Shifting to Neutral: Fed Pumping the Brakes on Rate Hikes – What Now?

April 8th, 2019

Scott HoranPNC, SVP – Liquidity Management

Matthew Roush, CTPHolly Frontier, Manager – Cash & Treasury Ops

Raymond Vines, CPA, CTPDean Foods, Treasury Director

Overview

1

Agenda

I. 1

II. 2

III. 3

How We Got Here

Market Forces & Today’s Challenges

Execution: A Practitioners View

I. A Quick Look at How We Got Here

10 Years Later

3

What Happened?

� A lot of cash sitting on the sidelines

� Very low interest rates

� Lessons learned from the financial crisis changed investment behaviors

� Low rate environment was the only reference point for many financial professionals as they were not part of the work force the last time rates were higher

� Negative interest rates on some foreign currencies, still

� Bank’s approach to funding evolved due to regulation; deposits become much more important

� Investment companies developed a plethora of new short-term investment options

4Source: 2018 AFP Liquidity Survey

Short Term Interest Rate Expectations

5Sources: www.cmegroup.com, www.pnc.com/en/about-pnc/media/economic-reports.html

Short-Term Cash Environment:Historical View vs. Future Outlook

Stable Rate Environment

� Cash levels continue at all time highs

� Potential for corporate growth to slow somewhat

� Cash growth a question mark

� Excess cash generated from operations expected to be deployed

� Repatriation due to tax reform

� Stabilized cash positioning

Rising Rate Environment

� Cash levels at all time highs and growing

� Excess cash generated from operations expected to be invested

� Repatriation due to tax reform

� Rate environment - rising rates spur creation of attractive investment alternatives

� Regulation impacts everyone

� Fierce competition for short term cash

6

II. Market Changes, Challenges, & Opportunity

Corporate Cash Outlook Trends

8

AFP Corporate Cash Indicators January-19

AFP Corporate Cash Indicators (CCI) – January 2019

• In Q4, corporations increased their cash, which tracks to seasonal EOY trends• Early in 2019, expectations are that firms will customarily look to deploy cash• However, aggressive cash investment is expected to soften

AFP Corporate Cash Indicator (CCI)

-20

-15

-10

-5

0

5

10

15

20

25

30

1Q

201

5

2Q

201

5

3Q

201

5

4Q

201

5

1Q

201

6

2Q

201

6

3Q

201

6

4Q

201

6

1Q

201

7

2Q

201

7

3Q

201

7

4Q

201

7

1Q

201

8

2Q

201

8

3Q

201

8

4Q

201

8

1Q

201

9

CC

I In

de

x*

CCI Actual Quarter Index CCI Anticipated Quarter Index Aggressive/Conservative Investment Strategy

Managing Corporate Cash2018 AFP Liquidity Survey Results: Key Findings

83% of AFP survey respondents stated that they have an investment policy in place

When was the last time your organization created or updated your investment policy guidelines?

9

2018 AFP® Liquidity Survey | www.AFPonline.org | 637 responses

49% of organizations’ short-term investment portfolio is maintained in bank deposits

Does your organization regularly review its cash management strategies to determine the proper mix of investments?

65% of organizations consider safety to be the most valuable short-term investment objective

If safety is a top priority for your company, does your investment mix support it?

76% of AFP survey respondents reported having a significant cash impact in their organization within the past year due to a variety of factors

When was the last time your organization reviewed your current deposit strategy and investment objectives

Universe of Liquid Investment Options

Commercial Paper

-Asset-Backed

Financial

-Non-Financial

Time Deposits

-Certificate of Deposits

-Money-Market Funds

Other

-Variable-Rate Demand Note

-Repo

-Treasury debt

What’s on The Fixed-Income Menu for Cash?

