On June 28, 2018, Butler Hall Capital LLC sent a letter to the Board of Directors of CVR Refining LP regarding the recently announced tender proposal from CVR Energy Inc. In the letter, Butler Hall expressed its view that CVR Energy’s proposal grossly undervalues the Company on both an absolute and relative basis. Butler Hall recommended that the Board address the conflict of interest by forming an independent conflicts committee to evaluate the current offer and provide a recommendation to unitholders.