Icahn Enterprises L.P. Reports Second Quarter Financial Results

NEW YORK, Aug. 11 /PRNewswire-FirstCall/ -- Icahn Enterprises L.P.
(NYSE: IEP) today reported a net loss of $98.8 million, or $1.37 loss per
LP unit, for the three months ended June 30, 2008, compared to net earnings
of $64.2 million, or $0.40 loss per LP unit, for the comparable period of
fiscal 2007. Icahn Enterprises declared a quarterly distribution of $0.25
per unit on its depositary units, payable in the third quarter of fiscal
2008. The distribution will be paid on September 5, 2008 to depositary
unitholders of record at the close of business on August 22, 2008.

Second Quarter 2008

For the three months ended June 30, 2008, revenues were $(149.7)
million as compared to $783.1 million in the three months ended June 30,
2007. Loss from continuing operations was $96.9 million for the three
months ended June 30, 2008, compared to income of $43.6 million for the
comparable period of 2007. Loss from discontinued operations was $1.9
million for the three months ended June 30, 2008, compared to a gain of
$20.6 million for the comparable period in fiscal 2007.

Key Subsequent Events

On July 3, 2008, Icahn Enterprises Holdings L.P. ("Icahn Enterprises
Holdings") and its newly formed, wholly owned subsidiary, IEH FM Holdings
LLC ("Acquisition Sub"), entered into a Stock Purchase Agreement (the
"Agreement") with Thornwood Associates Limited Partnership ("Thornwood")
and Thornwood's general partner, Barberry Corp. ("Barberry"), pursuant to
which Icahn Enterprises acquired a majority interest in Federal-Mogul
Corporation ("Federal-Mogul"). Thornwood and Barberry are wholly owned by
Mr. Carl C. Icahn. Prior to the acquisition of the shares by Icahn
Enterprises Holdings, Thornwood owned 75,241,924 shares of Federal-Mogul's
Class A common stock ("Federal-Mogul Stock"), which represented
approximately 74.87% of the total issued and outstanding shares of capital
stock of Federal-Mogul.

Pursuant to the Agreement, Acquisition Sub purchased from Thornwood
50,750,000 shares of Federal-Mogul Stock for an aggregate purchase price of
$862,750,000 in cash. The purchased shares represent approximately 50.5% of
the total issued and outstanding shares of capital stock of Federal-Mogul.

Conference Call Information

Icahn Enterprises L.P. will discuss its second quarter results on a
conference call and Webcast on Tuesday, August 12, 2008 at 10:00 a.m. EDT.
The Webcast can be viewed live on Icahn Enterprises L.P.'s website at
http://www.icahnenterprises.com. It will also be archived and made available at
http://www.icahnenterprises.com under the Investor Relations section. The
toll-free dial-in number for the conference call in the United States is
(800) 938-1410. The international number is (702) 696-4768. The access code
for both is 59085779.

Icahn Enterprises L.P. (NYSE: IEP), a master limited partnership, is a
diversified holding company engaged in five primary business segments:
Investment Management, Automotive, Metals, Real Estate, and Home Fashion.
For more information, please visit the company's website at
http://www.icahnenterprises.com.

Caution Concerning Forward-Looking Statements

This release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, many of
which are beyond our ability to control or predict. Forward-looking
statements may be identified by words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," "will," or words of
similar meaning and include, but are not limited to, statements about the
expected future business and financial performance of Icahn Enterprises
L.P. and its subsidiaries. Among these risks and uncertainties are risks
related to substantial competition, rising operating costs and economic
downturns; risks related to our investment management activities, including
the nature of the investments made by the private funds we manage, changes
in domestic and international laws governing private funds and loss of key
employees; risks related to our automotive activities, including exposure
to adverse conditions in the automotive industry, exposure to credit risk
of customers, significant indebtedness and risks related to operations in
foreign countries; risks related to our scrap metals activities, including
potential environmental exposure; real estate activities, including the
extent of any tenant bankruptcies and insolvencies, our ability to maintain
tenant occupancy at current levels, our ability to obtain, at reasonable
costs, adequate insurance coverage and competition for investment
properties; risks related to our home fashion operations, including changes
in the availability and price of raw materials, changes in customer
preferences and changes in transportation costs and delivery times; and
other risks and uncertainties detailed from time to time in our filings
with the SEC. We undertake no obligation to publicly update or review any
forward-looking information, whether as a result of new information, future
developments or otherwise.





