Icahn Enterprises L.P. Reports Second Quarter 2013 Financial Results and Announces Increased Quarterly Dividend of $1.25 per

Icahn Enterprises L.P. Reports Second Quarter 2013 Financial Results and
Announces Increased Quarterly Dividend of $1.25 per Depositary Unit

NEW YORK, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Icahn Enterprises L.P. (Nasdaq:IEP)
is reporting revenues of $9.9 billion for the six months ended June 30, 2013
and net income attributable to Icahn Enterprises of $331 million, or $2.99 per
LP unit. For the six months ended June 30, 2012, revenues were $6.9 billion
and net income attributable to Icahn Enterprises was $306 million, or $2.93
per LP unit. For the six months ended June 30, 2013, Adjusted EBITDA
attributable to Icahn Enterprises was $899 million compared to $722 million
for six months ended June 30, 2012. For the six months ended June 30, 2013,
Adjusted EBIT attributable to Icahn Enterprises was $675 million compared to
$539 million for six months ended June 30, 2012. Icahn Enterprises has
received over $1.0 billion of cash distributions from its operating
subsidiaries during the first six months of 2013.

For the three months ended June 30, 2013, revenues were $4.6 billion and net
income attributable to Icahn Enterprises of $54 million, or $0.48 per LP unit.
For the three months ended June 30, 2012, revenues were $4.2 billion and net
income attributable to Icahn Enterprises was $257 million, or $2.37 per LP
unit. For the second quarter of 2013, Adjusted EBITDA attributable to Icahn
Enterprises was $277 million compared to $506 million in the second quarter of
2012. For the second quarter of 2013, Adjusted EBIT attributable to Icahn
Enterprises was $164 million compared to $401 million in the second quarter of
2012.

Mr. Icahn stated, "I am happy to report that for the six months ended June 30,
2013, our Net Asset Value per unit was up from $57 to $64, an increase of 12%.
I am also happy to state, that in July, our Net Asset Value per unit was up
another $7 to $71 per unit, an increase of 11% for the month, equating to an
increase year to date in Net Asset Value of 25%. The increase in July was
driven by strong performance from our Investment and Automotive segments."

During the second quarter of 2013, the board of directors of the general
partner of Icahn Enterprises L.P. approved a modification to Icahn
Enterprises' distribution policy to provide for an increase in the annual
distribution from $4.00 to $5.00 per depositary unit, payable in either cash
or additional depositary units, at the election of each depositary unit
holder. On August 6, 2013, the Board of Directors of the general partner of
Icahn Enterprises declared a quarterly distribution in the amount of $1.25 per
depositary unit, which will be paid on or about October 9, 2013 to depositary
unit holders of record at the close of business on August 16, 2013.

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

                                      

CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit amounts)

                                              Three Months   Six Months Ended
                                               Ended June 30, June 30,
                                              2013    2012   2013     2012
Revenues:                                      (Unaudited)
Net sales                                      $4,497  $3,707 $9,071   $6,106
Other revenues from operations                 203     204    392      396
Net (loss) gain from investment activities     (228)   299    350      357
Interest and dividend income                   52      17     76       42
Other income (loss), net                       94      (1)    48       9
                                              4,618   4,226  9,937    6,910
Expenses:                                                           
Cost of goods sold                             3,887   3,252  7,780    5,324
Other expenses from operations                 105     108    205      214
Selling, general and administrative            313     336    682      645
Restructuring                                  9       9      17       16
Impairment                                     5       32     5        34
Interest expense                               126     129    260      246
                                              4,445   3,866  8,949    6,479
Income before income tax (expense) benefit     173     360    988      431
Income tax (expense) benefit                   (97)    101    (217)    131
Net income                                     76      461    771      562
Less: net income attributable to               (22)    (204)  (440)    (256)
non-controlling interests
Net income attributable to Icahn Enterprises   $54     $257   $331     $306
                                                                   
Net income attributable to Icahn Enterprises                        
allocable to:
Limited partners                               $53     $249   $324     $297
General partner                                1       8      7        9
                                              $54     $257   $331     $306
                                                                   
Basic income per LP unit                       $0.48   $2.44  $3.00    $2.97
Basic weightedaverageLPunitsoutstanding    110     102    108      100
                                                                   
