Disney Investor Presentation Deck

Compensation Program Evolution Reflects Changes in our Business The Compensation Committee has made the following changes to the executive compensation program applicable for the 2020 fiscal year to better align the program with Disney's business reorganization Introduction of Return on Invested Capital (ROIC) Metric for Determining Performance-Based RSUS The Compensation Committee determined that half of the annual performance-based restricted stock units granted in fiscal 2020 would vest based on three-year average ROIC, replacing relative EPS used in fiscal 2019 ROIC was determined to be a stronger indicator of the Company's performance and shareholder value creation under the new Company structure after considering changes to the Company's business and shareholder feedback Changes to Media Peer Group to Reflect Changes at Disney and in the Broader Industry Given consolidation within the media industry and reorganization of Disney's business segments, the Compensation Committee made changes to the peer group for fiscal 2020 The fiscal 2020 Media Industry peer group includes more technology focused companies entering the media industry, excludes companies that no longer align with the Company's core business, and retains current peers Beginning of FY 2019 Media Industry Peer Group CBS Comcast Time Warner* 21st Century Fox* Viacom *Removed from Media Industry peer group in FY 2019 due to acquisitions ¹ During fiscal 2020, CBS and Viacom merged into ViacomCBS FY 2020 Media Industry Peer Group Discovery** Facebook** Netflix** ViacomCBS¹ Alphabet** Amazon.com** Apple** AT&T** Comcast **Added to Media Industry peer group for FY 2020 6

View entire presentation