Summary Observations Regarding CVR's Campaign

A1 Aligning Our Portfolio with the Most Attractive Opportunities Divestitures Over $800 million in proceeds since 2016 from well-timed divestitures to enhance our portfolio composition Track record of actively managing our portfolio Dropdowns Asset dropdowns to DKL have created substantial value at both DK and DKL Joint Ventures Joint ventures have provided DK and DKL with low-cost opportunities to expand operations and increase cash flows Acquisitions Built a strong portfolio by strategically acquiring complementary assets Focus on diversifying cash flow streams and reducing cash flow volatility 2019A Adj. Segment Earnings (1) 25% O 75% Projected growth from midstream and retail (excludes upside from new stores) Refining Midstream & Retail 2022E Targeted Adj. Segment Earnings (1) 39% 61% "We think continued growth in DK's less noted midstream and retail segments should drive a growing focus on SOTP, supporting valuation." Delek US (1) (2) See definition in Non-GAAP Disclosures discussion on page 2 and reconciliation to GAAP measure in the Appendix Permission to quote was neither sought nor provided - Raymond James (2) (1/10/2020) 11

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