<SEC-DOCUMENT>0000902664-24-002418.txt : 20240313
<SEC-HEADER>0000902664-24-002418.hdr.sgml : 20240313
<ACCEPTANCE-DATETIME>20240313172938
ACCESSION NUMBER:		0000902664-24-002418
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240313
DATE AS OF CHANGE:		20240313

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Walt Disney Co
		CENTRAL INDEX KEY:			0001744489
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				830940635
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38842
		FILM NUMBER:		24747112

	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:			TRIAN FUND MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001345471
		ORGANIZATION NAME:           	
		IRS NUMBER:				203454182
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-451-3000

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trian Fund Management, L.P.
		DATE OF NAME CHANGE:	20051128
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p24-1205dfan14a.htm
<DESCRIPTION>WALT DISNEY CO
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Walt Disney Company</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Fund Management, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Fund Management GP, LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nelson Peltz</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peter W. May</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Matthew Peltz</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Josh Frank</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>James A. Rasulo</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Parallel Fund I, L.P. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Master Fund, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Co-Investment Opportunities Fund,
Ltd.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Fund (Sub)-G, L.P. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Investment Fund-N, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Fund-G II, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Fund-K, L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Isaac Perlmutter</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Laura &amp; Isaac Perlmutter Foundation Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Object Trading Corp.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Isaac Perlmutter T.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Zib Inc.</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white">(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)<BR STYLE="clear: both">
</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center; background-color: white">Payment of Filing
Fee (Check the appropriate box):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#254;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">No fee required.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-bottom: 8pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">o</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-size: 11pt">On March
13, 2024, Trian Fund Management, L.P., in connection with its solicitation of proxies for the 2024 annual meeting of shareholders of
The Walt Disney Company (the &ldquo;Company&rdquo;), distributed the following materials filed herewith as <U>Exhibit 1</U> to shareholders
of the Company.</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: #FEFEFE"><B>Exhibit 1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trian
Comments on The Walt Disney Company&rsquo;s Disingenuous and Hyperbolic Rhetoric </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Expresses
disappointment in the mudslinging tone and content of Disney&rsquo;s communications, and notes that Disney is attempting to sidestep
the longstanding performance issues at the Company</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Notes
that Disney&rsquo;s most prominent supporters have been paid tens of millions of dollars by Disney</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Calls
upon Disney shareholders to support change by electing Nelson Peltz and Jay Rasulo</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NEW YORK, March
13, 2024</B> &ndash; Trian Fund Management, L.P. has nominated two candidates, Nelson Peltz and Jay Rasulo, for election to the Board
of Directors of The Walt Disney Company (NYSE: DIS). Trian opposes the reelection of two of Disney&rsquo;s incumbent directors, Michael
B.G. Froman and Maria Elena Lagomasino. Trian and Disney have been advocating for their respective director candidates and soliciting
votes from Disney shareholders ahead of the Company&rsquo;s 2024 Annual Meeting of Shareholders, which will be held on April 3.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trian issued the
following statement regarding Disney&rsquo;s recent communications during this election campaign:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trian
is disappointed that Disney is running a scorched-earth campaign that appears to be focused on deflecting attention from the Board&rsquo;s
failures.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trian
loves The Walt Disney Company and believes it has unparalleled assets and opportunities and every reason to grow and prosper. That is
why the Trian Group is one of Disney&rsquo;s largest shareholders, with a stake worth more than $3.5 billion.<FONT STYLE="font-size: 9pt"><SUP>1
</SUP></FONT>Trian&rsquo;s only objective in this campaign is to help Disney and all its shareholders, just as Trian has sought to do
during its 20-year history at more than two dozen well-respected public companies.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">But
instead of recognizing our good faith and track record, Disney claims that we have a history of &ldquo;attacking&rdquo;<FONT STYLE="font-size: 9pt"><SUP>2
</SUP></FONT>companies and have &ldquo;infiltrated&rdquo;<FONT STYLE="font-size: 9pt"><SUP>3 </SUP></FONT>boards and we are seeking to
create &ldquo;maximum disruption.&rdquo;<FONT STYLE="font-size: 9pt"><SUP>4</SUP></FONT> More unscrupulous still is Disney&rsquo;s claim
that our candidates (including Disney&rsquo;s own former CFO) are &ldquo;oblivious&rdquo;<FONT STYLE="font-size: 9pt"><SUP>5 </SUP></FONT>and
that our ideas for improving the Company are &ldquo;dangerous&rdquo;<FONT STYLE="font-size: 9pt"><SUP>6</SUP></FONT> and &ldquo;inane.&rdquo;<FONT STYLE="font-size: 9pt"><SUP>7</SUP></FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In our
view, this charged and disingenuous rhetoric seems calculated to distract shareholders from Disney&rsquo;s poor track record and sidestep
accountability. So too is Disney&rsquo;s focus in this campaign on Bob Iger and Ike Perlmutter.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
election contest is not about Mr. Iger or Mr. Perlmutter. We do not oppose Mr. Iger&rsquo;s reelection nor his continued service as CEO.
