Disney Investor Presentation Deck

■ ■ ■ Shareholder Proposal on Lobbying Policies and Activities Disclosure is Unnecessary and Would Create Redundancies The Board recommends that you vote AGAINST this proposal. We believe additional disclosures in this regard would not be an efficient use of resources in light of our existing 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 and maintains a strict internal review and oversight process Discloses details of contributions to candidates for office on a semi-annual basis, available on the Company's website Provides reports detailing issues the Company lobbied on, the houses of Congress and federal agencies lobbied and total amounts expended during each calendar quarter on federal lobbying activities and the portion of trade association payments that are used for federal lobbying as disclosed to the Company 1 All political contributions have been approved by the Company's Government Relations team, and the full scope of political contributions activity is reviewed by the Governance and Nominating Committee of the Board annually The Company has been responsive to shareholder suggestions for enhanced disclosure In response to shareholder feedback after the 2018 Annual Meeting, the Board enhanced the Company's lobbying disclosure by expanding its scope and disclosing the expanded policy which includes: Annual disclosure of information regarding our membership in U.S.-based industry and trade associations Annual dues the Company paid to these trade associations The percentage each trade association has indicated to us was used for lobbying activities The Company continues to be recognized as a leader in political disclosure and practices In 2020 and 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 ■ Disclosure of payments to trade associations are bucketed by contribution increment levels in order to provide a more granular level of detail to shareholders In January, the Company committed not to make political contributions in 2021 to members of Congress who objected to certification of state electoral college votes immediately following violence associated with the January 6 insurrection at the Capitol Shareholders have not expressed support for this proposal, despite appearing on our ballot multiple consecutive years This is the sixth year this proposal has been submitted; it has continuously failed to obtain majority support https://www.thewaltdisneycompany.com/about/#policies Sources of Policies and Additional Policies https://thewaltdisneycompany.com/app/uploads/2020/07/Political-Disclosure-Archive-2020.pdf https://thewaltdisneycompany.com/app/uploads/2020/07/Political-Giving-and-Participation-in-the-Formulation-of-Public-Policy-2020.pdf https://thewaltdisneycompany.com/app/uploads/2020/07/2019 US-Trade-Associations.pdf 14

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