Icahn Enterprises Activist Presentation Deck

THE BOARD HAS TOLERATED UNCONSCIONABLE PRACTICES The McDonald's Board has failed to prioritize ESG and ensure the Company meets its stated commitments CAWS Allowing Continued Use of Gestation Crates Social Impact Failing to Meet Stated Commitments Governance The incumbent Board has a track record of: Failing to Effectively Oversee Its Supply Chain and Deflecting Blame Governance Manipulating Language Regarding Supply Chain Practices Governance Disregarding the Need for Better ESG Practices Governance Unconscionable Executive Compensation Relative to Front- Line Workers Labor Practices 23

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