Petroplus

Analyst Day Ingolstadt, December 8, 2011

Disclaimer
While all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this presentation is selective in nature and is intended to provide an overview of the business of the Company. Any opinions expressed in this document are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained herein. This presentation may contain forward-looking statements, which include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that the Companys actual financial condition, results of operations and cash flows, and the development of the industry in which the Company operates, may differ materially from those made in or suggested by forward-looking statements contained in this presentation. No obligation is assumed to update any forward-looking statements.

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
3

2011 a very difficult year for European refining

Crude oil & differentials
Global oil demand driven by non-OECD countries Supply concerns driven by the turmoil in the MENA region Macro uncertainty in Europe resulting in volatile crude price Supply disruptions (e.g. Libya, Syria & the North Sea) Strong premiums for light sweet barrels Narrow differentials for sour barrels

Product cracks
Macro uncertainty in Europe weighing on demand for and prices of petroleum products Weakness in gasoline & naphtha Strength in middle distillates

Refining capacity
New refining capacity has come online, predominantly in Asia Capacity rationalization, mainly in Europe and the U.S., is accelerating due to weak margins

Operating expenses
Increased headwinds from weaker U.S. dollar and higher variable costs (energy, catalysts)

European refining margins remain depressed

USD/bbl
7 6 5 4 3 2 1 0 Jan (1) (2) (3) Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Petroplus Market Indicator

$2.08

$1.81

$1.53

$1.66

2010 2011 2011 Quarterly average

The PMI is NOT the Petroplus Margin. Petroplus margin may be better or worse depending on location, configuration, crude diet, specialties, etc. The PMI is a daily indicator to give a flavor of the market conditions/trends. It consists of a basket of 4 crude oils (40% Urals, 35% Forties, 12% CPC, 13% Bonny Light) and is calculated and reported after variable costs.
Source: Platts The data is through November 30, 2011

Crude differentials: Everything more expensive

Significant increases in 2011 driven by the lost crude supply from Libya
USD/bbl
5

Differentials to Dated Brent

Urals
(1)

Azeri Light

Ekofisk

CPC

Forties

Saharan Blend

(2)

Q1 2010 Q1 2011

Q2 2010 Q2 2011

Q3 2010 Q3 2011

Q4 2010 Q4TD 2011

(3)

(4)
Source: Platts The Q4TD data is through November 30, 2011

Lost Libyan crude production

has had a major impact on crude price and light sweet differentials in 2011
6 140

Azeri light Diff Ekofisk Diff

5 130

Dated Brent

Differentials to Dated Brent ($/bbl)

Libyan crisis starts

3 110

100

Libyan crude starts to return to the market

90

0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

80

Dated Brent ($/bbl)

120

Source: Platts The data is through November 30, 2011

Urals has strengthened significantly in H2 2011

USD/bbl 1

Differential to Dated Brent

0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

(1)

(2)

(3)

Reasons for the narrow Brent-Urals differential:

Russian crude production reached post-Soviet highs, however high domestic refinery run rates limited exports

(4)

Linefill requirements for two new pipelines

Increased supply of Saudi Arabian sour barrels to replace lost Libyan production

Reduction of Saudi Arabian supply to Europe Fuel oil cracks have been relatively strong, improving Urals economics

(5)

Sources: Platts, PIRA Energy The data is through November 30, 2011

Product cracks have recently shown strength in middle distillates & fuel oil but weakness in naphtha and gasoline
USD/bbl
25

Differentials to Dated Brent

20

15

10

Naphtha
(5)

Gasoline

ULSD

Heating Oil

3.5% Fuel oil

(10)

(15)

Q1 2010 Q1 2011

Q2 2010 Q2 2011

Q3 2010 Q3 2011

Q4 2010 Q4TD 2011

(20)
Source: Bloomberg The Q4TD data is through November 30, 2011

European market environment

mmbbls 160
150 140 130 120 110 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 2010 2011

