Carl Icahn Presentation On Activism


Carl Icahn presentation on activism and of course some self promotion for his Icahn Enterprises LP (NASDAQ:IEP)

Icahn Enterprises L.P. Investor Presentation August 2014

Investment Highlights IEP stock performance has meaningfully outpaced all its peers 3 (1) April 1, 2009 is the approximate beginning of the economic recovery. Source: Bloomberg. Includes reinvestment of distributions. Based on the share price as of July 31, 2014. Time Period IEP Berkshire Leucadia Loews S&P 500 Dow Jones Russell 2000 3 Years ended July 31, 2014 164% 69% -22% 8% 59% 47% 47% 5 Years ended July 31, 2014 215% 94% 8% 45% 117% 106% 115% 7 Years ended July 31, 2014 37% 71% -29% -7% 55% 52% 59% April 1, 2009(1) through July 31, 2014 382% 117% 78% 97% 171% 151% 184% January 1, 2000 through July 31, 2014 1622% 235% 264% 372% 73% 104% 168% April 1, 2009(1) through July 31, 2014 34.3% 15.6% 11.5% 13.6% 20.5% 18.8% 21.6% January 1, 2000 through July 31, 2014 21.5% 8.7% 9.3% 11.2% 3.8% 5.0% 7.0% Gross Return on Investment in Stock Annualized Return

Investment Highlights 4 Mr. Icahn believes there has never a better time for activist investing, if practiced properly, than today. – Several factors are responsible for this: 1) low interest rates, which make acquisitions much less costly and therefore much more attractive, 2) abundance of 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 if we are ever going to end high unemployment and be able to compete in world markets – 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 of the companies IEP controls to make judicious, friendly or not so friendly, acquisitions using our activist expertise Proven track record of delivering superior returns IEP total stock return of 1,622% (1) since January 1, 2000 – S&P 500, Dow Jones Industrial and Russell 2000 indices returns of approximately 73%, 104% and 168% respectively over the same period Icahn Investment Funds performance since inception in November 2004 – Total return of approximately 293% (2) and compounded average annual return of approximately 15% (2) – Returns of 33.3%, 15.2%, 34.5%, 20.2% (3) , 30.8% and 10.2% in 2009, 2010, 2011, 2012, 2013, and YTD 2014 (4) respectively Recent Financial Results – Adjusted Net Income attributable to Icahn Enterprises of $612 million (5) for the six months ended June 30, 2014 – Indicative Net Asset Value of approximately $10.2 billion as of June 30, 2014 – LTM June 30, 2014 adjusted EBITDA attributable to Icahn Enterprises of approximately $2.2 billion $6.00 annual distribution (5.8% yield as of July 31, 2014) (1) Source: Bloomberg. Includes reinvestment of distributions. Based on the share price as of July 31, 2014. (2) Returns calculated as of June 30, 2014. (3) Return assumes that IEP’s holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. Investment Funds returns were approximately 6.6% when excluding returns on CVR Energy after it became a consolidated entity. (4) For the six months ended June 30, 2014 (5) See slide 41 for the adjusted net income calculation

The Icahn Strategy Across all of our businesses, our success is based on a simple formula: we seek to find undervalued companies in the Graham &Dodd tradition, a methodology for valuing stocks that primarily looks for deeply depressed prices. However, while the typical Graham & Dodd value investor purchases undervalued securities and waits for results, we often become actively involved in the companies we target. That activity may involve a broad range of approaches, from influencing the management of a target to take steps to improve shareholder value, to acquiring a controlling interest or outright ownership of the target company in order to implement changes that we believe are required to improve its business, and then operating and expanding that business. This activism has brought aboutvery strong returns over the years. Today, we are a diversified holding company owning subsidiaries engaged in the following operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion. Through our Investment segment, as of July 31, 2014, we have significant positions in various investments, which include Apple Inc. (AAPL), eBay Inc. (EBAY), Chesapeake Energy (CHK), HerbalifeLtd. (HLF), Mentor Graphics Corporation (MENT), Netflix (NFLX), Transocean Ltd. (RIG), Nuance Communications, Inc. (NUAN), Talisman Energy Inc. (TLM), Hologic Inc. (HOLX) and Navistar International Corp. (NAV), Seventy Seven Energy Inc. (SSE). Several of our operating businesses started out as investment positions in debt or equity securities, held either directly byour Investment segment or Mr. Icahn. Those positions ultimately resulted in control or complete ownership of the target company. Most recently, we acquired a controlling interest in CVR Energy, Inc. (‘‘CVR’’) which started out as a position in our Investment segment and is now an operating subsidiary that comprises our Energy segment. As of July 31, 2014, based on the closing sale price of CVR stock and distributions since we acquired control, we had a gain of approximately $2.5 billion on our purchase of CVR. The recent acquisition of CVR, like our other operating subsidiaries, reflects our opportunistic approach to value creation, through which returns may be obtained by, among other things, promoting change through minority positions at targeted companies in our Investment segment or by acquiring control of those target companies that we believe we could run more profitably ourselves. In 2000, we began to expand our business beyond our traditional real estate activities, and to fully embrace our activist strategy. On January 1, 2000, the closing sale price of our depositary units was $7.625 per depositary unit. On July 31, 2014, our depositary units closed at $103.95 per depositary unit, representing an increase of approximately 1,622% since January 1, 2000 (including reinvestment of distributions into additional depositary units and taking into account in-kind distributions of depositary units). Comparatively, the S&P 500, Dow Jones Industrial and Russell 2000 indices increased approximately 73%, 104% and 168%, respectively, over the same period (including reinvestment of distributions into those indices). During the next several years, we see a favorable opportunity to follow an activist strategy that centers on the purchase of target stock and the subsequent removal of any barriers that might interfere with a friendly purchase offer from a strong buyer. Alternatively, in appropriate circumstances, we or our subsidiaries may become the buyer of target companies, adding them to our portfolio of operating subsidiaries, thereby expanding our operations through suchopportunistic acquisitions. We believe that the companies that we target for our activist activities are undervalued for many reasons, often including inept management. Unfortunately for the individual investor, in particular, and the economy, in general, many poor management teams are often unaccountable and very difficult to remove. 5

The Icahn Strategy (continued) Unlike the individual investor, we have the wherewithal to purchase companies that we feel we can operate more effectively than incumbent management. In addition, through our Investment segment, we are in a position to pursue our activist strategy by purchasing stock or debt positions and trying to promulgate change through a variety of activist approaches, ranging from speaking and negotiating with the board and CEO to proxy fights, tender offers and taking control. We work diligently to enhance value for all shareholders and we believe that the best way to do this is to make underperforming management teams and boards accountable or to replace them. The Chairman of the Board of our general partner, Carl C. Icahn, has been an activist investor since 1980. Mr. Icahn believesthat he has never seen a time for activism that is better than today. Many major companies have substantial amounts of cash. We believe that they are hoarding cash, rather than spending it, because they do not believe investments in their business will translate to earnings. We believe that one of the best ways for many cash-rich companies to achieve increased earnings is to use their large amounts ofexcess cash, together with advantageous borrowing opportunities, to purchase other companies in their industries and take advantage of the meaningful synergies that could result. In our opinion, the CEOs and Boards of Directors of undervalued companies that would be acquisition targets are the major road blocks to thislogical use of assets to increase value, because we believe those CEOs and boards are not willing to give up their power and perquisites, even if they have done a poor job in administering the companies they have been running. In addition, acquirers are often unwilling to undertake the arduous task of launching a hostile campaign. This is precisely the situation in which a strong activist catalyst is necessary. We believe that the activist catalyst adds value because, for companies with strong balance sheets, acquisition of their weaker industry rivals is often extremely compelling financially. We further believe that there are many transactions that make economic sense, even at a large premium over market. Acquirers can use their excess cash, that is earning a very low return, and/or borrow at the advantageous interest rates now available, to acquire a target company. In either case, an acquirer can add the target company’s earnings and the income from synergies to the acquirer’s bottom line, at a relatively low cost. Butfor these potential acquirers to act, the target company must be willing to at least entertain an offer. We believe that often the activist can step in and remove the obstacles that a target may seek to use to prevent an acquisition. It is our belief that our strategy will continue to produce strong results into the future, and that belief is reflected in the action of the board of directors of our general partner, which announced in March 2014, a decision to modify our distribution policy to increase our annual distribution to $6.00 per depositary unit. We believe that the strong cash flow and asset coverage from our operating segments will allow us to maintain a strong balance sheet and ample liquidity. In our view Icahn Enterprises is in a virtuous cycle. We believe that our depositary units will give us another powerful activist tool, allowing us both to use our depositary units as currency for tender offers and acquisitions (both hostile and friendly) where appropriate. All of these factors will, in our opinion, contribute to making our activism even more efficacious, which we expect to enhance our results and stock value. 6

