Our Strategy for Growth and Value Creation
Perspectives Regarding CVR's Business Proposals
CVR
Energy Proposal
Shut Down or Convert
Krotz Springs and
El Dorado Refineries
Delek Perspective
US
Recent investments at the Krotz Springs and El Dorado refineries improve ability to capture
margins as the macro environment improves
Self-serving proposal - Delek's refineries compete with CVR in certain markets
Sell Retail Network
Delek is currently focused on growing and enhancing the store network to create value and
will continue to consider monetization alternatives
Halt Dropdowns to DKL
and Buy-In Public Interest
in DKL
Dropdowns to DKL have provided substantial value to Delek shareholders and the current
structure provides an attractive alternative financing vehicle and acquisition currency
Enhance Corporate Cost
Structure & Reduce
Expenses
Exit Non-Core
Assets/Activities, Including
Supply and Trading
Delek has achieved $145 million in annual expense savings during 2020 and is expected to
achieve an additional $80 million (1) in expense savings in 2021
We have a track record of actively managing our portfolio, and supply and trading is a low-
cost business that is highly-integrated with existing operations
Self-serving proposal - CVR is a competitor with our supply and trading business in multiple
markets
Delek
(1) Assumes reduced operations of Krotz Springs and excludes Q1 2021 weather-related impacts
US
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