Icahn Enterprises Adopts New Policy Increasing Annual Distribution to $4.00 Per Depositary Unit

Icahn Enterprises Adopts New Policy Increasing Annual Distribution to $4.00
Per Depositary Unit

NEW YORK, Feb. 11, 2013 (GLOBE NEWSWIRE) -- Icahn Enterprises L.P.
(Nasdaq:IEP) today announced that the Board of Directors of its general
partner has approved a modification to the Company's distribution policy to
provide for an increase in the annual distribution from $1.40, comprised of
$0.40 in cash and $1.00 in depositary units, to $4.00 per depositary unit,
payable in either cash or additional depositary units, at the election of each
depositary unit holder.

Carl C. Icahn, Chairman of the Board, noted that as part of its fiduciary
duties, the Board regularly evaluates whether it is in the best interest of
IEP and its unit holders to declare and pay a quarterly dividend. Dividends
are declared at the discretion of the Board. The new dividend policy reflects
the confidence of the Board in the IEP business strategy and the strength of
its operating businesses.

The Board of Directors of the general partner has declared a quarterly
distribution for the first quarter of 2013 in the amount of $1.00, which will
be paid on or about April 15, 2013 to depositary unit holders of record at the
close of business on February 21, 2013. Depositary unit holders will have
until March 14, 2013 to make an election to receive either cash or additional
depositary units; if a holder does not make an election, it will automatically
be deemed to have elected to receive the dividend in cash. Depositary unit
holders who elect to receive additional depositary units will receive units
valued at the volume weighted average trading price of the units on NASDAQ
during the 20 consecutive trading days immediately following the election
deadline. No fractional depositary units will be issued pursuant to the
dividend payment. Icahn Enterprises will make a cash payment in lieu of
issuing fractional depositary units to any holders electing to receive
depositary units. Any holders that would only be eligible to receive a
fraction of a depositary unit based on the above calculation will receive a
cash payment.

Carl C. Icahn, the Chairman of Icahn Enterprises and the holder of
approximately 93% of the outstanding depositary units, has indicated that it
is his present intention to elect to receive the increase in the Company's
cash distribution in additional depositary units for the foreseeable future.

Mr. Icahn stated: "I'm very proud of the performance of Icahn Enterprises.
Since Icahn Enterprises adopted an activist philosophy, the trading price of
Icahn Enterprises' depositary units has risen from $7.625 on December 31, 1999
to $59.95 on February 8, 2013, the last trading day before this announcement –
an increase of approximately 817%, which translates to an annualized return of
approximately 18% for those who owned the stock through that period (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 only
approximately 32%, 66% and 116%, respectively, over the same period, which
translates to an annualized return of only approximately 2%, 4% and 6%,
respectively (including reinvestment of distributions into those indices).
Over the last few years, we have had substantial earnings and cash flow. We
believe that our strategy will continue to produce strong results in 2013 and
into the future, and that belief is reflected in the Board's decision to
increase our quarterly distribution. We believe that the strong cash flow and
asset coverage from our operating subsidiaries will allow us to maintain a
strong balance sheet and ample liquidity. We have provided unit holders with a
choice between taking distributions in cash or in additional depositary units
so that those who wish to increase their participation in the future of our
business may do so."

Additional information regarding the distribution election will be mailed to
depositary unit holders of record as soon as practicable after February 21,
2013. A properly completed distribution election form must be received by
Icahn Enterprises' transfer agent prior to 5:00 PM EST on March 14, 2013. For
shares held through a bank, broker or nominee, questions should be directed to
such bank, broker or nominee. Registered depositary unit holders with
questions regarding the dividend should contact Registrar and Transfer Company
at (800) 368-5948 or info@rtco.com.

Icahn Enterprises L.P. (Nasdaq:IEP), a master limited partnership, is a
diversified holding company engaged in nine primary business segments:
Investment, Automotive, Energy, Railcar, Food Packaging, Metals, Real Estate,
Gaming and Home Fashion.

Caution Concerning Forward-Looking Statements

Results for any interim period are not necessarily indicative of results for
any full fiscal period. This release contains certain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or predict.
Forward-looking statements may be identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or
words of similar meaning and include, but are not limited to, statements about
the expected future dividend declarations and future business and financial
performance of Icahn Enterprises L.P. and its subsidiaries. Among these risks
and uncertainties are risks related to economic downturns, substantial
competition and rising operating costs; risks related to our investment
activities, including the nature of the investments made by the private funds
in which we invest, losses in the private funds and loss of key employees;
risks related to our automotive activities, including exposure to adverse
conditions in the automotive industry, and risks related to operations in
foreign countries; risks related to our energy business, including the
volatility and availability of crude oil, other feed stocks and refined
products, unfavorable refining margin (crack spread), interrupted access to
pipelines, significant fluctuations in nitrogen fertilizer demand in the
agricultural industry and seasonality of results; risk related to our gaming
operations, including reductions in discretionary spending due to a downturn
in the local, regional or national economy, intense competition in the gaming
industry from present and emerging internet online markets and extensive
regulation; risks related to our railcar activities, including reliance upon a
small number of customers that represent a large percentage of revenues and
backlog, the health of and prospects for the overall railcar industry and the
cyclical nature of the railcar manufacturing business; risks related to our
food packaging activities, including competition from better capitalized
competitors, inability of its suppliers to timely deliver raw materials, and
the failure to effectively respond to industry changes in casings technology;
risks related to our scrap metals activities, including potential
environmental exposure; risks related to our real estate activities, including
the extent of any tenant bankruptcies and insolvencies; risks related to our
home fashion operations, including changes in the availability and price of
raw materials, and changes in transportation costs and delivery times; and
other risks and uncertainties detailed from time to time in our filings with
the Securities and Exchange Commission. Past performance in our Investment
segment is not necessarily indicative of future performance. We undertake no
obligation to publicly update or review any forward-looking information,
whether as a result of new information, future developments or otherwise.

CONTACT: Investor Contacts:
         SungHwan Cho, Chief Financial Officer
         Peter Reck, Chief Accounting Officer
         (212) 702-4300