Company Overview 7

Overview of Icahn Enterprises Icahn Enterprises L.P. is a diversified holding company with operating segments in Investment, Automotive, Energy, Gaming, 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 – Approximately $600 million of equity raised in 2013 to broaden our shareholder base and improve liquidity – Issued $5 billion of new senior notes in January 2014 which refinanced $3.5 billion of existing senior notes and provided $1.3 billion of additional liquidity. – As of June 30, 2014, affiliates of Carl Icahn owned approximately 88% of IEP’s outstanding depositary units IEP benefits from increasing cash flows from its subsidiaries: – CVR Energy: $3.00 per share annual dividend, $2.00 per share in special dividends paid thus far in 2014 and $12.00 per share in special dividends paid in 2013 – CVR Refining: $3.68 per common unit of distributions declared in 2013 and $1.94 per common unit of distributions declared for the first six months of operation in 2014 – American Railcar Inc: $1.60 per share annual dividend – American Railcar Leasing will generate recurring cash flows IEP has daily liquidity through its ability to redeem its investment in the funds on a daily basis (1) Investment segment total assets represents book value of equity. 8 ($ millions) Segment Total (% of Total) Total (% of Total) Total (% of Total) Total (% of Total) Investment (1) $ 10,778 34.2% $ 2,843 12.9% $ 2,654 62.0% $ 1,210 54.0% Automotive 7,787 24.7% 7,043 32.0% 634 14.8% 508 22.7% Energy 6,030 19.2% 9,515 43.2% 666 15.6% 389 17.4% Metals 321 1.0% 812 3.7% (14) -0.3% (14) -0.6% Railcar 2,684 8.5% 787 3.6% 353 8.2% 197 8.8% Gaming 1,061 3.4% 669 3.0% 68 1.6% 48 2.1% Food Packaging 437 1.4% 355 1.6% 67 1.6% 51 2.3% Real Estate 785 2.5% 93 0.4% 48 1.1% 48 2.1% Home Fashion 223 0.7% 179 0.8% 5 0.1% 5 0.2% Holding Company 1,388 4.4% (284) -1.3% (202) -4.7% (202) -9.0% Total $ 31,494 100.0% $ 22,012 100.0% $ 4,279 100.0% $ 2,240 100.0% As of June 30, 2014 LTM June 30, 2014 Assets Revenue Adjusted EBITDA Adj. EBITDA Attrib. to IEP

67% CVR Energy Inc. (NYSE: CVI) Summary Corporate Organizational Chart WestPoint Home LLC PSC Metals Inc. AREP Real Estate Holdings, LLC Tropicana Entertainment Inc. (OTCPK:TPCA) Federal-Mogul Holdings Corp. (NasdaqGS:FDML) Icahn Enterprises G.P. Inc. Icahn Enterprises L.P. (NasdaqGS: IEP) Icahn Enterprises Holdings L.P. 1% 1% 99% LP Interest 53% 73% 81% 82% American Railcar Industries, Inc. (NasdaqGS:ARII) Icahn Capital LP Viskase Companies Inc. (OTCPK:VKSC) As of June 30, 2013, Icahn Enterprises had investments with a fair market value of approximately $5.1 billion in the Investment Funds One of the largest independent metal recycling companies in the US Consists of rental commercial real estate, property development and associated resort activities Provider of home textile products for nearly 200 years One of the worldwide leaders in cellulosic, fibrous and plastic casings for processed meat industry Holding company that owns majority interests in two separate operating subsidiaries Multi-jurisdictional gaming company with eight casinos in New Jersey, Indiana, Nevada, Mississippi, Louisiana and Aruba Leading North American manufacturer of hopper and tank railcars and provider of railcar repair and maintenance services 68% 100% 100% 56% Producer and distributer of nitrogen fertilizer products CVR Partners, LP (NYSE: UAN) CVR Refining, LP (NYSE: CVRR) 185,000 bpd oil refining company in the mid-continent region of the United States 100% 100% 4% Leading global supplier to the automotive, aerospace, energy, heavy duty truck, industrial, marine, power generation and auto aftermarket industries Note: Percentages denote equity ownership as of June 30, 2014. Excludes intermediary and pass through entities. American Railcar Leasing LLC Leading North American lessor of approximately 31,000 hopper and tank railcars 75% 9

Diversified Subsidiary Companies with Significant Inherent Value The Company’s diversification across multiple industries and geographies provides a natural hedge against cyclical and general economic swings Global market share leader in each of its principal product categories with a long history of quality and strong brand names Geographically diverse, regional properties in major gaming markets with significant consolidation opportunities 200 year heritage with some of the best known brands in home fashion; consolidation likely in fragmented sector Leading global market position in non-edible meat casings poised to capture further growth in emerging markets Established regional footprint positioned to actively participate in consolidation of the highly fragmented scrap metal market Our railcar segment is a leading, vertically integrated manufacturer of railcars, railcar services and railcar leasing. Strategically located mid-continent petroleum refiner and nitrogen fertilizer producer generating record profitability Long-term real estate investment horizon with strong, steady cash flows AREP Real Estate Holdings, LLC IEP’s subsidiary companies possess key competitive strengths and / or leading market positions IEP seeks to create incremental value by investing in organic growthand targeting businesses that offer consolidation opportunities – Capitalize on attractive interest rate environment to pursue acquisitions and recognize meaningful synergies 10

IEP began as American Real Estate Partners, which was founded in 1987, and has grown its diversified portfolio to nine operating segments and approximately $39 billion of assets as of June 30, 2014 IEP has demonstrated a history of successfully acquiring undervalued assets and improving and enhancing their operations and financial results IEP’s record is based on a long-term horizon that can enhance business value and facilitate a profitable exit strategy – In 2006, IEP sold its oil and gas assets for $1.5 billion, resulting in a net pre-tax gain of $0.6 billion – In 2008, IEP sold its investment in American Casino & Entertainment Properties LLC for $1.2 billion, resulting in a pre-tax gainof $0.7 billion Acquired partnership interest in Icahn Capital Management L.P. in 2007 – IEP and certain of Mr. Icahn’s wholly owned affiliates are the sole investors in the Investment Funds IEP also has grown the business through organic investment and through a series of bolt-on acquisitions Evolution of Icahn Enterprises Timeline of Recent Acquisitions and Exits (1) Market capitalization as of July 31, 2014 and balance sheet data as of June 30, 2014. (2) Oil and gas assets included National Energy Group, Inc., TransTexas Gas Corporation and Panaco, Inc. (3) Percentages represents weighted-average composite of the gross returns, net of expenses for the Investment Funds. (4) Return assumes that IEP’s holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. InvestmentFunds returns were approximately 6.6% when excluding returns on CVR Energy after it became a consolidated entity. (5) For the six months ended June 30, 2014 As of December 31, 2006 Mkt. Cap: $5.3bn Total Assets: $4.2bn Current (1) Mkt. Cap: $12.5bn Total Assets: $38.6bn 2006 37.8% American Casino & Entertainment Properties 2/20/08: Sale of the casinos resulted in proceeds of $1.2 billion and a pre-tax gain of $0.7 billion American Railcar Industries 1/15/10: 54.4% of ARI’s shares outstanding were contributed by Carl Icahn in exchange for IEP depositary units PSC Metals 11/5/07: Acquired 100% of the equity of PSC Metals from companies wholly owned by Carl Icahn Tropicana Entertainment 11/15/10: Received an equity interest as a result of a Ch.11 restructuring and subsequently acquired a majority stake CVR Energy, Inc. 5/4/12: Acquired a majority interest in CVR via a tender offer to purchase all outstanding shares of CVR Federal-Mogul 7/3/08: Acquired a majority interest in Federal-Mogul from companies wholly owned by Carl Icahn Investment Management 8/8/07: Acquired investment advisory business, Icahn Capital Management Viskase 1/15/10: 71.4% of Viskase’s shares outstanding were contributed by Carl Icahn in exchange for IEP depositary units Oil and Gas Assets (2) 11/21/06: Sold oil and gas assets to a strategic buyer for $1.5 billion resulting in a pre-tax gain of $0.6 billion Year / Returns: (3) 11 CVR Refining & CVR Partners 2013: CVR Refining completed IPO and secondary offering on 1/16/13 and 5/14/13, respectively. CVR Partners completed a secondary offering on 5/22/13. YTD 2014 10.2% (5) 2007 12.3% 2008 (35.6%) 2009 33.3% 2010 15.2% 2011 34.5% 2012 20.2% (4) American Railcar Leasing LLC 10/2/13: Acquired a 75% interest in ARL from companies wholly owned by Carl Icahn 2013 30.8%

