Trian Partners Activist Presentation Deck

Disclosure Statement and Disclaimers CONFIDENTIALITY This presentation is being furnished to you on a confidential basis to provide preliminary summary information regarding The Walt Disney Company (the issuer) and one or more funds managed or to be managed by Trian Fund Management, LP. (Trian" and together with the funds that it manages, "Trian Partners). Certain information contained in this presentation or otherwise provided to you is non-public, confidential or proprietary in nature. By accepting this presentation, you agree to keep the information contained herein or otherwise provided to you by Trian Partners or its representatives strictly confidential and in accordance with the terms of the confidentiality provisions to which you are subject GENERAL CONSIDERATIONS This presentation is for general information purposes only, is not complete and does not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the terms shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial or other advice. it does not have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive this presentation, and should not be taken as advice on the merits of any investment decision. The views expressed in this presentation represent the opinions of Trian Partners and are based on publicly available information with respect to the issuer. Trian Partners recognizes that there may be confidential information in the possession of the issuer that could lead the issuer to disagree with Trian Partners conclusions. Certain financial information and data used herein have been derived or obtained from filings made with the Securities and Exchange Commission ("SEC") or other regulatory authorities and from other third party reports. Funds and/or other accounts or investment vehicles (each, a "Fund" and collectively, "Funds") managed by Trian Partners currently beneficially own and/or have an economic interest in, shares of the Issuer. While certain of Trian's Partners are current or former directors of certain of the publicly traded companies referred to herein, none of the information contained in this presentation or otherwise provided to you is derived from non-public information of such publicly traded companies. Trian Partners has not sought or obtained consent from any third party to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein Trian Partners does not endorse third-party estimates or research which are used in this presentation solely for illustrative purposes. No warranty is made that data or information, whether derived or obtained from filings made with the SEC or any other regulatory agency or from any third party, are accurate. Past performance is not an indication of future results. Neither Trian Partners nor any of its affiliates shall be responsible or have any Sability for any misinformation contained in any third party, SEC or other regulatory filing or third party report Unless otherwise indicated, the figures presented in this presentation, including earnings before interest, tax, depreciation and amortization (EBITDA"). internal rates of return (RRS) and investment values have not been calculated using generally accepted accounting principles ("GAAP) and international financial reporting standards (IFRS") and have not been audited by independent accountants. Such figures may vary from GAAP and IFRS accounting in material respects and there can be no assurance that the unrealized values reflected in this presentation will be realized. Though certain material in this presentation may contain projections, nothing in this presentation is intended to be a prediction of the future trading price or market value of securities of the Issuer. Accordingly, there is no assurance or guarantee with respect to the prices at which any securities of the Issuer will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections, pro forma information and potential impact of Trian Partners analyses set forth herein are based on assumptions that Trian Partners believes to be reasonable as of the date of this presentation, but there can be no assurance or guarantee (1) that any of the proposed actions set forth in this presentation will be completed, () that actual results or performance of the issuer will not differ, and such differences may be material or (i) that any of the assumptions provided in this presentation are accurate. This presentation does not recommend the purchase or sale of any security Trian Part s disclaims any obligation to update the data, information or opinions contained in this presentation -2-

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