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Defining Our ESG PrioritiesWe believe CSR represents a long-terminvestment that serves to strengthen ouroperations and competitiveness in themarketplace, enhance risk management,attract and engage talented employees,maintain our reputation and forge an evenstronger connection with our consumers.As a global Company operating in manyindustries and geographies, we mustconsider a wide and complex set ofenvironmental, social and governance (ESG)topics in our approach to corporate socialresponsibility. We frequently engage withstakeholders in ongoing dialogue to helpus define these ESG issues. We believe thatworking with stakeholders who representdiverse perspectives, including employees,business associates, shareholders,consumers and governmental andnongovernmental organizations, enhancesour ability to identify opportunities andfind solutions to some of our most pressingenvironmental and social challenges.We conducted an analysis in 2020 toreassess our priority ESG issues. Thisprocess included dialogues with bothinternal and external stakeholders; reviewIntroOur Approach Andand Governanceof relevant reporting and evaluationframeworks; ongoing tracking of mediaand expert opinions; benchmarking ofleadership companies; and an evaluation ofeach topic’s importance to our businesses,stakeholders and society. These priorityESG topics are addressed in this report,as well as in policies or disclosures on ourcorporate website.Access additional policies anddisclosures online.GOVERNANCECorporate GovernanceWe are committed to operating ourbusinesses with integrity and adoptinggovernance policies that promote thethoughtful and independent representationof our shareholder interests.The Company’s Board of Directors iscurrently comprised of 10 Directors thatencompass a range of talent, skill andexpertise sufficient to provide sound andprudent guidance with respect to theCompany’s operations and interests, andthe interests of the Company’s shareholders.The Directors reflect the diversity of theCompany’s shareholders, employees,Responding To COVID-19Advancing Social EquityContent & Productsconsumers and communities. Currently, ourindependent Lead Director and all four ofour Board committee chairs are women, andthree of 10 Directors are racially/ethnicallydiverse.The Board has adopted CorporateGovernance Guidelines that address,among other things, the composition andfunctions of the Board of Directors, Directorindependence, stock ownership by andcompensation of Directors, managementsuccession and review, Board leadership,Board committees, the selection ofnew Directors and Board review of theCompany’s social responsibilities.DIVERSITY ON OUR BOARDOne criteria with which the Boardevaluates new members is “the extentto which the prospective nomineehelps the Board reflect the diversityof the Company’s shareholders,employees, customers and guests,and the communities in whichit operates.”60%Racially /Ethnic orGenderDiversityMore information on our CorporateGovernance practices is available in ourmost recent Proxy Statement.EthicsDisney is committed to conductingbusiness in accordance with high standardsof business ethics and complying withapplicable laws, rules and regulations. Thetrust of our consumers, employees andshareholders stems from our commitmentto high standards in everything we do andis important for our continued success.Social ImpactWorkforceEnvironment4 of 10 Directors are women3 of 10 Directors are racially/ethnically diverseSupply Chain Labor StandardsLooking AheadData And Performance6

