Icahn Enterprises Activist Presentation Deck
THE TRAIN HAS LEFT THE STATION ON ESG AND MCDONALD'S WILL
BE LEFT BEHIND IF IT DOES NOT MOVE QUICKLY
We believe a major ESG reckoning is underway in the food and restaurant industry, as evidenced by recent
legislation, customer surveys and global organization efforts
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Countries around the world have formally recognized animals as sentient creatures and are developing more robust legislative and
oversight measures to enhance the policies that protect them
U.S. legislation, including Proposition 12, H.R. 7004 and H.R. 4421, has been introduced to reflect the public's desire to see an end to
farm animal confinement
The EU is reportedly close to banning cages for farmed animals in the next five years (Vox)
We believe consumers are becoming highly educated on ESG issues, including potentially deceptive marketing tactics, responsible food
sourcing, workers' rights, public health, animal welfare and more
A November 2018 survey conducted by YouGov reported that 63% of Americans said that they would be less likely to buy meat
processed by companies that have a bad reputation for animal welfare (YouGov)
In a 2018 survey by World Animal Protection, 80% of U.S. consumers said they were concerned after seeing the realities of commercial
farming and 89% said supermarkets have a responsibility to source pork from higher welfare standards (World Animal Protection)
In a 2017 survey conducted for Mercy for Animals, 78% of consumers supported improving the lives of chickens even if it increased the
cost of meat (Mercy for Animals)
CAWS
Nearly one in four (24%) of respondents in a 2012 Whole Foods consumer survey said they were willing to pay more for meat from
animals raised under humane animal husbandry standards (Whole Foods)
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