ICAHN ENTERPRISES L.P. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 26, 2013

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The Value of Activist Board Membership

 

The following Chart has been prepared by Icahn Enterprises and responds to those that question the efficacy of including activists’ designees on public company Boards of Directors.

 

From November 15, 2008 to November 15, 2013 (a 5 year period) Icahn designees have joined the Boards of the 20 public companies listed in the Chart. As reflected in the Chart, a person that invested in each company on the date that the Icahn designee joined the Board, and that sold on the date that the Icahn designee left the Board (or continued to hold through November 15, 2013 if the designee did not leave the Board) would have obtained an annualized return of 28%. A 28% annualized return reflects favorably relative to the various metrics set forth in the Chart for comparison purposes.

 

        Date              S&P 500   Dow Jones   Russell     
        Exited  Hypothetical   Berkshire   Leucadia   Loews Corp   annualized   annualized   annualized   Hedge Fund 
        Board (or  Investor   Hathaway Inc   National Corp   annualized   return   return   return   Index 
        11/15/2013  annualized   annualized   annualized   return   during   during   during   annualized 
     Date Joined   if still on  Return during   return during   return during   during   board   board   board   return during 
#  Company Name  Board   board)  board tenure   board tenure   board tenure   board tenure   tenure   tenure   tenure   board tenure 
                                           
1  Amyln Pharmaceuticals Inc   6/9/2009   8/8/2012   38%   11%   0%   13%   16%   17%   16%   1%
2  Biogen Idec Inc   6/10/2009   11/15/2013   42%   16%   6%   14%   18%   18%   20%   3%
3  Chesapeake Energy Corp   6/21/2012   11/15/2013   31%   29%   29%   15%   27%   22%   33%   6%
4  CIT Group Inc   12/18/2009   5/10/2011   38%   15%   42%   12%   18%   19%   29%   4%
5  Dynegy Inc   3/9/2011   10/1/2012   -81%   2%   -21%   -1%   8%   10%   3%   -5%
6  Enzon Pharmaceuticals Inc   5/21/2009   11/15/2013   -12%   16%   10%   16%   19%   19%   22%   3%
7  Forest Laboratories Inc.   8/5/2012   11/15/2013   40%   27%   30%   15%   25%   20%   33%   6%
8  Genzyme Corp   6/16/2010   4/11/2011   61%   7%   96%   36%   26%   27%   33%   8%
9  Herbalife International Ltd   4/25/2013   11/15/2013   200%   15%   -11%   13%   28%   19%   38%   3%
10  Mentor Graphics Corp   5/18/2011   11/15/2013   18%   16%   -8%   6%   15%   13%   14%   0%
11  MGM Studios   4/25/2012   8/15/2012   96%   21%   -33%   -1%   6%   5%   -2%   -2%
12  Motorola Mobility Inc   1/3/2011   5/22/2012   22%   0%   -22%   0%   5%   8%   -2%   -6%
13  Motorola Solutions Inc   1/4/2011   3/1/2012   23%   -1%   -3%   1%   9%   13%   5%   -5%
14  Navistar International Corp   10/8/2012   11/15/2013   66%   26%   26%   13%   24%   19%   31%   6%
15  Nuance Communications, Inc   10/7/2013   11/15/2013   -70%   30%   36%   27%   98%   91%   56%   10%
16  Take-Two Interactive Software Inc.   4/15/2010   11/15/2013   15%   11%   2%   7%   14%   14%   14%   1%
17  The Hain Celestial Group Inc   7/7/2010   11/15/2013   53%   12%   14%   11%   20%   18%   21%   2%
18  Transocean Ltd   5/17/2013   11/15/2013   8%   6%   -21%   8%   19%   11%   27%   1%
19  Voltari Corp   6/17/2010   11/15/2013   -59%   12%   10%   11%   17%   16%   18%   1%
20  WebMD Health Corp   7/24/2012   8/5/2013   124%   40%   32%   15%   29%   26%   39%   7%
Total           28%   14%   9%   11%   18%   17%   19%   2%

 

Returns assume equal weighting in each investment.

 

Source of return data = Bloomberg Total Return function including dividends reinvested.

 

The Chart does not reflect the actual results of IEP’s Investment segment, nor is it necessarily indicative of future results of IEP’s Investment segment.

 

 

 

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