Mr. Perlmutter is not on the ballot, is not seeking a Board seat and will not influence the fiduciary responsibilities of our candidates.
He owns more than $2.5 billion of Disney stock; <FONT STYLE="font-size: 9pt"><SUP>8</SUP></FONT> he, like all shareholders, wants Disney
to improve and create value. The relationship between Mr. Iger and Mr. Perlmutter is irrelevant. Every drop of ink Disney spills on these
subjects appears to be an attempt by the Board to avoid the topic at hand: the need for improved performance at Disney and change in
the boardroom.</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
fact is that Disney has significantly underperformed its potential, its peers and the market during the tenures of incumbent directors
Michael B.G. Froman and Maria Elena Lagomasino, whom we seek to replace.<FONT STYLE="font-size: 9pt"><SUP>9</SUP></FONT> During each of
their directorships (until Trian began pushing for change), Disney&rsquo;s stock was down more than 20%.<FONT STYLE="font-size: 9pt"><SUP>10
</SUP></FONT>During both of their tenures, the Company&rsquo;s earnings per share have declined.<FONT STYLE="font-size: 9pt"><SUP>11
</SUP></FONT>Disney cannot and does not dispute this reality.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Instead,
the Company&rsquo;s Board has concocted a distorted picture of performance, splicing together stock returns from more than a decade before
these directors were on the Board with results over the most recent 17 months, conveniently leaving out nearly three years <I>in the
middle</I>.<FONT STYLE="font-size: 9pt"><SUP>12</SUP></FONT> This is akin to a football team claiming it actually won the game by simply
refusing to recognize all the points scored by the other team in the third quarter.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Worse
still, Disney is trying to count &ldquo;points&rdquo; scored in the early 2000s, long before Mr. Froman and Ms. Lagomasino were even
on the Board. Moreover, Disney would have shareholders compare the score against only its weakest competitors &ndash; those with just
legacy media businesses &ndash; rather than against the group of peers that Disney has previously used to justify paying executives hundreds
of millions. In our view, reporting the score this way is misleading.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
Disney has manipulated its analysis of Trian&rsquo;s contributions to portfolio companies. For the eleven Trian investments for which
Mr. Peltz joined the board, these companies subsequently delivered 17% average annualized returns.<FONT STYLE="font-size: 9pt"><SUP>13</SUP></FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disney
also appears to be leaning on its investment bankers and commercial partners for public endorsements,<FONT STYLE="font-size: 9pt"><SUP>14
</SUP></FONT>when this campaign should be focused not on statements of highly compensated bankers and service providers, but on how shareholders
can ensure good governance and oversight from the Board. Notably, neither J.P. Morgan, Disney&rsquo;s lead &ldquo;activism defense&rdquo;
advisor, nor ValueAct, which has managed hundreds of millions for Disney&rsquo;s pension fund,<FONT STYLE="font-size: 9pt"><SUP>15</SUP></FONT>
have anything to say about Mr. Froman, Ms. Lagomasino or Disney&rsquo;s other non-management directors. Parties to lucrative arrangements
are typically happy to say nice things about their client&rsquo;s CEO. The fact is that shareholders have been left in the dark about
how many millions of dollars the firms making these endorsements have and will be paid.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Irrespective
of the paid endorsers or harsh rhetoric it uses, Disney cannot convince us, or, we suspect, our fellow owners, that the Company is performing
well. Disney claims that the &ldquo;correct&rdquo; way to measure a company&rsquo;s performance is to look at the current stock price.<FONT STYLE="font-size: 9pt"><SUP>16
</SUP></FONT>So, we did, and the numbers speak for themselves: Disney has been on a losing streak for many years, underperforming its
peers over one year, three years and five years; since the announcement and closing of the Fox acquisition; since the BAMTech acquisition,
which Disney now claims was a milestone in its transformation;<FONT STYLE="font-size: 9pt"><SUP>17</SUP></FONT> and since the launch
of Disney+.<FONT STYLE="font-size: 9pt"><SUP>18</SUP></FONT> Over what relevant period has this Board created value for shareholders?</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In our