APPENDIX I

CONSOLIDATED STATEMENT OF OPERATIONS
In 000's except per unit data

Three Months Ended
June 30,
2008 2007
(unaudited)

Revenues $(149,690) $783,100
Expenses 562,823 510,965
(712,513) 272,135

Income tax expense (22,290) (2,190)
Non-controlling interests in (income) loss 637,884 (226,330)

(Loss) income from continuing operations (96,919) 43,615
(Loss) income from discontinued operations (1,924) 20,614

Net (loss) earnings $(98,843) $64,229

Net (loss) earnings attributable to:
Limited partners $(96,876) $(25,010)
General partner (1,967) 89,239
(98,843) 64,229
Net (loss) earnings per LP unit:

Basic and diluted earnings (loss):
(Loss) income from continuing operations $(1.35) $(0.73)
Income from discontinued operations (0.02) 0.33

Basic and diluted loss per LP unit $(1.37) $(0.40)

Weighted average units outstanding 70,490 61,857



APPENDIX II

CONSOLIDATED STATEMENT OF OPERATIONS
In 000's except per unit data

Six Months Ended
June 30,
2008 2007
(unaudited)

Revenues $327,806 $1,737,511
Expenses 1,054,581 1,026,161
(726,775) 711,350

Income tax expense (32,725) (3,855)
Non-controlling interests in (income) loss 643,696 (480,555)

(Loss) income from continuing operations (115,804) 226,940
Income from discontinued operations 487,312 58,729

Net earnings $371,508 $285,669

Net earnings (loss) attributable to:
Limited partners $388,383 $69,646
General partner (16,875) 216,023
371,508 285,669
Net earnings (loss) per LP unit:

Basic and diluted earnings (loss):
(Loss) income from continuing operations $(1.61) $0.20
Income from discontinued operations 7.12 0.93

Basic and diluted earnings per LP unit $5.51 $1.13

Weighted average units outstanding 70,490 61,857



APPENDIX III
CONSOLIDATED BALANCE SHEET
The following table presents Icahn Enterprises L.P.'s consolidated
summary balance sheet data
(in 000's)

June 30, December 31,
2008 2007
(unaudited)
ASSETS
Investment Management Operations:
Cash and cash equivalents $11,649 $26,027
Cash held at consolidated
affiliated partnerships and
restricted cash 2,102,613 1,104,748
Securities owned, at fair value 6,433,524 5,920,209
Unrealized gains on derivative
contracts, at fair value 79,522 110,181
Due from brokers and other assets 743,807 888,722
9,371,115 8,049,887
All Other Operations:
Cash and cash equivalents 2,074,985 2,086,805
Restricted cash 1,182,604 41,681
Investments 279,088 512,560
Inventories, net 245,635 266,223
Assets of discontinued operations
held for sale 15,113 632,277
Property, plant and equipment, net 520,423 533,127
Other assets 391,932 311,086
4,709,780 4,383,759
Total Assets 14,080,895 12,433,646

LIABILITIES AND PARTNERS' EQUITY
Investment Management Operations:
Accounts payable, accrued expenses
and other liabilities $238,064 $116,990
Deferred management fee payable to
related party 130,266 143,972
Due to broker 847,256 -
Subscriptions received in advance 4,250 144,838
Payable for purchases of securities 6,600 46,055
Securities sold, not yet
purchased, at fair value 1,114,828 206,128
Unrealized losses on derivative
contracts, at fair value 157,425 15,726
2,498,689 673,709
All Other Operations:
Accounts payable, accrued
expenses, and other liabilities 441,260 202,252
Unrealized losses on derivative
contracts, at fair value 8,631 3,462
Accrued environmental costs 24,614 24,296
Liabilities of discontinued
operations held for sale 3,749 317,345
Debt 2,035,376 2,041,453
Preferred limited partnership units 126,589 123,538
2,640,219 2,712,346
Total Liabilities 5,138,908 3,386,055

Non-controlling interests 6,302,752 6,734,563
Partners' equity 2,639,235 2,313,028

Total Liabilities and Partners' Equity $14,080,895 $12,433,646

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