Good morning, and welcome to the Icahn Enterprises, LP First Quarter 2015 Earnings Call, with Jesse Lynn, General Counsel; Keith Cozza, President and CEO; and SungHwan Cho, Chief Financial Officer. I'll now turn the call over to Jesse Lynn, who will read the opening statements.

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

Thanks, Jesse. Good morning, and welcome to the First Quarter 2015 Icahn Enterprises Earnings Conference Call. Joining me on today's call is SungHwan Cho, our Chief Financial Officer. I would like to begin by providing some brief highlights. Sung will then provide an in-depth review of our financial results and the performance of our business segments. We will then be available to address your questions. Adjusted net income attributable to Icahn Enterprises for Q1 of 2015, after adding back the loss on extinguishment of debt, with $162 million or $1.28 per LP unit, compared to an adjusted net income after adding back the loss on extinguishment of debt of 92 million or $0.77 per LP unit in the prior year period. Adjusted EBITDA attributable to Icahn Enterprises for Q1 2015, was 575 million compared to 359 million in Q1 of 2014. Our investment funds had a return of 4.3% in Q1 of 2015 compared to a return on negative 0.4% in the prior year period. Q1 perform, it was driven by gains from a number of core loan equity position, we continue to take cautious view with respect to the global economy, which is reflected in the positioning of our investment portfolio. We ended the quarter with a net long exposure of just 4%. Q1 2015 sales for Federal-Mogul were 1.8 billion and increase of 13% in constant dollars from Q1 of 2014. Federal-Mogul's powertrain division maintained strong performance in the quarter, with revenue up 12% on a constant dollar basis from Q1 of 2014. Powertrain's revenue reflects the inclusion of TRW's engine valve business, which was purchased in February of 2015 as well as increases in volume and market share gains in the quarter. Federal-Mogul's motorparts division reported sales growth driven by sales related Affinia chassis and Honeywell brake component acquisitions, offset by the loss of sales from their required divestiture of two facilities in the quarter. The motorparts division continues to make progress in a number of key initiative designs to accelerate growth and reduce costs. During the quarter, Federal-Mogul successfully completed to shareholder common stock rights offering of $250 million of which IEP invested approximately 230 million. In our energy segment, CVR Refining posted solid result, operationally and financially for Q1 of 2015. Refining margins which were low at the beginning of the year, gradually improved and continued to be favorable. Additionally, the first fertilizer business is seemed strong customer demand for UAN product in 2015. Our railcar segment had record quarterly railcar shipment in Q1 of 2015 and continues to build its lease fleet, with approximately 42,000 railcars at the end of the quarter. In our gaming segment Tropicana had a strong operational quarter, especially at the Atlantic City property. Trop AC experienced higher gaming volumes as it benefited from closures of competitors, as well as from growth of its online gaming. With that, let me turn it over to Sung.

Thanks, Keith. I will begin by briefly reviewing our consolidated results for the first quarter of 2015 and then highlight the performance of our operating segments and comment on the strength of our balance sheet. In Q1 2015, our adjusted net income attributable to Icahn Enterprises, after adding back the loss on extinguishment of debt was $162 million or $1.28 per LP unit, compared to adjusted net income after adding back the loss on extinguishment of debt $92 million or $0.70 per unit in the prior year period. Adjusted EBITDA attributable to Icahn Enterprises for Q1 2015, was $575 million, compared to 359 million in Q1 2014. As you can see on Slide 5, the improvement from the prior year was primarily driven by the performance of the investment funds. I will now provide more detail regarding the performance of our individual segments. Our investment segment had a gain attributable to Icahn Enterprises of $184 million for Q1 2015. The investment funds had a return of 4.3% in Q1 2015 compared to a negative return of 0.4% for Q1 2014. Long positions had a positive 6% return for the current quarter while the short positions and other expenses had a negative performance attribution of 1.7%. Since the inception in November 2004 through the end of Q1 2015 the investment funds gross return is 245% or 13% annualized. The investment funds continue to be significantly hedged. As Keith mentioned at the end of Q1 2015, net line exposure was 4% compared to 14% at the end of 2014. IEP’s investment in the funds was $4.5 billion as of March 31, 2015. And now to our energy segment. For Q1 2015, our energy segment reported revenues of $1.4 billion and consolidated adjusted EBITDA of $236 million compared to revenues of $2.4 billion…

[Operator Instructions] Our first question comes from the line of [indiscernible] from UBS. Your question please.