view, Disney was slow to adapt to streaming, significantly overpaid for the Fox acquisition, has lagging media margins, is spending tens
of billions on the Parks without a disclosed timeframe or plan, has announced term sheets to drive excitement on deals that are still
being negotiated and has misaligned its executive compensation for more than a decade. Change is needed.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Given
Disney&rsquo;s many competitive advantages, Trian is convinced Disney can outperform for shareholders in the future. To Restore the Magic
at Disney, we believe the Board needs focused and aligned directors who are committed to helping to set ambitious goals and hold management
accountable.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We encourage
our fellow Disney shareholders to vote for Mr. Peltz and Mr. Rasulo, while withholding support from Mr. Froman, Ms. Lagomasino and all
three Blackwells Nominees.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">To ensure the
election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote <B>&ldquo;FOR&rdquo; Nelson Peltz</B> and <B>Jay Rasulo</B>,
and <B><U>&ldquo;WITHHOLD&rdquo;</U></B> on <B>Michael B.G. Froman, Maria Elena Lagomasino, and all three Blackwells Nominees</B>. For
more information, visit our website: <FONT STYLE="color: #0070C0"><U>www.RestoreTheMagic.com</U></FONT>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>About Trian Fund Management, L.P.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Founded in 2005, Trian Fund Management, L.P. (&ldquo;Trian&rdquo;) is a
multi-billion dollar investment management firm. Trian is a highly engaged shareowner that combines concentrated public equity ownership
with operational expertise. Leveraging the 40+ years&rsquo; operating experience of our Founding Partners, Nelson Peltz and Peter May,
Trian seeks to invest in high quality but undervalued and underperforming public companies and to work collaboratively with management
teams and boards to help companies execute operational and strategic initiatives designed to drive long-term sustainable earnings growth
for the benefit of all stakeholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Media Contacts:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Anne A. Tarbell</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(212) 451-3030</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">atarbell@trianpartners.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Paul Caminiti / Pamela Greene / Jacqueline Zuhse</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Reevemark</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(212) 433-4600</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Trian@reevemark.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Investor Contacts:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Matthew Peltz</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(212) 451-3060</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">mpeltz@trianpartners.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ryan Bunch</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(212) 451-3176</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">rbunch@trianpartners.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Bruce Goldfarb / Pat McHugh</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Okapi Partners LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(212) 297-0720</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(877) 629-6357</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">info@okapipartners.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Edward McCarthy / Richard Grubaugh / Thomas Germinario</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">D.F. King &amp; Co., Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(212) 229-2634</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Disney@dfking.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Disclaimer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Except as otherwise set forth in this press release, the views expressed
in this press release reflect the opinions of Trian Fund Management, L.P. and its affiliates (&ldquo;Trian&rdquo;), and are based on publicly
available information with respect to The Walt Disney Company (&ldquo;Disney&rdquo; or the &ldquo;Company&rdquo;). Trian recognizes that
there may be confidential information in the possession of the Company that could lead it or others to disagree with Trian&rsquo;s conclusions.
