The Walt Disney Company Announces Redemption Of 7% Quarterly Interest Bonds Due 2031

BURBANK, CA, October 23, 2006-The Walt Disney Company (NYSE: DIS) announced today that it will redeem all of its outstanding $305 million 7% Quarterly Interest Bonds due 2031 (NYSE Listing DCQ, CUSIP No. 254687304), on November 22, 2006 (the “Redemption Date”) at par ($25 per bond) plus accrued interest to the Redemption Date.

Wells Fargo Bank shall act as the Paying Agent. Redemption payments will be made upon the presentation and surrender of the bonds to the Paying Agent by registered or certified mail at Wells Fargo Bank Minnesota, Corporate Trust Operations, P.O. Box 1517, Minneapolis, Minnesota 55480-1517 or by hand at Wells Fargo Bank Minnesota, Corporate Trust Operations, Northstar East Building, 608 Second Avenue South, 12th Floor, Minneapolis, Minnesota 55402, or by overnight delivery at Wells Fargo Minnesota, Corporate Trust Operations, MAC Code N9303-121, Sixth and Marquette, Minneapolis, Minnesota 55479.

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with four business segments: media networks, parks and resorts, studio entertainment and consumer products. Disney is a Dow 30 company, had annual revenues of nearly $32 billion in its most recent fiscal year, and a market capitalization of $65 billion as of October 23, 2006.