German Domestic Heating Oil Stocks

Middle distillate cracks are at their strongest level since 2008 and are expected to stay strong through the end of 2011 due to seasonal demand Middle distillate inventories in the ARA have declined sharply and are at their lowest level since 2008, which should support refining margins German domestic heating oil stocks are about 4 mmbbls lower than last year due to delays in restocking owing to the high price environment and unseasonably warm winter weather Strong inland premiums due to the low water levels on the Rhine Naphtha is very weak but is expected to become seasonally stronger when colder weather arrives, as rising LPG prices provide an incentive for steam crackers to shift to naphtha
2009 2010 2011

mmbbls
28 26 24 22 20 18 Jan

ARA Middle Distillate Inventory

Gasoline is weaker than the seasonal norm due to weak demand and as refineries have been increasing runs due to the strength in middle distillates, which has resulted in increased production of other products such as gasoline

Feb Mar Apr May Jun

Jul

Aug Sep

Oct Nov Dec

Source: PIRA Energy

10

The rationalization of European refining capacity continues

15 European refineries closed, up for sale or under strategic review
Refining capacity in Europe (mmbpd) Possible sales/closures Confirmed closures Capacity reduction/Temp shutdown 0.7 0.9 0.2

Several announcements have been made in recent months (0.7 mmbpd on the U.S. East coast, 0.2 mmbpd in Europe) and the low margin environment is expected to accelerate the pace of rationalization

Possible sales/closures Confirmed closure Capacity reduction/Temporary shutdown

Sources: Press, Company reports

11

Global oil demand expected to outpace new capacity

mmbpd
3

2.5

New refinery additions Net refinery expansions Global y-o-y oil demand growth

1.5

0.5

2010

2011

2012

2013

Global oil demand bounced back strongly in 2010 and more than recovered the demand lost during the economic crisis Macroeconomic uncertainty has weighed on demand for petroleum products in 2011 to date Recent announcements are expected to reduce net refining capacity Global GDP growth will set the pace for oil demand growth Emerging markets are expected to drive both oil demand growth and the increase in refining capacity Demand growth is estimated to outpace capacity additions, which should benefit refiners around the world

Source: Wood Mackenzie (demand data from Nov -11, supply data from Dec -11)

12

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
13

Strategic Action Plan

1. Extract maximum value from existing portfolio of assets: 3YIP 2. Establish best practices in diverse portfolio Improve competitiveness through targeted enhancement program Ongoing focus on Petit Couronne

Fix low performers / Asset management Converted Teesside to a terminal Sold Antwerp Processing Facility Reichstett being converted to a terminal, with the intention to sell the site Further actions?

3.

Pursue opportunities to upgrade portfolio Disciplined approach Strict criteria

14

3YIP: Original Goal for 2012

2012 Goal ($/bbl)

2012 Goal ($M)

Gross Margin Energy Efficiency OPEX G&A Total Improvement

$0.40 - $0.55 $0.10 - $0.15 $0.35 - $0.45 $0.05 - $0.10 $0.90 - $1.25

$100M $25M $80M $15M $220M

Goals set up in early 2010 with 2009 as the baseline

15

3YIP: Cash neutral or better in trough-cycle market conditions

MUSD
0

+15 G&A

(100)

+80 +25 Energy efficiency Opex

Original 2012 goal: CF neutral or better at 2009 market conditions

(200)

+100 Gross margin

(300)

(300) 2009 Operating clean cash flow*

+80 Fix low performers

* Operating clean cash flow is defined as clean net income/loss plus depreciation and amortization, less capital expenditures

16

3YIP: Gross Margin Capture

To maximize the capture of market opportunities Key initiatives Business Unit Manager structure / day-to-day optimization Raw material diversification (widening crude & feedstock basket) Product value upgrade Capacity utilization (catalyst run length & turnaround cycle strategies) Original targeted 2012 improvement = $100M

17

3YIP Status 9M 2011: Gross Margin Capture

Key accomplishments 1. Product yield upgrade - Product upgrade (e.g. increased processing of vacuum residue) - Feedstock optimization (e.g. Ingolstadt => Cressier, Coryton => Antwerp) - LPG recovery project (Coryton) - Improved middle distillate yield with new catalyst strategy (Coryton, Ingolstadt) 2. Improved raw material selection - Widening crude & feedstock basket (e.g. crudes from Canada & Bolivia) mitigating the impact of the Libyan crude supply disruption - Improved crude processing constraints Total 9M 2011 improvement = $80M
18
Product yield upgrade Raw material selection

Gross Margin Improvements

3YIP: Improved Clean Gross Margin Capture

$/bbl
4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Q1 -09 Q2 -09 Q3 -09 Q4 -09 Q1 -10 Q2 -10 Q3 -10 Q4 -10 Q1 -11 Q2 -11 Q3 -11 PMI ($/bbl) Capture rate (%) Linear (Capture rate (%))

%
450 400 350 300 250 200 150 100 50 0

Source: Platts Please note that the Teesside and Reichstett sites are excluded from the data displayed above.

