About Icahn Enterprises L.P.

Icahn Enterprises L.P., through its subsidiaries, engages in investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses. Icahn Enterprises G.P. Inc. serves as the general partner of the company. The company operates a portfolio of seven diversified reporting segments. With the exception of its Investment segment, the company’s operating segments primarily comprise independently operated businesses that it has obtained a controlling interest in through execution of its business strategy. The company’s other operating segments’ revenues are also derived through various other revenue streams which primarily consists of automotive services and real estate leasing operations. Segments Investment This segment consists of various private investment funds (Investment Funds) in which the company has general partner interests and through which it invests its proprietary capital. The company certain of Mr. Icahn’s wholly-owned affiliates and Brett Icahn, son of Mr. Icahn, are the sole investors in the Investment Funds. As general partner, the company provides investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. Interests in the Investment Funds are not offered to outside investors. Business Strategy The Investment Funds seek to acquire securities in companies that trade at a discount to inherent value as determined by various metrics, including replacement cost, break-up value, cash flow and earnings power and liquidation value. The Investment Funds utilize a process-oriented, research-intensive, value-based investment approach. This approach generally involves three critical steps, such as fundamental credit, valuation and capital structure analysis; intense legal and tax analysis of fulcrum issues such as litigation and regulation that often affect valuation; and combined business valuation analysis and legal and tax review to establish a strategy for gaining an attractive risk-adjusted investment position. This approach focuses on exploiting market dislocations or misjudgments that may result from market euphoria, litigation, complex contingent liabilities, corporate malfeasance and weak corporate governance, general economic conditions or market cycles and complex and inappropriate capital structures. The Investment Funds often act as activist investors ready to take the steps necessary to seek to unlock value, including through tender offers, proxy contests and demands for management accountability. The Investment Funds may employ a number of strategies and are permitted to invest across a variety of industries and types of securities, including long and short equities, long and short bonds, bank debt and other corporate obligations, options, swaps and other derivative instruments thereof, risk arbitrage and capital structure arbitrage and other special situations. The Investment Funds invest a material portion of their capital in publicly traded equity and debt securities of companies. Energy This segment operates through the company’s majority owned subsidiary, CVR Energy. CVR Energy is headquartered in Sugar Land, Texas. CVR Energy is a reporting company under the Exchange Act and files annual, quarterly and reports, proxy statements and other information with the SEC that are publicly available. CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing industry through its petroleum business and in the nitrogen fertilizer manufacturing industry through its holdings in CVR Partners, LP, a publicly traded limited partnership (CVR Partners). CVR Energy is an independent petroleum refiner and marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels, as well as renewable diesel. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate (UAN) and ammonia. CVR Energy has a general partner interest in CVR Partners. In addition, CVR Energy owns 37% of the outstanding common units of CVR Partners as of December 31, 2022. As of December 31, 2022, the company owned approximately 71% of the total outstanding common stock of CVR Energy. Environmental Regulations CVR Energy’s businesses is subject to, or impacted by, various other environmental laws and regulations such as the federal Clean Air Act, the federal Clean Water Act, the federal comprehensive Environmental Response, Compensation and Liability Act, the federal Resource Conversation and Recovery Act, federal release reporting requirements relating to the release of hazardous substances into the environment, certain fuel regulations, renewable fuel standards, as discussed below, and various other laws and regulations. CVR Energy’s subsidiaries, Coffeyville Resource Refining & Marketing, LLC (CRRM) and Wynnewood Refining Company, LLC (WRC and together with CRRM the obligated-party subsidiaries) are subject to the Clean Air Act’s renewable fuel standard (RFS) which requires refiners to either blend “renewable fuels” with their transportation fuels or purchase renewable fuel credits, known as renewable identification numbers, in lieu of blending. Automotive This segment operates through its wholly owned subsidiary, Icahn Automotive Group LLC (Icahn Automotive). Icahn Automotive is headquartered in Kennesaw, Georgia. Icahn Automotive was formed by the company to invest in and operate businesses involved in automotive repair and maintenance services (automotive services), as well as the distribution and sale of automotive aftermarket parts and accessories to end-user do-it-yourself customers, wholesale distributors, and professional auto mechanics (aftermarket parts). Icahn Automotive’s automotive services and aftermarket parts businesses serve different customer channels and have distinct strategies, opportunities and requirements. In January of 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries (Auto Plus), an aftermarket parts distributor held within the company’s Automotive segment, filed voluntary petitions (the Chapter 11 Cases) in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) seeking relief under Chapter 11 of Title 11 of the United States Code. In the course of the Chapter 11 cases, Auto Plus will seek to sell substantially all of its assets pursuant to Section 363 of the Bankruptcy Code, with the proceeds of such sale used to satisfy obligations to its creditors, and to settle or discharge all of its obligations, in each case subject to approval by the Bankruptcy Court. Products, Services and Customers Icahn Automotive seeks to provide an extensive selection of product offerings, competitive pricing, exceptional in-store service experience and superior delivery to its customers. Suppliers Icahn Automotive purchases parts from manufacturers and other distributors for sale in the aftermarket. Purchases are made based on current inventory or operational needs and are fulfilled by suppliers within short periods of time. During 2022, Icahn Automotive’s ten largest suppliers accounted for approximately 60% of the merchandise purchased and its two largest suppliers accounted for more than 29% of the merchandise purchased. Icahn Automotive believes that the relationships that it has established with its suppliers are generally positive. In the past, Icahn Automotive has not experienced difficulty in obtaining satisfactory sources of supply and it believes that adequate alternative sources of supply exist, at similar cost, for the types of merchandise sold in its stores. Other Operating Segments Food Packaging The company conducts its Food Packaging segment through its majority owned subsidiary, Viskase Companies, Inc. (Viskase). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. Approximately 69% of Viskase’s net sales during 2022 were derived from customers outside the United States. Real Estate Real Estate segment consists primarily of investment properties, the development and sale of single-family homes and the management of a country club. Home Fashion The company conducts its Home Fashion segment through its wholly owned subsidiary, WestPoint Home LLC (WPH). WPH’s business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. WPH’s operations include a manufacturing and distribution facility in Chipley, Florida and a manufacturing facility in Bahrain, both of which are owned facilities. Pharma The company conducts its Pharma segment through its wholly owned subsidiary, Vivus LLC (Vivus). Vivus is a specialty pharmaceutical company with two approved therapies and one product candidate in active clinical development. History Icahn Enterprises L.P. was founded in 1987. The company was incorporated in Delaware in 1987.