Icahn Enterprises 8-K Icahn Enterprises L.P. Intends to Offer New Senior Notes

Exhibit 99.2

Summary Consolidated Historical and Other Financial Data

The following tables contain our summary consolidated historical financial data, which should be read in conjunction with our consolidated financial statements and the related notes thereto, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 and our Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

The summary consolidated historical financial data and segment operating data as of September 30, 2016 and for the nine months ended September 30, 2015 and 2016 have been derived from our unaudited condensed consolidated financial statements contained in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016. The summary consolidated historical financial data and segment operating data for the fiscal years ended December 31, 2013, 2014 and 2015 have been derived from our audited consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. The segment operating data for the twelve months ended September 30, 2016 have been calculated as follows: (i) the audited segment operating data for the year ended December 31, 2015, less (ii) the unaudited segment operating data for the nine months ended September 30, 2015, plus (iii) the unaudited segment operating data for the nine months ended September 30, 2016. The financial data presented below is not necessarily indicative of the results that may be expected for any future periods and the financial data presented for the interim periods are not necessarily indicative of the results that may be expected for the full year.

The summary consolidated pro forma financial data set forth below gives effect to the initial closing of the sale of ARL to SMBC Rail, assuming no exercise of the option to sell additional railcars to SMBC Rail as described under “— Recent Developments,” as if it had occurred on September 30, 2016 for balance sheet data purposes and January 1, 2015 for income statement purposes. Such data is based on assumptions and is presented for illustrative and informational purposes only and does not purport to represent what our actual financial position or results of operations would have been had such events actually been completed on the date or for the periods indicated, and is not necessarily indicative of our financial position or results of operations as of the specified date or in the future.

	Year Ended December 31,									Nine Months Ended September 30,
	2013			2014			2015			2015			2016
	(in millions, except per unit data)
										(unaudited)
Statement of Operations Data:
Net sales	$	17,785		$	18,072		$	14,604		$	11,264		$	11,546
Other revenues from operations		988			1,250			1,386			1,042			1,506
Net gain (loss) from investment activities		1,694			(564	)		(987	)		236			(826	)
Net income (loss)		2,444			(529	)		(2,127	)		23			(1,656	)
Less: Net (income) loss attributable to non-controlling interests		(1,419	)		156			933			(90	)		734
Net income (loss) attributable to Icahn Enterprises	$	1,025		$	(373	)	$	(1,194	)	$	(67	)	$	(922	)
Net income (loss) attributable to Icahn Enterprises allocable to:
Limited partners	$	1,005		$	(366	)	$	(1,170	)	$	(66	)	$	(904	)
General partner		20			(7	)		(24	)		(1	)		(18	)
	$	1,025		$	(373	)	$	(1,194	)	$	(67	)	$	(922	)
Basic income (loss) per LP unit	$	9.14		$	(3.08	)	$	(9.29	)	$	(0.53	)	$	(6.70	)
Basic weighted average LP units outstanding		110			119			126			125			135
Diluted income (loss) per LP unit	$	9.07		$	(3.08	)	$	(9.29	)	$	(0.53	)	$	(6.70	)
Diluted weighted average LP units outstanding		111			119			126			125			135

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	Year Ended December 31,						Nine Months Ended September 30,
	2013		2014		2015		2015		2016
	(in millions, except per unit data)
	(unaudited)
Other Financial Data:
EBITDA attributable to Icahn Enterprises(4)	$	1,804	$	705	$	198	$	1,085	$	163
Adjusted EBITDA attributable to Icahn Enterprises(4)		1,899		1,018		929		1,168		685
Cash distributions declared per LP unit		4.50		6.00		6.00		4.50		4.50

	Historical								Pro Forma As Adjusted(2)
	As of December 31,						As of September 30, 2016		As of September 30, 2016
	2013		2014		2015
	(in millions)
							(unaudited)
Balance Sheet Data:
Cash and cash equivalents	$	3,257	$	2,908	$	2,078	$	2,002	$	3,352
Investments		12,261		14,480		15,351		9,987		9,987
Property, plant and equipment, net		8,077		8,955		9,535		11,446		10,237
Total assets		31,706		35,743		36,403		33,085		33,152
Deferred tax liability		1,394		1,255		1,197		1,680		1,798
Due to brokers		2,203		5,197		7,317		3,030		3,030
Post-employment benefit liability		1,111		1,391		1,224		1,204		1,204
Debt		9,256		11,541		12,594		12,971		10,931
Equity attributable to Icahn Enterprises		6,092		5,443		3,987		2,488		4,064

	Historical																		Pro Forma(3)
	Year Ended December 31,									Nine Months Ended September 30,						Twelve Months Ended September 30, 2016			Year Ended December 31, 2015			Nine Months Ended September 30, 2016
	2013			2014			2015			2015			2016
	(in millions)
										(unaudited)						(unaudited)			(unaudited)
Segment Operating Data:
Consolidated revenues:
Investment	$	2,031		$	(218	)	$	(865	)	$	355		$	(760	)	$	(1,980	)	$	(865	)	$	(760	)
Automotive		6,876			7,324			7,853			5,876			7,516			9,493			7,853			7,516
Energy		9,063			9,292			5,442			4,408			3,425			4,459			5,442			3,425
Metals		929			711			365			304			207			268			365			207
Railcar		744			809			948			655			719			1,012			983			549
Gaming		571			849			811			615			743			939			811			743
Mining(1)		—			—			28			16			41			53			28			41
Food Packaging		346			346			337			254			247			330			337			247
Real Estate		85			101			131			103			68			96			131			68
Home Fashion		187			181			194			148			152			198			194			152
Holding Company		(150	)		(238	)		28			(27	)		18			73			28			18
	$	20,682		$	19,157		$	15,272		$	12,707		$	12,376		$	14,941		$	15,307		$	12,206

