<SEC-DOCUMENT>0001214659-22-001877.txt : 20220204
<SEC-HEADER>0001214659-22-001877.hdr.sgml : 20220204
<ACCEPTANCE-DATETIME>20220204115435
ACCESSION NUMBER:		0001214659-22-001877
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220204
DATE AS OF CHANGE:		20220204
EFFECTIVENESS DATE:		20220204

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Walt Disney Co
		CENTRAL INDEX KEY:			0001744489
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				830940635
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1001

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38842
		FILM NUMBER:		22592063

	BUSINESS ADDRESS:	
		STREET 1:		500 SOUTH BUENA VISTA STREET
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91521
		BUSINESS PHONE:		(818) 560-1000

	MAIL ADDRESS:	
		STREET 1:		500 SOUTH BUENA VISTA STREET
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91521

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWDC Holdco 613 Corp.
		DATE OF NAME CHANGE:	20180702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWDC Holdco 613 Corp
		DATE OF NAME CHANGE:	20180622

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mercy Investment Services, Inc.
		CENTRAL INDEX KEY:			0001699865
		IRS NUMBER:				263224636
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
		BUSINESS PHONE:		314-909-4609

	MAIL ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>j23223px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>The Walt Disney Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vote FOR: Item #4 &ndash; Report on Walt Disney&rsquo;s
Lobbying Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: March 9, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contact: Lydia Kuykendal, Director of Shareholder
Advocacy, Mercy Investment Services</B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman, Times, Serif"><B>lkuykendal@mercyinvestments.org</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #E7E6E6"><B>BACKGROUND</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proposal is part of an ongoing investor campaign
for greater corporate political spending and lobbying disclosure. Transparency and accountability in corporate spending to influence public
policy are in the best interests of Disney shareholders. Without a clear system ensuring accountability, corporate assets can be used
to promote public policy objectives which can pose risks to Disney&rsquo;s reputation and shareholder value. In the wake of the January
6, 2021 riots, transparency and accountability of corporate lobbying activities and expenditures are increasingly important.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mercy Investment Services, together with co-filers: Boston Trust Walden;
First Affirmative Financial Network, LLC; Boston Common Asset Management; Congregation of St. Joseph; Daughters of Charity-Province of
St. Louise; Sisters of the Order of St. Benedict, Rock Island; Benedictine Sisters of Mount St. Scholastica; and Benedictine Sisters of
Virginia, are urging shareholders to vote FOR Proposal 4 at the shareholder meeting on March 9, 2022<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #E7E6E6"><B>RESOLVED CLAUSE</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Resolved, </B>the shareholders of Disney request
the preparation of a report, updated annually, disclosing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Payments by Disney used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the
amount of the payment and the recipient.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Description of management&rsquo;s decision-making process and the Board&rsquo;s oversight for making payments described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this proposal, a &ldquo;grassroots
lobbying communication&rdquo; is a communication directed to the general public that (a) refers to specific legislation or regulation,
(b) reflects a view on the legislation or regulation and (c) encourages the recipient of the communication to take action with respect
to the legislation or regulation. &ldquo;Indirect lobbying&rdquo; is lobbying engaged in by a trade association or other organization
of which Disney is a member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Both &ldquo;direct and indirect lobbying&rdquo;
and &ldquo;grassroots lobbying communications&rdquo; include efforts at the local, state and federal levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The report shall be presented to the Governance
and Nominating Committee and posted on Disney&rsquo;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Need for Transparency in the Wake of the Capitol Insurrection</B><BR>
After January 6, 2021 Disney announced it will not make political contributions in 2021 to lawmakers who voted to reject the certification
of the Electoral College votes.<SUP>1</SUP> But the lingering question is whether these changes that companies like Disney made in response
to the Jan. 6 insurrection will be simply temporary measures to repair reputational damage, or something more lasting.<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors are also asking companies to disclose
contributions they make to trade associations and other third-party groups that use that money to influence policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The concern for investors is that although Disney has a large lobbying
footprint, a complete picture of its spending to influence public policy, including payments to third-party groups and unreported grassroots
lobbying, is unavailable for shareholders. More broadly, the attack on the U.S. Capitol and the &ldquo;Big Lie&rdquo; challenging the
validity of the election results has revealed an entirely new level of reputational risk for corporate lobbying (and political) expenditures,
