Disney Investor Presentation Deck

Executive Summary Disney made significant progress on the transformative long-term strategic plan during fiscal 2019, including the Company's business reorganization, completion of the acquisition and successful integration of 21st Century Fox assets, and enhancement of our direct-to-consumer strategy Changes to CEO compensation made during and after fiscal 2019 are responsive to feedback gathered from extensive shareholder outreach, increase rigor of performance criteria and decrease pay quantum Updates to fiscal 2020 compensation reflect the Company's business reorganization and changing industry in which the Company operates Our highly engaged and diverse Board remains focused on key priorities including oversight of management succession planning, strategic planning and risk management Disney remains committed to supporting the well-being of its employees through company-wide initiatives The Board recommends voting AGAINST the shareholder proposal requesting an annual report disclosing information regarding our lobbying policies and activities 2

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