<SEC-DOCUMENT>0001144204-12-008745.txt : 20120214
<SEC-HEADER>0001144204-12-008745.hdr.sgml : 20120214
<ACCEPTANCE-DATETIME>20120214160808
ACCESSION NUMBER:		0001144204-12-008745
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120214
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120214
DATE AS OF CHANGE:		20120214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICAHN ENTERPRISES L.P.
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				133398766
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		12609730

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		SUITE 4700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		212-702-4300

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		SUITE 4700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REAL ESTATE PARTNERS L P
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>v302730_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 18pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 18pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C.&nbsp;&nbsp;20549</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 18pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event
reported):&nbsp;February 14, 2012</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Icahn Enterprises L.P.</U></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; font-weight: bold; text-align: center">1-9516</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; font-weight: bold; text-align: center">13-3398766</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(State or Other Jurisdiction of Incorporation)</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: center">767 Fifth Avenue, Suite 4700, New York, NY</TD>
    <TD STYLE="width: 29%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: center">10153</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="line-height: 115%; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s Telephone Number, Including
Area Code: <B>(212) 702-4300</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;(Former Name or Former Address, if Changed Since Last
Report)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; line-height: 115%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="line-height: 115%">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; line-height: 115%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="line-height: 115%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; line-height: 115%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="line-height: 115%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; line-height: 115%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="line-height: 115%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>ITEM 2.02 <FONT STYLE="text-transform: uppercase">Results
of Operations and Financial Condition</FONT></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Icahn Enterprises L.P. has attached hereto as Exhibit 99.1
a copy of presentation materials that it intends to use in connection with meetings with investors, groups of investors and media
and in connection with presentations and speeches to various audiences, which contains certain preliminary, estimated results
of operations and financial condition data for the year ended December 31, 2011.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>ITEM 7.01 REGULATION FD DISCLOSURE</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Please see the information set forth in Item 2.02 above, which
is incorporated by reference into this Item 7.01.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">The information contained in Exhibit 99.1 is being
furnished and shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section. In addition, the information contained in Exhibit 99.1
shall not be incorporated by reference into any of Icahn Enterprises L.P.&rsquo;s filings with the Securities and Exchange
Commission or any other document except as shall be expressly set forth by specific reference in such filing or document.</P>



<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">(d) Exhibits.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: center">Exhibit No.</TD>
    <TD STYLE="width: 3%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 51%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: left; vertical-align: top; padding-left: 0.6in">Description</TD>
    <TD STYLE="width: 36%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">99.1</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">Presentation materials dated February 14, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">ICAHN ENTERPRISES L.P.</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">(Registrant)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 3%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 3%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 38%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">By:</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Icahn Enterprises G.P. Inc.</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">its general partner</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">By:&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; line-height: 115%">/s/ Dominick Ragone</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Dominick Ragone</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Date:&nbsp;&nbsp;February 14, 2012&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v302730_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Feb. 14, 2012</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">New York</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Icahn Enterprises L.P. </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Icahn Enterprises
L.P. (Nasdaq: IEP) is a master limited partnership formed in Delaware in February 1987 and publicly traded on the NYSE prior to
December 2011 and on Nasdaq since that time. The company is included in the Fortune 500, with estimated revenues of approximately
$12 billion for fiscal 2011.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Led by the investor
Carl C. Icahn, IEP is a diversified holding company owning subsidiaries currently engaged in the following continuing operating
businesses: investment; automotive; gaming; railcar; food packaging; metals; real estate; and home fashion. Mr. Icahn&rsquo;s affiliates
own the general partner of IEP and own over 93% of IEP&rsquo;s outstanding depositary units. As IEP&rsquo;s largest unitholder,
Mr. Icahn believes in the value of the company and the opportunity for future appreciation in its depositary units.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Strong Financial Performance </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On Feb. 7, 2012, IEP
disclosed preliminary, unaudited results for fiscal 2011. Estimated revenue for the 2011 full year grew to $12 billion, compared
to $9.1 billion in 2010, a 32% gain. Estimated net income for the full year was approximately $750 million, or $8.33 per unit,
compared to net income of $199 million, or $2.34 per unit, in 2010.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP has substantial
liquidity with cash and cash equivalents at the holding company level of approximately $1.8 billion as of the date hereof.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Key Factors</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IEP had total assets of approximately
$25 billion across 8 operating subsidiaries as of December 31, 2011. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Market value of equity in operating subsidiaries
estimated at $6.6 billion as of December 31, 2011. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additional borrowings and rights offering
increased liquid assets to approximately $6.7 billion as of the date hereof. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ample liquidity to execute investment
decisions quickly without major financing considerations. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Strong expertise in acquiring and restructuring
distressed assets often in Chapter 11, with positive turnarounds and increased value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">IEP&rsquo;s diversification across multiple
industries is natural hedge against cyclical swings. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Successful Asset Sales </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sold Stratosphere and smaller casinos
in 2008 to financial buyer for $1.2 billion, realizing a gain of $472 million, after taxes. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Merged National Energy Group with TransTexas
Gas and Panaco and sold to strategic buyer in 2006 for after-tax gain of $674 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IEP Portfolio: Operating Divisions</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP operates businesses
across many industries. The following describes the businesses is which we are currently engaged.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Investment: </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP&rsquo;s investment
segment is comprised of various private investment funds, through which we invest our proprietary capital. We and certain of Mr.
