|            |
|------------|
|            |  |
| (Mark One) |    |
| x          | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|        |
|--------|
|        |  |
| £ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Delaware                                                      |   | 13-3398766 |
| (State or Other Jurisdictionof Incorporation or Organization) |   | (IRS EmployerIdentification No.) |

|                                            |
|--------------------------------------------|
|                                            |  |
| Large accelerated filer £   |                 Accelerated filer            x |
| Non-accelerated filer  £    |                Smaller reporting company  £ |

----

|          |
|----------|
|          |  |  |
|     |   | PageNo. |
|     | PART I. FINANCIAL INFORMATION |   |
| Item 1.  | Financial Statements | 1 |
| Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 47 |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk | 63 |
| Item 4.  | Controls and Procedures | 64 |
|     |   |   |
|     | PART II. OTHER INFORMATION |   |
| Item 1.  | Legal Proceedings | 65 |
| Item 1A. | Risk Factors | 65 |
| Item 6.  | Exhibits | 65 |
|     | Signature | 66 |

----

|                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                                                                                                                                | March 31, 2011 |   | December 31, 2010 |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                              | (Unaudited) |   |   |
| Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                           | $ | 2,669 |   |   | $ | 2,963 |   |
| Cash held at consolidated affiliated partnerships and restricted cash                                                                                                                                                                                                                                                                                                               | 3,892 |   |   | 2,174 |   |
| Investments                                                                                                                                                                                                                                                                                                                                                                         | 8,426 |   |   | 7,470 |   |
| Accounts receivable, net                                                                                                                                                                                                                                                                                                                                                            | 1,449 |   |   | 1,285 |   |
| Due from brokers                                                                                                                                                                                                                                                                                                                                                                    | 31 |   |   | 50 |   |
| Inventories, net                                                                                                                                                                                                                                                                                                                                                                    | 1,274 |   |   | 1,163 |   |
| Property, plant and equipment, net                                                                                                                                                                                                                                                                                                                                                  | 3,527 |   |   | 3,455 |   |
| Goodwill                                                                                                                                                                                                                                                                                                                                                                            | 1,133 |   |   | 1,129 |   |
| Intangible assets, net                                                                                                                                                                                                                                                                                                                                                              | 984 |   |   | 999 |   |
| Other assets                                                                                                                                                                                                                                                                                                                                                                        | 918 |   |   | 650 |   |
| Total Assets                                                                                                                                                                                                                                                                                                                                                                        | $ | 24,303 |   |   | $ | 21,338 |   |
| LIABILITIES AND EQUITY                                                                                                                                                                                                                                                                                                                                                              |   |   |   |
| Accounts payable                                                                                                                                                                                                                                                                                                                                                                    | $ | 952 |   |   | $ | 844 |   |
| Accrued expenses and other liabilities                                                                                                                                                                                                                                                                                                                                              | 1,688 |   |   | 1,931 |   |
| Securities sold, not yet purchased, at fair value                                                                                                                                                                                                                                                                                                                                   | 2,892 |   |   | 1,219 |   |
| Redemptions payable                                                                                                                                                                                                                                                                                                                                                                 | 1,861 |   |   | 346 |   |
| Due to brokers                                                                                                                                                                                                                                                                                                                                                                      | 1,627 |   |   | 1,323 |   |
| Post-employment benefit liability                                                                                                                                                                                                                                                                                                                                                   | 1,282 |   |   | 1,272 |   |
| Debt                                                                                                                                                                                                                                                                                                                                                                                | 7,110 |   |   | 6,509 |   |
| Total liabilities                                                                                                                                                                                                                                                                                                                                                                   | 17,412 |   |   | 13,444 |   |
|                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Commitments and contingencies (Note 19)                                                                                                                                                                                                                                                                                                                                             |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |
| Equity:                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
|    Limited partners:        Depositary units: 92,400,000 authorized; issued  85,865,619           at March 31, 2011 and December 31, 2010; outstanding 84,728,419           at March 31, 2011 and December 31, 2010 | 3,761 |   |   | 3,477 |   |
|    General partner                                                                                                                                                                                                                                                                                                                                                   | (276 | ) |   | (282 | ) |
|    Treasury units at cost: 1,137,200 depositary units                                                                                                                                                                                                                                                                                                                | (12 | ) |   | (12 | ) |
| Equity attributable to Icahn Enterprises                                                                                                                                                                                                                                                                                                                                            | 3,473 |   |   | 3,183 |   |
| Equity attributable to non-controlling interests                                                                                                                                                                                                                                                                                                                                    | 3,418 |   |   | 4,711 |   |
| Total Equity                                                                                                                                                                                                                                                                                                                                                                        | 6,891 |   |   | 7,894 |   |
| Total Liabilities and Equity                                                                                                                                                                                                                                                                                                                                                        | $ | 24,303 |   |   | $ | 21,338 |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
|                                                              | Three Months Ended March 31, |
|                                                              | 2011 |   | 2010 |
|                                                              | (Unaudited) |
| Revenues:                                                         |   |   |   |
|    Net sales                                       | $ | 2,257 |   |   | $ | 1,870 |   |
|    Revenues from other operations                  | 186 |   |   | 28 |   |
|    Net gain (loss) from investment activities      | 617 |   |   | (1 | ) |
|    Interest and dividend income                    | 35 |   |   | 68 |   |
|    Other income (loss), net                        | 9 |   |   | (50 | ) |
|                                                              | 3,104 |   |   | 1,915 |   |
| Expenses:                                                         |   |   |   |
|    Cost of goods sold                              | 1,925 |   |   | 1,575 |   |
|    Other expenses from operations                  | 98 |   |   | 20 |   |
|    Selling, general and administrative             | 355 |   |   | 274 |   |
|    Restructuring                                   | 3 |   |   | 4 |   |
|    Impairment                                      | — |   |   | 4 |   |
|    Interest expense                                | 109 |   |   | 95 |   |
|                                                              | 2,490 |   |   | 1,972 |   |
| Income (loss) before income tax (expense) benefit                 | 614 |   |   | (57 | ) |
| Income tax (expense) benefit                                      | (18 | ) |   | 7 |   |
| Net income (loss)                                                 | 596 |   |   | (50 | ) |
| Less: net income attributable to non-controlling interests        | (356 | ) |   | (15 | ) |
| Net income (loss) attributable to Icahn Enterprises               | $ | 240 |   |   | $ | (65 | ) |
|                                                              |   |   |   |
| Net income (loss) attributable to Icahn Enterprises allocable to: |   |   |   |
|    Limited partners                                | $ | 235 |   |   | $ | (64 | ) |
|    General partner                                 | 5 |   |   | (1 | ) |
|                                                              | $ | 240 |   |   | $ | (65 | ) |
|                                                              |   |   |   |
| Basic income (loss) per LP unit                                   | $ | 2.76 |   |   | $ | (0.80 | ) |
| Basic weighted average LP units outstanding   | 85 |   |   | 80 |   |
|                                                              |   |   |   |
| Diluted income (loss) per LP unit                                 | $ | 2.68 |   |   | $ | (0.80 | ) |
| Diluted weighted average LP units outstanding | 90 |   |   | 80 |   |
|                                                              |   |   |   |
| Cash distributions declared per LP unit                           | $ | 0.25 |   |   | $ | 0.25 |   |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | Equity Attributable to Icahn Enterprises |   |   |   |   |
|                                          |   |   |   |   | Held in Treasury |   |   |   |   |   |   |
|                                          | General Partner's Equity (Deficit) |   | Limited Partners' Equity |   | Amount |   | Units |   | Total Partners' Equity |   | Non-controlling Interest |   | Total Equity |
|                                          | (Unaudited) |
| Balance, December 31, 2010                    | $ | (282 | ) |   | $ | 3,477 |   |   | $ | (12 | ) |   | 1 |   |   | $ | 3,183 |   |   | $ | 4,711 |   |   | $ | 7,894 |   |
| Comprehensive income:                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                    | 5 |   |   | 235 |   |   | — |   |   | — |   |   | 240 |   |   | 356 |   |   | 596 |   |
| Post-employment benefits, net of tax          | — |   |   | 1 |   |   | — |   |   | — |   |   | 1 |   |   | — |   |   | 1 |   |
| Hedge instruments, net of tax                 | — |   |   | 4 |   |   | — |   |   | — |   |   | 4 |   |   | 1 |   |   | 5 |   |
| Translation adjustments and other, net of tax | 1 |   |   | 63 |   |   | — |   |   | — |   |   | 64 |   |   | 23 |   |   | 87 |   |
| Comprehensive income                          | 6 |   |   | 303 |   |   | — |   |   | — |   |   | 309 |   |   | 380 |   |   | 689 |   |
| Partnership distributions                     | — |   |   | (21 | ) |   | — |   |   | — |   |   | (21 | ) |   | — |   |   | (21 | ) |
| Investment Management distributions           | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | (1,817 | ) |   | (1,817 | ) |
| Change in subsidiary equity and other         | — |   |   | 2 |   |   | — |   |   | — |   |   | 2 |   |   | 144 |   |   | 146 |   |
| Balance March 31, 2011                        | $ | (276 | ) |   | $ | 3,761 |   |   | $ | (12 | ) |   | 1 |   |   | $ | 3,473 |   |   | $ | 3,418 |   |   | $ | 6,891 |   |