IEP seeks undervalued companies and often becomes “actively” involved in the targeted companies Activist strategy requires significant capital, rapid execution and willingness to take control of companies Implement changes required to improve businesses Ability to Maximize Shareholder Value Through Proven Activist Strategy Purchase of Stock or Debt IEP pursues its activist strategy and seeks to promulgate change x Dealing with the board and management x Proxy fights x Tender offers x Taking control With over 300 years of collective experience, IEP’s investment and legal team is capable of unlocking a target’s hidden value x Financial / balance sheet restructuring x Operation turnarounds x Strategic initiatives x Corporate governance changes IEP is a single, comprehensive investment platform – Corporate structure provides IEP the optionality to invest in any security, in any industry and during any cycle over a longer term time horizon Mr. Icahn and Icahn Capital have a long and successful track record of generating significant returns employing the activist strategy – IEP’s subsidiaries often started out as investment positions in debt or equity either directly by Icahn Capital or Mr. Icahn Putting Activism into Action 12

Situation Overview Historically, two businesses had a natural synergy – Motorparts benefitted from OEM pedigree and scale Review of business identified numerous dis-synergies by having both under one business – Different customers, methods of distribution, cost structures, engineeringand R&D, and capital requirements Structuredas a C-Corporation – Investors seeking more favorable alternative structures Review of business identifies opportunity for significant cash flow generation – High quality refiner in underserved market – Benefits from increasing North American oil production – Supported investment in Wynnewood refinery and UAN plant expansion Strong investor appetite for yield oriented investments Strategic / Financial Initiative Adjust business model to separate OEM Powertrain and Motorpartsinto two separate segments Contributed assets to a separate MLP and subsequently launched CVR Refining IPO and secondary offerings; completed CVR Partners secondary offering Result Separation will improve management focus and maximize value of both businesses CVR Energy stock up 116%, including dividends, from tender offer price of $30.00 (1) Significant Experience Optimizing Business Strategy and Capital Structure IEP’s management team possesses substantial strategic and financial expertise – Maintains deep knowledge of capital markets, bankruptcy laws, mergers and acquisitions and transaction processes Active participation in the strategy and capital allocation for targeted companies – Not involved in day-to-day operations IEP will make necessary investments to ensure subsidiary companies can compete effectively Select Examples of Strategic and Financial Initiatives (1) Based on CVR Energy’s current stock price as of July 31, 2014. 13

Deep Team Led by Carl Icahn Led by Carl Icahn – Substantial investing history provides IEP with unique network of relationships and access to Wall Street Team consists of approximately 20 professionals with diverse backgrounds – Well rounded team with professionals focusing on different areas such as equity, distressed debt and credit Name Title Years at Icahn Years of Industry Experience Keith Cozza President& Chief Executive Officer, Icahn Enterprises L.P. 10 13 SungHwan Cho Chief Financial Officer, Icahn Enterprises L.P. 8 16 Vincent J. Intrieri Senior Managing Director, Icahn Capital 16 30 SamuelMerksamer Managing Director, Icahn Capital 6 11 Brett Icahn Portfolio Manager, Sargon Portfolio 11 11 David Schechter Portfolio Manager, Sargon Portfolio 10 17 Keith Schaitkin General Counsel, Icahn Enterprises L.P. 14 35 Jonathan Christodoro Managing Director, Icahn Capital 2 13 14

Overview of Operating Segments 15

Highlights and Recent Developments Since inception in November 2004, the Funds’ gross return is approximately 293%, representing an annualized rate of return of 15% through June 30, 2014 Long history of investing in public equity and debt securities and pursuing activist agenda Employs an activist strategy that seeks to unlock hidden value through various tactics – Financial / balance sheet restructurings (e.g., CIT Group, Apple) – Operational turnarounds (e.g., Motorola, Navistar) – Strategic initiatives (e.g., Amylin, Genzyme, Motorola) – Corporate governance changes (e.g., Chesapeake) Core positions typically require significant long-term capital (>$500 million) and rapid execution Recent notable investment wins: – Apple, Chesapeake, CVR Energy, El Paso, Family Dollar, Forest Labs, Genzyme, Hain Celestial, Herbalife, Netflix Our Investment segment is comprised of certain interests that we purchased from Mr. Icahn on August 8, 2007 and the Funds. The acquisition of these interests from Mr. Icahn was accounted for as a combination of entities under common control and we consolidated them on an as-if-pooling basis. The Funds returned all fee-paying capital to their investors during fiscal 2011, which payments were funded through cash on hand and borrowings under existing credit lines. The Funds’ historical gross returns prior to 2007 are for indicative purposes only and did not have an effect on the financial performance and results of operations for IEP during such period Gross returns of 33.3%, 15.2%, 34.5%, 20.2% (3) , 30.8%, 10.2% in 2009, 2010, 2011, 2012, 2013, and YTD 2014 (4) respectively Segment: Investment Company Description IEP invests its proprietary capital through various private investment funds (the “Investment Funds”) managed by the Investment segment – The Funds returned all capital to third-party investors during fiscal 2011 Fair value of IEP’s interest in the Funds was $5.1 billion as of June 30, 2014 IEP has daily liquidity through its ability to redeem its investment in the funds on a daily basis Historical Segment Financial Summary 16 (1) In November 2010, IEP acquired a controlling interest in Tropicana while Tropicana common shares and debt were still held by theInvestment Funds. The Tropicana shares and debt were not distributed out of the funds to Icahn Enterprises Holdings until mid2011. The return on the funds included the profits and losses of the Tropicana debt and equity until the time of distribution to the holding company. These profits and losses are eliminated in consolidation for 2011 and are presented here net of eliminations. (2) Balance Sheet data as of the end of each respective fiscal period. (3) 2012 gross return assumes that IEP’s holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. Investment Funds returns were ~6.6% when excluding returns on CVR Energy afteritbecame a consolidated entity. (4) For the six months ended June 30, 2014. Investment Segment LTM June 30, ($ millions) 2011 (1) 2012 2013 2014 Select Income Statement Data: Total revenues 1,882$ 398$ 2,031$ 2,843$ Adjusted EBITDA 1,845 374 1,912 2,654 Net income 1,830 372 1,902 2,544 Adjusted EBITDA attrib. to IEP 876$ 158$ 816$ 1,210$ Net income attrib. to IEP 868 157 812 1,157 Select Balance Sheet Data (2) : Total equity 6,668$ 5,908$ 8,353$ 10,778$ Equity attributable to IEP 3,282 2,387 3,696 5,092 FYE December 31,

Significant Holdings As of June 30,2014 (4) As of December 31, 2013 (4) As of December 31, 2012 (4) Company Mkt. Value ($mm) (5) % Ownership (6) Company Mkt. Value ($mm) (5) % Ownership (6) Company Mkt. Value ($mm) (5) % Ownership (6) $4,903 0.9% $2,654 0.5% $1,083 11.5% $3,036 11.3% $1,841 11.4% $992 9.0% $2,065 10.0% $1,803 10.0% $514 10.0% $1,542 2.4% $1,335 16.8% $393 15.6% $1,141 19.1% $1,061 6.0% $274 14.3% Icahn Capital (1) Represents a weighted-average composite of the gross returns, net of expenses for the Investment Funds. (2) Return assumes that IEP’s holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. Investment Funds returns were ~6.6% when excluding returns on CVR Energy after it became a consolidated entity. (3) For the six months ended June 30, 2014 (4) Aggregate ownership held directly by IEP, as well as Carl Icahn and his affiliates. Based on most recent 13F Holdings Reports, 13D flings or other public filings available as of specified date. (5) Based on closing share price as of specified date. (6) Total shares owned as a percentage of common shares issued and outstanding. 17.9% 37.8% 12.3% 33.3% 15.2% 34.5% 20.2% 30.8% 10.2% 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD 2014 Historical Gross Returns (1) (35.6%) (2) 17 (3)