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	Historical																		Pro Forma(3)
	Year Ended December 31,									Nine Months Ended September 30,						Twelve Months Ended September 30, 2016			Year Ended December 31, 2015			Nine Months Ended September 30, 2016
	2013			2014			2015			2015			2016
	(in millions)
	(unaudited)
Adjusted EBITDA before non-controlling interests(4):
Investment	$	1,912		$	(385	)	$	(1,100	)	$	150		$	(788	)	$	(2,038	)	$	(1,100	)	$	(788	)
Automotive		591			630			651			481			642			812			651			642
Energy		869			716			755			702			270			323			755			270
Metals		(18	)		(15	)		(29	)		(18	)		(11	)		(22	)		(29	)		(11	)
Railcar		311			415			492			358			332			466			372			190
Gaming		66			99			140			111			109			138			140			109
Mining(1)		—			—			(9	)		(5	)		(3	)		(7	)		(9	)		(3	)
Food Packaging		67			66			59			45			39			53			59			39
Real Estate		46			46			45			32			29			42			45			29
Home Fashion		1			5			6			4			—			2			6			—
Holding Company		(170	)		(155	)		(10	)		(50	)		6			46			(10	)		6
	$	3,675		$	1,422		$	1,000		$	1,810		$	625		$	(185	)	$	880		$	483

	Historical																		Pro Forma(3)
	Year Ended December 31,									Nine Months Ended September 30,						Twelve Months Ended September 30, 2016			Year Ended December 31, 2015			Nine Months Ended September 30, 2016
	2013			2014			2015			2015			2016
	(in millions)
	(unaudited)
Adjusted EBITDA attribtuable to Icahn Enterprises(4):
Investment	$	816		$	(162	)	$	(500	)	$	71		$	(384	)	$	(955	)	$	(500	)	$	(384	)
Automotive		462			502			531			389			537			679			531			537
Energy		556			415			436			406			136			166			436			136
Metals		(18	)		(15	)		(29	)		(18	)		(11	)		(22	)		(29	)		(11	)
Railcar		111			269			318			229			272			361			230			136
Gaming		45			66			95			76			73			92			95			73
Mining(1)		—			—			(6	)		(4	)		(2	)		(4	)		(6	)		(2	)
Food Packaging		50			47			43			33			29			39			43			29
Real Estate		46			46			45			32			29			42			45			29
Home Fashion		1			5			6			4			—			2			6			—
Holding Company		(170	)		(155	)		(10	)		(50	)		6			46			(10	)		6
	$	1,899		$	1,018		$	929		$	1,168		$	685		$	446		$	841		$	549

(1) Mining segment results for 2015 are for the period commencing June 1, 2015.

(2) Pro forma as adjusted to give effect to (i) the initial closing of the sale of ARL to SMBC Rail assuming no exercise of the option to sell additional railcars to SMBC Rail as described under “— Recent Developments,” (ii) this offering and the use of proceeds therefrom and (iii) the Rights Offering of $600 million, as if each had occurred as of September 30, 2016.

(3) The adjustments made to arrive at the pro forma financial information reflect, as it relates to the initial closing of the sale of ARL to SMBC Rail as if it had been completed as of January 1, 2015, (i) the removal of ARL’s results from our historical results assuming no exercise of the option to sell additional railcars to SMBC Rail as described under “— Recent Developments” and (ii) the adding back of historically eliminated intercompany net sales between ARI to ARL during the year ended December 31, 2015. There were no net sales recorded by ARI to ARL during the nine months ended September 30, 2016. See “Non-GAAP Financial Measures.”

(4) EBITDA represents earnings before interest expense, net, income tax (benefit) expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding the effects of impairment,

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restructuring costs, certain pension plan expenses, FIFO impacts, OPEB curtailment gains, certain share-based compensation, major scheduled turnaround, disposal of assets, certain proxy matter expenses, certain acquisition expenses, losses on extinguishment of debt, unrealized gain and losses on derivatives and certain commercial settlement charges. We conduct substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions to us. In addition, our subsidiaries are not obligated to make funds available to us for payment of our indebtedness, payment of distributions on our depositary units or otherwise, and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements to which these subsidiaries currently may be subject or into which they may enter in the future. The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict dividends, distributions or loans to us.

We believe that providing EBITDA and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information regarding our performance to investors and permits investors and management to evaluate the core operating performance of our business. Additionally, we believe this information is frequently used by securities analysts, investors and other interested parties in the evaluation of companies that have issued debt. Management uses, and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results, as well as in planning, forecasting and analyzing future periods. Adjusting earnings for these charges allows investors to evaluate our performance from period to period, as well as our peers, without the effects of certain items that may vary depending on accounting methods and the book value of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful measures of corporate performance exclusive of our capital structure and the method by which assets were acquired and financed.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our operating results or cash flows as reported under U.S. GAAP. For example, EBITDA and Adjusted EBITDA:

• do not reflect our cash expenditures, or future requirements for, capital expenditures or contractual commitments;

• do not reflect changes in, or cash requirements for, our working capital needs;

• do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt; and

• do not adjust for all non-cash income or expense items that are reflected in our statements of cash flows.

Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.

EBITDA and Adjusted EBITDA are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. Given these limitations, we rely primarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental measure of our financial performance. See “Non-GAAP Financial Measures” earlier in this offering memorandum.

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The following table reconciles, on a basis attributable to Icahn Enterprises, net income attributable to Icahn Enterprises to EBITDA and EBITDA to Adjusted EBITDA for the periods indicated:

