RobertJ.SullivanIVBIGSKYINVESTMENTS®

www.bigskyinvestments.com

HoldingsSummary

IcahnEnterprisesL.P.Price (11/18/2017)

StyleBeta(5y) 1.79IndustrySector

FYEndedDec 2016-A 2017(ttm) 2018-ERevenue($M) 16,337$ 18,958$ $19,906EPS(Basic) (8.07)$ 12.24$ $14.81

P/ERatio - 4.32x 3.57x

52-wk.High/Low $ 64.80/47.06AvgDailyVolume(3mo.)(K) 80MarketCap(M) $ 8937.70SharesOutstanding(M) 169.10Cash&STInvestpershare $ 12.06

TotalDebt/Equity 52%

BookValuepershare $ 127.85 BearCaseDividend&Yield 11%

Last Industry SectorP/ERatio 4.32x 15.5x 19.4xP/Book 1.8x 1.7x 2.4x

P/Sales 0.47x 1.8x 1.4x Recommendation BUYROA(TTM) 1.6% 2.8% 3.3%ROE(TTM) 18.3% 9.3% 8.7%

1-yr 3-yr 5-yrSales% 27.1% 2.6% 5.6%EBITDA 332.4% 13.9% -1.5%NetIncome 271.0% -261.7% 32.2%

EPS(Basic) 252.0% -246.2% 21.2%

Div/ShareGrowth 0.0% 0.0% 71.8%

IcahnEnterprisesisadiversifiedholdingcompanyowningsubsidiariescurrentlyengagedinthefollowingcontinuingoperatingbusinesses:Investment,Automotive,Energy,Railcar,Gaming,Metals,Mining,FoodPackaging,RealEstateandHomeFashion.

Industrials

Annualized(GeoMean)

EquityResearchExecutiveSummary

One-YearPricePerformancevs.S&P500CompanyDescription

EPS&RevenueForecasts

KeyStatistics

ValuationSummary

GrowthSummary

$52.86Mid-Value

IndustrialConglomerates

Ticker:IEP

BullCaseAtacurrentP/Eratioof4.32x,IEPstockisinexpensiverelativetopeers.Thecurrentdividendyieldof11%isphenomenal.Astrategyofdiversifiedholdingsreducerisk.Solidcompanies,withstrongbalancesheetsandamplecashflow.Highliquidityposition.Legendaryinvestor,CarlIcahnatthehelm.

IEPstockishighlyvolatile.Dividendcouldbeunsustainable.HasunderperformedtheS&P500overthepast12months.

IEPis attractivelypricedattheselevels.IEPcurrentlyoffersaphenomenal11%dividendyieldthatcannotbefoundinverymanyotherareasofthemarket.Becauseofampleliquidityandadiversifiedholdingstrategy,IEPisabletopounceonfavorableopportunitiesaswellasnimblyprotectagainstadversemarketsconditions.CarlIcahnisalegendaryinvestorwithastrongtrack-record.Atthesepricelevels,IEPoffersafavorableRisk/Returnandwouldmakeasolidadditiontoaportfoliothatwouldlikediversifiedsectorexposurewithconcentrationinindustrials.

Investment25%

Automotive28%

Energy17%

Railcar5%

Gaming13%

Metals1% Mining

1%

FoodPackaging2%

RealEstate7%

HomeFashion1%

Investment>AIG >Herbalife>Cheniere >FreeportMcMoran>XeroxAutomotive>Federal- Mogul>IcahnAutomotiveGroupEnergy>CVREnergyGaming>TropicanaEntertainment>TrumpEntertainmentResortsReal Estate>Rental&PropertyDevelopmentRailcar>American RailcarIndustriesFoodPackaging>ViskaseCompaniesMetals/ Mining>PSCMetals >FerrousResourcesHomeFashion>WestPointHome

31-Dec 31-Mar 30-Jun 30-Sep *HoldingCompanyInterestinFunds2016 2017 2017 2017 SignificantHoldings AsofSeptember30,2017

