EX-99.1 2 v441135_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Ic a h n E n te rp ris e s L .P . In v e s to r P re s e n ta tio n M a y 2 0 1 6

F o rw a rd - L o o k in g S ta te m e n ts a n d N o n - G A A P F in a n c ia l M e a s u re s F o rw a rd - L o o k in g S ta te m e n ts T h is p re s e n ta tio n c o n ta in s c e rta in s ta te m e n ts th a t a re , o r m a y b e d e e m e d to b e , “fo rw a rd - lo o k in g s ta te m e n ts ” w ith in th e m e a n in g o f S e c tio n 2 7 A o f th e S e c u ritie s A c t o f 1 9 3 3 , a s a m e n d e d , a n d S e c tio n 2 1 E o f th e S e c u ritie s E x c h a n g e A c t o f 1 9 3 4 , a s a m e n d e d . A ll s ta te m e n ts in c lu d e d h e re in , o th e r th a n s ta te m e n ts th a t re la te s o le ly to h is to ric a l fa c t, a re “fo rw a rd - lo o k in g s ta te m e n ts . ” S u c h s ta te m e n ts in c lu d e , b u t a re n o t lim ite d to , a n y s ta te m e n t th a t m a y p re d ic t, fo re c a s t, in d ic a te o r im p ly fu tu re re s u lts , p e rfo rm a n c e , a c h ie v e m e n ts o r e v e n ts , o r a n y s ta te m e n t th a t m a y re la te to s tra te g ie s , p la n s o r o b je c tiv e s fo r, o r p o te n tia l re s u lts o f, fu tu re o p e ra tio n s , fin a n c ia l re s u lts , fin a n c ia l c o n d itio n , b u s in e s s p ro s p e c ts , g ro w th s tra te g y o r liq u id ity , a n d a re b a s e d u p o n m a n a g e m e n t’s c u rre n t p la n s a n d b e lie fs o r c u rre n t e s tim a te s o f fu tu re re s u lts o r tre n d s . F o rw a rd - lo o k in g s ta te m e n ts c a n g e n e ra lly b e id e n tifie d b y p h ra s e s s u c h a s “b e lie v e s ,” “e x p e c ts ,” “p o te n tia l,” “c o n tin u e s ,” “m a y ,” “s h o u ld ,” “s e e k s ,” “p re d ic ts ,” “a n tic ip a te s ,” “in te n d s ,” “p ro je c ts ,” “e s tim a te s ,” “p la n s ,” “c o u ld ,” “d e s ig n e d ,” “s h o u ld b e ” a n d o th e r s im ila r e x p re s s io n s th a t d e n o te e x p e c ta tio n s o f fu tu re o r c o n d itio n a l e v e n ts ra th e r th a n s ta te m e n ts o f fa c t . O u r e x p e c ta tio n s , b e lie fs a n d p ro je c tio n s a re e x p re s s e d in g o o d fa ith a n d w e b e lie v e th a t th e re is a re a s o n a b le b a s is fo r th e m .

H o w e v e r, th e re c a n b e n o a s s u ra n c e th a t th e s e e x p e c ta tio n s , b e lie fs a n d p ro je c tio n s w ill re s u lt o r b e a c h ie v e d . T h e re a re a n u m b e r o f ris k s a n d u n c e rta in tie s th a t c o u ld c a u s e o u r a c tu a l re s u lts to d iffe r m a te ria lly fro m th e fo rw a rd - lo o k in g s ta te m e n ts c o n ta in e d in th is p re s e n ta tio n . T h e s e ris k s a n d u n c e rta in tie s a re d e s c rib e d in o u r A n n u a l R e p o rt o n F o rm 1 0 - K fo r th e y e a r e n d e d D e c e m b e r 3 1 , 2 0 1 5 a n d o u r Q u a rte rly R e p o rt o n F o rm 1 0 - Q fo r th e q u a rte r e n d e d M a rc h 3 1 , 2 0 1 6 . T h e re m a y b e o th e r fa c to rs n o t p re s e n tly k n o w n to u s o r w h ic h w e c u rre n tly c o n s id e r to b e im m a te ria l th a t m a y c a u s e o u r a c tu a l re s u lts to d iffe r m a te ria lly fro m th e fo rw a rd - lo o k in g s ta te m e n ts . A ll fo rw a rd - lo o k in g s ta te m e n ts a ttrib u ta b le to u s o r p e rs o n s a c tin g o n o u r b e h a lf a p p ly o n ly a s o f th e d a te o f th is p re s e n ta tio n a n d a re e x p re s s ly q u a lifie d in th e ir e n tire ty b y th e c a u tio n a ry s ta te m e n ts in c lu d e d in th is p re s e n ta tio n . E x c e p t to th e e x te n t re q u ire d b y la w , w e u n d e rta k e n o o b lig a tio n to u p d a te o r re v is e fo rw a rd - lo o k in g s ta te m e n ts to re fle c t e v e n ts o r c irc u m s ta n c e s a fte r th e d a te s u c h s ta te m e n ts a re m a d e o r to re fle c t th e o c c u rre n c e o f u n a n tic ip a te d e v e n ts . N o n - G A A P F in a n c ia l M e a s u re s T h is p re s e n ta tio n c o n ta in s c e rta in n o n - G A A P fin a n c ia l m e a s u re s , in c lu d in g E B IT D A , A d ju s te d E B IT D A a n d In d ic a tiv e N e t A s s e t V a lu e . T h e n o n - G A A P fin a n c ia l m e a s u re s c o n ta in e d h e re in h a v e lim ita tio n s a s a n a ly tic a l to o ls a n d

s h o u ld n o t b e c o n s id e re d in is o la tio n o r in lie u o f a n a n a ly s is o f o u r re s u lts a s re p o rte d u n d e r U . S . G A A P . T h e s e n o n - G A A P m e a s u re s s h o u ld b e e v a lu a te d o n ly o n a s u p p le m e n ta ry b a s is in c o n n e c tio n w ith o u r U . S . G A A P re s u lts , in c lu d in g th o s e re p o rte d in o u r c o n s o lid a te d fin a n c ia l s ta te m e n ts a n d th e re la te d n o te s th e re to c o n ta in e d in o u r A n n u a l R e p o rt o n F o rm 1 0 - K fo r th e y e a r e n d e d D e c e m b e r 3 1 , 2 0 1 5 a n d o u r Q u a rte rly R e p o rt o n F o rm 1 0 - Q fo r th e q u a rte r e n d e d M a rc h 3 1 , 2 0 1 6 .

In v e s tm e n t H ig h lig h ts 3 M r. Ic a h n b e lie v e s th a t th e c u rre n t e n v iro n m e n t c o n tin u e s to b e c o n d u c iv e to a c tiv is m – S e v e ra l fa c to rs a re re s p o n s ib le fo r th is : 1 ) lo w in te re s t ra te s , w h ic h m a k e a c q u is itio n s m u c h le s s c o s tly a n d th e re fo re m u c h m o re a ttra c tiv e , 2 ) a b u n d a n c e o f c a s h ric h c o m p a n ie s th a t w o u ld b e n e fit fro m m a k in g s y n e rg is tic a c q u is itio n s , a n d 3 ) th e c u rre n t a w a re n e s s b y m a n y in s titu tio n a l in v e s to rs th a t th e p re v a le n c e o f m e d io c re to p m a n a g e m e n t a n d n o n - c a rin g b o a rd s a t m a n y o f A m e ric a 's c o m p a n ie s m u s t b e d e a lt w ith – B u t a n a c tiv is t c a ta ly s t is o fte n n e e d e d to m a k e a n a c q u is itio n h a p p e n – We , a t IE P , h a v e s p e n t y e a rs e n g a g in g in th e a c tiv is t m o d e l a n d b e lie v e it is th e c a ta ly s t n e e d e d to d riv e h ig h ly a c c re tiv e M & A a n d c o n s o lid a tio n a c tiv ity – A s a c o ro lla ry , lo w in te re s t ra te s w ill g re a tly in c re a s e th e a b ility o f th e c o m p a n ie s IE P c o n tro ls to m a k e ju d ic io u s , frie n d l y o r n o t s o frie n d ly , a c q u is itio n s u s in g o u r a c tiv is t e x p e rtis e R e c e n t F in a n c ia l R e s u lts – N e t lo s s a ttrib u ta b le to Ic a h n E n te rp ris e s o f a p p ro x im a te ly $ 8 3 7 m illio n fo r th e th re e m o n th s e n d e d M a rc h 3 1 , 2 0 1 6 – In d ic a tiv e N e t A s s e t V a lu e o f a p p ro x im a te ly $ 5 .1 b illio n a s o f M a rc h 3 1 , 2 0 1 6 – A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s o f a p p ro x im a te ly $ 2 7 3 m illio n fo r th e la s t tw e lv e m o n th s e n d e d M a rc h 3 1 , 2 0 1 6 $ 6 .0 0 a n n u a l d is trib u tio n (9 .5 % y ie ld a s o f M a rc h 3 1 , 2 0 1 6 )

T h e Ic a h n S tra te g y A c ro s s a ll o f o u r b u s in e s s e s , o u r s u c c e s s is b a s e d o n a s im p le fo rm u la : w e s e e k to fin d u n d e rv a lu e d c o m p a n ie s in th e G ra h a m & D o d d tra d itio n , a m e th o d o lo g y fo r v a lu in g s to c k s th a t p rim a rily lo o k s fo r d e e p ly d e p re s s e d p ric e s . H o w e v e r, w h ile th e ty p ic a l G ra h a m & D o d d v a lu e in v e s to r p u rc h a s e s u n d e rv a lu e d s e c u ritie s a n d w a its fo r re s u lts , w e o fte n b e c o m e a c tiv e ly in v o lv e d in th e c o m p a n ie s w e ta rg e t. T h a t a c tiv ity m a y in v o lv e a b ro a d ra n g e o f a p p ro a c h e s , fro m in flu e n c in g th e m a n a g e m e n t o f a ta rg e t to ta k e s te p s to im p ro v e s h a re h o ld e r v a lu e , to a c q u irin g a c o n tro llin g in te re s t o r o u trig h t o w n e rs h ip o f th e ta rg e t c o m p a n y in o rd e r to im p le m e n t c h a n g e s th a t w e b e lie v e a re re q u ire d to im p ro v e its b u s in e s s , a n d th e n o p e ra tin g a n d e x p a n d in g th a t b u s in e s s . T h is a c tiv is m h a s b ro u g h t a b o u t v e ry s tro n g re tu rn s o v e r th e y e a rs . T o d a y , w e a re a d iv e rs ifie d h o ld in g c o m p a n y o w n in g s u b s id ia rie s e n g a g e d in th e fo llo w in g o p e ra tin g b u s in e s s e s : In v e s tm e n t, A u to m o tiv e , E n e rg y , M e ta ls , R a ilc a r, G a m in g , F o o d P a c k a g in g , R e a l E s ta te , M in in g a n d H o m e F a s h io n . T h ro u g h o u r In v e s tm e n t s e g m e n t, a s o f M a rc h 3 1 , 2 0 1 6 , w e h a v e s ig n ific a n t p o s itio n s in v a rio u s in v e s tm e n ts , w h ic h in c lu d e A m e ric a n In te rn a tio n a l G ro u p , In c . (A IG ), C h e n ie re E n e rg y , In c . (L N G ), C h e s a p e a k e E n e rg y (C H K ), F re e p o rt - M c M o R a n In c . (F C X ), G a n n e tt C o ., In c . (G C I), H e rb a life L td . (H L F ), H e rtz

G lo b a l H o ld in g s , In c . (H T Z ), H o lo g ic In c . (H O L X ), N u a n c e C o m m u n ic a tio n s , In c . (N U A N ), N a v is ta r In te rn a tio n a l C o rp . (N A V ), P a y P a l H o ld in g s , In c . (P Y P L ), T e g n a In c . (T G N A ), T ra n s o c e a n L td . (R IG ), T ra n s o c e a n P a rtn e rs L L C (R IG P ), M a n ito w o c C o m p a n y In c . (M T W), M a n ito w o c F o o d s e rv ic e , In c . (M F S ),S e v e n ty S e v e n E n e rg y In c . (S S E ) a n d X e ro x C o rp o ra tio n (X R X ). S e v e ra l o f o u r o p e ra tin g b u s in e s s e s s ta rte d o u t a s in v e s tm e n t p o s itio n s in d e b t o r e q u ity s e c u ritie s , h e ld e ith e r d ire c tly b y o u r In v e s tm e n t s e g m e n t o r M r. Ic a h n . T h o s e p o s itio n s u ltim a te ly re s u lte d in c o n tro l o r c o m p le te o w n e rs h ip o f th e ta rg e t c o m p a n y . In 2 0 1 2 , w e a c q u ire d a c o n tro llin g in te re s t in C V R E n e rg y , In c . (‘‘C V R ’’) w h ic h s ta rte d o u t a s a p o s itio n in o u r In v e s tm e n t s e g m e n t a n d is n o w a n o p e ra tin g s u b s id ia ry th a t c o m p ris e s o u r E n e rg y s e g m e n t. A s o f M a rc h 3 1 , 2 0 1 6 , b a s e d o n th e c lo s in g s a le p ric e o f C V R s to c k a n d d is trib u tio n s s in c e w e a c q u ire d c o n tro l, w e h a d a g a in o f a p p ro x im a te ly $ 1 .3 b illio n o n o u r p u rc h a s e o f C V R . T h e a c q u is itio n o f C V R , lik e o u r o th e r o p e ra tin g s u b s id ia rie s , re fle c ts o u r o p p o rtu n is tic a p p ro a c h to v a lu e c re a tio n , th ro u g h w h ic h re tu rn s m a y b e o b ta in e d b y , a m o n g o th e r th in g s , p ro m o tin g c h a n g e th ro u g h m in o rity p o s itio n s a t ta rg e te d c o m p a n ie s in o u r In v e s tm e n t s e g m e n t o r b y a c q u irin g c o n tro l o f th o s e ta r g e t c o m p a n ie s th a t w e b e lie v e w e c o u ld ru n m o re p ro fita b ly o u rs e lv e s . D u rin g th e n e x t s e v e ra l

y e a rs , w e s e e a fa v o ra b le o p p o rtu n ity to fo llo w a n a c tiv is t s tra te g y th a t c e n te rs o n th e p u rc h a s e o f ta r g e t s to c k a n d th e s u b s e q u e n t re m o v a l o f a n y b a rrie rs th a t m ig h t in te rfe re w ith a frie n d ly p u rc h a s e o ffe r fro m a s tro n g b u y e r. A lte rn a tiv e ly , in a p p ro p ria te c irc u m s ta n c e s , w e o r o u r s u b s id ia rie s m a y b e c o m e th e b u y e r o f ta rg e t c o m p a n ie s , a d d in g th e m to o u r p o rtfo lio o f o p e ra tin g s u b s id ia rie s , th e re b y e x p a n d in g o u r o p e ra tio n s th ro u g h s u c h o p p o rtu n is tic a c q u is itio n s . We b e lie v e th a t th e c o m p a n ie s th a t w e ta rg e t fo r o u r a c tiv is t a c tiv itie s a re u n d e rv a lu e d fo r m a n y re a s o n s , o fte n in c lu d in g in e p t m a n a g e m e n t . U n fo rtu n a te ly fo r th e in d iv id u a l in v e s to r, in p a rtic u la r, a n d th e e c o n o m y , in g e n e ra l, m a n y p o o r m a n a g e m e n t te a m s a re o fte n u n a c c o u n ta b le a n d v e ry d iffic u lt t o r e m o v e . U n lik e th e in d iv id u a l in v e s to r, w e h a v e th e w h e re w ith a l to p u rc h a s e c o m p a n ie s th a t w e fe e l w e c a n o p e ra te m o re e ffe c tiv e ly th a n in c u m b e n t m a n a g e m e n t. In a d d itio n , th ro u g h o u r In v e s tm e n t s e g m e n t, w e a re in a p o s itio n to p u rs u e o u r a c tiv is t s tra te g y b y p u rc h a s in g s to c k o r d e b t p o s itio n s a n d t ry in g to p ro m u lg a te c h a n g e th ro u g h a v a rie ty o f a c tiv is t a p p ro a c h e s , ra n g in g fro m s p e a k in g a n d n e g o tia tin g w ith th e b o a rd a n d C E O to p ro x y fig h ts , te n d e r o ffe rs a n d ta k in g c o n tro l. We w o rk d ilig e n tly to e n h a n c e v a lu e fo r a ll s h a re h o ld e rs a n d w e b e lie v e th a t th e b e s t w a y to d o th is is to m a k e u n d e rp e rfo rm in g m a n a g e m e n t te a m s

