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1 Money Making Melting Pot Chief Executive Esam Who makes the magic happen? Hijazi Officcr Chief Artistic Officer Maryam Shah Growth Strategist Maria Gonzalez Valuation Expert Rich Rich Tran Luis Luis Green

2 Money Making Melting Pot Overview Revenues (FY2019): $59.43B (FY2019): Revenues $246.71BCap: Market $132.13 Price: Stock (NYSE) DIS Ticker: Company Disney TheWalt company, operating in a variety entertainment and of of different industries. Disney is a worldwide

3 Money Making Melting Pot History Studio Cartoon BrothersDisney as Disney Roy and Walt brotherstheby Founded 1923 Oct. 16 1928 character Mouse Mickey iconic of the introduction first released, Willie Steamboat and the Seven Dwarvesthe and White Snow , length feature first Releases 1937 1940s II War World during released Bambi Dumbo, Fantasia, Pinnochio, Peter Pan, Cinderella Pan, Peter Wonderland, in Alice 1950s 1954 Coca with partnering Wonderland,” in Hour “An with television into foray its first hasDisney - Cola

4 Money Making Melting Pot History opened to the public theto opened is park, theme Disney first the Disneyland, 1955 July 18 Nov. 1965 Nov. Florida Orlando, in is opened World Disney lung cancer lung of dies Disney Walt 1966 Dec.15 1970s before as received well Fox as such content television and patch, a rough has Disney Robin Hood Robin & the Hound the video tape usage rises usagetape video as is launchedVideo Home Disney Walt 1980 and not as as not The 18 Apr. 1983 18 Apr. nationwide networks cable various on debuts ChannelDisney The park) are openedare park) theme international first (Disney’s Disneyland Tokyo and Center EPCOT 1982/1983

5 Money Making Melting Pot History as CEO. to the appointment of buyouts of lead Several attempted but failed 1984 – 1988 division. Disney Computer Software” video game under the “Walt Disney releases its first ever “Save Disney” critical acclaim. Mulan are released to Beast, The Lion King, and Aladdin, Beauty and the animated films including A string of successful 1990s 1998 and its first cruise is sailed. is created Disney. appointed President of Robert “Bob” Iger is 2000

6 Money Making Melting Pot Performance(52 Weeks) • • • lower than than lower expected. Day, were Investor being offered which rates at unveiling the the to Disney+ in ofcompany’s massive The pushupward due in Aprilearly was December. marketin through broader October with the along having fallen YTD, 23% over Up 52 weeks,past recently but hasout broke higher. has traded Stock in 100 the - 120 range the 120 over

7 Money Making Melting Pot Investor Day by by 2023 Upcoming Upcoming projects are discussed Discussion internationalof growth strategy Disney+ is unveiled, and expected is grow to to have over April 11, 2019 Captain Marvel 2019 film lineup includes Lion King, Aladdin, Avengers: Endgame and Shanghai Disneyland Disney brand awareness in India/growth of technology 36 million subscribers

8 Money Making Melting Pot Recent News

9 Money Making Melting Pot Investor Day Highlights - Streaming

10 Money Making Melting Pot Investor Day – Indian Growth

11 Money Making Melting Pot 12 Money Making Melting Pot Mergers and Acquisitions

13 Money Making Melting Pot Studios pictures Jobs Nemo, Ratatouille, Up, Brave, Up, andNemo, Ratatouille, Some Pixar Acquiredby Disney on January25, 2006 $3.9 for billion in all stock deal under the tenure years collaboratedwith DisneyPreviously for Steve of is ais computer animation studio specializingin family of of its notable works include Story, Incredibles,TheFinding Toy Cars - friendly

14 Money Making Melting Pot Marvel over the course of its 21 of course the over $18.621 billion of revenuesgross produced has Universe Cinematic Marvel the acquisition,Since billion $4 2009 for31, December on Disney by Acquired Owns media of producer a became and later comics superhero in specializing An entertainment companyhistoricallyentertainment a broad arena ofintangible arena a broad franchises films assets

15 Money Making Melting Pot named after its founded filmmakerGeorge founded its after named Jones,Warslatercreating and Indianaknownfor best American films Wars Lucasfilmfournew Star releasedAsa subsidiary, has and 2012 21,a cash in$4.05for billion DecemberonAcquired - The Force Awakens grossedbillion$2.1Force The Awakens stock deal stock and television production company, productionand television filmstudio Lucas -

16 Money Making Melting Pot consolidating its financials consolidating and Games, Riot include clients BamTech’s began and owner majority a becoming2017, Septemberin 75% to its stake upped Disney Originally Technology founded as a spin as founded assets are being used to help in the creation of ESPN+ and Disney+ and of ESPN+ creation the in help to used are being assets company focusing on streaming and videoand on streaming focusing company - off of the digital media segment of the MLB in 2015. Major 2015.in the MLB of segmentmedia digital of the off ESPN content

