Good morning, and welcome to the Icahn Enterprises, LP Fourth-Quarter 2014 Earnings Call, with Jesse Lynn, Assistant General Counsel; Keith Cozza, President and CEO; and SungHwan Cho, Chief Financial Officer. I would now like to hand the call over to Jesse Lynn, who will read the opening statements.

Thank you. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. These forward-looking statements involve risks and uncertainties that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures. I'll now turn it over to Keith Cozza, our Chief Executive Officer.

Thanks, Jesse. Good morning, and welcome to the Fourth Quarter 2014 Icahn Enterprises Earnings Conference Call. Joining me on today's call is SungHwan Cho, our Chief Financial Officer. I would like to begin by providing some brief highlights. Sung will then provide an in-depth review of our financial results and the performance of our business segments. We will then be available to address your questions. Adjusted net loss attributable to Icahn Enterprises for 2014, after adding back the loss on extinguishment of debt, was $221 million or $1.82 per LP unit, compared to net income of $1.025 billion or $9.07 per LP unit in 2013. For Q4 of 2014, our net loss attributable to Icahn Enterprises was $478 million as compared to adjusted net income after adding back the loss on extinguishment of debt, of $225 million in the prior year period. Adjusted EBITDA attributable to Icahn Enterprises for 2014 was $1 billion compared to $1.9 billion in 2013. Our investment funds had a return of negative 7.4% in 2014 with returns being hampered by our short equity exposure as well as our core long positions in the energy sector. Q$ 2014 sales Federal-Mogul where $1.8 billion, up $100 million or 6% higher than Q4 of 2013. Federal-Mogul's powertrain division maintained strong performance in the quarter, driven by increases in volume in market share gains across all regions. Federal-Mogul's motorparts division reported sales growth driven by sales related to the Affinia chassis and the Honeywell brake component acquisitions, offset by the exit of certain unprofitable business in North America, softness in sales to Eastern Europe, and timing of customer orders. During 2014, the motorparts division made significant progress in a number of initiatives designed to accelerate growth and provide increased value. Earlier month, IEP entered into a definitive agreement to…

Thanks, Keith. I will begin by briefly reviewing our consolidated results for the fourth quarter and full year 2014 and then highlight the performance of our operating segments and comment on the strength of our balance sheet. In Q4 2014, our net loss attributable to Icahn Enterprises was $478 million, compared to adjusted net income of $225 million from the prior year period. In Q4 2014 our investment fronts were negatively impacted by the downward trend in the energy sector and our short equity exposure. Adjusted EBITDA attributable to Icahn Enterprises for Q4 2014 was a loss of $220 million compared to a positive $289 million in Q4 2013. Full-year adjusted net loss attributable to Icahn Enterprises for 2014, after adding back the loss on extinguishment of debt, was $221 million, or $1.82 per LP unit, compared to net income of $1 billion or $9.07 per LP unit in the prior year. Adjusted EBITDA attributable to Icahn Enterprises for 2014 was a $1 billion compared to $1.9 billion for 2013. As you can see on Slide 5, the change in our 2014 net loss from the prior year's net income was primarily due to the net losses from investment activities. I will now provide more detail regarding the performance of the individual segments. Our investment segment had a loss attributable to Icahn Enterprises of $541 million for Q4 2014 and a loss of $305 million for the full-year. The investment funds had a loss of 11.3% in Q4 2014 compared to 3.5% gain for Q4 2013. Long positions lost 2.8% for the quarter, while short positions and other expenses had a negative performance attribution of 8.5%. For the full-year 2014, the investment segment lost 7.4% compared to a 30.8% gain in 2013. Long positions had an 11.4% gain for the…

Certainly. [Operator Instructions] Our first question comes from the line of Daniel Fannon from Jefferies.

Good morning, guys.

Hi, Dan.

So I'd just like to start with the big picture. In the past, we've always talked about there's always opportunity out there. But with the continued run in the markets, is it getting harder and harder to find some good value out there? And are you guys perhaps getting more and more cautious on your guys' outlook?

Yes, Hi, Dan. It's Keith. Yes, I would say just obviously we find better opportunities when the market is lower. Things are pricey; it's hard to find good value, you know Carl has always stated, we are fundamentally value investors. And so, yes, I would say, as far as at the investment segment level, we're pretty excited about our existing portfolio and we've been pretty vocal about certain aspects of it. But as far as new incremental ideas, we're pretty cautious. We have a lot of hedges on markets trading 17, 18 times earnings. So you have to be careful.

Fair enough. And so I guess if I was to go back over the last year and a half, it seems like the net long position of the hedge fund has been coming down. I think last quarter, it was relatively flat. And I think this quarter, you guys mentioned it was in the low double digits; 14%, I think. Is that where I think, given the current environment, that's probably a reasonable place where you guys are comfortable at, at this point, going forward?

Yes, I think it reflects, frankly, it's an easy answer. I mean that decrease to net long exposure was a result of increase in general market hedges, as well as the increase in - meaning the value going up and also us putting on incremental hedges as we became more cautious as valuations went up. So I think it's always subject to change. But again, at these levels I think it's a safe assumption that we're going to maintain a little bit lower equity exposures.

Fair enough. And then can you maybe provide a little bit more color on you guys' outlook for energy and maybe technology? I think in the press release, Carl commented a little bit about being perhaps a little bit more cautious, or a little bit more negative short-term, but definitely positive longer-term on energy. And it seemed like he was still quite positive on technology at this point.

