On January 8, 2021, Tempur Sealy International, Inc. (the Company) directed The Bank of New York Mellon Trust Company, N.A., as trustee (the Trustee) of the Company's 5.625% Senior Notes due 2023 (the Notes), to notify noteholders that the Company has elected to redeem the remaining issued and outstanding Notes as amended and supplemented to date, between the Company and the Trustee (the "Indenture"), and subject to the satisfaction of the Conditions (as defined below). The Company will redeem the remaining $125,000,000 in aggregate principal amount of the issued and outstanding Notes on February 8, 2021 (the "Redemption Date"). The Notes will be redeemed at 101.406% of their principal amount, plus the accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date. The Company expects to fund this redemption by using existing availability under its revolving credit facilities. The Company also expects to increase availability under its revolving credit facilities. This redemption is not expected to impact the Company's share repurchase plans and is simply a refinancing of higher interest bond debt to longer term bank debt. This transaction will result in the Notes being paid in full and is expected to result in annual interest expense savings of approximately $5 million, not including the one-time call premium.