Money Market Instruments

Bank Deposits

Sample portfolio of investments

20%

20%

20%

15%

15%

5%

5%

Non-Interest Bearing DDA (ECR)

Interest-Bearing DDA

Money-Market Deposits

Certificates of Deposit

Notice Accounts

12

Bank Deposit Product Options

Non-interest Bearing DDA

Interest-Bearing DDA

Corp. Analysis Checking with Interest (Hybrid)

Demand Deposits

Offshore

MMFs

Sweep Services

Money Market Deposit

Money Market

DepositsTraditional

Notice Accounts

On-line Portals

CD

Managing Short-Term Operating Cash

Overnight Days/Weeks to [365+] Days

Daily Operating Cash is

needed to support daily operations

� Short term in duration

� Safety primary characteristic

� Passively managed

Reserve Cash serves as a

cushion for unforeseen events

� Up to 1 year duration

� Liquidity primary characteristic

� Actively or passively managed

Higher interest rates create an opportunity to manage the liquidity product continuum

vs

Increase focus on yieldIncrease focus on liquidity and safety

Cash

13

III. Execution- A Practitioners View

TEXPO 2019

M a t t h e w R o u s h , C T P

M a n a g e r , C a s h & T r e a s u r y O p s

m a t t h e w . r o u s h @ h o l l y f r o n t i e r . c o m

Executive SummaryPositioned for Value Creation Across all Segments

REFINING MIDSTREAM SPECIALTY LUBRICANTS

� Inland merchant refiner

� 5 refineries in the Mid Continent, Southwest and Rockies regions

� Flexible refining system with fleet wide discount to WTI

� Premium niche product markets versus Gulf Coast

� Organic initiatives to drive growth and enhance returns

� Disciplined capital structure & allocation

� Operate Crude and Product Pipelines, loading racks, terminals and tanks in and around HFC’s refining assets

� HFC owns 57% of the LP Interest in HEP and the non-economic GP interest

� IDR simplification transaction lowers HEP’s cost of capital

� Over 75% of revenues tied to long term contracts and minimum volume commitments

� Integrated specialty lubricants producer with 34,000 barrels per day of production capacity

� Sells finished lubricants & specialty products in over 80 countries under the Petro-Canada Lubricants & Sonneborn product lines

� Production facilities in Mississauga, Ontario, Tulsa, Oklahoma, Petrolia, Pennsylvania & the Netherlands

� HollyFrontier Lubricants & Specialty Products is the largest North American white oil & group III base oil producer

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� SUNSPRAY® ULTRA-FINE® SPRAY OIL horticultural spray oil for insect and mite pest management

� Sunspray ® MLOTM

larvicide oil used to control mosquito larvae

� SUNDEX® 8000 EU, SUNPAR®, and CIRCOSOL® oils designed for the rubber and chemical industries.

� HYDROLENE® asphalt performance products

� DCA® dust control oils for mines and construction sites

� PUREDRILL™ drilling mud base fluids

Specialty Products

� PURETOL™ white mineral oils (USP, NF, NSF, EP, DABX) used in personal care products

� PURITYTM FG food grade white oils (NSF HI & 3H)

� KRYSTOL™ technical white oils used in nonfood applications

White Oils

� PURITY™ line of Group II and Group II+ base oils

� PURITY™ VHVI (Very High Viscosity Index) line of Group III and Group III+ base oils

Base Oils

Strong Suite of Differentiated Products

Our Key Products

� PUREWAX™ water repellent

� SUNWAXTM

paraffin, microcrystalline, slack and custom blended waxes

� DURON™ heavy-duty engine oils

� SUPREME™ motor oils

� HYDREX™ hydraulic fluids

� SENTRON™ natural gas engine oils

� TURBOFLO™ turbine fluids

� VULTREX™ mining and specialty greases

� ENDURATEX™ gear oils for extreme industrial conditions

� PURITYTM FG food grade lubricants & greases

� PARAFLEXTM HT process fluids

Finished LubricantsWax

15

PUREWAXTM

HollyFrontier Asset Footprint

16

17

Treasury Overview

TREASURY OVERVIEW | Department Structure

•Perform trade credit & collection activities for the organization

•Ensure compliance with credit policy

•Manage credit limits and financial exposure to customers and suppliers

•Minimize bad debts

•Improve/maintain cash flow

Credit

•Oversee all cash transactions for the organization

•Manage banking relationship with current and potential providers

•Prepare cash forecasting and short-term borrowing strategies

•Ensure proper controls for cash resources

Cash

•Effectively source capital to finance organization’s operations and growth

•Develop and implement strategies to negotiate credit facilities to provide liquidity and working capital needs

•Maintain relationship with financial institutions, shareholders, and rating agencies

•Provide strategies to maintain financial flexibility and strength

Corporate Finance

18

19

CORPORATE FINANCE | Deals

20

HFC

November 16, 2016: HFC issued $750 million of its 5.875% Senior Notes that will mature April 1, 2026 . Net proceeds from the offering paid off its $350 million term loan and a portion of the purchase price for Petro-Canada Lubricants Inc. and capital expenditures.