a n d b o a rd s a c c o u n ta b le o r to re p la c e th e m . 4

T h e Ic a h n S tra te g y (c o n tin u e d ) T h e C h a irm a n o f th e B o a rd o f o u r g e n e ra l p a rtn e r, C a rl C . Ic a h n , h a s b e e n a n a c tiv is t in v e s to r s in c e 1 9 8 0 . M r. Ic a h n b e lie v e s th a t th e c u rre n t e n v iro n m e n t c o n tin u e s to b e c o n d u c iv e to a c tiv is m . M a n y m a jo r c o m p a n ie s h a v e s u b s ta n tia l a m o u n ts o f c a s h . We b e lie v e th a t th e y a re h o a rd in g c a s h , ra th e r th a n s p e n d in g it, b e c a u s e th e y d o n o t b e lie v e in v e s tm e n ts in th e ir b u s in e s s w ill tra n s la te to e a rn in g s . We b e lie v e th a t o n e o f th e b e s t w a y s fo r m a n y c a s h - ric h c o m p a n ie s to a c h ie v e in c re a s e d e a rn in g s is to u s e th e ir la rg e a m o u n ts o f e x c e s s c a s h , to g e th e r w ith a d v a n ta g e o u s b o rro w in g o p p o rtu n itie s , to p u rc h a s e o th e r c o m p a n ie s in th e ir in d u s trie s a n d ta k e a d v a n ta g e o f th e m e a n in g fu l s y n e r g ie s th a t c o u ld re s u lt. In o u r o p in io n , th e C E O s a n d B o a rd s o f D ire c to rs o f u n d e rv a lu e d c o m p a n ie s th a t w o u ld b e a c q u is itio n ta rg e ts a re th e m a jo r ro a d b lo c k s to th is lo g ic a l u s e o f a s s e ts to in c re a s e v a lu e , b e c a u s e w e b e lie v e th o s e C E O s a n d b o a rd s a re n o t w illin g to g iv e u p th e ir p o w e r a n d p e rq u is ite s , e v e n if th e y h a v e d o n e a p o o r j o b in a d m in is te rin g th e c o m p a n ie s th e y h a v e b e e n ru n n in g . In a d d itio n , a c q u ire rs a re o fte n u n w illin g to u n d e rta k e th e a rd u o u s ta s k o f la u n c h in g a h o s tile c a m p a ig n . T h is is p re c is e ly th e s itu a tio n in w h ic h a s tro n g a c tiv is t c a ta ly s t is n e c e s s a ry . We b e lie v e th a t th e a c tiv is t c a ta ly s t a d d s v a lu e b e c a u s e , fo r

c o m p a n ie s w ith s tro n g b a la n c e s h e e ts , a c q u is itio n o f th e ir w e a k e r in d u s try riv a ls is o fte n e x tre m e ly c o m p e llin g fin a n c ia lly . We fu rth e r b e lie v e th a t th e re a re m a n y tra n s a c tio n s th a t m a k e e c o n o m ic s e n s e , e v e n a t a la rg e p re m iu m o v e r m a rk e t. A c q u ire rs c a n u s e th e ir e x c e s s c a s h , th a t is e a rn in g a v e ry lo w re tu rn , a n d /o r b o rro w a t th e a d v a n ta g e o u s in te re s t ra te s n o w a v a ila b le , to a c q u ire a ta r g e t c o m p a n y . In e ith e r c a s e , a n a c q u ire r c a n a d d th e ta rg e t c o m p a n y ’s e a rn in g s a n d th e in c o m e fro m s y n e rg ie s to th e a c q u ire r’s b o tto m lin e , a t a re la tiv e ly lo w c o s t. B u t fo r th e s e p o te n tia l a c q u ire rs to a c t, th e ta rg e t c o m p a n y m u s t b e w illin g to a t le a s t e n te rta in a n o ffe r. We b e lie v e th a t o fte n th e a c tiv is t c a n s te p in a n d re m o v e th e o b s ta c le s th a t a ta rg e t m a y s e e k to u s e to p re v e n t a n a c q u is itio n . It is o u r b e lie f th a t o u r s tra te g y w ill p ro d u c e s tro n g re s u lts in to th e fu tu re , a n d th a t b e lie f is re fle c te d in th e a c tio n o f th e b o a rd o f d ire c to rs o f o u r g e n e ra l p a rtn e r, w h ic h a n n o u n c e d in M a rc h 2 0 1 4 , a d e c is io n to m o d ify o u r d is trib u tio n p o lic y to in c re a s e o u r a n n u a l d is trib u tio n to $ 6 .0 0 p e r d e p o s i ta r y u n it. We b e lie v e th a t th e s tro n g c a s h flo w a n d a s s e t c o v e ra g e fro m o u r o p e ra tin g s e g m e n ts w ill a llo w u s to m a in ta in a s tro n g b a la n c e s h e e t a n d a m p le liq u id ity . We b e lie v e th a t o u r d e p o s ita ry u n its w ill g iv e u s a n o th e r p o w e rfu l a c tiv is t to o l, a llo w in g u s b o th to u s e o u r d e p o s ita ry u n it s a s c u rre n c y fo r te n d e r o ffe rs a n d a c q u is itio n s (b o th h o s tile a n d

frie n d ly ) w h e re a p p ro p ria te . A ll o f th e s e fa c to rs w ill, in o u r o p in io n , c o n trib u te to m a k in g o u r a c tiv is m e v e n m o re e ffic a c io u s , w h ic h w e e x p e c t to e n h a n c e o u r re s u lts a n d s to c k v a lu e . 5

C o m p a n y O v e rv ie w 6

O v e rv ie w o f Ic a h n E n te rp ris e s Ic a h n E n te rp ris e s L .P . is a d iv e rs ifie d h o ld in g c o m p a n y w ith o p e ra tin g s e g m e n ts in In v e s tm e n t, A u to m o tiv e , E n e rg y , G a m in g , M i n in g , R a ilc a r, F o o d P a c k a g in g , M e ta ls , R e a l E s ta te a n d H o m e F a s h io n IE P is m a jo rity o w n e d a n d c o n tro lle d b y C a rl Ic a h n – O v e r th e la s t s e v e ra l y e a rs , C a rl Ic a h n h a s c o n trib u te d m o s t o f h is b u s in e s s e s to a n d e x e c u te d tra n s a c tio n s p rim a rily th ro u g h IE P – A s o f M a rc h 3 1 , 2 0 1 6 , C a rl Ic a h n a n d h is a ffilia te s o w n e d a p p ro x im a te ly 8 9 .1 % o f IE P ’s o u ts ta n d in g d e p o s ita ry u n its IE P b e n e fits fro m c a s h flo w s fro m its s u b s id ia rie s : – C V R E n e rg y : $ 2 .0 0 p e r s h a re a n n u a liz e d d iv id e n d – C V R R e fin in g : $ 2 .7 5 p e r c o m m o n u n it o f d is trib u tio n s d e c la re d fo r th e y e a r e n d e d D e c e m b e r 3 1 , 2 0 1 5 – A m e ric a n R a ilc a r In c : $ 1 .6 0 p e r s h a re a n n u a l d iv id e n d – R e c u rrin g c a s h flo w s fro m A m e ric a n R a ilc a r L e a s in g a n d R e a l E s ta te s e g m e n ts IE P h a s d a ily liq u id ity th ro u g h its a b ility to re d e e m its in v e s tm e n t in th e fu n d s o n a d a ily b a s is (1 ) In v e s tm e n t s e g m e n t to ta l a s s e ts re p re s e n ts b o o k v a lu e o f e q u ity 7 ($ m illio n s ) A s o f M a rc h 3 1 , 2 0 1 6 S e g m e n t A s s e ts R e v e n u e A d ju s te d E B IT D A A d j. E B IT D A A ttrib . to IE P In v e s tm e n t (1 ) $ 5 ,8 9 0 ($ 2 ,3 9 2 ) ($ 2 ,5 1 5 ) ($ 1 ,1 5 8 ) A u to m o tiv e 1 0 ,2 8 6 8 ,4 3 4 7 1 6 5 8 8 E n e rg y 4 ,1 8 3 4 ,9 7 3 5 8 0 3 2 7 M e ta ls 2 0 6 3 1 7 (2 6 ) (2 6 ) R a ilc a r 3 ,4 0 2 9 8 6 5 0 6 3 4 7 G a m in g 1 ,5 1 4 8 3 7 1 4 6 9 7 M in in g 1 9 2 3 5 (1 6 ) (1 1 ) F o o d P a c k a g in g

4 2 6 3 3 6 5 6 4 1 R e a l E s ta te 6 9 0 1 1 2 4 4 4 4 H o m e F a s h io n 2 0 8 1 9 8 6 6 H o ld in g C o m p a n y 5 9 9 5 2 1 8 1 8 T o ta l $ 2 7 ,5 9 6 $ 1 3 ,8 8 8 ($ 4 8 5 ) $ 2 7 3 L T M E n d e d M a rc h 3 1 , 2 0 1 6

6 6 % C V R E n e rg y In c . (N Y S E : C V I) S u m m a ry C o rp o ra te O rg a n iz a tio n a l C h a rt We s tP o in t H o m e L L C P S C M e ta ls In c . A R E P R e a l E s ta te H o ld in g s , L L C T ro p ic a n a E n te rta in m e n t In c . (O T C P K :T P C A ) F e d e ra l - M o g u l H o ld in g s C o rp . (N a s d a q G S :F D M L ) Ic a h n E n te rp ris e s G .P . In c . Ic a h n E n te rp ris e s L .P . (N a s d a q G S : IE P ) Ic a h n E n te rp ris e s H o ld in g s L .P . 1 % 1 % 9 9 % L P In te re s t 5 3 % 7 3 % 8 2 % 8 2 % A m e ric a n R a ilc a r In d u s trie s , In c . (N a s d a q G S :A R II) Ic a h n C a p ita l L P V is k a s e C o m p a n ie s In c . (O T C P K :V K S C ) A s o f M a rc h 3 1 , 2 0 1 6 , Ic a h n E n te rp ris e s h a d in v e s tm e n ts w ith a fa ir m a rk e t v a lu e o f a p p ro x im a te ly $ 1 .8 b illio n in th e In v e s tm e n t F u n d s O n e o f th e la rg e s t in d e p e n d e n t m e ta l re c y c lin g c o m p a n ie s in th e U S C o n s is ts o f re n ta l c o m m e rc ia l re a l e s ta te , p ro p e rty d e v e lo p m e n t a n d a s s o c ia te d re s o rt a c tiv itie s P ro v id e r o f h o m e te x tile p ro d u c ts fo r n e a rly 2 0 0 y e a rs O n e o f th e w o rld w id e le a d e rs in c e llu lo s ic , fib ro u s a n d p la s tic c a s in g s fo r p ro c e s s e d m e a t in d u s try H o ld in g c o m p a n y th a t o w n s m a jo rity in te re s ts in tw o s e p a ra te o p e ra tin g s u b s id ia rie s M u lti - ju ris d ic tio n a l g a m in g c o m p a n y w ith e ig h t c a s in o s in N e w J e rs e y , In d ia n a , N e v a d a , M is s is s ip p i, M is s o u ri, L o u is ia n a a n d A ru b a L e a d in g N o rth A m e ric a n m a n u fa c tu re r o f h o p p e r a n d ta n k ra ilc a rs a n d p ro v id e r o f ra ilc a r re p a ir a n d m a in te n a n c e s e rv ic e s 6 8 % 1 0 0 % 1 0 0 % 5 9 % P ro d u c e r a n d d is trib u te r o f n itro g e n fe rtiliz e r p ro d u c ts C V R P a rtn e rs , L P (N Y S E : U A N )

C V R R e fin in g , L P (N Y S E : C V R R ) 1 8 5 k b p d c a p a c ity o il re fin in g c o m p a n y in th e m id - c o n tin e n t re g io n o f th e U n ite d S ta te s 1 0 0 % 1 0 0 % 4 % L e a d in g g lo b a l s u p p lie r to th e a u to m o tiv e , a e ro s p a c e , e n e rg y , h e a v y d u ty tru c k , in d u s tria l, m a rin e , p o w e r g e n e ra tio n a n d a u to a fte rm a rk e t in d u s trie s N o te : P e rc e n ta g e s d e n o te e q u ity o w n e rs h ip a s o f M a rc h 3 1 , 2 0 1 6 . E x c lu d e s in te rm e d ia ry a n d p a s s th ro u g h e n titie s . A m e ric a n R a ilc a r L e a s in g L L C L e a d in g N o rth A m e ric a n le s s o r o f h o p p e r a n d ta n k ra ilc a rs 1 0 0 % 8 F e rro u s R e s o u rc e s 7 7 % B ra z ilia n iro n o re p ro d u c e r P e p B o y s & IE H A u to P a rts H o ld in g L L C R e ta ile r a n d d is trib u to r o f a fte rm a rk e t a u to p ro d u c ts a n d p ro v id e r o f a u to m o tiv e s e rv ic e 1 0 0 % T ru m p E n te rta in m e n t R e s o rts , In c . O w n s a n d o p e ra te s T ru m p T a j M a h a l lo c a te d in A tla n tic C ity , N J . 1 0 0 %

D iv e rs ifie d S u b s id ia ry C o m p a n ie s w ith S ig n ific a n t In h e re n t V a lu e T h e C o m p a n y ’s d iv e rs ific a tio n a c ro s s m u ltip le in d u s trie s a n d g e o g ra p h ie s p ro v id e s a n a tu ra l h e d g e a g a in s t c y c lic a l a n d g e n e ra l e c o n o m ic s w in g s G lo b a l m a rk e t s h a re le a d e r in e a c h o f its p rin c ip a l p ro d u c t c a te g o rie s w ith a lo n g h is to ry o f q u a lity a n d s tro n g b ra n d n a m e s G e o g ra p h ic a lly d iv e rs e , re g io n a l p ro p e rtie s in m a jo r g a m in g m a rk e ts w ith s ig n ific a n t c o n s o lid a tio n o p p o rtu n itie s 2 0 0 y e a r h e rita g e w ith s o m e o f th e b e s t k n o w n b ra n d s in h o m e fa s h io n ; c o n s o lid a tio n lik e ly in fra g m e n te d s e c to r L e a d in g g lo b a l m a rk e t p o s itio n in n o n - e d ib le m e a t c a s in g s p o is e d to c a p tu re fu rth e r g ro w th in e m e rg in g m a rk e ts E s ta b lis h e d re g io n a l fo o tp rin t p o s itio n e d to a c tiv e ly p a rtic ip a te in c o n s o lid a tio n o f th e h ig h ly fra g m e n te d s c ra p m e ta l m a rk e t O u r ra ilc a r s e g m e n t is a le a d in g , v e rtic a lly in te g ra te d m a n u fa c tu re r o f ra ilc a rs , ra ilc a r s e rv ic e s a n d ra ilc a r le a s in g . S tra te g ic a lly lo c a te d m id - c o n tin e n t p e tro le u m re fin e r a n d n itro g e n fe rtiliz e r p ro d u c e r g e n e ra tin g re c o rd p ro fita b ility L o n g - te rm re a l e s ta te in v e s tm e n t h o riz o n w ith s tro n g , s te a d y c a s h flo w s A R E P R e a l E s ta te H o ld in g s , L L C IE P ’s s u b s id ia ry c o m p a n ie s p o s s e s s k e y c o m p e titiv e s tre n g th s a n d / o r le a d in g m a rk e t p o s itio n s IE P s e e k s to c re a te in c re m e n ta l v a lu e b y in v e s tin g in o rg a n ic g ro w th a n d ta rg e tin g b u s in e s s e s th a t o ffe r c o n s o lid a tio n o p p o rtu n itie s ─ C a p ita liz e o n a ttra c tiv e

in te re s t ra te e n v iro n m e n t to p u rs u e a c q u is itio n s a n d re c o g n iz e m e a n in g fu l s y n e rg ie s 9 A B ra z ilia n iro n o re m in in g o p e ra tio n th a t s u p p lie s iro n o re p ro d u c ts to th e g lo b a l s te e l in d u s try R e ta ile r a n d d is trib u to r o f a fte rm a rk e t a u to p ro d u c ts a n d p ro v id e r o f a u to m o tiv e s e rv ic e