17 Money Making Melting Pot acquired by Disney studio (20 Fox’s film/TV studios, FX Network, and National Geographic Acquired on March 20 News and sports divisions were spun $ Announced Decemberin 2017, followed by brief bidding war with Comcast Mass media 71.3b 71.3b Distributing Distributing cash cash and stock offer th Century Fox) corp many Marvel included news, sports, television programming and a film th , 2019 - owned brands such as - off off into “New Fox,” which was not X - Men

18 Money Making Melting Pot Network, Network, andNBC, networks and shows Will Will exclusivebe Disney’s streaming location foradult Content Offered in Streaming partners includepartners NFL such networks FX, asSports, Syfy, Fox PBS, the US andthe US service originalcontent company ABC Japan - television and content film from various - themed moviesand

19 Money Making Melting Pot ESPN vs CBS Sports amongst ESPN better rated for ESPN ratedfor better over CBSfantasy sports 300 ESPN million viewers - the men “most well known known well and“most trusted namein sports”, sports”, especially

20 Money Making Melting Pot Consumer Trends

21 Money Making Melting Pot annually globally consumer subscriptions number of direct to It 37It % bygrowing is Sizeable Global DTC Paid Video Subscription increasein the

22 Money Making Melting Pot Total Hours per day important servicesmoreeven Making the streaming of 50 expectedannual growth consumption with an Risein content %

23 Money Making Melting Pot Entertainment Entertainment Consumer and Direct

24 Money Making Melting Pot THIS THIS NEW STREAMING PLATFORM HAS OVER MILLION2 PAID SUBSCRIBERS. ESPN+

25 Money Making Melting Pot division, to the be next president of ESPN. picked consumer products and interactive The James Pitaro James Walt Disney Disney Company has , the the , chairman ofits

26 Money Making Melting Pot sports programming sports andHearstDisney 20% by by ESPN holds rights for ESPNfor holds rights various andprofessionalcollege ESPN issports entertainment a company 80% owned soccer ProfessionalGolfers’ Association (PGA), various US (MLB), LeagueBaseballOpenTennis,the College College rights football NBA, NFL, Major and football basketball, including: Corporation

27 Money Making Melting Pot live events in unique users and service streamingfor They will doTheywill over24,000 ESPN is thesport #1 2019 minutes

28 Money Making Melting Pot ESPN’s Original Than An ThanAthlete with DanielCormier,and like seriesMore Payton Manning, theedition UFC with They also offer offer Theyalso regular studio Include Detail withKobyBryantand Lebron Programming James shows shows

29 Money Making Melting Pot 30 Money Making Melting Pot 31 Money Making Melting Pot Asia matches Indianleague for premier million serving 13 viewers active in& entertainment Asia Streaming service for sports sports servicefor Streaming A Had lso lso more than 300moremillion set a world recordworld by set a viewers

32 Money Making Melting Pot 33 Money Making Melting Pot Hotstar people people using video countries put the entire population in the group of the 7 top million in internet of age that are internet users. That 600is economies N India is said to have more internet users than India has the largest population below 25 years India is one of the world’s ext 5 5 years India will have over 1 billion together users screens fastest growing growing

34 Money Making Melting Pot 35 Money Making Melting Pot releasedfilms. andMarvel. Pixar, Star Nat Geo, Wars, content Disney,from will provideoriginal As well as recently asAs well friendlyFamily service Disney +

36 Money Making Melting Pot Disney + with with with a strongrelationship consumerspassionateare regardedtrue as fans. This familiar with aroundare the world themarkets majorfrom More More thanare 1B Almost all consumers Disney Disney

37 Money Making Melting Pot Disney + infinity seeavengers to just tickets tickets million 900 over bought time second for a itdid they year last and year single a in office total boxin top $7B everto the onlyDisney is studio history in They bought over 290 million overbought 290 They the world around Consumers war

38 Money Making Melting Pot Theatrical Success per movie. per $ of anwith average films 22 released hasPixar,Disney Sinceacquiring 690M 690M in box office

39 Money Making Melting Pot Theatrical Success in boxoffice per over 18 releasedhave Sinceacquiring Marvel they Eachaveraging over $960 $960 over M movie films

40 Money Making Melting Pot Theatrical Success in box Disneyhasaveraged$1.2 B Sinceacquiring LucasFilm office

41 Money Making Melting Pot Theatrical Success movie $37in Bbox since2006 making a total of Disney Averages has released 44 hasreleasedfilms about $ about office 850M 850M per

42 Money Making Melting Pot Star Wars: The Rise of Skywalkerof RiseThe Wars: Star 2 Frozen 2 Maleficent Fowl Artemis King Lion Toy Aladdin Avengers Dumbo Captain 2019 Story Story Marvel : 4 EndGame Upcoming F ilms

43 Money Making Melting Pot 44 Money Making Melting Pot 45 Money Making Melting Pot 46 Money Making Melting Pot Disney+ Menu Price Price

