1. For the Disney Entertainmet (DIS) , run a financial statement analysis to determine whether you will invest in the company as a shareholder. 2. Run the analysis as of 9/30/2021 if Fisal year ends on 9/30. If not, you may use Dec 31, 2020 and priror years. 3. Use at least 4 ratios (must include current ratio, debt-to-equity ratio, and price/earning ratio). 4. Use the Ratio Analysis Model 5. Page limitation - 2 pages.

CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) 2020 2019 2018 S s S 59.265 6,123 65,388 60,579 9,028 69,607 50,869 8,565 59,434 Revenues Services Products Total revenues Costs and expenses: Cost of services (exclusive of depreciation and amortization) Cost of products (exclusive of depreciation and amortization) Selling, general, administrative and other Depreciation and amortization Total costs and expenses Restructuring and impairment charges Other income, net Interest expense, net Equity in the income (loss) of investees Income (loss) from continuing operations before income taxes Income taxes on continuing operations Net income (Loss) from continuing operations Income (loss) from discontinued operations, net of income tax benefit (expense) of $10, ($39) and So, respectively Net income (loss) Net income from continuing operations attributable to noncontrolling and redeemable noncontrolling interests Net income from discontinued operations attributable to noncontrolling interests Net income (loss) attributable to The Walt Disney Company (Disney) (39,406) (4,474) (12,369) (5.345) (61,594) (5,735) 1,038 (1,491) 651 (1,743) (699) (2,442) (36,493) (5,568) (11,549) (4.167) (57,777) (1,183) 4,357 (978) (103) 13,923 (3,026) 10,897 (27,528) (5,198) (8,860) (3,011) (44,597) (33) 601 (574) (102) 14,729 (1,663) 13,066 (32) 687 (2,474) 11,584 13,066 (390) (472) (468) (58) 11,054 S (2.864) S S 12,598 Earnings (loss) per share attributable to Disney Diluted Continuing operations Discontinued operations S s S 8.36 (1.57) (0.02) (1.58) 6.26 0.38 6.64 S S S 8.36 Basic $ S S 8.40 Continuing operations Discontinued operations (1.57) (0.02) (1.58) 6.30 0.38 6.68 s S S 8.40 Weighted average number of common and common equivalent shares outstanding Diluted 1,808 1.808 1,666 1,656 1,507 1,499 Basic (0) Total may not equal the sum of the column due to rounding, See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) 2019 2018 S 11,584 S 13,066 (37) 214 (2,446) 434 115 (396) (289) 2020 Net income (loss) (2,474) Other comprehensive income (Loss), net of tax: Market value adjustments, primarily for hedges (251) Pension and postretirement medical plan adjustments (1,476) Foreign currency translation and other Other comprehensive income (loss) (1,612) Comprehensive income (loss) (4,086) Net income from continuing operations attributable to noncontrolling interests (390) Other comprehensive income (Loss) attributable to noncontrolling interests (93) Comprehensive income (loss) attributable to Disney (4,569) See Notes to Consolidated Financial Statements (2.879) 359 8,705 13,425 (530) (468) 65 72 8,240 S 13,029 CONSOLIDATED BALANCE SHEETS (in millions, except share data) October 3, 2020 September 28, 2019 S ASSETS Current assets Cash and cash equivalents Receivables Inventories Licensed content costs and advances Other current assets Total current assets Produced and licensed content costs Investments Parks, resorts and other property Attractions, buildings and equipment Accumulated depreciation 17,914 12,708 1,583 2,171 875 35.251 25,022 3.903 5,418 15,481 1,649 4,597 979 28,124 22,810 3,224 Projects in progress Land 62,111 (35,517) 26,594 4.449 1,035 32,078 19,173 77,689 8,433 201,549 58,589 (32,415) 26,174 4,264 1,165 31,603 23,215 80,293 4,715 193,984 Intangible assets, net Goodwill Other assets Total assets S S S 16,801 5,711 4.116 26,628 52,917 7,288 17,204 17,762 8,857 4,722 31,341 38,129 7,902 13,760 9.249 8,963 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities Current portion of borrowings Deferred revenue and other Total current liabilities Borrowings Deferred income taxes Other long-term liabilities Commitments and contingencies (Note 15) Redeemable noncontrolling interests Equity Preferred stock Common stock, 5.01 par value, Authorized 4.6 billion shares, Issued - 1.8 billion shares Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 19 million shares Total Disney Shareholders' equity Noncontrolling interests Total equity Total liabilities and equity See Notes to Consolidated Financial Statements 