Disney Investor Presentation Deck

Shareholder Proposal on Lobbying Activities is Unnecessary and Would Create Redundancies The Board urges shareholders to vote AGAINST this proposal, which was submitted prior to the adoption of Disney's updated policies. Additional disclosures would not be an efficient use of resources or benefit to shareholders in light of our existing market leading lobbying policies and disclosures Shareholder proposal: Requests the Company prepare an annually-updated report disclosing additional information regarding lobbying activities The Company provides significant disclosure regarding political and lobbying activities Significant disclosure on the Company's website includes details of contributions to candidates for office on a semi-annual basis and reports on the issues lobbied on and the amounts spent on lobbying activities In addition to filing reports regarding our lobbying with the U.S. House of Representatives and the U.S. Senate, the Company files extensive lobbying disclosure reports as required by state law Disney also recently enhanced disclosure following extensive shareholder engagement In response to shareholder feedback, the Board decided to expand its annual lobbying disclosure to include policies on U.S. political giving and membership in industry and trade associations We are recognized as one of the leaders for political disclosure among S&P 500 companies In 2019, the Center for Political Accountability's Zicklin Index of Corporate Political Disclosure and Accountability ranked Disney among the First Tier of S&P 500 companies Our shareholders have not expressed support for this proposal, despite appearing on our ballot multiple consecutive years This is the fifth year this proposal has been submitted, and it has failed to obtain majority support in any of its prior submissions - - Sources of Policies and Additional Policies https://www.thewaltdisneycompany.com/about/#policies https://www.thewaltdisneycompany.com/wp-content/uploads/2019/07/Political-Disclosure-Archive-2019.pdf https://www.thewaltdisneycompany.com/wp-content/uploads/2019/07/Political-Giving-and-Participation-in-the-Formulation- of-Public-Policy-2019-1.pdf 11

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