Phillips 66 : First-Quarter Earnings Conference Call

FIRST QUARTER 2020 CONFERENCE CALL

May 1, 2020

Phillips 66 Branded Marketing Site ST. LOUIS, MO

Cautionary Statement

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as "is anticipated," "is estimated," "is expected," "is planned," "is scheduled," "is targeted," "believes," "continues," "intends," "will," "would," "objectives," "goals," "projects," "efforts," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking.Forward-looking statements included in this presentation are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general economic and political developments including: armed hostilities; expropriation of assets; changes in governmental policies relating to NGL, crude oil, natural gas or refined petroleum products pricing, regulation or taxation; and other political, economic and diplomatic developments, including those caused by public health issues and outbreaks; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66's businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures at the end of the presentation materials or in the "Investors" section of our website.

First Quarter 2020 Conference Call 2

Executing the Strategy

Freeport Terminal LPG Facility FREEPORT, TX

First Quarter 2020 Conference Call 3

1Q 2020 Overview

Lake Charles Isomerization Unit WESTLAKE, LA

$MM (UNLESS OTHERWISE NOTED)

Adjusted earnings	$ 450
Adjusted EPS1	1.02
Operating cash flow excluding working capital2	736
Adjusted capital spending3	900
Shareholder distributions4	839
Common shares outstanding at March 31	437	MM

1. Dollars per share
2. Excludes working capital impacts of $519 million
3. Capital expenditures and investments excluding $23 million of capital spending funded by Gray Oak joint venture partners
4. Shareholder distributions include dividends and share repurchases

First Quarter 2020 Conference Call 4

1Q 2020 Adjusted Earnings

1Q 2020 VS. 4Q 2019 ($MM)

201 14

55 20

212 5

689

450

(746)

4Q 2019	Midstream	Chemicals	Marketing	Corporate	Refining		Income	Noncontrolling	1Q 2020
Adjusted			& Specialties	& Other			Taxes	Interests	Adjusted
Earnings									Earnings
	460	193	488	(197)	(401)	(24)	(69)
		1Q 2020 Adjusted Pre-Tax Income (Loss)

First Quarter 2020 Conference Call 5

1Q 2020 Midstream Adjusted Pre-Tax Income

1Q 2020 VS. 4Q 2019 ($MM)

Transportation volumes impacted by lower refinery utilization

Record NGL & Other results

DCP Midstream capital and cost reductions

46

59

(50)

460

405

4Q 2019	Transportation	NGL &	DCP	1Q 2020
Adjusted		Other	Midstream	Adjusted
Pre-Tax Income				Pre-Tax Income
	200	179	81
		1Q 2020

First Quarter 2020 Conference Call 6

1Q 2020 Chemicals Adjusted Pre-Tax Income

1Q 2020 VS. 4Q 2019 ($MM)

39

98% O&P utilization

4

(23)

Record domestic ethylene and polyethylene production

173

193

Planned capital and cost reductions

4Q 2019	Olefins &	Specialties,	Other	1Q 2020
Adjusted	Polyolefins	Aromatics		Adjusted
Pre-Tax Income		& Styrenics		Pre-Tax Income
	193	12	(12)
		1Q 2020

First Quarter 2020 Conference Call 7

1Q 2020 Refining Adjusted Pre-Tax Loss

1Q 2020 VS. 4Q 2019 ($MM)

83% crude utilization

345

(257)

82% clean product yield

(249)		(401)
$7.11/BBL realized margin	(110)
	(130)

$329 MM turnaround costs

4Q 2019	Atlantic	Gulf	Central	West	1Q 2020
Adjusted	Basin /	Coast	Corridor	Coast	Adjusted
Pre-Tax Income	Europe				Pre-Tax Loss
	(196)	(173)	223	(255)
		1Q 2020

First Quarter 2020 Conference Call 8

1Q 2020 Refining Margins - Market vs. Realized

WORLDWIDE REFINING ($/BBL, UNLESS OTHERWISE NOTED)

(1.01)

(1.32)(0.21)(0.17)

9.82

7.11

1Q 2020	Configuration	Secondary	Feedstock	Other	1Q 2020
Market		Products			Realized
3:2:1					Margin
Avg Market Crude: $48.73			72% Market Capture

First Quarter 2020 Conference Call 9

1Q 2020 Marketing & Specialties Adjusted Pre-Tax Income

1Q 2020 VS. 4Q 2019 ($MM)

