Acquiring SPE’s interest increases this incentive Risks to Consider Valuing SPE’s share requires evaluating the likelihood that Disney/Marvel drive growth in Spider-Man vs. shifting their emphasis to other properties Disney/Marvel have significant incentives to continue to support Spider-Man Acquiring SPE’s interest increases this incentive Discuss; do we: Kill this page Leave this page, speaking only to risk of shift in emphasis from Spider-Man to other properties (beefing up this page) Call out two distinct risks on this page: (i)shift from Spider-Man to others and (ii) shift from Film to Classic; would require us to pull other pages forward

Impact of Ceding Protections Easing the “black-out” window and shifting control of retail promotions for Film merchandise creates risk that Disney/Marvel emphasize “Classic” over “Film” However, Disney has incentives to continue to drive sales of “Film” merchandise Retailers will seek film-related merchandise to meet customer demand and draft of film marketing To the extent there is an increased emphasis on Classic, there may be limited impact on upcoming Spider-Man films On a practical basis, the black-out provision has been loosely enforced to-date without notable negative impact to films Black-out could be eased rather than lifted, ensuring some minimum percentage of square feet dedicated to Film Spider-Man will still have a significant retail presence, including promotional value provided by Classic merchandise