Icahn Enterprises May 2016 Investor Presentation

Icahn Enterprises investor presentation for the month ended May 31, 2016.

Investment Highlights

• I Mr. Icahn believes that the current environment continues to be conducive to activism
  • Several factors are responsible for this:
    1) low interest rates, which make acquisitions much less costly and therefore much more attractive,
    2) abundance oi cash rich companies that would benefit from making synergistic acquisitions, and
    3) the current awareness by many institutional investors that the prevalence of mediocre top management and non-caring boards at many of America’s companies must be dealt with
  • But an activist catalyst is often needed to make an acquisition happen
  • We, at IEP, have spent years engaging in the activist model and believe it is the catalyst needed to drive highly accretive M&A and consolidation activity
  • As a corollary, low interest rates will greatly increase the ability oi the companies IEP controls to make judicious, friendly or not so friendly, acquisitions using our activist expertise
• Recent Financial Results
  • Net loss attributable to Icahn Enterprises oi approximately $837 million for the three months ended March 31, 2016
  • Indicative Net Asset Value of approximately $5.1 billion as of March 31, 2016
  • Adjusted EBITDA attributable to Icahn Enterprises or approximately $273 million for the last twelve months ended March 31, 2016
• $6.00 annual distribution (9.5% yield as of March 31, 2016)

Overview of Icahn Enterprises

• lcahn Enterprises LP. is a diversified holding company with operating segments in Investment, Automotive, Energy, Gaming, Mining, Railcar, Food Packaging, Metals, Real Estate and Home Fashion
• IEP is majority owned and controlled by Carl Icahn
  • Over the last several years, Carl Icahn has contributed most of his businesses to and executed transactions primarily through IEP
  • As of March 31, 2016, Carl Icahn and his affiliates armed approximately 89.1% of lEP’s outstanding depository units
• IEP benefits from cash flows from its subsidiaries:
  • CUR Energy: $2.00 per share annualized dividend
  • CVR Refining: $2.75 per common unit of distributions declared for the year ended December 31, 2015
  • American Railcar Inc: $1.60 per share annual dividend
  • Recurring cash flows from American Railcar Leasing and Real Estate segments
• IEP has daily liquidity through its ability to redeem its investment in the funds on a daily basis

See the full slides below.