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Icahn Enterprises L.P. Reports Full Year and Fourth Quarter 2012 Financial Results

Icahn Enterprises L.P. Reports Full Year and Fourth Quarter 2012 Financial
Results

  *2012 Net Income Attributable to Icahn Enterprises of $396 million
  *2012 Full Year Adjusted EBITDA attributable to Icahn Enterprises of $1.5
    billion
  *Board Announced Increase of Annual Distribution to $4.00 per depository
    unit

NEW YORK, March 15, 2013 (GLOBE NEWSWIRE) -- Icahn Enterprises L.P.
(Nasdaq:IEP) is reporting revenues of $15.7 billion for the year ended
December 31, 2012, and net income attributable to Icahn Enterprises of $396
million, or $3.75 per LP unit. For the full year 2011, revenues were $11.8
billion and net income attributable to Icahn Enterprises was $750 million, or
$8.15 per LP unit.

For the fourth quarter of 2012, revenues were $4.2 billion and net income
attributable to Icahn Enterprises was $6 million, or $0.06 per LP unit. Fourth
quarter results were negatively impacted by scheduled turnarounds at CVR
Energy's Wynnewood refinery and Coffeyville fertilizer plant. For the fourth
quarter of 2011, revenues were $3.2 billion and net income attributable to
Icahn Enterprises was $260 million, or $2.81 per LP unit.

Mr. Icahn stated: "IEP has started the year with very strong results. The
indicative net asset value per IEP unit has increased from $56 per unit on
December 31, 2012 to $67 per unit as of March 13, 2013, an approximate 20%
increase over the period.  We are excited about the investment opportunities
we are seeing across our operating segments. All in all, we believe that the
future of IEP is very bright." Management's calculations of indicative net
asset value as of December 31, 2012 and March 13, 2013 are shown at the end of
this release. 

Adjusted EBITDA attributable to Icahn Enterprises was $1.5 billion for 2012
compared to $1.5 billion for 2011.For the fourth quarter of 2012, Adjusted
EBITDA attributable to Icahn Enterprises was $0.3 billion compared to $0.5
billion in the fourth quarter of 2011.

Adjusted EBIT attributable to Icahn Enterprises was $1.1 billion for 2012
compared to $1.2 billion for 2011.For the fourth quarter of 2012, Adjusted
EBIT attributable to Icahn Enterprises was $0.2 billion compared to $0.4
billion in the fourth quarter of 2011.

On February 11, 2013, the Board of Directors of the general partner of Icahn
Enterprises L.P. approved a modification to the Company's distribution policy
to increase our annual distribution to $4.00 per depositary unit, payable in
either cash or additional depositary units, at the election of each depositary
unit holder.Based upon the latest closing price of the depositary units of
Icahn Enterprises L.P., this dividend represents an annual yield of
approximately 6.5%.Carl C. Icahn, the holder of approximately 90.5% 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.

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 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.




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit data)
                                                      
                                                      Year Ended December 31,
                                                      2012     2011    2010
                                                      
Revenues                                               $15,654  $11,842 $9,072
Expenses                                               15,008   10,044  8,319
Income before income tax (expense) benefit             646      1,798   753
Income tax (expense) benefit                           81       (34)    (9)
Income from continuing operations                      727      1,764   744
Loss from discontinued operations                      —        —       (1)
Net income                                             727      1,764   743
Less: net income attributable to non-controlling       (331)    (1,014) (544)
interests
Net income attributable to Icahn Enterprises          $396     $750    $199
                                                                     
Basic income per LP unit                               $3.75    $8.35   $2.27
Basic weighted average LP units outstanding            101      88      86
                                                      
Diluted income per LP unit                             $3.75    $8.15   $2.26
Diluted weighted average LP units outstanding          101      93      87

                                      

CONSOLIDATED BALANCE SHEETS
(In millions, except unit amounts)
                                                                
                                                    December 31, December 31,
                                                     2012         2011
ASSETS                                                           
Cash and cash equivalents                            $3,071       $2,278
Cash held at consolidated affiliated partnerships    1,419        4,979
and restricted cash
Investments                                          5,491        8,938
Accounts receivable, net                             1,841        1,424
Due from brokers                                     94           30
Inventories, net                                     1,955        1,344
Property, plant and equipment, net                   6,523        3,505
Goodwill                                             2,082        1,127
Intangible assets, net                               1,206        899
Other assets                                         874          612
Total Assets                                         $24,556      $25,136
LIABILITIES AND EQUITY                                           
Accounts payable                                     $1,383       $970
Accrued expenses and other liabilities               1,496        1,317
Deferred tax liability                               1,335        556
Securities sold, not yet purchased, at fair value    533          4,476
Due to brokers                                       —            2,171
Post-employment benefit liability                    1,488        1,340
Debt                                                 8,548        6,473
Total liabilities                                    14,783       17,303
                                                                
