Icahn Enterprises L.P. Investor Presentation September 2018

Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements that relate solely to historical fact, are “forward-looking statements.” Such statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events, or any statement that may relate to strategies, plans or objectives for, or potential results of, future operations, financial results, financial condition, business prospects, growth strategy or liquidity, and are based upon management’s current plans and beliefs or current estimates of future results or trends. Forward-looking statements can generally be identified by phrases such as “believes,” “expects,” “potential,” “continues,” “may,” “should,” “seeks,” “predicts,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “could,” “designed,” “should be” and other similar expressions that denote expectations of future or conditional events rather than statements of fact. Our expectations, beliefs and projections are expressed in good faith and we believe that there is a reasonable basis for them. However, there can be no assurance that these expectations, beliefs and projections will result or be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. These risks and uncertainties are described in our Annual Report on Form 10-K for the year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018. There may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Except to the extent required by law, we undertake no obligation to update or revise forward-looking statements to reflect events or circumstances after the date such statements are made or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA and Indicative Net Asset Value. The non-GAAP financial measures contained herein have limitations as analytical tools and should not be considered in isolation or in lieu of an analysis of our results as reported under U.S. GAAP. These non-GAAP measures should be evaluated only on a supplementary basis in connection with our U.S. GAAP results, including those reported in our consolidated financial statements and the related notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.

Company Overview 3

Overview of Icahn Enterprises Icahn Enterprises L.P. is a diversified holding company with operating segments in Investment, Automotive, Energy, Mining, Railcar, Food Packaging, Metals, Real Estate and Home Fashion IEP is majority owned and controlled by Carl Icahn Over many years, Carl Icahn has contributed most of his businesses to and executed transactions primarily through IEP As of June 30, 2018, Carl Icahn and his affiliates owned approximately 91.3% of IEP’s outstanding depositary units IEP benefits from cash flows from its subsidiaries: CVR Energy: $3.00 per share annualized dividend American Railcar Inc: $1.60 per share annual dividend Recurring cash flows from our Real Estate segment IEP has daily liquidity through its ability to redeem its investment in the funds on a daily basis IEP has a $7.00 annual distribution (9.1% yield as of August 31, 2018) Investment segment total assets represents book value of equity 4 ($ millions) As of June 30, 2018 Segment Assets Revenue Net Income Attrib. to IEP Adj. EBITDA Attrib. to IEP Investment (1) $8,479 $946 $324 $365 Automotive 3,142 2,817 (83) (29) Energy 4,716 6,485 322 294 Metals 233 453 (40) 25 Railcar 1,481 682 178 102 Mining 274 89 (1) 9 Food Packaging 516 391 (9) 48 Real Estate 917 637 561 50 Home Fashion 179 179 (21) (8) Holding Company 526 111 (93) 82 Discontinued Operations 8,862 8,904 203 - Total $29,325 $21,694 $1,341 $938 Twelve Months Ended June 30, 2018

85% 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 LLC Icahn Enterprises G.P. Inc. Icahn Enterprises L.P. (NasdaqGS: IEP) Icahn Enterprises Holdings L.P. 1% 1% 99% LP Interest 34% 79% 100% 71% American Railcar Industries, Inc. (NasdaqGS:ARII) Icahn Capital LP Viskase Companies Inc. (OTCPK:VKSC) As of June 30, 2018, Icahn Enterprises had investments with a fair market value of approximately $3.3 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 substantial interests in two separate operating subsidiaries Multi-jurisdictional gaming company with eight casinos in New Jersey, Indiana, Nevada, Mississippi, Missouri, Louisiana and Aruba Leading North American manufacturer of hopper and tank railcars and provider of railcar repair and maintenance services 84% 100% 100% 62% Producer and distributer of nitrogen fertilizer products CVR Partners, LP (NYSE: UAN) CVR Refining, LP (NYSE: CVRR) 185k bpd capacity 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 August 31, 2018. Excludes intermediary and pass through entities. 5 Ferrous Resources Brazilian iron ore producer Icahn Automotive Group LLC Engaged in the distribution of automotive parts in the aftermarket as well as providing automotive services 100% 77%

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 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 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 growth and targeting businesses that offer consolidation opportunities Capitalize on attractive interest rate environment to pursue acquisitions and recognize meaningful synergies 6 A Brazilian iron ore mining operation that supplies iron ore products to the global steel industry Engaged in the distribution of automotive parts in the aftermarket as well as providing automotive services

IEP began as American Real Estate Partners, which was founded in 1987, and has grown its diversified portfolio to ten operating segments and approximately $30 billion of assets as of June 30, 2018 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 for $1.2 billion, resulting in a pre-tax gain of $0.7 billion In 2017, IEP sold American Railcar Leasing for $3.4 billion and recognized a pre-tax gain of $1.7 billion In 2018, IEP announced the sale of Federal-Mogul for $5.4 billion and Tropicana for $1.85 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 Acquired Pep Boys in 2016 Evolution of Icahn Enterprises Timeline of Recent Acquisitions and Exits Market capitalization as of June 30, 2018 and balance sheet data as of June 30, 2018. As of December 31, 2008 Mkt. Cap: $1.9bn Total Assets: $18.8bn Current(1) Mkt. Cap: $12.9bn Total Assets: $30.2bn American Railcar Industries 1/15/10: 54.4% of ARI’s shares outstanding were contributed by Carl Icahn in exchange for IEP depositary units 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 5/4/12: Acquired a majority interest in CVR via a tender offer to purchase all outstanding shares of CVR Viskase 1/15/10: 71.4% of Viskase’s shares outstanding were contributed by Carl Icahn in exchange for IEP depositary units Year: 7 CVR Refining & CVR Partners 2013: CVR Refining completed IPO and secondary offering. CVR Partners completed a secondary offering 2018 2009 2010 2011 2012 2013 American Railcar Leasing 10/2/13: Acquired 75% of ARL from companies wholly owned by Carl Icahn 2014 2015 IEH Auto Parts Holding 6/1/15: Acquired substantially all of the auto part assets in the U.S. of Uni-Select Inc. Ferrous Resources 6/8/15: IEP acquired a controlling interest in Ferrous Resources 2016 Pep Boys 2/4/16: IEP acquired Pep Boys 2017 American Railcar Leasing 2017: Sale of ARL for $3.4 billion and a pre-tax gain of $1.7 billion Federal-Mogul 4/10/18: Announced the sale of Federal-Mogul for approximately $5.4 billion Tropicana 4/16/18: Announced the sale of Tropicana for approximately $1.85 billion