19

3YIP: Energy Efficiency

To reduce & optimize the amount of energy required to operate the refineries Key initiatives Reduction of fuel gas and electricity consumption Burning less expensive fuels Optimize steam consumption Increased focus on efficient furnace and boiler operations Optimized utilization vs. energy consumption

Original targeted 2012 improvement = $25M

20

3YIP Status 9M 2011: Energy Efficiency

KPI: Energy Intensity Index (EII) 2009 Baseline 103* 2011 YTD 9 months 95 2012 Goal 91 (targeting a 12% reduction)
100 105

Energy Intensity Index (EII)

Key accomplishments Cogen plant Antwerp (improving energy efficiency & operational reliability) Increased natural gas utilization & new heat exchanger at Coryton Initiatives to improve boiler operations, intensified exchanger cleaning, etc.
85 2009 2010 9M 2011 2012 Target 90 95

Total 9M 2011 improvement = $30M

21

* Restated due to the decision to convert Reichstett to a terminal

3YIP: Operating Cost Reduction

To reduce the costs of operating the refineries Key initiatives Reduce personnel expenses Increase maintenance efficiency (both contract labor and materials) Optimized procurement strategy & skills Improved fuel flexibility

Original targeted 2012 improvement = $80M

22

3YIP Status 9M 2011: Operating Cost Reduction

Key accomplishments Reduction in personnel expenses (e.g. Coryton pension scheme) Staffing level reduction both own employees and contractors Maintenance contract labor efficiencies (all sites) Efforts to mitigate the impact of increased rare earth prices by reducing content in catalysts (Coryton, Ingolstadt, Petit Couronne) Procurement efforts in the areas of: - utilities - technical equipment - chemicals and additives - catalysts - refinery services Total 9M 2011 improvement = $50M
23

3YIP: Structural improvements have been made

but we have also faced sizeable new external headwinds
9M 2009 Clean R&M $M EBITDA 260
240 220 200

9M 2011 Clean R&M EBITDA

+10
180 160

(5)

+65

+15 (15) +30 +10 (35) (20) +30 +50

140 120 100 80 60

(150)

+35

Gross Margin

Energy efficiency

Opex

240

260

24
Please note that the Teesside and Reichstett sites are excluded from the data displayed above.

3YIP: Addressing the Headwinds

GBP/th
0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Jan Mar May Jul Sep Nov
2009 2010 2011

Natural Gas Prices

1.8 1.6 1.4 1.2 1.0 0.8

Foreign Exchange Impact* -1% +2% -5% +4%

2009 2010 9M 2011

+24% +4%

$k/mt
140 120 100 80 60 40 20 0 Jan-10 Apr-10

* Percentage change vs. 2009

EUR/USD

GBP/USD

CHF/USD

Rare Earth Prices

Natural gas prices have risen in 2011 due to the increase in crude price, however there is still an economic incentive to burn natural gas and recover LPGs (benefit in gross margin) Limited export quotas of rare earth (used in the FCC catalyst) from China since July 2010 have increased prices from below $10k/mt to $101k/mt on average in 2011 to date We are pursuing alternative catalysts with lower rare-earth content in order to reduce catalyst expense going forward The weak USD has negatively impacted operating and G&A expenses in 2011; Q4 to date the USD has strengthened slightly against our local currencies, but we remain subject to this variability

Jul-10

Oct-10

Jan-11 Apr-11

Jul-11

Oct-11

Sources: ICIS Heren, Asian Metal, ECB

25

3YIP: G&A
To reduce overhead costs Key initiatives Systems enhancement Improvement of functional work processes Reduction of contractors and external consultants More effective resource management

Original targeted 2012 improvement = $15M

26

3YIP: Structural improvements have been made to G&A

but we have also faced sizeable new external headwinds
$M
0

9M 2009 G&A

Total 9M 2011 improvement = $20M

9M 2011 G&A

(20)