IE P b e g a n a s A m e ric a n R e a l E s ta te P a rtn e rs , w h ic h w a s fo u n d e d in 1 9 8 7 , a n d h a s g ro w n its d iv e rs ifie d p o rtfo lio to te n o p e ra tin g s e g m e n ts a n d a p p ro x im a te ly $ 3 2 b illio n o f a s s e ts a s o f M a rc h 3 1 , 2 0 1 6 IE P h a s d e m o n s tra te d a h is to ry o f s u c c e s s fu lly a c q u irin g u n d e rv a lu e d a s s e ts a n d im p ro v in g a n d e n h a n c in g th e ir o p e ra tio n s a n d fin a n c ia l re s u lts IE P ’s re c o rd is b a s e d o n a lo n g - te rm h o riz o n th a t c a n e n h a n c e b u s in e s s v a lu e a n d fa c ilita te a p ro fita b le e x it s tra te g y ─ In 2 0 0 6 , IE P s o ld its o il a n d g a s a s s e ts fo r $ 1 .5 b illio n , re s u ltin g in a n e t p re - ta x g a in o f $ 0 .6 b illio n ─ In 2 0 0 8 , IE P s o ld its in v e s tm e n t in A m e ric a n C a s in o & E n te rta in m e n t P ro p e rtie s L L C fo r $ 1 .2 b illio n , re s u ltin g in a p re - ta x g a in o f $ 0 .7 b illio n A c q u ire d p a rtn e rs h ip in te re s t in Ic a h n C a p ita l M a n a g e m e n t L .P . in 2 0 0 7 ─ IE P a n d c e rta in o f M r. Ic a h n 's w h o lly o w n e d a ffilia te s a re th e s o le in v e s to rs in th e In v e s tm e n t F u n d s IE P a ls o h a s g ro w n th e b u s in e s s th ro u g h o rg a n ic in v e s tm e n t a n d th ro u g h a s e rie s o f b o lt - o n ─ A c q u ire d P e p B o y s a n d T ru m p E n te rta in m e n t R e s o rts , In c in 2 0 1 6 E v o lu tio n o f Ic a h n E n te rp ris e s T im e lin e o f R e c e n t A c q u is itio n s a n d E x its (1 ) M a rk e t c a p ita liz a tio n a s o f M a rc h 3 1 . 2 0 1 6 a n d b a la n c e s h e e t d a ta a s o f M a rc h 3 1 , 2 0 1 6 . (2 ) P e rc e n ta g e s re p re s e n ts w e ig h te d - a v e ra g e c o m p o s ite o f th e g ro s s re tu rn s , n e t o f e x p e n s e s fo r th e In v e s tm e n t F u n d s . (3 ) R e tu rn a s s u m e s th a t IE P ’s h o ld in g s in C V R E n e rg y

re m a in e d in th e In v e s tm e n t F u n d s fo r th e e n tire p e rio d . IE P o b ta in e d a m a jo rity s ta k e in C V R E n e rg y in M a y 2 0 1 2 . In v e s tm e n t F u n d s re tu rn s w e re a p p ro x im a te ly 6 .6 % w h e n e x c lu d in g re tu rn s o n C V R E n e rg y a fte r it b e c a m e a c o n s o lid a te d e n tity . A s o f D e c e m b e r 3 1 , 2 0 0 7 M k t. C a p : $ 9 .1 b n T o ta l A s s e ts : $ 1 2 .4 b n C u rre n t (1 ) M k t. C a p : $ 8 .3 b n T o ta l A s s e ts : $ 3 2 .3 b n A m e ric a n C a s in o & E n te rta in m e n t P ro p e rtie s 2 /2 0 /0 8 : S a le o f th e c a s in o s re s u lte d in p ro c e e d s o f $ 1 .2 b illio n a n d a p re - ta x g a in o f $ 0 .7 b illio n A m e ric a n R a ilc a r In d u s trie s 1 /1 5 /1 0 : 5 4 .4 % o f A R I’s s h a re s o u ts ta n d in g w e re c o n trib u te d b y C a rl Ic a h n in e x c h a n g e fo r IE P d e p o s ita ry u n its P S C M e ta ls 1 1 /5 /0 7 : A c q u ire d 1 0 0 % o f th e e q u ity o f P S C M e ta ls fro m c o m p a n ie s w h o lly o w n e d b y C a rl Ic a h n T ro p ic a n a E n te rta in m e n t 1 1 /1 5 /1 0 : R e c e iv e d a n e q u ity in te re s t a s a re s u lt o f a C h .1 1 re s tru c tu rin g a n d s u b s e q u e n tly a c q u ire d a m a jo rity s ta k e C V R E n e rg y , In c . 5 /4 /1 2 : A c q u ire d a m a jo rity in te re s t in C V R v ia a te n d e r o ffe r to p u rc h a s e a ll o u ts ta n d in g s h a re s o f C V R F e d e ra l - M o g u l 7 /3 /0 8 : A c q u ire d a m a jo rity in te re s t in F e d e ra l - M o g u l fro m c o m p a n ie s w h o lly o w n e d b y C a rl Ic a h n In v e s tm e n t M a n a g e m e n t 8 /8 /0 7 : A c q u ire d in v e s tm e n t a d v is o ry b u s in e s s , Ic a h n C a p ita l M a n a g e m e n t V is k a s e 1 /1 5 /1 0 : 7 1 .4 % o f V is k a s e ’s s h a re s o u ts ta n d in g w e re c o n trib u te d b y C a rl Ic a h n in e x c h a n g e fo r IE P d e p o s ita ry u n its Y e a r / R e tu rn s : (2 ) 1 0 C V R

R e fin in g & C V R P a rtn e rs 2 0 1 3 : C V R R e fin in g c o m p le te d IP O a n d s e c o n d a ry o ffe rin g o n 1 /1 6 /1 3 a n d 5 /1 4 /1 3 , re s p e c tiv e ly . C V R P a rtn e rs c o m p le te d a s e c o n d a ry o ffe rin g o n 5 /2 2 /1 3 Q 1 2 0 1 6 (1 2 .8 %) 2 0 0 7 1 2 .3 % 2 0 0 8 (3 5 .6 %) 2 0 0 9 3 3 .3 % 2 0 1 0 1 5 .2 % 2 0 1 1 3 4 .5 % 2 0 1 2 2 0 .2 % (3 ) A m e ric a n R a ilc a r L e a s in g L L C 1 0 /2 /1 3 : A c q u ire d a 7 5 % in te re s t in A R L fro m c o m p a n ie s w h o lly o w n e d b y C a rl Ic a h n 2 0 1 3 3 0 .8 % 2 0 1 4 (7 .4 %) IE H A u to P a rts H o ld in g 6 /1 /1 5 : IE H A u to P a rts H o ld in g L L C a c q u ire d s u b s ta n tia lly a ll o f th e a u to p a rt a s s e ts in th e U .S . o f U n i - S e le c t In c . F e rro u s R e s o u rc e s 6 /8 /1 5 : IE P a c q u ire d a c o n tro llin g in te re s t in F e rro u s R e s o u rc e s 2 0 1 5 (1 8 .0 %) P e p B o y s 2 /4 /1 6 : IE P a c q u ire d P e p B o y s T ru m p E n te rta in m e n t R e s o rts , In c 2 /2 6 /1 6 : IE P o b ta in e d c o n tro l a n d b e g a n c o n s o lid a tin g th e re s u lts o f T ru m p E n te rta in m e n t R e s o rts , In c ., u p o n its e m e rg e n c e fro m b a n k ru p tc y

IE P s e e k s u n d e rv a lu e d c o m p a n ie s a n d o fte n b e c o m e s “a c tiv e ly ” in v o lv e d in th e ta rg e te d c o m p a n ie s A c tiv is t s tra te g y re q u ire s s ig n ific a n t c a p ita l, ra p id e x e c u tio n a n d w illin g n e s s to ta k e c o n tro l o f c o m p a n ie s Im p le m e n t c h a n g e s re q u ire d to im p ro v e b u s in e s s e s A b ility to M a x im iz e S h a re h o ld e r V a lu e T h ro u g h P ro v e n A c tiv is t S tra te g y P u rc h a s e o f S to c k o r D e b t IE P p u rs u e s its a c tiv is t s tra te g y a n d s e e k s to p ro m u lg a te c h a n g e x D e a lin g w ith th e b o a rd a n d m a n a g e m e n t x P ro x y fig h ts x T e n d e r o ffe rs x T a k in g c o n tro l With o v e r 3 0 0 y e a rs o f c o lle c tiv e e x p e rie n c e , IE P ’s in v e s tm e n t a n d le g a l te a m is c a p a b le o f u n lo c k in g a ta rg e t’s h id d e n v a lu e x F in a n c ia l / b a la n c e s h e e t re s tru c tu rin g x O p e ra tio n tu rn a ro u n d s x S tra te g ic in itia tiv e s x C o rp o ra te g o v e rn a n c e c h a n g e s IE P is a s in g le , c o m p re h e n s iv e in v e s tm e n t p la tfo rm ─ C o rp o ra te s tru c tu re p ro v id e s IE P th e o p tio n a lity to in v e s t in a n y s e c u rity , in a n y in d u s try a n d d u rin g a n y c y c le o v e r a lo n g e r t e rm tim e h o riz o n M r. Ic a h n a n d Ic a h n C a p ita l h a v e a lo n g a n d s u c c e s s fu l tra c k re c o rd o f g e n e ra tin g s ig n ific a n t re tu rn s e m p lo y in g th e a c tiv is t s tr a te g y ─ IE P ’s s u b s id ia rie s o fte n s ta rte d o u t a s in v e s tm e n t p o s itio n s in d e b t o r e q u ity e ith e r d ire c tly b y Ic a h n C a p ita l o r M r. Ic a h n P u ttin g A c tiv is m in to A c tio n 1 1

S itu a tio n O v e rv ie w H is to ric a lly , tw o b u s in e s s e s h a d a n a tu ra l s y n e rg y ─ M o to rp a rts b e n e fitte d fro m O E M p e d ig re e a n d s c a le R e v ie w o f b u s in e s s id e n tifie d n u m e ro u s d is - s y n e rg ie s b y h a v in g b o th u n d e r o n e b u s in e s s ─ D iffe re n t c u s to m e rs , m e th o d s o f d is trib u tio n , c o s t s tru c tu re s , e n g in e e rin g a n d R & D , a n d c a p ita l re q u ire m e n ts S tru c tu re d a s a C - C o rp o ra tio n ─ In v e s to rs s e e k in g m o re fa v o ra b le a lte rn a tiv e s tru c tu re s R e v ie w o f b u s in e s s id e n tifie s o p p o rtu n ity fo r s ig n ific a n t c a s h flo w g e n e ra tio n ─ H ig h q u a lity re fin e r in u n d e rs e rv e d m a rk e t ─ B e n e fits fro m in c re a s in g N o rth A m e ric a n o il p ro d u c tio n ─ S u p p o rte d in v e s tm e n t in Wy n n e w o o d re fin e ry a n d U A N p la n t e x p a n s io n S tro n g in v e s to r a p p e tite fo r y ie ld o rie n te d in v e s tm e n ts S tra te g ic / F in a n c ia l In itia tiv e A d ju s te d b u s in e s s m o d e l to s e p a ra te P o w e rtra in a n d M o to rp a rts in to tw o s e g m e n ts C o n trib u te d a s s e ts to a s e p a ra te M L P a n d s u b s e q u e n tly la u n c h e d C V R R e fin in g IP O a n d s e c o n d a ry o ffe rin g s ; c o m p le te d C V R P a rtn e rs s e c o n d a ry o ffe rin g R e s u lt S e p a ra tio n im p ro v e d m a n a g e m e n t fo c u s fo r th e re s p e c tiv e s e g m e n ts C V R E n e rg y s to c k u p a p p ro x im a te ly 6 0 %, in c lu d in g d iv id e n d s , fro m te n d e r o ffe r p ric e o f $ 3 0 .0 0 (1 ) S ig n ific a n t E x p e rie n c e O p tim iz in g B u s in e s s S tra te g y a n d C a p ita l S tru c tu re IE P ’s m a n a g e m e n t te a m p o s s e s s e s s u b s ta n tia l s tra te g ic a n d fin a n c ia l e x p e rtis e ─ M a in ta in s d e e p k n o w le d g e o f c a p ita l m a rk e ts ,

b a n k ru p tc y la w s , m e rg e rs a n d a c q u is itio n s a n d tra n s a c tio n p ro c e s s e s A c tiv e p a rtic ip a tio n in th e s tra te g y a n d c a p ita l a llo c a tio n fo r ta rg e te d c o m p a n ie s ─ N o t in v o lv e d in d a y - to - d a y o p e ra tio n s IE P w ill m a k e n e c e s s a ry in v e s tm e n ts to e n s u re s u b s id ia ry c o m p a n ie s c a n c o m p e te e ffe c tiv e ly S e le c t E x a m p le s o f S tra te g ic a n d F in a n c ia l In itia tiv e s (1 ) B a s e d o n C V R E n e rg y ’s s to c k p ric e a s o f M a rc h 3 1 , 2 0 1 6 1 2

D e e p T e a m L e d b y C a rl Ic a h n L e d b y C a rl Ic a h n ─ S u b s ta n tia l in v e s tin g h is to ry p ro v id e s IE P w ith u n iq u e n e tw o rk o f re la tio n s h ip s a n d a c c e s s to Wa ll S tre e t T e a m c o n s is ts o f a p p ro x im a te ly 2 0 p ro fe s s io n a ls w ith d iv e rs e b a c k g ro u n d s ─ We ll ro u n d e d te a m w ith p ro fe s s io n a ls fo c u s in g o n d iffe re n t a re a s s u c h a s e q u ity , d is tre s s e d d e b t a n d c re d it N a m e T itle Y e a rs a t Ic a h n Y e a rs o f In d u s try E x p e rie n c e K e ith C o z z a P re s id e n t & C h ie f E x e c u tiv e O ffic e r , Ic a h n E n te rp ris e s L .P . 1 1 1 4 S u n g H w a n C h o C h ie f F in a n c ia l O ffic e r , Ic a h n E n te rp ris e s L .P . 1 0 1 8 V in c e n t J . In trie ri S e n io r M a n a g in g D ire c to r, Ic a h n C a p ita l 1 7 3 2 S a m u e l M e rk s a m e r M a n a g in g D ire c to r, Ic a h n C a p ita l 8 1 3 J o n a th a n C h ris to d o ro M a n a g in g D ire c to r, Ic a h n C a p ita l 4 1 5 C o u rtn e y M a th e r M a n a g in g D ire c to r, Ic a h n C a p ita l 2 1 6 B re tt Ic a h n P o rtfo lio M a n a g e r, S a rg o n P o rtfo lio 1 2 1 2 D a v id S c h e c h te r P o rtfo lio M a n a g e r, S a rg o n P o rtfo lio 1 2 1 9 J e s s e L y n n G e n e ra l C o u n s e l, Ic a h n E n te rp ris e s L .P . 1 2 2 0 A n d re w L a n g h a m G e n e ra l C o u n s e l, Ic a h n E n te rp ris e s L .P . 1 1 1 6 1 3

O v e rv ie w o f O p e ra tin g S e g m e n ts 1 4

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts S in c e in c e p tio n in 2 0 0 4 th ro u g h M a rc h 3 1 , 2 0 1 6 , th e In v e s tm e n t F u n d s ’ c u m u la tiv e re tu rn w a s a p p ro x im a te ly 1 3 6 %, re p re s e n tin g a n a n n u a liz e d ra te o f re tu rn o f a p p ro x im a te ly 8 % L o n g h is to ry o f in v e s tin g in p u b lic e q u ity a n d d e b t s e c u ritie s a n d p u rs u in g a c tiv is t a g e n d a E m p lo y s a n a c tiv is t s tra te g y th a t s e e k s to u n lo c k h id d e n v a lu e th ro u g h v a rio u s ta c tic s ─ F in a n c ia l / b a la n c e s h e e t re s tru c tu rin g s (e .g ., C IT G ro u p , A p p le ) ─ O p e ra tio n a l tu rn a ro u n d s (e .g ., M o to ro la , N a v is ta r, H e rtz ) ─ S tra te g ic in itia tiv e s (e .g ., M o to ro la , e B a y , M a n ito w o c ) ─ C o rp o ra te g o v e rn a n c e c h a n g e s (e .g ., e B a y , G a n n e t) T h e In v e s tm e n t F u n d s ’ n e t n o tio n a l e x p o s u re w a s (1 4 9 %) a t M a rc h 3 1 , 2 0 1 6 R e c e n t n o ta b le in v e s tm e n ts : ─ A p p le , C V R E n e rg y , E l P a s o , F a m ily D o lla r, F o re s t L a b s , G e n z y m e , H a in C e le s tia l, N e tflix T h e In v e s tm e n t F u n d s re tu rn e d a ll fe e - p a y in g c a p ita l to th e ir in v e s to rs d u rin g fis c a l 2 0 1 1 . R e tu rn s o f 3 3 .3 %, 1 5 .2 %, 3 4 .5 %, 2 0 .2 % (2 ) , 3 0 .8 %, (7 .4 %), (1 8 .0 %) a n d (1 2 .8 %) in 2 0 0 9 , 2 0 1 0 , 2 0 1 1 , 2 0 1 2 , 2 0 1 3 , 2 0 1 4 , 2 0 1 5 a n d Q 1 2 0 1 6 re s p e c tiv e ly S e g m e n t: In v e s tm e n t C o m p a n y D e s c rip tio n IE P in v e s ts its p ro p rie ta ry c a p ita l th ro u g h v a rio u s p riv a te in v e s tm e n t fu n d s (th e “In v e s tm e n t F u n d s ”) m a n a g e d b y th e In v e s tm e n t s e g m e n t F a ir v a lu e o f IE P ’s in te re s t in th e In v e s tm e n t F u n d s w a s a p p ro x im a te ly $ 1 .8 b illio n a s o f M a rc h 3 1 , 2 0 1 6 IE P h a s d a ily liq u id ity th ro u g h its

a b ility to re d e e m its in v e s tm e n t in th e In v e s tm e n t F u n d s o n a d a ily b a s is H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 1 5 (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . (2 ) 2 0 1 2 g ro s s re tu rn a s s u m e s th a t IE P ’s h o ld in g s in C V R E n e rg y re m a in e d in th e In v e s tm e n t F u n d s fo r th e e n tire p e rio d . IE P o b ta in e d a m a jo rity s ta k e in C V R E n e rg y in M a y 2 0 1 2 . In v e s tm e n t F u n d s re tu rn s w e re a p p ro x im a te ly 6 .6 % w h e n e x c lu d in g re tu rn s o n C V R E n e rg y a fte r it b e c a m e a c o n s o lid a te d e n tity . In v e s tm e n t S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 2 ,0 3 1 ($ 2 1 8 ) ($ 8 6 5 ) ($ 2 ,3 9 2 ) A d ju s te d E B IT D A 1 ,9 1 2 (3 8 5 ) (1 ,1 0 0 ) (2 ,5 1 5 ) N e t in c o m e 1 ,9 0 2 (6 8 4 ) (1 ,6 6 5 ) (3 ,0 4 4 ) A d ju s te d E B IT D A a ttrib . to IE P $ 8 1 6 ($ 1 6 2 ) ($ 5 0 0 ) ($ 1 ,1 5 8 ) N e t in c o m e a ttrib . to IE P 8 1 2 (3 0 5 ) (7 6 0 ) (1 ,3 9 4 ) S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l e q u ity $ 8 ,3 5 3 $ 9 ,0 6 2 $ 7 ,5 4 1 $ 5 ,8 9 0 E q u ity a ttrib u ta b le to IE P 3 ,6 9 6 4 ,2 8 4 3 ,4 2 8 1 ,8 2 0 F Y E D e c e m b e r 3 1 ,