Highlights and Recent Developments Crude supply advantages supported by increasing North American crude oil production, decreasing North Sea production, transportation bottlenecks and geopolitical concerns – Strategic location allows CVR to benefit from access to price advantaged crude oil CVR Partners’ expansion of UAN capacity completed in March 2013 CVR Energy paid or declared special dividends aggregating to $2.00 per unit to date in 2014 and $12.00 per unit in 2013 and adopted a $3.00 per unit annual dividend policy – CVR Refining 2013 full year distribution was $3.68 per common unit and declared a distribution of $1.94 per common unit for the first six months of operation in 2014 – CVR Partners 2013 full year distribution was $1.98 per common unit and declared a distribution of $0.71 per common unit for the first six months of operation in 2014 Segment: Energy Company Description CVR Energy, Inc. (NYSE:CVI) operates as a holding company that owns majority interests in two separate operating subsidiaries: CVR Refining, LP (NYSE:CVRR) and CVR Partners, LP (NYSE:UAN) – CVR Refining is an independent petroleum refiner and marketer of high-value transportation fuels in the mid-continent of the United States – CVR Partners is a leading nitrogen fertilizer producer in the heart of the Corn Belt Historical Segment Financial Summary 18 (1) IEP acquired a controlling interest in CVI on May 4, 2012 and therefore 2012 results only include performance from that date forward. (2) Balance Sheet data as of the end of each respective fiscal period. Energy Segment LTM June 30, ($ millions) 2012 (1) 2013 2014 Select Income Statement Data: Total revenues 5,519$ 9,063$ 9,515$ Adjusted EBITDA 977 869 666 Net income 338 479 334 Adjusted EBITDA attrib. to IEP 787$ 556$ 389$ Net income attrib. to IEP 263 289 164 Select Balance Sheet Data (2) : Total assets 5,743$ 5,748$ 6,030$ Equity attributable to IEP 2,383 1,926 2,029 FYE December 31,

Gasoline 48.7% Distillate 41.9% Other 9.4% CVR Refining, LP (NYSE:CVRR) Two PADD II Group 3 refineries with combined capacity of 185,000 barrels per day The Company enjoys advantages that enhance the crack spread – Has access to and can process price-advantaged mid-continent local and Canadian crude oils – Markets its products in a supply-constrained products market with transportation and crude cost advantage Strategic location and logistics assets provide access to price advantaged mid-continent, Bakken and Canadian crude oils – ~50,000 bpd crude gathering system, 350+ miles of pipeline, over 125 owned crude transports, a network of strategically located crude oil gathering tank farms and ~6.0 million bbls of owned and leased crude oil storage capacity Key Operational Data (YTD 2014) (1) CVR Refining, LP (NYSE:CVRR) Crude oil throughput (207,004 bpd) Production (219,325 bpd) (1) For the six months ended June 30, 2014 (2) Other includes pet coke, asphalt, natural gas liquids (“NGLs”), slurry, sulfur, gas oil and specialty products such as propyleneand solvents, excludes internally produced fuel. Strategically Located Refineries and Supporting Logistics Assets Sweet 89.6% Medium 0.9% Heavy Sour 9.5% 19 (2)

CVR Partners, LP (NYSE:UAN) Attractive market dynamics for nitrogen fertilizer – Decreasing world farmland per capita – Increasing demand for corn (largest use of nitrogen fertilizer) and meat – Nitrogen represents ~62% of fertilizer consumption – Nitrogen fertilizers must be applied annually, creating stable demand Expansion of UAN capacity completed in Q1 2013 United States imports a significant amount of its nitrogen fertilizer needs Cost stability advantage – 87% fixed costs compared to competitors with 80-90% variable costs tied to natural gas Strategically located assets – 53% of corn planted in 2013 was within $45/UAN ton freight rate of plant – ~$15/UAN ton transportation advantage to Corn Belt vs. U.S. Gulf Coast CVR Partners, LP (NYSE:UAN) Strategically Located Assets 20

Segment: Automotive Company Description Federal Mogul Holdings Corporation (NASDAQ:FDML) operates in two business segments: Powertrain and Motorparts – Powertrain focuses on original equipment powertrain products for automotive, heavy duty and industrial applications – Motorparts sells and distributes a broad portfolio of products in the global aftermarket, while also servicing original equipment manufacturers with certain products Historical Segment Financial Summary Powertrain Highlights Industry-leading powertrain products to improve fuel economy, reduce emission and enhance durability Over 1,700 patents for powertrain technology and market leading position in many product categories Investing in emerging markets where there are attractive opportunities for growth Introduced enhanced restructuring initiative to lower cost structure, improve manufacturing footprint and drive emerging market growth 2012 results impacted by severe drop in European light vehicle and global heavy duty production Motorparts Highlights Aftermarket benefits from the growing number of vehicles on the road globally and the increasing average age of vehicles in Europe and North America Leader in each of its product categories with a long history of quality and strong brand names including Champion, Wagner, Ferodo, MOOG, Fel-Pro Global distribution channels evolving Restructuring business with a focus on building low cost manufacturing footprint and sourcing partnerships Continually looking to make progress strengthening its product portfolio, enhancing its service levels and improving its cost structure ? Completed purchase of Affinia chassis business and the Honeywell friction business 21 Corporate Highlights and Recent Developments $500 million rights offering completed in July 2013 Secured $2.6 billion to refinance debt in April 2014, strengthening the liquidity and financial profile of the company (1) Balance Sheet data as of the end of each respective fiscal period. Automotive Segment LTM June 30, ($ millions) 2011 2012 2013 2014 Select Income Statement Data: Total revenues 6,937$ 6,677$ 6,876$ 7,043$ Adjusted EBITDA 679 513 587 634 Net income 168 (22) 263 270 Adjusted EBITDA attrib. to IEP 512$ 390$ 459$ 508$ Net income attrib. to IEP 121 (24) 250 256 Select Balance Sheet Data (1) : Total assets 7,288 7,282 7,545 7,787$ Equity attributable to IEP 967 860 1,660 1,684 FYE December 31,

Powertrain Segment Motorparts Segment ProductLine Market Position ProductLine Market Position Pistons #1 in diesel pistons #2acrossall pistons Engine Global #1 Rings& Liners Market leader SealingComponents Global#1 in Gaskets ValveSeats and Guides Market leader Brake Pads / Components Global #1 Bearings Marketleader Chassis #1 North America #3 Europe Ignition #2 (following Beru sparkplug acquisition) Wipers #3 North America #3 Europe Sealing #4 Overall Ignition #2 North America #2 Europe Systems Protection Marketleader Federal-Mogul Corp.’s Leading Market Position 22

Highlights and Recent Developments Railcar manufacturing remains strong – Approximately 9,530 railcar backlog as of June 30, 2014 – Tank demand from increasing crude oil production from shale oil – Covered hopper car demand from increasing industrial manufacturing base in United States due to lower cost energy – Represents 36% of industry backlog, up from 16% at the end of 2013 – Investments in vertical integration resulting in higher margins Growing railcar leasing business provides stability – Acquired 75% of ARL in Q4 2013 – Combined ARL and ARI railcar lease fleets grew to 37,070 railcars as of June 30, 2014 ARI dividend on an annualized basis is $1.60 per share of common stock Segment: Railcar Segment Description American Railcar Industries, Inc. (“ARI”) (NASDAQ:ARII) operates in three business segments: manufacturing operations, railcar services and leasing American Railcar Leasing, LLC (“ARL”), a 75% owned subsidiary of IEP, is engaged in the business of leasing railcars. Historical Segment Financial Summary . 23 (1) Balance Sheet data as of the end of each respective fiscal period. Railcar Segment LTM June 30, ($ millions) 2011 2012 2013 2014 Net Sales/Other Revenues From Operations: Manufacturing 489$ 853$ 864$ 944$ Railcar leasing 188 214 277 319 Railcar services 65 65 73 72 Eliminations (61) (346) (475) (543) Total 681$ 786$ 739$ 792$ Gross Margin: Manufacturing 48$ 163$ 197$ 228$ Railcar leasing 80 97 146 178 Railcar services 15 14 19 18 Eliminations (1) (48) (109) (137) Total 142$ 226$ 253$ 287$ Adjusted EBITDA attrib. to IEP 27$ 77$ 111$ 197$ Net income attrib. to IEP 2 29 30 70 Total assets (1) 2,107$ 2,238$ 2,547$ 2,684$ Equity attributable to IEP (1) 172 257 591 652 FYE December 31,