----

|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                   | Three Months Ended March 31, |
|                                                                                                   | 2011 |   | 2010 |
|                                                                                                   |  (Unaudited) |
| Cash flows from operating activities:                                                                  |   |   |   |
| Net income (loss)                                                                                      | $ | 596 |   |   | $ | (50 | ) |
|    Adjustments to reconcile net income (loss) to net cash used in operating activities: |   |   |   |
|    Investment (gains) losses                                                            | (617 | ) |   | 1 |   |
|    Purchases of securities                                                              | (1,405 | ) |   | (1,171 | ) |
|    Proceeds from sales of securities                                                    | 1,114 |   |   | 922 |   |
|    Purchases to cover securities sold, not yet purchased                                | (51 | ) |   | (719 | ) |
|    Proceeds from securities sold, not yet purchased                                     | 1,669 |   |   | 33 |   |
|    Net premiums received (paid) on derivative contracts                                 | 18 |   |   | (43 | ) |
|    Changes in receivables and payables relating to securities transactions              | 74 |   |   | (394 | ) |
|    Depreciation and amortization                                                        | 110 |   |   | 110 |   |
|    Other, net                                                                           | (14 | ) |   | 35 |   |
|    Changes in cash held at consolidated affiliated partnerships and restricted cash     | (1,718 | ) |   | 938 |   |
|    Changes in other operating assets and liabilities                                    | (223 | ) |   | (52 | ) |
| Net cash used in operating activities                                                                  | (447 | ) |   | (390 | ) |
| Cash flows from investing activities:                                                                  |   |   |   |
|    Capital expenditures                                                                 | (115 | ) |   | (166 | ) |
|    Acquisitions of businesses                                                           | (31 | ) |   | — |   |
|    Other, net                                                                           | 7 |   |   | (7 | ) |
| Net cash used in investing activities                                                                  | (139 | ) |   | (173 | ) |
| Cash flows from financing activities:                                                                  |   |   |   |
|    Investment management equity:                                                        |   |   |   |
|       Capital subscriptions received in advance                          | — |   |   | 46 |   |
|       Capital distributions to non-controlling interests                 | (302 | ) |   | (50 | ) |
|       Capital contributions by non-controlling interests                 | — |   |   | 173 |   |
|    Partnership contributions                                                            | — |   |   | 5 |   |
|    Partnership distributions                                                            | (21 | ) |   | (20 | ) |
|    Proceeds from issuance of senior unsecured notes                                     | — |   |   | 1,987 |   |
|    Proceeds from other borrowings                                                       | 602 |   |   | 65 |   |
|    Repayments of borrowings                                                             | (9 | ) |   | (1,357 | ) |
|    Other, net                                                                           | 1 |   |   | (26 | ) |
| Net cash provided by financing activities                                                              | 271 |   |   | 823 |   |
| Effect of exchange rate changes on cash and cash equivalents                                           | 19 |   |   | (21 | ) |
| Net (decrease) increase in cash and cash equivalents                                                   | (296 | ) |   | 239 |   |
| Net change in cash of assets held for sale                                                             | 2 |   |   | — |   |
| Cash and cash equivalents, beginning of period                                                         | 2,963 |   |   | 2,256 |   |
| Cash and cash equivalents, end of period                                                               | $ | 2,669 |   |   | $ | 2,495 |   |
| Supplemental information:                                                                              |   |   |   |
| Cash payments for interest, net of amounts capitalized                                                 | $ | 162 |   |   | $ | 51 |   |
| Net cash payments for income taxes                                                                     | $ | 24 |   |   | $ | 12 |   |
| Net unrealized gains (losses) on available-for-sale securities                                         | $ | 1 |   |   | $ | (4 | ) |
| Redemptions payable to non-controlling interests                                                       | $ | 1,861 |   |   | $ | 70 |   |
| LP unit issuance to purchase majority interests in ARI and Viskase                                     | $ | — |   |   | $ | 273 |   |
| LP unit issuance to settle preferred LP unit redemptions                                               | $ | — |   |   | $ | 138 |   |

----

|    |                                                    |
|----|----------------------------------------------------|
| 1. | Description of Business and Basis of Presentation. |

----

|    |                  |
|----|------------------|
| 2. | Operating Units. |

----

----

|    |                                                                                                                                                                                                                                              |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | Closure of Facilities and Relocation of Production - in connection with Federal-Mogul's strategy, certain operations have been closed and related production relocated to best cost countries or to other locations with available capacity. |

|    |                                                                                                                                                                                                                                                                                                                                                                         |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Consolidation of Administrative Functions and Standardization of Manufacturing Processes - as part of its productivity strategy, Federal-Mogul has acted to consolidate its administrative functions to reduce selling, general and administrative costs and change its manufacturing processes to improve operating efficiencies through standardization of processes. |

----

----

----

|    |                             |
|----|-----------------------------|
| 3. | Related Party Transactions. |

----

----

----

|    |                                  |
|----|----------------------------------|
| 4. | Investments and Related Matters. |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | March 31, 2011 |   | December 31, 2010 |
|                                                       | Amortized Cost |   | Fair Value |   | Amortized Cost |   | Fair Value |
|                                                       | (in millions) |
| Assets                                                     |   |   |   |   |   |   |   |
| Investments:                                               |   |   |   |   |   |   |   |
|    Equity securities:                       |   |   |   |   |   |   |   |
|       Communications         | $ | 2,169 |   |   | $ | 2,023 |   |   | $ | 2,169 |   |   | $ | 1,945 |   |
|       Consumer, non-cyclical | 2,550 |   |   | 3,168 |   |   | 1,833 |   |   | 2,234 |   |
|       Consumer, cyclical(1)  | 596 |   |   | 586 |   |   | 595 |   |   | 614 |   |
|       Energy                 | 45 |   |   | 66 |   |   | 757 |   |   | 858 |   |
|       Financial              | 100 |   |   | 169 |   |   | 100 |   |   | 137 |   |
|       Index                  | — |   |   | — |   |   | 9 |   |   | — |   |
|       Industrial             | 116 |   |   | 140 |   |   | 94 |   |   | 115 |   |
|       Technology             | 317 |   |   | 515 |   |   | 313 |   |   | 405 |   |
|       Utilities              | 176 |   |   | 182 |   |   | 157 |   |   | 143 |   |
|                                                       | 6,069 |   |   | 6,849 |   |   | 6,027 |   |   | 6,451 |   |
|    Corporate debt:                          |   |   |   |   |   |   |   |
|       Consumer, cyclical     | 740 |   |   | 585 |   |   | 544 |   |   | 485 |   |
|       Utilities              | 436 |   |   | 441 |   |   | — |   |   | — |   |
|       Financial              | 4 |   |   | 5 |   |   | 48 |   |   | 5 |   |
|                                                       | 1,180 |   |   | 1,031 |   |   | 592 |   |   | 490 |   |
|    Mortgage-backed securities:              |   |   |   |   |   |   |   |
|       Financial              | 186 |   |   | 207 |   |   | 144 |   |   | 206 |   |
|                                                       | 7,435 |   |   | 8,087 |   |   | 6,763 |   |   | 7,147 |   |
|                                                       |   |   |   |   |   |   |   |
| Derivative contracts, at fair value(2)                     | 14 |   |   | 1 |   |   | 15 |   |   | 6 |   |
|                                                       | $ | 7,449 |   |   | $ | 8,088 |   |   | $ | 6,778 |   |   | $ | 7,153 |   |
|                                                       |   |   |   |   |   |   |   |
| Liabilities                                                |   |   |   |   |   |   |   |
| Securities sold, not yet purchased, at fair value:         |   |   |   |   |   |   |   |
|    Equity securities:                       |   |   |   |   |   |   |   |
|       Communications         | $ | 15 |   |   | $ | 15 |   |   | $ | — |   |   | $ | — |   |
|       Consumer, non-cyclical | 36 |   |   | 38 |   |   | — |   |   | — |   |
|       Consumer, cyclical     | 301 |   |   | 351 |   |   | 305 |   |   | 356 |   |
|       Financial              | 46 |   |   | 53 |   |   | 51 |   |   | 58 |   |
|       Index                  | — |   |   | — |   |   | 9 |   |   | 5 |   |
|       Funds                  | 2,220 |   |   | 2,435 |   |   | 638 |   |   | 800 |   |
|                                                       | 2,618 |   |   | 2,892 |   |   | 1,003 |   |   | 1,219 |   |
|                                                       |   |   |   |   |   |   |   |
| Derivative contracts, at fair value(3)                     | 30 |   |   | 43 |   |   | 24 |   |   | 60 |   |
|                                                       | $ | 2,648 |   |   | $ | 2,935 |   |   | $ | 1,027 |   |   | $ | 1,279 |   |

|         |                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | We consolidated the financial results of Tropicana effective November 15, 2010.  As a result, we eliminated our investment in Tropicana with a fair value of approximately $287 million and $279 million at March 31, 2011 and December 31, 2010, respectively. |

|         |                                                              |
|---------|--------------------------------------------------------------|
| 2  | Included in other assets in our consolidated balance sheets. |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| 3  | Included in accrued expenses and other liabilities in our consolidated balance sheets. |

----

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               | Offshore GP is the Primary Beneficiary |   | Offshore GP is not the Primary Beneficiary |
|                                          | Net Assets |   | Offshore GP Interests(1) |   | Pledged Collateral(2) |   | Net Assets |   | Offshore GP Interests(1) |
|                                               | (in millions) |
| Offshore Funds, Master Fund II and Master Fund III | $ | 900 |   |   | $ | 60 |   |   | $ | 1,014 |   |   | $ | — |   |   | $ | — |   |

|           |                                                                                                                                                                                                                                                                                                                                         |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Amount principally represents the Offshore GP's reinvested incentive allocations and special profits interest allocations and therefore its maximum exposure to loss. Such amounts are subject to the financial performance of the Offshore Funds, Master Fund II and Master Fund III and are included in the Offshore GP's net assets. |

|           |                                                                                                                                                                                                              |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Includes collateral pledged in connection with securities sold, not yet purchased, derivative contracts and collateral held for securities loaned.  Pledged amounts may be in excess of margin requirements. |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | March 31, 2011 |   | December 31, 2010 |
|                                                       | Amortized Cost |   | Carrying Value |   | Amortized Cost |   | Carrying Value |
|                                                       | (in millions) |
| Marketable equity and debt securities - available for sale | $ | 17 |   |   | $ | 16 |   |   | $ | 24 |   |   | $ | 19 |   |
| Equity method investments and other                        | 323 |   |   | 323 |   |   | 304 |   |   | 304 |   |
|                                                       | $ | 340 |   |   | $ | 339 |   |   | $ | 328 |   |   | $ | 323 |   |

