To the Board of Directors and Stockholders of
The Walt Disney Company

In our opinion, the consolidated balance sheets (page 60) and the related consolidated statements of income (page 59), of cash flows (page 61) and of stockholders' equity (page 62) present fairly, in all material respects, the financial position of The Walt Disney Company and its subsidiaries (the "company") at September 30, 1998 and 1997, and the results of their operations and their cash flows for each of the three years in the period ended September 30, 1998, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the company's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Los Angeles, California
November 19, 1998

OTHER INFORMATION
A copy of the company's annual report to the Securities and Exchange Commission (Form 10-K) will be furnished without charge to any stockholder upon written request.

    A copy of the company's quarterly reports will be furnished without charge to any stockholder upon written or telephone request.

    All written requests should be sent to Shareholder Services, The Walt Disney Company, 500 South Buena Vista Street, Burbank, California 91521-9722. Telephone requests can be made to (818) 553-7200.