Icahn&rsquo;s wholly owned affiliates are the sole investors in the Funds. As of December 31, 2011, IEP and its subsidiaries had
$3.1 billion invested in the Funds, which had a total of approximately $6.5 billion in assets as of such date. The funds invest
in equity, credit and derivatives, using an activist strategy that we refer to as &ldquo;the Icahn Formula&rdquo; (which is described
in an appendix to these materials). IEP has also employed elements of the Icahn Formula in selecting the businesses it operates.
The following chart shows the gross returns of the Funds over the last three years:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border: Black 1pt solid">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 11%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">Icahn Funds</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">&nbsp;S&amp;P500</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(incl div)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="2">&nbsp;3-Year Total Return (2009 &ndash; 2011)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106.45</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48.59</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;2009 Total Return</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.28</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.47</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;2010 Total Return</TD><TD STYLE="text-align: right; vertical-align: top"></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.15</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.06</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;2011 Total Return</TD><TD STYLE="text-align: right; vertical-align: top"></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.52</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.11</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Automotive: </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP holds 77.2% of
Federal-Mogul Corp. (Nasdaq: FDML), a major manufacturer of parts and equipment to the automobile and transportation industry,
with approximately $7 billion in global revenue for the year ended December 31, 2011. It manufactures powertrains, pistons, seals
and other parts, along with well-known brands including Champion spark plugs, Anco wipers and several dozen others, supplying both
OEMs and the aftermarket.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP took control of
Federal-Mogul in 2008 for $862.8 million, or $17 per share, on exit from Chapter 11. Mr. Icahn&rsquo;s affiliates were heavily
involved in restructuring the company since 2000, forging an agreement that ring fenced its asbestos liabilities from the operating
company, stemming huge financial losses. The company turned profitable in 2010 and is positioned for future growth.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Gaming: </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP holds 65.06% of
Tropicana Entertainment Inc.. Based in Atlantic City, N.J., Tropicana owns and operates casinos and hotels, including three in
Nevada, two in Mississippi, one each in Indiana, Louisiana, New Jersey and the island of Aruba. IEP took control of Tropicana in
Nov. 2010. Tropicana continues to improve cost structure and is making targeted investments to increase revenue.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Metals:</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP owns 100% of PSC
Metals Inc., a recycler and reprocessor of industrial and commercial scrap metal, including ferrous and non-ferrous metals, including
aluminum, copper, brass, stainless and nickel-bearing metals. Revenue grew from $725 million in fiscal 2010 to approximately $1.1
billion (estimated) in fiscal 2011.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Railcar: </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP owns 55.5% of
American Railcar Industries Inc (Nasdaq: ARII), a leading manufacturer and lessor of railcars and railcar parts. Major plants located
in Marmaduke and Paragould, Arkansas. Revenue grew from $270 million in fiscal 2010 to approximately $516 million (estimated) in
fiscal 2011.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Food Packaging: </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP holds 71.4% of
Viskase Cos., a worldwide maker of cellulosic, fibrous and plastic casings for the processed meat, cheese and poultry industry.
Viskase operates seven manufacturing plants and nine distribution centers in North and South America and Europe. Viskase has started
construction of a new plant in the Philippines for Asian growth markets. Viskase&rsquo;s estimated 2011 revenue is approximately
$339 million.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Real Estate:</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP holds rental real
estate, property development and resort interests, including single-and multi-family homes, lots in planned communities and raw
land. Properties include the Fontainebleau in Las Vegas, New Seabury in Mass., Grand Harbor and Oak Harbor in Vero Beach, Fla.