Diluted income per LP unit                     $0.48   $2.37  $2.99    $2.93
Diluted weightedaverageLPunitsoutstanding  111     107    109      105
Cash distributions declared per LP unit        $1.00   $0.10  $2.00    $0.20

                                      

CONSOLIDATED BALANCE SHEETS
(In millions, except unit amounts)

                                                     June 30,    December 31,
                                                     2013        2012
ASSETS                                                (Unaudited) 
Cash and cash equivalents                             $3,340      $3,071
Cash held at consolidated affiliated partnerships and 1,635       1,419
restricted cash
Investments                                           9,604       5,491
Accounts receivable, net                              2,017       1,841
Inventories, net                                      2,029       1,955
Property, plant and equipment, net                    6,628       6,523
Goodwill                                              2,089       2,082
Intangible assets, net                                1,159       1,206
Other assets                                          743         968
Total Assets                                          $29,244     $24,556
LIABILITIES AND EQUITY                                           
Accounts payable                                      $1,352      $1,383
Accrued expenses and other liabilities                2,237       1,496
Deferred tax liability                                1,465       1,335
Securities sold, not yet purchased, at fair value     667         533
Due to brokers                                        2,414       —
Post-employment benefit liability                     1,418       1,488
Debt                                                  8,245       8,548
Total liabilities                                     17,798      14,783
                                                                
Commitments and contingencies (Note 17)                          
                                                                
Equity:                                                          
Limited partners: Depositary units: 111,147,379 and
104,850,813 units issued and outstanding at June 30,  5,488       4,913
2013 and December 31, 2012, respectively
General partner                                       (232)       (244)
Equity attributable to Icahn Enterprises              5,256       4,669
Equity attributable to non-controlling interests      6,190       5,104
Total equity                                          11,446      9,773
Total Liabilities and Equity                          $29,244     $24,556

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.

Indicative Net Asset Value Calculation

($ in millions, except per unit)                July 31, June 30, December 31,
                                               2013     2013     2012
Market-valued Subsidiaries:                     (Unaudited)
Holding Company interest in Funds (1)           $2,702   $2,543   $2,387
CVR Energy (2)                                  3,360    3,375    3,474
CVR Refining - direct holding (2)               174      180      —
Federal-Mogul (2)                               1,887    783      615
American Railcar Industries (2)                 427      398      377
Total market-valued subsidiaries                $8,549   $7,279   $6,853
                                                               
Other Subsidiaries:                                             
Tropicana (3)                                   $566     $566     $512
Viskase (3)                                     237      237      268
Real Estate Holdings (4)                        717      717      763
PSC Metals (4)                                  322      322      338
WestPoint Home (4)                              205      205      256
AEP Leasing (4)                                 142      142      60
Total - other subsidiaries                      $2,189   $2,189   $2,196
Add:Holding Company cash and cash equivalents  1,451    1,412    1,045
(5)
Less:Holding Company debt (6)                  (4,025)  (3,525)  (4,082)
Add:Other Holding Company net assets (7)       (24)     (133)    86
Indicative Net Asset Value                      $8,141   $7,222   $6,098
                                                               
Units Outstanding (8)                           115      113      107
Indicative Net Asset Value Per Unit             $71      $64      $57

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)Fair market value of Holding Company's interest in the Funds and
  Investment segment cash as of each respective date.

  (2)Based on closing share price on each date and the number of shares owned
  by the Holding Company as of each respective date.

  (3)Amounts based on market comparables due to lack of material trading
  volume.Tropicana valued at 9.0x and 8.0x Adjusted EBITDA for the twelve
  months ended June 30, 2013 and the twelve months ended December 31, 2012,
  respectively.Viskase valued at 9.5x and 11.0x Adjusted EBITDA for the
  twelve months ended June 30, 2013 and the twelve months ended December 31,
  2012, respectively. The July 31, 2013 valuations for Tropicana and Viskase
  are the same as June 30, 2013 valuations due to lack of any new financial
  information subsequent to June 30, 2013.

  (4)Represents equity attributable to us as of each respective date except
  for July 31, 2013 which is as of June 30, 2013, due to the lack of any new
  financial information subsequent to June 30, 2013.

  (5)Holding Company's cash and cash equivalents balance as of each
  respective date except for July 31, 2013, which is as of June 30, 2013 and
  pro forma (i) for IEP participation in Federal Mogul's July 2013 rights
  offering, (ii) IEP's July 2013 quarterly distribution payment, and (iii)
  proceeds from IEP's debt offering that closed in August 2013.

