WEN Wendys Company

Blackwells Capital LLC, a shareholder of The Walt Disney Company (“Disney” or the “Company”) (NYSE:DIS) since 2018, today issued its support for the ongoing transformative restructuring led by the Company’s CEO Bob Iger, and stewarded by an enviable Board of Directors recently enhanced through the appointments of James P. Gorman and Sir Jeremy Darroch. Displacing these individuals or other members of the Board with Mr. Peltz and other Trian selected nominees would deprive shareholders of valuable, experienced voices in the boardroom at a critical time in the Company’s history.

Blackwells is concerned that Trian’s campaign prioritizes Mr. Peltz’s ego over what is best for all Disney shareholders, and that its latest effort may cost Disney shareholders upwards of $50 million and serve only as a value destructive fog for Disney’s leadership and Board.

Moreover, Blackwells does not believe that Trian’s efforts at Disney, or indeed at other public companies, have necessarily served the interests of long-term shareholders. Trian and Mr. Peltz’s involvement at The Wendy’s Company (“Wendy’s”) (NASDAQ: WEN) serves as a cautionary tale for Disney shareholders. In an act of nepotism, Mr. Peltz installed his son, Matthew H. Peltz, as the non-executive Vice Chairman and packed the board with business partners and friends, while presiding over a period of disappointing results for Wendy’s shareholders.

Jason Aintabi, Chief Investment Officer of Blackwells, commented, “Disney has one of the most attractive portfolios of beloved brands and businesses. The combined stewardship of the refreshed Board and the leadership of Mr. Iger, offer Disney shareholders the best opportunity to surface value. Mr. Peltz and Trian need to withdraw this costly and disruptive effort to displace experienced voices in the boardroom and substitute them with Mr. Peltz and his nominees.”

Mr. Aintabi continued, “Mindless, drum-beating activism is not the right strategy for shareholders. Disney’s Board is acting in the best interests of all shareholders and should be allowed the time to focus on driving value at one of America’s most iconic companies without this fatuous sideshow.”

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

Gagnier CommunicationsDan Gagnier646-569-5897blackwells@gagnierfc.com