PitchSend

Investor Presentaiton

Financial Strategy & Capital Allocation Priorities Maximizing FCF & increasing allocation to equity holders as leverage decreases Financial Strategy Maintain ☐ Achieve Investment Grade credit ratings Capital Allocation Priorities Higher Leverage More to Debt Reduction Lower Leverage More to Equity Holders Distribution coverage ≥ 130% long-term goal (1) See Definitions. Self-fund disciplined investments Significant liquidity & financial flexibility Achieve targeted leverage ratio (1): 3.75x-4.25x Achieve Mid-BBB / Baa Credit Ratings Equity Returns Increase Cash Returned to Equity Holders Disciplined Investments High Return, "Must Do, No Regrets" Capital Debt Reduction Achieve Targeted Leverage 19

View entire presentation