Good morning. And welcome to the Icahn Enterprises, L.P. Q2 2012 Earnings Call with Felicia Buebel, Assistant General Counsel; Daniel A. Ninivaggi, President; and Sung Hwan Cho, Chief Financial Officer. As a reminder, this conference call is being recorded. I would now like to hand the call over to Felicia Buebel. You may begin.

Good morning and welcome to our quarterly call. I will now read the Safe Harbor statement. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. These forward-looking statements involve risks and uncertainties that are discussed in our filings with the Securities and Exchange Commission, including, economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures. I’d like to now turn over the call to our President, Dan Ninivaggi.

Thanks, Felicia. Good morning. And welcome to the second quarter 2012 Icahn Enterprises earnings conference call. Joining me on today’s call are Sung Cho, our CFO; and Peter Reck, our Chief Accounting Officer. Also joining us today are Jack Lipinski and Susan Ball, the CEO and CFO of our newly acquired subsidiary, CVR Energy. I’d like to begin by providing some key highlights for the second quarter. Sung will then provide a more in-depth review of our financial results and the performance of our business segments. We’ll then be available to address your questions. During the second quarter of 2012, we acquired a majority stake in CVR Energy and now together with our affiliates own 82% of CVR. In accordance with our transaction agreement with CVR, an investment bank sought buyers for the company. That process ended July 23 with no credible offers having been received. We recently announced our offer to acquire the remaining 18% of CVR shares held by public shareholders at a price of $29 per share. That offer will be considered by the Independent Directors of CVR. In terms of IEP’s financial results in the second quarter, we had strong earnings of $2.29 per depository unit. In addition to the contribution from CVR since its acquisition on May 4, our investment funds were a key driver of earnings in the quarter, recording a gross return of 5.2% for the period. Gains were primarily due to our defensive short positions, which benefited from the overall market decline, as well as the performance of our long core equity and credit positions. Our Automotive segment had Q2 sales of $1.7 billion, representing approximately 1% growth on a constant dollar basis. OE sales were $1.1 billion, up 3% in constant dollars, driven by growth in the U.S. and in the…

Thanks, Dan. I will begin by briefly reviewing our consolidated results for the second quarter and then highlight the performance of our operating segments, and comment on our balance sheet. Net income attributable to Icahn Enterprises for Q2 2012 was $240 million or $2.29 per depository unit. As a reminder, our results for this quarter include the results of CVR from May 5 to June 30. We ended the quarter with consolidated cash and cash equivalents of approximately $3.2 billion and our direct investment in the investment funds of $2.1 billion. To date in 2012, we have successfully completed a rights offering and 3 debt offerings, which collectively have raised approximately $1.5 billion in cash, $300 million of which was subsequent to quarter end as Dan stated earlier. This leaves us with plenty of capital to handle near-term maturities and at the same time invest in our operating segments. Our Board of Directors approved a quarterly distribution of $0.35 per depository unit payable on August 31, 2012. This $0.35 distribution will consist of $0.10 payable in cash and $0.25 payable in depository units. I will now provide more detail regarding the performance of our operating -- of our individual segments. Our Investment segment had income attributable to Icahn Enterprises of $116 million in Q2 2012, compared to income of $289 million in the prior year period. The investment funds had a return of 5.2% for the quarter, compared to 10.2% in the second quarter of ‘11. As of June 30, 2012, our net equity exposure was a negative 28.7%, down from 0.5% at the end of Q1. Our long equity exposure had a 1.0% return for the quarter, while our short equity exposure had a gain of 2.2%. Our net credit exposure at the end of second quarter was approximately…

[Operator Instructions] Our first question comes from Ken Bann of Jefferies.

I wanted to ask about the Food Packaging business, this case. You indicated that you expect second half results to be better. Do you expect them to be better just in the first half or better than the second half of last year?

This is Dan. Yes. No. We expect them to be better than second half of last year. We’re not giving guidance on it. But we do have additional capacity coming online starting in September. So volumes should be stronger, pricing has held up, okay. So we should see an improvement year-over-year.

And are you seeing any further increases in raw material costs or is that being covered now by the higher prices that you’re getting?

Yes. They’ve been manageable. We’ve covered them with price increases this year.

Okay. And then, Home Fashion, it’s great to see it back to profitability. Do you expect this trend to continue with the cost cutting that you’ve done or are you seeing any slowdown in orders from customers, given the sort of weakness in the economy?

No, we’re not seeing a slowdown, I mean, basically, the new management team we brought in last year cleaned up the cost structure. They created a new, more customer-focused organizational structure and they’ve started to rebuild the backlog. The plants are running at near full capacity. We expect them to run at capacity in the back half of the year with reasonably profitable business, so we expect the trend to continue.

And then just on CVR, now that the sales process is complete, have you -- can you talk about any plans that you might have there to improve profitability at CVR?

Well, the profitability at CVR has been very good. So we can’t talk about any specific plans and I’m not sure there are any specific plans to change it. I hope they continue do what they’ve been doing.

[Operator Instructions] I’m showing no questions in the queue at this time.

Okay. Well, thank you very much for joining our call. We look forward to a strong back half of the year and we’ll talk again in a few months. Thanks.

Thanks everyone for joining us and we look forward to chatting with you again when we post our 2012 second quarter results.