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 Dealing with the board and management Proxy fights Tender offers Taking control With over 300 years of collective experience, IEP’s investment and legal team is capable of unlocking a target’s hidden value Financial / balance sheet restructuring Operation turnarounds Strategic initiatives Corporate governance changes 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 8

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, engineering and R&D, and capital requirements Structured as 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 Adjusted business model to separate Powertrain and Motorparts into two separate businesses Contributed assets to a separate MLP and subsequently launched CVR Refining IPO and secondary offerings; completed CVR Partners secondary offering Result Separation improved management focus for the respective segments CVR Energy stock up approximately 116.8%, 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 Based on CVR Energy’s stock price as of August 31, 2018 and the $30 tender offer price which closed in May 2012. 9

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. 14 17 SungHwan Cho Chief Financial Officer, Icahn Enterprises L.P. 12 21 Courtney Mather Portfolio Manager, Icahn Capital 4 19 Richard Mulligan Portfolio Manager, Icahn Capital 1 39 Nick Graziano Portfolio Manager, Icahn Capital 3 23 Brett Icahn Consultant, Icahn Enterprises L.P. 13 13 Jesse Lynn General Counsel, Icahn Enterprises L.P. 14 23 Andrew Langham General Counsel, Icahn Enterprises L.P. 13 19 10

Overview of Operating Segments 11

Highlights and Recent Developments Since inception in 2004 through June 30, 2018, the Investment Funds’ cumulative return was approximately 143.8%, representing an annualized rate of return of approximately 6.7% 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., Motorola, eBay, Manitowoc) Corporate governance changes (e.g., eBay, Gannet) As of June 30, 2018, the Investment Funds’ had a net long notional exposure of 11% Segment: Investment Company Description IEP invests its proprietary capital through various private investment funds (the “Investment Funds”) managed by the Investment segment Fair value of IEP’s interest in the Investment Funds was approximately $3.3 billion as of June 30, 2018 IEP has daily liquidity through its ability to redeem its investment in the Investment Funds on a daily basis Historical Segment Financial Summary 12 Balance Sheet data as of the end of each respective fiscal period. Represents a weighted-average composite of the gross returns, net of expenses for the Investment Funds. 2012 gross return assumes that IEP’s holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. Investment Funds returns were approximately 6.6% when excluding returns on CVR Energy after it became a consolidated entity. For the six months ended June 30, 2018 Historical Returns(2) (3) (4) 33.3% 15.2% 34.5% 20.2% 30.8% (7.4%) (18.0%) (20.3%) 2.1% 10.5% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Investment Segment LTM June 30, ($ millions) 2015 2016 2017 2018 Select Income Statement Data: Total revenues ($865) ($1,223) $297 $946 Net income (loss) (1,665) (1,487) 118 835 Net income (loss) attrib. to IEP (760) (604) 80 324 Select Balance Sheet Data (1) : Total equity $7,541 $5,396 $7,417 $8,479 Equity attributable to IEP 3,428 1,669 3,052 3,354 FYE December 31,

Highlights and Recent Developments In June, 2018, CVR Energy commenced an exchange offer to acquire additional common units of CVR Refining in exchange for shares of CVR Energy common stock. As a result: CVR Energy and its affiliates own approximately 84.5% of CVR Refining’s outstanding common units IEP ownership in CVR Energy reduced to 70.8% CVR Energy increased dividend to an annualized $3.00 per unit CVR Refining declared distributions of $1.17 per common unit for the six months of operations in 2018 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 manufacturer of ammonia and urea ammonium nitrate solution fertilizer products Historical Segment Financial Summary 13 Balance Sheet data as of the end of each respective fiscal period. CVR Refining Strategic location and complex refineries allows CVR to benefit from access to price advantaged crude oil Approximately 206,500 bpcd of crude processing Access to quality and price advantaged crude – 100% of crude purchased is WTI based CVR Partners CVR Partners acquired an additional fertilizer plant in April 2016, giving it geographic and feed stock diversity Large geographic footprint serving the Southern Plains and Corn Belt region 2018 UAN summer fill prices improved $30 to $40 per ton over last year Energy Segment LTM June 30, ($ millions) 2015 2016 2017 2018 Select Income Statement Data: Total revenues $5,442 $4,764 $5,918 $6,485 Adjusted EBITDA 755 313 429 531 Net income (loss) 7 (604) 275 436 Adjusted EBITDA attrib. to IEP $436 $156 $229 $294 Net income (loss) attrib. to IEP 25 (327) 229 322 Select Balance Sheet Data (1) : Total assets $4,888 $5,013 $4,700 $4,716 Equity attributable to IEP 1,508 1,034 1,098 1,139 FYE December 31,