----

|    |                          |
|----|--------------------------|
| 5. | Fair Value Measurements. |

----

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               | March 31, 2011 |   | December 31, 2010 |
|                                          | Level 1 |   | Level 2 |   | Level 3 |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                             | (in millions) |
| Investments:                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Communications                                     | $ | 2,023 |   |   | $ | — |   |   | $ | — |   |   | $ | 2,023 |   |   | $ | 1,945 |   |   | $ | — |   |   | $ | — |   |   | $ | 1,945 |   |
| Consumer, non-cyclical                             | 3,148 |   |   | 20 |   |   | — |   |   | 3,168 |   |   | 2,227 |   |   | 7 |   |   | — |   |   | 2,234 |   |
| Consumer, cyclical1                                | 284 |   |   | 301 |   |   | 1 |   |   | 586 |   |   | 295 |   |   | 318 |   |   | 1 |   |   | 614 |   |
| Energy                                             | 66 |   |   | — |   |   | — |   |   | 66 |   |   | 541 |   |   | 317 |   |   | — |   |   | 858 |   |
| Financial                                          | 169 |   |   | — |   |   | — |   |   | 169 |   |   | 137 |   |   | — |   |   | — |   |   | 137 |   |
| Industrial                                         | 64 |   |   | 76 |   |   | — |   |   | 140 |   |   | 114 |   |   | 1 |   |   | — |   |   | 115 |   |
| Technology                                         | 515 |   |   | — |   |   | — |   |   | 515 |   |   | 405 |   |   | — |   |   | — |   |   | 405 |   |
| Utilities                                          | 139 |   |   | 43 |   |   | — |   |   | 182 |   |   | 100 |   |   | 43 |   |   | — |   |   | 143 |   |
|                                               | 6,408 |   |   | 440 |   |   | 1 |   |   | 6,849 |   |   | 5,764 |   |   | 686 |   |   | 1 |   |   | 6,451 |   |
| Corporate debt:                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consumer, cyclical                                 | — |   |   | 267 |   |   | 318 |   |   | 585 |   |   | — |   |   | 157 |   |   | 328 |   |   | 485 |   |
| Utilities                                          | — |   |   | 441 |   |   | — |   |   | 441 |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Financial                                          | — |   |   | 5 |   |   | — |   |   | 5 |   |   | — |   |   | 5 |   |   | — |   |   | 5 |   |
|                                               | — |   |   | 713 |   |   | 318 |   |   | 1,031 |   |   | — |   |   | 162 |   |   | 328 |   |   | 490 |   |
| Mortgage-backed securities:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial                                          | — |   |   | 207 |   |   | — |   |   | 207 |   |   | — |   |   | 206 |   |   | — |   |   | 206 |   |
|                                               | 6,408 |   |   | 1,360 |   |   | 319 |   |   | 8,087 |   |   | 5,764 |   |   | 1,054 |   |   | 329 |   |   | 7,147 |   |
| Derivative contracts, at fair value2:              | — |   |   | 1 |   |   | — |   |   | 1 |   |   | — |   |   | 6 |   |   | — |   |   | 6 |   |
|                                               | $ | 6,408 |   |   | $ | 1,361 |   |   | $ | 319 |   |   | $ | 8,088 |   |   | $ | 5,764 |   |   | $ | 1,060 |   |   | $ | 329 |   |   | $ | 7,153 |   |
| Liabilities                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities sold, not yet purchased, at fair value: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Communications                                     | $ | 15 |   |   | $ | — |   |   | $ | — |   |   | $ | 15 |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |
| Consumer, non-cyclical                             | 38 |   |   | — |   |   | — |   |   | 38 |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Consumer, cyclical                                 | 351 |   |   | — |   |   | — |   |   | 351 |   |   | 356 |   |   | — |   |   | — |   |   | 356 |   |
| Financial                                          | 53 |   |   | — |   |   | — |   |   | 53 |   |   | 58 |   |   | — |   |   | — |   |   | 58 |   |
| Index                                              | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 5 |   |   | — |   |   | 5 |   |
| Funds                                              | 2,435 |   |   | — |   |   | — |   |   | 2,435 |   |   | 800 |   |   | — |   |   | — |   |   | 800 |   |
|                                               | 2,892 |   |   | — |   |   | — |   |   | 2,892 |   |   | 1,214 |   |   | 5 |   |   | — |   |   | 1,219 |   |
| Derivative contracts, at fair value3:              | — |   |   | 43 |   |   | — |   |   | 43 |   |   | — |   |   | 60 |   |   | — |   |   | 60 |   |
|                                               | $ | 2,892 |   |   | $ | 43 |   |   | $ | — |   |   | $ | 2,935 |   |   | $ | 1,214 |   |   | $ | 65 |   |   | $ | — |   |   | $ | 1,279 |   |

|         |                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | We consolidated the financial results of Tropicana effective November 15, 2010.  As a result, we eliminated our investment in Tropicana with a fair value of approximately $287 million and $279 million at March 31, 2011 and December 31, 2010, respectively. |

|         |                                                              |
|---------|--------------------------------------------------------------|
| 2  | Included in other assets in our consolidated balance sheets. |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| 3  | Included in accrued expenses and other liabilities in our consolidated balance sheets. |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | Three Months Ended March 31, |
|                           | 2011 |   | 2010 |
|                                | (in millions) |
| Balance at January 1                | $ | 329 |   |   | $ | 228 |   |
| Gross realized and unrealized gains | — |   |   | — |   |
| Gross proceeds                      | (10 | ) |   | (1 | ) |
| Gross purchases                     | — |   |   | 219 |   |
| Balance at March 31                 | $ | 319 |   |   | $ | 446 |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | March 31, 2011 |   | December 31, 2010 |
|                                    | Level 1 |   | Level 2 |   | Total |   | Level 1 |   | Level 2 |   | Total |
|                                         | (in millions) |
| Marketable equity and debt securities        | $ | 16 |   |   | $ | — |   |   | $ | 16 |   |   | $ | 19 |   |   | $ | — |   |   | $ | 19 |   |
|  Derivative contracts, at fair value(1) | — |   |   | 8 |   |   | 8 |   |   | — |   |   | 12 |   |   | 12 |   |
|                                         | $ | 16 |   |   | $ | 8 |   |   | $ | 24 |   |   | $ | 19 |   |   | $ | 12 |   |   | $ | 31 |   |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
|  Derivative contracts, at fair value(2) | $ | — |   |   | $ | 93 |   |   | $ | 93 |   |   | $ | — |   |   | $ | 94 |   |   | $ | 94 |   |

|           |                                                                                |
|-----------|--------------------------------------------------------------------------------|
| (1)  | Amounts are classified within other assets in our consolidated balance sheets. |

|           |                                                                                                               |
|-----------|---------------------------------------------------------------------------------------------------------------|
| (2)  | Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. |

|    |                        |
|----|------------------------|
| 6. | Financial Instruments. |

----

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | March 31, 2011 |   | December 31, 2010 |   |   |
| Credit Derivative Type Risk Exposure |   | Notional Amount |   | Fair Value |   | Notional Amount |   | Fair Value |   | Underlying Reference Obligation |
|                                 |   | (in millions) |   |   |
| Single name credit default swaps:    |   |   |   |   |   |   |   |   |   |   |
| Below investment grade risk exposure |   | $ | 32 |   |   | $ | 1 |   |   | $ | 32 |   |   | $ | 1 |   |   | Corporate credit |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | Asset Derivatives(1) |   | Liability Derivatives(2) |
| Derivatives Not Designated as Hedging Instruments |   | March 31, 2011 |   | December 31, 2010 |   | March 31, 2011 |   | December 31, 2010 |
|                                              |   | (in millions) |
| Equity contracts                                  |   | $ | — |   |   | $ | 1 |   |   | $ | 1 |   |   | $ | — |   |
| Foreign exchange contracts                        |   | — |   |   | — |   |   | 1 |   |   | 2 |   |
| Credit contracts                                  |   | 2 |   |   | 24 |   |   | 42 |   |   | 77 |   |
| Sub-total                                         |   | 2 |   |   | 25 |   |   | 44 |   |   | 79 |   |
| Netting across contract types(3)                  |   | (1 | ) |   | (19 | ) |   | (1 | ) |   | (19 | ) |
| Total(4)                                          |   | $ | 1 |   |   | $ | 6 |   |   | $ | 43 |   |   | $ | 60 |   |

