Trian Partners Activist Presentation Deck
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Disney's Total Shareholder Return ("TSR") Consistently Underperforms
478%
Company Proxy
Peers
26%
S&P 500
10-Year
A: (371%)
223%
S&P 500
3-Year
A: (116%) --
Company Proxy
Peers
(9%)
A: (25%)
-A: (60%) --
107%
Disney
Disney
(34%)
56%
S&P 500
S&P 500
(15%)
5-Year
-A: (66%)-
26%
Company Proxy
Peers
A: (37%)
1-Year
Company Proxy
Peers
(35%)
A: (24%).
A: (4%)
Disney
(10%)
Disney
(39%)
Source: FactSet as of 1/10/23
Note: Total Shareholder Reture (TSR) defined as the total return an investor would receive if they purchased one share of stock on the first day of the measured period indusive of share price appreciation and
dividends paid. "Company Proxy Peers includes hine other major media' peers as defined in Disney's FY 2021 Proxy Statement and consists of Alphabet, Amazon, Apple, AT&T. Comcast Discovery (Wamer
Bros. Discovery), Meta Platforms, Netflix and ViacomCBS (Paramount. We highlight the S&P 500 here only as a widely recognized index, however, for various reasons the performance of the index and that of
the securities mentioned above may not be comparable. One cannot invest directly in an index
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