1. Motiva Board of Directors Meeting November 7, 2001 Convent Refinery and Norco Refinery Low Sulfur Gasoline Projects

2. Regulatory Activity LS Gasoline 30 ppm Refinery Avg w/Credits (90 ppm Corporate Avg) (300 ppm Cap) LS Gasoline 30 ppm Ref. Avg w/Credits (80 ppm Cap) LS Gasoline No Refinery Average (120 ppm Corporate Avg) (300 ppm Cap) EPA Phase II RFG Began (1/1/00) Atlanta 30 ppm Sulfur Gasoline 1999 20002001 20022003200420052006200720082009 FEDERAL STATE North Carolina 30 ppm Sulfur Gasoline Atlanta/Birmingham 150 ppm Sulfur Gasoline

3. Federal Low Sulfur Standard

4. Credits / Allotments §Credits Ü Refinery generates if < 90% of ‘97-’98 baseline during ‘00-‘03 Ü Refinery generates if < 30 ppm S in ‘04+ §Allotments Ü Refinery generates in ‘03 only if < 60 ppm S Ü Refiner generates if < standard in ‘04 or ‘05

5. Refinery MOGAS Sulfur Level 390315

6. §Federal S standard phased in over 3 years beginning ‘04 §Atlanta area & North Carolina require 30 ppm S (80 ppm cap) effective Apr‘03 and Jan‘04 respectively §MTBE ban in Motiva markets by ‘05 due to state action or EPA ban under TSCA §RFG oxygenate mandate remain in place - ethanol only acceptable replacement §Market demand for RFG constant §Overall gasoline supply volume will shrink by 2% §93 octane premium continues §Premium demand falls by 2% points during 5 yr plan Motiva Premises

7. Low Sulfur Gasoline Strategy §Atlanta area requires 30 ppm S gasoline Apr‘03 l PAR will supply 20 MBPD ULR in 2003 l NOR will supply 5 MBPD ULP in 2003 §COR/NOR/PAR supply 30 ppm S gasoline to Atlanta / North Carolina during ‘04 & ‘05 §Motiva will generate credits during ‘00 -‘03 as a result of RFG Phase II l Use credits to meet refinery avg (30 ppm) in ‘05 and ‘06 §Motiva operate at corporate avg (120 ppm) in ‘04 §Motiva operate at corporate avg (90 ppm) in ‘05

8. Technologies §Conventional Hydrotreating §CD Tech §ExxonMobil Scanfining §IFP Prime G and G+ §UOP ISAL and ISAL-2 §Phillips S-Zorb §BP OATS

9. CD Tech Hydro / HDS Technology CDHydro ® MCN + HCN HCN from Main Fractionator Sidedraw LCN Hydrogen MCN + HCN MCN HCN CDHDS ® Hydrogen AmineTreat and Recycle POLISHING REACTOR to achieve Ultra Low S levels Mercaptans + di-olefins form sulfides, which distill down to the bottom of column. (Thioetherification) Hydro- desulfurization Hydrogen FCC C5+ Gasoline

10. CD Tech Hydro / HDS PRO’s H Relative lower “Total Cost of Ownership” (TCO) H Polishing reactor enhances octane retention (selectivity) H Minimal yield loss H Catalyst life consistent w/FCCU cycle H Proven track record H Adaptable to future ultra low sulfur (<10 ppm) CON’S 6 Catalyst costs (lease and handling)

11. Octane Loss Comparison

12. NOR BLOCK FLOW DIAGRAM

13. NOR LSG PROJECT SCOPE $MM §CD Tech Hydro/HDS 60  Includes palladium §Offsites 20  Feedstock/product/rerun lines  Electrical infrastructure/expansion  Utilities  Site prep including demo/equipment relocation  Hydrogen pipeline  Off-spec tankage

14. NOR LSG Project Milestone Schedule

15. Completion of FEL Start of FEL

16. $MM Business Plan 58  Additional OSBL Scope (piping) +10  Additional Equip. & Labor (CD Tech Unit)+6  Additional ISBL Engineering+3  Other+3 Current 80 NOR Current versus Forecast Capital

17. NOR LSG Project Equipment Summary Item Business Plan # Current # Vessels923 Pumps1619 Exchangers1421 Compressor11 Heater11 Other07 TOTAL4172

18. NOR LSG Capital Project

19. NOR ‘Project Case’ Economics

22. Norco Premium Gasoline Note: 2006 includes low sulfur gasoline and ethanol

23. COR BLOCK FLOW DIAGRAM

24. COR LSG PROJECT SCOPE $MM §CD Tech Hydro/HDS 55  Includes palladium §Polishing Reactor 5 §Off-sites 25  65,000 feet of piping  1,000 feet of new piperack  New and revised pumps/exchangers/coolers  Storage tank conversions  Site prep  Underground sewer and firewater piping  FCCU caustic treater modifications  Engineering

25. COR LSG Project Milestone Schedule

26. Completion of FEL Start of FEL

27. $MM Business Plan 69  Additional Equip. & Labor (CD Tech Unit) +10  Additional ISBL Engineering +3  Additional OSBL Piping & Piperack Scope +2  Additional Site Prep / OSBL Engineering +1 Current 85 COR Current versus Forecast Capital

28. COR LSG Project Equipment Summary Item Business Plan # Current # Vessels1432 Pumps2027 Exchangers/Coolers2026 Compressor11 Heater11 Other07 TOTAL5694

29. COR LSG Capital Project

30. COR ‘Project Case’ Economics

31. COR Project Capital Cost

32. COR FCCU Naphtha Processing

33. COR Premium Gasoline Note: 2006 includes low sulfur gasoline and ethanol