On January 3, 2024, The Walt Disney Company and ValueAct Capital Management, L.P. have entered into a confidentiality agreement that enables the Company to provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Company Board and management. Robert A. Iger, Disney?s Chief Executive Officer stated that ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations they have had over the past year. The Company added that ValueAct has confirmed it will support the Company Board of Directors?

recommended slate of nominees for election to the Board at the 2024 Annual Meeting.