Higher global marketing margins

Reimaged 269 branded sites worldwide

Refined product exports of 160 MBPD

1974

488

287

4Q 2019	Marketing	Specialties	1Q 2020
Adjusted	& Other		Adjusted
Pre-Tax Income			Pre-Tax Income

43454

1Q 2020

First Quarter 2020 Conference Call 10

1Q 2020 Corporate & Other Adjusted Pre-Tax Loss

1Q 2020 VS. 4Q 2019 ($MM)

4Q 2019	Net Interest	Corporate	1Q 2020
Adjusted	Overhead	Adjusted
Pre-Tax Loss	Expense	& Other	Pre-Tax Loss

(211)	(197)

13

1

First Quarter 2020 Conference Call 11

1Q 2020 Cash Flow

$B

1.2

0.7

(0.9) (0.5)

(0.8) (0.1)

1.6

1.2

December 31,	CFO	Working	Debt	Adjusted	Shareholder	Other	March 31,
2019	(excluding	Capital		Capital	Distributions		2020
Cash	Working			Spending2			Cash
Balance1	Capital)						Balance1

First Quarter 2020 Conference Call 12

1. Includes cash and cash equivalents
2. Capital expenditures and investments excluding $23 million of capital spending funded by Gray Oak joint venture partners

2Q 2020 Outlook

Global Olefins & Polyolefins utilization	Mid-90%
Refining crude utilization	Market Conditions
Refining turnaround expenses (pre-tax)	$45 MM - $70 MM
Corporate & Other costs (pre-tax)	$200 MM - $220 MM

Bayway Refinery LINDEN, NJ

First Quarter 2020 Conference Call 13

Questions and Answers

Beaumont Terminal NEDERLAND, TX

Appendix

Beaumont Terminal NEDERLAND, TX

2020 Estimated Sensitivities

	Annual EBITDA $MM
Midstream - DCP (net to Phillips 66)
10¢/Gal Increase in NGL price	9
10¢/MMBtu Increase in Natural Gas price	2
$1/BBL Increase in WTI price	1
Chemicals - CPChem (net to Phillips 66)
1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO)	65
Worldwide Refining
$1/BBL Increase in Gasoline Margin	350
$1/BBL Increase in Distillate Margin	300
Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators:
$1/BBL Widening WTI / WCS Differential (WTI less WCS)	100
$1/BBL Widening LLS / Maya Differential (LLS less Maya)	75
$1/BBL Widening LLS / WTI Differential (LLS less WTI)	35
$1/BBL Widening WTI / WTS Differential (WTI less WTS)	30
10¢/MMBtu Increase in Natural Gas price	(15)

First Quarter 2020 Conference Call 16

Sensitivities shown above are independent and are only valid within a limited price range

Capital Structure

Consolidated PSX

Excluding PSXP

				35%
27%	29%	30%		33%					31%
				25%	25%
		27%			22%		28%
20%	23%						22%
					17%
					14%
27.4	27.2	27.2	23.6	25.1		24.7	24.9
				21.4
10.1	11.2	11.8		13.0					9.4
			8.1	8.2
		1.2	7.2	1.3
	3.1	3.0		1.1
	1.6			2.9	3.0
2017	2018	2019		1Q	2017	2018	2019		1Q
				2020					2020
	Equity $B	Debt $B	Cash & Cash Equivalents $B		Debt-to-Capital	Net Debt-to-Capital

First Quarter 2020 Conference Call 17

1Q 2020 Refining Margins - Market vs. Realized

ATLANTIC BASIN / EUROPE ($/BBL, UNLESS OTHERWISE NOTED)

Brent: $50.26

81% crude utilization

29% market capture

0.12

(0.45)

8.20

0.25

(5.74)

2.38

1Q 2020	Configuration Secondary	Feedstock	Other	1Q 2020
Market	Products			Realized
3:2:1				Margin

Market 3:2:1 - Dated Brent / Gasoline 83.7 RBOB NYH / Diesel 15ppm NYH

First Quarter 2020 Conference Call 18

1Q 2020 Refining Margins - Market vs. Realized

GULF COAST ($/BBL, UNLESS OTHERWISE NOTED)

LLS: $48.30

84% crude utilization

85% market capture

0.73

0.42

(1.38)

(0.94)

7.93

6.76

1Q 2020	Configuration Secondary	Feedstock	Other	1Q 2020
Market	Products			Realized
3:2:1				Margin