particularly to third-party groups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe Disney needs to commit to corporate
political responsibility by increasing its transparency by disclosing all of its third-party spending to influence public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reputation: Corporate Reputation Is an Important Component of Shareholder
Value </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney&rsquo;s failure to provide robust and
complete disclosure of its lobbying activities and expenditures exposes it to potential reputational damage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">According to a Conference Board study, companies
with a high reputation rank perform better financially than lower ranked companies. Executives also find it is much harder to recover
from a reputational failure than to build and maintain reputation.<SUP>3</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The 2018 Reputation Dividend Report estimates
that &ldquo;corporate reputation is now directly responsible for an average of 38% of market capitalisation across the FTSE 100 &amp;
250.&rdquo;<SUP>4</SUP> Furthermore, the Ipsos Global Reputation Centre research across 31 countries shows conclusive proof of the relationship
between a good reputation and better business efficiency.<SUP>5</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A 2014 Deloitte survey found 87 percent of executives
rated reputation risk as more important or much more important than other strategic risks their companies are facing, and 88 percent said
their companies are explicitly focusing on managing reputation risk.<SUP>6</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Clearly, corporate reputation has significant
impact on shareholder value.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.hollywoodreporter.com/news/comcast-att-facebook-suspend-political-contributions-following-capitol-riot</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.newyorker.com/business/currency/corporate-america-reckons-with-its-role-enabling-trump</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> &ldquo;Reputation Risk,&rdquo; <U>The Conference Board</U>,
2007, p. 6, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1077894.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.provokemedia.com/research/article/link-between-corporate-reputation-market-value-strengthens-study</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.ipsos.com/sites/default/files/ct/publication/documents/2018-05/unlocking_value_of_reputation-may_2018.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> &ldquo;2014 Global Survey on Reputation Risk,&rdquo; Deloitte,
p. 4, https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Governance-Risk-Compliance/gx_grc_Reputation@Risk%20survey%20report_FINAL.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Federal Lobbying &ndash; Disney Spends Millions Each Year </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney spent $7,690,000 in 2020 and 2021 on federal
lobbying activities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">And from 2010 &ndash; 2021, Disney reported spending
$46,365,000 on federal lobbying.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney&rsquo;s federal lobbying efforts have
been described as &ldquo;so effective that the United States changed its copyright law twice, in 1976 and in 1998.&rdquo;<SUP>7</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>State Lobbying &ndash; Information on Disney&rsquo;s Spending Difficult
to Obtain</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Obtaining comprehensive state lobbying information
is described by an expert as &ldquo;nearly impossible&rdquo; given &ldquo;the &lsquo;Byzantine&rsquo; manner in which the data is captured
and made available online&rdquo; which effectively buries information at many states.<SUP>8</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney&rsquo;s state-level lobbying spending
is likely significant. According to a 2017 study that looked at disclosures from the six states with the most robust reporting requirements,
Disney spent $3,330,584 lobbying between 2012 and 2015.<SUP>9</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney&rsquo;s lobbying in Florida has been described
as &ldquo;the 800-pound mouse protecting its cheese in the backrooms of city hall and state government.&rdquo; And &ldquo;[i]ts army of
representatives give regular input on standard business concerns such as employee wage and benefit issues, worker&rsquo;s compensation
and changes in the Tax Code.&rdquo; <SUP>10</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In Florida, Disney has been lobbying to cut taxes
on video streaming services and other technologies in a move that reportedly could cost local governments nearly $200 million a year.<SUP>11</SUP>
And Disney lobbied for a state bill to block a successful Orange County ballot measure which would have required employers in the county
to offer paid sick leave.<SUP>12</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">In California, Disney has spent over $4.4 million on lobbying from 2010 &ndash;
2021.<SUP>13</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>International Lobbying </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney also lobbies abroad, reportedly spending
between &euro;800,000 &ndash; &euro;899,000 on lobbying in Europe for 2020.<SUP>14</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disney Doesn&rsquo;t Disclose Social Welfare Organization Spending
(AKA Dark Money), and It Should.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney&rsquo;s disclosure notably leaves out
its payments to social welfare organizations (501(c)(4) organizations), which can also engage in unlimited lobbying as well as other partisan