S ig n ific a n t H o ld in g s A s o f M a rc h 3 1 , 2 0 1 6 (3 ) A s o f D e c e m b e r 3 1 , 2 0 1 5 (3 ) A s o f D e c e m b e r 3 1 , 2 0 1 4 (3 ) C o m p a n y M k t. V a lu e ($ m m ) (4 ) % O w n e rs h ip (5 ) C o m p a n y M k t. V a lu e ($ m m ) (4 ) % O w n e rs h ip (5 ) C o m p a n y M k t. V a lu e ($ m m ) (4 ) % O w n e rs h ip (5 ) $ 2 ,4 0 1 3 .9 % $ 4 ,8 1 7 0 .8 % $ 5 ,8 2 4 0 .9 % $ 1 ,4 6 0 3 .1 % $ 2 ,6 1 8 3 .4 % $ 2 ,5 9 7 3 .7 % $ 1 ,1 0 6 1 3 .9 % $ 1 ,6 7 5 3 .8 % $ 1 ,3 0 0 1 0 .0 % $ 1 ,0 7 5 8 .3 % $ 1 ,2 1 7 1 3 .9 % $ 1 ,2 9 5 1 1 .3 % $ 1 ,0 4 7 1 8 .3 % $ 1 ,2 0 9 1 9 .6 % $ 9 1 3 1 2 .3 % Ic a h n C a p ita l (1 ) R e p re s e n ts a w e ig h te d - a v e ra g e c o m p o s ite o f th e g ro s s re tu rn s , n e t o f e x p e n s e s fo r th e In v e s tm e n t F u n d s . (2 ) R e tu rn a s s u m e s th a t IE P ’s h o ld in g s in C V R E n e rg y re m a in e d in th e In v e s tm e n t F u n d s fo r th e e n tire p e rio d . IE P o b ta in e d a m a jo rity s ta k e in C V R E n e rg y in M a y 2 0 1 2 . In v e s t m e n t F u n d s re tu rn s w e re ~ 6 .6 % w h e n e x c lu d in g re tu rn s o n C V R E n e rg y a fte r it b e c a m e a c o n s o lid a te d e n tity . (3 ) A g g re g a te o w n e rs h ip h e ld d ire c tly b y IE P , a s w e ll a s C a rl Ic a h n a n d h is a ffilia te s . B a s e d o n m o s t re c e n t 1 3 F H o ld in g s R e p o rts , 1 3 D filin g s o r o th e r p u b lic filin g s a v a ila b le a s o f s p e c ifie d d a te . (4 ) B a s e d o n c lo s in g s h a re p ric e a s o f s p e c ifie d d a te . (5 ) T o ta l s h a re s o w n e d a s a p e rc e n ta g e o f c o m m o n s h a re s is s u e d a n d o u ts ta n d in g . 3 7 .8 % 1 2 .3 % 3 3 .3 % 1 5 .2 % 3 4 .5 % 2 0 .2 % 3 0 .8 % (7 .4 %) 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 Q 1 2 0 1 6 ( 1 2 .8 )% H is to ric a l R e tu rn s (1 ) (3 5 .6 %) (2 ) 1 6 ( 1 8 .0 )%

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts S tra te g ic lo c a tio n a n d c o m p le x re fin e rie s a llo w s C V R to b e n e fit fro m a c c e s s to p ric e a d v a n ta g e d c ru d e o il C V R P a rtn e rs a c q u ire d a n a d d itio n a l fe rtiliz e r p la n t in A p ril 2 0 1 6 , g iv in g it g e o g ra p h ic a n d fe e d s to c k d iv e rs ity C V R E n e rg y h a s a n n u a liz e d d iv id e n d s o f $ 2 .0 0 p e r u n it ─ C V R R e fin in g fu ll y e a r d is trib u tio n w a s $ 2 .8 5 p e r c o m m o n u n it in 2 0 1 4 a n d $ 2 .7 5 p e r c o m m o n u n it in 2 0 1 5 ─ C V R P a rtn e rs fu ll y e a r d is trib u tio n w a s $ 1 .3 9 p e r c o m m o n u n it in 2 0 1 4 a n d $ 1 .1 1 p e r c o m m o n u n it in 2 0 1 5 S e g m e n t: E n e rg y C o m p a n y D e s c rip tio n C V R E n e rg y , In c . (N Y S E :C V I) o p e ra te s a s a h o ld in g c o m p a n y th a t o w n s m a jo rity in te re s ts in tw o s e p a ra te o p e ra tin g s u b s id ia rie s : C V R R e fin in g , L P (N Y S E :C V R R ) a n d C V R P a rtn e rs , L P ( N Y S E :U A N ) ─ C V R R e fin in g is a n in d e p e n d e n t p e tro le u m re fin e r a n d m a rk e te r o f h ig h - v a lu e tra n s p o rta tio n fu e ls in th e m id - c o n tin e n t o f th e U n ite d S ta te s ─ C V R P a rtn e rs is a le a d in g n itro g e n fe rtiliz e r p ro d u c e r in th e h e a rt o f th e C o rn B e lt H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 1 7 (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . E n e rg y S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 9 ,0 6 3 $ 9 ,2 9 2 $ 5 ,4 4 2 $ 4 ,9 7 3 A d ju s te d E B IT D A 8 6 9 7 1 6 7 5 5 5 8 0 N e t in c o m e 4 7 9 1 6 8 7 (6 8 2 ) A d ju s te d E B IT D A a ttrib . to IE P $ 5 5 6 $ 4 1 5 $ 4 3 6 $ 3 2 7 N e t in c o m e a ttrib . to IE P 2 8 9

9 5 2 5 (3 7 1 ) S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 5 ,7 4 8 $ 5 ,3 3 4 $ 4 ,8 9 4 $ 4 ,1 8 3 E q u ity a ttrib u ta b le to IE P 1 ,9 2 6 1 ,6 1 2 1 ,5 0 8 1 ,1 1 9 F Y E D e c e m b e r 3 1 ,

G a s o lin e 5 4 .2 % D is tilla te 3 9 .9 % O th e r 5 .9 % C V R R e fin in g , L P (N Y S E :C V R R ) T w o P A D D II G ro u p 3 re fin e rie s w ith c o m b in e d c a p a c ity o f 1 8 5 ,0 0 0 b a rre ls p e r d a y T h e C o m p a n y e n jo y s a d v a n ta g e s th a t e n h a n c e th e c ra c k s p re a d ─ H a s a c c e s s to a n d c a n p ro c e s s m id - c o n tin e n t lo c a l a n d C a n a d ia n c ru d e o ils ─ M a rk e ts its p ro d u c ts in a s u p p ly - c o n s tra in e d p ro d u c ts m a rk e t w ith tra n s p o rta tio n a n d c ru d e c o s t a d v a n ta g e S tra te g ic lo c a tio n a n d lo g is tic s a s s e ts p ro v id e a c c e s s to m id - c o n tin e n t , B a k k e n a n d C a n a d ia n c ru d e o ils ─ ~ 7 .0 M M b b ls o f to ta l s to ra g e c a p a c ity , in c lu d in g ~ 6 % o f to ta l c ru d e o il s to ra g e c a p a c ity a t C u s h in g ─ 3 5 ,0 0 0 b p d o f c o n tra c te d c a p a c ity o n th e K e y s to n e a n d S p e a rh e a d p ip e lin e s ─ C ru d e o il g a th e rin g s y s te m w ith a c a p a c ity o v e r 6 5 ,0 0 0 b p d s e rv in g K a n s a s , N e b ra s k a , O k la h o m a , M is s o u ri, C o lo ra d o a n d T e x a s ─ 1 7 0 ,0 0 0 b p d p ip e lin e s y s te m s u p p o rte d b y a p p ro x im a te ly 3 3 6 m ile s o f o w n e d a n d le a s e d p ip e lin e s ─ A p p ro x im a te ly 1 5 0 c ru d e o il tra n s p o rts K e y O p e ra tio n a l D a ta (1 ) C V R R e fin in g , L P (N Y S E :C V R R ) C ru d e o il th ro u g h p u t (1 9 5 ,5 8 9 b p d ) P ro d u c tio n (1 9 5 ,3 9 3 b p d ) (1 ) F o r th e th re e m o n th s e n d e d M a rc h 3 1 , 2 0 1 6 . (2 ) O th e r in c lu d e s p e t c o k e , a s p h a lt, n a tu ra l g a s liq u id s (“N G L s ”), s lu rry , s u lfu r, g a s o il a n d s p e c ia lty p ro d u c ts s u c h a s p ro p y l e n e a n d s o lv e n ts , e x c lu d e s in te rn a lly p ro d u c e d fu e l. S tra te g ic a lly L o c a te d

R e fin e rie s a n d S u p p o rtin g L o g is tic s A s s e ts 1 8 (2 ) S w e e t 9 2 .7 % M e d iu m .8 % H e a v y S o u r 6 .5 %

C V R P a rtn e rs , L P (N Y S E :U A N ) O n A p ril 1 , 2 0 1 6 , C V R P a rtn e rs a c q u ire d E a s t D u b u q u e , IL fe rtiliz e r p la n t ─ A c q u is itio n p ro v id e s g e o g ra p h ic a n d fe e d s to c k d iv e rs ity A ttra c tiv e m a rk e t d y n a m ic s fo r n itro g e n fe rtiliz e r ─ G lo b a l fe rtiliz e r d e m a n d h a s h is to ric a lly in c re a s e d in - lin e w ith p o p u la tio n a n d in c o m e g ro w th ─ In c re a s in g d e m a n d fo r c o rn (la rg e s t u s e o f n itro g e n fe rtiliz e r) a n d m e a t ─ N itro g e n re p re s e n ts ~ 6 1 % o f fe rtiliz e r c o n s u m p tio n ─ N itro g e n fe rtiliz e rs m u s t b e a p p lie d a n n u a lly , c re a tin g s ta b le d e m a n d U .S . h a s h is to ric a lly b e e n a la rg e n e t im p o rte r o f n itro g e n N itro g e n fe rtiliz e r is a re la tiv e ly s m a ll c o m p o n e n t o f fa rm e rs ’ c o s t p ro file S tra te g ic a lly lo c a te d a s s e ts ─ L a rg e g e o g ra p h ic fo o tp rin t s e rv in g th e S o u th e rn P la in s a n d M id C o rn B e lt m a rk e ts ─ C o m p e titiv e a d v a n ta g e d u e to s to ra g e c a p a b ilitie s a t th e fa c ilitie s a n d o ffs ite lo c a tio n s ─ P ro d u c t p ric e s h ig h e r d u e to a d v a n ta g e d c o s t o f fre ig h t C V R P a rtn e rs , L P (N Y S E :U A N ) S tra te g ic a lly L o c a te d A s s e ts 1 9

S e g m e n t: A u to m o tiv e C o m p a n y D e s c rip tio n We c o n d u c t o u r A u to m o tiv e s e g m e n t th ro u g h o u r m a jo rity o w n e rs h ip in F e d e ra l - M o g u l H o ld in g s C o rp o ra tio n ( N a s d a q G S :F D M L ) a n d o u r w h o lly o w n e d s u b s id ia rie s , P e p B o y s a n d IE H A u to P a rts H o ld in g F e d e ra l - M o g u l o p e ra te s w ith tw o e n d - c u s to m e r fo c u s e d b u s in e s s e s . T h e P o w e rtra in b u s in e s s fo c u s e s o n o rig in a l e q u ip m e n t p o w e rtra in p ro d u c ts fo r a u to m o tiv e a p p lic a tio n s . T h e M o to rp a rts b u s in e s s s e lls p ro d u c ts in c lu d in g b ra k e s , c h a s s is , w ip e rs , a n d o th e r v e h ic le c o m p o n e n ts to th e g lo b a l a fte rm a rk e t a n d to o rig in a l e q u ip m e n t m a n u fa c tu re rs . P e p B o y s is a re ta ile r a n d d is trib u to r o f a fte rm a rk e t a u to p ro d u c ts a n d p ro v id e r o f a u to m o tiv e s e rv ic e . IE H A u to is a d is trib u to r o f a fte rm a rk e t a u to p a rts p rim a rily to a u to s e rv ic e c u s to m e rs a n d w h o le s a le rs . H is to ric a l S e g m e n t F in a n c ia l S u m m a ry F e d e ra l - M o g u l: P o w e rtra in H ig h lig h ts F u e l e c o n o m y a n d e m is s io n s c o n te n t d riv in g m a rk e t g ro w th – C o m b u s tio n e n g in e s s till # 1 fo r fo re s e e a b le fu tu re – R e g u la tio n s in c re a s in g d e m a n d fo r fu rth e r im p ro v e m e n t th ro u g h 2 0 2 5 – E n g in e d o w n s iz in g c re a te s h ig h e r c o n te n t p ro d u c t m ix L e a d in g p o w e rtra in p ro d u c ts w ith # 1 o r # 2 p o s itio n in m o s t m a jo r p ro d u c t c a te g o rie s E x te n s iv e te c h n o lo g y a n d in te lle c tu a l p ro p e rty w ith fo c u s o n c o re p ro d u c t lin e s In v e s tin g in e m e rg in g m a rk e ts w h e re th e re a re a ttra c tiv e o p p o rtu n itie s fo r g ro w th C o n tin u e d

re s tru c tu rin g to lo w e r c o s t s tru c tu re a n d im p ro v e m a n u fa c tu rin g fo o tp rin t F e d e ra l - M o g u l: M o to rp a rts H ig h lig h ts A fte rm a rk e t b e n e fits fro m th e g ro w in g n u m b e r o f v e h ic le s g lo b a lly a n d th e in c re a s in g a g e o f v e h ic le s in E u ro p e a n d N o rth A m e ric a L e a d e r in m o s t o f its p ro d u c t c a te g o rie s w ith a lo n g h is to ry o f q u a lity a n d s tro n g b ra n d n a m e s in c lu d in g C h a m p io n , Wa g n e r, F e ro d o , M O O G , F e l - P ro In v e s tin g in G ro w th – G lo b a l E x p a n s io n : L e v e ra g e g lo b a l c a p a b ilitie s in A s ia a n d o th e r e m e rg in g m a rk e ts – D is trib u tio n a n d IT : Im p ro v e c u s to m e r s e rv ic e a n d d e liv e ry , o rd e r a n d in v e n to ry m a n a g e m e n t, o n - lin e in itia tiv e s – C o s t S tru c tu re : im p ro v e m a n u fa c tu rin g fo o tp rin t, o p tim iz e lo w - c o s t s o u rc in g a n d o p e ra tio n a l p e rfo rm a n c e – P ro d u c t L in e G ro w th : e x p a n d e x is tin g p ro d u c t lin e s a n d a d d n e w p ro d u c t lin e s th ro u g h a c q u is itio n o r in te rn a l in v e s tm e n t – P ro d u c t D iffe re n tia tio n a n d B ra n d V a lu e : in v e s t in p ro d u c t in n o v a tio n a n d c o m m u n ic a te b ra n d v a lu e p ro p o s itio n to e n d c u s to m e rs 2 0 R e c e n t D e v e lo p m e n ts D u rin g Q 1 2 0 1 6 , Ic a h n E n te rp ris e s c o m p le te d th e a c q u is itio n o f P e p B o y s O n F e b ru a ry 2 8 , 2 0 1 6 , Ic a h n E n te rp ris e s o ffe re d to p u rc h a s e th e re m a in in g s h a re s o f F e d e ra l - M o g u l c o m m o n s to c k n o t o w n e d b y u s (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . (2 ) R e s u lts in c lu d e IE H A u to P a rts H o ld in g L L C b e g in n in g J u n e 1 , 2 0 1 5 a n d P e p B o y s b e g in n in g

F e b ru a ry 3 , 2 0 1 6 P e p B o y s a n d IE H A u to P a rts H o ld in g L L C P e p B o y s a n d IE H A u to a re o p e ra te d to g e th e r in o rd e r to g ro w th e ir s a le s to D IF M d is trib u to rs a n d D IF M s e rv ic e p ro fe s s io n a ls , to g ro w th e ir a u to m o tiv e s e rv ic e b u s in e s s , a n d to m a in ta in th e ir D IY c u s to m e r b a s e s b y o ffe rin g th e b ro a d e s t p ro d u c t a s s o rtm e n t in th e a u to m o tiv e a fte rm a rk e t A u to m o tiv e S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 (2 ) 2 0 1 6 (2 ) S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 6 ,8 7 6 $ 7 ,3 2 4 $ 7 ,8 5 3 $ 8 ,4 3 4 A d ju s te d E B IT D A 5 9 1 6 3 0 6 5 0 7 1 6 N e t in c o m e 2 6 3 (9 0 ) (3 5 2 ) (3 0 4 ) A d ju s te d E B IT D A a ttrib . to IE P $ 4 6 2 $ 5 0 2 $ 5 3 0 $ 5 8 8 N e t in c o m e a ttrib . to IE P 2 5 0 (8 7 ) (2 9 9 ) (2 6 0 ) S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 7 ,5 4 5 $ 7 ,5 2 9 $ 7 ,9 5 3 $ 1 0 ,2 8 6 E q u ity a ttrib u ta b le to IE P 1 ,6 6 0 1 ,2 3 1 1 ,2 7 0 2 ,5 0 2 F Y E D e c e m b e r 3 1 ,

