Good morning, and welcome to the Icahn Enterprises, L.P. Third Quarter 2013 Earnings Conference Call, with Felicia Buebel, Assistant General Counsel; Daniel A. Ninivaggi, President; and SungHwan Cho, Chief Financial Officer. I would now like to hand the call over to Felicia Buebel, who will read the opening statements.

Good morning. I'll 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. And now I'd like to turn the program over to Dan Ninivaggi, our President and CEO.

Thanks, Felicia. Good morning and welcome to the Third Quarter 2013 Icahn Enterprises Earnings Conference Call. Joining me on today's call are SungHwan Cho, our Chief Financial Officer; and Keith Cozza, the CEO of Icahn Capital. This year, we have continued to use the Activist model to build on the success Icahn Enterprises has had over the last several years. Since April 2009, when the economic recovery started, an Investment in IEP stock has resulted in a total return of approximately 350% and IEP's indicative net asset value has increased by approximately 280%. Even more importantly, in our opinion, there's never been a better time for Activist investing then there is today. Corporate balance sheets are carrying excess cash, credit market conditions remain favorable and in many cases, organic growth opportunities are limited. Activism is often the catalyst needed to drive highly accretive M&A activity and efficient capital allocation. And no one has employed the Activist model longer and more successfully than Carl Icahn and our team. As a result, we believe our best days are ahead of us. I'd refer you to Carl's quote in our earnings release where Carl had described the market opportunity in what I believe is the -- only as he can. Now turning to our third quarter and year-to-date financial results. I'll begin by providing some brief highlights. Sung will then provide an in-depth review of the performance of our business segments and we'll then be available to take your questions. Icahn Enterprise's net income for the third quarter of 2013 was $472 million, or $4.10 per depository unit, compared to net income of $84 million or $0.75 per depository unit in the prior-year period. The strong quarterly results were primarily driven by the performance of the Investments segment during the period, which benefited…

Thanks, Dan. I will begin on Slide 4 by briefly reviewing our consolidated results for Q3 2013 and then highlight the performance of our operating segments and comment on the strength of our balance sheet. Net income attributable to Icahn Enterprises for Q3 2013 was $472 million compared to income of $84 million in the prior-year period. Year-to-date, net income attributable to Icahn Enterprises increased from $390 million to $803 million. As you can see it on Slide 5, the change in Q3 in year-to-date net income from the prior year were primarily due to strong performance in the Investment funds that Dan had mentioned earlier. We ended Q3 with consolidated cash and cash equivalents of approximately $3.3 billion and our direct investment in the Investment funds was $3.6 billion. I will now provide some more detail regarding the performance of our individual operating segments. Our Investment segment had a gain attributable to Icahn Enterprises of $529 million for Q3 2013 due to the strong performance of our direct investment in the funds during the quarter. The Investment funds had a gross return of 18.4% for Q3 2013, compared to negative 1.2% for the prior-year period. Q3 2013 results were driven by several of our core long equity positions that Dan mentioned earlier. During Q3 2013, the fund's net equity exposure was 52% compared to 13% at the end of 2012. The fund's long equity exposure had a 24% return for the third quarter of 2013, while the fund's short equity exposure had a negative return of 4%. The fund's net credit exposure at the end of Q3 was approximately 6% and generated a return of under 1%. During the third quarter, we invested an additional $500 million into the Investments segment. As of September 30, 2013, our Investments segment…

[Operator Instructions] Our first question comes from Dan Fannon from Jefferies.

I guess, if we could start with the Railcar segment, and if you can kind of give us some background on the subsequent to quarter end, the transaction with American Railcar Leasing, kind of the cost basis or the capital outlay that resulted in this consolidation?

Sure. In terms of the -- what was contributed, what we contributed was the existing cars in the AEP leasing fleet, as well as 200 -- approximately $280 million of cash, which, combined with ARL's existing railcars, resulted in our 75% ownership position. In terms of the rationale, we think this makes a lot of sense for IEP. We continue to be pretty bullish on the Energy segment and the kind of the North American energy evolution, with the crude oil being produced in North America and the crude barrels produced is up over $1 million -- or sorry, 1 million barrels per day year-over-year, and we think that's going to continue to go -- continue to be strong going forward. So we think railcars is a great way to play that. A lot of the demand for Railcars is been driven by this North American energy revolution, especially tanks and some of the hopper cars that we have in our portfolio.

And so this was a legacy Investment that was in another vehicle that Carl had? And I guess is there a -- so the cost basis is what that it's coming in at?

Yes. ARL was 100% owned by Carl among his personal investments. And so when it comes into IEP, because it's an entity under common control, we'll have to use pooling account going forward. And so therefore, when the 10-K comes out, you'll see that our historical returns will include the historical results of ARL along with its historical basis.

