Trian Partners Activist Presentation Deck

Confidential-Not for Reproduction or Distribution Disney Has Lost $11bn in Streaming to Date with More Losses Coming • Since 2017, Disney has lost a cumulative $11bn in its streaming business • Management expects the streaming business to break even in 2024, which means two more years of expected losses FY 2018A ($0.5) Disney Cumulative DTC Segment Losses ($bn) FY 2019A ($2.2) ($2.7) FY 2020A FY 2021A FY 2022A FY 2023E ($2.9) ($5.6) Cumulative Streaming Losses Have Grown to $11bn and are Expected to Reach -$15bn Source SEC fings FactSet Wall Street estimates as of 1/10/23 Note: Figures represent reported Direct-to-Consumer segment operating profit/dows) ($1.7) ($7.3) ($4.0) ($11.3) ($3.0) ($14.3) FY 2024E ($0.6) ($14.9) -31-

View entire presentation