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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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  "authorName": "Trian Partners",
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  "notes": "The table highlights significant underperformance across almost all time periods compared to both media and travel/leisure peers.",
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      "text": "Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets. The only self-selected proxy peers that have underperformed Disney are over-exposed to linear TV and have significant leverage issues.",
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      "text": "Source: FactSet as of 10/06/23. Note: Performance measures Total Shareholder Return (\"TSR\") through 10/06/23. 10/06/23 represents the trading day prior to the WSJ article titled \"Nelson Peltz Boosts Disney Stake, Seeks Board Seats\" by Lauren Thomas and Robbie Whelan reporting on Trian's increased beneficial ownership in Disney shares and expected request for Board representation.",
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      "text": "Disney's TSR Has Trailed Almost Every One of its Peers",
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