Segment: Automotive Company Description We conduct our Automotive segment through our wholly owned subsidiary Icahn Automotive Group LLC ("Icahn Automotive"). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket as well as providing automotive repair and maintenance services to its customers. Historical Segment Financial Summary 14 Balance Sheet data as of the end of each respective fiscal period. Results include IEH Auto Parts Holding LLC beginning June 1, 2015 and Pep Boys beginning February 3, 2016 Icahn Automotive Group LLC Icahn Automotive is in the process of implementing a multi-year transformation plan. Key priorities include: Continued integration of the businesses including, but not limited to, supply chain and information technology capabilities Positioning the service business to take advantage of opportunities in the do-it-for-me market and vehicle fleets Growing the commercial parts distribution business in high volume markets Optimizing inventory across parts and tire distribution network Highlights and Recent Developments During Q2 2018, IEP announced a definitive agreement to sell Federal-Mogul, which was previously reported in our Automotive segment. IEP is reporting their respective results in discontinued operations, and we have reclassified the assets and liabilities of each disposal group to held for sale in our balance sheet Automotive Segment LTM June 30, ($ millions) 2015 (2) 2016 (2) 2017 2018 Select Income Statement Data: Total revenues $396 $2,503 $2,729 $2,817 Adjusted EBITDA 12 108 3 (29) Net income (loss) (4) 19 (51) (83) Adjusted EBITDA attrib. to IEP $12 $108 $3 ($29) Net income (loss) attrib. to IEP (4) 19 (51) (83) Select Balance Sheet Data (1) : Total assets $478 $2,537 $3,011 $3,142 Equity attributable to IEP 249 1,319 1,727 1,877 FYE December 31,

Highlights and Recent Developments Sold American Railcar Leasing for $3.4 billion in 2017 Railcar manufacturing Tank railcar demand impacted by volatile crude oil prices In August 2018, announced multi-year order for up to 12,000 railcars Approximately 13,100 railcars(2) in ARI’s lease fleet provide stable cash flows ARI annualized dividend is $1.60 per share Segment: Railcar Segment Description American Railcar Industries, Inc. (NASDAQ:ARII) operates in three business segments: manufacturing operations, railcar services and leasing Historical Segment Financial Summary . 15 Balance Sheet data as of the end of each respective fiscal period. As of June 30, 2018. Railcar Segment LTM June 30, ($ millions) 2015 2016 2017 2018 Net Sales/Other Revenues From Operations: Manufacturing $440 $430 $265 $303 Railcar leasing 452 471 300 155 Railcar services 47 51 70 70 Total $939 $952 $635 $528 Gross Margin: Manufacturing $102 $64 $16 $17 Railcar leasing 276 276 216 101 Railcar services 22 23 20 11 Total $400 $363 $252 $129 Adjusted EBITDA attrib. to IEP $318 $379 $223 $102 Net income (loss) attrib. to IEP 137 150 1,214 178 Total assets (1) $3,681 $3,332 $1,487 $1,481 Equity attributable to IEP (1) 742 444 428 418 FYE December 31,

Highlights and Recent Developments Future growth expected to be driven by changing diets of a growing middle class in emerging markets Majority of revenues from emerging markets Acquired a plastic casing manufacturer in Poland in December 2016 and a fibrous casing manufacturer in January 2017 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 Rights offering completed in January 2018 raising $50 million Segment: Food Packaging Company Description Viskase Companies, Inc (OTCPK:VKSC) is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry Leading worldwide manufacturer of non-edible cellulosic casings for small-diameter meats (hot dogs and sausages) Leading manufacturer of non-edible fibrous casings for large-diameter meats (sausages, salami, hams and deli meats) Historical Segment Financial Summary 16 Balance Sheet data as of the end of each respective fiscal period. Food Packaging Segment LTM June 30, ($ millions) 2015 2016 2017 2018 Select Income Statement Data: Total revenues $335 $328 $389 $391 Adjusted EBITDA 59 55 62 62 Net income (loss) (3) 8 (6) (12) Adjusted EBITDA attrib. to IEP $43 $40 $45 $48 Net income (loss) attrib. to IEP (3) 6 (5) (9) Select Balance Sheet Data (1) : Total assets $416 $428 $487 $516 Equity attributable to IEP 23 25 28 66 FYE December 31,

Highlights and Recent Developments Increasing global demand for steel and other metals drives demand for U.S. scrap 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 approximately 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 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) Historical Segment Financial Summary 17 Balance Sheet data as of the end of each respective fiscal period. Metals Segment LTM June 30, ($ millions) 2015 2016 2017 2018 Select Income Statement Data: Total revenues $365 $269 $408 $453 Adjusted EBITDA (29) (15) 20 25 Net income (loss) (51) (20) (44) (40) Adjusted EBITDA attrib. to IEP ($29) ($15) $20 $25 Net income (loss) attrib. to IEP (51) (20) (44) (40) Select Balance Sheet Data (1) : Total assets $215 $193 $226 $233 Equity attributable to IEP 182 155 182 177 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 $100bn market cap, A- credit) for two large buildings with leases through 2021 and 2030 9 legacy properties with 1.6 million square feet: 39% Office, 39% Industrial, 22% Retail Maximize value of commercial lease portfolio through effective management of existing properties Seek to sell assets on opportunistic basis Property Development New Seabury in Cape Cod, Massachusetts and Grand Harbor in Vero Beach, Florida include land for future residential development of approximately 272 and 1,120 units, respectively Includes Plaza Hotel and Casino in Atlantic City, NJ, which ceased operations in 2014 Club Operations Club operations in New Seabury, Cape Cod and Grand Harbor, Vero Beach focus on operating golf club and related activities Segment: Real Estate Company Description Consists of rental real estate, property development and associated club activities Rental real estate consists primarily of retail, office and industrial properties leased to single corporate tenants Property development and club operations are focused on the construction and sale of single and multi-family houses, lots in subdivisions and planned communities and raw land for residential development Historical Segment Financial Summary 18 Balance Sheet data as of the end of each respective fiscal period. As of August 31, 2018 Real Estate Segment LTM June 30, ($ millions) 2015 2016 2017 2018 Select Income Statement Data: Total revenues $131 $89 $630 $637 Adjusted EBITDA 45 35 40 50 Net income (loss) 61 5 549 561 Adjusted EBITDA attrib. to IEP $45 $35 $40 $50 Net income (loss) attrib. to IEP 61 5 549 561 Select Balance Sheet Data (1) : Total assets $701 $721 $931 $917 Equity attributable to IEP 656 674 846 843 FYE December 31,

