Icahn Enterprises L P's Business Segments

Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires.
Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2016. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations.

The registrant operates through two reportable business segments: Investment and Energy. The Investment segment holds significant positions in companies including American Electric Power Company, Inc. (AEP), Southwest Gas Holdings, Inc. (SWX), EchoStar Corp. (SATS), Centuri Holdings, Inc. (CTRI), and International Flavors and Fragrances Inc. (IFF). Several operating businesses originated from investment positions in debt or equity securities held by the registrant or Chairman Carl C. Icahn, leading to control or full ownership of those companies. For instance, CVR Energy, Inc. began as an investment position and now functions as an operating subsidiary within the Energy segment. The registrant employs an activist investment strategy aimed at acquiring target stock and removing obstacles to friendly purchase offers or gaining control to improve company performance. This strategy includes promoting change through minority positions, proxy contests, tender offers, and acquiring control to hold management teams and boards accountable or replace them. Chairman Carl C. Icahn has been an activist investor since 1980 and identifies opportunities when companies engage in value-destructive acquisitions or fail to unlock value through separation transactions. The registrant anticipates that this strategy will continue to generate strong results, supported by robust cash flow and asset coverage from its operating subsidiaries.