political activity. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://promarket.org/shareholders-at-the-gate-the-increasing-pressure-on-ceos-for-more-transparency/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> &ldquo;Wal-Mart Improves Lobbying Disclosure after Shareholder
Push,&rdquo; <U>Reuters</U>, May 13, 2015, https://www.reuters.com/article/us-wal-mart-stores-disclosure-lobbying-e/exclusive-wal-mart-improves-lobbying-disclosure-after-shareholder-push-idUSKBN0NY0AH20150513.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Heidi Welsh and Robin Young, &ldquo;How Leading U.S. Corporations
Govern and Spend on State Lobbying,&rdquo; Sustainable Investments Institute and The Investor Responsibility Research Institute, February
2017, p. 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Barbara Liston, &ldquo;Florida&rsquo;s Mouse behind the
Curtain,&rdquo; <U>Politico</U>, June 18, 2015, https://www.politico.com/magazine/story/2015/06/what-works-orlando-disney-politics-119167.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.orlandosentinel.com/news/os-ne-disney-lobbying-disney-plus-tax-20200129-rczbllax5jf65ig43uatnnzzqy-story.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.orlandoweekly.com/orlando/floridas-local-governments-are-sick-and-tired-of-state-lawmakers-pre-empting-home-rule-and-theyre-starting-to-push-back/Content?oid=26756020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://cal-access.sos.ca.gov/Lobbying/Employers/Detail.aspx?id=1144086&amp;session=2021&amp;view=activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://lobbyfacts.eu/representative/6fd00451c350435ea410744e2fdd547c/the-walt-disney-company-benelux-bvba</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For example, Disney is a member of the RATE Coalition,
a social welfare group that was reportedly &ldquo;preparing a seven-figure digital advertising campaign&rdquo; as part of a &ldquo;massive
lobbying blitz&rdquo; against raising corporate taxes.<SUP>15</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney disclosed giving the California Taxpayers
Association (CTA) $500,000 in political contributions in 2020. CTA is a social welfare group that lobbies in California, spending $110,631
on lobbying in 2020.<SUP>16</SUP> Disney&rsquo;s CTA involvement in Anaheim politics has drawn scrutiny. 2016 press reports noted that
&ldquo;<FONT STYLE="color: #111111; background-color: white">Disney&rsquo;s money follows a complicated path &mdash; typically flowing
from group to group with names like &ldquo;Orange County Freedom Fund&rdquo; and &ldquo;California Taxpayers Association,&rdquo; before
being spent on mailers that bear no trace of Disney&rsquo;s sponsorship.<SUP>17</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney also reportedly supports another social
welfare group, <FONT STYLE="color: #333333">Support Our Anaheim Resort Area</FONT>, known as SOAR, that was founded in 2007 with backing
from Disney in part to fight a housing development proposed near its resort, with Disney reportedly giving SOAR $2.1 million at that time.<SUP>18</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney&rsquo;s trade association membership in
Associated Industries of Florida (AIF) has attracted media scrutiny in the ongoing Florida dark money scandal involving a social welfare
group, Let&rsquo;s Preserve the American Dream (LPTAD). LPTAD gave $1.15 million in 2020 to &ldquo;Grow United Inc.,&rdquo; another nonprofit
that in turn provided more than half a million dollars that was used to fund &ldquo;ghost&rdquo; candidates in Florida senate races. LPTAD
&ldquo;has extensive ties to Associated Industries of Florida, the corporate-lobbying group whose biggest donors include &hellip; Walt
Disney World.&rdquo;<SUP>19</SUP> LPTAD, which was originally named &ldquo;Associated Industries for America&rsquo;s Future&rdquo; is
run out of AIF&rsquo;s Tallahassee headquarters by a former AIF vice president.<SUP>20</SUP> Shareholders have no way to know if Disney
made contributions to Let&rsquo;s Preserve the American Dream, because Disney fails to provide disclosure of its contributions to social
welfare groups.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trade Association Blind Spot</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corporations make payments to trade associations
that are used lobby indirectly on their behalf without specific disclosure or accountability. Trade associations spend hundreds of millions
to lobby. For example, the US Chamber of Commerce has spent more than $1.7 billion since 1998.<SUP>21</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney shareholders face a trade association
blind spot, as Disney fails to disclose a closed top limit for its trade association payments. Its 2020 trade association disclosure notes
Disney belonged to three trade associations which received more than $500,000 in dues. All a reader can tell here is that these organizations
received over $500,000. There is no way for a reader to know whether these trade associations received $500,001, $1,000,000 or $5,000,000
in dues. You don&rsquo;t know, and that&rsquo;s the problem for shareholders. It is also unclear whether this disclosure captures any
