Good morning and welcome to the Icahn Enterprises LP Q4 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, operator. 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. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial numbers can be found in the back of this presentation. I’ll now turn it over to Keith Cozza, our Chief Executive Officer.

Thanks, Jesse. Good morning and welcome to the fourth 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. SungHwan will then provide an in-depth review of our financial results and the performance of our business segment. We will then be available to address your question. Net loss attributable to Icahn Enterprises for 2016 was $1.1 billion, or $8.07 per LP unit compared to a net loss of $1.2 billion or $9.29 per LP unit in 2015. For Q4 2016, the net loss attributable to Icahn Enterprises was $206 million as compared to a net loss of $1.1 billion in the prior year period. Adjusted EBITDA attributable to Icahn Enterprises for 2016 was $842 million compared to approximately $930 million in 2015. For the fourth quarter of 2016 indicative net asset value increased by $1.4 billion to $5.6 billion compared to $4.2 billion as of September 30, 2016. Investment Funds had a negative return of 8.7% in the fourth quarter of 2016 and a negative return of 20.3% for the full year of 2016. Performance was driven by losses in our short equity exposure offset in part by gains in our long equity positions, primarily in a few of our largest core holdings. Net sales for our automotive segment in Q4 2016 were $2.3 billion compared to $2 billion in the prior year period. This 16% net sales increase was primarily due to the Q1 2016 acquisition of Pep Boys. Net sales for full year 2016 were $9.4 billion or 21% above 2015 results. In January 2017, Icahn Enterprises purchased the 18% of Federal Mogul’s shares not already owned for total consideration of $305 million. Federal Mogul is now a private…

Thanks, Keith. I'll begin by briefly reviewing our consolidated results and then highlight the performance of our operating segments and comment on our balance sheet. In Q4 2016, the net loss attributable to Icahn Enterprises was $206 million compared to a net loss of $1.1 billion in the prior year period. Full year net loss attributable to Icahn Enterprises for 2016 was $1.1 billion or $8.07 per LP unit compared to a net loss of $1.2 billion or $9.29 per LP unit in the prior year period. As you can see on Slide 5, in Q4 2016 IEP had a decrease in our net loss from prior year. Q4 2015 had higher losses in the investment funds and we also incurred significant non-cash impairments of assets primarily in the auto, energy and mining segments. Adjusted EBITDA attributable to Icahn Enterprises for Q4 2016 was $153 million compared to a loss of $239 million in Q4 2015. For the full year 2016, we had a net loss attributable to IEP of $1.1 billion compared to a net loss of $1.2 billion in 2015. Lower impairments in our automotive and mining segments as well as lower losses in the investment funds were partially offset by higher impairments in energy and gaming segments. Adjusted EBITDA attributable to Icahn Enterprises for 2016 was $842 million compared to $930 million for 2015. I will now provide detail regarding the performance of our individual segments. Our investment segment had a loss attributable to Icahn Enterprises of $158 million for Q4 2016 and a loss of $604 million for the full year. The investment funds had a loss of 8.7% in Q4 2016 compared to a loss of 15.6% in Q4 2015. Long positions gained 1.3% for the current quarter while short positions and other expenses had…

Thank you. We will now take questions as part of our Q&A session. [Operator Instructions] And our first question comes from Dan Fannon with Jefferies. Your line is now open.

Thanks. Good morning. I guess can you just kind of give us some other color around the other announcement this morning around the hiring of Dr. Mulligan to join the investment team and kind of update us on some of the other investment staff with Brett Icahn and others that you've been negotiating with or talked about bringing back previously?

Sure. Hey, Dan. It’s Keith. Yeah, the hiring of Dr. Mulligan was, you know, we've had – we've known Dr. Mulligan for a long time. He was the Board nominee on several successful activist campaigns back in the 2004 through 2007 timeframe. We have a great amount of respect for him and he recently became available and the biotech – the biopharma investing segment is an area that we've played in over the last decade. And we couldn't think of a better person to help us pursue new investment ideas in that space. So really just broadening out the investment team and happy to have him on board. As far as Dave and Brett, we continue to negotiate with them. There's not really a material update at this point. As we've said in the past negotiations are moving along. They are going fairly slow, just given current market multiples and both our Chairman and their view of, you know, it's not the greatest time for, you know, long – large, long investments at all-time high multiples. We're taking it, you know – the negotiations are going maybe a little bit slower than they normally would otherwise, but we continue to negotiate with them. And as far as anything else, we had a couple of employees that contracts expired at the end of 2016 that ultimately one retired and one left to pursue other opportunities.

Okay. That's helpful. And I guess just broadly, obviously the positioning of the funds and highlights in your comments, previous about valuations, I guess, anything on asset class level? I know historically the negative view and high yield. Just wondering if there's any shifting in terms of where – is it just valuation or if certain sub segments or portions of the market that you're more skeptical about?

There are. I don’t want to publicly call them out but there are certain industries we think are especially susceptible to potential border adjusted tax plans and other dynamics related to the retail space and certain industries that we continue to have strong views on valuation. Other than that, the majority of our short exposure has just been general macro emphasis. Just it’s more of a – obviously, it's a directional bet at this point, besides hedging all of our long exposure. Just at you know, very high market multiples. Market does seem priced for perfection [indiscernible] even further today. But we continue to have a fairly bearish view. I think net short exposure is down a little bit from third quarter but still a very large number.

Got it. Thank you.

Thanks.

Thank you. [Operator Instructions] I currently have no more questions in queue. I will now turn the call back to Keith Cozza for closing remarks.

Okay, thanks everybody for joining us and we will look forward to talking to you in early May to discuss the first quarter results. Have a good day.

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