Blackwells Capital Releases Investor Presentation to its Fellow Disney Shareholders

Blackwells Capital, LLC (“Blackwells”), a shareholder of The Walt Disney Company (“Disney” or the “Company”) (NYSE:DIS), today released its full investor presentation titled “The Future of Disney.” The presentation builds on Blackwells’ “Vision for the Future of Technology at Disney” presentation released on February 26, 2024.

The full presentation is available at www.TheFutureOfDisney.com.

Blackwells explores the reasons for Disney’s persistent underperformance, and outlines an overwhelming and convincing case for collaborative and additive change.

“Disney’s current Board includes several personal friends of Mr. Iger, six directors with full-time jobs as CEOs of major companies, five directors with no other independent board experience, three directors drawn from the Council of Foreign Relations and five directors with overlapping directorships. Disney’s Board lacks critical bandwidth and expertise in content, media, technology and governance best-practices, and would greatly benefit from the perspectives and experience our director candidates contribute,” said Jason Aintabi, Chief Investment Officer of Blackwells.

To learn more about Blackwells’ three nominees Jessica Schell, Craig Hatkoff and Leah Solivan, fellow Disney shareholders are encouraged to visit www.TheFutureOfDisney.com. Blackwells campaign website includes materials for shareholders to evaluate and help make the most informed voting decisions possible.

Please vote your proxy today on the GREEN universal proxy card “FOR” each of the Blackwells nominees and the Blackwells proposal.

If you have any questions about voting your proxy or need replacement proxy materials, contact:

Morrow Sodali LLC+1 [phone] (toll-free for shareholders)[phone] (call collect for banks, brokers, trustees and other nominees)[e-mail]

About Blackwells Capital

Blackwells Capital was founded in 2016 by Jason Aintabi, its Chief Investment Officer. Since that time, it has made investments in public securities, engaging with management and boards, both publicly and privately, to help unlock value for stakeholders, including shareholders, employees and communities. Throughout their careers, Blackwells’ principals have invested globally on behalf of leading public and private equity firms and have held operating roles and served on the boards of media, energy, technology, insurance, and real estate enterprises. For more information, please visit www.blackwellscap.com.

Contacts

Media:Gagnier CommunicationsDan Gagnier & Riyaz [e-mail]

Shareholders:Morrow SodaliMichael Verrechia & William Dooley(800) [e-mail]

IMPORTANT ADDITIONAL INFORMATION

Blackwells Onshore I LLC, Blackwells Capital LLC, Jason Aintabi, Craig Hatkoff, Jessica Schell and Leah Solivan (collectively, the “Participants”) are participants in the solicitation of proxies from the shareholders of The Walt Disney Company (the “Company”) for the 2024 Annual Meeting of Shareholders. On February 6, 2024, the Participants filed with the U.S. Securities and Exchange Commission (the “SEC”) their definitive proxy statement and accompanying GREEN Proxy Card in connection with their solicitation of proxies from the shareholders of the Company for the 2024 Annual Meeting of Shareholders. ALL SHAREHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING GREEN PROXY CARD AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE PARTICIPANTS, AS THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS IN THE COMPANY, BY SECURITY HOLDINGS OR OTHERWISE.

The definitive proxy statement and an accompanying GREEN proxy card will be furnished to some or all of the Company’s shareholders and is, along with other relevant documents, publicly available at no charge on the SEC’s website at http://www.sec.gov/. In addition, the Participants will provide copies of the definitive proxy statement without charge, when available, upon request. Requests for copies should be directed to Blackwells Onshore I LLC.