47 Money Making Melting Pot What they offer

48 Money Making Melting Pot Big Competitors of their Streaming Service

49 Money Making Melting Pot Networks Media

50 Money Making Melting Pot Disney TV Disney International HD and and HD International Disney Cinema,Disney Cinematic, Disney XD, , , countries/territories television branded Disney Broadcast Broadcast over 100 operates TheCompany Branded channels include Disney include channels Branded in 34 languages and in 164 164 in and languages 34 in channels Dlife

51 Money Making Melting Pot 52 Money Making Melting Pot 53 Money Making Melting Pot 54 Money Making Melting Pot Network ( Network news and and news night,late daytime, primetime, households television U.S.of 100% almost reachingstations television local 244with agreements affiliation ABC broadcasts programs in the in programs broadcasts ABC ofSeptemberAs O perates the ABC TelevisionABC the sports ABC) 29, 2018, had had 2018, 29,

55 Money Making Melting Pot 56 Money Making Melting Pot Parks, Experiences, and Products

57 Money Making Melting Pot Resort 43%DisneylandinandResort Shanghai Disney in Hongof47%Kong ownership interests Parks and Resorts The Adventures the the Aulani Paris Disneyland Disney World Resort in DisneyWorldResort Waltthe operatesownsCompanyand The Florida Disney Cruise Disney ( ClubVacation Disney Company manages and has has effectiveand managesCompany , a Disney Resort & Spa in Spa & Resort Disneya , ; the DisneylandinResort ; by Disney Line : DVC) Hawaii

58 Money Making Melting Pot World on August in up on Disneyland May Galaxy’s in EdgeAnaheim Disney nearing is completion of STAR WARS: New Theme Park STAR WARS: WARS: STAR Galaxy’s Edge going is to open L argest lands that theyever have 29th 31 & in Orlando in & st & in in Disney built

59 Money Making Melting Pot Merchandise Licensing and and consumer electronics. beauty, stationery, food, footwear furnishings, health accessories, and T licensed by the Company licensed bythe Company include: Some of the major properties following: licensing operations coverthe The Company’s merchandise oys , décorapparel, home and The Pooh, Disney Classics and Spider Disney Channel characters, Princess, Frozen, Cars, Avengers,Wars, Disney Mickey Incredibles - Man, Man, Winnie the and Minnie, Minnie, and Star

60 Money Making Melting Pot Retail Europe, and store Disney inJapan Internet sites are branded shopDisney and shopMarvel in the , shopDisney in 53 stores in Japan and two stores China.in The stores are generally located inleading shopping malls and other retail complexes. The Company markets Disney, Marvel and Lucasfilm products through retail stores. The Company currently owns and operates 214 stores in North America, 87 stores inEurope,

61 Money Making Melting Pot Retail shopDisney in Europe, 53in Japanstores and stores two in China. complexes Internet sites brandedare Disneycurrently S M tores tores arkets aregenerallylocatedin malls leadingandshoppingretail other Disney, andMarvel in Europe, andinDisney Europe,in Japan store owns and operates 214 stores in North owns andinoperates214 North stores stores 87 America, shopDisney Lucasfilm and products through products through retail shopMarvel in the United States, States, in theUnited stores

62 Money Making Melting Pot StudioEntertainment and

63 Money Making Melting Pot Studio and Entertainment Pictures, Pixar, Marvel, Lucasfilm and Touchstone Touchstone Lucasfilmand Pixar,Marvel, Pictures, and stage live musical recordings motion animatedpictures, and The CompanydistributesThe films under the Walt primarilyDisney StudioThe Entertainment segment producesandacquires live banners - action play.

64 Money Making Melting Pot Revenues by Segment

65 Money Making Melting Pot Total: $ 55,434M Revenues inmillions in 2018 Consumer Products & Interactive Media &Interactive Products Consumer Entertaiment Studio Resorts and Parks Networks Media $9,987 $9,987 $20,296 $20,296 $4,651 $4,651 $24,500 $24,500

66 Money Making Melting Pot Total: $ 15,709M Studio Studio Entertainment MediaNetworks Operating Income Income Operating millionsin for $2,980 $4,469 $4,469 $1,632 $1,632 2018 Consumer ProductsConsumer InteractiveMedia& andParks Resorts $6,625 $6,625

67 Money Making Melting Pot Disney literally has amoat

68 Money Making Melting Pot Moat entertainment company there company entertainment all from people targets entertainment trending popular entertainment excellent and of trust Their large portfolio of the most most the of portfolio large Their image an developed has Disney Making them the most uniquethe most them Making ages is

69 Money Making Melting Pot Copyrights Licensing characters franchises different Iconic Iconic from from Theme Parks Intangible Assets

70 Money Making Melting Pot the past decade, Disney still viewership has decline over which, provides advertisers reaching a mass audience. out out paces cable ratings, remaining remaining avenues to with one of the only Although the cable And with their new their with And continue to grow.to continue services they will services online streaming online Reach Their million households households million networks Disney networks and ABC reach ABCand almost all 116 116 all almost Both cable cable Both in the U.S.in

71 Money Making Melting Pot ESPN ESPN holds rights to some of basket basket ball, various soccer entrainment the NFL,like rights, and golf networks. NBA, college football and the most viewed sports monopolyin sports the entertainmentsector. Which makesWhich a them ESPN higher subscriberofhigher fees ESPN’s positionESPN’s allows any cable network.any cable tothem the charge

72 Money Making Melting Pot population population below25 India India has the largest years ofyears age that is advantage advantage of some of internet internet users. 600 600 million in the fastest the fastest growing economies in the They are taking world. Disney not is just Advantages focusing on the united united states. India India will haveover 1 billion people using In theIn next 5 years India India is said haveto more internet users group of the top 7 video screens population population thein than than the entire countries countries put together. .