Market-ValuedSubsidiaries: Company MktValue($M) %Ownership

*HoldingCompanyInterestinFunds(1)(FairValue) 1,669$ 1,846$ 2,742$ 2,882$ 24% AIG 2,638$ 4.8%CVREnergy(2) 1808 1430 1549 1844 15% Herbalife 1,551$ 24.3%CVRRefining-directholding(2) 60 54 55 57 0% Cheniere 1,472$ 13.7%AmericanRailcarIndustries(2) 538 488 455 458 4% FreeportMcMoran 1,083$ 5.3%

TotalMarket-ValuedSubsidiares 4,074$ 3,818$ 4,801$ 5,241$ 44% Xerox 824$ 9.7%Total 7,568$

OtherSubsidiaries

Tropicana(3) 862$ 981$ 1,092$ 1,429$ 12%Viskase(3) 154 155 164 179 2%Federal-Mogul(4) 1,429 1,690 1,690 1,690 14%RealEstateHoldings(1) 642 638 643 851 7%PSCMetals(1) 155 169 169 169 1%WestPointHome(1) 164 161 157 153 1%ARL/RemainCo(5) 1,689 1,699 557 537 5%FerrousResources(1) 104 109 125 123 1%IcahnAutomotiveGroupLLC(1) 1,319 1,301 1,325 1,487 12%TrumpEntertainment(1) 86 28 32 64 1%

Total-OtherSubsidiares 6,604$ 6,931$ 5,954$ 6,682$ 56%

TotalValueofSubsidiaries 10,678$ 10,749$ 10,755$ 11,923$ 100%Add:HoldingCompanycash&cashequivalents(6) 225 337 653 484

Less:HoldingCompanyDebt(6) (5,490) (5,507) (5,507) (5,508)

Add:OtherHoldingCompanyNetAssets(7) 171 163 93 175

IndicativeNetAssetValue 5,584$ 5,742$ 5,994$ 7,074$

(1) Represents equity attributable to us as of each respective date.

(6) Holding Company’s balance as of each respective date.

Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets ($ Millions)

%TotalSubsidiaries

Asof

Note: Indicative net asset value does not purport to reflect a valuation of IEP. The calculated Indicative net asset value does not include any value for our Investment Segment other than the fair market value of our investment in the Investment Funds. A valuation is a subjective exercise and Indicative net asset value does not necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors may reasonably differ on what such elements are and their impact on IEP. No representation or assurance, express or implied is made as to the accuracy and correctness of indicative net asset value as of these dates or with respect to any future indicative or prospective results which may vary.

(2) Based on closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) and the number of shares owned by the Holding Company as of each respective date.

(5) December 31, 2016 and March 31, 2017 reflect the initial sale of ARL to SMBC Rail and assumes that the ARL cars not being sold to SMBC Rail during the initial closing are valued at the purchase price option set forth in the ARL sales agreement less liabilities. June 30, 2017 and September 30, 2017 represents the option purchase price of the remaining cars not sold in the initial ARL sale, plus working capital as of that date.

(3) Amounts based on market comparables due to lack of material trading volume. Tropicana valued at 8.5x Adjusted EBITDA for the twelve months ended December 31, 2016, and 9.0x Adjusted EBITDA for the twelve months ended March 31, 2017, June 30, 2017 and September 30, 2017. Viskase valued at 9.0x Adjusted EBITDA for the twelve months ended December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017.

(7) Holding Company’s balance as of each respective date. For March 31, 2017, the distribution payable was adjusted to $20 million, which represents the actual distribution paid subsequent to March 31, 2017.

(4) December 31, 2016 represents the closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) and the number of shares owned by the Holding Company. March 31, 2017, June 30, 2017 and September 30, 2017 represents the value of the company based on IEP’s tender offer during Q1 2017.