54,497 38,315 (8,322) (907) 83,583 4,680 88.263 201,549 53,907 42,494 (6,617) (907) 88,877 5,012 93,889 S 193,984 CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) 2019 2018 s 10,897 4,167 13,066 3,011 5345 (4,733) 117 103 754 (542) (560) (1,573) 102 775 (523) 393 711 154 441 55 (223) 932 191 (6,599) 5,984 (720) (17) (927) 235 592 14,295 (4.876) (9,901) (319) (15,096) (4,465) (1,581) 710 (5,336) Other 2020 OPERATING ACTIVITIES Net income (loss) from continuing operations (2,442) Depreciation and amortization Goodwill and intangible asset impairments 4,953 Net gain on investments, acquisitions and dispositions (920) Deferred income taxes (392) Equity in the income) loss of investees (651) Cash distributions received from equity investees 774 Net change in produced and licensed content costs and advances 397 Net change in operating lease right of use assets / liabilities 31 Equity-based compensation 525 Other 641 Changes in operating assets and liabilities, net of business acquisitions: Receivables 1,943 Inventories 14 Other assets (157) Accounts payable and other liabilities (2,293) Income taxes (152) Cash provided by operations - continuing operations 7,616 INVESTING ACTIVITIES Investments in parks, resorts and other property (4,022) Acquisitions 172 Cash used in investing activities - continuing operations (3.850) FINANCING ACTIVITIES Commercial paper borrowings (payments), net (3,354) Borrowings 18,120 Reduction of borrowings (3,533) Dividends (1,587) Repurchases of common stock Proceeds from exercise of stock options Contributions from / sales of noncontrolling interests 94 Acquisition of noncontrolling and redeemable noncontrolling interests Other (1,565) Cash provided by (used in) financing activities - continuing operations 8,480 CASH FLOWS FROM DISCONTINUED OPERATIONS Cash provided by operations - discontinued operations Cash provided by investing activities - discontinued operations Cash used in financing activities - discontinued operations Cash provided by discontinued operations Impact of exchange rates on cash, cash equivalents and restricted cash Change in cash, cash equivalents and restricted cash 12,499 Cash, cash equivalents and restricted cash, beginning of year Cash, cash equivalents and restricted cash, end of year 17,954 Supplemental disclosure of cash flow information: Interest paid 1.559 Income taxes paid 738 See Notes to Consolidated Financial Statements 4,318 38,240 (38,881) (2,895) (1,768) 1,056 (1,871) (2,515) (3,577) 210 399 305 318 737 (1,430) (871) (464) ( (777) (8,843) 2 622 213 10,978 (626) 10,974 215 38 (98) (25) 1,300 4,155 5.455 91 4,064 5.455 s 4,155 1.142 9.259 S S 631 2.503 S CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in millions) Total Equity $ 45,004 13,454 S18 (3,577) T (2.515) 488 (540) 52,832 $ 8,611 912 912 (2,895) 737 44,182 - - - - Equity Attributable to Disney Accumulated Other Comprehensive Total Non- Common Retained Income Treasury Disney controlling Shares Stock Earnings (Loss) Stock Equity Interests Balance at September 30, 2017 1,517 $ 36,248 S 72,606 $ (3,528) $ (64,011) $ 41,315 $ 3,689 Comprehensive income 12,598 431 13,029 425 Equity compensation activity 6 S18 S18 Common stock repurchases (35) (3,577) (3,577) Dividends 14 (2.529) (2.515) Contributions 488 Distributions and other (1) 3 (543) Balance at September 29, 2018 1,488 $ 36,779 S 82,679 $ (3,097) $ (67,588) $ 48,773 s 4,059 Comprehensive income 11,054 (2,814) 8,240 371 Equity compensation activity 7 912 Dividends 18 (2,913) (2,895) Contributions 737 Acquisition of TFCF 307 33,774 33,774 10,408 Adoption of new accounting guidance: Reclassification of Certain Tax Effects from 691 Accumulated Other (691) Comprehensive Income Intra-Entity Transfers of Assets Other Than 192 192 Inventory Revenues from Contracts with Customers (116) (116) Other 22 (15) 7 Retirement of treasury stock (17,563) (49,118) 66,681 Reclassification to redeemable noncontrolling (7,770) interest Redemption of noncontrolling interest (1.430) Sales of the RSNS (744) Distributions and other (13) 3 (10) (619) Balance at September 28, 2019 1.802 $ 53,907 s 42,494 $ (6,617) (907) $ 88,877 s 5,012 Comprehensive income (loss) (2,864) (1,705) (4,569) 198 Equity compensation activity 590 590 Dividends 9 (1,596) (1,587) Contributions 94 Adoption of new lease 197 accounting guidance 197 Distributions and other (9) 84 75 (624) Balance at October 3, 2020 1,810 $ 54,497 $ 38,315 $ (8,322) $ (907) $ 83,583 4,680 "Excludes redeemable