Equity:                                                          
Limited partners                                     4,913        4,038
General partner                                      (244)        (271)
Treasury units at cost: 1,137,200 depositary units   —            (12)
at December 31, 2011
Equity attributable to Icahn Enterprises             4,669        3,755
Equity attributable to non-controlling interests     5,104        4,078
Total Equity                                         9,773        7,833
Total Liabilities and Equity                         $24,556      $25,136

Use of Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in evaluating its
performance. These include non-GAAP EBITDA, Adjusted EBITDA, EBIT and Adjusted
EBIT.EBITDA represents earnings before interest expense, income tax (benefit)
expense and depreciation and amortization. EBIT represents earnings before
interest expense and income tax (benefit) expense. We define Adjusted EBITDA
and Adjusted EBIT as EBITDA and EBIT, respectively, 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, Adjusted EBITDA, EBIT and Adjusted EBIT on 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, Adjusted EBITDA, EBIT and Adjusted EBIT 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,
Adjusted EBITDA, EBIT and Adjusted EBIT present meaningful measures of
corporate performance exclusive of our capital structure and the method by
which assets were acquired and financed.

EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT 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, Adjusted
EBITDA, EBIT and Adjusted EBIT:

  *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, Adjusted EBITDA, EBIT and Adjusted EBIT differently than we
do, limiting their usefulness as comparative measures. In addition, EBITDA,
Adjusted EBITDA, EBIT and Adjusted EBIT do not reflect the impact of earnings
or charges resulting from matters we consider not to be indicative of our
ongoing operations.

EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT 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, Adjusted EBITDA, EBIT and
Adjusted EBIT only as a supplemental measure of our financial performance.

Use of Indicative Net Asset Value Data

The Company uses the indicative net asset value of the depository units as an
additional method for considering the value of the units, and we believe that
this information can be helpful to investors.Please note, however, that the
indicative net asset value of the units does not represent the market price at
which the units trade.Accordingly, data regarding indicative net asset value
is of limited use and should not be considered in isolation.

The Company's depository units are not redeemable, which means that investors
have no right or ability to obtain from the Company the indicative net asset
value of units that they own.Units may be bought and sold on The NASDAQ
Global Select Market at prevailing market prices.Those prices may be higher
or lower than the indicative net asset value of the units as calculated by
Management.

See below for more information on how we calculate the indicative net asset
value of the Company's depository units.

($ in millions)                       Three Months Ended Twelve Months Ended
                                      December 31        December 31
                                     2012       2011    2012      2011
Consolidated Adjusted EBITDA:                           
Net income                            $66      $636  $727     $1,764
Interest expense, net                 135       109    512       436
Income tax (benefit) expense          (59)      (21)   (81)      34
Depreciation and amortization         157       104    548       410
Consolidated EBITDA                   $299    $828  $1,706  $2,644
Impairment of assets                  42        68     129       71
Restructuring costs                   9         2      31        11
Non-Service cost US based pensions    12        6      38        25
OPEB curtailment gains                --       (1)    (51)      (1)
Unfavorable FIFO impact               13        --    71        --
Unrealized (gain)/loss on derivatives (49)      --    68        --
Stock-based compensation              12        1      38        --
Major scheduled turnaround expense    94        --    107       --
Other                                 20        4      40        --
Consolidated Adjusted EBITDA          $452    $908  $2,177  $2,750
                                     
IEP Adjusted EBITDA:                  
Net income attributable to IEP        $6       $260  $396     $750
Interest expense, net                 117       94     456       377
Income tax (benefit) expense          (71)      (18)   (128)     27
Depreciation and amortization         125       78     434       309
EBITDA attributable to IEP            $177   $414  $1,158  $1,463
Impairment of assets                  38        56     106       58
Restructuring costs                   8         2      25        9
Non-Service cost US based pensions    9         4      29        18
OPEB curtailment gains                --       (1)    (40)      (1)
Unfavorable FIFO impact               11        --    58        --
Unrealized (gain)/loss on derivatives (40)      --    56        --
Stock-based compensation              9         --    30        --
Major scheduled turnaround expense    77        --    88        --
Other                                 16        2      31        --
Adjusted EBITDA attributable to IEP   $305    $477  $1,541   $1,547