This is Brent Thill. I'll keep it pretty brief here, just a couple of questions on investment opportunities. First, just with energy prices still lower, what are you guys thinking in terms of investment opportunities in this space, either stand-alone opportunities or maybe something CVR?

So, I would -- the first crack at it, I'd say within our investment segment, as you know we have a pretty significant long equity book with their names that were in and so we continue to focus on goals, we're confidently on the lookout but from our prospective, historically we like to buy things cheap, and despite the volatility in oil prices although we're always looking, we haven't found the grand bargain, so to speak, that we tend to look for prices of the underlying company is haven't really fallen as much as, we would like but we're continuing to look. As far as CVR, we're always looking at potential assets that either come along the market or where there is potential combination to do something there where if we think we can operate the refinery better or drop it into our MLP structure to create value. And so I'd say we're on the lookout but nothing as materialize yet.

Okay. And just my last question here will be, just on Europe, anything in that market? Are you guys don't seem to do as much in Europe, but I didn't know just with [QE] going on there and concerns about the U.S. economy and a rising rate environment and everything here, just if you are looking more at Europe or what you are seeing out there?

Well I mean there is two answers at the investment segment, in the investment fund, we are pretty U.S. centric. So, we'll look everywhere but we believe our core confidence is here in the U.S. but the second part of the answer would be with respect to our portfolio companies a number of them had significant operations and exposures to Europe and so from that perspective obviously we're doing a lot of business in Europe and constantly looking for potential tuck-in acquisitions, so to speak that could we have Federal-Mogul, we have Viskase, they have significant revenue streams from Europe and so, they're continuing to -- they have a big focus there. But at the investment segment level not at much.

Thank you. [Operator Instructions]. Our next question comes from the line of Mark Heiman from Saguaro Capital. Your question please.

Just two quick questions, the first on the investment segment -- just given that the comments on the general market are conservative or perhaps bearish, could you comment on just where the net exposures are and perhaps maybe even if they are negative, if they are that bearish? And then my second question is just on the gaming segment, Tropicana in particular. You guys have done and the management there has done [indiscernible] a great job with it, obviously, with Tropicana AC and with the Lumiere deal. But one disconnect that there is that, as you have it valued on your sheets now it's close to 2X the market value. I realize it's not incredibly liquid. Do you have any thoughts for getting that value up or do you just consider it a private equity investment? Thanks.

Sure, thanks. So, with respect to the exposures that the investment funds. We ended the quarter of net long 4%, that's effectively flat in our mind, I'm doing it off memory, but we were probably at generally 20% to 30% in prior quarters. So, this is all disclosed in the 10-Q also by the way under the liquidity and capital resource section, gives you our long exposures and short exposures but I think generally speaking our long equity positions are publicly known positions that have been discussed at length such as Apple and the eBay's of the world and things like that and the short position against it, we tried to hedge out a lot of the macro risks, so there is a number of macro hedges, specifically being short the S&P 500 and certain single names stocks to try to hedge out, just general economic risk but all the longs and the shorts with respect to credit and equity and everything is disclosed in the Q. So I refer it you that. As far as Tropicana, I mean, Tropicana we're really just focused on -- we're majority on there, we won 68% of there, we're focused on the performance of the underlying company and improving our market share in various markets that are generally flat year-over-year and operating the company as the best that we can as far as the stock price in the liquidity, there is no immediate plans to address that.

Thank you. There are no further questions in the queue at this time. I'd like to hand the program back to management

Okay. Thank you very much everybody for joining the call. We'll talk to you after the second quarter.

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