Icahn Enterprises Activist Presentation Deck

WHY WE ARE SEEKING TO REMOVE MS. PENROSE AND MR. LENNY We believe McDonald's need new directors on the SCR Committee who possess the requisite backgrounds to objectively analyze the Company's historical ESG performance and help develop a credible go-forward strategy X X X Sheila Penrose As Chair of McDonald's' SCR Committee since 2016, we contend much of the Company's ESG failings and disclosure issues fall on Ms. Penrose's shoulders While McDonald's may tout her credentials as an advocate on other ESG issues including supporting women in corporate America we believe Ms. Penrose has been unable to effectively oversee McDonald's' specific ESG efforts and ensure that the Company meets its stated commitments, adequately communicates KPIs and other progress indicators and meaningfully engages with relevant stakeholders We believe Ms. Penrose's disappointing record as Chair of the SCR Committee and lack of relevant animal welfare, supply chain and labor practices expertise warrant her removal from the Board and SCR Committee CAWS Richard Lenny X As CEO of The Hershey Company ("Hershey"), Mr. Lenny oversaw the company's failure to stop using cocoa harvested by child labor despite its stated commitment to do so X X We contend Mr. Lenny's track record at Hershey, where the company missed deadlines related to its cocoa supply chain goal and later redefined its original promise through an industry trade group, is markedly similar to McDonald's record on gestation crates It is only since Mr. Lenny departed Hershey in 2007 that the company has made meaningful progress on ESG, including producing public CSR reports and joining the Dow Jones World and North America Sustainability Indices - which McDonald's has fallen off of X Shareholders launched a "Vote No" campaign against Mr. Lenny last year due to his failings as Chair of the Compensation Committee X We believe Mr. Lenny's concerning track record on ESG and lack of relevant sustainability and animal welfare expertise warrant his removal from the Board and SCR Committee 38

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