73 Money Making Melting Pot 74 Money Making Melting Pot 75 Money Making Melting Pot 76 Money Making Melting Pot 77 Money Making Melting Pot 78 Money Making Melting Pot Risk Factors

79 Money Making Melting Pot Risk Factors Changesin technology Increasedcompetitive pressures Dependenton the protection ofdata & property Changesin public &consumertaste/preference

80 Money Making Melting Pot Risk Factors Increase of of Increasedebt Changesin regulations Increase cost of rights sports Renewals

81 Money Making Melting Pot Growth Opportunities

82 Money Making Melting Pot 83 Money Making Melting Pot Growth Opportunities MOVIES DisneyShanghai ESPN+ Disney+ 21 st Century Fox Century

84 Money Making Melting Pot Management

85 Money Making Melting Pot ARCHITECT TENURE DURING GROWN HIS 300% HAS DISNEY 2000 IN CEO APPOINTED BEEN 1974DISNEY SINCE WITHHAS IGER ROBERT A. OFFICER &CHIEF EXECUTIVE CHAIRMAN BEHIND RECENT RECENT M&A

86 Money Making Melting Pot Christine M. McCarthy Christine M. OfficerFinancial& Chief Vice President SeniorExecutive James ESPN ofPresident Rice Peter Walt DisneyChairman ofTelevision Pitaro KevinMayer ofDirect Chairman Bob & Products Experiences, Chairman ofParks, Horn AlanF. DisneyStudios ofWaltChairman Chapek - to - Consumer

87 Money Making Melting Pot Qualitative Analysis

88 Money Making Melting Pot Able to raise prices to to raiseAble to pricesoffset inflation? Chronicone Billion competitor? Dollar Competitive Advantage? HeavyCapitalInfusion? Sell more in moreSell the future? Obsolete Inventory? Obsolete Heavily Unionized?Heavily EasilyExplainable? HeavyR&D? Qualitative Analysis Qualitative Criteria - time write offs? time Yes/No Yes Yes Yes Yes Yes Yes No No No No

89 Money Making Melting Pot Interest to Operating Income Capital Capital Expenditures R&D R&D to Gross Profit Gross Profit Margin SGA SGA to Gross Profit Net Margin Profit Obligation Obligation Ratio PreferredStock Debt to Equity Current Ratio Depreciation Payout Payout Ratio ROIC 2019 ROE Quantitative Analysis Quantitative 24.00% 20.90% 33.84% 21.00% 44.45% 18.50% Value 0.00% 4.83% 7.33% None 11.46 1.00 0.41 1.54 Belowyears 5 Threshold Above 20% Below 80% Below 60% Above 10% Below 25% Below 10% Below 10% Above 15% Above 15% Below 15% Below 0.8 Above 1 None Pass/Fail Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Fail

90 Money Making Melting Pot Financial Statements Interpretation of

91 Money Making Melting Pot 40% 20% 30% 50% 45% 25% 35% 10% 15% 0% 5% 15.76% 2009 17.67% 2010 19.03% 2011 20.96% 2012 Gross Margin Gross 2013 20.98% 45.88% 2014 45.94% 2015 46.09% 2016 45.04% 2017 44.94% 2018 44.45% 2019

92 Money Making Melting Pot 20% 30% 25% 35% 10% 15% 0% 5% 20.30% 2009 22.20% 2010 23.50% 2011 25.70% 2012 Operating Margin Operating 25.80% 2013 28.30% 2014 29.70% 2015 30.40% 2016 30.20% 2017 30.00% 2018 31.00% 2019

93 Money Making Melting Pot 20% 25% 10% 15% 0% 5% 2009 9.15% 10.41% 2010 11.76% 2011 13.44% 2012 13.62% Net Margin Net 2013 15.37% 2014 15.98% 2015 16.88% 2016 2017 16.29% 17.90% 2018 20.90% 2019

94 Money Making Melting Pot 20% 30% 25% 10% 15% 0% 5% 10.10% 2009 10.80% 2010 12.90% 2011 14.30% 2012 Return on Equity on Return 13.50% 2013 16.70% 2014 18.80% 2015 21.70% 2016 21.70% 2017 21.80% 2018 24.00% 2019

