Disney Cooperating With Sec On Inquiry Into Amended Non-Financial Disclosures

BURBANK, Calif., (Dec. 3, 2002) – The Walt Disney Company (NYSE: DIS) will report in its fiscal year 2002 10-K filing that it is cooperating with a non-accounting-related inquiry proceeding by the U.S. Securities and Exchange Commission into the filing in August 2002 of an amendment to Disney’s fiscal year 2001 10-K report and certain related matters. The amended 2001 10-K filing had no impact on the financial statements in Disney’s report, and the SEC has not indicated that its inquiry relates to those financial statements or any aspect of Disney’s financial accounting.

The amended filing disclosed that relatives of certain independent board members either are, or had been, employees of company subsidiaries or, in one case, of a company in which Disney has a 50% equity investment.