Investor Presentaiton

Projected margin improvement from investment projects Process heavier crudes and produce higher quality fuels Reficar Project Optimize operating costs Process heavier crudes and produce more value added products Utilities Project Barranca modernization project 2012 2013 2014 2015 2016 2020 Reficar Ebitda Barranca Ebitda 60%M Years 37 32

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