Icahn Enterprises Activist Presentation Deck

MCDONALD'S TRAILS PEERS ON TOP ESG ISSUES Under the incumbent Board, McDonald's is a laggard - not a leader - on ESG compared to its peers Stakeholder Priority Animal Welfare Protein Diversification & Product Innovation Climate Impact & Strategy Food Quality & Nutrition CAWS M Gap Gap Gap Gap rbi Peer ESG Capability¹ Spectrum Weak Weak Weak Weak Yum! rbi rbi M M PEPSICO Yum! rbi M Yum! Moderate Moderate Moderate CHIPOTLE Moderate Ⓡ CHIPOTLE PEPSICO CHIPOTLE Strong CHIPOTLE PEPSICO Unilever Strong Unilever Unilever Strong Yum! Strong Unilever PEPSICO (1) Note: Capabilities were classified against public ESG disclosures (qualitative, metrics, and goals) across all relevant criteria for SASB, TCFD, ISS, MSCI, Sustainalytics, FAIRR, and BBFAW. Capabilities were evaluated as strong (all criteria met), moderate (some criteria met), weak (vague information or limited scope), or gap (no/limited disclosure) and averaged for ESG issue. 20

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