Trian Partners Activist Presentation Deck
Confidential-Not for Reproduction or Distribution
Why is Trian Here Today?
• Disney is the most advantaged consumer entertainment company in the world. It has unrivaled
global scale, irreplaceable brands, inimitable Parks and can leverage the Disney "flywheel" to
monetize its intellectual property. For these reasons, we believe the Company is well positioned
to succeed
• However, Disney's recent share price and operating performance have been disappointing
Total shareholder return ("TSR") has materially underperformed the S&P 500 and proxy peers
over 1-Year, 3-Year, 5-year and 10-year periods(¹)
- Disney shares are currently trading at an 8-year low(¹)
Operating performance has deteriorated, including a 50% decline in adj. EPS since FY 2018(¹)
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. We believe that current investor sentiment on Disney is low, reflecting the hard truth that Disney
is a company in crisis and faces many challenges that weigh on the Company's investment
prospects
• While we acknowledge that Disney, like many media companies, is undergoing a challenging
pivot to streaming, we believe that many of the Company's current problems are self-inflicted
and need to be addressed
▪ Trian believes that it is well positioned to facilitate positive change at Disney given our
experience investing in and serving on the board of directors of blue-chip companies, and
working collaboratively with management teams and boards to optimize corporate governance,
strategy, operations and capital allocation
. We recognize that Disney is undergoing a lot of change quickly and are NOT trying to create
additional instability by replacing Bob Iger. We believe Disney is at a crossroads: It can decide
to fight the addition of 1 qualified Board member, OR work together with Trian to create
sustainable, long-term value at Disney
Note: (1) See the following pages in this presentation for associated sources and footnotes
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