Trian reserves the right to change any of its opinions expressed herein at any time as it deems appropriate and disclaims any obligation
to notify the market or any other party of any such change, except as required by law. Trian disclaims any obligation to update the information
or opinions contained in this press release, except as required by law. For the avoidance of doubt, this press release is not affiliated
with or endorsed by Disney.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This press release is provided merely as information and is not intended
to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security nor as a recommendation to purchase
or sell any security. Funds, investment vehicles, and accounts managed by Trian currently beneficially own shares of the Company. These
funds, investment vehicles, and accounts are in the business of trading &ndash; buying and selling &ndash; securities and intend to continue
trading in the securities of the Company. You should assume such funds may from time to time sell all or a portion of their holdings of
the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise),
or trade in options, puts, calls, swaps or other derivative instruments relating to such shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Some of the materials in this press release contain forward-looking statements.
All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking,
and the words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;potential,&rdquo; &ldquo;could,&rdquo; &ldquo;opportunity,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;plan,&rdquo; &ldquo;once again,&rdquo; &ldquo;achieve,&rdquo; and similar expressions are generally intended
to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based
on current expectations, speak only as of the date of these materials and involve risks, uncertainties and other factors that may cause
actual results, performances or achievements to be materially different from any future results, performances or achievements expressed
or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other
things, future economic competitive and market conditions and future business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the control of Trian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The estimates, projections and potential impact of the opportunities identified
by Trian herein are based on assumptions that Trian believes to be reasonable as of the date of this press release, but there can be no
assurance or guarantee (i) that any of the proposed actions set forth in this press release will be completed, (ii) that the actual results
or performance of the Company will not differ, and such differences may be material, or (iii) that any of the assumptions provided in
this press release are accurate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Important Information</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Trian Fund Management, L.P., together with Nelson Peltz, Peter W. May,
Josh Frank, Matthew Peltz, Isaac Perlmutter, James A. Rasulo, Trian Fund Management GP, LLC, Trian Partners, L.P., Trian Partners Parallel
Fund I, L.P., Trian Partners Master Fund, L.P., Trian Partners Co-Investment Opportunities Fund, Ltd., Trian Partners Fund (Sub)-G, L.P.,
Trian Partners Strategic Investment Fund-N, L.P., Trian Partners Strategic Fund-G II, L.P., Trian Partners Strategic Fund-K, L.P., The
Laura &amp; Isaac Perlmutter Foundation Inc., Object Trading Corp., Isaac Perlmutter T.A., and Zib Inc. (collectively, the &ldquo;Participants&rdquo;)
filed a definitive proxy statement and accompanying form of blue proxy card (as supplemented and amended on February 12, 2024, the &ldquo;Definitive
Proxy Statement&rdquo;) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on February 1, 2024 to be used in connection
with the 2024 annual meeting of shareholders of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ
THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE
AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT HTTP://WWW.SEC.GOV AND TRIAN&rsquo;S WEBSITE, HTTPS://RESTORETHEMAGIC.COM. THE DEFINITIVE PROXY
STATEMENT AND ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY&rsquo;S SHAREHOLDERS. SHAREHOLDERS MAY ALSO DIRECT
A REQUEST TO EITHER OF TRIAN&rsquo;S PROXY SOLICITORS, OKAPI PARTNERS LLC, 1212 AVENUE OF THE AMERICAS, NEW YORK, NY 10036 (SHAREHOLDERS
CAN E-MAIL INFO@OKAPIPARTNERS.COM OR CALL TOLL-FREE: (877) 629-6357), OR D.F. KING &amp; CO., INC., 48 WALL STREET, NEW YORK, NY 10005
(SHAREHOLDERS CAN E-MAIL DISNEY@DFKING.COM OR CALL TOLL-FREE: (800) 207-3158).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 11pt">Information about the Participants
and a description of their direct or indirect interests by security holdings or otherwise can be found in the Definitive Proxy Statement.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">---&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Disney
also appears to be leaning on its well-compensated investment bankers and commercial partners for public endorsements, when this campaign
should be focused not on how bankers and vendors feel about Mr. Iger, but on how shareholders can ensure good governance and oversight