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| (1)  | Net asset derivatives are located within other assets in our consolidated balance sheets. |

|           |                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------|
| (2)  | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. |

|           |                                                                                                                                                      |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Represents the netting of receivables balances with payable balances for the same counterparty across contract types pursuant to netting agreements. |

|           |                                                                                                                                                                                                                               |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4)  | Excludes netting of cash collateral received and posted.  The total collateral posted at March 31, 2011 and December 31, 2010 was $239 million and $248 million, respectively, across all counterparties. |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
|                                              |   | Gain (Loss) Recognized in Income(1) |
|                                              |   | Three Months Ended March 31, |
| Derivatives Not Designated as Hedging Instruments |   | 2011 |   | 2010 |
|                                              |   | (in millions) |
| Foreign exchange contracts                        |   | $ | (10 | ) |   | $ | — |   |
| Equity contracts                                  |   | (1 | ) |   | (1 | ) |
| Credit contracts                                  |   | 25 |   |   | 29 |   |
|                                              |   | $ | 14 |   |   | $ | 28 |   |

|           |                                                                                                                                                                               |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Gains (losses) recognized on the Investment Funds' derivatives are classified in net gain (loss) from investment activities within our consolidated statements of operations. |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |
|                 | Long Notional Exposure |   | Short Notional Exposure |
| Primary underlying risk:  | (in millions) |
| Credit default swaps      | $ | 32 |   |   | $ | (2,114 | ) |
| Equity swaps              | 27 |   |   | — |   |
| Foreign currency forwards | 169 |   |   | — |   |
| Future index spread       | 24 |   |   | (53 | ) |

----

----

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    |   | Asset Derivatives |   | Liability Derivatives |
| Derivatives Designated as Cash Flow Hedging Instruments |   | March 31, 2011 |   | December 31, 2010 |   | March 31, 2011 |   | December 31, 2010 |
|                                                    |   | (in millions) |
| Interest rate swap contracts(1)                         |   | $ | — |   |   | $ | — |   |   | $ | 61 |   |   | $ | 70 |   |
| Commodity contracts(2)                                  |   | 10 |   |   | 13 |   |   | 1 |   |   | 1 |   |
| Foreign currency contracts(2)                           |   | — |   |   | — |   |   | 1 |   |   | — |   |
|                                                    |   | $ | 10 |   |   | $ | 13 |   |   | $ | 63 |   |   | $ | 71 |   |

|           |                                                                                           |
|-----------|-------------------------------------------------------------------------------------------|
| (1)  | Located within accrued expenses and other liabilities in our consolidated balance sheets. |

|           |                                                                 |
|-----------|-----------------------------------------------------------------|
| (2)  | Located within other assets in our consolidated balance sheets. |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, 2011             |
| Derivatives Designated as Hedging Instruments |   | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) |   | Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |   | Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |
|                                          |   | (in millions) |   |   |   | (in millions) |
| Interest rate swap contracts                  |   | $ | (1 | ) |   | Interest expense |   | $ | (10 | ) |
| Commodity contracts                           |   | 2 |   |   | Cost of goods sold |   | 5 |   |
| Foreign currency contracts                    |   | (1 | ) |   | Cost of goods sold |   | — |   |
|                                          |   | $ | — |   |   |   |   | $ | (5 | ) |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, 2010             |
| Derivatives Designated as Hedging Instruments |   | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) |   | Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |   | Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) |
|                                          |   | (in millions) |   |   |   | (in millions) |
| Interest rate swap contracts                  |   | $ | (21 | ) |   | Interest expense |   | $ | (9 | ) |
| Commodity contracts                           |   | 3 |   |   | Cost of goods sold |   | 1 |   |
|                                          |   | $ | (18 | ) |   |   |   | $ | (8 | ) |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |
|                                              |   |   |   | Gain Recognized on Derivatives |
| Derivatives Not Designated as Hedging Instruments |   | Location of Gain Recognized on Derivatives |   | Three Months Ended March 31, |
|                                              | 2011 |   | 2010 |
|                                              |   |   |   | (in millions) |
| Commodity contracts                               |   | Cost of goods sold |   | $ | — |   |   | $ | 1 |   |
|                                              |   |   |   | $ | — |   |   | $ | 1 |   |

----

|    |                   |
|----|-------------------|
| 7. | Inventories, Net. |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |
|              | March 31, 2011 |   | December 31, 2010 |
|                   | (in millions) |
| Raw materials          | $ | 217 |   |   | $ | 211 |   |
| Work in process        | 215 |   |   | 195 |   |
| Finished goods         | 739 |   |   | 670 |   |
|              | 1,171 |   |   | 1,076 |   |
| Other:                 |   |   |   |
| Ferrous metals         | 60 |   |   | 43 |   |
| Non-ferrous metals     | 21 |   |   | 21 |   |
| Secondary metals       | 22 |   |   | 23 |   |
|              | 103 |   |   | 87 |   |
| Total inventories, net | $ | 1,274 |   |   | $ | 1,163 |   |

|    |                                      |
|----|--------------------------------------|
| 8. | Goodwill and Intangible Assets, Net. |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|           | March 31, 2011 |   | December 31, 2010 |
|      | GrossCarryingAmount |   | AccumulatedImpairment |   | NetCarryingValue |   | GrossCarryingAmount |   | AccumulatedImpairment |   | NetCarryingValue |
|           | (in millions) |
| Automotive     | $ | 1,338 |   |   | $ | (226 | ) |   | $ | 1,112 |   |   | $ | 1,343 |   |   | $ | (226 | ) |   | $ | 1,117 |   |
| Railcar        | 7 |   |   | — |   |   | 7 |   |   | 7 |   |   | — |   |   | 7 |   |
| Food Packaging | 3 |   |   | — |   |   | 3 |   |   | 3 |   |   | — |   |   | 3 |   |
| Metals         | 11 |   |   | — |   |   | 11 |   |   | 2 |   |   | — |   |   | 2 |   |
|           | $ | 1,359 |   |   | $ | (226 | ) |   | $ | 1,133 |   |   | $ | 1,355 |   |   | $ | (226 | ) |   | $ | 1,129 |   |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   |   | March 31, 2011 |   | December 31, 2010 |
|                           | Useful lives(years) |   | GrossCarryingAmount |   | AccumulatedAmortization |   | NetCarryingValue |   | GrossCarryingAmount |   | AccumulatedAmortization |   | NetCarryingValue |
|                                | (in millions) |
| Definite-lived intangible assets:   |     |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |
| Automotive                          | 1 - 22 |   | $ | 658 |   |   | $ | (186 | ) |   | $ | 472 |   |   | $ | 658 |   |   | $ | (174 | ) |   | $ | 484 |   |
| Gaming                              | 3 - 42 |   | 25 |   |   | — |   |   | 25 |   |   | 25 |   |   | — |   |   | 25 |   |
| Food Packaging                      | 6 - 13.5 |   | 23 |   |   | (12 | ) |   | 11 |   |   | 23 |   |   | (11 | ) |   | 12 |   |
| Metals                              | 5 - 15 |   | 11 |   |   | (5 | ) |   | 6 |   |   | 11 |   |   | (5 | ) |   | 6 |   |
| Real Estate                         | 12 - 12.5 |   | 121 |   |   | (26 | ) |   | 95 |   |   | 121 |   |   | (24 | ) |   | 97 |   |
|                                |   |   | $ | 838 |   |   | $ | (229 | ) |   | 609 |   |   | $ | 838 |   |   | $ | (214 | ) |   | 624 |   |
| Indefinite-lived intangible assets: |   |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |
| Automotive                          |    |   |    |   |   |    |   |   | 314 |   |   |    |   |   |    |   |   | 314 |   |
| Gaming                              |    |   |    |   |   |    |   |   | 54 |   |   |    |   |   |    |   |   | 54 |   |
| Food Packaging                      |    |   |    |   |   |    |   |   | 2 |   |   |    |   |   |    |   |   | 2 |   |
| Home Fashion                        |   |   |   |   |   |   | 5 |   |   |   |   |   |   | 5 |   |
|                                |   |   |   |   |   |   | 375 |   |   |   |   |   |   | 375 |   |
| Intangible assets, net              |   |   |   |   |   |   | $ | 984 |   |   |   |   |   |   | $ | 999 |   |

----

|    |                                     |
|----|-------------------------------------|
| 9. | Property, Plant and Equipment, Net. |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |
|                                       | Useful Life |   | March 31, 2011 |   | December 31, 2010 |
|                                            | (years) |   | (in millions) |
| Land                                            |   |   | $ | 470 |   |   | $ | 456 |   |
| Buildings and improvements                      | 4 - 40 |   | 1,044 |   |   | 1,028 |   |
| Machinery, equipment and furniture              | 1 - 30 |   | 2,476 |   |   | 2,371 |   |
| Assets leased to others                         | 15 - 39 |   | 481 |   |   | 482 |   |
| Construction in progress                        |   |   | 383 |   |   | 346 |   |
|                                       |   |   | 4,854 |   |   | 4,683 |   |
| Less: Accumulated depreciation and amortization |   |   | (1,327 | ) |   | (1,228 | ) |
| Property, plant and equipment, net              |   |   | $ | 3,527 |   |   | $ | 3,455 |   |

----

|     |       |
|-----|-------|
| 10. | Debt. |

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
|                                                                          | March 31, 2011 |   | December 31, 2010 |
|                                                                          | (in millions) |
| 8% senior unsecured notes due 2018 - Icahn Enterprises                        | $ | 1,450 |   |   | $ | 1,450 |   |
| 7.75% senior unsecured notes due 2016 - Icahn Enterprises                     | 1,050 |   |   | 1,050 |   |
| Senior unsecured variable rate convertible notes due 2013 - Icahn Enterprises | 556 |   |   | 556 |   |
| Senior notes - Investment Management                                          | 595 |   |   | — |   |
| Debt facilities - Automotive                                                  | 2,737 |   |   | 2,737 |   |
| Debt facilities - Gaming                                                      | 61 |   |   | 62 |   |
| Senior unsecured notes - Railcar                                              | 275 |   |   | 275 |   |
| Senior secured notes and revolving credit facility - Food Packaging           | 214 |   |   | 214 |   |
| Mortgages payable                                                             | 108 |   |   | 108 |   |
| Other                                                                         | 64 |   |   | 57 |   |
| Total debt                                                                    | $ | 7,110 |   |   | $ | 6,509 |   |