payments in addition to dues made to trade associations, or the portions of these payments used for lobbying.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.washingtonpost.com/us-policy/2021/08/31/business-lobbying-democrats-reconciliation/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://cal-access.sos.ca.gov/Lobbying/Employers/Detail.aspx?id=1146810&amp;view=activity&amp;session=2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://voiceofoc.org/2016/11/disney-breaks-its-own-spending-record-in-anaheim-election/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.latimes.com/projects/la-fi-disney-anaheim-city-council/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.orlandosentinel.com/news/os-ne-lets-preserve-the-american-dream-senate-ghost-candidates-20211118-fhplycqaijcixkrr3nipee5qne-story.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.orlandosentinel.com/news/os-ne-lets-preserve-the-american-dream-dark-money-20220120-lqy5mvjcbfcbxajc2xkgf3x7wq-story.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.opensecrets.org/federal-lobbying/top-spenders?cycle=a.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For example, Disney serves on the board of the
National Association of Broadcasters, which spent $9,220,000 on lobbying in 2020,<SUP>22</SUP> yet all a reader can tell is that Disney
gave this group more than $500,000 and 100 percent of this unknown amount was used for lobbying. And Disney serves on the board of NCTA
- The Internet &amp; Television Association, which spent $15,460,000 on lobbying in 2020,<SUP>23</SUP> yet a reader can only tell that
Disney gave NCTA more than $500,000 and 24 percent of this amount was used for lobbying.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reports of Disney Trade Association&rsquo;s Lobbying</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney is a member of the National Restaurant
Association (NRA). The NRA has spent millions on the state level over sick leave policies, and the NRA has worked with the controversial
American Legislative Exchange Council (ALEC) to stop local measures to enact paid sick leave laws by passing state laws preempting any
local measures.<SUP>24</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney is a member of the Florida Chamber of
Commerce. Disney&rsquo;s involvement in leading the Florida Chamber of Commerce to lobby to oppose casino legislation and preserve a controversial
tax advantage for Internet-based travel operators has drawn negative scrutiny.<SUP>25</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney also serves on the board of the California
Chamber of Commerce.<SUP>26</SUP> The California Chamber of Commerce has attracted media scrutiny for opposing parental leave laws, as
has Disney&rsquo;s role in the group.<SUP>27</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disney&rsquo;s Trade Association Ties to Controversial Groups </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disney&rsquo;s membership in certain trade associations also has significant
indirect impact. For example, the Chamber is a member of the American Legislative Exchange Council (ALEC), serving on its Private Enterprise
Advisory Council.<SUP>28</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">ALEC has attracted negative attention for its role in promoting bills that
undermine regulations to address issues like climate change, workplace safety and workers&rsquo; rights. More recently it has drawn attention
for &ldquo;numerous ties to the Capitol insurrection and Big Lie&rdquo; challenging the validity of the election results,<SUP>29</SUP>
as well as promoting voter suppression<SUP>30</SUP> and critical race theory.<SUP>31</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Even before the riots, ALEC drew negative scrutiny
for putting brand reputations at risk when a lawyer associated with it was involved in a phone call President Trump made to Georgia Secretary
of State Brad Raffensperger in an attempt to overturn election results.<SUP>32</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2020&amp;id=D000000202.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2020&amp;id=D000022131.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> &ldquo;The National Restaurant Association Spends Big
to Keep Wages Low,&rdquo; <U>The Progressive</U> May 14, 2014, https://progressive.org/dispatches/national-restaurant-association-spends-big-keep-wages-low/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> &ldquo;Critics: Disney Has Too Much Influence in Florida
Chamber of Commerce,&rdquo; <U>Orlando Sentinel</U>, October 27, 2011, https://www.orlandosentinel.com/os-xpm-2011-10-27-os-disney-florida-chamber-influence-20111027-story.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> http://advocacy.calchamber.com/board-of-directors/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> &ldquo;Family Friendly? Disney Funds Lobbyists Fighting
to Deny Americans Parental Leave,&rdquo; <U>Republic Report</U>, May 29, 2012, https://www.republicreport.org/2012/walt-disney-company-parenta-leave/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.alec.org/group/private-enterprise-advisory-council-2/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://www.exposedbycmd.org/2021/01/27/alecs-numerous-ties-to-the-capitol-insurrection-and-big-lie/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.exposedbycmd.org/2021/06/14/cmd-joins-300-groups-in-call-for-companies-to-quit-alec-over-voter-suppression-bills/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.triplepundit.com/story/2021/critical-race-theory-alec/725786.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.triplepundit.com/story/2021/reputation-alec-trump-phone-call/709706</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney&rsquo;s major trade associations also
support controversial groups like the Competitive Enterprise Institute (CEI). CEI is controversial for promoting climate denial. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For example, in 2019, CEI ran a campaign attacking
&ldquo;Meet the Press,&rdquo; online and in full-page ads in <I>The Wall Street Journal</I> and <I>The Washington Post</I>, for excluding
climate change deniers from its special on the issue. The same year, the National Association of Broadcasters, NCTA and Motion Picture