	Historical																		Pro Forma(1)
	Year Ended December 31,									Nine Months Ended September 30,						Twelve Months Ended September 30, 2016			Year Ended December 31, 2015			Nine Months Ended September 30, 2016
	2013			2014			2015			2015			2016
	(in millions)
	(unaudited)
Attributable to Icahn Enterprises:
Net income (loss)	$	1,025		$	(373	)	$	(1,194	)	$	(67	)	$	(922	)	$	(2,049	)	$	(1,189	)	$	(940	)
Interest expense, net		464			614			762			563			468			667			717			420
Income tax (benefit) expense		(170	)		(109	)		14			133			61			(58	)		13			42
Depreciation, depletion and amortization		485			573			616			456			556			716			569			505
EBITDA attributable to Icahn Enterprises	$	1,804		$	705		$	198		$	1,085		$	163		$	(724	)	$	110		$	27
Impairment of assets		14			72			544			8			429			965			544			429
Restructuring costs		41			67			80			47			24			57			80			24
Non-service cost of U.S. based pension		4			(6	)		1			—			10			11			1			10
FIFO impact (favorable) unfavorable		(15	)		94			35			20			(18	)		(3	)		35			(18	)
OPEB curtailment gains		(15	)		—			—			—			—			—			—			—
Certain share-based compensation expense		20			8			11			7			—			4			11			—
Major scheduled turnaround expense		—			5			62			13			20			69			62			20
Losses on divestitures		46			—			—			—			—			—			—			—
Expenses related to certain acquisitions		—			—			5			6			—			(1	)		5			—
Net loss on extinguishment of debt		—			152			1			1			1			1			1			1
(Gain) loss on certain derivatives		(43	)		(41	)		2			11			23			14			2			23
Other		43			(38	)		(10	)		(30	)		33			53			(10	)		33
Adjusted EBITDA attributable to Icahn Enterprises	$	1,899		$	1,018		$	929		$	1,168		$	685		$	446		$	841		$	549

(1) The adjustments made to arrive at the pro forma financial information reflect, as it relates to the initial closing of the sale of ARL to SMBC Rail as if it had been completed as of January 1, 2015, (i) the removal of ARL’s results from our historical results and (ii) the adding back of historically eliminated intercompany net sales between ARI to ARL during the year ended December 31, 2015. There were no net sales recorded by ARI to ARL during the nine months ended September 30, 2016. See “Non-GAAP Financial Measures.”

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The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the year ended December 31, 2013 for each of our segments:

	Investment		Automotive			Energy			Metals			Railcar		Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
														(in millions) (unaudited)
Before non-controlling interests:
Net income (loss)	$	1,902	$	263		$	479		$	(28	)	$	139	$	19		$	43		$	17	$	(16	)	$	(374	)	$	2,444
Interest expense, net		10		108			47			—			40		13			22			4		—			300			544
Income tax (benefit) expense		—		(180	)		195			(20	)		31		3			(51	)		—		—			(96	)		(118	)
Depreciation, depletion and amortization		—		296			208			26			92		34			21			23		8			—			708
EBITDA before non-controlling interests	$	1,912	$	487		$	929		$	(22	)	$	302	$	69		$	35		$	44	$	(8	)	$	(170	)	$	3,578
Impairment of assets		—		8			—			2			—		3			—			2		1			—			16
Restructuring costs		—		40			—			—			—		—			—			—		10			—			50
Non-service cost of U.S. based pension		—		2			—			—			—		—			3			—		—			—			5
FIFO impact (favorable) unfavorable		—		—			(21	)		—			—		—			—			—		—			—			(21	)
OPEB curtailment gains		—		(19	)		—			—			—		—			—			—		—			—			(19	)
Certain share-based compensation expense		—		5			18			—			5		—			—			—		—			—			28
Major scheduled turnaround expense		—		—			—			—			—		—			—			—		—			—			—
Losses on divestitures		—		60			—			—			—		—			—			—		—			—			60
Expenses related to certain acquisitions		—		—			—			—			—		—			—			—		—			—			—
Net (gain) loss on extinguishment of debt		—		—			(5	)		—			—		5			—			—		—			—			—
Gain on certain derivatives		—		—			(51	)		—			—		—			—			—		—			—			(51	)
Other		—		8			(1	)		2			4		(11	)		29			—		(2	)		—			29
Adjusted EBITDA before non-controlling interests	$	1,912	$	591		$	869		$	(18	)	$	311	$	66		$	67		$	46	$	1		$	(170	)	$	3,675
Adjusted EBITDA attributable to Icahn Enterprises:
Net income (loss)	$	812	$	250		$	289		$	(28	)	$	30	$	13		$	32		$	17	$	(16	)	$	(374	)	$	1,025
Interest expense, net		4		88			32			—			11		9			16			4		—			300			464
Income tax (benefit) expense		—		(191	)		162			(20	)		9		2			(36	)		—		—			(96	)		(170	)
Depreciation, depletion and amortization		—		234			121			26			35		23			15			23		8			—			485
EBITDA attributable to Icahn Enterprises	$	816	$	381		$	604		$	(22	)	$	85	$	47		$	27		$	44	$	(8	)	$	(170	)	$	1,804
Impairment of assets		—		7			—			2			—		2			—			2		1			—			14
Restructuring costs		—		31			—			—			—		—			—			—		10			—			41

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	Investment		Automotive			Energy			Metals			Railcar		Gaming			Food Packaging		Real Estate		Home Fashion			Holding Company			Consolidated
														(in millions) (unaudited)
Non-service cost of U.S. based pension		—		2			—			—			—		—			2		—		—			—			4
FIFO impact (favorable) unfavorable		—		—			(15	)		—			—		—			—		—		—			—			(15	)
OPEB curtailment gains		—		(15	)		—			—			—		—			—		—		—			—			(15	)
Certain share-based compensation expense		—		4			13			—			3		—			—		—		—			—			20
Major scheduled turnaround expense		—		—			—			—			—		—			—		—		—			—			—
Losses on divestitures		—		46			—			—			—		—			—		—		—			—			46
Expenses related to certain acquisitions		—		—			—			—			—		—			—		—		—			—			—
Net (gain) loss on extinguishment of debt		—		—			(3	)		—			—		3			—		—		—			—			—
Gain on certain derivatives		—		—			(43	)		—			—		—			—		—		—			—			(43	)
Other		—		6			—			2			23		(7	)		21		—		(2	)		—			43
Adjusted EBITDA attributable to Icahn Enterprises	$	816	$	462		$	556		$	(18	)	$	111	$	45		$	50	$	46	$	1		$	(170	)	$	1,899

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The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the year ended December 31, 2014 for each of our segments:

	Investment			Automotive			Energy			Metals			Railcar		Gaming			Food Packaging			Real Estate			Home Fashion			Holding Company			Consolidated
															(in millions) (unaudited)
Before non-controlling interests:
Net (loss) income	$	(684	)	$	(90	)	$	168		$	(25	)	$	188	$	269		$	9		$	22		$	2		$	(388	)	$	(529	)
Interest expense, net		299			123			35			—			57		11			14			3			—			290			832
Income tax expense (benefit)		—			91			73			(18	)		56		(147	)		3			—			—			(161	)		(103	)
Depreciation, depletion and amortization		—			335			219			26			106		50			22			22			7			—			787
EBITDA before non-controlling interests	$	(385	)	$	459		$	495		$	(17	)	$	407	$	183		$	48		$	47		$	9		$	(259	)	$	987
Impairment of assets		—			24			103			3			—		—			—			5			—			—			135
Restructuring costs		—			86			—			—			—		—			—			—			(2	)		—			84
Non-service cost of U.S. based pension		—			(6	)		—			—			—		—			(1	)		—			—			—			(7	)
FIFO impact (favorable) unfavorable		—			—			161			—			—		—			—			—			—			—			161
OPEB curtailment gains		—			—			—			—			—		—			—			—			—			—			—
Certain share-based compensation expense		—			(4	)		13			—			3		—			—			—			—			—			12
Major scheduled turnaround expense		—			—			7			—			—		—			—			—			—			—			7
Losses on divestitures		—			—			—			—			—		—			—			—			—			—			—
Expenses related to certain acquisitions		—			—			—			—			—		—			—			—			—			—			—
Net loss on extinguishment of debt		—			36			—			—			2		—			16			—			—			108			162
Gain on certain derivatives		—			—			(63	)		—			—		—			—			—			—			—			(63	)
Other		—			35			—			(1	)		3		(84	)		3			(6	)		(2	)		(4	)		(56	)
Adjusted EBITDA before non-controlling interests	$	(385	)	$	630		$	716		$	(15	)	$	415	$	99		$	66		$	46		$	5		$	(155	)	$	1,422
Adjusted EBITDA attributable to Icahn Enterprises:
Net (loss) income	$	(305	)	$	(87	)	$	95		$	(25	)	$	122	$	185		$	6		$	22		$	2		$	(388	)	$	(373	)
Interest expense, net		143			99			20			—			42		7			10			3			—			290			614
Income tax expense (benefit)		—			80			64			(18	)		26		(102	)		2			—			—			(161	)		(109	)
Depreciation, depletion and amortization		—			270			124			26			74		34			16			22			7			—			573
EBITDA attributable to Icahn Enterprises	$	(162	)	$	362		$	303		$	(17	)	$	264	$	124		$	34		$	47		$	9		$	(259	)	$	705
Impairment of assets		—			19			45			3			—					—			5			—			—			72
Restructuring costs		—			69			—			—			—		—			—			—			(2	)		—			67

8

	Investment			Automotive			Energy			Metals			Railcar		Gaming			Food Packaging			Real Estate			Home Fashion			Holding Company			Consolidated
															(in millions) (unaudited)
Non-service cost of U.S. based pension		—			(5	)		—			—			—		—			(1	)		—			—			—			(6	)
FIFO impact (favorable) unfavorable		—			—			94			—			—		—			—			—			—			—			94
OPEB curtailment gains		—			—			—			—			—		—			—			—			—			—			—
Certain share-based compensation expense		—			(3	)		9			—			2		—			—			—			—			—			8
Major scheduled turnaround expense		—			—			5			—			—		—			—			—			—			—			5
Losses on divestitures		—			—			—			—			—		—			—			—			—			—			—
Expenses related to certain acquisitions		—			—			—			—			—		—			—			—			—			—			—
Net loss on extinguishment of debt		—			31			—			—			1		—			12			—			—			108			152
Gain on certain derivatives		—			—			(41	)		—			—		—			—			—			—			—			(41	)
Other		—			29			—			(1	)		2		(58	)		2			(6	)		(2	)		(4	)		(38	)
Adjusted EBITDA attributable to Icahn Enterprises	$	(162	)	$	502		$	415		$	(15	)	$	269	$	66		$	47		$	46		$	5		$	(155	)	$	1,018

9

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the year ended December 31, 2015 for each of our segments:

	Investment				Automotive			Energy			Metals			Railcar		Gaming		Mining			Food Packaging			Real Estate			Home Fashion			Holding Company			Consolidated
	(in millions) (unaudited)
Before non-controlling interests:
Net (loss) income	$	(1,665	)		$	(352	)	$	7		$	(51	)	$	213	$	38	$	(195	)	$	(3	)	$	61		$	(4	)	$	(176	)	$	(2,127	)
Interest expense, net		563				138			45			—			80		11		2			12			2			—			288			1,141
Income tax expense (benefit)		—				50			59			(32	)		69		27		1			10			—			—			(116	)		68
Depreciation, depletion and amortization		—				346			229			29			127		63		8			19			21			7			—			849
EBITDA before non-controlling interests	$	(1,102	)		$	182		$	340		$	(54	)	$	489	$	139	$	(184	)	$	38		$	84		$	3		$	(4	)	$	(69	)
Impairment of assets		—		��		344			253			20			—		—		169			—			2			—			—			788
Restructuring costs		—				89			—			2			—		—		—			5			—			1			—			97
Non-service cost of U.S. based pension		—				(1	)		—			—			—		—		—			3			—			—			—			2
FIFO impact (favorable) unfavorable		—				—			60			—			—		—		—			—			—			—			—			60
OPEB curtailment gains		—				—			—			—			—		—		—			—			—			—			—			—
Certain share-based compensation expense		—				(1	)		13			—			1		—		—			—			—			—			—			13
Major scheduled turnaround expense		—				—			109			—			—		—		—			—			—			—			—			109
Losses on divestitures		—				—			—			—			—		—		—			—			—			—			—			—
Expenses related to certain acquisitions		—				6			—			—			—		—		—			—			—			—			—			6
Net loss on extinguishment of debt		—				—			—			—			2		—		—			—			—			—			—			2
Loss on certain derivatives		—				—			2			—			—		—		—			—			—			—			—			2
Other		2				32			(22	)		3			—		1		6			13			(41	)		2			(6	)		(10	)
Adjusted EBITDA before non-controlling interests	$	(1,100	)		$	651		$	755		$	(29	)	$	492	$	140	$	(9	)	$	59		$	45		$	6		$	(10	)	$	1,000
Adjusted EBITDA attributable to Icahn Enterprises:
Net (loss) income	$	(760	)		$	(299	)	$	25		$	(51	)	$	137	$	26	$	(150	)	$	(3	)	$	61		$	(4	)	$	(176	)	$	(1,194	)
Interest expense, net		259				113			25			—			57		7		2			9			2			—			288			762
Income tax expense (benefit)		—				46			54			(32	)		36		18		1			7			—			—			(116	)		14
Depreciation, depletion and amortization		—				285			125			29			86		43		6			14			21			7			—			616
EBITDA attributable to Icahn Enterprises	$	(501	)		$	145		$	229		$	(54	)	$	316	$	94	$	(141	)	$	27		$	84		$	3		$	(4	)	$	198
Impairment of assets		—				282			110			20			—		—		130			—			2			—			—			544
Restructuring costs		—				73			—			2			—		—		—			4			—			1			—			80
Non-service cost of U.S. based pension		—				(1	)		—			—			—		—		—			2			—			—			—			1
FIFO impact (favorable) unfavorable		—				—			35			—			—		—		—			—			—			—			—			35
OPEB curtailment gains		—				—			—			—			—		—		—			—			—			—			—			—
Certain share-based compensation expense		—				(1	)		11			—			1		—		—			—			—			—			—			11
Major scheduled turnaround expense		—				—			62			—			—		—		—			—			—			—			—			62
Losses on divestitures		—				—			—			—			—		—		—			—			—			—			—			—
Expenses related to certain acquisitions		—				5			—			—			—		—		—			—			—			—			—			5
Net loss on extinguishment of debt		—				—			—			—			1		—		—			—			—			—			—			1
Loss on certain derivatives		—				—			2			—			—		—		—			—			—			—			—			2
Other		1				28			(13	)		3			—		1		5			10			(41	)		2			(6	)		(10	)
Adjusted EBITDA attributable to Icahn Enterprises	$	(500	)		$	531		$	436		$	(29	)	$	318	$	95	$	(6	)	$	43		$	45		$	6		$	(10	)	$	929

10

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the nine months ended September 30, 2015 for each of our segments:

	Investment			Automotive			Energy			Metals			Railcar		Gaming		Mining			Food Packaging		Real Estate			Home Fashion			Holding Company			Consolidated
	(in millions) (unaudited)
Before non-controlling interests:
Net (loss) income	$	(263	)	$	—		$	347		$	(22	)	$	154	$	33	$	(13	)	$	2	$	55		$	(3	)	$	(267	)	$	23
Interest expense, net		412			103			35			—			59		8		—			9		2			—			214			842
Income tax expense (benefit)		—			30			87			(17	)		50		23		1			5		—			—			5			184
Depreciation, depletion and amortization		—			257			172			22			93		46		4			15		16			5			—			630
EBITDA before non-controlling interests	$	149		$	390		$	641		$	(17	)	$	356	$	110	$	(8	)	$	31	$	73		$	2		$	(48	)	$	1,679
Impairment of assets		—			10			—			—			—		—		—			—		—			—			—			10
Restructuring costs		—			57			—			—			—		—		—			—		—			—			—			57
Non-service cost of U.S. based pension		—			(1	)		—			—			—		—		—			2		—			—			—			1
FIFO impact (favorable) unfavorable		—			—			35			—			—		—		—			—		—			—			—			35
OPEB curtailment gains		—			—			—			—			—		—		—			—		—			—			—			—
Certain share-based compensation expense		—			(1	)		9			—			—		—		—			—		—			—			—			8
Major scheduled turnaround expense		—			—			24			—			—		—		—			—		—			—			—			24
Losses on divestitures		—			—			—			—			—		—		—			—		—			—			—			—
Expenses related to certain acquisitions		—			7			—			—			—		—		—			—		—			—			—			7
Net loss on extinguishment of debt		—			—			—			—			2		—		—			—		—			—			—			2
Loss on certain derivatives		—			—			18			—			—		—		—			—		—			—			—			18
Other		1			19			(25	)		(1	)		—		1		3			12		(41	)		2			(2	)		(31	)
Adjusted EBITDA before non-controlling interests	$	150		$	481		$	702		$	(18	)	$	358	$	111	$	(5	)	$	45	$	32		$	4		$	(50	)	$	1,810
Adjusted EBITDA attributable to Icahn Enterprises:
Net (loss) income	$	(119	)	$	(4	)	$	181		$	(22	)	$	98	$	23	$	(10	)	$	1	$	55		$	(3	)	$	(267	)	$	(67	)
Interest expense, net		190			84			19			—			42		5		—			7		2			—			214			563
Income tax expense (benefit)		—			24			75			(17	)		25		16		1			4		—			—			5			133
Depreciation, depletion and amortization		—			211			94			22			63		31		3			11		16			5			—			456
EBITDA attributable to Icahn Enterprises	$	71		$	315		$	369		$	(17	)	$	228	$	75	$	(6	)	$	23	$	73		$	2		$	(48	)	$	1,085
Impairment of assets		—			8			—			—			—		—		—			—		—			—			—			8
Restructuring costs		—			47			—			—			—		—		—			—		—			—			—			47
Non-service cost of U.S. based pension		—			(1	)		—			—			—		—		—			1		—			—			—			—
FIFO impact (favorable) unfavorable		—			—			20			—			—		—		—			—		—			—			—			20
OPEB curtailment gains		—			—			—			—			—		—		—			—		—			—			—			—
Certain share-based compensation expense		—			(1	)		8			—			—		—		—			—		—			—			—			7
Major scheduled turnaround expense		—			—			13			—			—		—		—			—		—			—			—			13
Losses on divestitures		—			—			—			—			—		—		—			—		—			—			—			—
Expenses related to certain acquisitions		—			6			—			—			—		—		—			—		—			—			—			6
Net loss on extinguishment of debt		—			—			—			—			1		—		—			—		—			—			—			1
Loss on certain derivatives		—			—			11			—			—		—		—			—		—			—			—			11
Other		—			15			(15	)		(1	)		—		1		2			9		(41	)		2			(2	)		(30	)
Adjusted EBITDA attributable to Icahn Enterprises	$	71		$	389		$	406		$	(18	)	$	229	$	76	$	(4	)	$	33	$	32		$	4		$	(50	)	$	1,168