Highlights and Recent Developments IEP acquired a controlling interest in Ferrous Resources in June 2015 Mining segment has been concentrating on sales in Brazil, where the best margins are being captured Iron ore prices have recovered significantly due to increased demand from China Segment: Mining Company Description Ferrous Resources has rights to certain iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. Significant iron ore assets in the State of Minas Gerais, Brazil, known as Viga, Viga Norte, Esperança, Serrinha and Santanense. Mineral rights near Jacuípe in the State of Bahia, Brazil. Historical Segment Financial Summary 19 (1) Balance Sheet data as of the end of the fiscal period. (2) Icahn Enterprises acquired majority ownership of Ferrous Resources on June 8, 2015 Mining Segment Seven Months Ended December 31, 2015 (2) FYE December 31, 2016 FYE December 31, 2017 LTM June 30, 2018 ($ millions) Select Income Statement Data: Total Revenues $28 $63 $93 $89 Adjusted EBITDA (9) 2 22 10 Net income (loss) (195) (24) 10 (3) Adjusted EBITDA attrib. to IEP ($6) $1 $17 $9 Net income (loss) attrib. to IEP (150) (19) 9 (1) Select Balance Sheet Data (1) : Total assets $203 $219 $265 $274 Equity attributable to IEP 95 104 138 154

Highlights and Recent Developments One of the largest providers of home textile goods in the United States 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 has implemented a more customer-focused organizational structure 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-known brands in home textiles including Martex, Grand Patrician, Luxor and Vellux WPH also licenses brands such as IZOD, Under the Canopy, Southern Tide and Portico Historical Segment Financial Summary 20 Balance Sheet data as of the end of each respective fiscal period. Home Fashion Segment LTM June 30, ($ millions) 2015 2016 2017 2018 Select Income Statement Data: Total revenues $194 $196 $183 $179 Adjusted EBITDA 6 (1) (9) (8) Net income (loss) (4) (12) (20) (21) Adjusted EBITDA attrib. to IEP $6 ($1) ($9) ($8) Net income (loss) attrib. to IEP (4) (12) (20) (21) Select Balance Sheet Data (1) : Total assets $206 $193 $183 $179 Equity attributable to IEP 176 164 144 137 FYE December 31,

Financial Performance 21

Financial Performance Net Income from Continuing Operations Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises 22 ($Millions) ($958) ($1,089) $2,316 $1,138 FYE 2015 FYE 2016 FYE 2017 LTM 6/30/18 $315 $174 $742 $938 FYE 2015 FYE 2016 FYE 2017 LTM 6/30/18 LTM June 30, LTM June 30, ($ in millions) 2015 2016 2017 2018 ($ in millions) 2015 2016 2017 2018 Net Income (loss) from continuing operations attributable to Icahn Enterprises Adjusted EBITDA attributable to Icahn Enterprises Investment ($760) ($604) $80 $324 Investment ($500) ($528) $138 $365 Automotive (4) 19 (51) (83) Automotive 12 108 3 (29) Energy 25 (327) 229 322 Energy 436 156 229 294 Metals (51) (20) (44) (40) Metals (29) (15) 20 25 Railcar 137 150 1,214 178 Railcar 318 379 223 102 Mining (150) (19) 9 (1) Mining (6) 1 17 9 Food Packaging (3) 6 (5) (9) Food Packaging 43 40 45 48 Real Estate 61 5 549 561 Real Estate 45 35 40 50 Home Fashion (4) (12) (20) (21) Home Fashion 6 (1) (9) (8) Holding Company (209) (287) 355 (93) Holding Company (10) (1) 36 82 Total ($958) ($1,089) $2,316 $1,138 Total $315 $174 $742 $938 FYE December 31, FYE December 31,

Consolidated Financial Snapshot ($Millions) 23 LTM June 30, 2015 2016 2017 2017 2018 2018 Net Income from continuing operations: Investment ($1,665) ($1,487) $118 $81 $798 $835 Automotive (4) 19 (51) (20) (52) (83) Energy 7 (604) 275 (1) 160 436 Metals (51) (20) (44) 3 7 (40) Railcar 213 183 1,267 1,059 23 231 Mining (195) (24) 10 12 (1) (3) Food Packaging (3) 8 (6) 2 (4) (12) Real Estate 61 5 549 2 14 561 Home Fashion (4) (12) (20) (7) (8) (21) Holding Company (209) (287) 355 332 (116) (93) Net Income from continuing operations ($1,850) ($2,219) $2,453 $1,463 $821 $1,811 Less: net income from continuing operations attrib. to NCI (892) (1,130) 137 13 549 673 Net Income from continuing operations attib. to IEP ($958) ($1,089) $2,316 $1,450 $272 $1,138 Adjusted EBITDA: Investment ($1,100) ($1,257) $284 $173 $825 $936 Automotive 12 108 3 32 0 (29) Energy 755 313 429 206 308 531 Metals (29) (15) 20 11 16 25 Railcar 492 458 276 194 76 158 Mining (9) 2 22 18 6 10 Food Packaging 59 55 62 28 28 62 Real Estate 45 35 40 15 25 50 Home Fashion 6 (1) (9) (2) (1) (8) Holding Company (10) (1) 36 7 53 82 Consolidated Adjusted EBITDA $221 ($303) $1,163 $682 $1,336 $1,817 Less: Adjusted EBITDA attrib. to NCI (94) (477) 421 214 672 879 Adjusted EBITDA attrib. to IEP $315 $174 $742 $468 $664 $938 Capital Expenditures $825 $360 $486 $232 $144 $398 Six Months Ended June 30, FYE December 31,