Integrity, honesty, trust, respect, playingby the rules and teamwork—these definenot only the operating principles of ourCompany, but also the spirit of our diverseglobal workforce and how we function.Our Standards of Business Conduct applyto all employees and provide the resourcesand tools necessary to promote ethicalconduct and compliance with the law. OurBoard of Directors is expected to upholdthese principles, as well as our Code ofBusiness Conduct and Ethics for Directors.We regularly engage our leaders andemployees on these Standards throughtraining and other forms of communication,and employees and cast members can reportethical concerns to our internal alert hotline"The Guideline."CSR OversightIn FY2020, CSR at Disney was overseendirectly by our Chief Financial Officer, inclose coordination with our Chief ExecutiveOfficer, Chief Human Resources Officer,Chief Diversity Officer, General Counsel andour business leaders. These individuals aresupported by a network of teams addressingpolicy development, strategy, programmanagement, business integration andcompliance.IntroOur Approach Andand GovernanceWhile many of our brands and franchiseshave their own CSR teams, our enterprisesocial responsibility (ESR) team acts as acentral coordinating function. Our ESRteam is responsible for defining our ESGissues of relevance and collaboratingacross the Company to promote enterprisewide alignment on our strategic approachto CSR. Our brands, franchises and localteams bring our ESG priorities to life as theydrive growth across our various businesses.ESR leadership provide the Board withupdates on ESG topics on an as neededbasis and in FY21 the Board delegatedoversight of workforce equity matters tothe Compensation Committee. The HumanResources group will be required to reporton these matters at least annually to theCompensation Committee.The CEO D&I Council, led by Bob Chapek,is comprised of global senior leaders acrossthe Company who will help accelerate ourprogress, drive results and advocate forsolutions that support our strategic D&Ipillars. The Creative Inclusion Council, ledby Executive Chairman and Chairman of theBoard, Bob Iger, is a diverse, transformativebody composed of creative leaders fromacross our creative mediums representingdifferent career levels, regions, brandsand backgrounds. Together, they will scaleexisting, best-in-class inclusive contentpractices from across our businesses,increase cultural competency andconnection in our storytelling, drive longterm market relevancy and challenge longheld assumptions in content creation and thesystems that surround it.Christine McCarthy,Senior Executive Vice President and ChiefFinancial Officer, The Walt Disney CompanyExecutive leadership councils are also in placeto guide key decisions. For example, our activepursuit of a diverse and inclusive workforcerequires an ongoing, sustained commitmentof senior executive leadership and personalaccountability. The Company announced anew CEO Diversity & Inclusion (D&I) Counciland a Creative Inclusion Council as part ofthe Company’s ongoing work toward greaterworkplace and marketplace inclusion.Responding To COVID-19Advancing Social EquityContent & ProductsSocial Impact“Our commitment tocorporate responsibility isfundamental to our culture,and aligns with the growingcalls for businesses to takeaction. This year, we metour 2020 environmentalgoals and set ambitious new2030 goals, accelerated ourinitiatives addressing racialand social injustice, and wecontinue to strengthen ourESG transparency.”WorkforceEnvironmentSupply Chain Labor StandardsLooking AheadData And Performance7

RESPONDING TO COVID-19Responsible reopening plans wereinstituted across our Disney Parks,Experiences and Products businesses.The COVID-19 pandemic has impacted everypart of the world and nearly every aspect ofour organization and our businesses. Overthe past year, we have worked relentlesslyto promote the safety and well-being of ouremployees and guests, while supporting ourbusinesses through tremendous change,and increasing support provided to localcommunities in need. We have also remainedsteadfast in our mission to provide muchneeded entertainment, information andinspiration to people around the globe.Equipping Our BusinessesFrom the earliest stages of the pandemic,Disney recognized the need for an enterprisewide command center to orchestrate andalign crisis management efforts for thefastest and most effective results. Thisincluded implementing new policies togovern employee pay, leave and benefitsfor those directly affected by COVID-19, aswell as responsible reopening strategies withhealth and safety protocols for employees,productions and guests.We also had to quickly adapt to equip tens ofthousands of employees to effectively workfrom home.IntroOur Approach And GovernanceResponding To COVID-19Advancing Social EquityContent & ProductsThis tremendous effort was led by a team ofleaders from across the Company and donewith a focus on speed and safety. We alsoused this learning opportunity to reinforceour Business Continuity Plans. For moreinformation about our Parks health and safetymeasures, see page 19.Additionally, the expansion of our digitaland streaming offerings, including Disney and initiatives like Disney Magic Moments,provided audiences at home with early moviereleases, free content, stories, games andeducational resources to deliver joy andinspire them during this difficult time.DISNEY MAGIC MOMENTSIn Spring of 2020, Disney used itsunparalleled creative talent to help familiesas they adjusted to staying at home dueto the COVID-19 pandemic. Disney MagicMoments was created to bring the magic ofDisney, Pixar, Star Wars, Marvel and NationalGeographic to anyone, anywhere. From aride on Pirates of the Caribbean to our newAt Home with Olaf series to a look insidethe Star Wars experience, the website offersnumerous opportunities to enjoy Disneycharacters, shows, movies, cast membersand even rides and events virtually.Supporting Our Leaders and EmployeesIn response to the pandemic, we supportedleaders as they navigated new circumstancesand prioritized the health and well-being ofour employees. We built and implementeda COVID-19 employee case intake process,including case tracking and reporting.We augmented our benefit offerings,providing coverage of COVID-19 treatmentunder Company medical plans at no cost toemployees and their dependents. We alsocovered 100% of healthcare, life and disabilityinsurance employee premium costs forfurloughed employees.Social ImpactWorkforceEnvironmentSupply Chain Labor StandardsLooking AheadData And Performance8

