The following is a statement released by The Walt Disney Company on Wednesday, February 11, 2004:

"While we welcome ISS' recommendations with respect to our non-management directors, we find its position inexplicable and unjustified with respect to Michael Eisner, since he led the very changes that resulted in a board dominated by independent directors. The Walt Disney Board exceeds the guidelines set by the NYSE with respect to corporate governance standards, and this would not have been possible without Michael Eisner's commitment to governance and transparency."

--Posted February 12, 2004
Source: Walt Disney Company