February 16, 2017: HFC upsized its senior unsecured revolving credit facility from $1 billion to $1.35 billion and extended the maturity to 2022.

HEP

July 13, 2016: HEP issued $400 million in aggregate principal amount of 6% senior notes due 2024

September 19, 2016: HEP purchased the newly constructed crude unit, catalytic cracking unit, and polymerization units at HFC’s Woods Cross refinery for a total cash consideration of $278 million.

December 2, 2016: HEP redeemed all of their outstanding 6.50% Senior Notes due 2020.

In 2017: HEP renewed $1.4 billion senior secured revolving credit facility expiring in 2022.

Total of 27 banking partners in HFC and/or HEP credit facilities

HollyFrontier Capital Structure

21

21Maintain Investment Grade Rating from S&P (BBB-),

Moody’s (Baa3), and Fitch (BBB-)

Cash and Short Term Marketable Securities $1,155

HOLLYFRONTIER CORPORATION

HFC Credit Agreement $-

HFC 5.875% Senior Notes due 2026 $1,000

HFC Long Term Debt $1,000

HOLLY ENERGY PARTNERS

HEP 6.00% Senior Notes due 2024 $500

HEP Credit Agreement $923

HEP Long Term Debt $1,423

Consolidated Debt (excludes unamortized discount) $2,423

Stockholders Equity $5,919

Total Capitalization $8,342

Consolidated Debt / Capitalization 29%

Consolidated Net Debt / Capitalization 18%

Consolidated Total Liquidity1 $2,982

HFC Consolidated Capital StructureAs of December 31, 2018 (US$ millions)

Cash and Short Term Marketable Securities $1,152

HFC LONG TERM DEBT

HFC 5.875% Senior Notes due 2026 $1,000

Total Debt $1,000

Stockholders Equity $5,919

Total Capitalization $6,919

HFC Standalone Debt / Capitalization 15%

HFC Standalone Net Debt / Capitalization 0%

HFC Standalone Liquidity $2,502

HFC Standalone Capital StructureAs of December 31, 2018 (US$ millions)

1. Includes Availability from $1.35B HFC Revolver & $1.4B HEP Revolver.

� Investment Grade Rating

- S&P BBB-

- Moody’s Baa3

- Fitch BBB-

� $1,152 million cash as of 12/31/18

� $1 billion outstanding debt as of 12/31/18

- excludes non-recourse HEP debt

� Total debt to capital ratio 15% as of 12/31/18

� Target 1x Net Debt/EBITDA (ex HEP)

* Debt to Capital is calculated by taking total debt (excluding MLP debt) divided by total debt (excluding MLP debt) plus total equity (excluding non-controlling interest). Net Debt to Capital is calculated by taking total net debt (excluding MLP debt) divided by total debt (excluding MLP debt) plus total equity (excluding non-controlling interest).

Debt Ratio %

Peer Group Debt Metrics − 12/31/18

HollyFrontier Credit Profile

22

0%

10%

20%

30%

40%

50%

HFC VLO PSX MPC ANDV PBF DKDebt/Cap Net Debt/Cap

INVESTMENT POLICY | HollyFrontier

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OBJECTIVES (in order of priority)

• Safety of principal is foremost.

• Maintain liquidity sufficient to meet company’s projected cash requirements.

• Maximize after-tax return (net of fees) consistent with safety of principal and liquidity objectives.

SCOPE

• Applies to cash managed in-house and cash with external managers.

• Not applicable for benefit/retirement plan related investments.

Investment Concerns

• Preservation of Capital

• Need for Daily Liquidity

• Constant NAV required in current IP

PARAMETERS

• Permitted Investments

• Credit Quality

• Diversification / Concentration

• Maturity Restrictions

*The investment policy must be reviewed at least annually by the Treasurer and Treasury Manager, updated as appropriate with concurrence by the CFO and approval of the revised policy by the CEO.