Strong Balance Sheet ($Millions) 24 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Discontinued Operations Consolidated Assets Cash and cash equivalents $6 $53 $534 $104 $11 $11 $46 $30 $1 $79 $0 $875 Cash held at consolidated affiliated partnershipsand restricted cash 316 - - 19 5 - 1 2 7 - - 350 Investments 8,132 10 83 21 - - - 16 - 444 - 8,706 Accounts receivable, net - 266 190 38 67 6 80 3 32 - - 682 Inventories, net - 1,218 433 78 33 27 99 - 63 - - 1,951 Property, plant and equipment, net - 951 3,113 1,190 105 208 167 448 71 - - 6,253 Goodwill and intangible assets, net - 500 288 7 3 - 35 24 - - - 857 Assets held for sale - - 6 - 1 - - - - - 8,862 8,869 Other assets 890 144 69 24 8 22 88 394 5 3 - 1,647 Total Assets $9,344 $3,142 $4,716 $1,481 $233 $274 $516 $917 $179 $526 $8,862 $30,190 Liabilities and Equity Accounts payable, accrued expenses and other liabilities $497 $941 $1,106 $277 $55 $43 $158 $54 $36 $182 $0 $3,349 Securities sold, not yet purchased, at fair value 368 - - - - - - - - - - 368 Due to brokers - - - - - - - - - - - - Liabilities held for sale 6,145 6,145 Debt - 324 1,167 533 1 54 270 20 6 5,505 - 7,880 Total liabilities 865 1,265 2,273 810 56 97 428 74 42 5,687 6,145 17,742 Equity attributable to Icahn Enterprises 3,354 1,877 1,139 418 177 154 66 843 137 (5,169) 2,420 5,416 Equity attributable to non-controlling interests 5,125 - 1,304 253 - 23 22 - - 8 297 7,032 Total equity 8,479 1,877 2,443 671 177 177 88 843 137 (5,161) 2,717 12,448 Total liabilities and equity $9,344 $3,142 $4,716 $1,481 $233 $274 $516 $917 $179 $526 $8,862 $30,190 As of June 30, 2018

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 25 ($ Millions) Note: Indicative net asset value does not purport to reflect a valuation of IEP. The calculated Indicative net asset value does not 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 representation 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) Represents equity attributable to us as of each respective date. (2) Based on closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) 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, valued at 9.0x Adjusted EBITDA for the twelve months ended September 30, 2017 and December 31, 2017. March 31, 2018 and June 30, 2018 value is pro-forma the announced sale of Tropicana. (4) Amounts based on market comparables due to lack of material trading volume, valued at 9.0x Adjusted EBITDA for the twelve months ended September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018 (5) September 30, 2017 and December 31, 2017 based on the value of IEP’s tender offer during Q1 2017. March 31, 2018 and June 30, 2018 value is pro-forma the announced sale to Tenneco Inc. (6) Represents the option purchase price of the remaining cars not sold in the initial ARL sale, plus working capital as of that date. (7) Holding Company’s balance as of each respective date. (8) Holding Company’s balance as of each respective date. For March 31, 2018, the distribution payable was adjusted to $24 million, which represents the actual distribution paid subsequent to March 31, 2018. Sept 30 Dec 31 March 31 June 30 2017 2017 2018 2018 Market-valued Subsidiaries: Holding Company interest in Funds (1) $2,882 $3,052 $3,214 $3,354 CVR Energy (2) 1,844 2,651 2,152 2,634 CVR Refining - direct holding (2) 57 95 75 129 American Railcar Industries (2) 458 494 444 469 Total market-valued subsidiaries $5,241 $6,293 $5,885 $6,585 Other Subsidiaries Tropicana (3) $1,440 $1,439 $1,510 $1,509 Viskase (4) 179 173 209 198 Federal-Mogul (5) 1,690 1,690 2,414 2,094 Real Estate Holdings (1) 851 824 820 820 PSC Metals (1) 169 182 185 177 WestPoint Home (1) 153 144 139 137 RemainCo (6) 537 18 3 1 Ferrous Resources (1) 123 138 143 154 Icahn Automotive Group LLC (1) 1,487 1,728 1,853 1,877 Trump Entertainment (1) 64 22 21 23 Total - other subsidiaries $6,693 $6,359 $7,297 $6,990 Add: Holding Company cash and cash equivalents (7) 484 526 199 79 Less: Holding Company debt (7) (5,508) (5,507) (5,506) (5,505) Add: Other Holding Company net assets (8) 175 189 226 273 Indicative Net Asset Value $7,085 $7,860 $8,101 $8,422 As of

