Diversified Subsidiary Companies Presentation slide image

Diversified Subsidiary Companies Presentation

• • Evolution of Icahn Enterprises IEP began as American Real Estate Partners, which was founded in 1987, and now has diversified its portfolio to seven operating businesses and approximately $21 billion of assets as of December 31, 2023. IEP's record is based on a long-term horizon that can enhance business value for continued operations and/or facilitate a profitable exit strategy. IEP has demonstrated a history of successfully acquiring undervalued assets and improving and enhancing their operations and financial results. • In 2017, IEP sold American Railcar Leasing for $3.3 billion, resulting in a pre-tax gain of $1.7 billion. • • In 2018, IEP sold Federal-Mogul for $5.1 billion, resulting in a pre-tax gain of $251 million, Tropicana for $1.5 billion, resulting in a pre-tax gain of $779 million, and American Railcar Industries for $1.75 billion, resulting in a pre-tax gain of $400 million. In 2019, IEP sold Ferrous Resources for aggregate consideration of approximately $550 million (including repaid indebtedness), resulting in a pre-tax gain of $252 million. • • In 2021, IEP sold PSC Metals for total cash consideration of approximately $323 million resulting in a pre-tax gain of $163 million. Acquired partnership interest in Icahn Capital Management L.P. in 2007 • IEP and certain of Mr. Icahn's family members and affiliates are the sole investors in the Investment Funds. Timeline of Significant Acquisitions and Exits As of December 31, 2012(1) Mkt. Cap: $4.8bn Total Assets: $24.6bn CVR Energy 5/4/12: Acquired a majority interest in CVR via a tender offer to purchase all outstanding shares of CVR Ferrous Resources 6/8/15: IEP acquired a controlling interest in Ferrous Resources IEH Auto Parts Holding 6/1/15: Acquired substantially all of the auto part assets in the U.S. of Uni-Select Inc. 2017: Sale of ARL for $3.3 billion American Railcar Leasing American Railcar Industries 12/5/18: Sold American Railcar Industries for $1.75 billion Vivus, Inc As of December 31, 2023 (2) Mkt. Cap: $7.5bn Total Assets: $20.9bn 12/11/20: Acquired all of the outstanding common stock of Vivus upon its emergence from bankruptcy Year: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 American Railcar Leasing 10/2/13: Acquired 75% of ARL from companies wholly owned by Carl Icahn CVR Refining & CVR Partners 2013: CVR Refining completed IPO and secondary offering. CVR Partners completed a secondary offering Pep Boys 2/4/16: IEP acquired Pep Boys Federal-Mogul & Tropicana 10/1/18: Sold Federal- Mogul for $5.1 billion and Tropicana for $1.5 billion Ferrous Resources 8/1/19: Sold Ferrous Resources for $550 million, IEP share of cash proceeds was $463 million (1) Based on the closing stock price of $44.70 and approximately 107.0 million depositary and general partner equivalent units outstanding as of December 31, 2012 (2) Based on the closing stock price of $17.19 and approximately 437.7 million depositary and general partner equivalent units outstanding as of December 31, 2023 PSC Metals 12/7/21: Sold PSC Metals, LLC for $323 million
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