----

----

----

----

----

|     |                            |
|-----|----------------------------|
| 11. | Compensation Arrangements. |

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |
| Exercise price                                         | N/A |   |
| Expected volatility                                    | 55 | % |
| Expected dividend yield                                | — | % |
| Risk-free rate over the estimated expected option life | 0.66 | % |
| Expected life (in years)                               | 1.87 |   |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| 12. | Pensions, Other Post-employment Benefits and Employee Benefit Plans. |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Pension Benefits |   | Other Post-Employment Benefits |
|                                 | Three Months Ended March 31, |
|                                 | 2011 |   | 2010 |   | 2011 |   | 2010 |
|                                 | (in millions) |
| Service cost                         | $ | 7 |   |   | $ | 8 |   |   | $ | — |   |   | $ | — |   |
| Interest cost                        | 22 |   |   | 21 |   |   | 5 |   |   | 7 |   |
| Expected return on plan assets       | (17 | ) |   | (15 | ) |   | — |   |   | — |   |
| Amortization of actuarial losses     | 6 |   |   | 7 |   |   | — |   |   | — |   |
| Amortization of prior service credit | — |   |   | — |   |   | (4 | ) |   | — |   |
| Net periodic benefit cost            | $ | 18 |   |   | $ | 21 |   |   | $ | 1 |   |   | $ | 7 |   |

|     |                                  |
|-----|----------------------------------|
| 13. | Preferred Limited Partner Units. |

|     |                         |
|-----|-------------------------|
| 14. | Net Income Per LP Unit. |

----

|                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |  |  |  |  |  |  |  |
|                                                                                                              | Three Months Ended March 31, |
|                                                                                                         | 2011 |   | 2010 |
|                                                                                                              | (in millions, except per unit data) |
| Net income attributable to Icahn Enterprises                                                                      | $ | 240 |   |   | $ | (65 | ) |
| Basic income attributable to Icahn Enterprises allocable to limited partners (98.01% share of net income or loss) | $ | 235 |   |   | $ | (64 | ) |
|                                                                                                              |   |   |   |
| Basic income (loss) per LP unit                                                                                   | $ | 2.76 |   |   | $ | (0.80 | ) |
| Basic weighted average LP units outstanding                                                                       | 85 |   |   | 80 |   |
|                                                                                                              |   |   |   |
| Diluted income (loss) per LP unit                                                                                 | $ | 2.68 |   |   | $ | (0.80 | ) |
| Diluted weighted average LP units outstanding                                                                     | 90 |   |   | 80 |   |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |
|                            | Three Months Ended        March 31, 2011 |
|                       | Income |   | Units |
|                            | (in millions) |
| Variable rate convertible notes | $ | 6 |   |   | 5 |   |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |
|                             | Three Months Ended March 31, |
|                        | 2011 |   | 2010 |
|                             | (in millions) |
| Redemption of preferred LP units | — |   |   | 3 |   |
| Variable rate convertible notes  | — |   |   | 5 |   |

|     |                    |
|-----|--------------------|
| 15. | Segment Reporting. |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Three Months Ended March 31, 2011 |
|                                                              | Investment Management |   | Automotive |   | Gaming |   | Railcar |   | Food Packaging |   | Metals |   | Real Estate |   | Home Fashion |   | Holding Company |   | Eliminations |   | Consolidated |
|                                                              | (in millions) |
| Revenues:                                                         |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |    |   |
| Net sales                                                         | $ | — |   |   | $ | 1,724 |   |   | $ | — |   |   | $ | 69 |   |   | $ | 80 |   |   | $ | 279 |   |   | $ | 7 |   |   | $ | 98 |   |   | $ | — |   |   | $ | — |   |   | $ | 2,257 |   |
| Other revenues from operations                                    | — |   |   | — |   |   | 157 |   |   | 16 |   |   | — |   |   | — |   |   | 13 |   |   | — |   |   | — |   |   | — |   |   | 186 |   |
| Net gain from investment activities                               | 616 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 10 |   |   | (9 | ) |   | 617 |   |
| Interest and dividend income                                      | 34 |   |   | 1 |   |   | — |   |   | 1 |   |   | — |   |   | — |   |   | 1 |   |   | — |   |   | 1 |   |   | (3 | ) |   | 35 |   |
| Other (loss) income, net                                          | (3 | ) |   | 9 |   |   | — |   |   | (2 | ) |   | — |   |   | — |   |   | — |   |   | 1 |   |   | 4 |   |   | — |   |   | 9 |   |
|                                                              | 647 |   |   | 1,734 |   |   | 157 |   |   | 84 |   |   | 80 |   |   | 279 |   |   | 21 |   |   | 99 |   |   | 15 |   |   | (12 | ) |   | 3,104 |   |
| Expenses:                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of goods sold                                                | — |   |   | 1,445 |   |   | — |   |   | 67 |   |   | 61 |   |   | 261 |   |   | 1 |   |   | 90 |   |   | — |   |   | — |   |   | 1,925 |   |
| Other expenses from operations                                    | — |   |   | — |   |   | 79 |   |   | 13 |   |   | — |   |   | — |   |   | 6 |   |   | — |   |   | — |   |   | — |   |   | 98 |   |
| Selling, general and administrative                               | 39 |   |   | 189 |   |   | 73 |   |   | 7 |   |   | 11 |   |   | 6 |   |   | 9 |   |   | 16 |   |   | 5 |   |   | — |   |   | 355 |   |
| Restructuring                                                     | — |   |   | 1 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 2 |   |   | — |   |   | — |   |   | 3 |   |
| Impairment                                                        | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Interest expense                                                  | 3 |   |   | 35 |   |   | 2 |   |   | 5 |   |   | 5 |   |   | — |   |   | 2 |   |   | — |   |   | 57 |   |   | — |   |   | 109 |   |
|                                                              | 42 |   |   | 1,670 |   |   | 154 |   |   | 92 |   |   | 77 |   |   | 267 |   |   | 18 |   |   | 108 |   |   | 62 |   |   | — |   |   | 2,490 |   |
| Income (loss) before income tax (expense) benefit                 | 605 |   |   | 64 |   |   | 3 |   |   | (8 | ) |   | 3 |   |   | 12 |   |   | 3 |   |   | (9 | ) |   | (47 | ) |   | (12 | ) |   | 614 |   |
| Income tax (expense) benefit                                      | — |   |   | (14 | ) |   | 2 |   |   | 3 |   |   | (1 | ) |   | (4 | ) |   | — |   |   | — |   |   | (4 | ) |   | — |   |   | (18 | ) |
| Net income (loss)                                                 | 605 |   |   | 50 |   |   | 5 |   |   | (5 | ) |   | 2 |   |   | 8 |   |   | 3 |   |   | (9 | ) |   | (51 | ) |   | (12 | ) |   | 596 |   |
| Less: net (income) loss attributable to non-controlling interests | (352 | ) |   | (13 | ) |   | (3 | ) |   | 2 |   |   | (1 | ) |   | — |   |   | — |   |   | 3 |   |   | — |   |   | 8 |   |   | (356 | ) |
| Net income (loss) attributable to Icahn Enterprises               | $ | 253 |   |   | $ | 37 |   |   | $ | 2 |   |   | $ | (3 | ) |   | $ | 1 |   |   | $ | 8 |   |   | $ | 3 |   |   | $ | (6 | ) |   | $ | (51 | ) |   | $ | (4 | ) |   | $ | 240 |   |