*HoldingCompanyInterestinFunds(1)(FairValue), $2,882,

24%

CVREnergy(2),1844,15%

CVRRefining- directholding(2),57,1%

AmericanRailcarIndustries(2),458,4%

Tropicana(3), $1,429,12%

Viskase(3), 179,2%

Federal-Mogul(4), 1,690 , 14% RealEstateHoldings(1),

851,7%

PSCMetals(1),169,1%

WestPointHome(1),153,1%

ARL/RemainCo

(5), 537 , 5% FerrousResources

(1), 123,1%

IcahnAutomotiveGroupLLC(1), 1,487,

12%

TrumpEntertainment(1), 64,1%

Subsidiaries

11/18/2017 IcahnEnterprises RobertJSullivanIVEquityResearchAnalysis IEP BIGSKYINVESTMENTS®Icahn Enterprises (IEP) is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion. IEP adopts a strategy aligned with the traditional Graham & Dodd tradition of investing in underpriced securities at deeply depressed prices. What separates IEP from the typical value investor is that IEP often becomes actively involved in the companies they target. That activity may involve a broad range of approaches, from influencing the management of a target to take steps to improve shareholder value, to acquiring a controlling interest or outright ownership of the target company in order to implement changes they believe are required to improve its business, and then operating and expanding that business.

Several of IEP’s operating business have started out as investment positions in debt or equity securities which have ultimately resulted in control or complete ownership of the target company. An example of this is CVR Energy, Inc. (CVR). IEP acquired a controlling interest in CVR in 2012 as a position in their Investment segment. CVR has since morphed into an operating subsidiary that comprises the Energy segment. As of December 31, 2016, based on the closing sale price of CVR stock and distributions since IEP acquired control, IEP had allotted gains of approximately $1.3B on the purchase of CVR. The acquisition of CVR, like various other operating subsidiaries, reflects IEP’s opportunistic approach to value creation, through which returns may be obtained by, among other things, promoting change through minority positions at targeted companies in the Investment segment or by acquiring control of those target companies that they believe could be ran more profitably by themselves.

The companies that are targeted for activist activities are undervalued for many reasons, often including inept management. “In general, many poor management teams are often unaccountable and very difficult to remove.” This is where IEP adds value for investors as they have the wherewithal to purchase companies that can be operated more effectively than incumbent management. In addition, through the Investment segment, IEP is in a position to pursue their activist strategy by purchasing stock or debt positions and trying to promulgate change through a variety of activist approaches, ranging from speaking and negotiating with the board and CEO to proxy fights, tender offers and taking control. Icahn Enterprises believes that the best way to create shareholder value is to make underperforming management teams and boards accountable or to replace them.

In the low interest rate and low-inflation environment that has been prevalent since the financial crises, many major companies have substantial amounts of cash. IEP believes that these companies are hoarding cash, rather than spending it, because they do not believe investments in their business will translate to earnings. IEP believes that one of the best ways for many cash-rich companies to achieve increased earnings is to use their large amounts of excess cash, together with advantageous borrowing opportunities, to purchase other companies in their industries and take advantage of the meaningful synergies that could result. In their opinion, the CEOs and Boards of Directors of undervalued companies that would be acquisition targets are

IcahnEnterprises CorporateStrategy IEP

the major road blocks to this logical use of assets to increase value, because often those CEOs and Boards are not willing to give up their power and perquisites, even if they have done a poor job in administering the companies they have been running. In addition, acquirers are often unwilling to undertake the arduous task of launching a hostile campaign. This is precisely the situation where a strong activist catalyst is necessary to unlock shareholder value.

IEP’s activist investment approach should continue to produce strong results into the future. Strong cash flow and asset coverage from their operating segments should allow them to maintain a strong balance sheet and ample liquidity.

Core Strengths

IEP’s core strengths include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues.

The key elements of this business strategy can be summarized as:

• Capitalize on Growth Opportunities in their Existing Businesses. o Existing businesses may be expanded if appropriate opportunities are identified, as

well as levered as a platform for additional acquisitions in the same or related areas. • Drive Accountability and Financial Discipline in the Management of the Business.

o CEO and senior management teams are directly accountable to the board of directors.

o Continuous evaluation of operating subsidiaries with a view towards maximizing value and cost efficiencies.

• Seek to Acquire Undervalued Assets. o Continue to make investments in businesses that are believed to be undervalued

with potential for growth. o Capitalize on investment opportunities arising from market inefficiencies,

economic or market trends that have not been identified and reflected in market value, or complex or special situations.