Highlights and Recent Developments Management uses a highly analytical approach to enhance marketing, improve utilization, optimize product mix and reduce expenses – Established measurable, property specific, customer service goals and objectives to meet customerneeds – Utilize sophisticated customer analytic techniques to improve customer experience – Reduced corporate overhead by approximately 50% since acquiring Tropicana Selective reinvestment in core properties including upgraded hotel rooms, refreshed casino floor products tailored for each regional market and pursuit of strong brands for restaurant and retail opportunities Capital structure with ample liquidity for synergistic acquisitions in regional gaming markets – Refinanced debt at attractive rates – On April 1, 2014, Tropicana acquired Lumière Place Casino in St. Louis, Missouri for $263 million in cash, which is subject to adjustments Pursuing opportunities in Internet gaming as states legalize online gaming – NJ Internet gaming launched November 2013 Sold River Palms on July 1, 2014 for $7 million Segment: Gaming Company Description Tropicana Entertainment Inc. (OTCPK:TPCA) operates nine casinofacilities featuring approximately 447,000 square feet of gaming space with approximately 8,500 slot machines, 275 table games and 6,500 hotel rooms as of June 30, 2014 – Nine casinofacilities located in New Jersey, Indiana, Nevada, Mississippi, Missouri, Louisiana and Aruba – Successful track record operating gaming companies, dating back to 2000 Historical Segment Financial Summary 24 (1) Balance Sheet data as of the end of each respective fiscal period. Gaming Segment LTM June 30, ($ millions) 2011 2012 2013 2014 Select Income Statement Data: Total revenues 624$ 611$ 571$ 669$ Adjusted EBITDA 72 79 66 68 Net income 24 30 19 38 Adjusted EBITDA attrib. to IEP 37$ 54$ 45$ 48$ Net income attrib. to IEP 13 21 13 27 Select Balance Sheet Data (1) : Total assets 770$ 852$ 996$ 1,061$ Equity attributable to IEP 402 379 392 419 FYE December 31,

Highlights and Recent Developments Future growth expected to be driven by changing diets of a growing middle class in emerging markets – Emerging market sales are approximately 50% of global sales in 2013 compared to 36% in 2007 – In 2012, Viskase completed a new finishing center in the Philippines and expanded its capacity in Brazil Developed markets remain a steady source of income – Distribution channels to certain customers spanning more than 50 years Significant barriers to entry – Technically difficult chemical production process – Significant environmental and food safety regulatory requirements – Substantial capital cost. Refinanced debt in January 2014 at attractive rates Segment: Food Packaging Company Description Viskase Companies, Inc (OTCPK:VKSC) is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry Leading worldwide manufacturer of non-edible cellulosic casings for small-diameter meats (hot dogs and sausages) – Leading manufacturer of non-edible fibrous casings for large-diameter meats (sausages, salami, hams and deli meats) Historical Segment Financial Summary 25 (1) Balance Sheet data as of the end of each respective fiscal period. Food Packaging LTM June 30, ($ millions) 2011 2012 2013 2014 Select Income Statement Data: Total revenues 338$ 341$ 346$ 355$ Adjusted EBITDA 48 57 67 67 Net income 6 6 43 57 Adjusted EBITDA attrib. to IEP 35$ 41$ 50$ 51$ Net income attrib. to IEP 4 4 32 42 Select Balance Sheet Data (1) : Total assets 350$ 355$ 405$ 437$ Equity attributable to IEP (1) (3) 55 42 FYE December 31,

Highlights and Recent Developments NAFTA steel demand growth is forecasted to be 3.1% in 2014 (1) Increasing global demand for steel and other metals drives demand for U.S. scrap exports PSC is in attractive regional markets – $1.8 billion of steel capacity additions in PSC’s geographic area including: V&M Star ($1.0 billion), Republic ($85 million), US Steel ($500 million) and Timken ($225 million) Scrap recycling process is “greener” than virgin steel production – Electric arc furnace drive scrap demand and are significantly more energy efficient than blast furnaces – Electric arc furnace steel mills are 60% of U.S. production Highly fragmented industry with potential for further consolidation – Capitalizing on consolidation and vertical integration opportunities – PSC is building a leading position in its markets Product diversification will reduce volatility through cycles – Expansion of non-ferrous share of total business (30% of total revenues in 2012) – Opportunities for market extension: auto parts, e-recycling, wire recycling Segment: Metals Company Description PSC Metals, Inc. is one of the largest independent metal recycling companies in the U.S. Collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers Strong regional footprint (Upper Midwest, St. Louis Region and the South) – Poised to take advantage of Marcellus and Utica shale energy driven investment Historical Segment Financial Summary 26 (1) World Steel Association. (2) Balance Sheet data as of the end of each respective fiscal period. Metals Segment LTM June 30, ($ millions) 2011 2012 2013 2014 Select Income Statement Data: Total revenues 1,096$ 1,103$ 929$ 812$ Adjusted EBITDA 26 (16) (18) (14) Net income 6 (58) (28) (25) Adjusted EBITDA attrib. to IEP 26$ (16)$ (18)$ (14)$ Net income attrib. to IEP 6 (58) (28) (25) Select Balance Sheet Data (2) : Total assets 476$ 417$ 334$ 321$ Equity attributable to IEP 384 338 273 255 FYE December 31,

Highlights and Recent Developments Business strategy is based on long-term investment outlook and operational expertise Rental Real Estate Operations Net lease portfolio overview – Single tenant (over $100 billion market cap, A-credit) for two large buildings with leases through 2020 –2021 – 29 additional properties with 2.9 million square feet: 14% Retail, 55% Industrial, 31% Office Maximize value of commercial lease portfolio through effective management of existing properties – Seek to sell assets on opportunistic basis Property Development and Resort Operations New Seabury in Cape Cod, Massachusetts and Grand Harbor and Oak Harbor in Vero Beach, Florida each include land for future residential development of approximately 271 and 1,325 units, respectively – Both developments operate golf and resort activities Opportunistically acquired Fontainebleau (Las Vegas casino development) in 2009 for $150 million Segment: Real Estate Company Description Consists of rental real estate, property development and associated resort activities Rental real estate consists primarily of retail, office and industrial properties leased to single corporate tenants Property development and resort operations are focused on the construction and sale of single and multi-family houses, lots in subdivisions and planned communities and raw land for residential development Historical Segment Financial Summary 27 (1) Balance Sheet data as of the end of each respective fiscal period. Real Estate Segment LTM June 30, ($ millions) 2011 2012 2013 2014 Select Income Statement Data: Total revenues 90$ 88$ 85$ 93$ Adjusted EBITDA 47 47 46 48 Net income 18 19 17 22 Adjusted EBITDA attrib. to IEP 47$ 47$ 46$ 48$ Net income attrib. to IEP 18 19 17 22 Select Balance Sheet Data (1) : Total assets 1,004$ 852$ 780$ 785$ Equity attributable to IEP 906 763 711 726 FYE December 31,