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Three Months Ended March 31, 2010 |
|                                                              | Investment Management |   | Automotive |   | Railcar |   | Food Packaging |   | Metals |   | Real Estate |   | Home Fashion |   | Holding Company |   | Consolidated |
|                                                              | (in millions) |
| Revenues:                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                                         | $ | — |   |   | $ | 1,489 |   |   | $ | 36 |   |   | $ | 80 |   |   | $ | 174 |   |   | $ | 8 |   |   | $ | 83 |   |   | $ | — |   |   | $ | 1,870 |   |
| Other revenues from operations                                    | — |   |   | — |   |   | 16 |   |   | — |   |   | — |   |   | 12 |   |   | — |   |   | — |   |   | 28 |   |
| Net (loss) gain from investment activities                        | (10 | ) |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 9 |   |   | (1 | ) |
| Interest and dividend income                                      | 64 |   |   | 1 |   |   | 1 |   |   | — |   |   | — |   |   | 1 |   |   | — |   |   | 1 |   |   | 68 |   |
| Other income (loss), net                                          | — |   |   | (10 | ) |   | (2 | ) |   | — |   |   | — |   |   | — |   |   | 1 |   |   | (39 | ) |   | (50 | ) |
|                                                              | 54 |   |   | 1,480 |   |   | 51 |   |   | 80 |   |   | 174 |   |   | 21 |   |   | 84 |   |   | (29 | ) |   | 1,915 |   |
| Expenses:                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of goods sold                                                | — |   |   | 1,235 |   |   | 37 |   |   | 60 |   |   | 165 |   |   | 1 |   |   | 77 |   |   | — |   |   | 1,575 |   |
| Other expenses from operations                                    | — |   |   | — |   |   | 14 |   |   | — |   |   | — |   |   | 6 |   |   | — |   |   | — |   |   | 20 |   |
| Selling, general and administrative                               | 22 |   |   | 196 |   |   | 6 |   |   | 11 |   |   | 5 |   |   | 11 |   |   | 17 |   |   | 6 |   |   | 274 |   |
| Restructuring                                                     | — |   |   | 1 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 3 |   |   | — |   |   | 4 |   |
| Impairment                                                        | — |   |   | 4 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 4 |   |
| Interest expense                                                  | — |   |   | 37 |   |   | 5 |   |   | 5 |   |   | — |   |   | 2 |   |   | — |   |   | 46 |   |   | 95 |   |
|                                                              | 22 |   |   | 1,473 |   |   | 62 |   |   | 76 |   |   | 170 |   |   | 20 |   |   | 97 |   |   | 52 |   |   | 1,972 |   |
| Income (loss) before income tax (expense) benefit                 | 32 |   |   | 7 |   |   | (11 | ) |   | 4 |   |   | 4 |   |   | 1 |   |   | (13 | ) |   | (81 | ) |   | (57 | ) |
| Income tax (expense) benefit                                      | (1 | ) |   | 7 |   |   | 4 |   |   | — |   |   | (1 | ) |   | — |   |   | — |   |   | (2 | ) |   | 7 |   |
| Net income (loss)                                                 | 31 |   |   | 14 |   |   | (7 | ) |   | 4 |   |   | 3 |   |   | 1 |   |   | (13 | ) |   | (83 | ) |   | (50 | ) |
| Less: net (income) loss attributable to non-controlling interests | (16 | ) |   | (5 | ) |   | 3 |   |   | (1 | ) |   | — |   |   | — |   |   | 4 |   |   | — |   |   | (15 | ) |
| Net income (loss) attributable to Icahn Enterprises               | $ | 15 |   |   | $ | 9 |   |   | $ | (4 | ) |   | $ | 3 |   |   | $ | 3 |   |   | $ | 1 |   |   | $ | (9 | ) |   | $ | (83 | ) |   | $ | (65 | ) |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | March 31, 2011 |
|                                                                  | Investment Management |   | Automotive |   | Gaming |   | Railcar |   | Food Packaging |   | Metals |   | Real Estate |   | Home Fashion |   | Holding Company |   | Eliminations |   | Consolidated |
|                                                                  | (in millions) |
| ASSETS                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                             | $ | 4 |   |   | $ | 1,015 |   |   | $ | 157 |   |   | $ | 314 |   |   | $ | 77 |   |   | $ | 14 |   |   | $ | 97 |   |   | $ | 34 |   |   | $ | 957 |   |   | $ | — |   |   | $ | 2,669 |   |
| Cash held at consolidated affiliated partnerships and restricted cash | 3,707 |   |   | — |   |   | 18 |   |   | — |   |   | 2 |   |   | 4 |   |   | 4 |   |   | — |   |   | 157 |   |   | — |   |   | 3,892 |   |
| Investments                                                           | 8,374 |   |   | 229 |   |   | 33 |   |   | 47 |   |   | — |   |   | — |   |   | — |   |   | 14 |   |   | 16 |   |   | (287 | ) |   | 8,426 |   |
| Accounts receivable, net                                              | — |   |   | 1,168 |   |   | 16 |   |   | 20 |   |   | 56 |   |   | 112 |   |   | 5 |   |   | 72 |   |   | — |   |   | — |   |   | 1,449 |   |
| Inventories, net                                                      | — |   |   | 945 |   |   | — |   |   | 59 |   |   | 57 |   |   | 103 |   |   | — |   |   | 110 |   |   | — |   |   | — |   |   | 1,274 |   |
| Property, plant and equipment, net                                    | — |   |   | 1,879 |   |   | 414 |   |   | 176 |   |   | 112 |   |   | 126 |   |   | 696 |   |   | 121 |   |   | 3 |   |   | — |   |   | 3,527 |   |
| Goodwill and intangible assets, net                                   | — |   |   | 1,898 |   |   | 79 |   |   | 7 |   |   | 16 |   |   | 17 |   |   | 95 |   |   | 5 |   |   | — |   |   | — |   |   | 2,117 |   |
| Other assets                                                          | 315 |   |   | 391 |   |   | 66 |   |   | 26 |   |   | 32 |   |   | 28 |   |   | 14 |   |   | 34 |   |   | 43 |   |   | — |   |   | 949 |   |
|    Total assets                                        | $ | 12,400 |   |   | $ | 7,525 |   |   | $ | 783 |   |   | $ | 649 |   |   | $ | 352 |   |   | $ | 404 |   |   | $ | 911 |   |   | $ | 390 |   |   | $ | 1,176 |   |   | $ | (287 | ) |   | $ | 24,303 |   |
| LIABILITIES AND EQUITY                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable, accrued expenses and other liabilities              | $ | 1,935 |   |   | $ | 1,959 |   |   | $ | 144 |   |   | $ | 65 |   |   | $ | 71 |   |   | $ | 67 |   |   | $ | 28 |   |   | $ | 50 |   |   | $ | 182 |   |   | $ | — |   |   | $ | 4,501 |   |
| Securities sold, not yet purchased, at fair value                     | 2,892 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 2,892 |   |
| Due to brokers                                                        | 1,627 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 1,627 |   |
| Post-employment benefit liability                                     | — |   |   | 1,231 |   |   | — |   |   | 6 |   |   | 43 |   |   | 2 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 1,282 |   |
| Debt                                                                  | 595 |   |   | 2,795 |   |   | 61 |   |   | 275 |   |   | 216 |   |   | 2 |   |   | 110 |   |   | — |   |   | 3,056 |   |   | — |   |   | 7,110 |   |
|    Total liabilities                                   | 7,049 |   |   | 5,985 |   |   | 205 |   |   | 346 |   |   | 330 |   |   | 71 |   |   | 138 |   |   | 50 |   |   | 3,238 |   |   | — |   |   | 17,412 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity attributable to Icahn Enterprises                              | 2,833 |   |   | 1,111 |   |   | 132 |   |   | 164 |   |   | 13 |   |   | 333 |   |   | 773 |   |   | 307 |   |   | (2,082 | ) |   | (111 | ) |   | 3,473 |   |
| Equity attributable to non-controlling interests                      | 2,518 |   |   | 429 |   |   | 446 |   |   | 139 |   |   | 9 |   |   | — |   |   | — |   |   | 33 |   |   | 20 |   |   | (176 | ) |   | 3,418 |   |
|    Total equity                                        | 5,351 |   |   | 1,540 |   |   | 578 |   |   | 303 |   |   | 22 |   |   | 333 |   |   | 773 |   |   | 340 |   |   | (2,062 | ) |   | (287 | ) |   | 6,891 |   |
|    Total liabilities and equity                        | $ | 12,400 |   |   | $ | 7,525 |   |   | $ | 783 |   |   | $ | 649 |   |   | $ | 352 |   |   | $ | 404 |   |   | $ | 911 |   |   | $ | 390 |   |   | $ | 1,176 |   |   | $ | (287 | ) |   | $ | 24,303 |   |

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | December 31, 2010 |
|                                                                  | Investment Management |   | Automotive |   | Gaming |   | Railcar |   | Food Packaging |   | Metals |   | Real Estate |   | Home Fashion |   | Holding Company |   | Eliminations |   | Consolidated |
|                                                                  | (in millions) |
| ASSETS                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents                                             | $ | 8 |   |   | $ | 1,105 |   |   | $ | 154 |   |   | $ | 319 |   |   | $ | 88 |   |   | $ | 17 |   |   | $ | 86 |   |   | $ | 32 |   |   | $ | 1,154 |   |   | $ | — |   |   | $ | 2,963 |   |
| Cash held at consolidated affiliated partnerships and restricted cash | 2,029 |   |   | — |   |   | 18 |   |   | — |   |   | 2 |   |   | 4 |   |   | 4 |   |   | — |   |   | 117 |   |   | — |   |   | 2,174 |   |
| Investments                                                           | 7,426 |   |   | 210 |   |   | 33 |   |   | 48 |   |   | — |   |   | 3 |   |   | — |   |   | 13 |   |   | 16 |   |   | (279 | ) |   | 7,470 |   |
| Accounts receivable, net                                              | — |   |   | 1,053 |   |   | 18 |   |   | 21 |   |   | 48 |   |   | 61 |   |   | 6 |   |   | 78 |   |   | — |   |   | — |   |   | 1,285 |   |
| Inventories, net                                                      | — |   |   | 847 |   |   | — |   |   | 50 |   |   | 55 |   |   | 87 |   |   | — |   |   | 124 |   |   | — |   |   | — |   |   | 1,163 |   |
| Property, plant and equipment, net                                    | — |   |   | 1,802 |   |   | 421 |   |   | 181 |   |   | 109 |   |   | 115 |   |   | 700 |   |   | 124 |   |   | 3 |   |   | — |   |   | 3,455 |   |
| Goodwill and intangible assets, net                                   | — |   |   | 1915 |   |   | 79 |   |   | 7 |   |   | 17 |   |   | 8 |   |   | 97 |   |   | 5 |   |   | — |   |   | — |   |   | 2,128 |   |
| Other assets                                                          | 66 |   |   | 364 |   |   | 70 |   |   | 28 |   |   | 30 |   |   | 31 |   |   | 14 |   |   | 32 |   |   | 65 |   |   | — |   |   | 700 |   |
|    Total assets                                        | $ | 9,529 |   |   | $ | 7,296 |   |   | $ | 793 |   |   | $ | 654 |   |   | $ | 349 |   |   | $ | 326 |   |   | $ | 907 |   |   | $ | 408 |   |   | $ | 1,355 |   |   | $ | (279 | ) |   | $ | 21,338 |   |
| LIABILITIES AND EQUITY                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable, accrued expenses and other liabilities              | $ | 574 |   |   | $ | 1,887 |   |   | $ | 154 |   |   | $ | 64 |   |   | $ | 72 |   |   | $ | 58 |   |   | $ | 27 |   |   | $ | 58 |   |   | $ | 227 |   |   | $ | — |   |   | $ | 3,121 |   |
| Securities sold, not yet purchased, at fair value                     | 1,219 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 1,219 |   |
| Due to brokers                                                        | 1,323 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 1,323 |   |
| Post-employment benefit liability                                     | — |   |   | 1,219 |   |   | — |   |   | 7 |   |   | 44 |   |   | 2 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 1,272 |   |
| Debt                                                                  | — |   |   | 2,787 |   |   | 62 |   |   | 275 |   |   | 216 |   |   | 2 |   |   | 111 |   |   | — |   |   | 3,056 |   |   | — |   |   | 6,509 |   |
|    Total liabilities                                   | 3,116 |   |   | 5,893 |   |   | 216 |   |   | 346 |   |   | 332 |   |   | 62 |   |   | 138 |   |   | 58 |   |   | 3,283 |   |   | — |   |   | 13,444 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity attributable to Icahn Enterprises                              | 2,576 |   |   | 1,010 |   |   | 122 |   |   | 167 |   |   | 10 |   |   | 264 |   |   | 769 |   |   | 313 |   |   | (1,948 | ) |   | (100 | ) |   | 3,183 |   |
| Equity attributable to non-controlling interests                      | 3,837 |   |   | 393 |   |   | 455 |   |   | 141 |   |   | 7 |   |   | — |   |   | — |   |   | 37 |   |   | 20 |   |   | (179 | ) |   | 4,711 |   |
|    Total equity                                        | 6,413 |   |   | 1,403 |   |   | 577 |   |   | 308 |   |   | 17 |   |   | 264 |   |   | 769 |   |   | 350 |   |   | (1,928 | ) |   | (279 | ) |   | 7,894 |   |
|    Total liabilities and equity                        | $ | 9,529 |   |   | $ | 7,296 |   |   | $ | 793 |   |   | $ | 654 |   |   | $ | 349 |   |   | $ | 326 |   |   | $ | 907 |   |   | $ | 408 |   |   | $ | 1,355 |   |   | $ | (279 | ) |   | $ | 21,338 |   |

