ICAHN ENTERPRISES L.P. — Director's Dealing 2009

May 18, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ICAHN ENTERPRISES L.P. (IEP)
CIK: 0000813762
Period of Report: 2009-05-14

Reporting Person: ICAHN CARL C (Director, 10% Owner, Chairman of the Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-14	Depository Units	P	100	$25.96	Acquired	68760427	Indirect

Footnotes

F1: Depository Units representing limited partner interests in Icahn Enterprises L.P., formerly known as American Real Estate
Partners L.P.

F2: Barberry Corp. ("Barberry") beneficially owns 1,573,279 Depository Units. Carl C. Icahn beneficially owns 100% of
Barberry. Mr. Icahn, by virtue of his relationship to Barberry, may be deemed to indirectly beneficially own (as that term is
defined in Rule 13d-3 under the Act) the Depository Units which Barberry directly beneficially owns. Mr. Icahn disclaims
beneficial ownership of such Depository Units except to the extent of his pecuniary interest therein.

F3: CCI Offshore LLC ("CCI Offshore") beneficially owns 1,706,723 Depository Units. Odysseus Holding Corp. ("Odysseus")
is the sole member of CCI Offshore. Carl C. Icahn beneficially owns 100% of Odysseus. Each of Mr. Icahn and Odysseus,
by virtue of their relationship to CCI Offshore, may be deemed to indirectly beneficially own (as that term is defined in
Rule 13d-3 under the Act) the Depository Units which CCI Offshore directly beneficially owns. Each of Mr. Icahn and
Odysseus disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.

F4: CCI Onshore LLC ("CCI Onshore") beneficially owns 3,515,515 Depository Units. High Coast Limited Partnership ("High
Coast") is the sole member of CCI Onshore. Little Meadow Corp. ("Little Meadow") is the general partner of High Coast.
Carl C. Icahn beneficially owns 100% of Little Meadow. Each of Mr. Icahn, Little Meadow and High Coast, by virtue of
their relationship to CCI Onshore, may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3
under the Act) the Depository Units which CCI Onshore directly beneficially owns. Each of Mr. Icahn, Little Meadow and
High Coast disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.

F5: Gascon Partners ("Gascon") beneficially owns 11,892,167 Depository Units. Little Meadow and Astral Gas Corp.
("Astral") are the general partners of Gascon. Unicorn Associates Corp. ("Unicorn") beneficially owns 100% of Astral.
ACF Industries Holding Corp. ("ACF") beneficially owns 100% of Unicorn. Highcrest Investors Corp. ("Highcrest")
beneficially owns 100% of ACF. Buffalo Investors Corp. ("Buffalo") beneficially owns 99.3% of Highcrest. Starfire Holding
Corporation ("Starfire") beneficially owns 100% of Buffalo. Carl C. Icahn beneficially owns 100% of each of Little Meadow
and Starfire. Each of Mr. Icahn, Starfire, Buffalo, Highcrest, ACF, Unicorn, Astral and Little Meadow, by virtue of their
relationship to Gascon, may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Act)
the Depository Units which Gascon directly beneficially owns.

F6: Each of Mr. Icahn, Starfire, Buffalo, Highcrest, ACF, Unicorn, Astral and Little Meadow disclaims beneficial ownership of
such Depository Units except to the extent of their pecuniary interest therein.

F7: High Coast beneficially owns 38,509,836 Depository Units. Little Meadow is the general partner of High Coast. Carl C.
Icahn beneficially owns 100% of Little Meadow. Each of Mr. Icahn and Little Meadow, by virtue of their relationship to
High Coast, may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Act) the
Depository Units which High Coast directly beneficially owns. Each of Mr. Icahn and Little Meadow disclaims beneficial
ownership of such Depository Units except to the extent of their pecuniary interest therein.

F8: Highcrest beneficially owns 3,866,379 Depository Units. Buffalo beneficially owns 99.3% of Highcrest. Starfire beneficially
owns 100% of Buffalo. Carl C. Icahn beneficially owns 100% of Starfire. Each of Mr. Icahn, Starfire and Buffalo, by virtue
of their relationship to Highcrest, may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3
under the Act) the Depository Units which Highcrest directly beneficially owns. Each of Mr. Icahn, Starfire and Buffalo
disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.

F9: Icahn Management LP ("Icahn Management") beneficially owns 3,410,441 Depository Units. CCI Manager LLC ("CCI
Manager") is the general partner of Icahn Management. Carl C. Icahn beneficially owns 99.8% of CCI Manager. Each of
Mr. Icahn and CCI Manager, by virtue of their relationship to Icahn Management, may be deemed to indirectly beneficially
own (as that term is defined in Rule 13d-3 under the Act) the Depository Units which Icahn Management directly
beneficially owns. Each of Mr. Icahn and CCI Manager disclaims beneficial ownership of such Depository Units except to
the extent of their pecuniary interest therein.

F10: Thornwood Associates Limited Partnership ("Thornwood") beneficially owns 4,286,087 Depository Units. Barberry is the
general partner of Thornwood. Carl C. Icahn beneficially owns 100% of Barberry. Each of Mr. Icahn and Barberry, by
virtue of their relationship to Thornwood, may be deemed to indirectly beneficially own (as that term is defined in Rule
13d-3 under the Act) the Depository Units which Thornwood directly beneficially owns. Each of Mr. Icahn and Barberry
disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.