• Use Activism to Unlock Value o Activism may involve a broad range of activities, from trying to influence

management in a proxy fight, to taking outright control of a company in order to bring about the change required to unlock value.

o The key is flexibility, permanent capital and the willingness and ability to have a long-term investment horizon.

IcahnEnterprises InvestmentSegment IEP

Investment Strategy

The investment strategy of the General Partners is set and led by Mr. Icahn. The Investment Funds seek to acquire securities in companies that trade at a discount to inherent value as determined by various metrics, including replacement cost, break-up value, cash flow and earnings power and liquidation value.

The General Partners utilize a process-oriented, research-intensive, value-based investment approach. This approach generally involves three critical steps: (i) fundamental credit, valuation and capital structure analysis; (ii) intense legal and tax analysis of fulcrum issues such as litigation and regulation that often affect valuation; and (iii) combined business valuation analysis and legal and tax review to establish a strategy for gaining an attractive risk-adjusted investment position. This approach focuses on exploiting market dislocations or misjudgments that may result from market euphoria, litigation, complex contingent liabilities, corporate malfeasance and weak corporate governance, general economic conditions or market cycles and complex and inappropriate capital structures.

The Investment Funds are often activist investors ready to take the steps necessary to seek to unlock value, including tender offers, proxy contests and demands for management accountability. The Investment Funds may employ a number of strategies and are permitted to invest across a variety of industries and types of securities, including long and short equities, long and short bonds, bank debt and other corporate obligations, options, swaps and other derivative instruments thereof, risk arbitrage and capital structure arbitrage and other special situations. The Investment Funds invest a material portion of their capital in publicly traded equity and debt securities of companies that the General Partners believe to be undervalued by the marketplace. The Investment Funds often take significant positions in the companies in which they invest.

IcahnEnterprises Segments IEP

Energy Segment CVR Energy, Inc. (NYSE:CVI) operates as a holding company that owns majority interests in two separate operating subsidiaries: CVR Refining, LP (NYSE:CVRR) and CVR Partners, LP (NYSE:UAN)

CVR Refining is an independent petroleum refiner and marketer of high-value transportation fuels in the mid-continent of the United States

CVR Partners is a manufacturer of ammonia and urea ammonium nitrate solution fertilizer products

Highlights and Recent Developments CVR Energy Q3 2017 Highlights: • Announced Q3 2017 cash dividend of $0.50 per

share CVR Refining Q3 2017 Results: • Q3 2017 throughputs of crude oil & all other

feedstocks approximately: 214k bpd. • Adjusted EBITDA of $139 million compared to

$75 million in Q3 2016. • Announced Q3 2017 dividend: $0.94 per share CVR Partners Q3 2017 Results: • Adjusted EBITDA of $5 million compared to

$17 million in Q3 2016. • Consolidated average realized plant gate prices for UAN in Q3 2017 was $138 per ton,

compared to $154 per ton for the same period in 2016. • No Q3 2017 distribution was declared.

IcahnEnterprises Segments IEP

Automotive Segment Icahn Enterprises Automotive segment consists of wholly owned subsidiaries Federal-Mogul LLC ("Federal-Mogul") and Icahn Automotive Group LLC ("Icahn Automotive"), which is the parent company of IEH Auto Parts Holding LLC and The Pep Boys - Manny, Moe & Jack. Federal-Mogul is engaged in the manufacture and distribution of automotive parts. Icahn Automotive provides automotive maintenance services as well as retail and wholesale sales of automotive parts.

Federal-Mogul >Q3 2017 net sales were $1.9B up from $1.8B in Q3 2016. The increase is primarily due to volume increases of $70 million, primarily organic sales volume increases, as well as $45 million due to a favorable foreign currency exchange. > Operational EBITDA was $173 million in Q3 2017, which was consistent to the comparable prior year period.

Icahn Automotive • Q3 2017 operating revenue of approximately $701 million compared

to $675 million in Q3 2016. • In 2017, increased the number of stores in our service network by

1,085 locations. ─ Just Brakes in January 2017 (134 locations), Precision Auto Care in July 2017 (253 locations), ADS in October 2017 (680 locations) and other acquisitions (18 locations).