Highlights and Recent Developments One of the largest providers of home textile goods in the United States Largely completed restructuring of manufacturing footprint – Transitioned majority of manufacturing to low cost plants overseas Streamlined merchandising, sales and customer service divisions Focus on core profitable customers and product lines – WPH implemented a more customer-focused organizational structure during the first quarter of 2012 with the intent of expanding key customer relationships and rebuilding the company’s sales backlog – Realizing success placing new brands with top retailers – Continued strength with institutional customers Consolidation opportunity in fragmented industry Segment: Home Fashion Company Description WestPoint Home LLC is engaged in manufacturing, sourcing, marketing, distributing and selling home fashion consumer products WestPoint Home owns many of the most well- know brands in home textiles including Martex, Grand Patrician, Luxor and Vellux WPH also licenses brands such as IZOD, Under the Canopy, and Southern Tide Historical Segment Financial Summary 28 (1) Balance Sheet data as of the end of each respective fiscal period. Home Fashion Segment LTM June 30, ($ millions) 2011 2012 2013 2014 Select Income Statement Data: Total revenues 325$ 231$ 187$ 179$ Adjusted EBITDA (31) (3) 1 5 Net income (66) (27) (16) (11) Adjusted EBITDA attrib. to IEP (24)$ (3)$ 1$ 5$ Net income attrib. to IEP (56) (27) (16) (11) Select Balance Sheet Data (1) : Total assets 319$ 291$ 222$ 223$ Equity attributable to IEP 283 256 191 190 FYE December 31,

Financial Performance 29

Financial Performance Adjusted EBITDA Attributable to Icahn Enterprises Equity Attributable to Icahn Enterprises 30 $1,541 $1,546 $1,896 $2,240 FYE 2011 FYE 2012 FYE 2013 LTM 2014 $3,755 $4,669 $6,092 $6,631 As of 12/31/11 As of 12/31/12 As of 12/31/13 As of 6/30/14 LTM June 30, As of June 30, ($ in millions) 2011 2012 2013 2014 ($ in millions) 2011 2012 2013 2014 Adjusted EBITDA attributable to Icahn Enterprises Equity attributable to Icahn Enterprises Investment 876$ 158$ 816$ 1,210$ Investment 3,282$ 2,387$ 3,696$ 5,092$ Automotive 512 390 459 508 Automotive 967 860 1,660 1,684 Energy – 787 556 389 Energy – 2,383 1,926 2,029 Metals 26 (16) (18) (14) Metals 384 338 273 255 Railcar 27 77 111 197 Railcar 172 257 591 652 Gaming 37 54 45 48 Gaming 402 379 392 419 Food Packaging 35 41 50 51 Food Packaging (1) (3) 55 42 Real Estate 47 47 46 48 Real Estate 906 763 711 726 Home Fashion (24) (3) 1 5 Home Fashion 283 256 191 190 Holding Company 5 11 (170) (202) Holding Company (2,640) (2,951) (3,403) (4,458) Total 1,541$ 1,546$ 1,896$ 2,240$ Total 3,755$ 4,669$ 6,092$ 6,631$ FYE December 31, As of December 31, (1) (1) Last twelve months ended June 30, 2014

Consolidated Financial Snapshot ($Millions) 31 LTM June 30, 2011 2012 2013 2014 Revenues: Investment 1,896$ 398$ 2,031$ 2,843$ Automotive 6,937 6,677 6,876 7,043 Energy – 5,519 9,063 9,515 Metals 1,096 1,103 929 812 Railcar 691 799 744 787 Gaming 624 611 571 669 Food Packaging 338 341 346 355 Real Estate 90 88 85 93 Home Fashion 325 231 187 179 Holding Company 36 29 (150) (284) Eliminations (14) – – – 12,019$ 15,796$ 20,682$ 22,012$ Adjusted EBITDA: Investment 1,845$ 374$ 1,912$ 2,654$ Automotive 679 513 587 634 Energy – 977 869 666 Metals 26 (16) (18) (14) Railcar 187 279 311 353 Gaming 72 79 66 68 Food Packaging 48 57 67 67 Real Estate 47 47 46 48 Home Fashion (31) (3) 1 5 Holding Company 5 11 (170) (202) Consolidated Adjusted EBITDA 2,878$ 2,318$ 3,671$ 4,279$ Less: Adjusted EBITDA attrib. to NCI (1,337) (772) (1,775) (2,039) Adjusted EBITDA attrib. to IEP 1,541$ 1,546$ 1,896$ 2,240$ Capital Expenditures 494$ 936$ 1,161$ 1,236$ FYE December 31,

Strong Balance Sheet ($Millions) 32

IEP Summary Financial Information Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets 33 ($ Millions) Note: Indicative net asset value does not purport to reflect a valuation of IEP. The calculated Indicative net asset value d oesnot include any value for our Investment Segment other than the fair market value of our investment in the Investment Funds. A valuation is a subjective exercise and Indicative net asset value does not necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors may reasonably differ on what such elements are and their impact on IEP. No represen tation or assurance, express or implied is made as to the accuracy and correctness of indicative net asset value as of these dates or with respect to any future indicative or prospective results which may vary. (1) Fair market value of Holding Company’s interest in the Funds and Investment segment cash as of each respective date. (2) Based on closing share price on each date and the number of shares owned by the Holding Company as of each respective date. (3) Amounts based on market comparables due to lack of material trading volume. Tropicana valued at 9.0x Adjusted EBITDA for the twelve months ended September 30, 2013,and June 30, 2013 and 8.0x Adjusted EBITDA for the twelve months ended June 30, 2014, March 31, 2014 and December 31, 2013. Viskase valued at 10.0x Adjusted EBI TDAfor the twelve months ended September 30, 2013, 9.5x Adjusted EBITDA for the twelve months ended June 30, 2013 and December 31, 2013 and 9.0x Adjusted EBITDA for the twelve months ended June 30 , 2014 and March 31, 2014. (4) Represents equity attributable to us as of each respective date. (5) From June 30, 2013 to September 30, 2013, represents book value of AEP Leasing. For December 31, 2013, March 31, 2014 and Jun e 30, 2014, ARL value assumes the present value of cash flows from leased railcars plus working capital. (6) Holding Company’s balance as of each respective date. June 30 Sept 30 Dec 31 March 31 June 30 2013 2013 2013 2014 2014 Market-valued Subsidiaries: Holding Company interest in Funds (1) $2,543 $3,573 $3,696 $4,702 $5,092 CVR Energy (2) 3,375 2,743 3,092 3,008 3,431 CVR Refining (2) 180 150 136 140 150 Federal-Mogul (2) 783 2,033 2,383 2,266 2,450 American Railcar Industries (2) 398 466 543 831 805 Total market-valued subsidiaries $7,279 $8,965 $9,850 $10,947 $11,928 Other Subsidiaries Tropicana (3) $566 $528 $444 $467 $424 Viskase (3) 237 278 290 252 242 Real Estate Holdings (4) 717 723 711 719 726 PSC Metals (4) 322 302 273 261 255 WestPoint Home (4) 205 205 191 190 190 AEP Leasing / ARL (5) 142 214 754 810 864 Total – other subsidiaries $2,189 $2,250 $2,663 $2,699 $2,701 Add: Holding Company cash and cash equivalents (6) 1,412 958 782 995 1,099 Less: Holding Company debt (6) (3,525) (4,017) (4,016) (5,485) (5,485) Add: Other Holding Company net assets (6) (133) (72) (147) (214) (72) Indicative Net Asset Value $7,222 $8,084 $9,132 $8,942 $10,171 As of