11

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the nine months ended September 30, 2016 for each of our segments:

	Investment			Automotive		Energy			Metals			Railcar		Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions) (unaudited)
Before non-controlling interests:
Net (loss) income	$	(972	)	$	103	$	(588	)	$	(13	)	$	123	$	(69	)	$	(21	)	$	8		$	13	$	(6	)	$	(234	)	$	(1,656	)
Interest expense, net		184			116		56			—			64		9			4			10			1		—			215			659
Income tax expense (benefit)		—			12		(17	)		(12	)		42		24			2			5			—		—			25			81
Depreciation, depletion and amortization		—			337		191			17			103		53			3			15			15		5			—			739
EBITDA before non-controlling interests	$	(788	)	$	568	$	(358	)	$	(8	)	$	332	$	17		$	(12	)	$	38		$	29	$	(1	)	$	6		$	(177	)
Impairment of assets		—			4		574			—			—		92			—			—			—		—			—			670
Restructuring costs		—			28		—			1			—		—			—			—			—		—			—			29
Non-service cost of U.S. based pension		—			9		—			—			—		—			—			4			—		—			��			13
FIFO impact (favorable) unfavorable		—			—		(30	)		—			—		—			—			—			—		—			—			(30	)
OPEB curtailment gains		—			—		—			—			—		—			—			—			—		—			—			—
Certain share-based compensation expense		—			—		—			—			—		—			—			—			—		—			—			—
Major scheduled turnaround expense		—			—		38			—			—		—			—			—			—		—			—			38
Losses on divestitures		—			—		—			—			—		—			—			—			—		—			—			—
Expenses related to certain acquisitions		—			—		—			—			—		—			—			—			—		—			—			—
Net loss on extinguishment of debt		—			—		5			—			—		—			—			—			—		—			—			5
Loss on certain derivatives		—			—		40			—			—		—			—			—			—		—			—			40
Other		—			33		1			(4	)		—		—			9			(3	)		—		1			—			37
Adjusted EBITDA before non-controlling interests	$	(788	)	$	642	$	270		$	(11	)	$	332	$	109		$	(3	)	$	39		$	29	$	—		$	6		$	625
Adjusted EBITDA attributable to Icahn Enterprises:
Net (loss) income	$	(446	)	$	85	$	(329	)	$	(13	)	$	98	$	(80	)	$	(16	)	$	6		$	13	$	(6	)	$	(234	)	$	(922	)
Interest expense, net		62			96		20			—			57		7			3			7			1		—			215			468
Income tax expense (benefit)		—			6		(10	)		(12	)		30		16			2			4			—		—			25			61
Depreciation, depletion and amortization		—			287		94			17			87		38			2			11			15		5			—			556
EBITDA attributable to Icahn Enterprises	$	(384	)	$	474	$	(225	)	$	(8	)	$	272	$	(19	)	$	(9	)	$	28		$	29	$	(1	)	$	6		$	163
Impairment of assets		—			3		334			—			—		92			—			—			—		—			—			429
Restructuring costs		—			23		—			1			—		—			—			—			—		—			—			24
Non-service cost of U.S. based pension		—			7		—			—			—		—			—			3			—		—			—			10
FIFO impact (favorable) unfavorable		—			—		(18	)		—			—		—			—			—			—		—			—			(18	)
OPEB curtailment gains		—			—		—			—			—		—			—			—			—		—			—			—
Certain share-based compensation expense		—			—		—			—			—		—			—			—			—		—			—			—
Major scheduled turnaround expense		—			—		20			—			—		—			—			—			—		—			—			20
Losses on divestitures		—			—		—			—			—		—			—			—			—		—			—			—
Expenses related to certain acquisitions		—			—		—			—			—		—			—			—			—		—			—			—
Net loss on extinguishment of debt		—			—		1			—			—		—			—			—			—		—			—			1
Loss on certain derivatives		—			—		23			—			—		—			—			—			—		—			—			23
Other		—			30		1			(4	)		—		—			7			(2	)		—		1			—			33
Adjusted EBITDA attributable to Icahn Enterprises	$	(384	)	$	537	$	136		$	(11	)	$	272	$	73		$	(2	)	$	29		$	29	$	—		$	6		$	685

12

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the twelve months ended September 30, 2016 for each of our segments:

