Disney Investor Presentation Deck

Key 2020 Updates: Focus on Long-Term Strategy and Responsiveness to Shareholder Feedback Meaningful strategic advancements and strong performance During the past year we executed an important CEO transition from Bob Iger to Bob Chapek, made significant progress in realigning our media and entertainment businesses to accelerate our direct-to- consumer strategy, drove strong shareholder returns and took decisive action to address the challenges presented by the COVID-19 pandemic to our employees and our business Continued responsiveness to shareholders on compensation ■ ▪ Following multiple years of structural changes and reductions to Mr. Iger's compensation in response to ongoing shareholder feedback, the Compensation Committee further responded to direct shareholder feedback in setting Mr. Chapek's target compensation at a level meaningfully lower than Mr. Iger's compensation and aligned with the 25th percentile of peers¹ Commitment to diversity and inclusion and advancing ESG disclosures As part of the Board and senior management team's commitment to advancing diversity and inclusion in our workforce and through our creation of content, we established six strategic pillars to guide our actions in these important areas. We also made meaningful progress in expanding ESG disclosures to include certain SASB metrics and committed to disclose EEO-1 data and sustainability goals 1. See note on slide 5 FY 2020 Shareholder Engagement Contacted: 64% of top 50 shareholders Spoke with: 12 of top 20 7 of top 10 2

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