Appendix—Adjusted EBITDA & Adjusted Net Income Reconciliations 34

Adjusted EBITDA Reconciliation by Segment –Twelve Months Ended June 30, 2014 ($Millions) 35 Investment Automotive Energy Metals Railcar Gaming Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $ 2,544 $ 270 $ 334 $ (25) $ 160 $ 38 $ 57 $ 22 $ (11) $ (548) $ 2,841 Interest expense, net 110 106 38 – 46 11 19 4 – 297 631 Income tax (benefit) expense – (176) 103 (18) 31 15 (50) – – (55) (150) Depreciation, depletion and amortization – 315 215 26 99 40 21 23 8 – 747 EBITDA before non-controlling interests $ 2,654 $ 515 $ 690 $ (17) $ 336 $ 104 $ 47 $ 49 $ (3) $ (306) $ 4,069 Impairment – 8 – 2 – 1 – 1 1 – 13 Restructuring – 62 – – – – – – 9 – 71 Non-service cost of U.S. based pension – (2) – – – – 2 – – – – FIFO impact unfavorable – – (38) – – – – – – – (38) Certain share-based compensation expense – 3 18 – 6 – – – – – 27 Losses on divestitures – 8 – – – – – – – – 8 Net loss on extinguishment of debt – 36 – – 2 5 16 – – 108 167 Unrealized gains on certain derivatives – – (3) – – – – – – – (3) Other – 4 (1) 1 9 (42) 2 (2) (2) (4) (35) Adjusted EBITDA before non-controlling interests $ 2,654 $ 634 $ 666 $ (14) $ 353 $ 68 $ 67 $ 48 $ 5 $ (202) $ 4,279 Adjusted EBITDA attributable to IEP: Net income (loss) $ 1,157 $ 256 $ 164 $ (25) $ 70 $ 27 $ 42 $ 22 $ (11) $ (548) $ 1,154 Interest expense, net 53 88 22 – 27 7 14 4 – 297 512 Income tax (benefit) expense – (188) 91 (18) 6 11 (35) – – (55) (188) Depreciation, depletion and amortization – 254 124 26 63 28 15 23 8 – 541 EBITDA attributable to Icahn Enterprises $ 1,210 $ 410 $ 401 $ (17) $ 166 $ 73 $ 36 $ 49 $ (3) $ (306) $ 2,019 Impairment – 7 – 2 – – – 1 1 – 11 Restructuring – 50 – – – – – – 9 – 59 Non-service cost of U.S. based pension – (1) – – – – 1 – – – – FIFO impact unfavorable – – (23) – – – – – – – (23) Certain share-based compensation expense – 2 13 – 4 – – – – – 19 Losses on divestitures – 6 – – – – – – – – 6 Net loss on extinguishment of debt – 31 – – 1 3 12 – – 108 155 Unrealized gains on certain derivatives – – (2) – – – – – – – (2) Other – 3 – 1 26 (28) 2 (2) (2) (4) (4) Adjusted EBITDA attributable to Icahn Enterprises $ 1,210 $ 508 $ 389 $ (14) $ 197 $ 48 $ 51 $ 48 $ 5 $ (202) $ 2,240

Adjusted EBITDA Reconciliation by Segment –Twelve Months Ended December 31, 2013 ($Millions) 36 Investment Automotive Energy Metals Railcar Gaming Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $ 1,902 $ 263 $ 479 $ (28) $ 139 $ 19 $ 43 $ 17 $ (16) $ (374) $ 2,444 Interest expense, net 10 108 47 – 40 13 22 4 – 300 544 Income tax (benefit) expense – (180) 195 (20) 31 3 (51) – – (96) (118) Depreciation, depletion and amortization – 296 208 26 92 34 21 23 8 – 708 EBITDA before non-controlling interests $ 1,912 $ 487 $ 929 $ (22) $ 302 $ 69 $ 35 $ 44 $ (8) $ (170) $ 3,578 Impairment – 8 – 2 – 3 – 2 1 – 16 Restructuring – 40 – – – – – – 10 – 50 Non-service cost of U.S. based pension – 2 – – – – 3 – – – 5 FIFO impact unfavorable – – (21) – – – – – – – (21) OPEB curtailment gains – (19) – – – – – – – – (19) Certain share-based compensation expense – 5 18 – 5 – – – – – 28 Losses on divestitures – 60 – – – – – – – – 60 Net loss on extinguishment of debt – – (5) – – 5 – – – – – Unrealized gains on certain derivatives – – (51) – – – – – – – (51) Other – 4 (1) 2 4 (11) 29 – (2) – 25 Adjusted EBITDA before non-controlling interests $ 1,912 $ 587 $ 869 $ (18) $ 311 $ 66 $ 67 $ 46 $ 1 $ (170) $ 3,671 Adjusted EBITDA attributable to IEP: Net income (loss) $ 812 $ 250 $ 289 $ (28) $ 30 $ 13 $ 32 $ 17 $ (16) $ (374) $ 1,025 Interest expense, net 4 88 32 – 11 9 16 4 – 300 464 Income tax (benefit) expense – (191) 162 (20) 9 2 (36) – – (96) (170) Depreciation, depletion and amortization – 234 121 26 35 23 15 23 8 – 485 EBITDA attributable to Icahn Enterprises $ 816 $ 381 $ 604 $ (22) $ 85 $ 47 $ 27 $ 44 $ (8) $ (170) $ 1,804 Impairment – 7 – 2 – 2 – 2 1 – 14 Restructuring – 31 – – – – – – 10 – 41 Non-service cost of U.S. based pension – 2 – – – – 2 – – – 4 FIFO impact unfavorable – – (15) – – – – – – – (15) OPEB curtailment gains – (15) – – – – – – – – (15) Certain share-based compensation expense – 4 13 – 3 – – – – – 20 Losses on divestitures – 46 – – – – – – – – 46 Net loss on extinguishment of debt – – (3) – – 3 – – – – – Unrealized gains on certain derivatives – – (43) – – – – – – – (43) Other – 3 – 2 23 (7) 21 – (2) – 40 Adjusted EBITDA attributable to Icahn Enterprises $ 816 $ 459 $ 556 $ (18) $ 111 $ 45 $ 50 $ 46 $ 1 $ (170) $ 1,896

Adjusted EBITDA Reconciliation by Segment –Twelve Months Ended December 31, 2012 ($Millions) 37 Investment Automotive Energy Metals Railcar Gaming Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $ 372 $ (22) $ 338 $ (58) $ 92 $ 30 $ 6 $ 19 $ (27) $ 12 $ 762 Interest expense, net 2 136 38 – 57 12 21 5 – 283 554 Income tax (benefit) expense – (29) 182 (1) 42 4 5 – – (284) (81) Depreciation, depletion and amortization – 289 128 26 83 32 18 23 8 – 607 EBITDA before non-controlling interests $ 374 $ 374 $ 686 $ (33) $ 274 $ 78 $ 50 $ 47 $ (19) $ 11 $ 1,842 Impairment – 98 – 18 – 2 – – 11 – 129 Restructuring – 26 – – – – 1 – 4 – 31 Non-service cost of U.S. based pension – 35 – – – – 3 – – – 38 FIFO impact unfavorable – – 71 – – – – – – – 71 OPEB curtailment gains – (51) – – – – – – – – (51) Certain share-based compensation expense – (4) 33 – 5 – – – – – 34 Major scheduled turnaround expense – – 107 – – – – – – – 107 Expenses related to certain acquisitions – – 6 – – – – – – – 6 Net loss on extinguishment of debt – – 6 – 2 2 – – – – 10 Unrealized loss on certain derivatives – – 68 – – – – – – – 68 Other – 35 – (1) (2) (3) 3 – 1 – 33 Adjusted EBITDA before non-controlling interests $ 374 $ 513 $ 977 $ (16) $ 279 $ 79 $ 57 $ 47 $ (3) $ 11 $ 2,318 Adjusted EBITDA attributable to IEP: Net income (loss) $ 157 $ (24) $ 263 $ (58) $ 29 $ 21 $ 4 $ 19 $ (27) $ 12 $ 396 Interest expense, net 1 105 31 – 8 8 15 5 – 283 456 Income tax (benefit) expense – (22) 149 (1) 23 3 4 – – (284) (128) Depreciation, depletion and amortization – 224 105 26 13 22 13 23 8 – 434 EBITDA attributable to Icahn Enterprises $ 158 $ 283 $ 548 $ (33) $ 73 $ 54 $ 36 $ 47 $ (19) $ 11 $ 1,158 Impairment – 76 – 18 – 1 – – 11 – 106 Restructuring – 20 – – – – 1 – 4 – 25 Non-service cost of U.S. based pension – 27 – – – – 2 – – – 29 FIFO impact unfavorable – – 58 – – – – – – – 58 OPEB curtailment gains – (40) – – – – – – – – (40) Certain share-based compensation expense – (3) 27 – 3 – – – – – 27 Major scheduled turnaround expense – – 88 – – – – – – – 88 Expenses related to certain acquisitions – – 4 – – – – – – – 4 Net loss on extinguishment of debt – – 5 – 1 1 – – – – 7 Unrealized loss on certain derivatives – – 57 – – – – – – – 57 Other – 27 – (1) – (2) 2 – 1 – 27 Adjusted EBITDA attributable to Icahn Enterprises $ 158 $ 390 $ 787 $ (16) $ 77 $ 54 $ 41 $ 47 $ (3) $ 11 $ 1,546

