Icahn Enterprises Activist Presentation Deck

WHAT WE ARE CALLING FOR Despite McDonald's' hollow attempts to miscast some of our "demands," the reality is our asks are completely reasonable and can help the Board restore its broken credibility with shareholders 1. Replace two directors with our nominees to help McDonald's' Board more effectively oversee animal welfare and ESG 2. Oversee the implementation of an enhanced ESG framework to ensure the Company's potential is fulfilled in additional ESG areas such as: CAWS Food Quality & Nutrition Supply Chain Management Protein Diversification & Product Innovation Climate Impact & Strategy 11

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