F e d e ra l - M o g u l C o rp .’s L e a d in g M a rk e t P o s itio n 2 1 P o w e rtra in M o to rp a rts P ro d u c t L in e M a rk e t P o s itio n P ro d u c t L in e M a rk e t P o s itio n P is to n s # 1 in d ie s e l p is to n s # 2 a c ro s s a ll p is to n s E n g in e # 1 G lo b a l R in g s & L in e rs M a rk e t le a d e r S e a lin g C o m p o n e n ts # 1 G lo b a l in G a s k e ts V a lv e S e a ts a n d G u id e s M a rk e t le a d e r B ra k e P a d s / C o m p o n e n ts # 2 G lo b a l (1 ) B e a rin g s M a rk e t le a d e r C h a s s is # 1 N o rth A m e ric a # 3 E u ro p e Ig n itio n # 3 O v e ra ll Wip e rs # 4 N o rth A m e ric a # 4 E u ro p e S e a lin g # 3 O v e ra ll Ig n itio n # 2 G lo b a l (1 ) S y s te m s P ro te c tio n M a rk e t le a d e r V a lv e tra in # 2 O v e ra ll (1 ) M o to rp a rts & P o w e rtra in c o m b in e d

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts R a ilc a r m a n u fa c tu rin g re m a in s s tro n g ─ 5 ,9 5 8 ra ilc a r b a c k lo g a s o f M a rc h 3 1 , 2 0 1 6 ─ T a n k ra ilc a r d e m a n d im p a c te d b y v o la tile c ru d e o il p ric e s ─ N e w ta n k ra ilc a r d e s ig n re q u ire m e n ts re le a s e d in M a y 2 0 1 5 G ro w in g ra ilc a r le a s in g b u s in e s s p ro v id e s s ta b ility ─ In Q 1 2 0 1 6 , in c re a s e d o w n e rs h ip o f A R L to 1 0 0 % b y a c q u irin g th e re m a in in g 2 5 % th a t IE P d id n o t a lre a d y o w n ─ C o m b in e d A R L a n d A R I ra ilc a r le a s e fle e ts g re w to 4 5 ,2 7 2 ra ilc a rs a s o f M a rc h 3 1 , 2 0 1 6 fro m a p p ro x im a te ly 4 5 ,0 5 0 a t th e e n d o f 2 0 1 5 A R I a n n u a liz e d d iv id e n d is $ 1 .6 0 p e r s h a re A R L d is trib u te d $ 1 0 0 m illio n in 2 0 1 5 O n J u ly 2 8 , 2 0 1 5 , A R I’s B o a rd o f D ire c to rs a u th o riz e d a s to c k re p u rc h a s e p ro g ra m p u rs u a n t to w h ic h A R I m a y , fro m tim e to tim e , re p u rc h a s e u p to $ 2 5 0 m illio n o f its c o m m o n s to c k . S e g m e n t: R a ilc a r S e g m e n t D e s c rip tio n A m e ric a n R a ilc a r In d u s trie s , In c . (“A R I”) (N A S D A Q :A R II ) o p e ra te s in th re e b u s in e s s s e g m e n ts : m a n u fa c tu rin g o p e ra tio n s , ra ilc a r s e rv ic e s a n d le a s in g A m e ric a n R a ilc a r L e a s in g , L L C (“A R L ”), is e n g a g e d in th e b u s in e s s o f le a s in g ra ilc a rs . H is to ric a l S e g m e n t F in a n c ia l S u m m a ry . 2 2 R a ilc a r S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 N e t S a le s /O th e r R e v e n u e s F ro m O p e ra tio n s : M a n u fa c tu rin g $ 8 6 4 $ 1 ,0 2 0 $ 1 ,0 1 9 $ 8 6 0 R a ilc a r le a s in g 2 7 7 3 6 8 4 5 9 4 7 4 R a ilc a r s e rv ic e s 7 3 6 8 7 4 7 7 E lim in a tio n s (4 7 5 ) (6 6 6 ) (6 1 3 ) (4 3 6 ) T o ta l $ 7 3 9

$ 7 9 0 $ 9 3 9 $ 9 7 5 G ro s s M a rg in : M a n u fa c tu rin g $ 1 9 7 $ 2 7 1 $ 2 4 9 $ 2 0 1 R a ilc a r le a s in g 1 4 6 2 1 4 2 6 3 2 6 8 R a ilc a r s e rv ic e s 1 9 1 3 1 6 1 7 E lim in a tio n s (1 0 9 ) (1 7 1 ) (1 2 8 ) (7 6 ) T o ta l $ 2 5 3 $ 3 2 7 $ 4 0 0 $ 4 1 0 A d ju s te d E B IT D A a ttrib . to IE P $ 1 1 1 $ 2 6 9 $ 3 1 8 $ 3 4 7 N e t in c o m e a ttrib . to IE P 3 0 1 2 2 1 3 7 1 4 6 T o ta l a s s e ts (1 ) $ 2 ,5 4 7 $ 3 ,1 2 0 $ 3 ,6 9 4 $ 3 ,4 0 2 E q u ity a ttrib u ta b le to IE P (1 ) 5 9 1 7 1 1 7 4 2 4 2 3 F Y E D e c e m b e r 3 1 , (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d .

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts M a n a g e m e n t u s e s a h ig h ly a n a ly tic a l a p p ro a c h to e n h a n c e m a rk e tin g , im p ro v e u tiliz a tio n , o p tim iz e p ro d u c t m ix a n d re d u c e e x p e n s e s ─ E s ta b lis h e d m e a s u ra b le , p ro p e rty s p e c ific , c u s to m e r s e rv ic e g o a ls a n d o b je c tiv e s to m e e t c u s to m e r n e e d s ─ U tiliz e s o p h is tic a te d c u s to m e r a n a ly tic te c h n iq u e s to im p ro v e c u s to m e r e x p e rie n c e S e le c tiv e re in v e s tm e n t in c o re p ro p e rtie s in c lu d in g u p g ra d e d h o te l ro o m s , re fre s h e d c a s in o flo o r p ro d u c ts ta ilo re d fo r e a c h re g io n a l m a rk e t a n d p u rs u it o f s tro n g b ra n d s fo r re s ta u ra n t a n d re ta il o p p o rtu n itie s C a p ita l s tru c tu re w ith a m p le liq u id ity fo r s y n e rg is tic a c q u is itio n s in re g io n a l g a m in g m a rk e ts ─ O n A p ril 1 , 2 0 1 4 , T ro p ic a n a a c q u ire d L u m iè re P la c e C a s in o in S t. L o u is , M is s o u ri O n J u ly 3 1 , 2 0 1 5 , T ro p ic a n a ’s B o a rd o f D ire c to rs a u th o riz e d a s to c k re p u rc h a s e p ro g ra m p u rs u a n t to w h ic h T ro p ic a n a m a y , fro m tim e to tim e , re p u rc h a s e u p to $ 5 0 m illio n o f its c o m m o n s to c k D u rin g Q 1 2 0 1 6 , IE P o b ta in e d c o n tro l a n d b e g a n c o n s o lid a tin g th e re s u lts o f T ru m p E n te rta in m e n t, w h ic h o w n s a n d o p e ra te s T ru m p T a j M a h a l C a s in o R e s o rts in A tla n tic C ity , N e w J e rs e y S e g m e n t: G a m in g C o m p a n y D e s c rip tio n We c o n d u c t o u r G a m in g s e g m e n t th ro u g h o u r m a jo rity o w n e rs h ip in T ro p ic a n a E n te rta in m e n t a n d T ru m p E n te rta in m e n t T ro p ic a n a E n te rta in m e n t In c . (O T C P K :T P C A ) o p e ra te s e ig h t c a s in o fa c ilitie s fe a tu rin g

a p p ro x im a te ly 3 9 2 ,0 0 0 s q u a re fe e t o f g a m in g s p a c e w ith 7 ,9 0 0 s lo t m a c h in e s , 2 7 0 ta b le g a m e s a n d 5 ,5 0 0 h o te l ro o m s a s o f M a rc h 3 1 , 2 0 1 6 ─ E ig h t c a s in o fa c ilitie s lo c a te d in N e w J e rs e y , In d ia n a , N e v a d a , M is s is s ip p i, M is s o u ri, L o u is ia n a a n d A ru b a ─ S u c c e s s fu l tra c k re c o rd o p e ra tin g g a m in g c o m p a n ie s , d a tin g b a c k to 2 0 0 0 T ru m p E n te rta in m e n t o w n s a n d o p e ra te s T ru m p T a j M a h a l lo c a te d in A tla n tic C ity , N J . H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 2 3 (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . (2 ) R e s u lts in c lu d e T ru m p E n te rta in m e n t b e g in n in g F e b ru a ry 2 6 ,2 0 1 6 G a m in g S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 (2 ) S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 5 7 1 $ 8 4 9 $ 8 1 1 $ 8 3 7 A d ju s te d E B IT D A 6 6 9 9 1 4 2 1 4 6 N e t in c o m e 1 9 2 6 9 3 8 3 7 A d ju s te d E B IT D A a ttrib . to IE P $ 4 5 $ 6 6 $ 9 6 $ 9 7 N e t in c o m e a ttrib . to IE P 1 3 1 8 5 2 6 2 4 S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 9 9 6 $ 1 ,2 6 0 $ 1 ,2 8 4 $ 1 ,5 1 4 E q u ity a ttrib u ta b le to IE P 3 9 2 5 7 8 6 0 4 8 1 6 F Y E D e c e m b e r 3 1 ,

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts F u tu re g ro w th e x p e c te d to b e d riv e n b y c h a n g in g d ie ts o f a g ro w in g m id d le c la s s in e m e rg in g m a rk e ts ─ In 2 0 1 2 , V is k a s e c o m p le te d a n e w fin is h in g c e n te r in th e P h ilip p in e s a n d e x p a n d e d its c a p a c ity in B ra z il ─ A p p ro x im a te ly 5 0 % o f re v e n u e s fro m e m e rg in g m a rk e ts D e v e lo p e d m a rk e ts re m a in a s te a d y s o u rc e o f in c o m e ─ D is trib u tio n c h a n n e ls to c e rta in c u s to m e rs s p a n n in g m o re th a n 5 0 y e a rs S ig n ific a n t b a rrie rs to e n try ─ T e c h n ic a lly d iffic u lt c h e m ic a l p ro d u c tio n p ro c e s s ─ S ig n ific a n t e n v iro n m e n ta l a n d fo o d s a fe ty re g u la to ry re q u ire m e n ts ─ S u b s ta n tia l c a p ita l c o s t S e g m e n t: F o o d P a c k a g in g C o m p a n y D e s c rip tio n V is k a s e C o m p a n ie s , In c (O T C P K :V K S C ) is a w o rld w id e le a d e r in th e p ro d u c tio n a n d s a le o f c e llu lo s ic , fib ro u s a n d p la s tic c a s in g s fo r th e p ro c e s s e d m e a t a n d p o u ltry in d u s try L e a d in g w o rld w id e m a n u fa c tu re r o f n o n - e d ib le c e llu lo s ic c a s in g s fo r s m a ll - d ia m e te r m e a ts (h o t d o g s a n d s a u s a g e s ) ─ L e a d in g m a n u fa c tu re r o f n o n - e d ib le fib ro u s c a s in g s fo r la rg e - d ia m e te r m e a ts (s a u s a g e s , s a la m i, h a m s a n d d e li m e a ts ) H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 2 4 (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . F o o d P a c k a g in g L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 3 4 6 $ 3 4 6 $ 3 3 7 $ 3 3 6 A d ju s te d E B IT D A 6 7 6 6 5 9 5 6 N e t

in c o m e 4 3 9 (3 ) 1 A d ju s te d E B IT D A a ttrib . to IE P $ 5 0 $ 4 7 $ 4 3 $ 4 1 N e t in c o m e a ttrib . to IE P 3 2 6 (3 ) - S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 4 0 5 $ 4 3 6 $ 4 1 9 $ 4 2 6 E q u ity a ttrib u ta b le to IE P 5 5 3 0 2 3 2 9 F Y E D e c e m b e r 3 1 ,

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts In c re a s in g g lo b a l d e m a n d fo r s te e l a n d o th e r m e ta ls d riv e s d e m a n d fo r U .S . s c ra p R e s u lts a re c u rre n tly im p a c te d b y h e a d w in d s fro m : ─ L o w iro n o re p ric e s ─ S tro n g U .S . d o lla r ─ In c re a s e d s te e l im p o rts S c ra p re c y c lin g p ro c e s s is “g re e n e r” th a n v irg in s te e l p ro d u c tio n ─ E le c tric a rc fu rn a c e d riv e s c ra p d e m a n d a n d a re s ig n ific a n tly m o re e n e rg y e ffic ie n t th a n b la s t fu rn a c e s ─ E le c tric a rc fu rn a c e s te e l m ills a re a p p ro x im a te ly 6 0 % o f U .S . p ro d u c tio n H ig h ly fra g m e n te d in d u s try w ith p o te n tia l fo r fu rth e r c o n s o lid a tio n ─ C a p ita liz in g o n c o n s o lid a tio n a n d v e rtic a l in te g ra tio n o p p o rtu n itie s ─ P S C is b u ild in g a le a d in g p o s itio n in its m a rk e ts P ro d u c t d iv e rs ific a tio n w ill re d u c e v o la tility th ro u g h c y c le s ─ E x p a n s io n o f n o n - fe rro u s s h a re o f to ta l b u s in e s s S e g m e n t: M e ta ls C o m p a n y D e s c rip tio n P S C M e ta ls , In c . is o n e o f th e la rg e s t in d e p e n d e n t m e ta l re c y c lin g c o m p a n ie s in th e U .S . C o lle c ts in d u s tria l a n d o b s o le te s c ra p m e ta l, p ro c e s s e s it in to re u s a b le fo rm s a n d s u p p lie s th e re c y c le d m e ta ls to its c u s to m e rs S tro n g re g io n a l fo o tp rin t (U p p e r M id w e s t, S t. L o u is R e g io n a n d th e S o u th ) H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 2 5 (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . M e ta ls S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 9 2 9 $ 7 1 1 $ 3 6 5 $ 3 1 7 A d ju s te d E B IT D A (1 8 ) (1 5 ) (2 9 ) (2 6 ) N e t

in c o m e (2 8 ) (2 5 ) (5 1 ) (4 8 ) A d ju s te d E B IT D A a ttrib . to IE P ($ 1 8 ) ($ 1 5 ) ($ 2 9 ) ($ 2 6 ) N e t in c o m e a ttrib . to IE P (2 8 ) (2 5 ) (5 1 ) (4 8 ) S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 3 3 4 $ 3 1 5 $ 2 1 5 $ 2 0 6 E q u ity a ttrib u ta b le to IE P 2 7 3 2 5 0 1 8 2 1 7 4 F Y E D e c e m b e r 3 1 ,

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts B u s in e s s s tra te g y is b a s e d o n lo n g - te rm in v e s tm e n t o u tlo o k a n d o p e ra tio n a l e x p e rtis e R e n ta l R e a l E s ta te O p e ra tio n s N e t le a s e p o rtfo lio o v e rv ie w ─ S in g le te n a n t (O v e r $ 1 0 0 b n m a rk e t c a p , A - c re d it) fo r tw o la rg e b u ild in g s w ith le a s e s th ro u g h 2 0 2 0 – 2 0 2 1 ─ 1 3 le g a c y p ro p e rtie s w ith 2 .9 m illio n s q u a re fe e t: 1 2 % R e ta il, 6 0 % In d u s tria l, 2 8 % O ffic e . M a x im iz e v a lu e o f c o m m e rc ia l le a s e p o rtfo lio th ro u g h e ffe c tiv e m a n a g e m e n t o f e x is tin g p ro p e rtie s ─ S e e k to s e ll a s s e ts o n o p p o rtu n is tic b a s is P ro p e rty D e v e lo p m e n t N e w S e a b u ry in C a p e C o d , M a s s a c h u s e tts a n d G ra n d H a rb o r in V e ro B e a c h , F lo rid a in c lu d e la n d fo r fu tu re re s id e n tia l d e v e lo p m e n t o f a p p ro x im a te ly 2 3 9 a n d 1 ,1 2 8 u n its , re s p e c tiv e ly O p p o rtu n is tic a lly a c q u ire d a L a s V e g a s c a s in o d e v e lo p m e n t in 2 0 0 9 fo r $ 1 5 0 m illio n C lu b O p e ra tio n s C lu b o p e ra tio n s in N e w S e a b u ry , C a p e C o d a n d G ra n d H a rb o r, V e ro B e a c h fo c u s o n o p e ra tin g g o lf c lu b a n d re la te d a c tiv itie s S e g m e n t: R e a l E s ta te C o m p a n y D e s c rip tio n C o n s is ts o f re n ta l re a l e s ta te , p ro p e rty d e v e lo p m e n t a n d a s s o c ia te d c lu b a c tiv itie s R e n ta l re a l e s ta te c o n s is ts p rim a rily o f re ta il, o ffic e a n d in d u s tria l p ro p e rtie s le a s e d to s in g le c o rp o ra te te n a n ts P ro p e rty d e v e lo p m e n t a n d c lu b o p e ra tio n s a re fo c u s e d o n th e c o n s tru c tio n a n d s a le o f s in g le a n d m u lti - fa m ily h o u s e s , lo ts in s u b d iv is io n s a n d p la n n e d c o m m u n itie s a n d ra w la n d

fo r re s id e n tia l d e v e lo p m e n t H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 2 6 (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . R e a l E s ta te S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 8 5 $ 1 0 1 $ 1 3 1 $ 1 1 2 A d ju s te d E B IT D A 4 6 4 6 4 5 4 4 N e t in c o m e 1 7 2 2 6 1 4 2 A d ju s te d E B IT D A a ttrib . to IE P $ 4 6 $ 4 6 $ 4 5 $ 4 4 N e t in c o m e a ttrib . to IE P 1 7 2 2 6 1 4 2 S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 7 8 0 $ 7 4 5 $ 7 0 1 $ 6 9 0 E q u ity a ttrib u ta b le to IE P 7 1 1 6 9 3 6 5 6 6 4 9 F Y E D e c e m b e r 3 1 ,

