Icahn Enterprises L.P.

2008 Q4 and Full Year

Performance
March 5, 2009

Financial Results and Company Highlights

Forward-Looking Statement
Forward-Looking Statements and Non-GAAP Financial Measures
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for
forward-looking statements we make in this presentation, including statements
regarding our future performance and plans for our businesses and potential
acquisitions. These forward-looking statements involve risks and uncertainties
that are discussed in our filings with the Securities and Exchange Commission,
including economic, competitive, legal and other factors. Accordingly, there
is no assurance that our expectations will be realized. We assume no
obligation to update or revise any forward-looking statements should
circumstances change, except as otherwise required by law.
This presentation also includes non-GAAP financial measures. Please note that
quantitative reconciliations between each non-GAAP financial measure
contained in this presentation and its most directly comparable GAAP
measure are available on our website by viewing the copy of this presentation
at www.IcahnEnterprises.com/investor.shtml.

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Agenda

Overview and Investment Management

Keith A. Meister
Vice Chairman and Principal Executive Officer

Financial Performance and Business Segments

Dominick Ragone
Chief Financial Officer & Principal Accounting
Officer

Questions
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 Overview
and
Investment Management
Highlights

Results
 2008 net loss of $43 million or $(0.80) per depositary
unit.
 Fourth quarter net loss of $468 million or $(6.51) per
depositary unit.

Liquid assets of approximately $3.3 billion

Subsequent Events
 Icahn Enterprises made an investment of $250 million in
the Private Funds.
 Board of Directors approved a cash distribution of
$0.25 per unit on depositary units payable on
March 16, 2009.
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Investment Management

 Gross returns for the twelve months ended

December 31, 2008 were -35.6% compared to
-38.5% for the S&P500 index for the same
period.

 Total AUM of approximately $4.4 billion as of

December 31, 2008.

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Financial Performance
Consolidated Results
($ in millions)

Three Months Ended Twelve Months Ended

December 31, December 31,
2008 2007 %∆ 2008 2007 %∆

Revenues $ 236 $ 339 -30% $ 5,027 $ 2,491 102%

Expenses 2,230 471 373% 8,153 2,002 307%

(Loss) income from continuing operations before

income taxes and non-controlling interests (1,994) (132) NM (3,126) 489 NM

Income tax (expense) benefit 62 5 (47) (9)

Non-controlling interests 1,465 112 2,645 (261)

Income (loss) from continuing operations (467) (15) NM (528) 219 NM

(Loss) income from discont inued operations, net of

income t axes (1) 13 485 89

Net (Loss) Earnings $ (468) $ (2) NM $ (43) $ 308 NM

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Business Segment
Performance
Federal - Mogul
($ in millions) Three Months Ended Ten Months Ended
December 31, December 31,
2008 2008(1)
Net Sales $1,319 $5,652
Operating Loss (551) (353)

Gross Margin 183 922

D&A 84 284

Q4 Dynamics

Federal-Mogul had an operating loss of $551 million for the quarter as it wrote down assets and stepped up
restructuring in response to a deep downturn in demand.

Impairment charges primarily for goodwill and intangible assets were $434 million for 2008 and were recognized in
the fourth quarter.

Restructuring charges of $118 million for the quarter as part of Federal-Mogul’s global restructuring program
announced in September and December 2008. Expects to incur additional restructuring costs estimated at $37
million through fiscal 2010.

Gross Margin of $183 million for the fourth quarter of fiscal 2008. Gross Margin of $922 million for the ten months
ended December 2008.

Continuing global development of fuel economy, alternative energies, emissions technologies and vehicle safety
to support market and customer requirements.

(1) IE consolidated Federal-Mogul beginning February 25, 2008 (date of common control). IE includes the results of Federal-
Mogul for the ten months ended December 31, 2008.
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Metals
($ in millions) Three Months Ended Twelve Months Ended
December 31, December 31,
2008 2007 %∆ 2008 2007 %∆
Net Sales $ 96 $ 212 -54.7% $ 1,239 $ 834 48.6%
Operating (Loss) Income (20) 10 N/A 103 38 171.1%

Gross Margin (10) 12 N/A 137 56 144.6%

D&A 4 3 33.3% 16 10 60.0%

Q4 Dynamics

Unprecedented global demand drove ferrous scrap pricing to historically high levels in 2008, peaking in
early 3Q. Since that time, demand and prices have plummeted with 4Q 2008 net sales decreasing by
$116 million and operating income falling by $30 million.

The decline was partly offset by $11 million of revenue generated from scrap yards acquired during or since
4Q 2007. The impact of acquisitions on full year revenues was $141 million.

4Q measures implemented in response to these market conditions include significant staff reductions and
salary freezes, temporary idling of major equipment and certain operations, and reduced capital spending.

