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North American Asphalt Refining 101Ron FeltzMarketing Manager

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Products Made From aBarrel of Crude Oil 2015

Gasoline 19

Other Products 6Jet Fuel 4

Ultra-Low Sulfur Distillate 12Other distillates (heating oil) 1

Heavy fuel oil (residual) 1Hydrocarbon gas liquids 2

Source: EIA

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Light Sweet vs. Heavy Sour Crude Oil

WCS Bakken CondensateVTBYield 34% 0%

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Crude Oil Distillation Tower

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Crude Oil Gasoline

Diesel

Kerosene

Gas Oil

ATBs

AtmosphericTower

Gasoline

Diesel

Kerosene

Gas Oil

VTBs

VacuumTower

Gasoline

Diesel

LCO/HCO

FCCU(CAT cracker)

Gasoline

Diesel

Gas Oil

Coke

Coker

Asphalt

Roofing

#6 Oil

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Operable Refineries and Capacities

Refineries Capacity MMBPCD1982 302 17.92016 141 18.3

Source: EIA

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Operable Refineries

0

50

100

150

200

250

300

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CONFIDENTIALSource: EIA

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U.S. Refinery Yield of Asphalt and Road Oil

0

1

2

3

4

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Perc

ent

U.S. Refinery Yield of Asphalt and Road OilSource: U.S. Energy Information Administration

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Refinery Capacity

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Atmospheric Crude Distillation Capacity 10s BPD Resid Destruction: Cokers, SDA, Other

Source: EIA

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WTI vs. Asphalt Pricing

$15

$35

$55

$75

$95

$115

$135

1/1/05 1/1/06 1/1/07 1/1/08 1/1/09 1/1/10 1/1/11 1/1/12 1/1/13 1/1/14 1/1/15 1/1/16 1/1/17

WTI Asphalt - BBL

Source: Poten and Partners

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Questions