The real estate segment&rsquo;s estimated 2011 revenue is approximately $90 million.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Home Fashion: </B>&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IEP owns 100% of WestPoint
International, a manufacturer and distributor of bedroom and bath textiles, rugs, drapes, etc. Brands include WestPoint Home, Atelier
Martex, Grand Patrician and others. Also licenses Ralph Lauren, Izod, Little MissMatched, Caribbean Joe and Haines. Westpoint International&rsquo;s
estimated 2011 revenue is approximately $325 million.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">For further information:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Susan Gordon</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">(212) 702-4309</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Appendix</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Icahn Formula</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Icahn Formula,
while simple in concept, is extraordinarily difficult to execute. Over several decades, Icahn and his team of financial, legal
and operational experts has developed a deep bench of activist investing expertise.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It is our view that
many U.S. companies suffer from a liability that has nothing to do with the nature of their business, but with deficits in top
management. Often the wrong people get to the top due to a glaring lack of shareholder democracy. By and large, these top managers
are accountable to no one, since they report to weak and ineffectual boards. The power of shareholders to influence the direction
of the companies they own is highly limited.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Corporate democracy
in the U.S. is largely a myth because boards are virtually appointed by the managements they are elected to oversee. Only the largest
shareholders have any say in the companies they own, but even when they speak out, managements can ignore them.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our approach is to
buy stakes in companies that have great assets but suffer from these management deficits that cause underperformance and erodes
shareholder value. We aim to gain control if possible, often by waging proxy battles for board seats. Board representation is often
the only way to directly influence the future of the company and lay the groundwork for a turnaround.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Over the years, we
have been successful in building value when we have been able to take control. This is particularly true in distressed and bankrupt
enterprises, where we have built a formidable team of legal and investment professionals. When we assume control, we do not micromanage
the myriad components to these complex organizations. Instead, we hold managements accountable for performance. In many boardrooms,
the opposite is often the case.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Additionally, over
the years we have generated profits by purchasing distressed debt at depressed prices and leveraging our knowledge and skills in
the bankruptcy process to generate returns.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Examples of the Icahn
Formula in action have been well documented in the press.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B><U>LEGAL DISCLAIMERS</U></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>the
purpose of this material is only to provide general information about icahn enterprises l.p. and is not intended as an advertisement.
this material is not an offer to purchase, or a solicitation of an offer to sell, any securities. past performance is not indicative
of future results. </B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The 2011 financial
results set forth above are preliminary, unaudited and subject to completion, and were prepared in good faith based upon the most
current information available to management. Icahn Enterprises&rsquo; normal yearly closing and financial reporting processes with
respect to such preliminary, unaudited financial data have not been fully completed and, in particular, the preliminary results
set forth above are subject to customary year-end asset impairment analyses. Icahn Enterprises&rsquo; independent registered public
accounting firm has not completed its audits for the year ended December 31, 2011, and has not performed any review procedures
with respect to the unaudited preliminary financial data provided above, nor have they expressed any opinion or any other form
of assurance on such information. As a result, these preliminary and unaudited results may differ from the actual results that
will be reported in Icahn Enterprises&rsquo; audited consolidated financial statements as of and for the year ended December 31,
2011. Icahn Enterprises plans to release full fourth quarter and fiscal year 2011 financial results in the coming weeks.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Caution Concerning Forward-Looking Statements</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Results for any interim period are not
necessarily indicative of results for any full fiscal period. This release contains certain &quot;forward-looking statements&quot;
within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or
predict. Forward-looking statements may be identified by words such as &quot;expects,&quot; &quot;anticipates,&quot; &quot;intends,&quot;
&quot;plans,&quot; &quot;believes,&quot; &quot;seeks,&quot; &quot;estimates,&quot; &quot;will&quot; or words of similar meaning
and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises
L.P. and its subsidiaries. Among these risks and uncertainties are risks related to economic downturns, substantial competition
and rising operating costs; risks related to our investment activities, including the nature of the investments made by the private
funds in which we invest, losses in the private funds and loss of key employees; risks related to our automotive activities, including
exposure to adverse conditions in the automotive industry, and risks related to operations in foreign countries; risk related to
our gaming operations, including reductions in discretionary spending due to a downturn in the local, regional or national economy,
intense competition in the gaming industry from present and emerging</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">internet online markets and extensive regulation; risks related
to our railcar activities, including reliance upon a small number of customers that represent a large percentage of revenues and
backlog, the health of and prospects for the overall railcar industry and the cyclical nature of the railcar manufacturing business;
risks related to our food packaging activities, including competition from better capitalized competitors, inability of its suppliers
to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; risks related
to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including
the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the
availability and price of raw materials, and changes in transportation costs and delivery times; and other risks and uncertainties
detailed from time to time in our filings with the Securities and Exchange Commission. Past performance in our Investment segment
is not necessarily indicative of future performance. We undertake no obligation to publicly update or review any forward-looking
information, whether as a result of new information, future developments or otherwise.</P>

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