Disney Investor Presentation Deck

Structural Emphasis on Performance Based Pay in CEO Compensation Structure FIXED PERFORMANCE BASED Pay Element Base Salary Annual Cash Incentive Awards Annual Long- Term Equity Based Incentive Awards FISCAL 2019 CEO COMPENSATION STRUCTURE Pay Philosophy Components Reflects job responsibilities and provides competitive fixed pay to balance performance-based risks Rewards performance at the high end of ranges for financial performance measures to drive meaningful growth over the prior year and long-term, sustainable gains in shareholder value Direct, substantial exposure to Disney's stock price performance, to create alignment with shareholder interests and the long-term strategy of the Company Cash Cash Stock Options (50%) Performance Based RSUS (50%) Performance Element Evaluated on an annual basis Financial Performance (70%) Adjusted EPS (29%) Seg. Op. Inc. (25%) ROIC (25%) After-Tax FCF (21%) Other Performance (Strategic) (30%) Share Price Appreciation 3-Year Relative Total Shareholder Return (50%) 3-Year Relative Earnings Per Share Growth (50%) ~91% of CEO pay is dependent on financial, strategic & share price performance To be replaced by ROIC in FY 2020 7

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