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 Disney Board and management. ValueAct has extensive experience investing in media and technology companies navigating significant business transformations, including Spotify, The New York Times, 21st Century Fox, Nintendo, Microsoft, Adobe and Salesforce. ValueAct has confirmed it will support the Disney Board of Directors?

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