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts IE P a c q u ire d a c o n tro llin g in te re s t in F e rro u s R e s o u rc e s o n J u n e 8 , 2 0 1 5 th ro u g h a te n d e r o ffe r to p u rc h a s e a n y a n d a ll o f th e o u ts ta n d in g s h a re s . ─ P rio r to th e te n d e r o ffe r, IE P o w n e d 1 4 % o f th e c o m p a n y ’s o u ts ta n d in g c o m m o n s to c k a n d a s o f M a rc h 3 1 , 2 0 1 6 o w n e d 7 7 % S e g m e n t: M in in g C o m p a n y D e s c rip tio n F e rro u s R e s o u rc e s h a s c e rta in rig h ts to iro n o re m in e ra l re s o u rc e s in B ra z il a n d d e v e lo p s m in in g o p e ra tio n s a n d re la te d in fra s tru c tu re to p ro d u c e a n d s e ll iro n o re p ro d u c ts to th e g lo b a l s te e l in d u s try . ─ S ig n ific a n t iro n o re a s s e ts in th e S ta te o f M in a s G e ra is , B ra z il, k n o w n a s V ig a , V ig a N o rte , E s p e ra n ç a , S e rrin h a a n d S a n ta n e n s e . ─ M in e ra l rig h ts n e a r J a c u íp e in th e S ta te o f B a h ia , B ra z il. H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 2 7 1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f th e fis c a l p e rio d . 2 ) Ic a h n E n te rp ris e s a c q u ire d m a jo rity o w n e rs h ip o f F e rro u s R e s o u rc e s o n J u n e 8 , 2 0 1 5 M in in g S e v e n M o n th s E n d e d D e c e m b e r 3 1 , 2 0 1 5 (2 ) T e n M o n th s E n d e d M a rc h 3 1 , 2 0 1 6 (2 ) ($ m illio n s ) S e le c t In c o m e S ta te m e n t D a ta : T o ta l R e v e n u e s $ 2 8 $ 3 5 A d ju s te d E B IT D A (9 ) (1 6 ) N e t in c o m e (1 9 5 ) (2 0 8 ) A d ju s te d E B IT D A a ttrib . to IE P ($ 6 ) ($ 1 1 ) N e t in c o m e a ttrib . to IE P (1 5 0 ) (1 6 0 ) S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 2 0 3 $ 1 9 2 E q u ity a ttrib u ta b le to IE P 9 5 8 5

H ig h lig h ts a n d R e c e n t D e v e lo p m e n ts O n e o f th e la rg e s t p ro v id e rs o f h o m e te x tile g o o d s in th e U n ite d S ta te s L a rg e ly c o m p le te d re s tru c tu rin g o f m a n u fa c tu rin g fo o tp rin t ─ T ra n s itio n e d m a jo rity o f m a n u fa c tu rin g to lo w c o s t p la n ts o v e rs e a s S tre a m lin e d m e rc h a n d is in g , s a le s a n d c u s to m e r s e rv ic e d iv is io n s F o c u s o n c o re p ro fita b le c u s to m e rs a n d p ro d u c t lin e s ─ WP H h a s im p le m e n te d a m o re c u s to m e r - fo c u s e d o rg a n iz a tio n a l s tru c tu re w ith th e in te n t o f e x p a n d in g k e y c u s to m e r re la tio n s h ip s a n d re b u ild in g th e c o m p a n y ’s s a le s b a c k lo g ─ R e a liz in g s u c c e s s p la c in g n e w b ra n d s w ith to p re ta ile rs ─ C o n tin u e d s tre n g th w ith in s titu tio n a l c u s to m e rs C o n s o lid a tio n o p p o rtu n ity in fra g m e n te d in d u s try S e g m e n t: H o m e F a s h io n C o m p a n y D e s c rip tio n We s tP o in t H o m e L L C is e n g a g e d in m a n u fa c tu rin g , s o u rc in g , m a rk e tin g , d is trib u tin g a n d s e llin g h o m e fa s h io n c o n s u m e r p ro d u c ts We s tP o in t H o m e o w n s m a n y o f th e m o s t w e ll - k n o w n b ra n d s in h o m e te x tile s in c lu d in g M a rte x , G ra n d P a tric ia n , L u x o r a n d V e llu x WP H a ls o lic e n s e s b ra n d s s u c h a s IZ O D , U n d e r th e C a n o p y , S o u th e rn T id e a n d P o rtic o H is to ric a l S e g m e n t F in a n c ia l S u m m a ry 2 8 (1 ) B a la n c e S h e e t d a ta a s o f th e e n d o f e a c h re s p e c tiv e fis c a l p e rio d . H o m e F a s h io n S e g m e n t L T M M a rc h 3 1 , ($ m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 S e le c t In c o m e S ta te m e n t D a ta : T o ta l re v e n u e s $ 1 8 7 $ 1 8 1 $ 1 9 4 $ 1 9 8 A d ju s te d

E B IT D A 1 5 6 6 N e t in c o m e (1 6 ) 2 (4 ) (3 ) A d ju s te d E B IT D A a ttrib . to IE P $ 1 $ 5 $ 6 $ 6 N e t in c o m e a ttrib . to IE P (1 6 ) 2 (4 ) (3 ) S e le c t B a la n c e S h e e t D a ta (1 ) : T o ta l a s s e ts $ 2 2 2 $ 2 0 8 $ 2 0 6 $ 2 0 8 E q u ity a ttrib u ta b le to IE P 1 9 1 1 8 0 1 7 6 1 7 5 F Y E D e c e m b e r 3 1 ,

F in a n c ia l P e rfo rm a n c e 2 9

F in a n c ia l P e rfo rm a n c e A d ju s te d E B IT D A A ttrib u ta b le to Ic a h n E n te rp ris e s E q u ity A ttrib u ta b le to Ic a h n E n te rp ris e s 3 0 $ 1 ,8 9 9 $ 1 ,0 1 8 $ 9 2 9 $ 2 7 3 F Y E 2 0 1 3 F Y E 2 0 1 4 F Y E 2 0 1 5 L T M 3 /3 1 /1 6 $ 6 ,0 9 2 $ 5 ,4 4 3 $ 3 ,9 8 7 $ 2 ,5 1 6 A s o f 1 2 /3 1 /1 3 A s o f 1 2 /3 1 /1 4 A s o f 1 2 /3 1 /1 5 A s o f 3 /3 1 /1 6 L T M M a rc h 3 1 , A s o f M a rc h 3 1 , ($ in m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 ($ in m illio n s ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s E q u ity a ttrib u ta b le to Ic a h n E n te rp ris e s In v e s tm e n t $ 8 1 6 ($ 1 6 2 ) ($ 5 0 0 ) ($ 1 ,1 5 8 ) In v e s tm e n t $ 3 ,6 9 6 $ 4 ,2 8 4 $ 3 ,4 2 8 $ 1 ,8 2 0 A u to m o tiv e 4 6 2 5 0 2 5 3 0 5 8 8 A u to m o tiv e 1 ,6 6 0 1 ,2 3 1 1 ,2 7 0 2 ,5 0 2 E n e rg y 5 5 6 4 1 5 4 3 6 3 2 7 E n e rg y 1 ,9 2 6 1 ,6 1 2 1 ,5 0 8 1 ,1 1 9 M e ta ls (1 8 ) (1 5 ) (2 9 ) (2 6 ) M e ta ls 2 7 3 2 5 0 1 8 2 1 7 4 R a ilc a r 1 1 1 2 6 9 3 1 8 3 4 7 R a ilc a r 5 9 1 7 1 1 7 4 2 4 2 3 G a m in g 4 5 6 6 9 6 9 7 G a m in g 3 9 2 5 7 8 6 0 4 8 1 6 M in in g - - (6 ) (1 1 ) M in in g - - 9 5 8 5 F o o d P a c k a g in g 5 0 4 7 4 3 4 1 F o o d P a c k a g in g 5 5 3 0 2 3 2 9 R e a l E s ta te 4 6 4 6 4 5 4 4 R e a l E s ta te 7 1 1 6 9 3 6 5 6 6 4 9 H o m e F a s h io n 1 5 6 6 H o m e F a s h io n 1 9 1 1 8 0 1 7 6 1 7 5 H o ld in g C o m p a n y (1 7 0 ) (1 5 5 ) (1 0 ) 1 8 H o ld in g C o m p a n y (3 ,4 0 3 ) (4 ,1 2 6 ) (4 ,6 9 7 ) (5 ,2 7 6 ) T o ta l $ 1 ,8 9 9 $ 1 ,0 1 8 $ 9 2 9 $ 2 7 3 T o ta l $ 6 ,0 9 2 $ 5 ,4 4 3 $ 3 ,9 8 7 $ 2 ,5 1 6 F Y E D e c e m b e r 3 1 , A s o f D e c e m b e r 3 1 , ($ M illio n s )

C o n s o lid a te d F in a n c ia l S n a p s h o t ($ M illio n s ) 3 1 L T M M a rc h 3 1 , 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 R e v e n u e s : In v e s tm e n t $ 2 ,0 3 1 ($ 2 1 8 ) ($ 8 6 5 ) ($ 2 ,3 9 2 ) A u to m o tiv e 6 ,8 7 6 7 ,3 2 4 7 ,8 5 3 8 ,4 3 4 E n e rg y 9 ,0 6 3 9 ,2 9 2 5 ,4 4 2 4 ,9 7 3 M e ta ls 9 2 9 7 1 1 3 6 5 3 1 7 R a ilc a r 7 4 4 8 0 9 9 4 8 9 8 6 G a m in g 5 7 1 8 4 9 8 1 1 8 3 7 M in in g 0 0 2 8 3 5 F o o d P a c k a g in g 3 4 6 3 4 6 3 3 7 3 3 6 R e a l E s ta te 8 5 1 0 1 1 3 1 1 1 2 H o m e F a s h io n 1 8 7 1 8 1 1 9 4 1 9 8 H o ld in g C o m p a n y (1 5 0 ) (2 3 8 ) 2 8 5 2 $ 2 0 ,6 8 2 $ 1 9 ,1 5 7 $ 1 5 ,2 7 2 $ 1 3 ,8 8 8 A d ju s te d E B IT D A : In v e s tm e n t $ 1 ,9 1 2 ($ 3 8 5 ) ($ 1 ,1 0 0 ) ($ 2 ,5 1 5 ) A u to m o tiv e 5 9 1 6 3 0 6 5 0 7 1 6 E n e rg y 8 6 9 7 1 6 7 5 5 5 8 0 M e ta ls (1 8 ) (1 5 ) (2 9 ) (2 6 ) R a ilc a r 3 1 1 4 1 5 4 9 2 5 0 6 G a m in g 6 6 9 9 1 4 2 1 4 6 M in in g 0 0 (9 ) (1 6 ) F o o d P a c k a g in g 6 7 6 6 5 9 5 6 R e a l E s ta te 4 6 4 6 4 5 4 4 H o m e F a s h io n 1 5 6 6 H o ld in g C o m p a n y (1 7 0 ) (1 5 5 ) (1 0 ) 1 8 C o n s o lid a te d A d ju s te d E B IT D A $ 3 ,6 7 5 $ 1 ,4 2 2 $ 1 ,0 0 1 ($ 4 8 5 ) L e s s : A d ju s te d E B IT D A a ttrib . to N C I (1 ,7 7 6 ) (4 0 4 ) (7 2 ) 7 5 8 A d ju s te d E B IT D A a ttrib . to IE P $ 1 ,8 9 9 $ 1 ,0 1 8 $ 9 2 9 $ 2 7 3 C a p ita l E x p e n d itu re s $ 1 ,1 6 1 $ 1 ,4 1 1 $ 1 ,3 5 9 $ 1 ,2 0 6 F Y E D e c e m b e r 3 1 ,

S tro n g B a la n c e S h e e t ($ M illio n s ) 3 2 In v e s tm e n tA u to m o tiv e E n e rg y M e ta ls R a ilc a r G a m in g M in in g F o o d P a c k a g in g R e a l E s ta te H o m e F a s h io n H o ld in g C o m p a n y C o n s o lid a te d A s s e ts C a s h a n d c a s h e q u iv a le n ts $ 1 2 $ 3 0 9 $ 6 8 2 $ 6 $ 3 4 6 $ 2 5 1 $ 5 $ 3 7 $ 1 1 $ 5 $ 2 1 2 $ 1 ,8 7 6 C a s h h e ld a t c o n s o lid a te d a ffilia te d p a rtn e rs h ip s a n d re s tric te d c a s h 6 6 3 4 - 5 5 2 1 1 - 2 2 9 3 7 5 1 In v e s tm e n ts 9 ,2 7 1 3 1 3 5 - 2 7 4 2 - - - - 3 6 8 1 0 ,0 2 6 A c c o u n ts re c e iv a b le , n e t - 1 ,5 4 6 1 1 0 2 7 3 4 1 2 3 6 2 3 4 2 - 1 ,8 3 9 In v e n to rie s , n e t - 2 ,3 4 2 2 5 9 3 9 7 6 - 2 9 8 0 - 7 1 - 2 ,8 9 6 P ro p e rty , p la n t a n d e q u ip m e n t, n e t - 3 ,2 8 1 2 ,6 9 2 1 1 2 2 ,7 7 2 8 8 6 1 3 5 1 5 2 4 6 7 7 2 3 1 0 ,5 7 2 G o o d w ill a n d in ta n g ib le a s s e ts , n e t - 1 ,9 1 5 3 3 2 4 7 9 1 - 8 4 6 3 - 2 ,4 0 6 O th e r a s s e ts 6 3 0 5 7 6 1 0 3 1 3 8 8 2 2 1 2 0 8 5 1 6 1 6 1 3 1 ,9 1 6 T o ta l A s s e ts $ 1 0 ,5 7 6 $ 1 0 ,2 8 6 $ 4 ,1 8 3 $ 2 0 6 $ 3 ,4 0 2 $ 1 ,5 1 4 $ 1 9 2 $ 4 2 6 $ 6 9 0 $ 2 0 8 $ 5 9 9 $ 3 2 ,2 8 2 L ia b ilitie s a n d E q u ity A c c o u n ts p a y a b le , a c c ru e d e x p e n s e s a n d o th e r lia b ilitie s $ 9 2 4 $ 3 ,0 0 0 $ 1 ,3 2 7 $ 3 0 $ 2 9 7 $ 1 4 3 $ 3 2 $ 6 4 $ 1 4 $ 3 3 $ 3 8 8 $ 6 ,2 5 2 S e c u ritie s s o ld , n o t y e t p u rc h a s e d , a t fa ir v a lu e 1 ,0 5 2 - - - - - - - - - - 1 ,0 5 2 D u e to b ro k e rs 2 ,7 1 0 - - - - - - - - - - 2 ,7 1 0 P o s t-e m p lo y m e n t b e n e fit lia b ility - 1 ,1 6 9 - 2 8 - - 5 1 - - - 1 ,2 3 0 D e b t - 3 ,2 8 2 6 6 8 - 2 ,4 6 1 2 8 8 5 0 2 6 7 2 7 - 5 ,4 8 7 1 2 ,5 3 0 T o ta l lia b ilitie s 4 ,6 8 6 7 ,4 5 1 1 ,9 9 5 3 2 2 ,7 6 6 4 3 1 8 2 3 8 2 4 1 3 3 5 ,8 7 5 2 3 ,7 7 4 E q u ity a ttrib u ta b le to Ic a h n E n te rp ris e s 1 ,8 2 0 2 ,5 0 2

1 ,1 1 9 1 7 4 4 2 3 8 1 6 8 5 2 9 6 4 9 1 7 5 (5 ,2 7 6 ) 2 ,5 1 6 E q u ity a ttrib u ta b le to n o n -c o n tro llin g in te re s ts 4 ,0 7 0 3 3 3 1 ,0 6 9 - 2 1 3 2 6 7 2 5 1 5 - - - 5 ,9 9 2 T o ta l e q u ity 5 ,8 9 0 2 ,8 3 5 2 ,1 8 8 1 7 4 6 3 6 1 ,0 8 3 1 1 0 4 4 6 4 9 1 7 5 (5 ,2 7 6 ) 8 ,5 0 8 T o ta l lia b ilitie s a n d e q u ity $ 1 0 ,5 7 6 $ 1 0 ,2 8 6 $ 4 ,1 8 3 $ 2 0 6 $ 3 ,4 0 2 $ 1 ,5 1 4 $ 1 9 2 $ 4 2 6 $ 6 9 0 $ 2 0 8 $ 5 9 9 $ 3 2 ,2 8 2 A s o f M a rc h 3 1 , 2 0 1 6

