NABET-CWA BOLETIN

VOTE YES FOR A BETTER DISNEY/ABC BY

VOTING NO ON YOUR STOCK PROXY!!!

The Disney shareholder meeting will be held on March 13, 2012 in Kansas City, MO and investor-advisory firms, including Institutional Shareholder Services, Inc. (ISS), don’t like what they see at the leadership level of the company. In fact, they think most of the Board of Directors, including CEO Bob Iger, do not deserve to be re-elected, and that overall executive compensation is too high.

Despite earlier progressive changes being enacted to provide more corporate governance and to empower the shareholders, the Executive Compensation Committee of the Walt Disney Board of Directors has recommended that CEO Bob Iger be allowed to hold the dual office of Chairman of the Board, returning to the good old days when Michael Eisner was CEO and Chairman of the Board. Remember what that was like? The only people who benefitted then were those not willing to exercise their independence.

In 2004, shareholders let the Board know that the Company needed to separate the roles of CEO and Board Chairman, so that the Board of Directors could act independently, and for the benefit of the true owners of The Walt Disney Company---you!!!

In 2010, a federal law called the “Dodd-Frank Act” gave you, the shareholder, the power to have a “Say on Pay”. Companies must now submit certain executive compensation to an advisory vote of stock owners.

So if you are tired of being in the 99% stuck in a race to the bottom while 1% is racing to the bank, vote “Yes” for a better Company by voting “No” as follows:

• On Item 1-Election of Directors- vote “against” the election of Robert A. Iger, Judith Estrin, Aylwin Lewis, Robert Matschullat, and Sheryl Sandberg.

• On Item 4-Advisory Vote on Executive Compensation- vote “against” advisory approval.