from the Board&hellip;..J.P. Morgan appears to be prioritizing its commercial relationship with Disney&rsquo;s management over its responsibilities
to Disney and its shareholders, including J.P. Morgan&rsquo;s own asset management clients.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">____________________</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP>
Please refer to the definitive proxy statement, filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
by Trian Fund Management L.P. and certain of its affiliates and other persons (the &ldquo;Definitive Proxy Statement&rdquo;)) for information
regarding the members of the &ldquo;Trian Group.&rdquo; Nelson Peltz beneficially owns Disney shares worth approximately $3.5 billion
and Jay Rasulo owns Disney shares worth approximately $775,000, in each case as further detailed in the Definitive Proxy Statement. Note
that ownership position values are based on Disney&rsquo;s share price at the close of business on March 12, 2024.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP>
Disney video filed with the SEC on March 11, 2024 (the &ldquo;Disruptive Video&rdquo;).</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP>
<I>Id</I>.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP>
Disney presentation filed with the SEC on March 11, 2024 (the &ldquo;March 11 Presentation&rdquo;) at page 35.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP>
<I>Id. </I>at page 42.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP>
<I>Id. </I>at page 44.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP>
<I>Id. </I>at page 4.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP>
Ike Perlmutter beneficially owns 25,569,059 Disney shares worth more than $2.5 billion, as further detailed in the Definitive Proxy Statement.
Market value based on Disney&rsquo;s share price at close of business on March 12, 2024.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP>
FactSet. Note: Disney performance measures TSR through 10/06/23 defined as the total return an investor would have received if they purchased
one share of stock on the first day of the measured period, inclusive of share price appreciation and dividends paid. 10/06/23 represents
the trading day prior to the WSJ article titled &ldquo;Nelson Peltz Boosts Disney Stake, Seeks Board Seats&rdquo; by Lauren Thomas and
Robbie Whelan reporting on Trian&rsquo;s increased beneficial ownership in Disney shares and expected request for Board representation;
&ldquo;Peers&rdquo; represents the simple average of &ldquo;Media Industry Peers&rdquo; as defined in Disney&rsquo;s 2024 Definitive
Proxy Statement and consists of Alphabet, Amazon, Apple, Comcast, Meta, Netflix, Paramount, and Warner Bros. Discovery; &ldquo;Market&rdquo;
represents the S&amp;P 500 which we highlight here only as a widely recognized index, however, for various reasons the performance of
the index and that of the securities mentioned above may not be comparable. One cannot invest directly in an index.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP>
<I>Id</I>.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP>
Based on Disney&rsquo;s GAAP earnings per share for the last twelve months ended December 1, 2015 and September 7, 2018, when the tenures
of Ms. Lagomasino and Mr. Froman, respectively, began &ndash; $4.90 and $7.95, respectively &ndash; compared to Disney&rsquo;s FY2023
GAAP earnings per share of $1.29.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP>
The March 11 Presentation at page 51.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP>
Trian presentation filed with the SEC on March 4, 2024 (the &ldquo;Trian White Paper&rdquo;) at page 88.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP>
See, for example, Disney solicitation materials filed with the SEC on March 12, 2024; March 11, 2024; March 4, 2024; and February 27,
2024, all of which reference ValueAct Capital Management. See also, JPMorgan Chase CEO Jamie Dimon&rsquo;s statement on March 12, 2024.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP>
Schedule C to Form 5500 of The Walt Disney Company Retirement Plan Master Trust for fiscal years 2013 through 2022.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP>
Disney presentation filed with the SEC on March 13, 2024 (the &ldquo;March 13 Presentation&rdquo;) at page 6.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</SUP>
The March 11 Presentation at page 14.</FONT></P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18
</SUP>FactSet. Note: Disney relative performance measures TSR through 03/12/24 defined as the total return an investor would have received
if they purchased one share of stock on the first day of the measured period, inclusive of share price appreciation and dividends paid.
&ldquo;Peers&rdquo; represents the simple average of &ldquo;Media Industry Peers&rdquo; as defined in Disney&rsquo;s 2024 Definitive
Proxy Statement and consists of Alphabet, Amazon, Apple, Comcast, Meta, Netflix, Paramount, and Warner Bros. Discovery.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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