(40)

(60)

(80)

(100)

(120)

(110) (20) (10) +10 +5 +5 (120)

(140)

(160)

* As a result of the conversion of the Teesside refinery into a terminal in 2009

27

3YIP Operational Reliability: The Foundation

Reliability continues to improve due to the 3YIP, with one exception
%
98

Mechanical availability*

96

94

92

90

Coryton 88 2008

Antwerp 2009

Petit Couronne 2010

Cressier

Ingolstadt 9M 2011

2010 Solomon survey results validate significant improvements at most of our refineries
Sources: Solomon, Company data *A measure of a refinerys reliability excluding production slowdowns and including unit outages related to non-turnaround maintenance work and annualized turnaround maintenance

28

3YIP: New Goal for 2012

Original 2012 Goal

Improvement 9M 2011

New 2012 Goal

Gross Margin Energy Efficiency OPEX G&A Total Improvement

$100M $25M $80M $15M $220M

$80M $30M $50M $20M $180M

$125M $45M $80M $25M $275M

Demonstrated improvement Further improvements to reliability and centralized procurement program will drive additional achievements Will it be enough?
29

Closing the gap

Organic improvements not enough in the current environment
MUSD
0

(50)

+5 G&A*
(100)

+60 Remaining gap

+15 Energy efficiency*

(150)

+30 Opex*

(155) 9M 2011 Operating clean cash flow

(200)

Q4 2011 results

+45 Gross margin*

More structural changes needed, particularly at Petit Couronne

* New 2012 goals vs. 9M 2011 improvement

30

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
31

Rationale Behind the Petit Couronne Reconfiguration

The refinery Ongoing issues with reliability Complex refinery structure and operations High cost structure

Base oil complex Weaker margins & declining demand for Group 1 base oils in Europe (-1.5% p.a.) High fuel & loss Lack of competitiveness as costs overwhelm high gross margin Lack of economies of scale and poor performance

Future capex requirements Turnaround of the base oil complex required in 2012 Strict allocation of capex

Working capital High working capital needs despite smaller part of the refinery operations

The reconfiguration will transform the refinery into a smaller but more efficient site

32

Operating and Financial Impact

of the proposed reconfiguration
a
Oct 20, 2011

b
Q4 2011

c
Jan 2012

d
H1 2012

Timeline
a. b. Potential reconfiguration announced Further studies to improve competitiveness being performed c. d. Formal meetings with the Works Council start Works Council required to provide their opinion about the project, following which a final decision can be made

Operating impact:
Simpler, more streamlined operations Improved operational reliability Streamlined crude slate Reduced fuel & loss Lower throughput Lower inventories

Financial impact:
Improved gross margin capture Reduction in personnel expenses (approx. 120 positions) Reduction in operating expenses Liquidation of net working capital Reduction of future capex Employee severance costs Asset impairment

Estimated to positively impact overall cash flow by approximately $50 million in 2012

33

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
34

Q4 to date vs. Q3 2011 Market Environment

Market Indicator
7 6 5 4

Product Cracks

Crude differentials

$/bbl change Q4 to date vs. Q3 2011

3 2 1 0 (1) (2) (3) (4) (5) (6) (7) PMI Naphtha Gasoline Heating Oil ULSD 3.5% Fuel Oil Urals Azeri Light Ekofisk

Sources: Platts, Bloomberg The Q4TD data is through November 30, 2011

35

Q4 2011 Guidance
Throughput Coryton: 140 150 mbpd (previously 170 180 mbpd) Total Petroplus: 460 510 mbpd (previously 490 540 mbpd)

Financial expenses RCF waiver consent fee

Cash flow German MOT New receivables securitization program

36

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
37

2012 Crude market expectations

The pressure on oil prices and sweet crude differentials is expected to ease as Libyan barrels continue to return to market in 2012 Availability of heavy sour grades is expected to decrease in Europe as a result of: Sanctions on Syria Iran

Saudi Arabian crude supply could mitigate these impacts

As a result of limited sour and increased sweet crude supply, the sweet/sour spread is likely to narrow Further rationalization of refining capacity is expected to reduce demand for light sweet crudes

