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425
DELEK US HOLDINGS, INC. filed this Form 425 on 11/27/2017
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Initiatives Underway to Create Sustainable Value Current Valuation Below Peer EV to EBITDA 29 (1) Based on NASDAQ IR Insights/Factset as of 11/20/17.  Balance sheet with $832 million of cash supports company initiatives  Permian focused refining system  Margins benefiting from wider discount between Midland WTI and Brent crude oil  Initiatives underway to unlock value  $95 million of annualized synergy capture expected to be achieved in 2018  $35 to $40 million of annual EBITDA expected from alky project at Krotz Springs to be completed in 1Q19  $78 million of potential logistics EBITDA in dropdown inventory can create cash flow to Delek US  ALDW Transaction would simplify corporate structure and allow reallocation of ALDW distribution to business investments  $8.0 million of potential EBITDA from increased capacity on the Paline Pipeline  $40.0-$45.0 million potential cost savings by divesting all California assets; cash flow to Delek from asset sales  Current valuation for Delek US below peer group may create attractive opportunity 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x EV/EBITDA 2018 2019 18 avg 19 avg


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