Investor Presentaiton

Robust Free Cash Flow Generation in 2019 Operating Cash Flow -$8.5B Core Capital Spending ~$4.5B Free Cash Flow ~$4B $2B $1B Buybacks Dividends Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix • Expect free cash flow to net income conversion of 80% to 90% • Additional $500 million elective pension contribution in the December quarter ADELTA 67

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