38

Libyan production outpaces forecast

and is expected to ease sweet differentials
Pre-civil war destinations for Libyan crude oil

mmbpd

Libyan crude oil capacity outlook

Jun -11 estimate Nov -11 estimate
Europe Libya U.S. Asia

1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Q4 -10 Q1 -11

Q2 -11

Q3 -11

Q4 -11

Q1 -12

Q2 -12

Q3 -12

Q4 -12

Sources: IEA, Wood Mackenzie

39

Updated Outlook 2012

(in millions of dollars)

ESTIMATED EXPENSE(4) 335 710 135 315 7.2% 10%

Group capital expenditures Refining & marketing operating expenses (1) General & administrative expenses (excluding incentive compensation) (2) Depreciation & amortization Effective interest expense on long term debt (weighted average rate on long term debt) (%) Group effective tax rate (3) (%)

(1) (2) (3) (4) *

Refining & marketing operating expenses include refining personnel, operating and other administrative expenses that pertain to the processing of crude oil and feed-/blendstocks into refined products for the five refineries. General & administrative expenses consist of non-refining personnel costs and other administrative expenses, excluding incentive compensation. Subject to refining margin environment and foreign currency fluctuation. Does not include the impact of the proposed reconfiguration of Petit Couronne. Exchange rates: EUR/USD 1.30, GBP/USD 1.55, CHF/USD 1.05.

40

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
41

Continued focus on working capital management

has reduced the working capital burden despite higher crude price
$M
1,200

$/bbl
140

1,000

800

Higher working capital burden at year end due to the prepayment of German MOT

120

100

80 600 60 400 40 200 Net working capital 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Dated Brent 0

20

2008

2009

2010

2011

Sources: Platts, Company reports Please note that the Teesside, PRA/B and Reichstett sites are included in the data displayed above for the applicable periods.

42

Liquidity Fundamentals
Liquidity needs Hydrocarbon purchases (approx. 16 mmbbls per month) Short-term cash borrowings (driven by periodic tax (e.g. VAT) payments)

Required amounts Size of LC requirements depends on throughput, crude price & availability of open credit Short-term cash requirements primarily depend on size of tax payments

Collateral is made up of Inventory Accounts receivable Cash

Our collateral fits our credit needs

43

Liquidity Management
Sizeable collateral available to meet liquidity requirements
RCF Credit Lines & Current Assets*
$BN 3.5 0.2

Why the Revolving Credit Facility (RCF)? Availability traditional trade finance structure large bank community

3.0

2.5

1.3

2.0

Flexibility can be used as needed for letters of credit and short-term cash borrowings size can be adjusted in line with changing needs, e.g. due to change in crude price

1.0
1.5

1.0

2.0

0.5

1.1

Pricing cost-effective

0.0 1 2 Uncommitted lines Trade receivables Committed lines Inventory * At Sept 30, 2011 Cash

44

RCF considerations in the current environment

Despite good ongoing relationships with our RCF banks, we need to consider:
Availability Increasingly limited due to the European banking industry exposure to the Euro zone turmoil, limitations regarding USD funding and looming Basel III capital requirements

Flexibility Pricing Increased fees and pricing are making it less competitive Declining, as the banking sector has restricted capacity to increase credit lines

Covenant Package Creating constraints and uncertainty

Petroplus maintains strong, positive relationships with our RCF lenders, but all parties recognize that the current environment presents challenges to the existing structure
45

RCF Waiver & Amendment

Terms Waiver of Clean Group EBITDA to Net Interest Expense ratio Reset of Consolidated Tangible Net Worth to $1.0B Reset of Current Ratio to 1.0 Addition of Free Cash Flow Covenant (before working capital changes) cannot be more negative than minus $150 million for the period starting October 1, 2011 and ending March 31, 2012 Fees & Pricing One-time consent fee of $6.3 million plus increased usage costs (remain at levels following Q2 2011 waiver)

Period Valid until reporting of Q2 results in August 2012 Waiver provides sufficient time to address the refinancing of the RCF. Expect to have new liquidity facilities in place in spring 2012.
46

Current Liquidity Facilities

Type RCF RCF Receivables factoring* Receivables securitization* Total
$BN 1.2

Amount ($M)** $1,050 $1,045 $280 $200 $2,575

Utilization LC/Cash LC/Cash Cash Cash

Term Committed Uncommitted Uncommitted Uncommitted

Maturity Oct 2012 Oct 2012 Evergreen Nov 2017

1.0

0.8

0.6

0.4

New facility in Q4 2011

0.2

0.0 Committed lines Uncommitted lines Receivables factoring Receivables securitization

* Receivables factoring and receivables securitization facilities are up to GBP 180M and GBP 130M respectively. ** Values at September 30, 2011, except for receivables securitization entered into in Q4 2011.

