Catrina holds PBF 26.8: Projected EBITDA also has limitations as an analytical tool and should not be considered in isolation, or as a substitute for analysis of our future results as reported under GAAP.

In addition, projected EBITDA is not presented as, and should not be considered, an alternative to cash flows from operations as a measure of liquidity. Projected EBITDA should not be considered as an alternative to operating income or net income as a measure of operating performance. We believe projected EBITDA provides useful information to investors because it is a useful measure in assessing the potential contribution of the to-be acquired assets and their future impact to PBF's consolidated results. See the accompanying tables and footnotes in this release for additional information on the non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures. PBF's non-GAAP financial measures may also differ from similarly named measures used by other companies.


Adell:
PBF believes that non-GAAP financial measures provide useful information about its operating performance and financial results.

Izetta:
Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.

Talisha:
At the end of the quarter, there were 91,069,930 shares of Class A common stock and PBF Energy Company LLC Series A Units outstanding.

Brigida:
After giving effect to shares already purchased under the program, the company has approximately $153 million of available repurchasing authorization under the program going forward.

Svetlana:
As of the end the second quarter, 5,908,230 shares of Class A common stock have been repurchased at an average price of approximately $24.82 per share, excluding broker fees.

Johnette:
PBF is not obligated to purchase any shares under the repurchase program, and repurchases may be suspended or discontinued at any time without prior notice.

Oma:
The timing and number of shares repurchased will depend on a variety of factors, including price, capital availability, legal requirements and economic and market conditions.

Nancie:
On October 29, 2014, the board of directors approved a $100 million increase to the existing authorization, for a total repurchase authorization of $300 million.

Angela:
The transaction also includes 80 percent ownership in each of the Collins Pipeline Company and T&M Terminal Company, which provide clean products outlets for the refinery via the Plantation and Colonial Pipelines.

Georgie:
In addition to refining assets, the transaction includes 100 percent ownership of the MOEM Pipeline, providing access to the Empire Terminal, as well as the CAM Connection Pipeline, providing access to the LOOP facility through a third party pipeline.

Pbf Energy Inc. (NYSE:PBF)
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