Glass Lewis Quotations

Given the inflexibility of the board and its perfunctory dismissal of a reasonable acquisition proposal, the company could benefit from some new thinking in the board room.

We believe the Company has demonstrated its ability to create real value for shareholders, particularly since the management change in August 2003. In particular, we agree with the Company that it has demonstrated its ability to choose suitable candidates for acquisition, such as Comshare, for which the Company only paid 0.66 times revenue. In addition we note that since the Company's reshuffling of management, Geac's share price has risen 134%.

Elliott has not recommended a specific alternative strategy for shareholders to consider. We do not believe that it is in the Fund's best interest to operate without an active management agreement.

The Disney board has been notoriously insular, famously gullible and blindly loyal to Mr. Eisner.