Appendix—Adjusted EBITDA Reconciliations 26

Non-GAAP Financial Measures 27 The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before interest expense, income tax (benefit) expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding the effects of impairment, restructuring costs, certain pension plan expenses, OPEB curtailment gains, purchase accounting inventory adjustments, certain share-based compensation, discontinued operations, gains/losses on extinguishment of debt, major scheduled turnaround expenses, FIFO adjustments and unrealized gains/losses on energy segment derivatives and certain other non-operational charges. We present EBITDA and Adjusted EBITDA a consolidated basis and attributable to Icahn Enterprises net of the effect of non-controlling interests. We conduct substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions to us. In addition, our subsidiaries are not obligated to make funds available to us for payment of our indebtedness, payment of distributions on our depositary units or otherwise, and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements to which these subsidiaries currently may be subject or into which they may enter into in the future. The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict dividends, distributions or loans to us. We believe that providing EBITDA and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information of our performance to investors and permits investors and management to evaluate the core operating performance of our business without regard to interest, taxes and depreciation and amortization and the effects of impairment, restructuring costs, certain pension plan expenses, OPEB curtailment gains, purchase accounting inventory adjustments, certain share-based compensation, discontinued operations, gains/losses on extinguishment of debt, major scheduled turnaround expenses, FIFO adjustments and unrealized gains/losses on energy segment derivatives and certain other non-operational charges. Additionally, we believe this information is frequently used by securities analysts, investors and other interested parties in the evaluation of companies that have issued debt. Management uses, and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results, as well as in planning, forecasting and analyzing future periods. Adjusting earnings for these charges allows investors to evaluate our performance from period to period, as well as our peers, without the effects of certain items that may vary depending on accounting methods and the book value of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful measures of performance exclusive of our capital structure and the method by which assets were acquired and financed. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under generally accepted accounting principles in the United States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA: • do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; • do not reflect changes in, or cash requirements for, our working capital needs; and • do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt. Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations. EBITDA and Adjusted EBITDA are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. Given these limitations, we rely primarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental measure of our financial performance.

Adjusted EBITDA Reconciliation by Segment – Last Twelve Months Ended June 30, 2018 ($Millions) 28 Investment Automotive Energy Metals Railcar Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $835 ($83) $436 ($40) $231 ($3) ($12) $561 ($21) ($93) $1,811 Interest expense, net 101 13 109 - 20 5 13 2 - 324 587 Income tax (benefit) expense - (137) (305) 44 (13) 3 18 - - (155) (545) Depreciation, depletion and amortization - 105 280 19 60 7 25 20 8 - 524 EBITDA before non-controlling interests $936 ($102) $520 $23 $298 $12 $44 $583 ($13) $76 $2,377 Impairment of assets - 11 - - 5 - 1 - 1 - 18 Restructuring costs - - - 1 - - - - 4 - 5 Non-service cost of U.S. based pension - - - - - - 10 - - - 10 FIFO impact unfavorable - - (87) - - - - - - - (87) Major scheduled turnaround expense - - 73 - - - - - - - 73 (Gains) losses on disposition of assets - (1) 2 - (148) - - (496) - (1) (644) Net loss on extinguishment of debt - - - - - - - - - 12 12 Unrealized gain on certain derivatives - - 25 - - - - - - - 25 Tax settlements - - - - - - - (38) - - (38) Other - 63 (2) 1 3 (2) 7 1 - (5) 66 Adjusted EBITDA before non-controlling interests $936 ($29) $531 $25 $158 $10 $62 $50 ($8) $82 $1,817 Adjusted EBITDA attributable to IEP: Net income (loss) $324 ($83) $322 ($40) $178 ($1) ($9) $561 ($21) ($93) $1,138 Interest expense, net 41 13 43 - 12 4 9 2 - 324 448 Income tax (benefit) expense - (137) (212) 44 18 3 13 - - (155) (426) Depreciation, depletion and amortization - 105 137 19 36 3 20 20 8 - 348 EBITDA attributable to Icahn Enterprises $365 ($102) $290 $23 $244 $9 $33 $583 ($13) $76 $1,508 Impairment of assets - 11 - - 3 - 1 - 1 - 16 Restructuring costs - - - 1 - - - - 4 - 5 Non-service cost of U.S. based pension - - - - - - 8 - - - 8 FIFO impact unfavorable - - (52) - - - - - - - (52) Major scheduled turnaround expense - - 42 - - - - - - - 42 (Gains) losses on disposition of assets - (1) 2 - (148) - - (496) - (1) (644) Net loss on extinguishment of debt - - - - - - - - - 12 12 Unrealized gain on certain derivatives - - 14 - - - - - - - 14 Tax settlements - - - - - - - (38) - - (38) Other - 63 (2) 1 3 - 6 1 - (5) 67 Adjusted EBITDA attributable to Icahn Enterprises $365 ($29) $294 $25 $102 $9 $48 $50 ($8) $82 $938

Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2018 ($Millions) 29 Investment Automotive Energy Metals Railcar Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $798 ($52) $160 $7 $23 ($1) ($4) $14 ($8) ($116) $821 Interest expense, net 27 8 54 - 10 2 7 1 - 166 275 Income tax (benefit) expense - (27) 29 - 10 2 (2) - - 2 14 Depreciation, depletion and amortization - 49 140 9 31 4 13 10 4 - 260 EBITDA before non-controlling interests $825 ($22) $383 $16 $74 $7 $14 $25 ($4) $52 $1,370 Restructuring costs - - - - - - - - 3 - 3 Non-service cost of U.S. based pension - - - - - - 8 - - - 8 FIFO impact favorable - - (42) - - - - - - - (42) Loss on disposition of assets, net - - - (5) - - - - - (5) Unrealized gain on certain derivatives - - (39) - - - - - - - (39) Other - 19 - - 3 (1) 6 - - 1 28 Adjusted EBITDA before non-controlling interests $825 $0 $308 $16 $76 $6 $28 $25 ($1) $53 $1,336 Adjusted EBITDA attributable to IEP: Net income (loss) $318 ($52) $97 $7 $15 $0 ($3) $14 ($8) ($116) $272 Interest expense, net 11 8 21 - 6 1 5 1 - 166 219 Income tax (benefit) expense - (27) 26 - 6 2 (2) - - 2 7 Depreciation, depletion and amortization - 49 70 9 19 2 11 10 4 - 174 EBITDA before non-controlling interests $329 ($22) $214 $16 $46 $5 $11 $25 ($4) $52 $672 Restructuring costs - - - - - - - - 3 - 3 Non-service cost of U.S. based pension - - - - - - 6 - - - 6 FIFO impact favorable - - (25) - - - - - - - (25) Loss on disposition of assets, net - - - (5) - - - - - (5) Unrealized gain on certain derivatives - - (23) - - - - - - - (23) Other - 19 - - 3 - 5 - - 1 28 Adjusted EBITDA attributable to Icahn Enterprises $329 $0 $169 $16 $46 $5 $22 $25 ($1) $53 $664

Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2017 ($Millions) 30 Investment Automotive Energy Metals Railcar Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $81 ($20) ($1) $3 $1,059 $12 $2 $2 ($7) $332 $1,463 Interest expense, net 92 8 54 - 33 2 7 1 - 161 358 Income tax (benefit) expense - (36) (4) (1) 519 2 1 - - (486) (5) Depreciation, depletion and amortization - 55 138 10 36 2 13 10 4 - 268 EBITDA before non-controlling interests $173 $7 $187 $12 $1,647 $18 $23 $13 ($3) $7 $2,084 Impairment of assets - 7 - - 67 - - 2 - - 76 Restructuring costs - - - - - - 2 - - - 2 Non-service cost of U.S. based pension - - - - - - 2 - - - 2 Major scheduled turnaround expense - - 16 - - - - - - - 16 (Gain) loss on disposition of assets, net - (4) 1 - (1,521) - - - - - (1,524) Net loss on extinguishment of debt - - - - - - - - - - - Unrealized gain on certain derivatives - - (11) - - - - - - - (11) Other - 22 (2) (1) 1 - 1 - 1 - 22 Adjusted EBITDA before non-controlling interests $173 $32 $206 $11 $194 $18 $28 $15 ($2) $7 $682 Adjusted EBITDA attributable to IEP: Net income (loss) $74 ($20) $4 $3 $1,051 $10 $1 $2 ($7) $332 $1,450 Interest expense, net 28 8 22 - 29 1 5 1 - 161 255 Income tax (benefit) expense - (36) - (1) 514 1 1 - - (486) (7) Depreciation, depletion and amortization - 55 66 10 26 1 9 10 4 - 181 EBITDA attributable to Icahn Enterprises $102 $7 $92 $12 $1,620 $13 $16 $13 ($3) $7 $1,879 Impairment of assets - 7 - - 67 - - 2 - - 76 Restructuring costs - - - - - - 1 - - - 1 Non-service cost of U.S. based pension - - - - - - 1 - - - 1 Major scheduled turnaround expense - - 10 - - - - - - - 10 (Gain) loss on disposition of assets, net - (4) 1 - (1,521) - - - - - (1,524) Net loss on extinguishment of debt - - - - - - - - - - - Unrealized gain on certain derivatives - - (6) - - - - - - - (6) Other - 22 (2) (1) 1 - 1 - 1 - 22 Adjusted EBITDA attributable to Icahn Enterprises $102 $32 $104 $11 $167 $13 $19 $15 ($2) $7 $468

Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2017 ($Millions) 31 Investment Automotive Energy Metals Railcar Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net income (loss) $118 ($51) $275 ($44) $1,267 $10 ($6) $549 ($20) $355 $2,453 Interest expense, net 166 13 109 - 43 5 13 2 - 319 670 Income tax (benefit) expense - (146) (338) 43 496 3 21 - - (643) (564) Depreciation, depletion and amortization - 111 278 20 65 5 25 20 8 - 532 EBITDA before non-controlling interests $284 ($73) $324 $19 $1,871 $23 $53 $571 ($12) $31 $3,091 Impairment of assets - 15 - - 68 - 1 2 1 - 87 Restructuring costs - - - 1 - - 2 - 1 - 4 Non-service cost of U.S. based pension - - - - - - 4 - - - 4 FIFO impact unfavorable - - (30) - - - - - - - (30) Major scheduled turnaround expense - - 83 - - - - - - - 83 (Gains) losses on disposition of assets - (5) 3 - (1,664) - - (496) - (1) (2,163) Net loss on extinguishment of debt - - - - - - - - - 12 12 Unrealized gain on certain derivatives - - 53 - - - - - - - 53 Tax settlements - - - - - - - (38) - - (38) Other - 66 (4) - 1 (1) 2 1 1 (6) 60 Adjusted EBITDA before non-controlling interests $284 $3 $429 $20 $276 $22 $62 $40 ($9) $36 $1,163 Adjusted EBITDA attributable to IEP: Net income (loss) $80 ($51) $229 ($44) $1,214 $9 ($5) $549 ($20) $355 $2,316 Interest expense, net 58 13 44 - 35 4 9 2 - 319 484 Income tax (benefit) expense - (146) (238) 43 526 2 16 - - (643) (440) Depreciation, depletion and amortization - 111 133 20 43 2 18 20 8 - 355 EBITDA attributable to Icahn Enterprises $138 ($73) $168 $19 $1,818 $17 $38 $571 ($12) $31 $2,715 Impairment of assets - 15 - - 68 - 1 2 1 - 87 Restructuring costs - - - 1 - - 1 - 1 - 3 Non-service cost of U.S. based pension - - - - - - 3 - - - 3 FIFO impact unfavorable - - (18) - - - - - - - (18) Major scheduled turnaround expense - - 49 - - - - - - - 49 (Gains) losses on disposition of assets - (5) 3 - (1,664) - - (496) - (1) (2,163) Net loss on extinguishment of debt - - - - - - - - - 12 12 Unrealized gain on certain derivatives - - 31 - - - - - - - 31 Tax settlements - - - - - - - (38) - - (38) Other - 66 (4) - 1 - 2 1 1 (6) 61 Adjusted EBITDA attributable to Icahn Enterprises $138 $3 $229 $20 $223 $17 $45 $40 ($9) $36 $742

Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2016 ($Millions) 32 Investment Automotive Energy Metals Railcar Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net (loss) income ($1,487) $19 ($604) ($20) $183 ($24) $8 $5 ($12) ($287) ($2,219) Interest expense, net 230 7 82 - 83 5 12 2 - 288 709 Income tax expense (benefit) - (32) (45) (16) 57 2 8 - - (5) (31) Depreciation, depletion and amortization - 98 258 22 134 6 20 22 8 - 568 EBITDA before non-controlling interests ($1,257) $92 ($309) ($14) $457 ($11) $48 $29 ($4) ($4) ($973) Impairment of assets - 1 574 1 - - - 5 2 3 586 Restructuring costs - - - 2 - - 3 1 - - 6 Non-service cost of U.S. based pension - - - - - - 5 - - - 5 FIFO impact unfavorable - - (52) - - - - - - - (52) Certain share-based compensation expense - - - - 1 - - - - - 1 Major scheduled turnaround expense - - 38 - - - - - - - 38 (Gains) losses on disposition of assets - (1) - (1) - - - (1) - - (3) Net loss on extinguishment of debt - - 5 - - - - - - - 5 Unrealized gain on certain derivatives - - 56 - - - - - - - 56 Other - 16 1 (3) - 13 (1) 1 1 - 28 Adjusted EBITDA before non-controlling interests ($1,257) $108 $313 ($15) $458 $2 $55 $35 ($1) ($1) ($303) Adjusted EBITDA attributable to IEP: Net (loss) income ($604) $19 ($327) ($20) $150 ($19) $6 $5 ($12) ($287) ($1,089) Interest expense, net 76 7 31 - 74 4 9 2 - 288 491 Income tax expense (benefit) - (32) (32) (16) 41 2 6 - - (5) (36) Depreciation, depletion and amortization - 98 127 22 113 4 14 22 8 - 408 EBITDA attributable to Icahn Enterprises ($528) $92 ($201) ($14) $378 ($9) $35 $29 ($4) ($4) ($226) Impairment of assets - 1 334 1 - - - 5 2 3 346 Restructuring costs - - - 2 - - 2 1 - - 5 Non-service cost of U.S. based pension - - - - - - 4 - - - 4 FIFO impact unfavorable - - (31) - - - - - - - (31) Certain share-based compensation expense - - - - 1 - - - - - 1 Major scheduled turnaround expense - - 20 - - - - - - - 20 (Gains) losses on disposition of assets - (1) - (1) - - - (1) - - (3) Net loss on extinguishment of debt - - 1 - - - - - - - 1 Unrealized gain on certain derivatives - - 32 - - - - - - - 32 Other - 16 1 (3) - 10 (1) 1 1 - 25 Adjusted EBITDA attributable to Icahn Enterprises ($528) $108 $156 ($15) $379 $1 $40 $35 ($1) ($1) $174

Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2015 ($Millions) 33 Investment Automotive Energy Metals Railcar Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated Adjusted EBITDA: Net (loss) income ($1,665) ($4) $7 ($51) $213 ($195) ($3) $61 ($4) ($209) ($1,850) Interest expense, net 563 - 45 - 80 2 12 2 - 288 992 Income tax expense (benefit) - - 59 (32) 69 1 10 - - (83) 24 Depreciation, depletion and amortization - 5 229 29 127 8 19 21 7 - 445 EBITDA before non-controlling interests ($1,102) $1 $340 ($54) $489 ($184) $38 $84 $3 ($4) ($389) Impairment - - 253 20 - 169 - 2 - - 444 Restructuring - - - 2 - - 5 - 1 - 8 Non-service cost of U.S. based pension - - - - - - 3 - - - 3 FIFO impact unfavorable - - 60 - - - - - - - 60 Certain share-based compensation expense - - 13 - 1 - - - - - 14 Major scheduled turnaround expense - - 109 - - - - - - - 109 Losses (gains) on disposition of assets - - 2 - - - 1 (40) - - (37) Expenses related to certain acquisitions - - - - - - - - - - - Net loss on extinguishment of debt - - - - 2 - - - - - 2 Unrealized gains on certain derivatives - - 2 - - - - - - - 2 Other 2 11 (24) 3 - 6 12 (1) 2 (6) 5 Adjusted EBITDA before non-controlling interests ($1,100) $12 $755 ($29) $492 ($9) $59 $45 $6 ($10) $221 Adjusted EBITDA attributable to IEP: Net (loss) income ($760) ($4) $25 ($51) $137 ($150) ($3) $61 ($4) ($209) ($958) Interest expense, net 259 - 25 - 57 2 9 2 - 288 642 Income tax expense (benefit) - - 54 (32) 36 1 7 - - (83) (17) Depreciation, depletion and amortization - 5 125 29 86 6 14 21 7 - 293 EBITDA attributable to Icahn Enterprises ($501) $1 $229 ($54) $316 ($141) $27 $84 $3 ($4) ($40) Impairment - - 110 20 - 130 - 2 - - 262 Restructuring - - - 2 - - 4 - 1 - 7 Non-service cost of U.S. based pension - - - - - - 2 - - - 2 FIFO impact unfavorable - - 35 - - - - - - - 35 Certain share-based compensation expense - - 11 - 1 - - - - - 12 Major scheduled turnaround expense - - 62 - - - - - - - 62 Losses (gains) on disposition of assets - - 1 - - - 1 (40) - - (38) Expenses related to certain acquisitions - - - - - - - - - - - Net loss on extinguishment of debt - - - - 1 - - - - - 1 Unrealized gains on certain derivatives - - 2 - - - - - - - 2 Other 1 11 (14) 3 - 5 9 (1) 2 (6) 10 Adjusted EBITDA attributable to Icahn Enterprises ($500) $12 $436 ($29) $318 ($6) $43 $45 $6 ($10) $315