IE P S u m m a ry F in a n c ia l In fo rm a tio n S ig n ific a n t V a lu a tio n d e m o n s tra te d b y m a rk e t v a lu e o f IE P ’s p u b lic s u b s id ia rie s a n d H o ld in g C o m p a n y in te re s t in F u n d s a n d b o o k v a lu e o r m a rk e t c o m p a ra b le s o f o th e r a s s e ts 3 3 ($ M illio n s ) N o te : In d ic a tiv e n e t a s s e t v a lu e d o e s n o t p u rp o rt to re fle c t a v a lu a tio n o f IE P . T h e c a lc u la te d In d ic a tiv e n e t a s s e t v a lu e d o e s n o t in c lu d e a n y v a lu e fo r o u r In v e s tm e n t S e g m e n t o th e r th a n th e fa ir m a rk e t v a lu e o f o u r in v e s tm e n t in th e In v e s tm e n t F u n d s . A v a lu a tio n is a s u b je c tiv e e x e rc is e a n d In d ic a tiv e n e t a s s e t v a lu e d o e s n o t n e c e s s a rily c o n s id e r a ll e le m e n ts o r c o n s id e r in th e a d e q u a te p ro p o rtio n th e e le m e n ts th a t c o u ld a ffe c t th e v a lu a tio n o f IE P . In v e s to rs m a y re a s o n a b ly d iffe r o n w h a t s u c h e le m e n ts a re a n d th e ir im p a c t o n IE P . N o re p re s e n ta t io n o r a s s u ra n c e , e x p re s s o r im p lie d is m a d e a s to th e a c c u ra c y a n d c o rre c tn e s s o f in d ic a tiv e n e t a s s e t v a lu e a s o f th e s e d a te s o r w ith re s p e c t to a n y fu tu re in d ic a tiv e o r p ro s p e c tiv e re s u lts w h ic h m a y v a ry . (1 ) R e p re s e n ts e q u ity a ttrib u ta b le to u s a s o f e a c h re s p e c tiv e d a te . (2 ) B a s e d o n c lo s in g s h a re p ric e o n e a c h d a te a n d th e n u m b e r o f s h a re s o w n e d b y th e H o ld in g C o m p a n y a s o f e a c h re s p e c tiv e d a te . (3 ) A m o u n ts b a s e d o n m a rk e t c o m p a ra b le s d u e to la c k o f m a te ria l tra d in g v o lu m e . T ro p ic a n a v a lu e d a t 8 .0 x A d ju s te d E B IT D A fo r th e tw e lv e m o n th s e n d e d M a rc h 3 1 , 2 0 1 5 a n d J u n e 3 0 ,

2 0 1 5 , a n d 8 .5 x A d ju s te d E B IT D A fo r th e tw e lv e m o n th s e n d e d S e p te m b e r 3 0 , 2 0 1 5 , D e c e m b e r 3 1 , 2 0 1 5 a n d M a rc h 3 1 , 2 0 1 6 . V is k a s e v a lu e d a t 9 .0 x A d ju s te d E B IT D A fo r th e tw e lv e m o n th s e n d e d M a rc h 3 1 , 2 0 1 5 , J u n e 3 0 , 2 0 1 5 , S e p te m b e r 3 0 , 2 0 1 5 , D e c e m b e r 3 1 , 2 0 1 5 a n d M a rc h 3 1 , 2 0 1 6 . (4 ) A R L v a lu e a s s u m e s th e p re s e n t v a lu e o f p ro je c te d c a s h flo w s fro m le a s e d ra ilc a rs p lu s w o rk in g c a p ita l. (5 ) H o ld in g C o m p a n y ’s b a la n c e a s o f e a c h re s p e c tiv e d a te . M a rc h 3 1 J u n e 3 0 S e p t 3 0 D e c 3 1 M a rc h 3 1 2 0 1 5 2 0 1 5 2 0 1 5 2 0 1 5 2 0 1 6 M a rk e t-v a lu e d S u b s id ia rie s : H o ld in g C o m p a n y in te re s t in F u n d s (1 ) $ 4 ,4 7 0 $ 4 ,6 4 6 $ 4 ,1 6 8 $ 3 ,4 2 8 $ 1 ,8 2 0 C V R E n e rg y (2 ) 3 ,0 3 0 2 ,6 8 0 2 ,9 2 3 2 ,8 0 2 1 ,8 5 8 C V R R e fin in g - d ire c t h o ld in g (2 ) 1 2 4 1 1 0 1 1 5 1 1 4 7 2 F e d e ra l-M o g u l (2 ) 1 ,8 4 5 1 ,5 7 3 9 4 7 9 4 9 1 ,3 6 9 A m e ric a n R a ilc a r In d u s trie s (2 ) 5 9 0 5 7 7 4 2 9 5 4 9 4 8 4 T o ta l m a rk e t-v a lu e d s u b s id ia rie s $ 1 0 ,0 5 9 $ 9 ,5 8 6 $ 8 ,5 8 1 $ 7 ,8 4 2 $ 5 ,6 0 4 O th e r S u b s id ia rie s T ro p ic a n a (3 ) $ 5 6 0 $ 6 1 3 $ 7 3 9 $ 7 9 4 $ 8 4 4 V is k a s e (3 ) 2 1 0 2 1 7 2 0 6 1 8 3 1 6 5 R e a l E s ta te H o ld in g s (1 ) 7 2 0 6 9 2 6 5 8 6 5 6 6 4 9 P S C M e ta ls (1 ) 2 3 4 2 4 2 2 2 2 1 8 2 1 7 4 We s tP o in t H o m e (1 ) 1 7 9 1 7 9 1 7 7 1 7 6 1 7 5 A R L (4 ) 9 7 7 9 6 4 9 7 9 8 5 2 1 ,0 2 4 F e rro u s R e s o u rc e s (1 ) - 2 4 1 2 3 4 9 5 8 5 IE H A u to & P e p B o y s (1 ) - 3 3 4 3 3 0 2 4 9 1 ,4 1 8 T ru m p E n te rta in m e n t (1 ) - - - - 2 0 3 T o ta l - o th e r s u b s id ia rie s $ 2 ,8 8 0 $ 3 ,4 8 2

$ 3 ,5 4 6 $ 3 ,1 8 7 $ 4 ,7 3 6 A d d : H o ld in g C o m p a n y c a s h a n d c a s h e q u iv a le n ts (5 ) 8 2 6 2 2 2 1 8 2 1 6 6 2 1 2 L e s s : H o ld in g C o m p a n y d e b t (5 ) (5 ,4 8 8 ) (5 ,4 8 8 ) (5 ,4 8 9 ) (5 ,4 9 0 ) (5 ,4 8 7 ) A d d : O th e r H o ld in g C o m p a n y n e t a s s e ts (5 ) 4 2 1 6 4 2 6 1 6 1 5 (1 3 ) In d ic a tiv e N e t A s s e t V a lu e $ 8 ,3 1 9 $ 7 ,9 6 6 $ 7 ,0 8 1 $ 6 ,3 2 0 $ 5 ,0 5 2 A s o f

A p p e n d ix — A d ju s te d E B IT D A R e c o n c ilia tio n s 3 4

A d ju s te d E B IT D A R e c o n c ilia tio n b y S e g m e n t – T h re e M o n th s E n d e d M a rc h 3 1 , 2 0 1 6 ($ M illio n s ) 3 5 In v e s tm e n t A u to m o tiv e E n e rg y M e ta ls R a ilc a r G a m in g M in in g F o o d P a c k a g in g R e a l E s ta te H o m e F a s h io n H o ld in g C o m p a n y C o n s o lid a te d A d ju s te d E B IT D A : N e t (lo s s ) in c o m e ($ 9 8 3 ) $ 2 8 ($ 6 1 4 ) ($ 6 ) $ 5 0 $ 6 ($ 1 3 ) $ 4 $ 4 $ 0 ($ 8 5 ) ($ 1 ,6 0 9 ) In te re s t e x p e n s e , n e t 8 7 3 8 1 1 - 2 2 3 1 3 1 - 7 3 2 3 9 In c o m e ta x (b e n e fit) e x p e n s e - 3 (2 8 ) (4 ) 1 8 6 1 1 - - 1 9 1 6 D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 1 0 4 5 6 6 3 4 1 7 1 5 5 2 - 2 3 0 E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 8 9 6 ) $ 1 7 3 ($ 5 7 5 ) ($ 4 ) $ 1 2 4 $ 3 2 ($ 1 0 ) $ 1 3 $ 1 0 $ 2 $ 7 ($ 1 ,1 2 4 ) Im p a irm e n t o f a s s e ts - 3 5 7 4 - - - - - - - - 5 7 7 R e s tru c tu rin g c o s ts - 1 5 - - - - - - - - - 1 5 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - 3 - - - - - 1 - - - 4 F IF O im p a c t u n fa v o ra b le - - 9 - - - - - - - - 9 M a jo r s c h e d u le d tu rn a ro u n d e x p e n s e - - 2 9 - - - - - - - - 2 9 U n re a liz e d lo s s o n c e rta in d e riv a tiv e s - - 2 3 - - - - - - - - 2 3 O th e r - 1 4 1 (2 ) - 2 3 (4 ) (1 ) - - 1 3 A d ju s te d E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 8 9 6 ) $ 2 0 8 $ 6 1 ($ 6 ) $ 1 2 4 $ 3 4 ($ 7 ) $ 1 0 $ 9 $ 2 $ 7 ($ 4 5 4 ) A d ju s te d E B IT D A a ttrib u ta b le to IE P : N e t (lo s s ) in c o m e ($ 4 5 0 ) $ 2 1 ($ 3 5 3 ) ($ 6 ) $ 3 6 $ 3 ($ 1 0 ) $ 3 $ 4 $ 0 ($ 8 5 ) ($ 8 3 7 ) In te re s t e x p e n s e , n e t 3 3 3 1 6 - 2 0 2 1 2 1 - 7 3 1 6 9 In c o m e ta x (b e n e fit) e x p e n s e - 2 (2 2 ) (4 ) 1 2 4 1 1 - - 1 9 1 3 D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 8 8 3 1 6 2 9 1 2 1 4 5 2 - 1 7 8 E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 4 1 7 ) $ 1 4 2 ($ 3 3 8 ) ($ 4 ) $ 9 7 $ 2 1 ($ 7 ) $ 1 0 $ 1 0 $ 2 $ 7 ($ 4 7 7 ) Im p a irm e n t o f

a s s e ts - 2 3 3 4 - - - - - - - - 3 3 6 R e s tru c tu rin g c o s ts - 1 2 - - - - - - - - - 1 2 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - 2 - - - - - 1 - - - 3 F IF O im p a c t u n fa v o ra b le - - 5 - - - - - - - - 5 M a jo r s c h e d u le d tu rn a ro u n d e x p e n s e - - 1 7 - - - - - - - - 1 7 U n re a liz e d lo s s o n c e rta in d e riv a tiv e s - - 1 3 - - - - - - - - 1 3 O th e r - 1 3 1 (2 ) - 1 2 (3 ) (1 ) - - 1 1 A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 4 1 7 ) $ 1 7 1 $ 3 2 ($ 6 ) $ 9 7 $ 2 2 ($ 5 ) $ 8 $ 9 $ 2 $ 7 ($ 8 0 )

A d ju s te d E B IT D A R e c o n c ilia tio n b y S e g m e n t – T h re e M o n th s E n d e d M a rc h 3 1 , 2 0 1 5 ($ M illio n s ) 3 6 In v e s tm e n t A u to m o tiv e E n e rg y M e ta ls R a ilc a r G a m in g F o o d P a c k a g in g R e a l E s ta te H o m e F a s h io n H o ld in g C o m p a n y C o n s o lid a te d A d ju s te d E B IT D A : N e t in c o m e (lo s s ) $ 3 9 6 ($ 2 0 ) $ 7 5 ($ 9 ) $ 4 4 $ 7 $ 0 $ 2 3 ($ 1 ) ($ 9 3 ) $ 4 2 2 In te re s t e x p e n s e , n e t 1 2 3 3 5 1 1 - 1 9 3 3 1 - 7 1 2 6 6 In c o m e ta x e x p e n s e (b e n e fit) - 1 5 1 8 (6 ) 1 6 4 1 - - 1 4 9 D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 8 3 5 8 7 2 9 1 5 5 5 2 - 2 0 4 E B IT D A b e fo re n o n -c o n tro llin g in te re s ts $ 5 1 9 $ 1 1 3 $ 1 6 2 ($ 8 ) $ 1 0 8 $ 2 9 $ 9 $ 2 9 $ 1 ($ 2 1 ) $ 9 4 1 Im p a irm e n t o f a s s e ts - 1 - - - - - - - - 1 R e s tru c tu rin g c o s ts - 1 2 - - - - - - - - 1 2 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - - - - - - 1 - - - 1 F IF O im p a c t fa v o ra b le - - 2 5 - - - - - - - 2 5 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - (1 ) 4 - - - - - - - 3 E x p e n s e s re la te d to c e rta in a c q u is itio n s - 4 - - - - - - - - 4 N e t lo s s o n e x tin g u is h m e n t o f d e b t - - - - 2 - - - - - 2 U n re a liz e d g a in o n c e rta in d e riv a tiv e s - - 4 5 - - - - - - - 4 5 O th e r - 1 3 - (1 ) - 1 3 (1 9 ) 1 - (2 ) A d ju s te d E B IT D A b e fo re n o n -c o n tro llin g in te re s ts $ 5 1 9 $ 1 4 2 $ 2 3 6 ($ 9 ) $ 1 1 0 $ 3 0 $ 1 3 $ 1 0 $ 2 ($ 2 1 ) $ 1 ,0 3 2 A d ju s te d E B IT D A a ttrib u ta b le to IE P : N e t in c o m e (lo s s ) $ 1 8 4 ($ 1 8 ) $ 4 3 ($ 9 ) $ 2 7 $ 5 $ 0 $ 2 3 ($ 1 ) ($ 9 3 ) $ 1 6 1 In te re s t e x p e n s e , n e t 5 7 2 8 7 - 1 3 2 2 1 - 7 1 1 8 1 In c o m e ta x (b e n e fit) e x p e n s e - 1 3 1 6 (6 ) 7 3 1 - - 1 3 5 D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 6 7 3 2 7 2 0 1 0 4 5 2 - 1 4 7 E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s $ 2 4 1 $ 9 0 $ 9 8 ($ 8 ) $ 6 7 $ 2 0

$ 7 $ 2 9 $ 1 ($ 2 1 ) $ 5 2 4 Im p a irm e n t o f a s s e ts - 1 - - - - - - - - 1 R e s tru c tu rin g c o s ts - 1 0 - - - - - - - - 1 0 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - - - - - - 1 - - - 1 F IF O im p a c t fa v o ra b le - - 1 4 - - - - - - - 1 4 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - (1 ) 3 - - - - - - - 2 E x p e n s e s re la te d to c e rta in a c q u is itio n s - 3 - - - - - - - - 3 N e t lo s s o n e x tin g u is h m e n t o f d e b t - - - - 1 - - - - - 1 U n re a liz e d g a in o n c e rta in d e riv a tiv e s - - 2 6 - - - - - - - 2 6 O th e r - 1 0 - (1 ) - 1 2 (1 9 ) 1 - (6 ) A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s $ 2 4 1 $ 1 1 3 $ 1 4 1 ($ 9 ) $ 6 8 $ 2 1 $ 1 0 $ 1 0 $ 2 ($ 2 1 ) $ 5 7 6

A d ju s te d E B IT D A R e c o n c ilia tio n b y S e g m e n t – L T M E n d e d M a rc h 3 1 , 2 0 1 6 ($ M illio n s ) 3 7 In v e s tm e n t A u to m o tiv e E n e rg y M e ta ls R a ilc a r G a m in g M in in g F o o d P a c k a g in g R e a l E s ta te H o m e F a s h io n H o ld in g C o m p a n y C o n s o lid a te d A d ju s te d E B IT D A : N e t in c o m e (lo s s ) ($ 3 ,0 4 4 ) ($ 3 0 4 ) ($ 6 8 2 ) ($ 4 8 ) $ 2 1 9 $ 3 7 ($ 2 0 8 ) $ 1 $ 4 2 ($ 3 ) ($ 1 6 8 ) ($ 4 ,1 5 8 ) In te re s t e x p e n s e , n e t 5 2 7 1 4 1 4 5 - 8 3 1 1 3 1 2 2 - 2 9 0 1 ,1 1 4 In c o m e ta x e x p e n s e (b e n e fit) - 3 8 1 3 (3 0 ) 7 1 2 9 2 1 0 - - (9 8 ) 3 5 D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 3 6 6 2 2 7 2 8 1 3 2 6 5 9 1 9 2 1 7 - 8 7 4 E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 2 ,5 1 7 ) $ 2 4 1 ($ 3 9 7 ) ($ 5 0 ) $ 5 0 5 $ 1 4 2 ($ 1 9 4 ) $ 4 2 $ 6 5 $ 4 $ 2 4 ($ 2 ,1 3 5 ) Im p a irm e n t o f a s s e ts - 3 4 6 8 2 7 2 0 - - 1 6 9 - 2 - - 1 ,3 6 4 R e s tru c tu rin g c o s ts - 9 2 - 2 - - - 5 - 1 - 1 0 0 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - 2 - - - - - 3 - - - 5 F IF O im p a c t u n fa v o ra b le - - 4 4 - - - - - - - - 4 4 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - - 9 - 1 - - - - - - 1 0 M a jo r s c h e d u le d tu rn a ro u n d e x p e n s e - - 1 3 8 - - - - - - - - 1 3 8 E x p e n s e s re la te d to c e rta in a c q u is itio n s - 2 - - - - - - - - - 2 U n re a liz e d g a in o n c e rta in d e riv a tiv e s - - (2 0 ) - - - - - - - - (2 0 ) O th e r 2 3 3 (2 1 ) 2 - 4 9 6 (2 3 ) 1 (6 ) 7 A d ju s te d E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 2 ,5 1 5 ) $ 7 1 6 $ 5 8 0 ($ 2 6 ) $ 5 0 6 $ 1 4 6 ($ 1 6 ) $ 5 6 $ 4 4 $ 6 $ 1 8 ($ 4 8 5 ) A d ju s te d E B IT D A a ttrib u ta b le to IE P : N e t in c o m e (lo s s ) ($ 1 ,3 9 4 ) ($ 2 6 0 ) ($ 3 7 1 ) ($ 4 8 ) $ 1 4 6 $ 2 4 ($ 1 6 0 ) $ 0 $ 4 2 ($ 3 ) ($ 1 6 8 ) ($ 2 ,1 9 2 ) In te re s t e x p e n s e , n e t 2 3 5 1 1 6 2 4 - 6 4 7 3 9 2 - 2 9 0 7 5 0 In c o m e ta x e x p e n s e

