The Walt Disney Company Board Declares Annual Cash Dividend Of $0.31 Per Share

Burbank, Ca. – The Walt Disney Company board Tuesday declared an annual cash dividend of $0.31 per share, a 14.8% increase over the prior year’s dividend, payable on January 12, 2007 to shareholders of record at the close of business December 15, 2006.

The January dividend payment represents the 51st consecutive year of dividend payments to shareholders.

“I’m delighted to report that 2006 was another great year for Disney by almost every measure. We delivered 34% growth in earnings per share, record revenue and record net income,” said Bob Iger, president and CEO of the Walt Disney Company. “We also generated over $6 billion in operating cash flow – another record. That cash flow allows us to invest in initiatives to drive growth, maintain a strong balance sheet and return value to investors through share repurchases and dividends.”

About The Walt Disney Company
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 over $34 billion in its last fiscal year, and an equity market capitalization of $68 billion as of November 27, 2006.