95 Money Making Melting Pot 20% 10% 18% 16% 14% 12% 0% 8% 6% 4% 2% 2009 8.10% 8.90% 2010 10.40% 2011 Return on Invested Capital Invested on Return 11.60% 2012 10.80% 2013 13.00% 2014 14.70% 2015 15.90% 2016 15.20% 2017 16.60% 2018 18.50% 2019

96 Money Making Melting Pot $10,000 $14,000 $12,000 $8,000 $6,000 $4,000 $2,000 $- 2009 $3,307 $3,307 $3,963 $3,963 2010 $4,807 2011 $5,682 2012 Net Income Net $6,136 2013 (millions) $7,501 2014 $8,382 2015 $9,391 $9,391 2016 2017 $8,980 $8,980 $12,598 2018 2019 $10,963 $10,963

97 Money Making Melting Pot $60,000 $40,000 $20,000 $30,000 $50,000 $70,000 $10,000 $- $36,149 $36,149 2009 $38,063 2010 $40,893 2011 $42,278 2012 $45,041 Revenue 2013 (millions) $48,813 $48,813 2014 $52,465 2015 $55,632 2016 $55,137 2017 $59,434 2018 $59,386 2019

98 Money Making Melting Pot $80,000 $60,000 $90,000 $40,000 $20,000 $30,000 $50,000 $70,000 $10,000 $- $31,033 2009 $34,327 2010 $38,375 2011 Retained Earnings Retained $42,965 2012 $47,758 $47,758 2013 (millions) $53,734 2014 $59,028 2015 $66,088 $66,088 2016 $72,606 2017 $82,679 2018 $84,887 $84,887 2019

99 Money Making Melting Pot 2000 1000 1800 1600 1400 1200 800 600 400 200 0 2009 1818.3 1896.9 2010 1762.2 2011 Total Shares Outstanding Shares Total 2012 1800 2013 1800 (millions) 2014 1700 2015 1600 2016 1600 2017 1500 2018 1488 2019 1480

100 Money Making Melting Pot $20,000 $25,000 $10,000 $15,000 $5,000 Obligation Ratio = (Long Term Debt + Leases(7) + Preferred Stock + Pension shortfallsPension + Stock Preferred Leases(7)+ + Debt Term = (Long Ratio Obligation $- $11,495 2009 $10,130 $10,130 2010 Obligation Ratio = ($17084 + $681(7) + $1770 =Obligation ($17084$681(7)$1770 Ratio + $10,922 2011 Obligation RatioObligation = 1.54 years $10,697 $10,697 2012 Long Term Debt Debt Term Long $12,776 $12,776 2013 (millions) $12,676 $12,676 2014 2015 $12,773 $12,773 – $16,483 $16,483 4150) / 126504150) 2016 $19,119 $19,119 2017 – Cash) / Net IncomeNet Cash) / $17,084 $17,084 2018 $16,000 2019

101 Money Making Melting Pot 60% 40% 20% 30% 50% 70% 10% 0% 19.00% 2009 16.00% 2010 16.00% 2011 Dividends Payout Ratio Payout Dividends 19.00% 2012 22.00% 2013 2014 20.00% 37.00% 2015 35.00% 2016 27.00% 2017 24.00% 2018 21.00% 2019

102 Money Making Melting Pot 2018 2016 2019 2015 2017 DuPont Analysis (Historical) Analysis DuPont FLM 2.02 2.32 1.98 1.99 2.13 TAT 0.60 0.62 0.59 0.61 0.61 20.9% 16.0% 16.9% 16.3% 17.9% NPM 24.9% 22.3% 22.3% 19.3% 22.1% ROE

103 Money Making Melting Pot DuPont Analysis (Industry) Analysis DuPont FLM 7.80 5.53 2.97 4.77 1.99 3.51 TAT 0.60 0.69 0.43 0.70 0.46 0.56 20.9% 10.5% 12.2% NPM 11.9% 13.1% 8.4% 20.0% 24.9% 65.7% 21.8% 19.2% 35.1% ROE

104 Money Making Melting Pot Lucasfilm, Marvel, Pixar Marvel, Lucasfilm, networks Channel Disney ABC entertainment ESPN – – 1 of 4 major US broadcast networks broadcast US of 4major 1 dominant US sports sports US dominant Disney – 1 of 2 dominant children dominant 2 of 1      May sell Hulu sell May provider access internet primary because well Doing operations growing slow NBCUniversal Sky from revenue billion$3 Projected billion$40 for Sky acquired Recently Comcast shares to to shares Disney

105 Money Making Melting Pot Disney Junior Disney Channel Disney Vice XD Disney Disney        More leveraged More leveraged than Disney Paramount Comedy Central BET MTV Nick Jr. Nickelodeon Viacom

106 Money Making Melting Pot Will have some of the highest grossing films grossing thehighestof some have Will streaming video quality Higher King Lion The Beast, action live & shows, TVof episodes 10,000 movies, the Marvel All a month $6.99 Aladdin, Beauty & the the & Beauty Aladdin,     Highly leveraged company Highly leveraged onlyDisney+ Long content Disneyaccessto will No longerhave to$8.99 $15.99a month - term, users may subscribeto users may Netflix term,