IcahnEnterprises Segments IEP

Railcar Segment American Railcar Industries, Inc. (NASDAQ:ARII) operates in three business segments: manufacturing operations, railcar services and leasing American Railcar Leasing, LLC (“ARL”), was engaged in the business of leasing railcars. IEP sold ARL, June 1, 2017, along with a majority of its railcar lease fleet and received approximately $1.3 billion in cash resulting in a pre-tax gain of $1.5 billion for the first nine months ending September 30, 2017. As of September 30, 2017, through a wholly owned subsidiary of IEP, they continue to own 4,551 remaining railcars previously owned by ARL. Highlights In October 2017, sold 4,382 railcars to SMBC Rail for $522million, resulting in a $154 million pretax gain. Railcar manufacturing • Rail car shipments for the three

months ended September 30,2017 of 893 railcars, including 275 railcars to leasing customers

• 2,676 rail car back log as of September 30, 2017

Railcar leasing • Rail car leasing revenues decreased for the

three months ended September 30,2017 as compared to the comparable prior year period due to a decrease in leased railcars as a result of the sale of ARL as well as a decrease in weighted average lease rates

• The lease fleet decreased to 17,122 railcars at September 30, 2017 from 45,481 railcars at September 30, 2016 due to the ARL sale

ARI declared a quarterly cash dividend of $0.40 per share of common stock for Q3 2017.

IcahnEnterprises Segments IEP

Gaming Segment IEP conducts their Gaming segment through majority ownership in Tropicana as well as their wholly owned subsidiary, Trump Entertainment Resorts, Inc. Tropicana Entertainment Inc. (OTCPK:TPCA) operates eight casino facilities featuring approximately 392,000 square feet of gaming space with approximately 8,000 slot machines, 300 table games and 5,500 hotel rooms as of September 30, 2017.

• Eight casino facilities located in New Jersey, Indiana, Nevada, Mississippi, Missouri, Louisiana and Aruba.

• Successful track record operating gaming companies, dating back to 2000 Trump Entertainment Resort, Inc. owns Trump Plaza Hotel and Casino, which ceased operations in September 2014 Highlights and Recent Developments In August 2017, Tropicana repurchased shares of its common stock aggregating $36 million and IEP purchased shares of Tropicana common stock aggregating $95 million in connection with a combined tender offer commenced by IEP and Tropicana.

Tropicana Entertainment Inc. • Q3 2017 revenue increased by 6.3% from the comparable prior year period. • Q3 2017 Operational EBITDA of $71 million, a 42% increase from Q3 2016. • Continued re-investment in properties:

o Evansville, IN land based casino opened in October 2017. • Strong balance sheet. • Repaid $125 million in debt in Q3 2017. • $123 million of cash and cash equivalents as of September 30, 2017. Trump Entertainment Resort, Inc • Trump Taj Mahal closed in October 2016 and was

sold in March 2017. • Q3 2017 revenue declined by $38 million from Q3

2016 due to the closure of Trump Taj Mahal. • Operational EBITDA loss of $2 million compared to

$8 million loss in prior year period.

IcahnEnterprises Segments IEP

Food Packaging Segment Viskase Companies, Inc (OTCPK:VKSC) is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Leading worldwide manufacturer of non-edible cellulosic casings for small-diameter meats (hot dogs and sausages). Leading manufacturer of non-edible fibrous casings for large-diameter meats (sausages, salami, hams and deli meats) Highlights and Recent Developments. • Net sales for the three months ended September 30, 2017 increased by $18 million as compared

to the corresponding prior year period. The increase was primarily due to higher sales volume, primarily from acquisitions, offset in part by unfavorable price and product mix.

• Consolidated adjusted EBITDA of $17 million for Q3 2017, compared to $14 million in the prior year period.

• Viskase acquired a plastic casing manufacturer in Poland in December 2016 and a fibrous casing manufacturer in January 2017.

• Viskase’s cash balance as of September 30, 2017 was $18 million.