Market 3:2:1 - LLS / Gasoline 85 CBOB / Diesel 62 10ppm

First Quarter 2020 Conference Call 19

1Q 2020 Refining Margins - Market vs. Realized

CENTRAL CORRIDOR ($/BBL, UNLESS OTHERWISE NOTED)

WTI: $45.97

2.10

3.32

89% crude utilization

124% market capture

(0.52)

(2.31)

10.91

13.50

1Q 2020	Configuration Secondary	Feedstock	Other	1Q 2020
Market	Products			Realized
3:2:1				Margin

Market 3:2:1 - WTI / Gasoline Unl Sub Octane Group 3 / ULSD Group 3

First Quarter 2020 Conference Call 20

1Q 2020 Refining Margins - Market vs. Realized

WEST COAST ($/BBL, UNLESS OTHERWISE NOTED)

(0.55)

ANS: $51.40

0.48

(2.55)

14.62

77% crude utilization

(7.20)

4.80

33% market capture

1Q 2020	Configuration Secondary	Feedstock	Other	1Q 2020
Market	Products			Realized
3:2:1				Margin

Market 3:2:1 - ANS / Los Angeles CARBOB / Los Angeles No. 2 CARB

First Quarter 2020 Conference Call 21

1Q 2020 Adjusted Earnings

1Q 2020 VS. 1Q 2019 ($MM)

		42
	13
283			(3)

144

(34)

450

187	(182)

1Q 2019	Midstream	Chemicals	Refining	Marketing	Corporate		Income	Noncontrolling	1Q 2020
Adjusted				& Specialties	& Other		Taxes	Interests	Adjusted
Earnings									Earnings
	460	193	(401)	488	(197)	(24)	(69)
		1Q 2020 Adjusted Pre-Tax Income (Loss)

First Quarter 2020 Conference Call 22

1Q 2020 Midstream Adjusted Pre-Tax Income

1Q 2020 VS. 1Q 2019 ($MM)

58

89

(3)

460

316

1Q 2019	Transportation	NGL & Other	DCP	1Q 2020
Adjusted			Midstream	Adjusted
Pre-Tax Income				Pre-Tax Income
	200	179	81
		1Q 2020

First Quarter 2020 Conference Call 23

1Q 2020 Chemicals Adjusted Pre-Tax Income

1Q 2020 VS. 1Q 2019 ($MM)

6

(26)

(14)

227

193

1Q 2019	Olefins &	Specialties,	Other	1Q 2020
Adjusted	Polyolefins	Aromatics &		Adjusted
Pre-Tax Income		Styrenics		Pre-Tax Income
	193	12	(12)
		1Q 2020

First Quarter 2020 Conference Call 24

1Q 2020 Refining Adjusted Pre-Tax Loss

1Q 2020 VS. 1Q 2019 ($MM)

1Q 2019	Atlantic	Gulf	Central		1Q 2020
Adjusted	Basin /		Adjusted
Pre-Tax Loss	Europe	Coast	Corridor	West Coast	Pre-Tax Loss

(219)

(401)

167

(189)				(105)
	(55)
(196)	(173)	223	(255)
		1Q 2020

First Quarter 2020 Conference Call 25

1Q 2020 Marketing & Specialties Adjusted Pre-Tax Income

1Q 2020 VS. 1Q 2019 ($MM)

296

(13)

488

205

1Q 2019	Marketing	Specialties	1Q 2020
Adjusted	& Other		Adjusted
Pre-Tax Income			Pre-Tax Income
	434	54
		1Q 2020

First Quarter 2020 Conference Call 26

1Q 2020 Corporate & Other Adjusted Pre-Tax Loss

1Q 2020 VS. 1Q 2019 ($MM)

1Q 2019	Net Interest	Corporate	1Q 2020
Adjusted	Overhead	Adjusted
Pre-Tax Loss	Expense	& Other	Pre-Tax Loss

(210)	(197)

5	8

First Quarter 2020 Conference Call 27

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
		2020	2019
		1Q		4Q	1Q
Phillips 66
Consolidated Earnings (Loss)	$	(2,496)	736	204
Pre-Tax Adjustments:
Pending claims and settlements		(37)		-	(21)
Impairments		3,006		-	-
Certain tax impacts		-	(90)	-
Lower-of-cost-or-market inventory adjustments		52	23	-
Tax impact of adjustments1		(75)	17	4
Other tax impacts		-		3	-
Adjusted Earnings	$	450		689	187
Earnings (Loss) Per Share of Common Stock (dollars)	$	(5.66)	1.64	0.44
Adjusted Earnings Per Share of Common Stock (dollars)2	$	1.02	1.54	0.40

1. We generally tax effect taxableU.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 25%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.
2. Q1 2020 is based on adjustedweighted-average diluted shares outstanding of 442,302 thousand, and other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.