107 Money Making Melting Pot Conscious Investor

108 Money Making Melting Pot SPS ($) 10 Years EPS EPS ($) 9/09 19.45 1.76 19.90 9/10 2.03 Growth 17.90% 8.84% 22.03 9/11 2.52 23.48 9/12 3.13 25.03 9/13 3.38 28.71 9/14 4.26 STAEGR 95.04% 98.14% 31.08 9/15 4.90 34.61 9/16 5.73 36.75 9/17 5.69 39.62 9/18 8.36

109 Money Making Melting Pot SPS ($) 10 Years EPS EPS ($) 9/09 19.45 1.76 19.90 9/10 2.03 Growth 17.90% 8.84% 22.03 9/11 2.52 23.48 9/12 3.13 25.03 9/13 3.38 28.71 9/14 4.26 STAEGR 95.04% 98.14% 31.08 9/15 4.90 34.61 9/16 5.73 36.75 9/17 5.69 39.62 9/18 8.36

110 Money Making Melting Pot SPS ($) 10 Years EPS EPS ($) 9/09 19.45 1.76 19.90 9/10 2.03 Growth 17.90% 8.84% 22.03 9/11 2.52 23.48 9/12 3.13 25.03 9/13 3.38 28.71 9/14 4.26 STAEGR 95.04% 98.14% 31.08 9/15 4.90 34.61 9/16 5.73 36.75 9/17 5.69 39.62 9/18 8.36

111 Money Making Melting Pot SPS ($) 10 Years EPS EPS ($) 9/09 19.45 1.76 19.90 9/10 2.03 Growth 17.90% 8.84% 22.03 9/11 2.52 23.48 9/12 3.13 25.03 9/13 3.38 28.71 9/14 4.26 STAEGR 95.04% 98.14% 31.08 9/15 4.90 34.61 9/16 5.73 36.75 9/17 5.69 39.62 9/18 8.36

112 Money Making Melting Pot SPS ($) 10 Years EPS EPS ($) 9/09 19.45 1.76 19.90 9/10 2.03 Growth 17.90% 8.84% 22.03 9/11 2.52 23.48 9/12 3.13 25.03 9/13 3.38 28.71 9/14 4.26 STAEGR 95.04% 98.14% 31.08 9/15 4.90 34.61 9/16 5.73 36.75 9/17 5.69 39.62 9/18 8.36

113 Money Making Melting Pot 6 Years EPS ($) EPS SPS ($) SPS 25.02 9/13 3.38 Growth Growth 17.35% 9.35% 28.71 9/14 4.26 31.08 9/15 4.90 34.61 9/16 5.73 STAEGR 94.86% 98.54% 36.75 9/17 5.69 39.62 9/18 8.36

114 Money Making Melting Pot 6 Years EPS ($) EPS SPS ($) SPS 25.02 9/13 3.38 Growth Growth 17.35% 9.35% 28.71 9/14 4.26 31.08 9/15 4.90 34.61 9/16 5.73 STAEGR 94.86% 98.54% 36.75 9/17 5.69 39.62 9/18 8.36

115 Money Making Melting Pot 6 Years EPS ($) EPS SPS ($) SPS 25.02 9/13 3.38 Growth Growth 17.35% 9.35% 28.71 9/14 4.26 31.08 9/15 4.90 34.61 9/16 5.73 STAEGR 94.86% 98.54% 36.75 9/17 5.69 39.62 9/18 8.36

116 Money Making Melting Pot 6 Years EPS ($) EPS SPS ($) SPS 25.02 9/13 3.38 Growth Growth 17.35% 9.35% 28.71 9/14 4.26 31.08 9/15 4.90 34.61 9/16 5.73 STAEGR 94.86% 98.54% 36.75 9/17 5.69 39.62 9/18 8.36

117 Money Making Melting Pot 6 Years EPS ($) EPS SPS ($) SPS 25.02 9/13 3.38 Growth Growth 17.35% 9.35% 28.71 9/14 4.26 31.08 9/15 4.90 34.61 9/16 5.73 STAEGR 94.86% 98.54% 36.75 9/17 5.69 39.62 9/18 8.36

118 Money Making Melting Pot 3 Years EPS ($) EPS SPS ($) Growth 20.79% 6.99% 34.61 9/16 5.73 36.75 9/17 5.69 STAEGR 99.83% 91.87% 39.62 9/18 8.36

119 Money Making Melting Pot 3 Years EPS ($) EPS SPS ($) Growth 20.79% 6.99% 34.61 9/16 5.73 36.75 9/17 5.69 STAEGR 99.83% 91.87% 39.62 9/18 8.36

120 Money Making Melting Pot 3 Years EPS ($) EPS SPS ($) Growth 20.79% 6.99% 34.61 9/16 5.73 36.75 9/17 5.69 STAEGR 99.83% 91.87% 39.62 9/18 8.36

121 Money Making Melting Pot 3 Years EPS ($) EPS SPS ($) Growth 20.79% 6.99% 34.61 9/16 5.73 36.75 9/17 5.69 STAEGR 99.83% 91.87% 39.62 9/18 8.36