Adjusted EBITDA Reconciliation by Segment –Twelve Months Ended December 31, 2011 ($Millions) 38 Investment Automotive Energy Metals Railcar Gaming Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $ 1,830 $ 168 $ – $ 6 $ 40 $ 24 $ 6 $ 18 $ (66) $ (226) $ 1,800 Interest expense, net 15 136 – – 62 8 21 6 1 223 472 Income tax (benefit) expense – 17 – (3) 4 3 5 – – 8 34 Depreciation, depletion and amortization – 284 – 23 81 32 16 23 10 – 469 EBITDA before non-controlling interests $ 1,845 $ 605 $ – $ 26 $ 187 $ 67 $ 48 $ 47 $ (55) $ 5 $ 2,775 Impairment – 48 – – – 5 – – 18 – 71 Restructuring – 5 – – – – – – 6 – 11 Non-service cost of U.S. based pension – 25 – – – – – – – – 25 OPEB curtailment gains – (1) – – – – – – – – (1) Certain share-based compensation expense – 1 – – – – – – – – 1 Other – (4) – – – – – – – – (4) Adjusted EBITDA before non-controlling interests $ 1,845 $ 679 $ – $ 26 $ 187 $ 72 $ 48 $ 47 $ (31) $ 5 $ 2,878 Adjusted EBITDA attributable to IEP: Net income (loss) $ 868 $ 121 $ – $ 6 $ 2 $ 13 $ 4 $ 18 $ (56) $ (226) $ 750 Interest expense, net 8 105 – – 11 5 15 6 – 223 373 Income tax (benefit) expense – 13 – (3) 2 3 4 – – 8 27 Depreciation, depletion and amortization – 217 – 23 12 13 12 23 9 – 309 EBITDA attributable to Icahn Enterprises $ 876 $ 456 $ – $ 26 $ 27 $ 34 $ 35 $ 47 $ (47) $ 5 $ 1,459 Impairment – 37 – – – 3 – – 18 – 58 Restructuring – 4 – – – – – – 5 – 9 Non-service cost of U.S. based pension – 18 – – – – – – – – 18 OPEB curtailment gains – (1) – – – – – – – – (1) Certain share-based compensation expense – 1 – – – – – – – – 1 Other – (3) – – – – – – – – (3) Adjusted EBITDA attributable to Icahn Enterprises $ 876 $ 512 $ – $ 26 $ 27 $ 37 $ 35 $ 47 $ (24) $ 5 $ 1,541

Adjusted EBITDA Reconciliation by Segment –Six Months Ended June 30, 2014 ($Millions) 39 Investment Automotive Energy Metals Railcar Gaming Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $ 1,035 $ 29 $ 339 $ (10) $ 83 $ 39 $ – $ 13 $ (1) $ (327) $ 1,200 Interest expense, net 102 55 17 – 26 5 8 2 – 145 360 Income tax (benefit) expense – 28 102 (8) 26 13 1 – – 23 185 Depreciation, depletion and amortization – 163 108 12 51 22 11 11 4 – 382 EBITDA before non-controlling interests $ 1,137 $ 275 $ 566 $ (6) $ 186 $ 79 $ 20 $ 26 $ 3 $ (159) $ 2,127 Impairment – 2 – – – – – – – 2 Restructuring – 38 – – – – – – – – 38 Non-service cost of U.S. based pension – (3) – – – – – – – – (3) FIFO impact unfavorable – – (46) – – – – – – – (46) Certain share-based compensation expense – (2) 9 – 4 – – – – – 11 Net loss on extinguishment of debt – 36 – – 2 – 16 – – 108 162 Unrealized loss on certain derivatives – – (90) – – – – – – – (90) Other – 1 – (1) 3 (35) (3) (2) – (4) (41) Adjusted EBITDA before non-controlling interests $ 1,137 $ 347 $ 439 $ (7) $ 195 $ 44 $ 33 $ 24 $ 3 $ (55) $ 2,160 Adjusted EBITDA attributable to IEP: Net income (loss) $ 506 $ 19 $ 182 $ (10) $ 51 $ 27 $ – $ 13 $ (1) $ (327) $ 460 Interest expense, net 50 44 9 – 18 3 6 2 – 145 277 Income tax (benefit) expense – 22 86 (8) 12 9 1 – – 23 145 Depreciation, depletion and amortization – 132 62 12 36 15 8 11 4 – 280 EBITDA attributable to Icahn Enterprises $ 556 $ 217 $ 339 $ (6) $ 117 $ 54 $ 15 $ 26 $ 3 $ (159) $ 1,162 Impairment – 2 – – – – – – – 2 Restructuring – 31 – – – – – – – – 31 Non-service cost of U.S. based pension – (2) – – – – – – – – (2) FIFO impact unfavorable – – (29) – – – – – – – (29) Certain share-based compensation expense – (2) 7 – 2 – – – – – 7 Net loss on extinguishment of debt – 31 – – 1 – 12 – – 108 152 Unrealized loss on certain derivatives – – (56) – – – – – – – (56) Other – 1 – (1) 2 (24) (2) (2) – (4) (30) Adjusted EBITDA attributable to Icahn Enterprises $ 556 $ 278 $ 261 $ (7) $ 122 $ 30 $ 25 $ 24 $ 3 $ (55) $ 1,237

Adjusted EBITDA Reconciliation by Segment –Six Months Ended June 30, 2013 ($Millions) 40 Investment Automotive Energy Metals Railcar Gaming Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $ 393 $ 22 $ 484 $ (13) $ 62 $ 20 $ (14) $ 8 $ (6) $ (153) $ 803 Interest expense, net 2 57 26 – 20 7 11 2 – 148 273 Income tax (benefit) expense – 24 194 (10) 26 1 – – – (18) 217 Depreciation, depletion and amortization – 144 101 12 44 16 11 11 4 – 343 EBITDA before non-controlling interests $ 395 $ 247 $ 805 $ (11) $ 152 $ 44 $ 8 $ 21 $ (2) $ (23) $ 1,636 Impairment – 2 – – – 2 – 1 – – 5 Restructuring – 16 – – – – – – 1 – 17 Non-service cost of U.S. based pension – 1 – – – – 1 – – – 2 FIFO impact unfavorable – – (29) – – – – – – – (29) OPEB curtailment gains – (19) – – – – – – – – (19) Certain share-based compensation expense – – 9 – 3 – – – – – 12 Disposal of assets – 52 – – – – – – – – 52 Net loss on extinguishment of debt – – (5) – – – – – – – (5) Unrealized loss on certain derivatives – – (138) – – – – – – – (138) Other – 1 – – (2) (4) 24 – – – 19 Adjusted EBITDA before non-controlling interests $ 395 $ 300 $ 642 $ (11) $ 153 $ 42 $ 33 $ 22 $ (1) $ (23) $ 1,552 Adjusted EBITDA attributable to IEP: Net income (loss) $ 161 $ 13 $ 307 $ (13) $ 11 $ 13 $ (10) $ 8 $ (6) $ (153) $ 331 Interest expense, net 1 44 19 – 2 5 8 2 – 148 229 Income tax (benefit) expense – 19 157 (10) 15 – – – – (18) 163 Depreciation, depletion and amortization – 112 59 12 8 10 8 11 4 – 224 EBITDA attributable to Icahn Enterprises $ 162 $ 188 $ 542 $ (11) $ 36 $ 28 $ 6 $ 21 $ (2) $ (23) $ 947 Impairment – 2 – – – 2 – 1 – – 5 Restructuring – 12 – – – – – – 1 – 13 Non-service cost of U.S. based pension – 1 – – – – 1 – – – 2 FIFO impact unfavorable – – (21) – – – – – – – (21) OPEB curtailment gains – (15) – – – – – – – – (15) Certain share-based compensation expense – – 7 – 1 – – – – – 8 Disposal of assets – 40 – – – – – – – – 40 Net loss on extinguishment of debt – – (3) – – – – – – – (3) Unrealized loss on certain derivatives – – (97) – – – – – – – (97) Other – 1 – – (1) (3) 17 – – – 14 Adjusted EBITDA attributable to Icahn Enterprises $ 162 $ 229 $ 428 $ (11) $ 36 $ 27 $ 24 $ 22 $ (1) $ (23) $ 893

IEP-August-2014-Investor-Presentation

IEP August 2014 Investor Presentation

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