Members of the Disney Board, including Presiding Director Mr. Mitchell, have over the last thirty days, both in writing and speeches, indicated that this Board is committed to transparency and best governance practices. Despite those pronouncements, we believe you have mischaracterized what actually transpired with respect to the Company's executive compensation decisions regarding Messrs. Eisner and Iger. If your announced commitment to transparency and good governance is truly a reality, why does the Company continue to oppose in the Delaware Court of Chancery our efforts to make public the facts regarding the deliberations and outside advice utilized by Ms. Estrin (and the Compensation Committee that she chairs) that resulted in bonuses to Mr. Eisner in fiscal 2002 and 2003 worth multi-millions of dollars?

We see no harm to the Company in releasing this historical information regarding the actual workings of Ms. Estrin and her Committee with respect to the very important issue of executive compensation and will continue to pursue these efforts in the Delaware Court. Is the Board afraid that Disney shareholders will see that the Board's public statements are inconsistent with actual boardroom conduct? Ms. Estrin has repeatedly claimed that "perception does not match reality" regarding governance at The Walt Disney Company. We agree. One simple question for Ms. Estrin -- Did you at any time consult with Mr. Russell, Mr. Eisner's personal attorney, regarding Mr. Eisner's fiscal 2002 and/or 2003 bonuses? Yes or No?
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