122 Money Making Melting Pot 3 Years EPS ($) EPS SPS ($) Growth 20.79% 6.99% 34.61 9/16 5.73 36.75 9/17 5.69 STAEGR 99.83% 91.87% 39.62 9/18 8.36

123 Money Making Melting Pot Conscious Investor Default Safety 131.68 131.68 Price EPSttm 8.50 8.50 - - Safety 20.0% Ratio 16.77 13.31 P/E HGrowt - 17.90% 47.4% 9.41% h Payout 25.80% 18.90% - 26.7% STRET - 17.98% 7.59% 57.8% D

124 Money Making Melting Pot Conscious Investor Default Kill it 131.68 131.68 Price EPSttm 8.50 8.50 - - Kill it 28.4% Ratio 12.00 16.77 P/E HGrowt - 17.90% 85.5% 2.59% h Payout 25.80% - 0.00% 100% STRET 17.98% - 0.00% 100% D

125 Money Making Melting Pot Value Bands

126 Money Making Melting Pot 2009-01-31 2009-04-… 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 2012-01-31 2012-04-30 2012-07-31 2012-10-31 2013-01-31

2013-04-30 Price/Sales 2013-07-31 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

127 Money Making Melting Pot 2009-01-31 2009-04-… 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 2012-01-31 Price/Owner’s Earnings 2012-04-30 2012-07-31 2012-10-31 2013-01-31 2013-04-30 2013-07-31 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 0 5 10 15 20 25 30

128 Money Making Melting Pot 2009-01-31 2009-04-30 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 Price/Earnings less Cash 2012-01-31 2012-04-30 2012-07-31 2012-10-31 2013-01-31 2013-04-30 2013-07-31 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 0 5 10 15 20 25 30

129 Money Making Melting Pot 2009-01-31 2009-04-30 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 2012-01-31 2012-04-30 2012-07-31

2012-10-31 Price/Earnings 2013-01-31 2013-04-30 2013-07-31 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 0 5 10 15 20 25 30

130 Money Making Melting Pot 2009-01-31 2009-04-30 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 2012-01-31 2012-04-30 2012-07-31 2012-10-31 2013-01-31 Price/Book 2013-04-30 2013-07-31 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 0.0 1.0 2.0 3.0 4.0 5.0 6.0

131 Money Making Melting Pot 2009-01-31 2009-04-30 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 2012-01-31 2012-04-30 2012-07-31 2012-10-31 2013-01-31 EV/Revenue 2013-04-30 2013-07-31 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0

132 Money Making Melting Pot 2009-01-31 2009-04-30 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 2012-01-31 2012-04-30 2012-07-31 2012-10-31 2013-01-31

2013-04-30 EV/EBITDA 2013-07-31 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 4.0 6.0 8.0 10.0 12.0 14.0 16.0

133 Money Making Melting Pot 2009-01-31 2009-04-… 2009-07-31 2009-10-31 2010-01-31 2010-04-30 2010-07-31 2010-10-31 2011-01-31 2011-04-30 2011-07-31 2011-10-31 2012-01-31 2012-04-30 2012-07-31 2012-10-31 2013-01-31 2013-04-30

2013-07-31 EV/EBIT 2013-10-31 2014-01-31 2014-04-30 2014-07-31 2014-10-31 2015-01-31 2015-04-30 2015-07-31 2015-10-31 2016-01-31 2016-04-30 2016-07-31 2016-10-31 2017-01-31 2017-04-30 2017-07-31 2017-10-31 2018-01-31 2018-04-30 2018-07-31 2018-10-31 2019-01-31 2019-04-25 0 2 4 6 8 10 12 14 16 18 20

134 Money Making Melting Pot Discounted Cash Flow

135 Money Making Melting Pot DCF Bear Case

136 Money Making Melting Pot DCF Bear Case

137 Money Making Melting Pot DCF Bear Case

138 Money Making Melting Pot DCF Bear Case

139 Money Making Melting Pot DCF Bear Case

140 Money Making Melting Pot DCF Default Case

141 Money Making Melting Pot DCF Default Case

142 Money Making Melting Pot DCF Default Case

143 Money Making Melting Pot DCF Bull Case

144 Money Making Melting Pot DCF Bull Case

145 Money Making Melting Pot DCF Bull Case

146 Money Making Melting Pot Reverse DCF

147 Money Making Melting Pot Intraportfolio Comparisons

148 Money Making Melting Pot 40% 60% 20% 30% 50% 10% ROE 0% 51.50 BFB 49.00 ROST 43.00 NKE 40.50 PII 39.50 OMC 39.00 CHR W ORCL 38.50 MSFT 37.00 36.00 UNP ROE TSCO 35.50 ULTA 33.50 30.50 MA 24.50 CNI 24.50 NXPI 23.00 DG 21.80 DIS 21.10 HD GOOG 17.00 UHAL 9.50% 4.50% GNW

