Good morning. And welcome to the Icahn Enterprises L.P. Q1 2016 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 over to Jesse Lynn, who will read the opening statement.

Thank you. 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 first quarter 2016 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. For Q1 2016, the net loss attributable to Icahn Enterprises was $837 million or $6.21 per LP unit compared to net income of a $161 million or $1.27 per LP unit in the prior year period. The Q1 loss net loss attributable to Icahn Enterprises included a $334 million, non-cash goodwill impairment charge at our energy segment. Adjusted EBITDA attributable to Icahn Enterprises for Q1 2016 was a loss of $80 million compared to a gain of $586 million in Q1 of 2015. Our investment fund had a negative return of 12.8% in Q1 of 2016 versus the positive return of 4.3% in Q1 of 2015. Returns were hampered by the decline in value of certain core long equity positions and the increase in value of certain short equity positions including various market hedges. First quarter 2016 sales for our automotive segment were $2.3 billion, an increase of 26% over first quarter of 2015. During Q1, Icahn Enterprises acquired Pep Boys, leading aftermarket provider of automotive service, tires, 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 integrating the operations of both Pep Boys and Auto Plus, and are encouraged by the significant synergies we have identified. In our Energy segment, Q1 results were impacted by the downtime associated with the…

Thanks, Keith. I will begin by briefly reviewing our consolidated results and then highlight the performance of our operating segments and comment on the strength of our balance sheet. In Q1 2016, the net loss attributable to Icahn Enterprises was $837 million compared to a net income of $161 million in the prior year period. As you can see on slide five, in Q1 2016, the net loss was driven by the performance of the investment funds and our energy segment. Our investments funds were negatively impacted by the performance of some of the core holdings, particularly in the energy sector. In our energy segment, we incurred a full imperilment of goodwill associated with the refinery business. Adjusted EBITDA attributable to Icahn Enterprises for Q1 2016 was a loss of $80 million compared to a gain of $586 million in Q1 2015. I’ll now provide more detail regarding the performance of the individual segments. Our investment segment had a loss attributable to Icahn Enterprises of $450 million for Q1 2016. The investment funds had a return of negative 12.8% in Q1 2016 compared to a return of a positive 4.3% for Q1 2015. Long positions had a negative 2.7% return for the current quarter while short positions and other expenses had a negative performance attribution of 10.1%. Since inception in November 2004 through the end of Q1 2016, the investment fund’s gross return is 136% or 8% annualized. The investment funds continue to be significantly hedged. At the end of Q1 2016, net short exposure was 149% compared to a net short exposure of 25% at the end of 2015. IEP’s investment in the funds was $1.8 billion as of March 31, 2016. During the first quarter, we redeemed $1.05 billion from the fund to fund the acquisition of Pep…

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

Thanks, good morning guys. I guess just on the fund, can you first give us some timing of when some of the capital might come back into the vehicle with post the Pep Boys? I think it was a $1 billion you referenced that went to [indiscernible]. And then I get the numbers around the positioning net short. I guess just broadly if you could give us some context around how you guys are thinking about the markets a little bit today? Obviously that positioning is more negative certainly than where you were at the end of the year. So, just give us a little bit more color would be helpful.

Sure. Hey Dan, it’s Keith. With respect to your first question, we continue to work with the various banks on the capital structure of Pep Boys which is effectively unlevered at this point. And we think, we’ll have at least phase one of the capital structure probably put in place sometime this summer, which will probably be in the form of some sort of asset backed loan, just given the sizeable levels of inventory and receivables that both Auto Plus and Pep Boys carry. So it’s pretty right for an ABL and it’s cost effective. So, we will work to probably implement that sometime this summer. We continue to explore options related to the real estate. And depending on the level of proceeds received from the various financings where considering it will involve some portion of the cash going back up to holding company and effectively will evaluate the liquidity at holding company and some of the very well could go back into the investment segment. As far as the positioning of the fund, I think, Carl has been fairly vocal in recent weeks in the media that it reflects our views of the market, so very high multiple market S&Ps trading, I would use the term frothy. And I think it reflects our concern related to -- we’re much more concerned about the market going down 20% than we’re going up 20%. And so the significant waiting for the short side reflects that. Sung mentioned earlier and you will see in the 10-K, when it’s released, significant net short equity exposures. I would add on top of that, we have a number of long positions that are linked to commodities that have a high beta relative to the market. And so, although the number can look significant from the net short position, in balancing it out and trying to hedge our macro risk, some of our long positions do have significant amount of volatility compared to the general market. So, part of it is that as well.

And I guess just thinking about the distributions that are coming up from the HoldCos, the CVR not paying a distribution, I think in the first quarter. And then thinking about that covering the corporate interest expense and kind of the HoldCo costs; could you just give us an update as to what the overall dividend outlook from your ownership across your various businesses how you think about that progressing this year?

Sure. So, I just want to clarify one point though, although CVRR did not pay a dividend this quarter, CVI maintained its dividend policy, and maintained its dividend at $0.50 and did pay a quarter $0.50 dividend to IEP. So, I just wanted to clarify that, because CVI runs with significant excess liquidity. But that being said, we are continuing to take distributions from ARI; they continue to have a decent pipeline of cash flow that I don’t foresee any reason that that would change. And CVI has ample excess liquidity and cash but we are going to -- the board of CVI reevaluates that quarterly, because as you pointed out, the underlying refinery with crack spreads where they are, has definitely been challenged in the first quarter. But, they do run excess cash where -- they are going to reconsider it every quarter but we are hopeful that cracks improve a little bit and we will able to maintain the dividend there, which will be ample cash flow to IEP. One additional thing that happened in the quarter that we mentioned was American Railcar Leasing which has significant excess cash and actually moved the $125 million up to the Icahn Enterprises Holding Company. American Railcar Leasing, now that they 100% of it, they will enjoy the benefits of even bigger dividends from the railcar operation, from the leasing operation.

[Operator Instructions] And at this time, I am showing no further questions. I’d like to turn the call back over to management for any closing remarks.

Okay, thank you. We look forward to speaking with everybody to discuss our second quarter results in a few months. And thanks for your interest in IEP, talk soon.

Ladies and gentlemen, thank you for participating in today’s conference. This concludes today’s program. You may now disconnect. Everyone, have a great day.