IcahnEnterprises Segments IEP

Real Estate Segment Consists of rental real estate, property development and club operations. The real estate business strategy is based on long-term investment outlook and operational expertise. Functionally, IEP Maximizes value of their commercial lease portfolio through effective management of existing properties. IEP seeks to sell assets on opportunistic basis. Rental real estate consists primarily of retail, office and industrial properties leased to single corporate tenants. Property development is focused on the construction and sale of single and multi-family houses, lots in subdivisions and planned communities and raw land for residential development. Club operations focus on operating golf club and related activities. Highlights and Recent Developments Rental Real Estate Operations Net lease portfolio overview • Single tenant (Over $100bn market cap, A- credit) for two large buildings with leases through 2020 – 2021. • 12 legacy properties with 2.9 million square feet: 13% Retail, 57% Industrial, 30% Office. Seek to sell assets on opportunistic basis Property Development • New Seabury in Cape Cod, Massachusetts and Grand Harbor in Vero Beach, Florida include

land for future residential development of approximately 272 and 1,128 units, respectively. • Sold a development property in Las Vegas Nevada for $600 million, resulting in a pretax gain

of $456 million during Q3 2017. Club Operations Club operations in New Seabury, Cape Cod and Grand Harbor, Vero Beach focus on operating golf club and related activities.

IcahnEnterprises Segments IEP

Metals Segment PSC Metals, Inc. is one of the largest independent metal recycling companies in the U.S. that collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers. Strong regional footprint (Upper Midwest, St. Louis Region and the South). Highlights and Recent Developments • Net sales for the three months ended September 30, 2017 increased by $38 million (53%)

compared to the comparable prior year period primarily due to higher ferrous, non-ferrous and non-ferrous auto residue shipment volumes and higher average selling prices for most grades of metal.

• Ferrous selling prices increased due to higher market pricing as domestic mill production has benefited from trade cases and speculation regarding the recent probe into steel imports. Improved consumer market pricing was also driven primarily by the increased demand from domestic steel mills.

• Non-ferrous shipment volumes increased primarily due to an investment in aluminum processing capabilities, while higher pricing reflected higher terminal market prices in 2017 as compared to 2016.

• Adjusted EBITDA was $5 million in Q3 2017 compared to a loss of $4 million in Q3 2016. • Committed to improving buying practices to improve materials margins.

IcahnEnterprises Segments IEP

Mining Segment Ferrous Resources has certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. • Significant iron ore assets in the State of Minas Gerais,

Brazil, known as Viga, Viga Norte, Esperança, Serrinha and Santanense.

• Mineral rights near Jacuípe in the State of Bahia, Brazil. Highlights and Recent Developments

• Mining segment has been concentrating on sales in Brazil, where the best margins are being captured.

• Iron ore prices have recovered significantly due to increased demand from China. • Discounts on impurities in iron ore fines are impacting net realized price in Brazil. • Consolidated Adjusted EBITDA for Q3 2017 was $4 million, a $3 million improvement

from the comparable prior year period.

Home Fashion Segment WestPoint Home LLC is engaged in manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. WestPoint Home owns many well- known brands in home textiles including Martex, Grand Patrician, Luxor and Vellux. WPH also licenses brands such as IZOD, Under the Canopy, Southern Tide and Hanes. Highlights and Recent Developments • Q3 2017 net sales were $46 million, down $2

million from Q3 2016. • Adjusted EBITDA was a loss of $2 million in Q3 2017, compared to a loss of $3 million in

Q3 2016. • Higher costs associated with supply chain logistics. • Streamlined merchandising, sales and customer service divisions. • Focus on core profitable customers and product lines.

IcahnEnterprises Competition IEP

Each holding of Icahn Enterprises has a unique set of direct competition. However, when focusing on strategy, it is most interesting to look at funds of other prominent activist investors. With assets under management of approximately $32.3B, Carl Icahn is top dog on the street. Next in the food-chain is Dan Loeb who runs $22.6B through Third Point Partners (TPP). TPP was founded by Loeb in 1995, who was previously vice president of high-yield bond sales at Citigroup. Third Point's targets have included Yahoo, Sony, auctioneer Sotheby's, and most recently, Japanese grocery and retail group Seven & i Holdings Co.