149 Money Making Melting Pot 40% 20% 30% 50% 45% ROIC 25% 35% 10% 15% 0% 5% ROST 45.5 SBU 33.7 X ULTA 33.5 NKE 32.5 TSCO 27.5 25.0 BFB 25.0 MA 25.0 PII CHR 24.5 W MSF 21.5 T ROIC OMC 19.0 17.5 DG UNP 17.5 16.6 DIS GOO 16.5 G ORC 16.5 L 15.5 CNI NXPI 14.5 14.4 HD UHA 6.00 L GNW

150 Money Making Melting Pot 20 P/B 10 18 14 16 12 0 8 4 6 2 GNW 0.16 UHAL 1.78 QCO 2.59 M NXPI 2.97 3.12 DIS GOOG 3.23 3.54 HD 4.14 CNI Price / Book 4.38 DG 5.16 PII ORCL 5.33 OMC 5.66 UNP 6.67 TSCO 6.73 CHR 6.82 W MSFT 8.47 ULTA 9.18 ROST 10.6 BFB 14.3 NKE 14.5 18.4 MA

151 Money Making Melting Pot 40 20 30 P/E 25 35 10 15 0 5 GNW 10.9 11.9 PII NXPI 12.2 OMC 12.4 DIS 13 QCO 13.7 M ORCL 14.6 16.8 CNI Price/ Earnings CHR 17.7 W 18.3 HD UNP 18.6 UHA 18.6 L 19.2 DG TSCO 19.3 GOO 20.6 G ROST 22 MSFT 23.1 SBUX 25.4 27.8 BFB ULTA 27.8 28.5 MA NKE 33.8

152 Money Making Melting Pot 10 P/S 14 12 0 8 4 6 2 CHR 0.72 W 0.82 PII OMC 1.06 1.15 DG TSCO 1.28 1.79 HD UHAL 1.82 ROST 2.23 DIS 2.7 Price/ Sales ULTA 2.72 QCO 2.89 M NXPI 3.32 SBUX 3.32 NKE 3.52 ORCL 4.51 GOOG 4.71 4.98 CNI UNP 5 MSFT 6.28 12.5 MA 27.8 BFB

153 Money Making Melting Pot P/FCF 20 30 25 35 10 15 0 5 NXPI 6.7 UHAL 7.54 7.88 PII OMC 10.1 10.4 DIS QCO 10.5 M Price/ Free Cash Flow ORCL 12.7 12.8 CNI UNP 13.6 TSCO 14.2 14.8 DG 15.1 HD CHR 15.3 W GOO 16.3 G MSFT 17 ROST 17.8 SBUX 19.1 ULTA 19.5 25.8 BFB 26.4 MA NKE 28.8

154 Money Making Melting Pot EV/Sales 10 18 14 16 12 0 8 4 6 2 CHR 0.80 W 1.22 PII 1.35 DG OMC 1.35 TSCO 1.61 UHA 2.16 L ROST 2.32 EV to Revenue 2.36 HD ULTA 3.02 NKE 3.52 NXPI 3.59 SBUX 3.90 4.38 DIS ORCL 5.11 QCO 5.17 M GOO 5.67 G UNP 6.55 7.21 CNI MSFT 7.63 BF.B 8.24 16.6 MA

155 Money Making Melting Pot EV/EBITDA 40 60 20 30 50 10 0 UHA 7.00 L NXPI 7.29 OMC 8.12 11.13 PII ORCL 11.53 12.62 UNP 13.33 CHR W EV to EBITDA 13.57 DG 13.79 CNI 14.33 HD 14.34 DIS ROST 14.54 TSCO 14.61 MSFT 16.85 17.61 GOO G ULTA 17.88 SBUX 18.47 24.43 BF.B 24.71 NKE 31.57 MA 52.63 QCO M

156 Money Making Melting Pot EV/EBIT 40 60 20 30 50 70 10 0 OMC 9.22 NXPI 12.74 ORCL 13.74 UHAL 13.86 14.73 CHR W 16.00 PII 16.30 HD 16.45 DG EV to EBIT 16.76 CNI ROST 16.83 17.03 UNP 17.21 DIS TSCO 18.31 MSFT 21.20 22.14 GOO G ULTA 23.72 SBUX 24.92 25.99 BF.B 28.50 NKE 33.53 MA 59.95 QCO M

157 Money Making Melting Pot In Conclusion… from Disney+from and ESPN+ production studio titles and Disney’sbrandsto assets,acquisition of addsFox key Anticipated streaminggrowth Huge intangible portfolio of Disneyiswidemoat business a

158 Money Making Melting Pot Recommendation narrative? growth newthis on really we Do NOW Buy Disney TWO OPTIONS (to be determined by other team) otherby determined (tobe OPTIONS TWO Market Market Order wanna missout wait for a pullback? a wait for increasedYTD,24%It has SOON Buy Disney Limit OrderLimit ($130)

159 Money Making Melting Pot 160 Money Making Melting Pot Questions?

161 Money Making Melting Pot