noncontrolling interest See Notes to Consolidated Financial Statements - - - - 192 - (116) 7 - - - - - - (7,770) - (1,430) . TI (744) (629) s 93,889 (4,371) 590 8 (1,587) 94 197 (549) $ 88.263 CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) 2020 2019 2018 S s S 59.265 6,123 65,388 60,579 9,028 69,607 50,869 8,565 59,434 Revenues Services Products Total revenues Costs and expenses: Cost of services (exclusive of depreciation and amortization) Cost of products (exclusive of depreciation and amortization) Selling, general, administrative and other Depreciation and amortization Total costs and expenses Restructuring and impairment charges Other income, net Interest expense, net Equity in the income (loss) of investees Income (loss) from continuing operations before income taxes Income taxes on continuing operations Net income (Loss) from continuing operations Income (loss) from discontinued operations, net of income tax benefit (expense) of $10, ($39) and So, respectively Net income (loss) Net income from continuing operations attributable to noncontrolling and redeemable noncontrolling interests Net income from discontinued operations attributable to noncontrolling interests Net income (loss) attributable to The Walt Disney Company (Disney) (39,406) (4,474) (12,369) (5.345) (61,594) (5,735) 1,038 (1,491) 651 (1,743) (699) (2,442) (36,493) (5,568) (11,549) (4.167) (57,777) (1,183) 4,357 (978) (103) 13,923 (3,026) 10,897 (27,528) (5,198) (8,860) (3,011) (44,597) (33) 601 (574) (102) 14,729 (1,663) 13,066 (32) 687 (2,474) 11,584 13,066 (390) (472) (468) (58) 11,054 S (2.864) S S 12,598 Earnings (loss) per share attributable to Disney Diluted Continuing operations Discontinued operations S s S 8.36 (1.57) (0.02) (1.58) 6.26 0.38 6.64 S S S 8.36 Basic $ S S 8.40 Continuing operations Discontinued operations (1.57) (0.02) (1.58) 6.30 0.38 6.68 s S S 8.40 Weighted average number of common and common equivalent shares outstanding Diluted 1,808 1.808 1,666 1,656 1,507 1,499 Basic (0) Total may not equal the sum of the column due to rounding, See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) 2019 2018 S 11,584 S 13,066 (37) 214 (2,446) 434 115 (396) (289) 2020 Net income (loss) (2,474) Other comprehensive income (Loss), net of tax: Market value adjustments, primarily for hedges (251) Pension and postretirement medical plan adjustments (1,476) Foreign currency translation and other Other comprehensive income (loss) (1,612) Comprehensive income (loss) (4,086) Net income from continuing operations attributable to noncontrolling interests (390) Other comprehensive income (Loss) attributable to noncontrolling interests (93) Comprehensive income (loss) attributable to Disney (4,569) See Notes to Consolidated Financial Statements (2.879) 359 8,705 13,425 (530) (468) 65 72 8,240 S 13,029 CONSOLIDATED BALANCE SHEETS (in millions, except share data) October 3, 2020 September 28, 2019 S ASSETS Current assets Cash and cash equivalents Receivables Inventories Licensed content costs and advances Other current assets Total current assets Produced and licensed content costs Investments Parks, resorts and other property Attractions, buildings and equipment Accumulated depreciation 17,914 12,708 1,583 2,171 875 35.251 25,022 3.903 5,418 15,481 1,649 4,597 979 28,124 22,810 3,224 Projects in progress Land 62,111 (35,517) 26,594 4.449 1,035 32,078 19,173 77,689 8,433 201,549 58,589 (32,415) 26,174 4,264 1,165 31,603 23,215 80,293 4,715 193,984 Intangible assets, net Goodwill Other assets Total assets S S S 16,801 5,711 4.116 26,628 52,917 7,288 17,204 17,762 8,857 4,722 31,341 38,129 7,902 13,760 9.249 8,963 LIABILITIES AND EQUITY Current liabilities Accounts payable and other accrued liabilities Current portion of borrowings Deferred revenue and other Total current liabilities Borrowings Deferred income taxes Other long-term liabilities Commitments and contingencies (Note 15) Redeemable noncontrolling interests Equity Preferred stock Common stock, 5.01 par value, Authorized 4.6 billion shares, Issued - 1.8 billion shares Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 19 million shares Total Disney Shareholders' equity Noncontrolling interests Total equity Total liabilities and equity See Notes to Consolidated Financial Statements 54,497 38,315 (8,322) (907) 83,583 4,680 88.263 201,549 53,907 42,494 (6,617) (907) 88,877 5,012 93,889 S 193,984 CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) 2019 2018 s 10,897 4,167 