Food donations were sent from serieshalting production and temporarilyclosed parks and resorts to area foodbanks in California, Florida, Georgia, NewYork, Canada and Paris, France.We broadened childcare programs and More than 100,000 N95 masks were sentenhanced backup care choices, and bolsteredto healthcare workers in New York,free mental and behavioral health resources.California, Florida and Washington, D.C.This included piloting a digital mental healthand happiness program with our U.S. Parks, Unused gloves, gowns, masks and otherExperiences and Products cast members. Wemedical supplies from the pausedalso launched learning content and resources toproductions of Grey’s Anatomy, Station 19educate our leaders, employees and productionand 9-1-1 were sent to Los Angeles Countycrews on Company health and safety protocols.and USC Medical Center.With three learning modules launched globallysince June 2020, there have been more than Star India made a cash contribution to90,000 training completions to date.Project Mumbai to supply 150,000urgently requested PPE kits for healthcareHelping Our Communitiesproviders in Mumbai hospitals.Disney provided nearly 27 million in inkind support for communities across theDelivering Comfort, Inspiration andglobe, excluding PSA campaigns. Disney alsoOpportunityharnessed the power of our storytellers and the With our theme parks shut down andreach of our channels to provide people withtravel restrictions in place, Disney quicklytimely information, fun and engaging content,pivoted to grant wishes virtually wheneverand to support large-scale fundraising efforts.possible. Through Make-A-Wish , weThe following includes several examples ofalso delivered extra magic to childrenhow we shared the magic of Disney during thiswith wishes on hold, including Disney extremely challenging time.subscriptions and early film screenings.Medical Supply Donations We supported virtual formats for programs 150,000 rain ponchos were sent tothat help to close representation gaps,MedShare to help protect nurses’ clothingincluding programs like Young Storytellersalong with a 1 million donation inand Disney Musicals in Schools.connection with sales of U.S. cloth face masks.IntroOur Approach And GovernanceResponding To COVID-19Advancing Social EquityContent & ProductsSocial ImpactWorkforceEnvironment 35,000 young people took part in ESPN’sand DoSomething.org’s #oneteam sportsinspired challenges using the powerof sports to help protect and uplift thecommunity during the pandemic.On-Air Content and PSAs Disney General Entertainment Contentlaunched a cross-Company campaign, Feedthe Love, with talent from ABC, Freeform, FX,National Geographic, ESPN and A&E. Feedthe Love raised awareness and nearly 2.8million in donations to Feeding America’sfood security efforts. ABC News’ chief medical correspondentDr. Jen Ashton addressed viewer questionsand concerns about COVID-19 during herdaily on-air appearances and ABC news airedmultiple primetime specials addressing thepandemic. Disney General Entertainment Contentand ESPN aired a variety of PSAs with Disneyemployees, cast members and talent usingtheir voices in the U.S. and EMEA. The PSAseducated audiences of all ages on COVIDrelated topics, including washing hands andthe importance of staying home.Supply Chain Labor StandardsLooking AheadData And Performance9

The vaccination administration site atDisneyland, which opened January13, 2021, was the first Super Point-ofDispensing site in California.IntroOur Approach And GovernanceSpecial Programming and Fundraising KABC (Los Angeles) teamed up with theNFL’s Los Angeles Rams to host a virtual“Te’LA’thon” benefiting the United Wayof Greater Los Angeles’ PandemicRelief Fund. Disney Theatrical Group, in collaborationwith Broadway Cares/Equity Fights AIDS,created virtual events such as Disney onBroadway’s 25th Anniversary Concert,collectively raising more than 615,000 forCOVID-19 Emergency Assistance Funds. ABC, ABC News, ABC News Live,Freeform and Nat Geo each aired a rarecross-network global special by GlobalCitizen, One World: Together at Home,to celebrate frontline healthcare workersand raise funds for the World HealthOrganization’s COVID-19 SolidarityResponse Fund. The two-hour program washosted by a trio of network late-night hostsincluding ABC’s Jimmy Kimmel. Music forthe virtual event was curated by Lady Gaga,and the event featured live performances bymusic stars including Paul McCartney, EltonJohn, Lizzo and John Legend, as well asappearances by top comedians and globalhealth experts. ABC and Disney Channel aired “TheDisney Family Singalong,” hosted by RyanSeacrest. The nationwide singalong eventfeatured celebrities and their families asthey take on their favorite Disney tunes,each offering messages of support andperformances of favorite Disney songs,solo, with their family or “quarantine”partners.Responding To COVID-19Advancing Social EquityContent & ProductsOne million non-medical, reusable clothface coverings featuring popular Disney,Pixar, Marvel and Star Wars characters weresent to children and families in underservedU.S. communities. ABC News aired multiple primetime specialsaddressing the pandemic, including“20/20: Outbreak: What You Need to Know”“20/20: Pandemic: What You Need to Know”anchored by David Muir with reportingby ABC News’ worldwide network ofcorrespondents and “20/20: America Rising:Fighting the Pandemic” highlighting theextraordinary work by healthcare workerson the front lines as well as communities,volunteers and celebrities who are allstepping up to help fight COVID-19.Social ImpactWorkforceEnvironmentSupply Chain Labor StandardsLooking AheadData And Performance10

