Good morning. And welcome to the Icahn Enterprises L.P. Q4 2015 Earnings Call with Jesse Lynn, General Counsel; Keith Cozza, President and CEO; and SungHwan Cho, Chief Financial Officer. I would now like to hand the call to Jesse Lynn, who will read the opening statement.

Thank you. 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 will now turn the call over to Keith Cozza, our Chief Executive Officer.

Thanks, Jesse. Good morning. And welcome to the fourth 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 loss attributable to Icahn Enterprises for 2015 was $1.2 billion or $9.28 per LP unit, compared to adjusted net loss of $221 million or $1.82 per LP unit in 2014. For Q4, 2015 the net loss attributable to Icahn Enterprises was $1.1 billion as compared to a net loss of $478 million in the prior year period. Adjusted EBITDA attributable to Icahn Enterprises for 2015 was $929 million, compared to approximately $1 billion in 2014. Our investment fund had a negative return of 18% in 2015, with returns being hampered by the performance of our long equity positions with significant exposure to the commodity market. Fourth quarter 2015 sales for automotive segment were $2 billion, an increase of 9% over the fourth quarter of 2014. Net sales for the full year of 2015 were $7.8 billion, or 6% of above 2014 results. In addition to Federal-Mogul, 2015 results include the operation of IEH Auto, the auto part distribution business acquired in the second quarter of 2015. Subsequent to yearend, Icahn Enterprises acquired a majority of the outstanding shares of Pep Boys, a leading after market provider of automotive services tyres, parts and accessories across the United States and Puerto Rico. This acquisition has tripled our corporate owned store front footprint and significantly enhanced our distribution capabilities. We are in the early stages of integration Pep Boys with Auto Plus, and are excited about…

Thanks, Keith. I will begin by briefly reviewing our consolidated results for the fourth quarter and full year 2015 and then highlight the performance of our operating segments and comment on the strength of our balance sheet. In Q4, 2015, the net loss attributable to Icahn Enterprises was $1.1 billion compared to a net loss of $478 million in the prior year period. Full year adjusted net loss attributable to Icahn Enterprises for 2015 after adding back the loss on extinguishment of debt was $1.2 billion, or $9.28 per LP unit compared to an adjusted net loss of $221 million, $1.82 per LP unit in the prior year period. As you can see on slide 5, in Q4, 2015 the increase in our net loss from prior year was driven by the performance of the investment funds which were negatively impacted by the performance of some of our core holdings, particularly in the energy sector. Also we incurred significant non-cash impairments of assets primarily in the auto, energy and mining segments. Adjusted EBITDA attributable to Icahn Enterprises for Q4 2015 was a loss of $240 million compared to a loss of $221 million in Q4 2014. For the full year, the increase in our 2015 net loss from prior year's results was primarily due to the net losses from the investment activities and non-cash asset impairments in our auto, energy and mining segments. Adjusted EBITDA attributable to Icahn Enterprises for 2015 was $929 million compared to $1 billion in 2014. I will now provide more detail regarding the performance of our individual segments. Our Investment segment had a loss attributable to Icahn Enterprises of $641 million for Q4 2015 and a loss of $760 million for the full year. The Investment funds that we managed had a loss of 15.6%…

[Operator Instructions] And our first question comes from the line of Dan Fannon with Jefferies. Your line is now open.

Thanks, good morning. I guess first just on liquidity, I guess maybe if you could kind of give us an update on discussions with the rating agencies and I believe you mentioned a little bit over $1 billion that came out of the fund to fund the Pep Boys. Can we talk about just how subsequent to that you think about repayment of that or how we can see the fund potentially grow subsequent to that happening?