                                                       
($ in millions)                       Three Months Ended Twelve Months Ended
                                      December 31,       December 31,
                                     2012     2011      2012      2011
Consolidated Adjusted EBIT:           
Net income                            $66    $636    $727    $1,764
Interest expense, net                 135     109      512      436
Income tax (benefit) expense          (59)    (21)     (81)     34
Consolidated EBIT                     $142   $724    $1,158  $2,234
Impairment of assets                  42      68       129      71
Restructuring costs                   9       2        31       11
Non-Service cost US based pensions    12      6        38       25
OPEB curtailment gains                --     (1)      (51)     (1)
Favorable FIFO impact                 13      --      71       --
Unrealized (gain)/loss on derivatives (49)    --      68       --
Stock-based compensation              12      1        38       --
Major scheduled turnaround expense    94      --      107      --
Other                                 20      4        40       --
Consolidated Adjusted EBIT            $295   $804    $1,629  $2,340
                                     
IEP Adjusted EBIT:                    
Net income attributable to IEP        $6     $260   $396    $750
Interest expense, net                 117     94       456      377
Income tax (benefit) expense          (71)    (18)     (128)    27
EBIT attributable to IEP              $52    $336    $724    $1,154
Impairment of assets                  38      56       106      58
Restructuring costs                   8       2        25       9
Non-Service cost US based pensions    9       4        29       18
OPEB curtailment gains                --     (1)      (40)     (1)
Favorable FIFO impact                 11      --      58       --
Unrealized (gain)/loss on derivatives (40)    --      56       --
Stock-based compensation              9       --      30       --
Major scheduled turnaround expense    77      --      88       --
Other                                 16      2        31       --
Adjusted EBIT attributable to IEP     $180   $399    $1,107  $1,238

                                                               
Indicative Net Asset Value Calculation                          
                                                               
($ in millions, except per unit)                    December 31, March 13,
                                                    2012         2013
                                                               
Market-valued Subsidiaries:                                     
Holding Company interest in Funds (1)               $2,387       $2,671
CVR Energy (2)                                      3,474        3,890
CVR Refining (3)                                    ----         130
Federal-Mogul (2)                                   615          482
American Railcar Industries (2)                     377          545
Total market-valued subsidiaries                    $6,853       $7,718
                                                               
Other Subsidiaries                                              
Tropicana (4) (6)                                   $488         $488
Viskase (4) (6)                                     268          268
Real Estate Holdings (5) (6)                        763          763
PSC Metals (5) (6)                                  338          338
WestPoint Home (5) (6)                              256          256
Total - other subsidiaries                          $2,113       $2,113
Add: Holding Company cash and cash equivalents (7) 1,047        1,537
Less:Holding Company debt (8)                      (4,082)      (4,082)
Add:Other Holding Company net assets (9)           63           63
Indicative Net Asset Value                          $5,993       $7,348
                                                               
Units Outstanding                                   107.0        110.2
Indicative Net Asset Value Per Unit                 $56          $67
                                                               
Market Price per IEP Unit                           $44.70       $60.58

Indicative net asset value does not purport to reflect a valuation of IEP. A
valuation is a subjective exercise and indicative net asset value does not
consider all elements or consider in the adequate proportion the elements that
would affect 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) 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.

  (3) The Holding Company purchased four million common units of CVRR at the
  initial public offering price of $25.00.As of March 13, 2013, CVRR had a
  closing price of $32.53.

  (4) Amounts based on market comparables due to lack of material trading
  volume.Tropicana valued at 8.0x Adjusted EBITDA for the twelve months ended
  December 31, 2012.Viskase valued at 11.0x Adjusted EBITDA for the twelve
  months ended December 31, 2012.

  (5) Represents equity attributable to us as of December 31, 2012.

  (6) March 31, 2013 values for Other Subsidiaries assume no change from
  December 31, 2012 value due to lack of more recent results.

  (7) March 13, 2013 cash and cash equivalents have been adjusted from
  December 31, 2012 to reflect $100 million investment in CVRR's initial
  public offering, CVR $5.50 special dividend received on February 19, 2013,
  and $198 million of proceeds from our equity offering completed March,
  2013.Such amounts have not been adjusted for other uses and sources of cash
  since December 31, 2012.

  (8) Represents Holding Company debt as of December 31, 2012.Such amounts
  have not been adjusted for changes in debt since December 31, 2012.

  (9) Represents Holding Company net assets as of December 31, 2012. Such
  amounts have not been adjusted for changes in other net assets since
  December 31, 2012.

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