  (6)June 30, 2013 and July, 31, 2013 Holding Company debt are adjusted for
  the satisfaction and discharge of the indenture governing our variable rate
  convertible notes due August 2013. The July 31, 2013 balance includes the
  $500 million debt issuance that closed on August 1, 2013.

  (7)Represents Holding Company net assets as reported on June 30, 2013,
  adjusted for the defeasance of the Convertible Notes. The July 31, 2013
  balance is the June 30, 2013 balance adjusted for the quarterly dividend
  paid in July 2013.

  (8)LP Units Outstanding and the GP Unit equivalent as of each respective
  date.

($ in millions)              Three Months Ended June Six Months Ended June 30,
                             30,
                            2013        2012        2013         2012
Consolidated Adjusted        (Unaudited)
EBITDA:
Net income                   $76         $461        $771         $562
Interest expense, net        123         126         256          241
Income tax expense (benefit) 97          (101)       217          (131)
Depreciation and             159         133         314          233
amortization
Consolidated EBITDA          $455        $619        $1,558       $905
Impairment of assets         5           32          5            34
Restructuring costs          9           9           17           16
Non-Service cost US based    1           14          2            28
pensions
(Favorable) unfavorable FIFO (24)        99          (29)         99
impact
Unrealized (gain)/loss on    (106)       2           (138)        2
derivatives
OPEB curtailment gain        (19)        —           (19)         —
Loss (gain) on disposal of   5           2           52           (1)
assets
Stock-based compensation     —           17          12           19
Other                        23          8           22           15
Consolidated Adjusted EBITDA $349        $802        $1,482       $1,117
                                                              
IEP Adjusted EBITDA:                                           
Net income attributable to   $54         $257        $331         $306
IEP
Interest expense, net        109         111         228          213
Income tax expense (benefit) 70          (107)       165          (142)
Depreciation and             113         105         224          183
amortization
EBITDA attributable to IEP   $346        $366        $948         $560
Impairment of assets         5           25          5            27
Restructuring costs          7           8           14           14
Non-Service cost US based    1           11          2            22
pensions
(Favorable) unfavorable FIFO (16)        76          (21)         76
impact
Unrealized (gain)/loss on    (70)        1           (97)         1
derivatives
OPEB curtailment gain        (15)        —           (15)         —
Loss on disposal of assets   3           1           41           (1)
Stock-based compensation     —           13          7            14
Other                        16          5           15           9
Adjusted EBITDA attributable $277        $506        $899         $722
to IEP

                                                       
($ in millions)                  Three Months Ended June Six Months Ended June
                                 30,                     30,
                                2013        2012        2013        2012
Consolidated Adjusted EBIT:      (Unaudited)
Net income                       $76         $461        $771        $562
Interest expense, net            123         126         256         241
Income tax expense (benefit)     97          (101)       217         (131)
Consolidated EBIT                $296        $486        $1,244      $672
Impairment of assets             5           32          5           34
Restructuring costs              9           9           17          16
Non-Service cost US based        1           14          2           28
pensions
(Favorable) unfavorable FIFO     (24)        99          (29)        99
impact
Unrealized (gain)/loss on        (106)       2           (138)       2
derivatives
OPEB curtailment gain            (19)        —           (19)        —
Loss (gain) on disposal of       5           2           52          (1)
assets
Stock-based compensation         —           17          12          19
Other                            23          8           22          15
Consolidated Adjusted EBIT       $190        $669        $1,168      $884
                                                                 
IEP Adjusted EBIT:                                                
Net income attributable to IEP   $54         $257        $331        $306
Interest expense, net            109         111         228         213
Income tax expense (benefit)     70          (107)       165         (142)
EBIT attributable to IEP         $233        $261        $724        $377
Impairment of assets             5           25          5           27
Restructuring costs              7           8           14          14
Non-Service cost US based        1           11          2           22
pensions
(Favorable) unfavorable FIFO     (16)        76          (21)        76
impact
Unrealized (gain)/loss on        (70)        1           (97)        1
derivatives
OPEB curtailment gain            (15)        —           (15)        —
Loss on disposal of assets       3           1           41          (1)
Stock-based compensation         —           13          7           14
Other                            16          5           15          9
Adjusted EBIT attributable to    $164        $401        $675        $539
IEP

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