Disney Urges Shareholders to Vote the WHITE Proxy Card “FOR” ONLY Disney’s 12 Director Nominees

The Walt Disney Company (NYSE: DIS) today urged shareholders to protect their investment and the future of the Company by making sure their votes are in on the WHITE proxy card in support of ONLY Disney’s 12 director nominees (and not the Trian Group or Blackwells nominees). Disney encourages ALL shareholders to vote their shares online or by telephone no later than 11:59 p.m. Eastern Time on April 2, 2024. Instructions to vote by internet or telephone can be found on the WHITE proxy card.

Disney has the right strategy to drive profitable growth and value creation for shareholders – positioning our streaming businesses for sustained growth and profitability, reinvigorating the Company’s film studios, fortifying ESPN for the future and turbocharging growth in Disney’s Experiences business. We have made substantial progress to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and declaring dividend payments for January and July of this year.

This strategic transformation is working, as evidenced through the 34%¹ year-to-date increase in our stock price, outpacing both peers and the S&P. The Board and management remain focused on this building plan to create superior, sustainable shareholder value.

Disney’s Board of Directors believes all of its 12 nominees are uniquely qualified to continue this important progress and create long-term shareholder value. The Board urges shareholders to protect their investment and the future of the Company by voting the WHITE proxy card FOR ONLY Disney’s 12 nominees NOW and not the Trian Group or Blackwells nominees.

Shareholders with questions about how to vote their shares should call the Company’s proxy solicitor, Innisfree M&A Incorporated, at [phone] (toll-free from the U.S. and Canada) or [phone] (from other countries). The Company’s proxy statement and other important information related to the Annual Meeting can be found at VoteDisney.com.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations; beliefs; plans; strategies; business or financial prospects or outlook; future shareholder value; expected growth and value creation; profitability; investments; capital allocation, including dividends and share repurchases; earnings expectations; expected drivers and guidance, including free cash flow and funding sources; expected benefits of new initiatives; cost reductions and efficiencies; content offerings; priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.