First Quarter 2020 Conference Call 28

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
		2020	2019
		1Q		4Q	1Q
Midstream
Pre-Tax Income (Loss)	$	(702)	405	316
Pre-Tax Adjustments:
Lower-of-cost-or-market inventory adjustments		1		-	-
Impairments		1,161		-	-
Adjusted Pre-Tax Income	$	460	405	316
Chemicals
Pre-Tax Income	$	169	150	227
Pre-Tax Adjustments:
Lower-of-cost-or-market inventory adjustments		24		23	-
Adjusted Pre-Tax Income	$	193		173	227

First Quarter 2020 Conference Call 29

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
		2020	2019
		1Q		4Q	1Q
Refining
Pre-Tax Income (Loss)	$	(2,261)	345	(198)
Pre-Tax Adjustments:
Pending claims and settlements		-		-	(21)
Impairments		1,845		-	-
Lower-of-cost-or-market inventory adjustments		15		-	-
Adjusted Pre-Tax Income (Loss)	$	(401)	345	(219)
Marketing & Specialties
Pre-Tax Income	$	513	377	205
Pre-Tax Adjustments:
Lower-of-cost-or-market inventory adjustments		12		-	-
Pending claims and settlements		(37)		-	-
Certain tax impacts		-		(90)	-
Adjusted Pre-Tax Income	$	488	287	205
Corporate & Other
Pre-Tax Loss	$	(197)	(211)	(210)
Pre-Tax Adjustments:
None		-		-	-
Adjusted Pre-Tax Loss	$	(197)		(211)	(210)

First Quarter 2020 Conference Call 30

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
		2020	2019
		1Q		4Q	1Q
Midstream - Transportation
Pre-Tax Income	$	200	250	203
Pre-Tax Adjustments:
None		-		-	-
Adjusted Pre-Tax Income	$	200	250	203
Midstream - NGL & Other
Pre-Tax Income	$	179	120	90
Pre-Tax Adjustments:
None		-		-	-
Adjusted Pre-Tax Income	$	179	120	90
Midstream - DCP Midstream
Pre-Tax Income (Loss)	$	(1,081)	35	23
Pre-Tax Adjustments:
Impairments		1,161		-	-
Lower-of-cost-or-market inventory adjustments		1		-	-
Adjusted Pre-Tax Income	$	81		35	23

First Quarter 2020 Conference Call 31

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
	2020		2019
	1Q			4Q	1Q
Chemicals - Olefins & Polyolefins
Pre-Tax Income	$	177	131	219
Pre-Tax Adjustments:
Lower-of-cost-or-market inventory adjustments		16		23	-
Adjusted Pre-Tax Income	$	193	154	219
Chemicals - Specialties, Aromatics & Styrenics
Pre-Tax Income	$	4	35	26
Pre-Tax Adjustments:
Lower-of-cost-or-market inventory adjustments		8		-	-
Adjusted Pre-Tax Income	$	12	35	26
Chemicals - Other
Pre-Tax Loss	$	(12)	(16)	(18)
Pre-Tax Adjustments:
None		-		-	-
Adjusted Pre-Tax Loss	$	(12)		(16)	(18)

First Quarter 2020 Conference Call 32

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
		2020	2019
		1Q		4Q	1Q
Refining - Atlantic Basin / Europe
Pre-Tax Income (Loss)	$	(637)	61	(7)
Pre-Tax Adjustments:
Impairments		441		-	-
Adjusted Pre-Tax Income (Loss)	$	(196)		61	(7)
Refining - Gulf Coast
Pre-Tax Income (Loss)	$	(843)	76	(118)
Pre-Tax Adjustments:
Impairments		670		-	-
Adjusted Pre-Tax Income (Loss)	$	(173)		76	(118)

First Quarter 2020 Conference Call 33

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
		2020	2019
		1Q		4Q	1Q
Refining - Central Corridor
Pre-Tax Income (Loss)	$	(227)	333	77
Pre-Tax Adjustments:
Pending claims and settlements		-		-	(21)
Lower-of-cost-or-market inventory adjustments		15		-	-
Impairments		435		-	-
Adjusted Pre-Tax Income	$	223	333	56
Refining - West Coast
Pre-Tax Loss	$	(554)	(125)	(150)
Pre-Tax Adjustments:
Impairments		299		-	-
Adjusted Pre-Tax Loss	$	(255)		(125)	(150)