Association &mdash; three trade associations Disney contributed over $500,000 to in 2020 and serves on the boards &mdash; were listed
as sponsors of CEI's annual gala, according to a program from the event obtained by <I>The New York Times</I>.<SUP>33</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The story looking at Disney&rsquo;s lobbying
which highlighted Disney&rsquo;s trade association connections to CEI noted there is no evidence that Disney has directly contributed
to CEI<FONT STYLE="color: #201F1E">.<SUP>34</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">But again, while Disney may not be directly giving
to controversial groups like ALEC and CEI, its major trade associations are. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Climate Change Misalignment</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We believe Disney&rsquo;s trade association payments
used for lobbying could pose reputational risks. For example, Disney signed an agreement to work with United Nations Environment to combat
and raise awareness around climate change, a commitment we commend. Yet the Chamber where we are a member has worked to undermine the
implementation of the Paris climate accord. For 2020, Disney paid $250,001-$500,000 in dues to the Chamber, of which 25 percent was used
for lobbying.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Groups are calling on Chamber members like Disney
to change the Chamber&rsquo;s position against science-based climate legislation.<SUP>35</SUP> In fact over 20 companies that are Chamber
members have created a climate committee to work inside the Chamber to update and change its backward-looking climate policies, In doing
so they acknowledge the misalignment between their climate positions and that of the Chamber and the need to be an active voice pressing
for change. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Companies Are Reporting Significant Lobbying
and Public Policy Issues</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Companies have begun producing reports which
assess the alignment between company positions, including on climate change, and the positions and lobbying of their key trade associations.
Examples of companies producing reports include BP, Pfizer, GM, Bayer and Shell.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney uses the Global Reporting Initiative (GRI)
for sustainability reporting.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI Standard 415: Public Policy &ldquo;addresses
the topic of public policy. This includes an organization&rsquo;s participation in the development of public policy, through activities
such as lobbying and making financial or in-kind contributions to political parties, politicians, or causes.&rdquo;<SUP>36</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under GRI Standard 415, a company &ldquo;should
report: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">(1) the significant issues that are the focus of its participation in public policy development and lobbying;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">(2) the company&rsquo;s stance on these issues, and any differences between its lobbying positions and
any stated policies, goals, or other public positions.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://int.nyt.com/data/documenthelper/1366-cei-gala-program/1438e537f20a04a672f6/optimized/full.pdf#page=1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> &rdquo;Investors press Disney to reveal more about its
lobbying,&rdquo; <U>E&amp;E News</U>, February 1, 2021, at https://www.eenews.net/climatewire/2021/02/01/stories/1063723963?utm_campaign=edition&amp;utm_medium=email&amp;utm_source=eenews%3Aclimatewire<FONT STYLE="color: #201F1E">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://chamberofcommercewatch.org/chamber-climate-conflicts-1-disneys-problematic-relationship-with-the-u-s-chamber-of-commerce/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.globalreporting.org/standards/media/1030/gri-415-public-policy-2016.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We believe GRI-reporting companies like Disney
should be evaluating and disclosing the significant issues it lobbies on and any differences between its lobbying positions and its stated
polices, goals and public positions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Broad International Support for Lobbying Transparency</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The International Corporate Governance Network
(ICGN) representing&nbsp;more than $18 trillion in assets, supports lobbying disclosure and political disclosure as best practice, and
supports disclosure of any amounts over $10,000.<SUP>37</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On January 27, 2022, the Principles for Responsible
Investment (PRI) released a new report, the Investor Case of Responsible Political Engagement, noting investors need to understand the
intended objectives, processes and outcomes of companies&rsquo; political engagement to determine the extent to which they align with
their long-term interests and shared societal needs.<SUP>38</SUP> The report highlights Disney, noting &ldquo;the Walt Disney Company
has been linked through its membership of trade associations (National Restaurant Association and California Chamber) to lobbying efforts
against raising the minimum wage, implementing paid sick leave and the current US administration plans to mitigate climate change.&rdquo;<SUP>39</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">PRI has also released a 2018 guide on corporate
climate lobbying to help investors engage with companies on their direct and indirect lobbying practices related to climate policy. Specifically,
companies should be consistent in their policy engagement in all geographic regions and should ensure any engagement conducted by member
