The Walt Disney Company Board Declares Annual Cash Dividend Of $0.35 Per Share

Burbank, Ca. – The Walt Disney Company (NYSE: DIS) board today declared an annual cash dividend of $0.35 per share, a 12.9% increase over the prior year’s dividend, payable on January 11, 2008 to shareholders of record at the close of business December 7, 2007. The January dividend payment represents the 52 nd consecutive year of dividend payments to shareholders.

“I’m delighted to say that 2007 was another outstanding year for the company, marked by significant creative and financial achievements,” said Robert A. Iger, president and CEO. “With our strong balance sheet, bolstered by record 2007 earnings, Disney is in a good position to continue returning capital to shareholders even as we invest for growth.”

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 $35.5 billion in its last fiscal year, and an equity market capitalization of around $62 billion as of November 27, 2007

Forward Looking Statements:

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of our views and assumptions regarding future events and business performance as of the time the statements are made and we do not undertake any obligation to update these statements. Actual events may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, as well as from developments beyond the Company’s control, including international, political, health concern and military developments and changes in domestic and global economic conditions that may affect our businesses generally. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 29, 2007 and in subsequent reports on Form 10-Q under Item 1A “Risk Factors.”