<SEC-DOCUMENT>0000902664-24-002634.txt : 20240327
<SEC-HEADER>0000902664-24-002634.hdr.sgml : 20240327
<ACCEPTANCE-DATETIME>20240327100335
ACCESSION NUMBER:		0000902664-24-002634
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240327
DATE AS OF CHANGE:		20240327

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:		24786435

	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>p24-1320dfan14a.htm
<DESCRIPTION>WALT DISNEY COMPANY
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

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

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

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

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

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

<P STYLE="font: 12pt 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">x</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt 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 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: 12pt Times New Roman, Times, 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: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No fee required.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 27, 2024, Trian Fund Management, L.P. (&ldquo;Trian&rdquo;),
in connection with its solicitation of proxies for the 2024 annual meeting of shareholders of The Walt Disney Company (the &ldquo;Company&rdquo;),
issued the press release related to the Company and filed herewith as <U>Exhibit 1</U> (the &ldquo;Press Release&rdquo;). From time to
time, Trian may publish the Press Release to its website, www.RestoretheMagic.com, or to its X (formerly known as Twitter), LinkedIn,
Facebook, Instagram, Reddit and YouTube pages or various other social media channels, or otherwise disseminate to shareholders of the
Company, the Press Release or portions thereof.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: right; background-color: #FEFEFE"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EGAN-JONES RECOMMENDS DISNEY SHAREHOLDERS VOTE &ldquo;FOR&rdquo;
NELSON PELTZ AND JAY RASULO</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Joins ISS in Recognizing the Need for Board Change
at Disney </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Egan-Jones Recommends Shareholders Vote &ldquo;FOR&rdquo;
Nelson Peltz and Jay Rasulo</I> and <B>&ldquo;</B><I>WITHHOLD&rdquo; on Maria Elena Lagomasino and Michael B.G. Froman</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NEW YORK, March 27, 2024</B> &ndash; The
Trian Group,</FONT><FONT STYLE="font-size: 10.5pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 10pt">which beneficially owns over $3.5
billion of common stock in The Walt Disney Company (NYSE: DIS), today announced that Egan-Jones is the second independent proxy advisory
firm, along with Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;), to recommend that shareholders vote for change in the composition
of the Disney board. Specifically, Egan-Jones recommends that Disney shareholders vote <B><U>&ldquo;FOR&rdquo;</U></B> both of Trian&rsquo;s
nominees, Nelson Peltz and Jay Rasulo, and <B><U>&ldquo;WITHHOLD&rdquo;</U></B> on Maria Elena Lagomasino and Michael B.G. Froman in connection
with Disney&rsquo;s annual meeting on April 3, 2024. Last week, ISS recommended that shareholders vote &ldquo;<B><U>FOR</U></B>&rdquo;
Mr. Peltz and &ldquo;<B><U>WITHHOLD</U></B>&rdquo; on Ms. Lagomasino.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Egan-Jones concluded: &ldquo;We see very little downside and a lot of upsides
in putting the Trian Nominees on the Board.&rdquo; Among the reasons Egan-Jones cited for the need for change at Disney were:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;The apparent lack of a &hellip; long-term succession
plan.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;A Board that appears cutoff and unwilling to engage
with investors and the broader market.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;A business model, we believe to be built for the last
decade, but not forward looking and flexible enough to ensure success in the next.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;A desire to protect the status quo for as long as
possible and at all costs.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Mediocre financial performance and the resultant lower
valuation.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Similarly, ISS concluded that &ldquo;incremental change is needed at the
company due to multi-year underperformance [relative to] the company's peers and chosen benchmark, operational challenges, and most critically,
a repeated failure on the part of the board to oversee the cultivation of a successor&hellip;&rdquo;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In supporting the election of Mr. Peltz and the withholding of support for
Ms. Lagomasino, ISS wrote that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nelson Peltz is &ldquo;well positioned to provide the catalyst
that this board apparently needs to improve its effectiveness.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&quot;Dissident nominee Peltz, as a significant shareholder,
could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around.
He could also help evaluate future capital allocation decisions.&quot;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&quot;Moreover, multi-year concerns surrounding Lagomasino's
role as a compensation committee member strengthen the case that Peltz's addition, on balance, would appear a net positive.&quot;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that
shareholders vote&nbsp;<B>&ldquo;FOR&rdquo;</B>&nbsp;<B>Nelson Peltz</B>&nbsp;and&nbsp;<B>Jay Rasulo</B>, and&nbsp;<B>&ldquo;WITHHOLD&rdquo;</B>&nbsp;on&nbsp;<B>Maria
Elena Lagomasino, Michael B.G. Froman, and all three Blackwells Nominees</B>. As Disney&rsquo;s annual meeting is one week away, it is
important that shareholders vote TODAY. Every vote is important. The deadline for shareholders to vote by telephone or electronically
is April 2, 2024, at 11:59pm ET.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For more information, including voting instructions, visit our website:&nbsp;www.RestoreTheMagic.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Trian Fund Management, L.P.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media Contacts:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Anne A. Tarbell</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(212) 451-3030</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4472C4"><U>atarbell@trianpartners.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Paul Caminiti / Pamela Greene / Jacqueline Zuhse</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Reevemark</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(212) 433-4600</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4472C4"><U>Trian@reevemark.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investor Contacts:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Matthew Peltz</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(212) 451-3060</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4472C4"><U>mpeltz@trianpartners.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ryan Bunch</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(212) 451-3176</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4472C4"><U>rbunch@trianpartners.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Bruce Goldfarb / Pat McHugh</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Okapi Partners LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(212) 297-0720</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(877) 629-6357</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4472C4"><U>info@okapipartners.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212121">Edward McCarthy / Richard Grubaugh / Thomas Germinario</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212121">D.F. King &amp; Co., Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212121">(212) 229-2634</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #4472C4"><U>Disney@dfking.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-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>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Trian has neither sought nor obtained the consent from any third party to
use any statements or information contained herein that have been obtained or derived from statements made or published by such third
parties, nor has it paid for any such statements. Any such statements or information should not be viewed as indicating the support of
such third parties for the views expressed herein. Trian does not endorse third-party estimates or research which are used herein solely
for illustrative purposes.</P>

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

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

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

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

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

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


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>





<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 9pt">Source: Please refer to the definitive proxy statement, filed with the United States Securities and Exchange
Commission 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 $800,000, 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 26, 2024.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Trian has neither sought nor obtained consent from any third party to use
previously published information in this press release, including any quotes used in this press release.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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