Good morning and welcome to the Icahn Enterprises LP First Quarter 2017 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 first quarter 2017 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 segment. We will then be available to address your questions. For Q1 2017, we had a net loss attributable to Icahn Enterprises of $18 million or $.012 per LP unit compared to a net loss of $837 million or $6.21 per LP unit in the prior year period. Adjusted EBITDA attributable to Icahn Enterprises for Q1 2017 was $412 million compared to a loss of $70 million for Q1 of 2016. Our investment fund had a return of negative 2.7% in Q1 of 2017, driven by losses from 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 Q1 of 2017 were $2.5 billion compared to $2.3 billion in the prior year period. This 7% net sales increase was primarily due to the February 2016 acquisition of Pep Boys as well as higher sales volumes at Federal Mogul. In January of 2017, Icahn Enterprises purchased the 18% of Federal Mogul that it did not already own for total consideration of $305 million. Federal Mogul is now 100% owned by IEP. In our energy segment, our Q1 2017 net sales were $1.5 billion and consolidated adjusted EBITDA was $133 million. CVR Refining posted strong operational performance during Q1 with a quarterly record for combined crude oil throughput of 214,000 barrels per day. CVR Partners Coffeyville and East Dubuque Facilities also recorded on stream rates of just under 100% for the fertilizer operations. In our railcar segment, investments in our rail car services and rail car leasing businesses continue to compliment our manufacturing operations. The segments lease fleet was over 46,000 rail cars at the end of Q1 2017. We expect to close the previously announced initial sale of American Railcar leasing in Q2 of this year. The initial sale of approximately 29,000 railcars is expected to generate $1.1 billion of net proceeds. We have the ability to sell an additional 4,800 rail cars upon meeting certain conditions for three years following the initial closing date at predetermined prices. In our gaming segment, Tropicana delivered excellent results for the quarter, led by strong performances at Atlantic City, Indiana, and St. Louis properties. Separately, at the end of Q1, we consummated the sale of the Taj Mahal in Atlantic City. During Q1, IEP issued approximately $1.2 billion of new unsecured notes to refinance the 2017 notes that were maturing in the first quarter. We also completed a rights offering to raise proceeds of approximately $600 million to support IEP’s credit ratings and to bolster the holding company's liquidity position. With that, let me turn it over to Sung.

Thanks Keith. I will begin by briefly reviewing our consolidated results, and then highlight the performance of the operating segments, and comment on the strength of our balance sheet. In Q1 2017, the net loss attributable to Icahn Enterprises was $18 million compared to a net loss of $837 million in the prior period. As you can see on slide five, in Q1 2017, IEP had a decrease in our net loss from prior year .Q1 2016 had higher losses in the investment funds and we also incurred significant goodwill impairment in our energy segment. Adjusted EBITDA attributable to Icahn Enterprises for Q1 2017 was $412 million compared to a loss of $70 million in the Q1 2016. I’ll now provide more detail regarding the performance of our individual segments. Our investment segment had a loss attributable to Icahn Enterprises of $23 million for Q1 2017. The Investment Fund had a return of negative 2.7% in Q1 2017 compared to a return of negative 12.8% for Q1 2016. Long positions had a positive performance attribution of 10.2% for the current quarter, while short positions and other expenses had a negative performance attribution of 12.9%. Since inception in November 2004 through the end of Q1 2017, the Investment Funds growth return is 110% or approximately 6.2% percent annualized. The Investment Funds continue to be significantly hedged. At the end of Q1 2017, net short exposure was 110% compared to a net short exposure of 128% at the end of 2016. During the quarter, we redeemed $300 million from the Fund to fund the purchase of the minority interest in Federal Mogul and then subsequently replenished our investment with $500 million of proceeds from the completed rights offering. IEP’s investment in the Funds was $1.8 billion as of March, 31 2017. And…

Thank you. [Operator Instructions] Our first question comes from the line of Anthony Dietz with Dornoch Ventures. Your line is open.

Good morning. I was wondering what the view is with respect to the Fannie Mae common shares in terms of -- is there a concern that there might be a complete liquidation receivership whereby the comment would be completely wiped out? I've been following this very closely for many months, administration, well, it seems to be moving very carefully with respect to what was signaled in November by Mr. [Indiscernible] himself, I'm just curious what the view is from Icahn as to the risk of the commons being wiped out?

Yes, we have no view. I mean it's not one of our operating segments. It's not something we're focused on. So, we don't have a public view on that.

Okay. I thought maybe that that was part of the investment portfolio, so, I apologize that it doesn't affect what you're talking about today, I thought that might be part of your investment portfolio?

No.

Okay, thank you.

Thank you. [Operator Instructions] Our next question comes from the line of [Indiscernible] with Baird. Your line is open.

Hi. I noticed that your mark on Tropicana is $55 a share versus the public market at $35. I was wondering what you guys are going to do to close that valuation gap

Yes, I'm not going to do anything to close the valuation gap. We're going to keep empowering the management team to executing their operating plan and stock prices take care of themselves. We don't take actions to managed controlled subsidiaries stock price.

Sounds great. Thank you.

You're welcome.

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

Okay. Thanks everybody. We'll look forward to talking to you for the second quarter.

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