----

|     |               |
|-----|---------------|
| 16. | Income Taxes. |

|     |                                       |
|-----|---------------------------------------|
| 17. | Accumulated Other Comprehensive Loss. |

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |
|                                     | March 31, 2011 |   | December 31, 2010 |
|                                          | (in millions) |
| Post-employment benefits, net of tax          | $ | (282 | ) |   | $ | (283 | ) |
| Hedge instruments, net of tax                 | (76 | ) |   | (81 | ) |
| Translation adjustments and other, net of tax | (146 | ) |   | (233 | ) |
|                                     | $ | (504 | ) |   | $ | (597 | ) |

|     |                           |
|-----|---------------------------|
| 18. | Other Income (Loss), Net. |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |
|                                             | Three Months Ended March 31, |
|                                        | 2011 |   | 2010 |
|                                             | (in millions) |
| Loss on extinguishment of debt                   | $ | — |   |   | $ | (40 | ) |
| Loss on disposition of assets                    | (2 | ) |   | (1 | ) |
| Equity earnings from non-consolidated affiliates | 8 |   |   | 6 |   |
| Foreign currency translation losses              | (1 | ) |   | (24 | ) |
| Other                                            | 4 |   |   | 9 |   |
|                                        | $ | 9 |   |   | $ | (50 | ) |

|     |                                |
|-----|--------------------------------|
| 19. | Commitments and Contingencies. |

----

----

----

----

|     |                    |
|-----|--------------------|
| 20. | Subsequent Events. |

----

----

----

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | Revenues(1) |   | Net Income (Loss) |   | Net Income (Loss) Attributable to Icahn Enterprises |
|                  | Three Months Ended March 31, |
|             | 2011 |   | 2010 |   | 2011 |   | 2010 |   | 2011 |   | 2010 |
|                  | (in millions) |
| Investment Management | $ | 647 |   |   | $ | 54 |   |   | $ | 605 |   |   | $ | 31 |   |   | $ | 253 |   |   | $ | 15 |   |
| Automotive            | 1,734 |   |   | 1,480 |   |   | 50 |   |   | 14 |   |   | 37 |   |   | 9 |   |
| Gaming(2)             | 157 |   |   | — |   |   | 5 |   |   | — |   |   | 2 |   |   | — |   |
| Railcar               | 84 |   |   | 51 |   |   | (5 | ) |   | (7 | ) |   | (3 | ) |   | (4 | ) |
| Food Packaging        | 80 |   |   | 80 |   |   | 2 |   |   | 4 |   |   | 1 |   |   | 3 |   |
| Metals                | 279 |   |   | 174 |   |   | 8 |   |   | 3 |   |   | 8 |   |   | 3 |   |
| Real Estate           | 21 |   |   | 21 |   |   | 3 |   |   | 1 |   |   | 3 |   |   | 1 |   |
| Home Fashion          | 99 |   |   | 84 |   |   | (9 | ) |   | (13 | ) |   | (6 | ) |   | (9 | ) |
| Holding Company       | 15 |   |   | (29 | ) |   | (51 | ) |   | (83 | ) |   | (51 | ) |   | (83 | ) |
| Eliminations(3)       | (12 | ) |   | — |   |   | (12 | ) |   | — |   |   | (4 | ) |   | — |   |
|                  | $ | 3,104 |   |   | $ | 1,915 |   |   | $ | 596 |   |   | $ | (50 | ) |   | $ | 240 |   |   | $ | (65 | ) |

|           |                                                                                                                         |
|-----------|-------------------------------------------------------------------------------------------------------------------------|
| (1)  | Revenues include net sales, other revenues from operations, interest and dividend income, and other income (loss), net. |

|           |                                                                                      |
|-----------|--------------------------------------------------------------------------------------|
| (2)  | We consolidated the results of our Gaming segment effective as of November 15, 2010. |

|           |                                                                                                                                                                           |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Eliminations relate to the unrealized gains recorded by our Investment Management segment for its investment in Tropicana for the three months ended March 31, 2011. |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |
|                        | Three Months Ended March 31, |
|                   | 2011 |   | 2010 |
|                        | (in millions) |
| Balance beginning of period | $ | 6,564 |   |   | $ | 5,805 |   |
| Net (outflows) in-flows     | (1,828 | ) |   | 413 |   |
| Appreciation                | 629 |   |   | 38 |   |
| Balance, end of period      | $ | 5,365 |   |   | $ | 6,256 |   |
| Fee-paying AUM              | $ | — |   |   | $ | 2,170 |   |

----

|               |
|---------------|
|               |  |  |  |  |  |
|          | Gross Return(1) |
|          | Three Months Ended March 31, |
|     | 2011 |   | 2010 |
| Private Funds | 9.59 | % |   | 0.70 | % |

|           |                                                                                                                                                                                                                                                                                                                                       |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | These returns are indicative of a typical investor who has been invested since inception of the Investment Funds. The performance information is presented gross of any accrued special profits interest allocations and incentive allocations but net of expenses. Past performance is not necessarily indicative of future results. |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | Three Months Ended March 31, 2011 |
|                                                  | Icahn Enterprises' Interests |   | Consolidated Private Funds |   | Eliminations |   | Total Investment Management Results |   | Tropicana Eliminations |   | Total U.S. GAAP Results |
|                                                       | (in millions) |
| Revenues:                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Special profits interest allocations                       | $ | 9 |   |   | $ | — |   |   | $ | (9 | ) |   | $ | — |   |   | $ | — |   |   | $ | — |   |
| Incentive allocations                                      | 7 |   |   | — |   |   | (7 | ) |   | — |   |   | — |   |   | — |   |
| Net gain from investment activities                        | 248 |   |   | 616 |   |   | (248 | ) |   | 616 |   |   | (9 | ) |   | 607 |   |
| Interest and dividend income                               | — |   |   | 34 |   |   | — |   |   | 34 |   |   | (3 | ) |   | 31 |   |
| Other income, net                                          | — |   |   | (3 | ) |   | — |   |   | (3 | ) |   | — |   |   | (3 | ) |
|                                                       | 264 |   |   | 647 |   |   | (264 | ) |   | 647 |   |   | (12 | ) |   | 635 |   |
| Selling, general and administrative                        | 11 |   |   | 28 |   |   | — |   |   | 39 |   |   | — |   |   | 39 |   |
| Interest expense                                           | — |   |   | 3 |   |   | — |   |   | 3 |   |   | — |   |   | 3 |   |
|                                                       | 11 |   |   | 31 |   |   | — |   |   | 42 |   |   | — |   |   | 42 |   |
| Income before income tax expense                           | 253 |   |   | 616 |   |   | (264 | ) |   | 605 |   |   | (12 | ) |   | 593 |   |
| Income tax expense                                         | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Net income                                                 | 253 |   |   | 616 |   |   | (264 | ) |   | 605 |   |   | (12 | ) |   | 593 |   |
| Less: Net income attributable to non-controlling interests | — |   |   | (572 | ) |   | 220 |   |   | (352 | ) |   | 8 |   |   | (344 | ) |
| Net income attributable to Icahn Enterprises               | $ | 253 |   |   | $ | 44 |   |   | $ | (44 | ) |   | $ | 253 |   |   | $ | (4 | ) |   | $ | 249 |   |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | Three Months Ended March 31, 2010 |
|                                                  | Icahn Enterprises' Interests |   | Consolidated Private Funds |   | Eliminations |   | Total U.S. GAAP Results |
|                                                       | (in millions) |
| Revenues:                                                  |   |   |   |   |   |   |   |
| Special profits interest allocations                       | $ | 11 |   |   | $ | — |   |   | $ | (11 | ) |   | $ | — |   |
| Incentive allocations                                      | — |   |   | — |   |   | — |   |   | — |   |
| Net gain from investment activities                        | 11 |   |   | (10 | ) |   | (11 | ) |   | (10 | ) |
| Interest and dividend income                               | — |   |   | 64 |   |   | — |   |   | 64 |   |
|                                                       | 22 |   |   | 54 |   |   | (22 | ) |   | 54 |   |
| Selling, general and administrative                        | 6 |   |   | 16 |   |   | — |   |   | 22 |   |
| Interest expense                                           | — |   |   | — |   |   | — |   |   | — |   |
|                                                       | 6 |   |   | 16 |   |   | — |   |   | 22 |   |
| Income before income tax expense                           | 16 |   |   | 38 |   |   | (22 | ) |   | 32 |   |
| Income tax expense                                         | (1 | ) |   | — |   |   | — |   |   | (1 | ) |
| Net income                                                 | 15 |   |   | 38 |   |   | (22 | ) |   | 31 |   |
| Less: Net income attributable to non-controlling interests | — |   |   | (25 | ) |   | 9 |   |   | (16 | ) |
| Net income attributable to Icahn Enterprises               | $ | 15 |   |   | $ | 13 |   |   | $ | (13 | ) |   | $ | 15 |   |