Cash Management

24

Bank accounts in the following countries:

*USA *Mexico *Cyprus *Brazil*Canada *Luxembourg *Netherlands *China*United Kingdom *Germany

Currencies:

*US Dollar *EURO *Canadian Dollar*Pound Sterling *Chinese Yuan *Mexican Peso*Brazilian Real

*FX Hedge Policy in place

Cash Management Strategy

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HollyFrontier Corporation

$500mm Target Cash Balance

Holly Energy Partners

Use all cash to pay down debt

• Grow Dividend• Capex expenditures• Return to Share Holders • Mergers and Acquisitions

• Optimize cash structure• Investments All Short Term• Government MMF (no Prime Funds)• Deposit Accounts with bank partners• Time Deposit with banking partners

• Grow Dividend• Minimize Interest Expense• Pay down debt with all excess cash• Mergers and Acquisitions

• No investment accounts

Raymond Vines, CPA, CTP

Treasury Director

Raymond_Vines@deanfoods.com

TEXPO 2019

Company Overview

• Largest processor and direct-to-store distributor of fluid milk

and other dairy case products in the United States

• Nearly 60% of U.S. households purchase a Dean Foods

product annually(2)

• Revenues of $7.8 Billion

• Over 2.4 Billion gallons sold in 2018

• Manufacturing facilities: 60

• One of the top refrigerated carriers in the U.S. with

approximately 5,000 trucks on the road each day

• Total employees: ~ 15,000

• Listed on NYSE as DF

Balanced Product Portfolio (1)

Diversified Customer Base (1)

1. Based on 2018 Net Revenue

2. Source IRI Panel as of December 30, 2018

2

7

Private Label 50%

Company Brands

50%

15%

38%

11%

5%

12%

19%

Small Format

Food Service

Other

Large FormatSchools

Walmart

Key Milestones

2

8

2012

WhiteWave Spin-off/Sale of Morningstar Foods

Dean Foods spins off WWAV and sells Morningstar Foods division

2016

Friendly’s Acquisition

Dean Foods acquires Friendly’s, the #1 ice cream brand in the Northeast

2015

Dean Foods launches DairyPure

Dean Foods launches first and largest fresh white milk national brand

2017

Expanding our products

Dean Foods acquires Steve’s Ice Cream and Uncle Matt’s - the #1 brand of organic orange juice

2018

Majority Shareholder

Dean Foods becomes majority shareholder of Good Karma, a fast growing plant-based brand

2011

Dean Foods launches TruMoo

TruMoo chocolate milk launches nationwide with lower sugar, fewer calories and no high fructose corn

syrup

2001 - 2009

Roll-up Strategy

Dean Foods rolls up numerous brands and dairies to expand the portfolio and

build a national industry player

#1 Provider of Milk in Large and Essential Core Category

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Dean Foods FY 2018 Revenue Mix

* Top 10 Edible Categories; IRI Scan Data, Latest 52 Weeks Ending 8/12/2018

Private

Label

50%

Company

Brands

50%

Dean Foods is the largest provider of fluid milk in the U.S.

Milk ranks #5* in food and beverage at retail

with over 90% household penetration

#1 Market Position

3

0

Highly diversified customer base across multiple channels

3

1

National Ice Cream Platform With Solid Growth Potential and Strong Positions in Branded and Private Label

� Attractive category dynamics in ice cream and frozen

novelties

� Third largest branded U.S. ice cream business (1)

� Strong regional brands

� Leading private label business

� National presence with nine production sites

� Investing in innovation in high-growth segments with

Friendly’s and Steve’s super-premium pints

Strong Regional Brands

(1) As per IRI MULO+C 52 week data as of 1/13/2019.

Extensive DSD Refrigerated and Frozen Network

One of the Largest Refrigerated Carriers in the U.S.One of the Largest Refrigerated Carriers in the U.S.

• Currently operate 60 manufacturing facilities with national distribution capabilities

• Over 100 Branches and Warehouses

• Nationwide network to partner with a broad customer base across retail and foodservice accounts

• Nearly 5,000 Routes

• Our customers include many of the largest food retailers, foodservice companies and distributors in the U.S.