13,066 3,011 5345 (4,733) 117 103 754 (542) (560) (1,573) 102 775 (523) 393 711 154 441 55 (223) 932 191 (6,599) 5,984 (720) (17) (927) 235 592 14,295 (4.876) (9,901) (319) (15,096) (4,465) (1,581) 710 (5,336) Other 2020 OPERATING ACTIVITIES Net income (loss) from continuing operations (2,442) Depreciation and amortization Goodwill and intangible asset impairments 4,953 Net gain on investments, acquisitions and dispositions (920) Deferred income taxes (392) Equity in the income) loss of investees (651) Cash distributions received from equity investees 774 Net change in produced and licensed content costs and advances 397 Net change in operating lease right of use assets / liabilities 31 Equity-based compensation 525 Other 641 Changes in operating assets and liabilities, net of business acquisitions: Receivables 1,943 Inventories 14 Other assets (157) Accounts payable and other liabilities (2,293) Income taxes (152) Cash provided by operations - continuing operations 7,616 INVESTING ACTIVITIES Investments in parks, resorts and other property (4,022) Acquisitions 172 Cash used in investing activities - continuing operations (3.850) FINANCING ACTIVITIES Commercial paper borrowings (payments), net (3,354) Borrowings 18,120 Reduction of borrowings (3,533) Dividends (1,587) Repurchases of common stock Proceeds from exercise of stock options Contributions from / sales of noncontrolling interests 94 Acquisition of noncontrolling and redeemable noncontrolling interests Other (1,565) Cash provided by (used in) financing activities - continuing operations 8,480 CASH FLOWS FROM DISCONTINUED OPERATIONS Cash provided by operations - discontinued operations Cash provided by investing activities - discontinued operations Cash used in financing activities - discontinued operations Cash provided by discontinued operations Impact of exchange rates on cash, cash equivalents and restricted cash Change in cash, cash equivalents and restricted cash 12,499 Cash, cash equivalents and restricted cash, beginning of year Cash, cash equivalents and restricted cash, end of year 17,954 Supplemental disclosure of cash flow information: Interest paid 1.559 Income taxes paid 738 See Notes to Consolidated Financial Statements 4,318 38,240 (38,881) (2,895) (1,768) 1,056 (1,871) (2,515) (3,577) 210 399 305 318 737 (1,430) (871) (464) ( (777) (8,843) 2 622 213 10,978 (626) 10,974 215 38 (98) (25) 1,300 4,155 5.455 91 4,064 5.455 s 4,155 1.142 9.259 S S 631 2.503 S CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in millions) Total Equity $ 45,004 13,454 S18 (3,577) T (2.515) 488 (540) 52,832 $ 8,611 912 912 (2,895) 737 44,182 - - - - Equity Attributable to Disney Accumulated Other Comprehensive Total Non- Common Retained Income Treasury Disney controlling Shares Stock Earnings (Loss) Stock Equity Interests Balance at September 30, 2017 1,517 $ 36,248 S 72,606 $ (3,528) $ (64,011) $ 41,315 $ 3,689 Comprehensive income 12,598 431 13,029 425 Equity compensation activity 6 S18 S18 Common stock repurchases (35) (3,577) (3,577) Dividends 14 (2.529) (2.515) Contributions 488 Distributions and other (1) 3 (543) Balance at September 29, 2018 1,488 $ 36,779 S 82,679 $ (3,097) $ (67,588) $ 48,773 s 4,059 Comprehensive income 11,054 (2,814) 8,240 371 Equity compensation activity 7 912 Dividends 18 (2,913) (2,895) Contributions 737 Acquisition of TFCF 307 33,774 33,774 10,408 Adoption of new accounting guidance: Reclassification of Certain Tax Effects from 691 Accumulated Other (691) Comprehensive Income Intra-Entity Transfers of Assets Other Than 192 192 Inventory Revenues from Contracts with Customers (116) (116) Other 22 (15) 7 Retirement of treasury stock (17,563) (49,118) 66,681 Reclassification to redeemable noncontrolling (7,770) interest Redemption of noncontrolling interest (1.430) Sales of the RSNS (744) Distributions and other (13) 3 (10) (619) Balance at September 28, 2019 1.802 $ 53,907 s 42,494 $ (6,617) (907) $ 88,877 s 5,012 Comprehensive income (loss) (2,864) (1,705) (4,569) 198 Equity compensation activity 590 590 Dividends 9 (1,596) (1,587) Contributions 94 Adoption of new lease 197 accounting guidance 197 Distributions and other (9) 84 75 (624) Balance at October 3, 2020 1,810 $ 54,497 $ 38,315 $ (8,322) $ (907) $ 83,583 4,680 "Excludes redeemable noncontrolling interest See Notes to Consolidated Financial Statements - - - - 192 - (116) 7 - - - - - - (7,770) - (1,430) . TI (744) (629) s 93,889 (4,371) 590 8 (1,587) 94 197 (549) $ 88.263