Icahn Enterprises Activist Presentation Deck

PEER ASSESSMENT: ANIMAL WELFARE Qualitative Metrics Goals ESG Capability Spectrum Evaluation Criteria Gap Governance and oversight Animal welfare standards Supply chain management Measures to ensure animal welfare Assurance and certification Stakeholder engagement Reporting of indicators: Beef Performance of indicators: Beef Reporting of indicators: Dairy Performance of indicators: Dairy Reporting of indicators: Pork Performance of indicators: Pork Reporting of indicators: Poultry Performance of indicators: Poultry CAWS Reporting of indicators: Eggs Performance of indicators: Eggs Welfare outcomes measures Objectives and targets Progress on objectives ISS MSCI X X X X X X X X X X X X Weak rbi Rating Agency Coverage Sustain alytics X X X X X X X X X X Yum! X X X X X X X X FAIRR BBFAW Unilever PepsiCo Yum! Starbucks RBI X X X X X X X X X X X X X X X X X X M X PEPSICO Moderate Peers Strong CHIPOTLE Unilever Chipotle ● ● ● MCD ● Key Gap = Weak = Moderate = Strong = N/A See additional slides for scoring method = Key Observations McDonald's lacks comprehensive welfare indicators across all significant animal protein sources for its business Of the indicators McDonald's discloses, clarity on scope and progress is unclear McDonald's lacks clear supply chain management practices, including contractual obligations for animal welfare standards and transparency around audits and risk assessments Clearly prohibit prophylactic use of antibiotics and the use of growth- promoting substances 53

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