Trian Partners Activist Presentation Deck

Confidential - Not for Reproduction or Distribution We Fear Disney is "Over-earning" in Domestic Parks to Subsidize Streaming Losses • Disney has historically relied on price to drive growth and margin at domestic Parks, which we believe is an unsustainable growth strategy Before the COVID-19 pandemic, Disney's domestic Parks had grown per capita guest spend at a 6% CAGR (from 2011-2019) with more muted attendance growth... this has shifted dramatically with management noting that per capita spending grew nearly 40% vs. fiscal 2019" on its FY 2022 earnings call • The recurring issues and complaints related to Disney "Cast Member" wages (2) while the Parks business experiences rapid margin expansion further our concerns it is over-earning Valuable employees are a crucial component of driving better guest experiences Domestic Parks Operating Income(¹) Operating Income ($mm) $5,397 $4,412 FY 2019 FY 2022 Operating Margin 25.4% FY 2019 26.8% FY 2022 Domestic Parks % of Disney Operating Income(¹) Domestic Parks All Other Businesses 70% 30% FY 2019 56% 44% FY 2022 Disney may believe that price increases and "nickel-and-diming" of Cast Members and other costs is good for the bottom line... however, we suspect it is short-term thinking that puts the brand value and long-term health of the business at risk Source SEC fings and transcripts, Bloomberg. New York Post Note: (1) Adds back $66mm aperating income impact from Hurricane lan to FY 2022 operating income and margin (2) As reported by the New York Post in their article tited Why working at Dianey, the Happiest Place on Earth is a misery for many published 12/17/22 -35-

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