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8-K
DELEK US HOLDINGS, INC. filed this Form 8-K on 11/27/2017
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Opportunities for Retail Integrated wholesale marketing and retail network at Big Spring; complementary to DKL west Texas 25 Current Retail Operations • Approximately 300 store retail system in Central/west Texas and New Mexico • Supplies ~635 branded sites, including substantially all of Alon’s retail sites • Opportunity to invest in business to improves store base and grow over time to increase retail system value Refineries Legend: Big Spring Krotz Springs Branded license agreement and payment card location Branded company-operated and distributor location Unbranded supply available Phoenix Tucson El Paso Abilene Wichita Falls Albuquerque DKL served terminals El Dorado Tyl er Prior Retail Experience • Built Southeast U.S. retail system with 348 stores • In November 2016 sold the network for $535.0 million, net cash proceeds of $377.3 million before tax • Deal value of approximately 12.7x EBITDA multiple 13.6x 16.4x 6.9x 7.9x 19.3x 7.8x 10.4x 12.7x Susser (2014) Hess (2014) Pioneer (2014) Aloha (2014) Warren (2014) Pantry (2014) CST Brands (2016) DK Retail (2016) Comparative Retail Transaction EBITDA Multiples Median: 10.4x


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