trade associations on their behalf or with their support is aligned with a company positions.<SUP>40</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In October 2018, a $2 trillion coalition of investors
led by the Church of England pension board and Swedish pension fund AP7, sent letters to 55 large European companies, stating that lobbying
on climate issues should be evaluated, managed and reported on transparently and noting it was unacceptable that companies counteract
ambitious climate policy, either directly or through their trade associations.<SUP>41</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The OECD&rsquo;s Principles for Transparency
and Integrity in Lobbying find that a sound framework for transparency in lobbying is crucial to safeguard the integrity of the public
decision-making process.<SUP>42</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disney Has Its Lobbying Information and Could Easily Report It to
Shareholders</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney claims that &ldquo;the additional measures
sought by the proponents would not be an efficient use of resources.&rdquo; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This argument is disingenuous, as Disney is required
to report its federal and state lobbying, including all indirect lobbying through its trade associations and social welfare groups, and
has all of this information available, so it could be readily provided to shareholders in a single report at minimal expense. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.icgn.org/sites/default/files/ICGN%20Political%20Lobbying%20%26%20Donations%202017.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.unpri.org/governance-issues/the-investor-case-for-responsible-political-engagement/9366.article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://www.unpri.org/download?ac=15716.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://www.unpri.org/Uploads/g/v/q/PRI_Converging_on_climate_lobbying.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> &ldquo;Pension Funds Challenge Major European Emitters
on Climate Lobbying,&rdquo; <U>Church of England</U>, October 29, 2018, https://www.churchofengland.org/more/media-centre/news/pension-funds-challenge-major-european-emitters-climate-lobbying.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> http://www.oecd.org/gov/ethics/oecdprinciplesfortransparencyandintegrityinlobbying.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;<IMG SRC="missml_logo.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Political Contributions Disclosure Rankings Do Not Measure Lobbying
Disclosure</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Board argues that Disney has been ranked
in the &ldquo;First Tier&rdquo; for 2021, 2020 and 2019 in the CPA-Zicklin Index of Corporate Political Disclosure and Accountability,
a report that measures political disclosure and accountability policies and practices of companies in the S&amp;P 500. However, this argument
is misleading since the Company&rsquo;s CPA-Zicklin ranking has nothing to do with lobbying spending disclosure. The Company conflates
electoral and lobbying spending disclosures in its Proxy Statement and implies that both issues are covered in the ranking. The fact that
the Company touts being ranked as a trendsetter on the CPA-Zicklin Index, a measurement of transparency in political contributions but
not lobbying, suggests that Disney could, in fact, become a leader in lobbying disclosure as well.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lobbying Transparency: What Gets Disclosed Gets Managed. </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If Disney has nothing to hide, transparent disclosure
will simply show that its lobbying is being done for the company and shareholders&rsquo; best interests.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Knowing our company&rsquo;s lobbying will be
disclosed will ensure board and management oversight to safeguard that lobbying is being done in shareholder and Disney&rsquo;s best interests.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #E7E6E6"><B>CONCLUSION</B></P></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disney&rsquo;s opposition statement to this proposal states &ldquo;This
is the seventh year this proposal has been presented, and it has failed to obtain majority support in any of its prior submissions&rdquo;.
What they fail to disclose is that there has been substantial shareholder support each of those years &ndash; ranging from 30% to close
to 40%. Therefore, it is curious that the company has continued to ignore the wishes of many of its shareholders and failed to disclose
information they already collect. The well-documented reputational risks of Disney&rsquo;s lobbying and its inadequate lobbying disclosure
policies highlight the critical need for the Company to improve its lobbying disclosures and increase transparency around its lobbying
policies, procedures and spending details. For all of the above reasons, we believe that Disney&rsquo;s current lobbying disclosures are
inadequate to protect shareholder interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vote &ldquo;FOR&rdquo; on Shareholder Proposal
#4, &ldquo;Report on Walt Disney Company&rsquo;s Lobbying Expenses&rdquo; at the annual general meeting on March 9, 2022. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE FOREGOING INFORMATON MAY BE DISSEMINATED
TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, EMAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONTRUED AS INVESTMENT
ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING
BORNE ENTIRELY BY ONE OR MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY
CO-FILER. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