ADVANCING SOCIAL EQUITYReimagine Tomorrow ConversationSeries, “Black Women’s Perspectiveson Race,” featured the unique voicesof Black women from a variety of rolesacross our businesses.IntroOur Approach And GovernanceHorrific events in 2020 brought thecomplex and longstanding, yet urgentissues of racism and social inequality tothe forefront. Systemic inequities weremagnified through unjust violence andthe killings of Black people, the increasedrisk and impacts of COVID—19 amongcommunities of color and underservedpeople and continuing disparities in theworkplace, schools and more. Peoplefrom across the world shared outrageand grief, reflected on their role in theseunjust systems and demanded more fromcompanies and leaders.Disney has an ongoing commitment todiversity and inclusion (D&I) and this yearserved as a catalyst to further accelerateour response to these injustices. In June2020, CEO Bob Chapek launched a newCompany-wide initiative comprisedof six pillars focused on increasingD&I: Transparency, Representation,Accountability, Community, Content, andCulture. We also unveiled a unifying D&IResponding To COVID-19Advancing Social EquityContent & Productseffort—Reimagine Tomorrow—and began toexecute a multi-faceted plan to drive brave,meaningful change across the Company.Through the Reimagine TomorrowConversation Series, we hosted eight virtualevents designed to elicit meaningful andauthentic dialogue on these issues withemployees and internal and external expertsto support and sustain our progress oninclusion.In addition to establishing the CEO D&ICouncil and Creative Inclusion Council tohelp accelerate our progress in service ofthe Company's D&I efforts, in September2020, we introduced “Inclusion” as the fifthkey that guides our culture and renownedapproach to service at Disney Parks andResorts around the world. This key, whichjoins Safety, Courtesy, Show and Efficiency,is the first addition in more than 60 yearsand demonstrates our deep commitment tomaking everyone who experiences Disneyfeel welcome.Social ImpactWorkforceEnvironment“We realize that nowmore than ever isthe time for us all tofurther strengthen ourcommitment to diversityand inclusion everywhere.We intend to keep theconversation going, notjust today, but long intothe future.”Latondra Newton,Senior Vice President,Chief Diversity Officer,The Walt Disney CompanySupply Chain Labor StandardsLooking AheadData And Performance11

ABC's black ish re-ran its seasonpremiere, a musical episodetitled “Juneteenth,” about the daycommemorating the end of slavery in theUnited States.As part of our Community pillar, inJune, we deepened our commitmentto nonprofit organizations that supportunderrepresented communities, witha specific focus on Black communities,advance social justice, and strengthenour connections to the next generationof black leaders by pledging 5 millionto existing and new organizations. Todate, we have made commitments to theNational Association for the Advancementof Colored People, Equal Justice Initiative,United Negro College Fund, Black GirlsCode, Ghetto Film School, ARRAY 101,Hidden Genius Project, National Society ofBlack Engineers and HBCU 20x20. In 2021,we will also begin tracking our communityengagement initiatives against our goalthat more than 50% of our charitablegiving goes to programs directly servingunderrepresented communities.We al

in the 1920s to today, Disney proudly continues our legacy of creating world-class stories and experiences for every member of the family. CORPORATE SOCIAL RESPONSIBILITY AT DISNEY Disney’s longstanding commitment to social responsibility (CSR) is an important part of