 01

Assets

Current Assets

Cash 1,583.0 1,239.0 618.0

Net Receivables 4,238.0 4,049.0 3,343.0

Inventories 703.0 697.0 671.0

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Other Current Assets 1,790.0 1,864.0 2,397.0

Total Current Assets 8,314.0 7,849.0 7,029.0

Net Fixed Assets 12,678.0 12,780.0 12,907.0

Other Noncurrent Assets 28,996.0 29,416.0 23,763.0

Total Assets 49,988.0 50,045.0 43,699.0

Liabilities and Shareholders' Equity Sep 03 Sep 02 Sep 01

Current Liabilities

Accounts Payable 5,044.0 5,173.0 4,603.0

Short−Term Debt 2,457.0 1,663.0 829.0

Other Current Liabilities 1,168.0 983.0 787.0

Total Current Liabilities 8,669.0 7,819.0 6,219.0

Long−Term Debt 10,643.0 12,467.0 8,940.0

Other Noncurrent Liabilities 3,745.0 3,283.0 2,756.0

Total Liabilities 26,197.0 26,600.0 21,027.0

Shareholders' Equity

Preferred Stock Equity 0.0 0.0 0.0

Common Stock Equity 23,791.0 23,445.0 22,672.0

Total Equity 23,791.0 23,445.0 22,672.0

Shares Outstanding (mil.) 2,013.3 2,018.6 2,100.0

Cash Flow Statement Sep 03 Sep 02 Sep 01

Net Operating Cash Flow 2,901.0 2,286.0 3,048.0

Net Investing Cash Flow (1,034.0) (3,176.0) (2,015.0)

Net Financing Cash Flow (1,523.0) 1,511.0 (1,257.0)

Net Change in Cash 344.0 621.0 (224.0)

Depreciation & Amortization 1,077.0 1,042.0 1,754.0

Capital Expenditures (1,179.0) (3,931.0) (2,275.0)

Cash Dividends Paid (429.0) (428.0) (438.0)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter

Ending Dec 03Quarter

Ending Sep 03Quarter

Ending Jun 03Quarter Ending

Mar 03Quarter

Ending Dec 02

Revenue 8,549.0 7,088.0 6,175.0 6,332.0 7,466.0

Cost of Goods Sold 7,111.0 6,068.0 5,164.0 5,510.0 6,529.0

Gross Profit 1,438.0 1,020.0 1,011.0 822.0 937.0

Gross Profit Margin 16.8% 14.4% 16.4% 13.0% 12.6%

SG&A Expense 0.0 0.0 0.0 0.0 0.0

Depreciation & Amortization 273.0 251.0 284.0 276.0 266.0

Operating Income 1,165.0 769.0 727.0 546.0 671.0

Operating Margin 13.6% 10.8% 11.8% 8.6% 9.0%

Nonoperating Income 97.0 91.0 118.0 51.0 90.0

Nonoperating Expenses 148.0 151.0 168.0 178.0 296.0

Income Before Taxes 1,114.0 708.0 662.0 419.0 465.0

Income Taxes 410.0 198.0 247.0 157.0 187.0

Net Income After Taxes 704.0 510.0 415.0 262.0 278.0

Continuing Operations 688.0 453.0 400.0 229.0 256.0

Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Total Operations 688.0 453.0 400.0 229.0 256.0

Total Net Income 688.0 382.0 400.0 229.0 256.0

Net Profit Margin 8.0% 5.4% 6.5% 3.6% 3.4%

Diluted EPS from ContinuingOperations ($)

0.33 0.22 0.19 0.11 0.13

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.00 0.00 0.00

Diluted EPS from TotalOperations ($)

