THE WALT DISNEY COMPANY BOARD OF DIRECTORS EXTENDS ROBERT A. IGER’S CONTRACT AS CHAIRMAN AND CEO TO JULY 2, 2019

BURBANK, Calif., March 23, 2017—The Walt Disney Company (NYSE:DIS) Board of Directors announced today that it has extended Robert A. Iger’s contract as Chairman and Chief Executive Officer to July 2, 2019.

“Given Bob Iger’s outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future, it is obvious that the Company and its shareholders will be best served by his continued leadership as the Board conducts the robust process of identifying a successor and ensuring a smooth transition,” said Orin C. Smith, Independent Lead Director of the Disney Board.

Mr. Smith continued: “Mr. Iger has led The Walt Disney Company to unprecedented success during his 11 years as CEO, driving Disney to new creative heights, expanding the Company’s global reach, fostering technological innovation, and delivering year-after-year of record financial results. During his tenure, Mr. Iger has created enormous value for shareholders, with total shareholder return of 448%, compared to 144% for the S&P 500, and a dramatic increase in the Company’s market capitalization to $177 billion from $46 billion.”

“Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019,” Mr. Iger said. “Even with the incredible success the Company has achieved, I am confident that Disney’s best days are still ahead, and I look forward to continuing to build on our proven strategy for growth while working with the Board to identify a successor as CEO and ensure a successful transition.”

Details of the agreement will be included in a Form 8-K filed today.

Since Mr. Iger, 66, became CEO, The Walt Disney Company has been recognized as one of the “Most Reputable Companies” in both America and the world by Forbes magazine (2006-2017); one of “America’s Most Admired Companies” by Fortune magazine (2009-2017); one of the “World’s Most Respected Companies” by Barron’s (2009-2016); one of the “Best Places to Launch a Career” byBusinessWeek magazine (2006-2010); and as “Company of the Year” by Yahoo Finance (2013).

Forward Looking Statements:

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of our views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives, as well as from developments beyond the Company’s control including international, political, or military developments, health concerns, technological developments and changes in domestic and global economic conditions that may affect our businesses generally. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended October 1, 2016 under Item 1A “Risk Factors,” and subsequent reports.