Yes. So two things to tie into what Carl was saying in our press release. As far as energy, over the long-term we're not - we have significant core energy positions in our investment segment. They are all well known; the Chesapeakes of the world, the Transoceans of the world. And long-term, we're very optimistic on the supply/demand dynamics coming back into balance, and oil prices to go higher over the long-term. In the short-term, though and I believe he did comment on this. We do feel that over the next 3 to 6 months, prices have a great chance to go lower, just based on the supply builds here in the U.S. We're going to be almost - we have a chance to be at full capacity on the supply side, meaning on the storage side, I'm sorry. I meant storage. But on the storage side, as that builds, and that could put a lot of downward pressure on short-term energy prices over the next 3 to 6 months. On the technology side, I mean that's a direct - we've been very vocal, and I'd encourage, I'm not going to repeat everything we have to say. We published some research on Apple, and I believe you can get that on shareholderssquaretable.com. But it's the biggest position in our portfolio. And we recently published some research, and we think there's a tremendous amount of upside there as the market generally misunderstands the valuation and business of Apple. So that's…

That's helpful. And then one or two more quick items here. I guess with valuations being a little bit more stretched here in the U.S., is there the potential to look outside the U.S. at this point? Or how do you guys think about that dynamic, or is it…

Yes, I'll answer it in two ways. At the investment fund level, I can count on one hand over the last 10 years the amount of time we've gone outside the U.S. We periodically do. We have one position that is, I believe, publicly known. So it's a couple percent exposure to our fund that's European European-denominated, but outside of that it's not a - we generally tend to hunt closer to home. We did something in Korea, six, seven years ago, and we've done some minor stuff in Europe. So big-picture in the investment segment, I don't anticipate it to be material going forward, as far as outside the U.S. but at the operating company level at the operating segments, I think we have purchased a number of companies that have non-U.S. exposure, and we're continuing to look at fold-in acquisitions at a number of our businesses that are located outside the U.S.

Fair enough. And one other quick related question. Would the investment segment be willing to go net short, or has it ever gone net short?

It has. It would just be market conditions and our view on it; but it has historically at some point been net short, sure.

Okay, fair enough. And then one final just really quick question for Sung. Just your total share count, LP plus your GP shares at this point?

It’s 126 million.

Its 126 approximately.

Okay, perfect. That's it for me, guys. Thanks a lot.

Thanks Dan.

Thank you and our next question comes from the line of Andrew Berg from the Post Advisory Group.

Hey guys, a couple questions. A little bit of a nit on real estate, but just want to understand with revenues being up a little bit, but EBITDA being down, was there something one-time in there that we should be looking at? Your adjusted EBITDA go from 13 to 10 on a $4 million increase in revenues.

I don't think there's anything really particular to point out. I mean we've been selling some properties in Cape Cod in our New Seabury development, and that’s really going to explain the increase in the revenues.

The other one-time item was we sold one of our properties in our triple-net lease portfolio that would have represent the increase in revenue. We'll have to come back to you, Andrew, off-line on the decrease. It's not popping to the top of our head.

Yes, not a big deal, just curious. And then as you think about Tropicana, and more broadly, gaming, you still hold the investment in Fontainebleau. You've seen the CVA look to buy the - or excuse me, the LVCC purchase Riviera. SLS has opened up on the north end of the Strip. MGM is doing a project for their Rock in Rio, and the music entertainment venue on the north end of the Strip. Does that change anything? Or how should we think about Fontainebleau at this point? Is it still just something we're going to land bank and hold? Or perhaps could we see something happen with that asset this year?

Andrew, we never say never. It is something that we periodically review, frankly, quarterly, as far as running the economics to build it out, sell it, et cetera. So there's no immediate plans. But on the activity going on around it, obviously in our view is only incrementally positive to the value, especially the recent Las Vegas Convention Center buying the Riviera. It's incrementally positive. As they build up the north end of the Strip there, we theoretically have a prime piece of property that the return profile may make more and more sense as that further develops out. So, there's no plans right now, but we continue to monitor the situation. We think we got a great bargain. The carry on it is relatively modest. And so we're holding it and maintaining it in its condition to preserve value. And if the situation makes sense, we'll do something.

And as you look at Trop, we've seen regional gaming numbers stronger over the last month or so. Obviously last winter was pretty weak, but fuel prices are lower. Are you hearing things from your customers yet that they're just feeling better? Or do you think the improvements we're seeing are mainly just easy comps versus last year?

Well, I think if we are comparing 2014 over 2013, I agree that the comps - I don't know if you want to call it - nothing felt easy about Atlantic City in 2013.

I'm sorry. I was referring to outside of Atlantic City.

I don't think they were easy. I think we're seeing some uptick. Look, lower gas prices by definition, ultimately feed through, especially to some of our core customers at some of the regional properties. So we have a pretty positive outlook for 2015 going forward. And in comparing 2014 to 2013, again it was - they had a pretty good year. Trop had a very strong operational year. Most markets were down a couple of - either flat to down a couple of points across the market. And the Trop gained market share, and was up - flat to up a couple of points, so they're performing very well.

Okay. And lastly with respect to the investment portfolio, obviously Q4 was challenged. We knew that. As we look at some of the holdings in which you guys disclose publicly, clearly Apple has been a big winner this quarter, but it seems like there's been a number of other winners in the portfolio eBay, Netflix, Hologic. You can run down a bunch of other names, as well. Do you guys want to make any comments about how you're feeling currently in 1Q?

I'm not going to give forward guidance. You know how the lawyers get with that. But there's a lot of public names that you just named, and it sounds like you're pretty on top of the publicly disclosed portfolio. And based on those positions, obviously we're very excited.

Okay, great. I appreciate it. Thanks, guys. End of Q&A

Thank you. And I show no further questions in the queue at this time.

Okay. Thanks, everybody. We'll talk soon in the first quarter.

Thank you. Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program and you may now disconnect. Everyone have a good day.