FL

NM

MD

TX

OK

KS

NE

SD

NDMT

WY

CO

UT

ID

AZ

NV

WA

CA

OR

KY

NY

PA

MI

NH

MA

CT

VAWV

OH

INIL

NC

TN

SC

AL

AR

LA

MO

IA

MN

WI

GAMS

VT

NJ

DE

ME

RI

AK

HI

3

2

Successful Refinancing of Debt Capital StructureSound Balance Sheet

33Q4 Results - February 2019

• Successful refinancing provides financial

flexibility and extended maturities

• Flexible, low-cost, multi-year revolving

facilities with greater covenant flexibility

• AR securitization facility was amended and

extended until February 2022; Revolver

has a 5-year term secured by real estate

and other assets

• Net debt down $15 million from LY

*Net debt is total consolidated funded indebtedness as calculated in accordance with our credit agreement except on an all cash netted basis.

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Bank Structure

• Corporate Accounts - 12

� Three Banks

• Lockbox Accounts - 52

� Regional Cash Application

� Six Banks

• International Accounts - 2

� Mexican Peso / USD

� Two Banks

• Route Depository Accounts - 102

� 5k Routes

� Thirty Banks

Q&A

Thank You!

Standard Disclosure

PNC, PNC Bank, ACHIEVEMENT, PINACLE, Working Cash, ActivePay, Global Trade Excellence, Vested Interest, Midland Loan Services, Enterprise!, CMBS Investor Insight, Portfolio Investor Insight, Borrower Insight, Shared Servicing, PNC Riverarch Capital, and PNC Erieview Capital are registered marks of The PNC Financial Services Group, Inc. (“PNC”). PNC Retirement Solutions is a service mark of PNC.

Bank deposit, treasury management and lending products and services, and investment and wealth management and fiduciary services, are provided by PNC Bank, National Association (“PNC Bank”), a wholly-owned subsidiary of PNC and Member FDIC. Certain fiduciary and agency services are provided by PNC Delaware Trust Company. Foreign exchange and derivative products (including commodity derivatives) are obligations of PNC Bank. Equipment financing and leasing products are provided by PNC Equipment Finance, LLC, a wholly-owned subsidiary of PNC Bank. Energy financing is provided by PNC Energy Capital LLC, a wholly-owned subsidiary of PNC Equipment Finance, LLC. Aircraft financing is provided by PNC Aviation Finance, a division of PNC Equipment Finance, LLC. Asset–based lending is provided by PNC Business Credit, a division of PNC Bank and PNC Financial Services UK Ltd. (an indirect wholly-owned subsidiary of PNC Bank) in the United Kingdom. Specialty finance products are provided by Steel City Capital Funding, a division of PNC Bank. Merchant services are provided by PNC Merchant Services Company. Direct equity investing and mezzanine financing are conducted by PNC Capital Finance, LLC through its PNC Riverarch Capital, PNC Mezzanine Capital and PNC Erieview Capital divisions. Investment banking and capital markets activities are conducted by PNC through its subsidiaries PNC Bank, PNC Capital Markets LLC, Harris Williams LLC, Harris Williams & Co Ltd. and Solebury Capital LLC. Services such as public finance investment banking services, securities underwriting, and securities sales and trading are provided by PNC Capital Markets LLC. Merger and acquisition advisory and related services are provided by Harris Williams LLC and Harris Williams & Co. Ltd. Equity capital markets advisory and related services are provided by Solebury Capital LLC. PNC Capital Markets LLC, Harris Williams LLC and Solebury Capital LLC are registered broker-dealers and members of FINRA and SIPC, and Harris Williams & Co. Ltd is authorized and regulated by Financial Services Authority (FRN No. 540892). Harris Williams & Co is the trade name under which Harris Williams LLC and Harris Williams & Co. Ltd. conduct business. Retail brokerage services and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member of FINRA and SIPC. Annuities and other insurance products are offered through PNC Insurance Services, LLC. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”). Investment management and related products and services provided to a “municipal entity” or “obligated person” regarding “proceeds of municipal securities” (as such terms are defined in the Act) will be provided by PNC Capital Advisors, LLC, a wholly-owned subsidiary of PNC Bank. PNC Bank and certain of its affiliates including PNC TC, LLC, an SEC registered investment advisor wholly-owned by PNC Bank, do business as PNC Real Estate. PNC Real Estate provides commercial real estate financing and related services. Through its Tax Credit Capital segment, PNC Real Estate provides lending services, equity investments and equity investment services relating to low income housing tax credit (“LIHTC”) and preservation investments. PNC TC, LLC provides investment advisory services to funds sponsored by PNC Real Estate for LIHTC and preservation investments. Registration with the SEC does not imply a certain level of skill or training. This material does not constitute an offer to sell or a solicitation of an offer to buy any investment product. Risks of each fund are described in the funds’ private placement memorandum or other offering documents.