(b e n e fit) - 3 5 1 6 (3 0 ) 4 1 1 9 2 7 - - (9 8 ) (8 ) D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 3 0 5 1 2 4 2 8 9 5 4 5 7 1 4 2 1 7 - 6 4 6 E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 1 ,1 5 9 ) $ 1 9 6 ($ 2 0 7 ) ($ 5 0 ) $ 3 4 6 $ 9 5 ($ 1 4 8 ) $ 3 0 $ 6 5 $ 4 $ 2 4 ($ 8 0 4 ) Im p a irm e n t o f a s s e ts - 2 8 3 4 4 4 2 0 - - 1 3 0 - 2 - - 8 7 9 R e s tru c tu rin g c o s ts - 7 5 - 2 - - - 4 - 1 - 8 2 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - 1 - - - - - 2 - - - 3 F IF O im p a c t u n fa v o ra b le - - 2 6 - - - - - - - - 2 6 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - - 8 - 1 - - - - - - 9 M a jo r s c h e d u le d tu rn a ro u n d e x p e n s e - - 7 9 - - - - - - - - 7 9 E x p e n s e s re la te d to c e rta in a c q u is itio n s - 2 - - - - - - - - - 2 U n re a liz e d g a in o n c e rta in d e riv a tiv e s - - (1 1 ) - - - - - - - - (1 1 ) O th e r 1 3 1 (1 2 ) 2 - 2 7 5 (2 3 ) 1 (6 ) 8 A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 1 ,1 5 8 ) $ 5 8 8 $ 3 2 7 ($ 2 6 ) $ 3 4 7 $ 9 7 ($ 1 1 ) $ 4 1 $ 4 4 $ 6 $ 1 8 $ 2 7 3

A d ju s te d E B IT D A R e c o n c ilia tio n b y S e g m e n t – Y e a r E n d e d D e c e m b e r 3 1 , 2 0 1 5 ($ M illio n s ) 3 8 In v e s tm e n t A u to m o tiv e E n e rg y M e ta ls R a ilc a r (1 ) G a m in g M in in g F o o d P a c k a g in g R e a l E s ta te H o m e F a s h io n H o ld in g C o m p a n y C o n s o lid a te d A d ju s te d E B IT D A : N e t in c o m e (lo s s ) ($ 1 ,6 6 5 ) ($ 3 5 2 ) $ 7 ($ 5 1 ) $ 2 1 3 $ 3 8 ($ 1 9 5 ) ($ 3 ) $ 6 1 ($ 4 ) ($ 1 7 6 ) ($ 2 ,1 2 7 ) In te re s t e x p e n s e , n e t 5 6 3 1 3 8 4 5 - 8 0 1 1 2 1 2 2 - 2 8 8 1 ,1 4 1 In c o m e ta x e x p e n s e (b e n e fit) - 5 0 5 9 (3 2 ) 6 9 2 7 1 1 0 - - (1 1 6 ) 6 8 D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 3 4 5 2 2 9 2 9 1 2 7 6 3 8 1 9 2 1 7 - 8 4 8 E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 1 ,1 0 2 ) $ 1 8 1 $ 3 4 0 ($ 5 4 ) $ 4 8 9 $ 1 3 9 ($ 1 8 4 ) $ 3 8 $ 8 4 $ 3 ($ 4 ) ($ 7 0 ) Im p a irm e n t o f a s s e ts - 3 4 4 2 5 3 2 0 - - 1 6 9 - 2 - - 7 8 8 R e s tru c tu rin g c o s ts - 8 9 - 2 - - - 5 - 1 - 9 7 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - (1 ) - - - - - 3 - - - 2 F IF O im p a c t u n fa v o ra b le - - 6 0 - - - - - - - - 6 0 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - (1 ) 1 3 - 1 - - - - - - 1 3 M a jo r s c h e d u le d tu rn a ro u n d e x p e n s e - - 1 0 9 - - - - - - - - 1 0 9 E x p e n s e s re la te d to c e rta in a c q u is itio n s - 6 - - - - - - - - - 6 N e t lo s s o n e x tin g u is h m e n t o f d e b t - - - - 2 - - - - - - 2 U n re a liz e d g a in o n c e rta in d e riv a tiv e s - - 2 - - - - - - - - 2 O th e r 2 3 2 (2 2 ) 3 - 3 6 1 3 (4 1 ) 2 (6 ) (8 ) A d ju s te d E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 1 ,1 0 0 ) $ 6 5 0 $ 7 5 5 ($ 2 9 ) $ 4 9 2 $ 1 4 2 ($ 9 ) $ 5 9 $ 4 5 $ 6 ($ 1 0 ) $ 1 ,0 0 1 A d ju s te d E B IT D A a ttrib u ta b le to IE P : N e t in c o m e (lo s s ) ($ 7 6 0 ) ($ 2 9 9 ) $ 2 5 ($ 5 1 ) $ 1 3 7 $ 2 6 ($ 1 5 0 ) ($ 3 ) $ 6 1 ($ 4 ) ($ 1 7 6 ) ($ 1 ,1 9 4 ) In te re s t e x p e n s e , n e t 2 5 9 1 1 3 2 5 - 5 7 7 2 9 2 -

2 8 8 7 6 2 In c o m e ta x e x p e n s e (b e n e fit) - 4 6 5 4 (3 2 ) 3 6 1 8 1 7 - - (1 1 6 ) 1 4 D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 2 8 4 1 2 5 2 9 8 6 4 3 6 1 4 2 1 7 - 6 1 5 E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 5 0 1 ) $ 1 4 4 $ 2 2 9 ($ 5 4 ) $ 3 1 6 $ 9 4 ($ 1 4 1 ) $ 2 7 $ 8 4 $ 3 ($ 4 ) $ 1 9 7 Im p a irm e n t o f a s s e ts - 2 8 2 1 1 0 2 0 - - 1 3 0 - 2 - - 5 4 4 R e s tru c tu rin g c o s ts - 7 3 - 2 - - - 4 - 1 - 8 0 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - (1 ) - - - - - 2 - - - 1 F IF O im p a c t u n fa v o ra b le - - 3 5 - - - - - - - - 3 5 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - (1 ) 1 1 - 1 - - - - - - 1 1 M a jo r s c h e d u le d tu rn a ro u n d e x p e n s e - - 6 2 - - - - - - - - 6 2 E x p e n s e s re la te d to c e rta in a c q u is itio n s - 5 - - - - - - - - - 5 N e t lo s s o n e x tin g u is h m e n t o f d e b t - - - - 1 - - - - - - 1 U n re a liz e d g a in o n c e rta in d e riv a tiv e s - - 2 - - - - - - - - 2 O th e r 1 2 8 (1 3 ) 3 - 2 5 1 0 (4 1 ) 2 (6 ) (9 ) A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 5 0 0 ) $ 5 3 0 $ 4 3 6 ($ 2 9 ) $ 3 1 8 $ 9 6 ($ 6 ) $ 4 3 $ 4 5 $ 6 ($ 1 0 ) $ 9 2 9

A d ju s te d E B IT D A R e c o n c ilia tio n b y S e g m e n t – Y e a r E n d e d D e c e m b e r 3 1 , 2 0 1 4 ($ M illio n s ) 3 9 In v e s tm e n t A u to m o tiv e E n e rg y M e ta ls R a ilc a r G a m in g F o o d P a c k a g in g R e a l E s ta te H o m e F a s h io n H o ld in g C o m p a n y C o n s o lid a te d A d ju s te d E B IT D A : N e t in c o m e (lo s s ) ($ 6 8 4 ) ($ 9 0 ) $ 1 6 8 ($ 2 5 ) $ 1 8 8 $ 2 6 9 $ 9 $ 2 2 $ 2 ($ 3 8 8 ) ($ 5 2 9 ) In te re s t e x p e n s e , n e t 2 9 9 1 2 3 3 5 - 5 7 1 1 1 4 3 - 2 9 0 8 3 2 In c o m e ta x (b e n e fit) e x p e n s e - 9 1 7 3 (1 8 ) 5 6 (1 4 7 ) 3 - - (1 6 1 ) (1 0 3 ) D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 3 3 5 2 1 9 2 6 1 0 6 5 0 2 2 2 2 7 - 7 8 7 E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 3 8 5 ) $ 4 5 9 $ 4 9 5 ($ 1 7 ) $ 4 0 7 $ 1 8 3 $ 4 8 $ 4 7 $ 9 ($ 2 5 9 ) $ 9 8 7 Im p a irm e n t - 2 4 1 0 3 3 - - - 5 - - 1 3 5 R e s tru c tu rin g - 8 6 - - - - - - (2 ) - 8 4 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - (6 ) - - - - (1 ) - - - (7 ) F IF O im p a c t u n fa v o ra b le - - 1 6 1 - - - - - - - 1 6 1 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - (4 ) 1 3 - 3 - - - - - 1 2 E x p e n s e s re la te d to c e rta in a c q u is itio n s - - - - - - - - - - - N e t lo s s o n e x tin g u is h m e n t o f d e b t - 3 6 - - 2 - 1 6 - - 1 0 8 1 6 2 U n re a liz e d g a in s o n c e rta in d e riv a tiv e s - - (6 3 ) - - - - - - - (6 3 ) O th e r - 3 5 - (1 ) 3 (8 4 ) 3 (6 ) (2 ) (4 ) (5 6 ) A d ju s te d E B IT D A b e fo re n o n -c o n tro llin g in te re s ts ($ 3 8 5 ) $ 6 3 0 $ 7 1 6 ($ 1 5 ) $ 4 1 5 $ 9 9 $ 6 6 $ 4 6 $ 5 ($ 1 5 5 ) $ 1 ,4 2 2 A d ju s te d E B IT D A a ttrib u ta b le to IE P : N e t in c o m e (lo s s ) ($ 3 0 5 ) ($ 8 7 ) $ 9 5 ($ 2 5 ) $ 1 2 2 $ 1 8 5 $ 6 $ 2 2 $ 2 ($ 3 8 8 ) ($ 3 7 3 ) In te re s t e x p e n s e , n e t 1 4 3 9 9 2 0 - 4 2 7 1 0 3 - 2 9 0 6 1 4 In c o m e ta x (b e n e fit) e x p e n s e - 8 0 6 4 (1 8 ) 2 6 (1 0 2 ) 2 - - (1 6 1 ) (1 0 9 ) D e p re c ia tio n , d e p le tio n a n d

a m o rtiz a tio n - 2 7 0 1 2 4 2 6 7 4 3 4 1 6 2 2 7 - 5 7 3 E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 1 6 2 ) $ 3 6 2 $ 3 0 3 ($ 1 7 ) $ 2 6 4 $ 1 2 4 $ 3 4 $ 4 7 $ 9 ($ 2 5 9 ) $ 7 0 5 Im p a irm e n t - 1 9 4 5 3 - - 5 - - 7 2 R e s tru c tu rin g - 6 9 - - - - - - (2 ) - 6 7 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - (5 ) - - - - (1 ) - - - (6 ) F IF O im p a c t u n fa v o ra b le - - 9 4 - - - - - - - 9 4 C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - (3 ) 9 - 2 - - - - - 8 M a jo r s c h e d u le d tu rn a ro u n d e x p e n s e - - 5 - - - - - - - 5 N e t lo s s o n e x tin g u is h m e n t o f d e b t - 3 1 - - 1 - 1 2 - - 1 0 8 1 5 2 U n re a liz e d g a in s o n c e rta in d e riv a tiv e s - - (4 1 ) - - - - - - - (4 1 ) O th e r - 2 9 - (1 ) 2 (5 8 ) 2 (6 ) (2 ) (4 ) (3 8 ) A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s ($ 1 6 2 ) $ 5 0 2 $ 4 1 5 ($ 1 5 ) $ 2 6 9 $ 6 6 $ 4 7 $ 4 6 $ 5 ($ 1 5 5 ) $ 1 ,0 1 8

A d ju s te d E B IT D A R e c o n c ilia tio n b y S e g m e n t – Y e a r E n d e d D e c e m b e r 3 1 , 2 0 1 3 ($ M illio n s ) 4 0 In v e s tm e n t A u to m o tiv e E n e rg y M e ta ls R a ilc a r (1 ) G a m in g F o o d P a c k a g in g R e a l E s ta te H o m e F a s h io n H o ld in g C o m p a n y C o n s o lid a te d A d ju s te d E B IT D A : N e t in c o m e (lo s s ) $ 1 ,9 0 2 $ 2 6 3 $ 4 7 9 ($ 2 8 ) $ 1 3 9 $ 1 9 $ 4 3 $ 1 7 ($ 1 6 ) ($ 3 7 4 ) $ 2 ,4 4 4 In te re s t e x p e n s e , n e t 1 0 1 0 8 4 7 - 4 0 1 3 2 2 4 - 3 0 0 5 4 4 In c o m e ta x (b e n e fit) e x p e n s e - (1 8 0 ) 1 9 5 (2 0 ) 3 1 3 (5 1 ) - - (9 6 ) (1 1 8 ) D e p re c ia tio n , d e p le tio n a n d a m o rtiz a tio n - 2 9 6 2 0 8 2 6 9 2 3 4 2 1 2 3 8 - 7 0 8 E B IT D A b e fo re n o n -c o n tro llin g in te re s ts $ 1 ,9 1 2 $ 4 8 7 $ 9 2 9 ($ 2 2 ) $ 3 0 2 $ 6 9 $ 3 5 $ 4 4 ($ 8 ) ($ 1 7 0 ) $ 3 ,5 7 8 Im p a irm e n t - 8 - 2 - 3 - 2 1 - 1 6 R e s tru c tu rin g - 4 0 - - - - - - 1 0 - 5 0 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - 2 - - - - 3 - - - 5 F IF O im p a c t u n fa v o ra b le - - (2 1 ) - - - - - - - (2 1 ) O P E B c u rta ilm e n t g a in s - (1 9 ) - - - - - - - - (1 9 ) C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - 5 1 8 - 5 - - - - - 2 8 D is p o s a l o f a s s e ts - 6 0 - - - - - - - - 6 0 N e t lo s s o n e x tin g u is h m e n t o f d e b t - - (5 ) - - 5 - - - - - U n re a liz e d lo s s o n c e rta in d e riv a tiv e s - - (5 1 ) - - - - - - - (5 1 ) O th e r - 8 (1 ) 2 4 (1 1 ) 2 9 - (2 ) - 2 9 A d ju s te d E B IT D A b e fo re n o n -c o n tro llin g in te re s ts $ 1 ,9 1 2 $ 5 9 1 $ 8 6 9 ($ 1 8 ) $ 3 1 1 $ 6 6 $ 6 7 $ 4 6 $ 1 ($ 1 7 0 ) $ 3 ,6 7 5 A d ju s te d E B IT D A a ttrib u ta b le to IE P : N e t in c o m e (lo s s ) $ 8 1 2 $ 2 5 0 $ 2 8 9 ($ 2 8 ) $ 3 0 $ 1 3 $ 3 2 $ 1 7 ($ 1 6 ) ($ 3 7 4 ) $ 1 ,0 2 5 In te re s t e x p e n s e , n e t 4 8 8 3 2 - 1 1 9 1 6 4 - 3 0 0 4 6 4 In c o m e ta x (b e n e fit) e x p e n s e - (1 9 1 ) 1 6 2 (2 0 ) 9 2 (3 6 ) - - (9 6 ) (1 7 0 ) D e p re c ia tio n , d e p le tio n a n d

a m o rtiz a tio n - 2 3 4 1 2 1 2 6 3 5 2 3 1 5 2 3 8 - 4 8 5 E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s $ 8 1 6 $ 3 8 1 $ 6 0 4 ($ 2 2 ) $ 8 5 $ 4 7 $ 2 7 $ 4 4 ($ 8 ) ($ 1 7 0 ) $ 1 ,8 0 4 Im p a irm e n t - 7 - 2 - 2 - 2 1 - 1 4 R e s tru c tu rin g - 3 1 - - - - - - 1 0 - 4 1 N o n -s e rv ic e c o s t o f U .S . b a s e d p e n s io n - 2 - - - - 2 - - - 4 F IF O im p a c t u n fa v o ra b le - - (1 5 ) - - - - - - - (1 5 ) O P E B c u rta ilm e n t g a in s - (1 5 ) - - - - - - - - (1 5 ) C e rta in s h a re -b a s e d c o m p e n s a tio n e x p e n s e - 4 1 3 - 3 - - - - - 2 0 D is p o s a l o f a s s e ts - 4 6 - - - - - - - - 4 6 N e t lo s s o n e x tin g u is h m e n t o f d e b t - - (3 ) - - 3 - - - - - U n re a liz e d lo s s o n c e rta in d e riv a tiv e s - - (4 3 ) - - - - - - - (4 3 ) O th e r - 6 - 2 2 3 (7 ) 2 1 - (2 ) - 4 3 A d ju s te d E B IT D A a ttrib u ta b le to Ic a h n E n te rp ris e s $ 8 1 6 $ 4 6 2 $ 5 5 6 ($ 1 8 ) $ 1 1 1 $ 4 5 $ 5 0 $ 4 6 $ 1 ($ 1 7 0 ) $ 1 ,8 9 9