47

Receivables Securitization Program

Basic structure
Sold to Provides liquidity only if commercial paper is not sufficient

Petroplus UK receivables
Cash

Company Purchasing Receivables

Issues commercial paper backed by the assets acquired

Bank

Advantages Monetizing some of our sizeable, very high-quality current assets Timing and size of cash infusion means it can be used for the Q4 2011 German MOT prepayment Liquidity source extending beyond the normal European banking community Expandable
Bank

Costs Minimal one-time fees, with lower pricing than cash borrowings under the current RCF
48

Liquidity Action Plan

Refinance current RCF Implement new alternative liquidity facilities potential crude supply arrangements smaller size with shorter tenure more workable covenant package Implement a new RCF as needed expect facility to be

Utilize excess collateral by expanding Receivables securitization program and/or Receivables factoring

Monetization of other assets Some even have zero Balance Sheet value (e.g. CO2 emission credits)

49

Possible crude supply agreement structure

3rd party crude supplier
Crude Supply Product Off-take

Petroplus traditional customers

Petroplus could choose a crude oil supplier to buy a refinerys crude oil requirement. That supplier would own the crude in the refinery tanks. Title would pass to Petroplus as the crude enters the processing units Petroplus would own the products in the refinery tanks and would offer them as collateral to the crude supplier to secure its credit exposure Petroplus would continue to use its marketing organization to sell the products to its traditional customers 3 categories of potential CSA counterparties Oil majors Investment banks Large oil traders

2-3 year agreement possible Covenant-light

Virtually no LC requirements to supply the refinery. Limited paid inventories. Receivables still available as collateral for borrowing bases or Factoring/Securitization facilities

50

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
51

Capital Structure: No Near-Term Debt Maturities

Type
High Yield High Yield High Yield Convertible Bond Total

Amount ($)
600M 600M 400M 150M 1,750M

Interest
6.75% 7.00% 9.375% 4.00% 7.2%

Maturity
2014 2017 2019 2015

MUSD
600 500 400 300 200 100 0 2011 2012 2013

Maturity Profile
600 600

400

150

2014

2015

2016

2017

2018

2019

High Yield Notes

Convertible Bond

52

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
53

Potential for growth through acquisition

in todays buyers market
Why grow?
Refining is our business Clear economies of scale in this industry Embedded in the company DNA Contrarian strategy in a weak refining environment

Any acquisition must meet strict criteria:

Good strategic fit Sizeable Meaningfully accretive to earnings Lower our break-even point Cash flow positive Improve financial flexibility Target must be a clear survivor in our industry

Still considered a viable opportunity

54

Navigating in rough seas

What if margins remain depressed in 2012 and Petroplus generates negative cash flow from operations? despite the expected slow recovery of refining margins despite the 3YIP despite capex and cost reductions Petroplus will take all the steps necessary: to reduce the negative cash flow to operate a competitive portfolio of refineries

55

Agenda
1. The Refining Market & Outlook 2. Strategy & 3YIP 3. Update on Petit Couronne 4. Fourth Quarter 2011 Update 5. 2012 Outlook 6. Liquidity 7. Capital Structure 8. The Way Forward 9. Summary
56

Summary
Tougher market than expected in 2011 on the back of crude supply disruptions and the Euro zone crisis Petroplus is more resilient to weak market conditions: improved Clean R&M EBITDA 9M 2011 vs. 2009 despite significantly weaker market Continue to execute on the 3YIP, but recognize that more needs to be done On-going review of current portfolio performance Petit Couronne reconfiguration Liquidity action plan in place to provide more stable structure Further actions possible A new cash contributor in a depressed environment still welcome Operational leverage to improving refining margins

$1/bbl
Market improvement

$200M
pre-tax

$180M = EPS $1.89

after tax 57