EXPLANATORY NOTE
This Quarterly Report on Form 10-Q (this “Report”) is a joint
report being filed by Icahn Enterprises L.P. and Icahn
Enterprises Holdings L.P. Each registrant hereto is filing on
its own behalf all of the information contained in this Report that
relates to such registrant. Each registrant hereto is not filing
any information that does not relate to such registrant, and
therefore makes no representation as to any such information.
FORWARD-LOOKING STATEMENTS
This Report contains certain statements that are, or may be deemed
to be, “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended
(“the Exchange Act”), or by Public Law 104-67. All statements included in this Report,
other than statements that relate solely to historical fact, are
“forward-looking statements.” Such statements include, but are not
limited to, any statement that may predict, forecast, indicate or
imply future results, performance, achievements or events,
including the impact of the COVID-19 pandemic, or any statement
that may relate to strategies, plans or objectives for, or
potential results of, future operations, financial results,
financial condition, business prospects, growth strategy or
liquidity, and are based upon management’s current plans and
beliefs or current estimates of future results or trends.
Forward-looking statements can generally be identified by phrases
such as “believes,” “expects,” “potential,” “continues,” “may,”
“should,” “seeks,” “predicts,” “anticipates,” “intends,”
“projects,” “estimates,” “plans,” “could,” “designed,” “should be”
and other similar expressions that denote expectations of future or
conditional events rather than statements of fact.
Forward-looking statements include certain statements made under
the caption, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” under Part I,
Item 2 of this Report, but also forward-looking statements
that appear in other parts of this Report. Forward-looking
statements reflect our current views with respect to future events
and are based on certain assumptions and are subject to risks and
uncertainties that could cause our actual results to differ
materially from trends, plans, or expectations set forth in the
forward-looking statements. These include risks related to economic
downturns, substantial competition and rising operating costs;
risks related to the severity, magnitude and duration of the
COVID-19 pandemic and its impact on the global economy, financial
markets and industries in which our subsidiaries operate; risks
related to our investment activities, including the nature of the
investments made by the private funds in which we invest, declines
in the fair value of our investments as a result of the COVID-19
pandemic, losses in the private funds and loss of key employees;
risks related to our ability to continue to conduct our activities
in a manner so as to not be deemed an investment company under the
Investment Company Act of 1940, as amended; risks related to our
energy business, including the volatility and availability of crude
oil, declines in global demand for crude oil, refined products and
liquid transportation fuels as result of the COVID-19 pandemic,
other feed stocks and refined products, unfavorable refining margin
(crack spread), interrupted access to pipelines, significant
fluctuations in nitrogen fertilizer demand in the agricultural
industry and seasonality of results; risks related to our
automotive activities and exposure to adverse conditions in the
automotive industry, including as a result of the COVID-19
pandemic; risks related to our food packaging activities, including
competition from better capitalized competitors, inability of its
suppliers to timely deliver raw materials, and the failure to
effectively respond to industry changes in casings technology;
risks related to our scrap metals activities, including potential
environmental exposure; risks related to our real estate
activities, including the extent of any tenant bankruptcies and
insolvencies; risks related to our home fashion operations,
including changes in the availability and price of raw materials,
and changes in transportation costs and delivery times. These risks
and uncertainties also include the risks and uncertainties
described in our Annual Report on Form 10-K for the year
ended December 31, 2019 and those set forth in this Report,
including under the caption “Risk Factors,” under Part II,
Item 1A of this Report. Additionally, there may be other
factors not presently known to us or which we currently consider to
be immaterial that may cause our actual results to differ
materially from the forward-looking statements.