Press Release: September 13, 2000

WR Hambrecht + Co Initiates Coverage of the Walt Disney Company (DIS) with a Strong Buy Rating and a Price Target of $60

Premier entertainment conglomerate well-aligned for EPS growth

San Francisco, CA, September 13, 2000—WR Hambrecht + Co today initiated research coverage on the Walt Disney Company (DIS) with a strong buy rating and a price target of $60. WR Hambrecht + Co’s Entertainment analyst Jeffrey B. Logsdon cited the opening of additional theme parks, premier animation assets, and an unduplicatable global brand as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“We have a $60 price target by the end of 2001, which is based on the premium we believe the market may be willing to pay for the Company’s dramatic improvement in fundamentals, additional theme parks, and opportunities with almost $5 billion in free cash flow over the next three years,” Logsdon said.

Logsdon projects total revenues will reach $24.7 billion in 2000, and $27.0 billion in 2001, up from $23.2 billion in 1999.

The Walt Disney Company owns 100% of Disney Enterprises, Inc. which, with its subsidiaries, is a worldwide entertainment company with operations in five business segments: Media Networks, Studio Entertainment, Theme Parks and Resorts, Consumer Products and Internet and Direct Marketing.