Important Investor Information: Securities and insurance products are:Not FDIC Insured • Not Bank Guaranteed • Not A DepositNot Insured By Any Federal Government Agency • May Lose Value

In Canada, PNC Bank Canada Branch, the Canadian branch of PNC Bank, provides bank deposit, treasury management, lending (including asset-based lending through its Business Credit division) and leasing and lending products and services (through its Equipment Finance division). Deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation. Deposits with PNC Bank Canada Branch are not insured by the Federal Deposit Insurance Corporation, nor are they guaranteed by the United States Government or any agency thereof. In the event of the failure of PNC Bank, deposits with PNC Bank Canada Branch would be treated as unsecured general liabilities, and creditors would be considered general creditors of PNC Bank.

Lending and leasing products and services, as well as certain other banking products and services, require credit approval.

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PNC does not provide legal, tax or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide investment advice to PNC Retirement Solutions and Vested Interest plan sponsors or participants.

©2017 The PNC Financial Services Group, Inc. All rights reserved.

Forward Looking Statements

Some of the statements made in this presentation are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act

of 1995 including statements relating to: (1) our financial forecast, including projected sales (including specific product lines and the company as a whole), total volume,

price realization, profit margins, net income, earnings per share, free cash flow, our leverage ratio and debt covenant compliance, (2) our regional and national branding

and marketing initiatives, (3) our innovation, research and development plans and our ability to successfully launch new products or brands, (4) commodity prices and

other inputs and our ability to forecast or predict commodity prices, milk production and milk exports, (5) our enterprise-wide cost productivity plan and other cost-saving

initiatives, including plant closures and route reductions, and our ability to achieve expected savings, (6) our planned capital expenditures, (7) the status of our litigation

matters, (8) our plans related to our capital structure, (9) our dividend policy, (10) possible repurchases of shares of our common stock, potential acquisitions, and (12) the

Company’s exploration of strategic alternatives and any potential results thereof. These statements involve risks and uncertainties that may cause results to differ

materially from those set forth in this presentation, including the risks disclosed in our filings with the Securities and Exchange Commission. Financial projections are

based on a number of assumptions. Actual results could be materially different than projected if those assumptions are erroneous. The cost and supply of commodities

and other raw materials are determined by market forces over which we have limited or no control. Sales, operating income, net income, debt covenant compliance,

financial performance and earnings per share can vary based on a variety of economic, governmental and competitive factors, which are identified in our filings with the

Securities and Exchange Commission, including our most recent Forms 10-K and 10-Q (which can be accessed on our website at www.deanfoods.com or on the website

of the Securities and Exchange Commission at www.sec.gov). Our ability to profit from our branding and marketing initiatives depends on a number of factors including

consumer acceptance of our products. The declaration and payment of cash dividends under our dividend policy remains at the sole discretion of the Board of Directors

and will depend upon our financial results, cash requirements, future prospects, restrictions in our credit agreement and debt covenant compliance, applicable law and

other factors that may be deemed relevant by the Board. All forward-looking statements in this presentation speak only as of the date of this presentation. There are no

assurances that the strategic exploration review will result in a transaction or other strategic change or outcome. We expressly disclaim any obligation or undertaking to

release publicly any updates or revisions to any such statements to reflect any change in our expectations with regard thereto or any changes in the events, conditions or

circumstances on which any such statement is based, except as required by law. Certain non-GAAP financial measures contained in this presentation, including adjusted

diluted earnings per share, free cash flow, adjusted EBITDA, net debt, total leverage, adjusted operating income and other adjusted measures, are from continuing

operations and have been adjusted to eliminate the net expense or net gain related to certain items identified in our earnings press release. A full reconciliation of these

measures calculated according to GAAP and on an adjusted basis is contained in such press release, which is publicly available in the investor relations section on our

website.

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