On January 11, 2023, Trian Fund Management, L.P. announced that it will file a preliminary proxy statement with the Securities and Exchange Commission for the election of Nelson Peltz, its Chief Executive Officer and Founding Partner, to The Walt Disney CompanyÆs Board of Directors at the 2023 annual meeting of shareholders. Trian Fund stated that the Company is one of the most advantaged consumer entertainment companies in the world, with unrivaled global scale, irreplaceable brands, and opportunities to monetize its intellectual property better than its peers by leveraging the Disney æflywheelÆ and as such, the Company should be well positioned to navigate the ongoing transition from legacy content distribution channels to streaming. Trian Fund believes that the CompanyÆs current problems are primarily self-inflicted and need to be addressed immediately, including; POOR Corporate Governance, POOR Strategy & Operations, and POOR Capital Allocation.

Trian Fund expressed that in recent years, the Company has lost its way resulting in a rapid deterioration in its financial performance from a consistent dividend-paying, high free cash flow generative business into a highly leveraged enterprise with reduced earnings power and weak free cash flow conversion. In addition, Trian expressed its view that the Nelson Peltz can help the Company to address its challenges. Further Trian Fund stated that it intends to file a definitive proxy statement and accompanying proxy card with the Securities and Exchange Commission in anticipation of such solicitation.