0.33 0.22 0.19 0.11 0.13

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.00 0.00 0.00 0.21 0.00

Balance SheetQuarter

Ending Dec 03Quarter

Ending Sep 03Quarter

Ending Jun 03Quarter Ending

Mar 03Quarter

Ending Dec 02

Assets

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Current Assets

Cash 1,462.0 1,583.0 1,370.0 1,752.0 1,380.0

Net Receivables 5,670.0 4,238.0 4,171.0 4,382.0 4,765.0

Inventories 660.0 703.0 622.0 629.0 631.0

Other Current Assets 2,284.0 1,790.0 1,805.0 1,902.0 1,958.0

Total Current Assets 10,076.0 8,314.0 7,968.0 8,665.0 8,734.0

Net Fixed Assets 12,570.0 12,678.0 12,626.0 12,735.0 12,713.0

Other Noncurrent Assets 28,874.0 28,996.0 29,412.0 29,356.0 29,429.0

Total Assets 51,520.0 49,988.0 50,006.0 50,756.0 50,876.0

Liabilities andShareholders' Equity

QuarterEnding Dec 03

QuarterEnding Sep 03

QuarterEnding Jun 03

Quarter EndingMar 03

QuarterEnding Dec 02

Current Liabilities

Accounts Payable 5,950.0 5,044.0 4,509.0 4,952.0 5,675.0

Short−Term Debt 2,332.0 2,457.0 1,855.0 1,781.0 1,820.0

Other Current Liabilities 1,273.0 1,168.0 1,149.0 1,171.0 836.0

Total Current Liabilities 9,555.0 8,669.0 7,513.0 7,904.0 8,331.0

Long−Term Debt 10,827.0 10,643.0 12,056.0 12,932.0 13,079.0

Other Noncurrent Liabilities 3,916.0 3,745.0 3,156.0 3,199.0 3,111.0

Total Liabilities 27,486.0 26,197.0 26,074.0 27,246.0 27,591.0

Shareholders' Equity

Preferred Stock Equity 0.0 0.0 0.0 0.0 0.0

Common Stock Equity 24,034.0 23,791.0 23,932.0 23,510.0 23,285.0

Total Equity 24,034.0 23,791.0 23,932.0 23,510.0 23,285.0

Shares Outstanding (mil.) 2,013.3 2,013.3 2,013.0 2,013.3 2,018.6

Cumulative Cash FlowStatement

QuarterEnding Dec 03

QuarterEnding Sep 03

QuarterEnding Jun 03

Quarter EndingMar 03

QuarterEnding Dec 02

Net Operating Cash Flow (2.0) 2,901.0 1,575.0 929.0 (414.0)

Net Investing Cash Flow (163.0) (1,034.0) (708.0) (470.0) (187.0)

Net Financing Cash Flow 44.0 (1,523.0) (736.0) 54.0 742.0

Net Change in Cash (121.0) 344.0 131.0 513.0 141.0

Depreciation & Amortization 273.0 251.0 284.0 276.0 266.0

Capital Expenditures (211.0) (1,179.0) (835.0) (28.0) (23.0)

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Cash Dividends Paid 0.0 (429.0) (429.0) (429.0) 0.0

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Historical Financials & Employees

Income Statement

YearRevenue

($ mil.)Net Income

($ mil.)Net Profit

MarginEmployees

Sep 03 27,061.0 1,267.0 4.7% 112,000

Sep 02 25,329.0 1,236.0 4.9% 112,000

Sep 01 25,269.0 (158.0) −− 114,000

Sep 00 25,402.0 920.0 3.6% 120,000

Sep 99 23,402.0 1,300.0 5.6% 120,000

Sep 98 22,976.0 1,850.0 8.1% 117,000

Sep 97 22,473.0 1,966.0 8.7% 108,000

Sep 96 18,739.0 1,214.0 6.5% 100,000

Sep 95 12,112.1 1,380.1 11.4% 71,000

Sep 94 10,055.1 1,110.4 11.0% 65,000

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Sep 03 23.8 13.9 20.2 36.6 21.4 0.6 0.2 11.8

