Icahn Enterprises L.P.

Icahn Enterprises L.P. is a diversified holding company formed in Delaware on February 17, 1987, and headquartered in Sunny Isles Beach, Florida. The company owns subsidiaries involved in seven continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma. Icahn Enterprises holds a 99% limited partner interest in Icahn Enterprises Holdings L.P., which, along with its subsidiaries, owns most of the company's assets and liabilities and conducts most of its operations. Icahn Enterprises G.P. Inc., indirectly owned and controlled by Mr. Carl C. Icahn, holds a 1% general partner interest in both Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2025, totaling a 1.99% general partner interest in Icahn Enterprises Holdings and Icahn Enterprises. As of December 31, 2025, Mr. Icahn and his affiliates owned approximately 86% of the company's outstanding depositary units. The company operates to avoid being classified as an investment company under the Investment Company Act of 1940, meaning no more than 40% of its total assets can be invested in investment securities. Investing in securities is not its primary business. The company structures its investments to be taxed as a partnership rather than a corporation under applicable publicly traded partnership rules. Across its businesses, the company's strategy is to find undervalued companies using the Graham & Dodd tradition, which focuses on deeply depressed stock prices.