|           |                                                                                                                                                                                                                                                                                                                   |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | As of March 31, 2011, we had investments with a fair market value of $2.8 billion in the Investment Funds for which no special profits interest allocations or incentive allocations are applicable, with gains of $248 million and $11 million for the three months ended March 31, 2011 and 2010, respectively. |

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|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|           | Net Sales |   | Cost of Goods Sold |   | Gross Margin |
|           | Three Months Ended March 31, |
|      | 2011 |   | 2010 |   | 2011 |   | 2010 |   | 2011 |   | 2010 |
|           | (in millions) |
| Automotive     | $ | 1,724 |   |   | $ | 1,489 |   |   | $ | 1,445 |   |   | $ | 1,235 |   |   | $ | 279 |   |   | $ | 254 |   |
| Railcar        | 69 |   |   | 36 |   |   | 67 |   |   | 37 |   |   | 2 |   |   | (1 | ) |
| Food Packaging | 80 |   |   | 80 |   |   | 61 |   |   | 60 |   |   | 19 |   |   | 20 |   |
| Metals         | 279 |   |   | 174 |   |   | 261 |   |   | 165 |   |   | 18 |   |   | 9 |   |
| Real Estate    | 7 |   |   | 8 |   |   | 1 |   |   | 1 |   |   | 6 |   |   | 7 |   |
| Home Fashion   | 98 |   |   | 83 |   |   | 90 |   |   | 77 |   |   | 8 |   |   | 6 |   |
|           | $ | 2,257 |   |   | $ | 1,870 |   |   | $ | 1,925 |   |   | $ | 1,575 |   |   | $ | 332 |   |   | $ | 295 |   |

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|              |
|--------------|
|              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|         | Other Revenues From Operations |   | Other Expenses From Operations |   | Gross Margin |
|         | Three Months Ended March 31, |
|    | 2011 |   | 2010 |   | 2011 |   | 2010 |   | 2011 |   | 2010 |
|         | (in millions) |
| Gaming(1)    | $ | 157 |   |   | $ | — |   |   | $ | 79 |   |   | $ | — |   |   | $ | 78 |   |   | $ | — |   |
| Railcar      | 16 |   |   | 16 |   |   | 13 |   |   | 14 |   |   | 3 |   |   | 2 |   |
| Real Estate  | 13 |   |   | 12 |   |   | 6 |   |   | 6 |   |   | 7 |   |   | 6 |   |
|         | $ | 186 |   |   | $ | 28 |   |   | $ | 98 |   |   | $ | 20 |   |   | $ | 88 |   |   | $ | 8 |   |

|           |                                                                                     |
|-----------|-------------------------------------------------------------------------------------|
| (1)  | We consolidate the results of our Gaming segment effective as of November 15, 2010. |

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|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |
|                        | Other Revenues From Operations |   | Other Expenses From Operations |
|                        | Three Months Ended March 31, 2011 |
|                        | (in millions) |
| Casino                      | $ | 143 |   |   | $ | 60 |   |
| Room                        | 25 |   |   | 7 |   |
| Food and Beverage           | 22 |   |   | 10 |   |
| Other                       | 6 |   |   | 2 |   |
|                        | 196 |   |   | $ | 79 |   |
| Less promotional allowances | (39 | ) |   |   |
| Net revenues                | $ | 157 |   |   |   |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |
|                    | Three Months Ended March 31, |
|                    | 2011 |   | 2010 |
|                    | (in 000s) |
| Ferrous tons sold       | 407 |   |   | 326 |   |
| Non-ferrous pounds sold | 39,217 |   |   | 26,483 |   |

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|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |
|                  | Three Months Ended March 31, |
|             | 2011 |   | 2010 |
|                  | (in millions) |
| Investment Management | $ | 39 |   |   | $ | 22 |   |
| Automotive            | 189 |   |   | 196 |   |
| Gaming                | 73 |   |   | — |   |
| Railcar               | 7 |   |   | 6 |   |
| Food Packaging        | 11 |   |   | 11 |   |
| Metals                | 6 |   |   | 5 |   |
| Real Estate           | 9 |   |   | 11 |   |
| Home Fashion          | 16 |   |   | 17 |   |
| Holding Company       | 5 |   |   | 6 |   |
|                  | $ | 355 |   |   | $ | 274 |   |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |
|                                  | Three Months Ended March 31, 2011 |
|                                  | (in millions) |
| Marketing, advertising and promotions | $ | 14 |   |
| General and administrative            | 34 |   |
| Maintenance and utilities             | 15 |   |
| Depreciation and amortization         | 10 |   |
|                                  | $ | 73 |   |

|              |
|--------------|
|              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|         | Impairment |   | Restructuring |
|         | Three Months Ended March 31, |
|         | 2011 |   | 2010 |   | 2011 |   | 2010 |
|         | (in millions) |
| Automotive   | $ | — |   |   | $ | 4 |   |   | $ | 1 |   |   | $ | 1 |   |
| Home Fashion | — |   |   | — |   |   | 2 |   |   | 3 |   |
|         | $ | — |   |   | $ | 4 |   |   | $ | 3 |   |   | $ | 4 |   |

----

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
|                                                                          | March 31, 2011 |   | December 31, 2010 |
|                                                                          | (in millions) |
| 8% senior unsecured notes due 2018 - Icahn Enterprises                        | $ | 1,450 |   |   | $ | 1,450 |   |
| 7.75% senior unsecured notes due 2016 - Icahn Enterprises                     | 1,050 |   |   | 1,050 |   |
| Senior unsecured variable rate convertible notes due 2013 - Icahn Enterprises | 556 |   |   | 556 |   |
| Senior notes - Investment Management                                          | 595 |   |   | — |   |
| Debt facilities - Automotive                                                  | 2,737 |   |   | 2,737 |   |
| Debt facilities - Gaming                                                      | 61 |   |   | 62 |   |
| Senior unsecured notes - Railcar                                              | 275 |   |   | 275 |   |
| Senior secured notes and revolving credit facility - Food Packaging           | 214 |   |   | 214 |   |
| Mortgages payable                                                             | 108 |   |   | 108 |   |
| Other                                                                         | 64 |   |   | 57 |   |
| Total debt                                                                    | $ | 7,110 |   |   | $ | 6,509 |   |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  | Three Months Ended March 31, 2011 |   | March 31, 2011 |
|                  | Cash (Used In) Provided By |   |   |
|                  | Operating Activities |   | Investing Activities |   | Financing Activities |   | Cash and Cash Equivalents |
|                  | (in millions) |
| Investment Management | $ | (302 | ) |   | $ | — |   |   | $ | 293 |   |   | $ | 4 |   |
| Automotive            | (9 | ) |   | (100 | ) |   | — |   |   | 1,015 |   |
| Gaming                | 1 |   |   | 1 |   |   | (1 | ) |   | 157 |   |
| Railcar               | (4 | ) |   | (2 | ) |   | 1 |   |   | 314 |   |
| Food Packaging        | (6 | ) |   | (5 | ) |   | — |   |   | 77 |   |
| Metals                | (31 | ) |   | (33 | ) |   | — |   |   | 14 |   |
| Real Estate           | 11 |   |   | — |   |   | (1 | ) |   | 97 |   |
| Home Fashion          | 2 |   |   | — |   |   | — |   |   | 34 |   |
| Holding Company       | (109 | ) |   | — |   |   | (21 | ) |   | 957 |   |
|                  | $ | (447 | ) |   | $ | (139 | ) |   | $ | 271 |   |   | $ | 2,669 |   |

----

----

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|              |
|--------------|
|              |  |  |
| Exhibit No.  |   | Description |
| Exhibit 15.1 |   | Letter of Grant Thornton LLP regarding unaudited interim financial information. |
| Exhibit 15.2 |   | Letter of Ernst & Young LLP regarding unaudited interim financial information. |
| Exhibit 31.1 |   | Certification of Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. |
| Exhibit 31.2 |   | Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. |
| Exhibit 32.1 |   | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350 and Rule 13a-14(b) of the Securities Exchange Act of 1934. |
| Exhibit 32.2 |   | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934. |

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|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |
| ICAHN ENTERPRISES, L.P.                                                              |
|             (Registrant) |
| By:                                                                                  | Icahn Enterprises G.P. Inc., its general partner |
|                                                                                 |   |
| By:                                                                                  | /s/  Dominick Ragone |
|                                                                                 | Dominick Ragone |
|                                                                                 | Chief Financial Officer |