First Quarter 2020 Conference Call 34

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
	2020		2019
	1Q			4Q	1Q
Marketing & Specialties - Marketing & Other
Pre-Tax Income	$	471	327	138
Pre-Tax Adjustments:
Certain tax impacts		-	(90)	-
Pending claims and settlements		(37)		-	-
Adjusted Pre-Tax Income	$	434	237	138
Marketing & Specialties - Specialties
Pre-Tax Income	$	42	50	67
Pre-Tax Adjustments:
Lower-of-cost-or-market inventory adjustments		12		-	-
Adjusted Pre-Tax Income	$	54		50	67

First Quarter 2020 Conference Call 35

Non-GAAP Reconciliations

			Millions of Dollars (Except as Indicated)
				1Q 2020
	Atlantic Basin/	Gulf Coast	Central	West Coast	Worldwide
		Europe	Corridor
Realized Refining Margins
Loss before income taxes	$	(637)	(843)	(227)	(554)	(2,261)
Plus:
Taxes other than income taxes		19	37	17	31	104
Depreciation, amortization and impairments		492	741	469	364	2,066
Selling, general and administrative expenses		13	7	6	10	36
Operating expenses		194	492	136	283	1,105
Equity in (earnings) losses of affiliates		2	(1)	51	-	52
Other segment (income) expense, net		(2)	1	(3)	1	(3)
Proportional share of refining gross margins contributed by equity affiliates		16	-	113	-	129
Special items:
Lower-of-cost-or-market inventory adjustments		-	-	35	-	35
Realized refining margins	$	97	434	597	135	1,263
Total processed inputs (thousands of barrels)		41,335	64,066	23,345	27,877	156,623
Adjusted total processed inputs (thousands of barrels)1		41,335	64,066	44,291	27,877	177,569
Loss before income taxes (dollars per barrel)2	$	(15.41)	(13.16)	(9.72)	(19.87)	(14.44)
Realized refining margins (dollars per barrel)3	$	2.38	6.76	13.50	4.80	7.11

1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
2. Loss before income taxes divided by total processed inputs.
3. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

First Quarter 2020 Conference Call 36

Non-GAAP Reconciliations

		1Q 2020
Numerator ($MM)
Net Loss	$	(2,427)
After-tax interest expense		88
GAAP ROCE loss		(2,339)
After-tax special items		2,946
Adjusted ROCE earnings	$	607
Denominator ($MM)
GAAP average capital employed1	$	37,767
2020 Annualized GAAP ROCE		(25)%
2020 Annualized Adjusted ROCE		6 %

First Quarter 2020 Conference Call 37

1) Capital employed is total equity plus total debt

Non-GAAP Reconciliations

		Millions of Dollars (Except as Indicated)
			March 31, 2020
		Phillips 66	Phillips 66	Phillips 66 Excluding
		Consolidated	Partners1	Phillips 66 Partners
Total Debt	$	12,963	3,516	9,447
Total Equity		23,639	2,233	21,406
Debt-to-Capital Ratio		35%		31%
Total Cash & Cash Equivalents	$	1,221	92	1,129
Net Debt-to-Capital Ratio		33%		28%

First Quarter 2020 Conference Call 38

1) Phillips 66 Partners' third-party debt and Phillips 66's noncontrolling interest attributable to Phillips 66 Partners

Non-GAAP Reconciliations

		Millions of Dollars
			1Q 2020
	Growth		Sustaining	Total
Capital Expenditures and Investments
Midstream	$	529	51	580
Refining		98	147	245
Marketing & Specialties		16	9	25
Corporate & Other		1	49	50
Adjusted Capital Spending		644	256	900
Capital Spending Funded by Certain Joint Venture Partners (Midstream)		23	-	23
Total	$	667	256	923

First Quarter 2020 Conference Call 39

Non-GAAP Reconciliations

		Millions of Dollars
		Except as Indicated
		1Q 2020
Effective Tax Rates
Loss before income taxes	$	(2,478)
Special items		3,021
Adjusted income before income taxes	$	543
Income tax benefit	$	(51)
Special items		75
Adjusted income tax expense	$	24
GAAP effective tax rate		2.1%
Adjusted effective tax rate		4.4%

First Quarter 2020 Conference Call 40