Sure. Hi, Dan. It's Keith. As far as conversations with the rating agencies, we've those regularly obviously S&P issued the note putting us on negative watch and I think it pertains today, they recently issued in December if I am not mistaken new criteria covering holding companies that we've been classified as we are a bit of unique company as you know so it's hard to fit us into any particular criteria but nevertheless one of the items in the new criteria relates to total asset value coverage versus debt in that ratio. And I think they put out in their note that it was around, hovering around the percentage that they were comfortable with. And since then the percentage has increased a little bit based on the publicly available trading prices of some of the subsidiaries and that's what prompted them to put it on credit watch. So we've -- we continue to talk to them generally if they have any questions or give them how we are thinking about the world and availability and liquidity and things of that nature and they will make their decision in the next 90 days I guess one way or the other. As far as liquidity at Pep Boys and getting it back up. I mean I would say this so we paid approximately $1 billion for Pep Boys and they have a great own real estate portfolio. They have rough numbers $500 million to $600 million of inventory, our other business Auto Plus has $300 million plus of inventory. And we are working on integrating both businesses and harvesting additional synergies. So that obviously when you have all that as background information that capital structure would be inefficient to be all equity right. So we are working with banks on all avenues and but whether it be the ABL market, the term-loan market or whether be something in the real estate market with sale lease back or something of that nature to come with what make -- what the optimal structure will be from a cost perspective. And the use of those -- so we will determine that probably in the next three to six months. And the use of those proceeds, a good portion of them would be to return at back up to IEP to the holding company, and replenish the balance sheet there and we don't want to maintain too much at the balance sheet. So a good portion of that would -- inevitably go back into the fund. So that's kind of how we are thinking about it.

Okay. That's helpful. And then on the fund itself, looks like the short position, the hedges is kind of consistent with last quarter. I assume they are working more in your favor to start the year. Could you give any color on kind of year-to-date either the fund?

Yes. I can't. I think you asked that every quarter but we are just not in a position to comment on forward looking guidance regarding the fund. But as far as year end goes we've continue to maintain that hope that cautious view of the general macro environment which is illustrated by the debt exposures.

Got it .And then I guess within the Energy segment, just hedging within that, I assume there's not a lot of forward hedging going on, given some of the actual commodity prices. But things that potentially that were put on last year that potentially still provides some help in terms of the current decline in commodity prices?

Yes. They have a handful, it's not a large number but they have handful of hedges put on from whether 12 to 18 months ago that obviously are way in the money and it will provide some benefit. You can see it on CBI's financials which probably recoded as unrealized gains on hedges something along those lines, but it's not material. As far a putting anything on at these levels, it is to us it doesn't make sense.

Thank you. [Operator Instructions] And our next question comes from the line of Andrew Berg with Post Advisory Group. Your line is now open.

Hi, guys. Just a question going back to Pep Boys. I think you said $500 million to $600 million inventory at PBY, I know $300 million at Auto Plus, and then you made a comment with respect to the real estate. Can you provide any ballpark estimates of what the owned value of the real estate is?

Yes. In Pep Boys if you go through their old public disclosures. They had appraisal that put the owned real estate north of $700 million.

Okay. So in terms of capital and what you could potentially bring back up through the holdco, and either put down the hedge fund, you get the inventory then plus that, that real estate amount? So it's a fair amount of borrowing capacity down there.

Yes. That's right. Yes.

Okay. Just want to confirm that. Thank you.

Thank you. And our next question comes from the line of Josh Lipchin with Eaton Vance. Your line is now open.

Hi, great. If you're successful with the Federal-Mogul tender, how would you fund that?

So it is not a tender first of all but if we ultimately can work out the acquisition to a mutually agreed deal with the special committee, it would be funded from cash on cash at holdco. The answer just depends on timing. If you ask me - if we were closing it tomorrow we would probably take a couple hundred million bucks out of the investment segment to fund it. But I told you there as we stated regarding Pep Boys our intention over the next three to six months are to significantly optimize that capital structure which should lead to some cash excesses at holdco. So it just really depends on timing but it's not a -- everything is relative but it's not a billion dollar acquisition at the $7 offer price, it's approximately $210 million.

Okay. And are there any circumstances which you would consider issuing additional shares out of IEP?

I mean it just depends. The answer is it depends. Historically, we have shown a willingness to do that if we think it's at a fair valuation. I am doing this from memory. I believe we did a rights offering in 2012 and we obviously did three separate equity offerings in 2013 I believe. So it really just depends on our view of valuation and balancing between valuation and dilution and the opportunities set at hand.

Thank you. And I currently have no more questions in queue.

Okay. Thanks everybody. We look forward to talking to you after the first quarter result. Thank you.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone have a great day.