Sep 02 25.2 13.5 15.1 41.9 22.5 0.6 0.2 11.6

Sep 01 41.9 15.5 18.6 −− −− (0.0) 0.2 10.8

Sep 00 43.9 23.4 38.2 77.0 41.0 0.6 0.2 11.4

Sep 99 38.7 22.5 26.0 62.4 36.3 0.6 0.0 10.1

Sep 98 42.8 23.9 25.4 48.0 26.8 0.9 0.1 9.4

Sep 97 28.4 20.8 26.9 29.8 21.9 0.9 0.2 8.5

Sep 96 23.3 17.5 21.1 35.8 27.0 0.6 0.1 7.9

Sep 95 20.9 12.6 19.1 24.1 14.4 0.9 0.1 4.2

Sep 94 16.2 12.4 12.9 23.8 18.2 0.7 0.1 3.5

2003 Year−End Financials

Debt ratio 44.7%

Return on equity 5.3%

Cash ($ mil.) 1,583.0

Current ratio 0.96

Long−term debt ($ mil.) 10,643.0

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Shares Outstanding (mil.) 2,013.3

Dividend yield 1.0%

Dividend payout 32.3%

Market value ($ mil.) 40,608.3

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Market Data

Current Information

Last Close 2−Mar−2004 $26.76 Price/Sales Ratio 1.95

52−Week High $28.58 Price/Book Ratio 2.28

52−Week Low $14.84 Price/Earnings Ratio 31.48

60−Month Beta 1.0 Price/Cash Flow Ratio 19.25

Market Value (mil.) $54,793.7Return on Assets 3.4%

Shares Outstanding (mil.) 2,047.6 Return on Equity 7.4%

Dividend Rate 0.21 Current Ratio 1.05

Dividend Yield 0.8% Long−Term Debt/Equity 0.45

# of Institutional Holders 2,338 % Owned by Institutions 64.5%

Latest Short Interest Ratio 4.70 Latest Net Insider Transactions 0.00

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 9.0% 2.0% 2.9%

EPS Growth 63.5% 33.4% (3.4%)

Dividend Growth −− 0.0% −−

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin 15.25% 46.53% 47.95%

Pre−Tax Profit Margin 10.31% (32.76%) 5.52%

Net Profit Margin 6.29% (36.78%) 2.58%

Return on Equity 7.4% −− 5.2%

Return on Assets 3.4% (17.1%) 0.8%

Return on Invested Capital 5.1% (26.2%) 2.5%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 1.95 1.59 1.47

Price/Earnings Ratio 31.48 −− 57.36

Price/Book Ratio 2.28 1.57 2.94

Price/Cash Flow Ratio 19.25 (9.04) 16.67

Operations Company Industry 1 Market 2

Days of Sales Outstanding 72.53 59.01 59.96

Inventory Turnover 37.0 14.3 7.5

Days Cost of Goods Sold in Inventory 10 25 48

Asset Turnover 0.5 0.5 0.3

Net Receivables Turnover Flow 5.4 6.2 6.1

Effective Tax Rate 34.9% −− −−

Financial Company Industry 1 Market 2

Current Ratio 1.05 0.87 1.39

Quick Ratio 0.7 0.7 1.0

Leverage Ratio 2.14 2.13 6.08

Total Debt/Equity 0.55 0.46 1.46

Interest Coverage 5.30 (5.80) 2.00

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 13.74 16.59 19.48

Fully Diluted Earnings Per Sharefrom Total Operations

0.85 (5.93) 0.50

Dividends Per Share 0.21 0.14 0.42

Cash Flow Per Share 1.39 (2.91) 1.72

Working Capital Per Share 0.25 (0.85) 2.12

Long−Term Debt Per Share 5.29 6.52 10.20

Book Value Per Share 11.74 16.76 9.76

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Total Assets Per Share 25.16 35.79 59.32

Growth Company Industry 1 Market 2

12−Month Revenue Growth 9.0% 3.3% 2.9%

12−Month Net Income Growth 67.9% −− 51.0%

12−Month EPS Growth 63.5% −− 56.3%

12−Month Dividend Growth −− 0.0% 2.4%

36−Month Revenue Growth 2.0% 16.9% 1.3%

36−Month Net Income Growth 55.7% −− (21.7%)

36−Month EPS Growth 33.4% −− (22.4%)

36−Month Dividend Growth 0.0% 28.1% 1.5%1Industry: Entertainment − DivrsfiedIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key NumbersWalt