Perishing Square Capital Management is ran by Bill Ackman, who started the long/short value hedge fund in 2004 with $54 million assets under management. As of March 2016 AUM were $14.8B. The fund typically makes large, concentrated bets, such as the highly visible crusade against nutrition giant Herbalife. The fund has also gotten involved with JC Penney, Wendy's and Valeant Pharmaceuticals. Bill Ackman and Carl Icahn got into a public dispute over Herbalife, which visibly illustrates that activism is sometimes more art than science.

Trian Fund Management was founded by Wharton dropout Nelson Peltz, former President and COO of Triarc Companies (now known as The Wendy's Company) Peter May, and ex-investment banker Ed Garden in in November 2005. The firm booked $830 million in profit following the merger of Triangle Industries and National Can Company in 1985. Trian also has held positions in several consumer brands, such as Tiffany, Arby's (all of the founders are on Wendy's/Arby's board), and RC Cola. As of September 201, AUM amounted to $12.5B. Most recently Nelson Peltz came into the spotlight when he won a board seat at Proctor & gamble through a proxy-vote recount.

Perishing Square Mondelez International, Inc. (NasdaqGS:MDLZ) Valeant Pharmaceuticals (NYSE:VRX) Automatic Data Processing, Inc. (NasdaqGS:ADP) Restaurant Brands International Inc. (NYSE:QSR) Air Products and Chemicals, Inc. (NYSE:APD) Zoetis Inc. (NYSE:ZTS) The Howard Hughes Corporation (NYSE:HHC) Herbalife Ltd. (NYSE:HLF) Chipotle Mexican Grill, Inc. (NYSE:CMG)

Third Point Partners DowDuPont Inc. (NYSE:DWDP) Amgen Inc. (NasdaqGS:AMGN) Altaba Inc. (NasdaqGS:AABA) T-Mobile US, Inc. (NasdaqGS:TMUS) Honeywell International Inc. (NYSE:HON) Seven & i Holdings Co., Ltd. (TSE:3382) Nokia Corporation (HLSE:NOKIA) Baxter International Inc. (NYSE:BAX)

Trian Fund Management General Electric Company (NYSE:GE)

Sysco Corporation (NYSE:SYY)

The Bank of New York Mellon Corporation (NYSE:BK)

Ingersoll-Rand Plc (NYSE:IR)

State Street Corporation (NYSE:STT)

Legg Mason, Inc. (NYSE:LM)

The Procter & Gamble Company (NYSE:PG)

The Wendy's Company (NasdaqGS:WEN)

Mondelez International, Inc. (NasdaqGS:MDLZ)

Domino's Pizza, Inc. (NYSE:DPZ)

IcahnEnterprises TechnicalAnalysis IEP

IEP is above the 200 simple daily-moving-average. However, the weekly chart shows that the stock has been on a downtrend since December 2013.

The point & figure chart shows IEP resting on support, however the stock is in danger of breaking down and creating a sell signal if price falls below $51.

IcahnEnterprises Bullvs.BearCase IEP

Bulls Say Icahn Enterprises is an undervalued security. Diversified holdings among multiple industries reduce risk. A dividend yield of 11% provides ample cash-flow that cannot currently be found in many other areas of the market without taking on excessive risk. IEP also provides a means of accessing private companies that may be less affected by systematic risk in the event of a market downturn. High liquidity levels mean that IEP can nimbly react to investment opportunities that may appear. IEP’s activist approach to creating shareholder value has been very successful at delivering returns in the past and should continue to be profitable in the foreseeable future. Bears Say Industrials have been an underperforming area of the market in recent times. IEP stock is in a medium-term downtrend under the 200 weekly-moving-average and is in danger of breaking down on point and figure charts. The 11% dividend yield is suspiciously high and could be in danger of getting cut, which would negatively impact the stock.

Recommendation: BUY Icahn Enterprises is headed by a legendary investor who has a phenomenal track record. An 11% dividend yield is extremely attractive. Diversified holdings among public and private industries reduce risk. Icahn Enterprises (IEP) provides a favorable risk-reward opportunity and is a Buy at current price levels.

IcahnEnterprises References IEP

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