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Real Estate
($ in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
2008 2007 %∆ 2008 2007 %∆
Net Sales $ 27 $ 21 28.6% $ 101 $ 106 -4.7%
Operating Income 6 2 200.0% 19 14 35.7%

D&A 4 1 300.0% 9 5 80.0%

Development units sold 4 8 39 76

Rental Units Sold - 1 3 5

Q4 Dynamics

In Q4 2008, operating income increased primarily due to the acquisition of two

rental properties on 8/14/08 partially offset by a decrease in residential real estate
sales.

In Q4 2008, we sold 4 residential units for approximately $8 million compared to

8 units sold for $11 million in Q4 2007.

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Home Fashion
($ in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
2008 2007 %∆ 2008 2007 %∆
Net Sales $ 107 $ 152 -29.6% $ 425 $ 683 -37.8%
Operating Loss (30) (33) -9.1% (95) (159) -40.3%
Gross Margin 6 1 500.0% 31 2 NM
Contained in operating loss:
D&A 3 2 50.0% 12 14 -14.3%
Restructuring 8 5 60.0% 25 19 31.6%
Impairment 7 5 40.0% 12 30 -60.0%

Q4 Dynamics

The fourth quarter of fiscal 2008 continued to reflect lower sales from the weak home textile environment due to the current
slowdown in residential home sales, the elimination of unprofitable programs and the economic recession in general.

Gross margin of $6 million for the fourth quarter of 2008 compared to $1 million for the comparable period of 2007. Gross
margin of $30 million for the twelve months ended December 2008 compared to $2 million for the comparable period of
2007. Gross margin improvements came from shifting manufacturing capacity from the U.S. to lower cost countries.

Operating losses before restructuring and impairment charges for the fourth quarter of fiscal 2008 were $14 million
compared with $24 million for the fourth quarter of fiscal 2007, and improved 42% primarily due to improving gross margins
and lowering selling, general, and administrative expenditures.

WPI continues its restructuring efforts and, accordingly, anticipates that restructuring charges and operating losses will
continue to be incurred throughout fiscal 2009.

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Debt and Liquidity
($ in millions)

Debt: December 31, 2008

Senior unsecured v ariable rate conv ertible notes due 2013 - IE $ 556
Senior unsecured 7.125% notes due 2013 - IE 961
Senior unsecured 8.125% notes due 2012 - IE 352
Exit facilities - Federal - Mogul 2,474
Mortgages payable 123
Other 105
Total Debt 4,571
(1)
Cash, Cash Equiv alents and Liquid Assets 3,291
Cash and Cash Equivalents and Liquid Assets, Net of Debt $ (1,280)

Undrawn Credit Facilities

Icahn Enterprises $ 150
WestPoint Home 45
Federal-Mogul 540
$ 735

(1)
Cash, Cash Equivalents and Liquid Assets
Cash & cash equivalent s $ 2,612
Liquid invest ment s (excludes Invest ment Management ) 19
Icahn Funds Invest ment (eliminat ed in consolidat ion) 660
$ 3,291

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Questions
Appendix
EBITDA
($ in millions)

For the Three Months ended

December 31,
2008 2007
Net earnings $ (468) $ (2)
(1)
Interest expense 58 41
Income tax expense, net (49) (2)
(2)
Depreciation, depletion and amortization 74 7
EBITDA $ (385) $ 44

(1) Includes amortization of debt issuance costs.

(2) Excludes amortization of debt issuance costs.

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EBITDA
($ in millions)

For the Twelve Months ended

December 31,
2008 2007
(1)
Net earnings $ (43) $ 308
(2)
Interest expense 273 171
Income tax expense, net 308 27
(3)
Depreciation, depletion and amortization 248 39
EBITDA $ 786 $ 545

(1) Includes gain on sale of $472 million.

(2) Includes amortization of debt issuance costs.
(3) Excludes amortization of debt issuance costs.

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Segment Data
($ in millions)

For the Three Months ended

December 31,
Revenues(1) Income (loss) cont. ops.
2008 2007 2008 2007

Inv estment Management $ (1,493) $ (107) $ (176) $ (22)

Automotiv e 1,335 - (382) -
Metals 99 212 (8) 15
Real Estate 28 23 6 3
Home Fashion 110 165 (17) (11)
Holding Company 157 46 110 -
$ 236 $ 339 $ (467) $ (15)

(1) Segment revenues include interest and other income and net gains and losses from investment
activities.

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Segment Data
($ in millions)
For the Twelve Months ended
December 31,
(1)
Revenues Income (loss) cont. ops.
2008 2007 2008 2007

Investment Management $ (2,783) $ 588 $ (335) $ 170

Automotive(2) 5,727 - (350) -
Metals 1,243 834 66 42
Real Estate 103 113 14 14
Home Fashion 438 706 (55) (84)
Holding Company 299 250 132 77
$ 5,027 $ 2,491 $ (528) $ 219

(1) Segment revenues include interest and other income and net gains and losses from investment
activities
(2) IE consolidated Federal-Mogul beginning February 25, 2008 (date of common control). IE includes the
results of Federal-Mogul for the ten months ended December 31, 2008.
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