Profile: Icahn Enterprises L.P. (IEP)

Icahn Enterprises L.P. (Icahn Enterprises) is a diversified holding company. The Company, through its subsidiaries is engaged in the continuing operating businesses, including investment management, automotive, metals, real estate and home fashion. On February 20, 2008, the Company sold its subsidiary, American Casino & Entertainment Properties LLC (ACEP). The sale of ACEP included the Stratosphere and three other Nevada gaming properties, which represented all of the Company’s remaining gaming operations.

The Company owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. (Icahn Enterprises Holdings). All of the assets and liabilities are owned through Icahn Enterprises Holdings and all of the Company’s operations are conducted through Icahn Enterprises Holdings and its subsidiaries. Icahn Enterprises G.P. Inc. (Icahn Enterprises GP), the Company’s sole general partner, owns a 1% general partnership interest in both Icahn Enterprises Holdings and the Company, representing an aggregate 1.99% general partnership interest in Icahn Enterprises Holdings and the Company. On July 3, 2008, the Company acquired majority interest in Federal-Mogul Corporation (Federal-Mogul).

Investment Management

The Company has general partnership interest in Icahn Onshore LP (the Onshore GP), and Icahn Offshore LP (the Offshore GP) (collectively referred to as the General Partners), acting as general partners of Icahn Partners LP (the Onshore Fund), and the Offshore Master Funds provide investment advisory and certain administrative, and back office services to the Private Funds. The Offshore Master Funds consist of Icahn Partners Master Fund LP (Offshore Master Fund I), Icahn Partners Master Fund II L.P. (Offshore Master Fund II) and Icahn Partners Master Fund III L.P. (Offshore Master Fund III).

Automotive

Federal-Mogul is a global supplier of technology and innovation in vehicle and industrial products for fuel economy, alternative energies, environment and safety systems. Federal-Mogul’s principal customers include the original equipment manufacturers (OEMs), of automotive, light commercial, heavy-duty, industrial, agricultural, aerospace, marine, rail and off-road vehicles, as well as the worldwide aftermarket. Federal-Mogul conducts its operations through various manufacturing, distribution and technical centers that are wholly owned subsidiaries or partially owned joint ventures, organized into five product groups: Powertrain Energy, Powertrain Sealing and Bearings, Vehicle Safety and Protection, Automotive Products and Global Aftermarket.

Powertrain Energy products are used in automotive, light truck, heavy-duty, industrial, marine, agricultural, power generation and small air-cooled engine applications. Powertrain Sealing and Bearings include dynamic seals, bonded piston seals, combustion and exhaust gaskets, static gaskets and seals, rigid heat shields, engine bearings, industrial bearings, and bushings and washers. Federal-Mogul supplies friction and systems protection products and is one of the suppliers of friction materials. Automotive Products includes manufacturing operations for brake system components, chassis products, windshield wipers, fuel pumps, ignition and lighting products. Global Aftermarket sells products manufactured within the product groups and purchased from outside suppliers to the independent automotive, heavy-duty and commercial/industrial replacement markets.

Metals

PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms, and supplies the recycled metals to its customers, including electric-arc furnace mills, integrated steel mills, foundries, secondary smelters and metals brokers. These services are provided through PSC Metals’ recycling facilities located in eight states. PSC Metals’ ferrous products include shredded, sheared and bundled scrap metal and other purchased scrap metal, such as turnings (steel machining fragments), cast furnace iron and broken furnace iron. PSC Metals also processes non-ferrous metals, including aluminum, copper, brass, stainless steel and nickel-bearing metals. PSC Metals also operates a secondary products business that includes the supply of secondary plate and structural grade pipe that is sold into markets for counterweights, piling and foundations, construction materials and infrastructure end-markets.

Real Estate

The Company’s Real Estate operations consist of rental real estate, property development and associated resort activities. Its rental real estate operations consist primarily of retail, office and industrial properties leased to single corporate tenants. Its property development and resort operations are run primarily through Bayswater, a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family houses, multi-family homes, lots in subdivisions and planned communities and raw land for residential development. The Company’s Seabury development property in Cape Cod, Massachusetts and its Grand Harbor and Oak Harbor development property in Vero Beach, Florida each include land for future residential development of approximately 335 and 870 units of residential housing, respectively. During the year ended December 31, 2008, Real Estate segment added two net leased office buildings to its portfolio, one in Atlanta and one in Dallas. In addition, Real Estate segment completed a residential community in Westchester County, New York during 2008.

Home Fashion

The Company conducts its Home Fashion operations through WestPoint International Inc. (WPI), a manufacturer and distributor of home fashion consumer products based in New York, NY. WPI’s business consists of manufacturing, sourcing, distributing, marketing and selling home fashion consumer products. WPI manufactures and sources its products in an assortment of colors and patterns from a variety of fabrics, including chambray, twill, sateen, flannel and linen, and from a variety of fibers, including cotton, synthetics and cotton blends.