DisneyNBC 1

TimeWarner

VivendiUniversal

Annual Sales ($mil.) 27,061.0 6,871.0 39,565.0 61,075.0

Employees 112,000 −− −− 61,815

Market Value ($mil.) 54,793.7 −− 74,351.1 30,486.0

ProfitabilityWalt

DisneyNBC 1

TimeWarner

VivendiUniversal

Industry 2 Market 3

Gross Profit Margin 15.25% −− 50.10% 69.37% 46.53% 47.95%

Pre−Tax Profit Margin 10.31% −− −− (34.23%) (32.76%) 5.52%

Net Profit Margin 6.29% −− 6.70% (40.07%) (36.78%) 2.58%

Return on Equity 7.4% −− 4.8% −− −− 5.2%

Return on Assets 3.4% −− 2.2% (33.6%) (17.1%) 0.8%

Return on Invested Capital 5.1% −− 3.3% (95.2%) (26.2%) 2.5%

ValuationWalt

DisneyNBC 1

TimeWarner

VivendiUniversal

Industry 2 Market 3

Price/Sales Ratio 1.95 −− 1.88 0.50 1.59 1.47

Price/Earnings Ratio 31.48 −− 29.98 −− −− 57.36

Price/Book Ratio 2.28 −− 1.35 2.07 1.57 2.94

Price/Cash Flow Ratio 19.25 −− (2.02) 39.08 (9.04) 16.67

OperationsWalt

DisneyNBC 1

TimeWarner

VivendiUniversal

Industry 2 Market 3

Days of Sales Outstanding 72.53 −− 40.34 65.20 59.01 59.96

Inventory Turnover 37.0 −− 10.5 8.9 14.3 7.5

Days Cost of Goods Sold inInventory

10 −− 34 40 25 48

Asset Turnover 0.5 −− 0.3 0.6 0.5 0.3

Net Receivables Turnover Flow 5.4 −− 8.5 3.8 6.2 6.1

Effective Tax Rate 34.9% −− −− −− −− −−

FinancialWalt

DisneyNBC 1

TimeWarner

VivendiUniversal

Industry 2 Market 3

Current Ratio 1.05 −− 0.76 0.69 0.87 1.39

Quick Ratio 0.7 −− 0.5 0.6 0.7 1.0

Leverage Ratio 2.14 −− 2.17 4.95 2.13 6.08

Total Debt/Equity 0.55 −− 0.47 1.40 0.46 1.46

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Interest Coverage 5.30 −− (22.30) (3.90) (5.80) 2.00

Per Share Data ($)Walt

DisneyNBC 1

TimeWarner

VivendiUniversal

Industry 2 Market 3

Revenue Per Share 13.74 −− 9.09 57.16 16.59 19.48

Fully Diluted Earnings Per Sharefrom Total Operations

0.85 −− 0.57 (22.51) (5.93) 0.50

Dividends Per Share 0.21 −− 0.00 0.89 0.14 0.42

Cash Flow Per Share 1.39 −− (8.46) 0.73 (2.91) 1.72

Working Capital Per Share 0.25 −− (0.74) (9.31) (0.85) 2.12

Long−Term Debt Per Share 5.29 −− 5.78 10.28 6.52 10.20

Book Value Per Share 11.74 −− 12.66 13.78 16.76 9.76

Total Assets Per Share 25.16 −− 27.52 68.15 35.79 59.32

GrowthWalt

DisneyNBC 1

TimeWarner

VivendiUniversal

Industry 2 Market 3

12−Month Revenue Growth 9.0% −− (3.4%) 19.5% 3.3% 2.9%

12−Month Net Income Growth 67.9% −− −− −− −− 51.0%

12−Month EPS Growth 63.5% −− −− −− −− 56.3%

12−Month Dividend Growth −− −− −− (1.1%) 0.0% 2.4%

36−Month Revenue Growth 2.0% −− 64.5% 13.2% 16.9% 1.3%

36−Month Net Income Growth 55.7% −− −− −− −− (21.7%)

36−Month EPS Growth 33.4% −− −− −− −− (22.4%)

36−Month Dividend Growth 0.0% −− −− −− 28.1% 1.5%

1 Data unavailable.2 Industry: Entertainment − DivrsfiedIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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