Trian Reminds Disney Shareholders of the Importance of the Board Election and Reaffirms its Commitments to Drive Long-Term Value and Enhance Corporate Governance

Remains Confident in its Campaign to Elect Directors Nelson Peltz and Jay Rasulo

Trian Fund Management, L.P. (Trian) today reaffirmed its call for change in the composition of the Board of Directors of Disney and the commitment of its nominees, Nelson Peltz and Jay Rasulo, to work constructively with the Company's Board and leadership team to drive long-term, sustainable value creation.

Reiterates Belief that this Election is About Board Oversight and is Not a Referendum on Bob Iger

Trian believes that Disney's problems lay at the feet of the Board, which lacks focus, alignment, and accountability. Although the Board members are accomplished professionals, they are extraordinarily busy, have invested almost none of their money in Disney stock, and have failed to heed investor input. The result has been questionable strategic and capital allocation decisions, including the investment of $200 billion of capital without any discernible return, the demonstrable lack of alignment between executive compensation and shareholder value creation, and financial results in the most recent year that pale in comparison to the results five years ago. Most recently, the Board botched its most important job - CEO succession - by installing Bob Chapek in that role seemingly without appropriate vetting or oversight.

Defends Track Record of Nominee Nelson Peltz

Trian rejects Disney's characterization of Nelson Peltz as a corporate raider. Trian believes Peltz is a willing and helpful collaborator. Peltz has a reputation as a productive and insightful corporate director, and his colleagues on corporate boards, across industries, have regularly renominated him as a director-almost always garnering more than 90% of the vote. He did not amass that record by being disruptive or unproductive.

Distributes Open Letter to Disney Board from Peltz's Colleagues

In an open letter to the Disney Board, Mr. Peltz's current and former colleagues wrote that he entered the boardroom "every meeting with an open mind, a focus on growth for the benefit of stakeholders, and a commitment to working constructively towards our common goal of creating long-term shareholder value."

Urges Shareholders to Vote FOR Peltz and Rasulo

Trian is pleased that its campaign has garnered support from accomplished independent commentators and research firms, including Institutional Shareholder Services (ISS), the largest and most influential proxy advisory firm, which wrote that Peltz "could be additive to [Disney's] 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."

Like ISS, Trian believes that Disney's Board needs a "catalyst" to improve its effectiveness - directors who will bring new perspectives, ask tough questions, and encourage open-minded debate. Ultimately, the question for shareholders as they cast their vote is: given the company's record of underperformance, who can best ensure a brighter future for Disney and its shareholders? Who can best exercise independent judgment on behalf of shareholders to ensure Disney is on the right strategic path, executing well, and with a compensation plan that aligns management's incentives with the creation of shareholder value? Trian does not believe that the current Board, which has presided over deteriorating performance and a failed succession, can address Disney's challenges.

Reminds Shareholders to Vote TODAY

As Disney's annual meeting is less than two weeks away, it is important that shareholders vote TODAY. Every vote is important. Shareholders must submit their vote no later than April 2, 2024, at 11:59pm ET. Only your last vote counts. For more information, including voting instructions, visit our website: www.RestoreTheMagic.com.