	Investment			Automotive				Energy			Metals			Railcar		Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions) (unaudited)
Before non-controlling interests:
Net (loss) income	$	(2,374	)	$	(249	)		$	(928	)	$	(42	)	$	182	$	(64	)	$	(203	)	$	3		$	19	$	(7	)	$	(143	)	$	(3,806	)
Interest expense, net		335			151				66			—			85		12			6			13			1		—			289			958
Income tax expense (benefit)		—			32				(45	)		(27	)		61		28			2			10			—		—			(96	)		(35	)
Depreciation, depletion and amortization		—			426				248			24			137		70			7			19			20		7			—			958
EBITDA before non-controlling interests	$	(2,039	)	$	360			$	(659	)	$	(45	)	$	465	$	46		$	(188	)	$	45		$	40	$	—		$	50		$	(1,925	)
Impairment of assets		—			338				827			20			—		92			169			—			2		—			—			1,448
Restructuring costs		—			60				—			3			—		—			—			5			—		1			—			69
Non-service cost of U.S. based pension		—			9				—			—			—		—			—			5			—		—			—			14
FIFO impact (favorable) unfavorable		—			—				(5	)		—			—		—			—			—			—		—			—			(5	)
OPEB curtailment gains		—			—		��		—			—			—		—			—			—			—		—			—			—
Certain share-based compensation expense		—			—				4			—			1		—			—			—			—		—			—			5
Major scheduled turnaround expense		—			—				123			—			—		—			—			—			—		—			—			123
Losses on divestitures		—			—				—			—			—		—			—			—			—		—			—			—
Expenses related to certain acquisitions		—			(1	)			—			—			—		—			—			—			—		—			—			(1	)
Net loss on extinguishment of debt		—			—				5			—			—		—			—			—			—		—			—			5
Loss on certain derivatives		—			—				24			—			—		—			—			—			—		—			—			24
Other		1			46				4			—			—		—			12			(2	)		—		1			(4	)		58
Adjusted EBITDA before non-controlling interests	$	(2,038	)	$	812			$	323		$	(22	)	$	466	$	138		$	(7	)	$	53		$	42	$	2		$	46		$	(185	)
Adjusted EBITDA attributable to Icahn Enterprises:
Net (loss) income	$	(1,087	)	$	(210	)		$	(485	)	$	(42	)	$	137	$	(77	)	$	(156	)	$	2		$	19	$	(7	)	$	(143	)	$	(2,049	)
Interest expense, net		131			125				26			—			72		9			5			9			1		—			289			667
Income tax expense (benefit)		—			28				(31	)		(27	)		41		18			2			7			—		—			(96	)		(58	)
Depreciation, depletion and amortization		—			361				125			24			110		50			5			14			20		7			—			716
EBITDA attributable to Icahn Enterprises	$	(956	)	$	304			$	(365	)	$	(45	)	$	360	$	—		$	(144	)	$	32		$	40	$	—		$	50		$	(724	)
Impairment of assets		—			277				444			20			—		92			130			—			2		—			—			965
Restructuring costs		—			49				—			3			—		—			—			4			—		1			—			57
Non-service cost of U.S. based pension		—			7				—			—			—		—			—			4			—		—			—			11
FIFO impact (favorable) unfavorable		—			—				(3	)		—			—		—			—			—			—		—			—			(3	)
OPEB curtailment gains		—			—				—			—			—		—			—			—			—		—			—			—
Certain share-based compensation expense		—			—				3			—			1		—			—			—			—		—			—			4
Major scheduled turnaround expense		—			—				69			—			—		—			—			—			—		—			—			69
Losses on divestitures		—			—				—			—			—		—			—			—			—		—			—			—
Expenses related to certain acquisitions		—			(1	)			—			—			—		—			—			—			—		—			—			(1	)
Net loss on extinguishment of debt		—			—				1			—			—		—			—			—			—		—			—			1
Loss on certain derivatives		—			—				14			—			—		—			—			—			—		—			—			14
Other		1			43				3			—			—		—			10			(1	)		—		1			(4	)		53
Adjusted EBITDA attributable to Icahn Enterprises	$	(955	)	$	679			$	166		$	(22	)	$	361	$	92		$	(4	)	$	39		$	42	$	2		$	46		$	446

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The following table reconciles, on a pro forma basis, net income to EBITDA and EBITDA to Adjusted EBITDA for the year ended December 31, 2015 for each of our segments:

	Investment			Automotive			Energy			Metals			Railcar(1)		Gaming		Mining			Food Packaging			Real Estate			Home Fashion			Holding Company			Consolidated
	(in millions) (unaudited)
Before non-controlling interests:
Net (loss) income	$	(1,665	)	$	(352	)	$	7		$	(51	)	$	218	$	38	$	(195	)	$	(3	)	$	61		$	(4	)	$	(176	)	$	(2,122	)
Interest expense, net		563			138			45			—			20		11		2			12			2			—			288			1,081
Income tax expense (benefit)		—			50			59			(32	)		68		27		1			10			—			—			(116	)		67
Depreciation, depletion and amortization		—			346			229			29			63		63		8			19			21			7			—			785
EBITDA before non-controlling interests	$	(1,102	)	$	182		$	340		$	(54	)	$	369	$	139	$	(184	)	$	38		$	84		$	3		$	(4	)	$	(189	)
Impairment of assets		—			344			253			20			—		—		169			—			2			—			—			788
Restructuring costs		—			89			—			2			—		—		—			5			—			1			—			97
Non-service cost of U.S. based pension		—			(1	)		—			—			—		—		—			3			—			—			—			2
FIFO impact (favorable) unfavorable		—			—			60			—			—		—		—			—			—			—			—			60
OPEB curtailment gains		—			—			—			—			—		—		—			—			—			—			—			—
Certain share-based compensation expense		—			(1	)		13			—			1		—		—			—			—			—			—			13
Major scheduled turnaround expense		—			—			109			—			—		—		—			—			—			—			—			109
Losses on divestitures		—			—			—			—			—		—		—			—			—			—			—			—
Expenses related to certain acquisitions		—			6			—			—			—		—		—			—			—			—			—			6
Net loss on extinguishment of debt		—			—			—			—			2		—		—			—			—			—			—			2
Loss on certain derivatives		—			—			2			—			—		—		—			—			—			—			—			2
Other		2			32			(22	)		3			—		1		6			13			(41	)		2			(6	)		(10	)
Adjusted EBITDA before non-controlling interests	$	(1,100	)	$	651		$	755		$	(29	)	$	372	$	140	$	(9	)	$	59		$	45		$	6		$	(10	)	$	880
Adjusted EBITDA attributable to Icahn Enterprises:
Net (loss) income	$	(760	)	$	(299	)	$	25		$	(51	)	$	142	$	26	$	(150	)	$	(3	)	$	61		$	(4	)	$	(176	)	$	(1,189	)
Interest expense, net		259			113			25			—			12		7		2			9			2			—			288			717
Income tax expense (benefit)		—			46			54			(32	)		35		18		1			7			—			—			(116	)		13
Depreciation, depletion and amortization		—			285			125			29			39		43		6			14			21			7			—			569
EBITDA attributable to Icahn Enterprises	$	(501	)	$	145		$	229		$	(54	)	$	228	$	94	$	(141	)	$	27		$	84		$	3		$	(4	)	$	110
Impairment of assets		—			282			110			20			—		—		130			—			2			—			—			544
Restructuring costs		—			73			—			2			—		—		—			4			—			1			—			80
Non-service cost of U.S. based pension		—			(1	)		—			—			—		—		—			2			—			—			—			1
FIFO impact (favorable) unfavorable		—			—			35			—			—		—		—			—			—			—			—			35
OPEB curtailment gains		—			—			—			—			—		—		—			—			—			—			—			—
Certain share-based compensation expense		—			(1	)		11			—			1		—		—			—			—			—			—			11
Major scheduled turnaround expense		—			—			62			—			—		—		—			—			—			—			—			62
Losses on divestitures		—			—			—			—			—		—		—			—			—			—			—			—
Expenses related to certain acquisitions		—			5			—			—			—		—		—			—			—			—			—			5
Net loss on extinguishment of debt		—			—			—			—			1		—		—			—			—			—			—			1
Loss on certain derivatives		—			—			2			—			—		—		—			—			—			—			—			2
Other		1			28			(13	)		3			—		1		5			10			(41	)		2			(6	)		(10	)
Adjusted EBITDA attributable to Icahn Enterprises	$	(500	)	$	531		$	436		$	(29	)	$	230	$	95	$	(6	)	$	43		$	45		$	6		$	(10	)	$	841