Okay. So in the quarters, there was a $200 and I guess -- I think it was $275 million you said, outlay for that and then another $500 million that went into the fund? Is that correct as well that you guys -- from a capital deployment perspective at the corporate level?

Yes, well the $280 million went in, in October and the $500 million Investment in the funds went in during Q3.

Okay and just can you give us a background or kind of a thought process on putting more money into the fund at this point? Or kind of even going forward, how -- I know that money can come in and out, but just thinking about that prospect going forward, is that something we should anticipate over the next 12 months, you continuing to allocate more capital to the fund vis-à-vis other slivers of your -- of the portfolio?

Yes. So I mean we said in the past that we target up to $1 billion of liquidity at the holding company. And over the past several years, it's ranged from $500 million to $1 billion. We'll look at the capital requirements over the next 12 months and calibrate that number. If we have excess cash, we'll put in the fund. If there are other Investment opportunities either within the existing operating segments or elsewhere, we'll hold it back and use it for that. So we're constantly taking a look at what we think our cash requirements will be over the next 12 months, and that's what the decision is based on.

And then just to follow-up on that, I guess, and how does that play out with regards to thinking about the dividend going forward in the dividend policy and potentially raising that in terms of returning capital to shareholders? And then thinking about the evolution of the portfolio in terms of envisioning how this will look in the next 12 months, do you anticipate more slivers, more add-ons or just kind of status quo with where things sit today?

Well the dividend -- I mean, we evaluate the dividend every quarter. And it's part of the discussion of what our capital commitments and opportunities are. Frankly, we see a lot of investment opportunities in the existing operating segments as well as through the hedge fund. So we evaluate that all the time and we'll see how it goes.

So the last year, you guys changed your dividend policy. You increased it, I guess, is that something that we should -- on an annual view, you revisit it quarterly, but is -- are you targeting like a steadily increasing dividend? Or is this kind of a stated payout ratio and/or number and then we should just anticipate that to be kind of static at this point?

It's not a stated payout ratio. We believe that our investors appreciate a high-yielding stock, so we're cognizant of that. And it's our objective to maintain a high yield on the units. But there's no stated payout ratio or target payout ratio. As I said, we evaluate it every quarter in light of our other capital commitments and opportunities. And if it's appropriate to increase it, we'll increase it.

Our next question comes from Lance Lessman from LL Capital.

2 quick questions. One is at the end of the second quarter, you disclosed NAV as of July 31, and I was wondering if there was any reason why you didn't do a 10/31 NAV this quarter, because the intervening month looks like a pretty good one to me. I was assuming up about $5 a unit.

Yes so when we started down this road of issuing more equity to get more liquidity in the stock, we used NAV, put it out there as one -- a reference point for increasing basically asset value over time. We put the calculation of the gross NAV at the back of the deck and it's there. We don't really intend to update it monthly. So we just did it as of the end of the quarter.

Got it. And so it was just sort of idiosyncratic you did it in -- during the summer?

Yes. We were doing in equity offering at the time. So the -- I think the number had to be disclosed anyway. We wanted to update the number for that purpose, so we put it out there. But generally, we're going to stick to just quarterly calculation.

Got it. And just one quickie. Is the right number to use 113 million units or 115 million fully diluted? I keep on getting confused between some of the numbers in the statements and then some other numbers which include like a general partners interest.

The right number should be the higher number that you mentioned there.

1-1-5 ?

Yes. I mean, they're -- it might be a little higher. There's the stock dividend which gets issued every quarter. So there are additional units issued, I think, subsequent to quarter end. But generally, the GP owns a 1% interest in Icahn Enterprises.

And GP Alexis distribution units, or Mr. Icahn Alexis distribution in units on a recurring basis, historically?

That's right.

[Operator Instructions] Our next question comes from Andrew Berg from Post Advisory Group.

Dan, a couple of quick questions. On Energy, did you say that the spread was hedged at $28? And is that $28 comparable to the $8 that you have in the presentation?

It's roughly comparable. That's refining margin, but it's roughly comparable. It's $28 for the amount that's hedged in 2014. So a little bit -- a few pennies less than that, but approximately $28.

And how much -- can you say how much is hedged?

Yes, about 16 million barrels.

Okay. And what percentage of production is that?

They do 65 million to 70 million barrels a year in a normal year.

Okay. And have you guys made any decisions yet on -- sorry, switching to Gaming. How are you going to finance Lumiere?

Yes. We're working on it. I don't think we've announced anything publicly, so I can't comment on it. But obviously they have plenty of borrowings. They have a lot of cash on the balance sheet. They have plenty of borrowing capacity in the bank markets, so that's the likely scenario.

I show no further questions at this time.

Okay. Thanks, everybody, for joining the call. We look forward to a strong finish of the year. Have a good day. Take care.