Audit 359709

Title: Note 1: Summary of Significant Accounting Policies Accounting Policies: General The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the ICAHN under programs of the federal governments for the year ended December 31, 2024. The information in the schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of ICAHN, it is not intended to and does not present the financial position, changes in net assets, or cash flows of ICAHN. Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Indirect Cost Rate ICAHN has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Other Disclosures There were no federal awards expended for noncash assistance or any other loans or loan guarantees outstanding at year-end. De Minimis Rate Used: N Rate Explanation: ICAHN has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. General The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the ICAHN under programs of the federal governments for the year ended December 31, 2024. The information in the schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of ICAHN, it is not intended to and does not present the financial position, changes in net assets, or cash flows of ICAHN. Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Indirect Cost Rate ICAHN has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Other Disclosures There were no federal awards expended for noncash assistance or any other loans or loan guarantees outstanding at year-end.

Title: Note 2: Balance of Outstanding Loan Accounting Policies: General The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the ICAHN under programs of the federal governments for the year ended December 31, 2024. The information in the schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of ICAHN, it is not intended to and does not present the financial position, changes in net assets, or cash flows of ICAHN. Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Indirect Cost Rate ICAHN has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Other Disclosures There were no federal awards expended for noncash assistance or any other loans or loan guarantees outstanding at year-end. De Minimis Rate Used: N Rate Explanation: ICAHN has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. ICAHN had an outstanding loan with USDA as of December 31, 2024, with a balance of $466,728. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. There were no new loans received during the year ended December 31, 2024.