(1) The adjustments made to arrive at the pro forma financial information reflect, as it relates to the initial closing of the sale of ARL to SMBC Rail as if it had been completed as of January 1, 2015, (i) the removal of ARL’s results from our historical results assuming no exercise of the option to sell additional railcars to SMBC Rail as described under “Summary — Recent Developments,” and (ii) the adding back of historically eliminated intercompany net sales between ARI to ARL during the year ended December 31, 2015. See “Non-GAAP Financial Measures.”

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The following table reconciles, on a pro forma basis, net income to EBITDA and EBITDA to Adjusted EBITDA for nine months ended September 30, 2016 for each of our segments:

	Investment			Automotive		Energy			Metals			Railcar(1)		Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions) (unaudited)
Before non-controlling interests:
Net (loss) income	$	(972	)	$	103	$	(588	)	$	(13	)	$	100	$	(69	)	$	(21	)	$	8		$	13	$	(6	)	$	(234	)	$	(1,679	)
Interest expense, net		184			116		56			—			15		9			4			10			1		—			215			610
Income tax expense (benefit)		—			12		(17	)		(12	)		23		24			2			5			—		—			25			62
Depreciation, depletion and amortization		—			337		191			17			52		53			3			15			15		5			—			688
EBITDA before non-controlling interests	$	(788	)	$	568	$	(358	)	$	(8	)	$	190	$	17		$	(12	)	$	38		$	29	$	(1	)	$	6		$	(319	)
Impairment of assets		—			4		574			—			—		92			—			—			—		—			—			670
Restructuring costs		—			28		—			1			—		—			—			—			—		—			—			29
Non-service cost of U.S. based pension		—			9		—			—			—		—			—			4			—		—			—			13
FIFO impact (favorable) unfavorable		—			—		(30	)		—			—		—			—			—			—		—			—			(30	)
OPEB curtailment gains		—			—		—			—			—		—			—			—			—		—			—			—
Certain share-based compensation expense		—			—		—			—			—		—			—			—			—		—			—			—
Major scheduled turnaround expense		—			—		38			—			—		—			—			—			—		—			—			38
Losses on divestitures		—			—		—			—			—		—			—			—			—		—			—			—
Expenses related to certain acquisitions		—			—		—			—			—		—			—			—			—		—			—			—
Net loss on extinguishment of debt		—			—		5			—			—		—			—			—			—		—			—			5
Loss on certain derivatives		—			—		40			—			—		—			—			—			—		—			—			40
Other		—			33		1			(4	)		—		—			9			(3	)		—		1			—			37
Adjusted EBITDA before non-controlling interests	$	(788	)	$	642	$	270		$	(11	)	$	190	$	109		$	(3	)	$	39		$	29	$	—		$	6		$	483
Adjusted EBITDA attributable to Icahn Enterprises:
Net (loss) income	$	(446	)	$	85	$	(329	)	$	(13	)	$	80	$	(80	)	$	(16	)	$	6		$	13	$	(6	)	$	(234	)	$	(940	)
Interest expense, net		62			96		20			—			9		7			3			7			1		—			215			420
Income tax expense (benefit)		—			6		(10	)		(12	)		11		16			2			4			—		—			25			42
Depreciation, depletion and amortization		—			287		94			17			36		38			2			11			15		5			—			505
EBITDA attributable to Icahn Enterprises	$	(384	)	$	474	$	(225	)	$	(8	)	$	136	$	(19	)	$	(9	)	$	28		$	29	$	(1	)	$	6		$	27
Impairment of assets		—			3		334			—			—		92			—			—			—		—			—			429
Restructuring costs		—			23		—			1			—		—			—			—			—		—			—			24
Non-service cost of U.S. based pension		—			7		—			—			—		—			—			3			—		—			—			10
FIFO impact (favorable) unfavorable		—			—		(18	)		—			—		—			—			—			—		—			—			(18	)
OPEB curtailment gains		—			—		—			—			—		—			—			—			—		—			—			—
Certain share-based compensation expense		—			—		—			—			—		—			—			—			—		—			—			—
Major scheduled turnaround expense		—			—		20			—			—		—			—			—			—		—			—			20
Losses on divestitures		—			—		—			—			—		—			—			—			—		—			—			—
Expenses related to certain acquisitions		—			—		—			—			—		—			—			—			—		—			—			—
Net loss on extinguishment of debt		—			—		1			—			—		—			—			—			—		—			—			1
Loss on certain derivatives		—			—		23			—			—		—			—			—			—		—			—			23
Other		—			30		1			(4	)		—		—			7			(2	)		—		1			—			33
Adjusted EBITDA attributable to Icahn Enterprises	$	(384	)	$	537	$	136		$	(11	)	$	136	$	73		$	(2	)	$	29		$	29	$	—		$	6		$	549

(1) The adjustments made to arrive at the pro forma financial information reflect, as it relates to the initial closing of the sale of ARL to SMBC Rail as if it had been completed as of January 1, 2015, the removal of ARL’s results from our historical results assuming no exercise of the option to sell additional railcars to SMBC Rail as described under “Summary — Recent Developments.” See “Non-GAAP Financial Measures.”

15