Diversified Subsidiary Companies Presentation slide image

Diversified Subsidiary Companies Presentation

Segment: Investment Highlights and Recent Developments • Long history of investing in public equity and debt securities and pursuing activist agenda Employs an activist strategy that seeks to unlock hidden value through various tactics • • • Financial/balance sheet restructurings Operational turnarounds Strategic initiatives Corporate governance changes As of December 31, 2023, the Funds had a net short notional exposure of 36% Segment Description • • • Our Investment segment is comprised of various private investment funds ("Investment Funds") in which we have general partner interests and through which we invest our proprietary capital We and certain of Mr. Icahn's family members and affiliates are the only investors in the Investment Funds Fair value of IEP's investment in the Funds was approximately $3.2 billion as of December 31, 2023 Significant Holdings Historical Segment Financial Summary As of December 31, 2023 FYE December 31, Investment Segment ($Millions) 2021 2022 2023 Company Mkt. Value ($mm) (1) % Ownership(2) Selected Income Statement Data: $698 15.41% Total revenue $202 ($23) ($1,165) SOUTHWEST GAS Adjusted EBITDA (3) (32) (223) (1,353) Net income (loss) (32) (223) (1,353) illumina $306 1.38% Adjusted EBITDA attributable to IEP (3) (16) (89) (701) Net income (loss) attributable to IEP (16) (89) (701) iff $304 1.47% Returns -0.3% -2.4% -16.9% $303 2.73% CROWN Segment Balance Sheet Data (4): Brand-Building Packaging™ Equity attributable to IEP $4,271 Total Equity $9,390 $4,184 $3,243 $9,150 $5,360 $278 9.51% BAUSCH-Health Includes common stock and forward contracts as a percentage of common shares issued and outstanding. (1) Based on closing share price as of specified date. (2) (3) Refer to the Adjusted EBITDA reconciliations in the Appendix. (4) Balance Sheet data as of end of each respective period. 10 10
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